Wheaton Precious Metals Corp. (NYSE:WPM) Q3 2023 Results Conference Call November 10, 2023 11:00 AM ET

Company Participants

Emma Murray - VP, IR

Randy Smallwood - President and CEO

Gary Brown - SVP and CFO

Haytham Hodaly - SVP, Corporate Development

Wes Carson - VP, Mining Operations

Conference Call Participants

Richard Hatch - Berenberg

Tanya Jakusconek - Scotiabank

Cosmos Chiu - CIBC

John Tumazos - John Tumazos Very Independent Research

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2023 Third Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. I would like to remind everyone that this call is being recorded on Friday, November 10, 2023 at 11:00 a.m. Eastern Standard Time.

I will now turn the call over to Mr. Emma Murray, Senior Vice President of Investor Relations. Please go ahead.

Emma Murray

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today’s call.

I am joined today by Randy Smallwood, Wheaton Precious Metals’ President and Chief Executive Officer; Gary Brown, Senior Vice President and Chief Financial Officer; Haytham Hodaly, Senior Vice President, Corporate Development; and Wes Carson, Vice President, Mining Operations.

Please note that, for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of our website.

Some of the commentary on today’s call may contain forward-looking statements. And I would direct everyone to review slide 2 of the presentation, which contains important cautionary notes regarding such statements. It should be noted that all figures referred to on today’s call are in U.S. dollars unless otherwise noted.

With that, I’d like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.

Randy Smallwood

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton’s third quarter results of 2023.

I am pleased to announce that our portfolio of long-life, low-cost assets delivered another solid quarter, generating strong metal production and robust cash flows, with a number of our assets hitting record quarterly production levels.

The importance of having a diversified portfolio of high-quality, low-cost assets was evidenced by Wheaton’s ability to deliver solid operating results, despite operations at Peñasquito being suspended for the entire third quarter. Strong outperformances from Salobo and Constancia resulted in quarter-over-quarter production growth, further highlighting the resilience of our diversified asset base, and delivering on our commitment of continuous growth over the next five years. Our strong quarterly performance was underscored by significant progress at the expansion of our largest asset, Salobo, which is now expected to reach a throughput capacity of 32 million tons per annum in the fourth quarter of 2023.