Wheaton Precious Metals Corp. (WPM) Earnings Call Transcript & Summary

All right. Good morning everyone. Welcome to Wheaton's 2026 Investor Day. My name is Emma Murray. I'm the Vice President of Investor Relations here at Wheaton. We're thrilled to have you with us, whether in the room here in Toronto or joining online. Before we start, just note that there will be forward-looking statements made in the presentation today, so I encourage you to familiarize yourself with the cautionary statements here on this page and in our recent filings. All right. Many of you have followed Wheaton for years. So our objective here is to really take you beyond the story that you already know. We're looking to give you fresh insights into how we allocate capital, the nuances behind how we structure streams and importantly, how we quantify those structural mechanisms and how those -- without those, they may affect returns over the long term. We'll have a 5-minute refreshment break partway through the program. And so feel free to step out any time. Washrooms are to the right and through the breakfast room. We are very grateful to have 3 of our partners here today, Hemlo, Vale Base Metals and Montage. They are happy to take questions immediately following their presentations. And then for Wheaton, we will have a dedicated Q&A panel at the end. So please hold your questions for that time. For those newer to Wheaton, we'd encourage you to check out our guide book. It was published yesterday, available on our website, and it provides a very thorough overview and introduction to streaming and Wheaton-specific approach. Before we begin, I just want to zoom out for a moment and leave you with one number to help frame the day. When you invest in Wheaton, you're investing in ounces rather than overhead. So we are 47 people worldwide. That's the entire company. In fact, you'll be hearing from 15% of the company here today. To put that efficiency into perspective, we looked across the major miners, other streaming peers and some of the world's most valuable technology companies and a market cap and net income per employee, Wheaton delivers the highest value. There are remarkably few layers between the value generated at Wheaton and our shareholders. The streaming model, of course, is inherently efficient. We should know, we created it. But the model is available to everyone. And what differentiates Wheaton is the way that we execute the model. So that's really the theme of what you'll hear today. We're going to talk about how we select and identify the highest-quality assets and how we structure them to protect the downside and preserve the upside. So with that, it is my pleasure to welcome our President and CEO, Haytham Hodaly.

Thank you, Emma, and thank you, everyone, for being here today. I know how difficult it is to take a half a day out of your schedule in this environment and spend it with us. So we do appreciate it. I know quite a few faces here, but I just wanted to give a bit of an introduction as to who I am because some of you don't know me. My background, mining engineer by education. I then subsequently did a masters in mineral economics. I have been in the industry sitting in, in your seats for valuing mines and valuing mining companies for over 32 years, the last 15 with Wheaton Precious Metals. So if anyone can understand what you guys have to do, it's definitely me at this point. We do appreciate you guys being here. Wheaton's approach has never been to be the biggest streaming company. It's always been to be the best driven company. What does that mean? That means looking at the highest quality assets, the lowest cost, the longest life, strongest partners and a pure precious metals focus. That disciplined approach to acquisitions that's what creates value for our stakeholders. And when I say stakeholders, we're looking at our shareholders who have been with us some for almost 2 decades, our partners who have come back to us for repeat business on a regular basis, we've had in the last 10 years alone over 2/3 of our partners have been -- of our business has been a repeat business or people we've dealt with in the industry that understand that Wheaton will treat them fairly. And last and definitely just as important is our neighbors. We give back significantly to the communities in and around where the mines where we get our streams and where we live and operate. And that's incredibly important to us. We've given over -- and I think Patrick is going to go through this close to $60 million since inception back to these types of things. A lot of bullet points on this slide. I think the only thing I want to highlight is -- I'll highlight 4 of them. The first one is $4.6 billion. We have committed $4.6 billion into assets this year alone. And you'll hear me throw out some numbers over the next few slides. But on average, we're probably somewhere closer to $900 million to $1 billion on annual committed towards new streams. That $4.6 billion has been some very incredibly high-quality assets that we've added with some new jurisdictions as well, and we'll talk more about that a little bit later. 2/3 of the transactions have been completed, as I said, over the last decade with repeat customers. That's people who know us and recognize that Wheaton is going to provide a fair transaction for them. $3 billion. You see the top right, that $3 billion, we are going to be generating, given our growth profile, our current spot price is close to $3 billion a year in annual cash flows. That's $3 billion we have to continue to deploy in this environment, which we're incredibly excited to do. And we'll go through some of our balance sheet and give you an idea of how much our capacity is going forward. But where we -- at this point, we have close to $2.5 billion to $3 billion in additional capacity that we can continue to deploy even after doing a $4.3 billion at the mainstream. And the last thing I would say is sustainability, and Patrick is going to do a lot of justice. But I will say we are the sector leading -- one of the sector leading companies in sustainability, and we're incredibly proud of where that's going. There's 3 different things to focus on here. The first is our precious metals exposure. We derive 99% of our revenues from precious metals. And that is a focus going forward. That was between 2026 and 2030, it's going to be slightly gold weighted with the growth profile that we have going forward. You're going to see significant increases in revenues over and above, and I'll tell you a slide after this, where we are right now. Life of the asset. We are currently sitting at 23 years of reserves. That 23 years of reserves is complemented with an additional 15 years of M&I, another 23 years of resource. That's over 60 years of existing mine life based on assets that we have in our portfolio right now. So something we're incredibly proud of. And as I said, we've -- in the last decade, we've deployed close to $900 million. This year was a bit of an anomaly, obviously, with the big Antamina deal, but we've deployed close to $900 million or committed close to $900 million a year over the last decade, and that's something we continue to go forward. But what's important is we're not just committing to any deal. We only have like 22 operating mines, which we see in a subsequent slide here, we're only focusing on the highest quality. And so the pie chart on the far right shows you that 80% of our assets -- of our production comes from assets that fall in the lowest half of the cost curve. That is the production -- those are the assets that our partners will invest back into despite what's happening in the commodity price and a decline in commodity price environment or an increased commodity price environment. Those assets that always get invested back into. So very, very proud of our portfolio that we've accumulated. I mentioned this as a comparison to some of our peers here. Our revenue stream right now is looking incredible. And the key is it's 99% precious metals, and it's greater than any of our competitors. And this is just based on 2025. Obviously, we've seen significant increases in commodity prices in 2025. And we've got a phenomenal growth profile, which we'll highlight here shortly, which is going to continue to drive that forward. This chart is a 5-year trailing chart that shows how we've performed relative to metal prices relative to various indices relative to mining companies and relative to our peers. And as you can see, we have had one of the strongest performances over the last 5 years with stock up close to 247%. This slide shows you how diversified we are. We're not just focused in one specific jurisdiction. You can see we're north, south, Europe, Africa. We've expanded into 2 continents in the last year or 2 in Australia and a little bit in Japan on the royalty front, just to try to dip our toe in the water there. This is the key with Wheaton. The diversification continues to reduce the risk that our investors face. And it's not that we're just diversified, we're diversified into the highest quality assets in the world. This slide highlights the fact that streaming works for almost any company out there, whether it's the largest company in the world or some of the smart companies in the world. And the key is it works in any environment and has -- is going to accomplish several things. One is deleveraging; two, it provides capital sometimes to get you from earlier-stage scoping studies all the way through the end of feasibility; three, it actually can be utilized to continue to strengthen your balance sheet when you're looking at acquisitions; four, we've used it in M&A and supported partners, one of them which is here today as they have been looking to acquire companies; and five, for development projects at a time over the last decade where we found that equity prices were rather depressed and a significant number of our partners here and other parties out there we're looking for ways to grow their companies. That's where streaming actually worked well. Since 2004 is when the streaming model developed, when we actually created the streaming model, I would say, there's been close to $38 billion invested in the precious metal stream in the last 22 years, and Wheaton has been successful in deploying capital for almost half of those, close to 49% of that. And right now, if you look at it, there's probably close to -- we say 20-plus streaming first. But if you factor in royalty companies and streaming -- it's well in excess of 30 different companies out there. So this is an incredibly competitive environment. So our ability to continue to deploy that capital is what makes us different and deploy it accretively and that's the key. The other thing I'll mention is on this slide here is we have not only continue to deploy capital, but we've deployed it into some of the best assets in the world. Those assets are the assets that the investors, analysts, et cetera, would love to have in our portfolio. And as you can see, there's some repeat business there. And those -- that repeat business is what differentiates us, is people coming back, our partners coming back, people who knows the industry coming to us coming in and saying, we don't want to have a process. We want -- give us a competitive bid, and we're happy to move forward with you. And that's what makes Wheaton a little different is that we treat people incredibly well with respect fairly and so that they don't have to run processes. This is probably one of my favorite slides because this really highlights everything we've accomplished over the last, I'd say, 22 years. But specifically in the last, I would say, decade. We've had a significant focus on development-stage opportunities. We realize that with commodity prices rising, not everybody is always going to need streaming. So we tried to -- we're always trying to think ahead is where can the next avenue of streams come from. So we locked into significant -- a bunch as you can see there, it's at least 9 there, and there's at least another 15 on top of that, development stage opportunities that we could actually help fund. And the key is, last year, we produced close to 804,000 gold equivalent ounces. We're expecting by 2030 to be at 1.2 million gold equivalent ounces of production to our account. Now what's interesting about that, that's not just a goal that's actually happening. 6 of those 9 projects that you see in green in the middle column are already in construction and several are approaching commercial production. The other 3 are immediately going to be starting construction. So this is certain growth that you're seeing. That's 5% growth. In terms of magnitude of growth, that's 400,000 ounces of growth that we're expecting to see in the next 4 years alone -- that's greater than -- from a magnitude greater than any of our competitors and greater any of our -- a lot of the mining companies out there that are looking to grow as well. And I will say this is pretty conservative growth. And one of the things I'll highlight is a significant number of these in -- on the left under operating and in development have already outlined plans to continue to expand their existing portfolios. And I won't go into a lot of detail, but I can tell you, there's expansions coming at Marmato, expansions coming at Kone, expansions coming at Phoenix, potentially Kurmuk, these are all not factored into that 1.2 million ounces so this is a lot of organic growth within our rate growth that we're very excited about as well. And this could not have been accomplished without the experienced team that you see here in front of you with technical capabilities, it's creativity and structuring transactions and its financial excellence that is incredibly important as we're actually looking at new transactions. We're not just looking to do deals. As you saw, we only got -- we only have 22 operating mines. We -- theoretically, we could do a lot more than that, but we only do the best deals and deals that are accretive to our shareholders. And that's one of the most important things to highlight here. This last slide just highlights what we view as the Wheaton business. We've shown some slide previously that showed our outperformance relative to our peers and relative to the indices and relative to the commodities. And the question is obviously, why? Why has Wheaton done so well over this period of time? And the key is not all streams are created equal. Keep that in mind. What separates them is the discipline, and that's what we term the Wheaton difference. So there's 2 reasons why our streams outperform in the long run. First, we invest in the right assets. We have a technical team that does deep dives comes up with their own mine plans, own reserves, own resources and vets that against the existing plants. And if we don't like what we see, we use our models in our valuations. Secondly, we're extremely selective. We look at -- we probably scan over 100 opportunities a year, and we do maybe 3% to 5%. So less than 5% of those opportunities is what we actually focus on the highest quality opportunities we see with the most potential the most growth, the strongest management team, the highest quality. That's what we focus on. And lastly, I would say the second point will be creating the right structure. Finding the asset is only half the challenge. Structure, we enhance the upside while limiting risks that come from the downside. And we're going to go into a little bit more detail on that here going forward. But we have no cost exposure, which gives us very high margins. We've got exploration upside on our area of interest at no extra cost, almost on all our projects, and we've got security and parent company guarantees on the majority of them, too, which gives you the comfort and shareholders of the comfort that these streams are going to be around for a very long time. In conclusion, the right assets with the right structure, that's what we term the Wheaton difference. That's what turns a good business model into outsized returns for our shareholders and compounds. The structure keeps delivering long after the deal closes. Throughout this next couple of hours, we're going to be highlighting certain areas that we really are very proud of as we enter into this new transactions and how we structure our company. Neil Burns will be talking about the technical due diligence and why we say no to over 95% of the opportunities. Curt Bernardi and Vincent Lau, they're going to talk about the creativity and the discipline that goes into structuring a Wheaton stream and what makes a Wheaton stream different from some of the other parties that are out there. With that, I'd like to introduce you to Neil Burns, our VP of Corporate Development, and thank you all again for being here.

Good morning, everyone. As Haytham mentioned, I'm going to be walking you through our approach to technical due diligence. Right from the beginning of Wheaton, it was recognized the importance of having an internal technical team rather than relying on consultants. I joined the company in 2008 as the company's first geologist. At that time, our technical -- our corporate development team was a team of 3, led by Randy Smallwood. Over the years, as the streaming model was endorsed, the number of opportunities has grown. And so as our technical team, as shown here on the screen. You can see by their titles that they are experts in geology, mining engineering, metallurgy and social science. They've gained international experience in both exploration, operations and consulting roles, and they've got an average of 27 years in the industry. I think that's evidenced by a bit of gray hair, you can see from the [indiscernible]. This depth of experience is extremely important in allowing us to sift through, as Haytham mentioned, these large volumes of opportunities and filtered down to the key high-quality assets that fit the Wheaton portfolio. Over the years, we've gained a good reputation for the quality and strength of our technical review, and that is something that we take extremely seriously. We refer to our endorsement of a project as the Wheaton stamp of approval. And that could be especially important for smaller companies that haven't yet gained the recognition in the market that they deserve. Our approach to due diligence is to review the entire buildup investments right from the exploration data through to final payable metal. These boxes highlight the various disciplines that we cover. And our review looks to identify not just the risks but also the upside that our partner has not yet been able to quantify. And then upside can come from a whole host of different areas, such as a view that the resource grades are perhaps understated maybe there is room for higher process recoveries and potential for plant expansion. I will say we also put a lot of effort into exploration upside. Ore bodies are only drilled off to a critical mask. So we really look at what is the potential beyond what's currently defined. Each of our conclusions gets incorporated into our Wheaton profile and valuation model. To give you a sense of how this works in practice, I'll walk you through our approach to resource review over the next few slides. Data quality is the starting point and getting comfortable with historic data and QA/QC are 2 key aspects. A lot of old projects were not previously economic are getting a new life in this higher metal price environment. These projects may have not have had the attention to data quality that we expect today. So we need to be comfortable that steps have been taken to verify this historic data. On the QA/QC side, programs must be in place to validate the assay data and ensure that it's both accurate, precise and free of contamination. An issue that we occasionally see, which is quite surprising is the companies have a good program in place, but no one is actually monitoring it. Results are coming in that suggest problems and issues that should be followed up on, but no one is doing it. In fact, recently, we looked at a project where the CRM results were coming in similar to the slide, the graphs you see in the bottom right here, where the results are high. That's an indication that perhaps your lab is actually reporting higher results than it should. And in this case, no one was following up on it, sleep at the wheel. So we passed on this opportunity for a host of different reasons, but the largest one was really that lack of attention to data quality. The geological interpretation is worth discussing. It's really the backbone of resource estimation and it's the point where science and art really do need to meet. Too often, we see what we call connect the dots interpretations. These are very simple interpretations that only look at the grade intervals. The figure here shows 3 different interpretations drawn from the exact same drill holes. And this is just a schematic but the point is that interpretation is subjective. You need to look at all the available geological data and build interpretation that adheres to all of that. Perhaps the data is showing that interpretation B is most appropriate, but the geologists may realize that, well, if I go with A or C, I produce a larger resource. Not only does interpretation result in different quantities of metal but it also results in a different location of that metal. You get underground, and it's not where we expect it to be. Also can be oriented in a different position, which can flow through to your stope designs and even through to your mining method. An issue that we most commonly see is where companies really try and stitch together the highest grades in their drill intervals without really looking at the geology to see that it's supportive of that. Where we dispute with our partners' approach, we build our own interpretation. On this slide here, on the left-hand portion, you can see there's a lot of components that go into a block model. And our team does a deep dive on all of these. And we come up with our own Wheaton block model that's based on perhaps our interpretation, if we're not happy with the partners and our view on what the estimation parameters should be. An issue we often find is that the treatment of extreme grades in the interpretation have not been properly accounted for. They haven't actually been controlled, resulting in a resource, which has got elevated grades that we're not comfortable, we do not support. As the figure on the right shows, the Wheaton block model can actually come up with values and results that differ from the partners. We take our results and our view and exploration potential, and we fit into the Wheaton profile evaluation. I will say at Wheaton, we celebrate not just the deals that we do, but also the flow projects that we successfully avoid. Over the years, we've evaluated many projects feeding a wide range of challenges, be it technical deficiencies, environmental concerns, permitting hurdles or a lack of community support. Without naming the project, I'd like to take you through one here, which a few years ago, failed on a topic I discussed a few slides ago, a flaw geological model. This is a single asset developer that went out for construction financing, and we participated in the process. At the onset, we thought it actually looked quite attractive. But as we dug into it, we found the geological model was assuming a continuity that the data simply did not support. The resulting Wheaton block model based on our interpretation produced less than half of the ounces that the partner had. We decided not to bid on the opportunity, and one of our competitors actually acquired a stream. But a year later, the mine went into production and shortly thereafter, underground operations were halted because the geology was not hanging together. An independent group has brought into a resource estimate and surprisingly, their results matched ours very closely. I never achieved commercial production shortly thereafter, the company with bankrupt. Now that's not an outcome that we took any pleasure. It's not good for anyone associated with mind to have a mine shut down and certainly not a good outcome from our -- for our industry. However, we did feel validated that our conclusions on the viability of the project were correct and successfully avoiding a bad investment is exactly the type of worth -- exactly the type of result that's worth celebrating. I'll help us quick walk through the due diligence process has provided a sense of not only our level of rigor, but also our selectivity. To put our discipline into perspective, over the last 12 months, we've looked at, as Haytham mentioned, over 100 opportunities. I do admit quite a number of those upon a very quick screening, just not a fit for the company. Of those 100 that we looked at, you can see the steps we went through in terms of submitting IVs, site visits. We only transactioned on 5. Our deal with BHP on Antamina, the Hemlo Mine, Spring Valley, Gervis, Spanish Mountain for a total of $5.5 billion. This concept of a funnel is an accurate analogy of our process, where detailed due diligence eliminates the large majority of opportunities that we see and capitalists only deployed to the most compelling opportunities. Our objective in every transaction is to land under value, that's both fair and structured well for both us and the counterparty. We're looking for win-win situations. Market performance provides a valuable indication on whether we've achieved this outcome. This table here shows the share price performance of a number of our peers after recent transactions. And you can see on the far right column how they performed relative to their peers, dramatically outperforming. I believe that the Wheaton stamp of approval had a role, played a role, I should say, in the smaller market cap company's performance, such as KGL and Spanish Mountain. This level of market support reinforces the value of streaming as an attractive nondilutive source of capital and validates the choice of choosing Wheaton as a partner. Another indication that our approach is working is repeat business. As Haytham mentioned, since 2014, more than 70% of our transactions have been with counterparties that we've worked with in the past. Partners who have every financing option in front of them, keep choosing to come back. That's the clearest evidence that our focus on win-win structures and all the benefits we bring beyond the initial check is working. With that, I'd like to hand things over to Curt and Vincent to go through our structure.

Good morning, everybody. As Neil has said, asset selection is so important to Wheaton and certainly, asset quality is the foundation of our business, but that's only part of the equation. The asset quality really determines the opportunity that we have in front of us. It's the deal terms, it's the deal provisions, deal structure that we layer on top of that asset that really determine how much of that opportunity accrues to Wheaton and Wheaton shareholders. And while there's a number of deal terms and number of deal protections that we look to get, we're going to focus today on a couple key categories. There we go. A couple of key categories. And we've grouped them into 2 groups. One is deal terms that can really enhance the upside of the deal when things go well. Neil talked about mine life expansions, improvement in recoveries, improvement in grades, metal price going up. How do we enhance that upside if and when that does happen? And the second category of deal terms is going to be things sometimes go wrong. Even on a Wheaton stream, there will be -- it's a 40-year term. Things may go wrong from time to time. And what do we do to help mitigate the downside when that does happen. Vince is going to talk about that in a few minutes here. Some of these deal terms may not attract much attention when Neil first announced. You won't see it in the press release here. I was just talking to someone before this started about this. And it's difficult to discern a deal where you have these protections in a deal where you don't. It's not a focus on day 1. But over time, these elements can make a profound impact on the value of that stream going forward. At its core, our philosophy is that our mandate -- and Haytham talked about this, but our mandate to shareholders is to provide long-term exposure to both price and growth optionality on precious metals. It's that simple. Everything else we do flows from that principle. So let's talk about a couple of those elements, drop-downs. Our approach on drop-downs is to limit it to 1/3 of the original stream size. So we always retain at least 3 of the original stream that we entered into. And that drop down, we came in hopping around once we've gotten back substantial return of our upfront investment. You will see some streams that have a bigger drop-down and Kone, which we'll hear about later as an example of that. But in those situations, not only have we gotten a return of our investment or seek to have a return of our investment at the time of the drop-down. We also look to have some protection for any delays and deliveries that might have happened relative to our original investment production profile. And if we don't have that element, again, we just -- generally, our standard is a 1/3 drop down at most. On buybacks, we don't agree to buybacks except in very limited circumstances. If we have a single-asset developer that is looking to have a feature that potential acquirer might find attractive, will it get to it then. But even in that limited circumstance the buyback will be limited for a period of time. It's limited to only 1/3 buyback at most and only on a change in control. Now why this discipline around drop-downs and buybacks. Our investment in stream is not static. The value drivers on stream are going to be long term. They're going to happen over a very long period and having drop-downs and buybacks, in our view, really limits that potential upside that the streamer will have. So let's walk through an example to illiterate the point here on drop-downs. On day 1, we have 2 streams here. The gold stream is the leading stream. It has our standard 1/3 drop-downs, you retained 2/3 of the original stream. The blue stream is -- has a one quarter of the original size of the stream. On day 1, both those instruments look very similar. They look remarkably similar. They both have the same IRR. They both have the same upfront payment. Year 6, there's -- the stream with the smaller drop down, of course, has a higher value, still retained. In this particular example, more value. But what's interesting here is that if in year 6 gold prices increased, and this is the third bar -- set of bars over and we have gold price doubling here. While it's still 20% more valuable in the stream with the smaller drop, the gold stream, a smaller drop down. That shaded area, the magnitude of the difference has actually doubled in absolute quantum number. So that's kind of key here. And then that difference only widens if there's asset improvement. So in this example, the [indiscernible] has been extended by 10 years, and that shaded area has grown. Again, the key point here is that 2 streams, very similar on day 1. As time goes by, there's assets improvements as metal price may increase, that difference in optionality, having that bigger tail bodes well for the stream buybacks. Why don't we agree to buybacks? If there's one thing that can really let your upside to the asset it's having a fixed price or a fixed return buyback. Let's walk through an example here again. Gold stream, the Wheaton stream does not have a buyback, the blue stream has a buyback in year 3. Again, day 1, both look to be very similar. They both have the same IR, they both have the same upfront payment. $100 goes in at the front end, the mine is built and on -- at the start of production, this buyback comes up. If there's been no change to the mine plan and if gold price has stayed at 4,000 that stream -- both streams have grown from $100 to be $126, which is just the future value of $100 at the assumed 8% IRR. That buyback won't get exercised. It's out of the money. So both streams will stay at $126. But if gold prices doubled by way of example, that buyback is very much in the money. It's $100 in the money. It will get exercised. So you've just -- by having the buyback, you've capped off that upside potential. And again, that difference is only magnified to the extent the asset is approved, whether through mine life expansions or otherwise. Here, we've done a 10-year mine life expansion and you can see that difference growth. Even in situations where we -- actually, all you have done here really is finance to mine during its -- what is arguably its most risky phase, which is its construction phase. You've taken all the risk of that mine, but you've captured upside if things go well. You've capped that in this example, $152. So even in those limited circumstances that I said before, we do a buyback, the 1/3 buyback with a single developing company on a change of control. Even in those situations, we put a price adjustment clause in that tries to capture that value that you see in that second last bar. And let's walk through an example, a real life example, Congrejos. Congrejos was acquired by -- or Lumina was acquired by CMOC. We had a stream in place, which gave rise to a 1/3 buyback, as I mentioned. Had we just had the 15% rate of return on our investment. We put in $16 million of the total $300 million stream, we would have gotten a $4 million return on that. But because of this price petition clause, gold price went up 66% from the day we did the deal, to the day the stream bought back, that gave rise to an $82 million price adjustment for a total buyback price of $102 million. Why do we do that? Again, we've bought the gold. We want that price optionality. We want that exposure for our shareholders. So we insist on having that price adjustment clause. All right. My last slide here is to talk about the area of interest. When we negotiate a stream, we do try to get as big an area of interest as we can. On the screen here, you have Antamina as an example of that. We will -- as Neil said, we will factor in on a discounted basis, we'll factor in exploration potential. We'll factor in blue sky potential even so that if there is a discovery made in this expansive area, we'll participate as well as the mining operator. Again, throughout this entire presentation as -- it's a recurring theme. Our mandate is not to invest in today's mine plan is to provide that growth optionality, that price optionality for years to come. So with that, I'll turn it over to Vince to talk about the flip side of that, things don't go so well.

Thanks, Curt, and good morning. Protecting the downside is just as important as the upside. If your stream does not survive, you have no cash flows going forward. And that's why we look for a few core protections in our streams. The first is a parent guarantee, and 90% of our streams have this protection. A parent guarantee ensures the stream is backed by the full financial wherewithal of the counterparty. So you're not relying on a single asset or a shell company to deliver ounces to you. The second protection is security and limits on distribution and debt. And this is especially important for noninvestment-grade rated counterparties, and 80% of our streams have these protections. The limits are really there for prevention to ensure the counterparty doesn't get over-levered or cash gets distributed out that they need for day-to-day needs. A counterparty that's in distressed is one that can't deliver metal to you. The security is there when prevention was not enough. It gives us a direct claim on the assets itself it puts us in front of unsecured creditors and gives us a say on the outcome of the structuring. The third protection is really against timing risk. And this is especially important for development-stage assets. And 90% of our streams have these protections, and I'll come back to this in a bit. The fourth protection is enforceable delivery obligations, and nearly all our streams have these protections. Our agreements spell out exactly what metal is owed to us. and how it gets delivered to us. So payable rate is a good example. Payable rate is something that's negotiated between the counterparty and the offtaker. And that's a negotiation that we're typically not a part of. But to mitigate that risk, we fix the payable rate so that the economic outcome back to us is not impacted by a negotiation that we're not a part of. That might seem like a small detail, but over the life of the asset, that's meaningful value. A lot goes into putting together a well-protected stream. The list on this slide gives you the broad categories of protections we look for. We really strive to tailor-make each stream to fit each asset and partner. And what's consistent with all these protections is that it sits in the background, and it doesn't interfere with the day to the operations of our partners. But if material risks do arise, these do emerge and protect us. And that's why partners have granted us these protections. And if they do run into difficulty, we have a long history of working alongside our partners to find solutions together with them. And that's why we're considered a partner of choice, like Neil has suggested earlier. I want to spend a bit of time on credit risk. This is often a risk that's overlooked in our space. If you look at the bond market, you would never value investment-grade bond the same as you would a noninvestment grade. But in our world, each and every single stream is valued using a flat 5% discount rate irrespective of who the counterparty is. Consider 2 streams, exact same cash flows, but one has a much better creditworthy counterparty. So for that one, you use a 5% discount rate, and you come up with a $100 million stream value. And then the second stream, it's a higher credit risk, so you add 4% to that discounting, 9%. That $100 million value is now only $74 million. That's a 26% haircut just factoring in credit risk. 75% of our production comes from investment-grade-rated counterparties. And that's a materially lower risk profile than the average peer. So that's why we spend so much time on credit risk, making sure we price it properly and structure it well to protect us. And when you put that lens on our portfolio should be valued meaningfully higher than the average peer. Coming back to timing risk. So this is a key risk for development-stage assets, as I said earlier. And we work very hard to mitigate that risk. For one, we typically do not fund the majority of our upfront payment until permits are in hand. And that largely takes permitting risk off the table. When we do fund at construction we only fund if the counterparty is fully financed and have all their permits, and we drip-feed that over the time of the construction. And our contracts also spell out exactly when completion of the project needs to be achieved. And if it's not by a certain date, we get compensation. And that could be in various forms. It could be delay ounces that we get in the interim or the stream percentage drop down the road gets pushed out. So we get more ounces for a longer period. or we get a portion of our upfront payment back. You contrast this to a stream with no protection where all your money goes out before permits. Well, every month of delay is an erosion to your return with no mechanism to get it back. Think about a stream with a target IRR of 15%. A stream with no protection. If there's a 10-year delay, well, your 15% is now dropping half to 7%. But a Wheaton stream with that same 10-year delay, you're still left with a solid double-digit IRR. So the gap between these 2 lines is what we're talking about. Structure is not a legal formality. It comes back to returns to shareholders. The value of structure, like Curt said earlier, it doesn't leap off the page when you first announced the deal. It only shows up when things get difficult, and we've been there. At San Dimas, the previous operator overlevered the company and became financially distressed. But because we had a senior ranking security position, we were able to restructure the stream keep the mind going and put it into the hands of a stronger mine operator. That allowed us to retain $1.3 billion of value compared to our original investment of $300 million. We invented streaming over 20 years ago. We have seen mine operators fail, run in of money, mines shut down. But each and every one of these lessons that we've learned, we have now applied to the new streams that we're putting together. And this is what, 20 years of experience gives us. We know what to ask for and what to put in our contracts to protect us. So to sum up, structure matters. And this great analysis from well-respected equity research analysts, I think, gives us a glimpse as to what that might be worth. So the IRR multiplier, it's what your today actual realized IRR is of a stream compared to what the original expected IRR was at the deal announcement date. So our peers have achieved a 0.9 to 2.6x IRR multiplier. Well, we have achieved 3.2x. We have tripled the original expected IRR. Like, of course, metal prices have something to do with this, but we've all had the same tailwind. But clearly, the outcomes are not the same. And I'd like to think it comes back to how we pick our assets and how we structure our deals to minimize the downside risk and preserve the upside gain. I know it's very difficult to value what structure is I totally get it from your side of the fence. These details are in these agreements, a lot of which you don't even have access to. There's no concrete number you can point to like throughput or grade. There's no line item for structure. But hopefully, our track record is evidence that structure does matter and a portfolio put together the right way should be valued meaningfully higher than one that isn't. So hopefully, this section has given you some insight into how we pick our assets and how we structure our deals to create long-term shareholder value. And with that, I'll pass it to Wes to talk about growth.

Thanks, Vincent. Curt and Vincent business just walked you through how we build the stream so that holds up over the long term. My job over the next 15 minutes really is to tell you what happens once think drives and how we stay close to these assets. And really why that closeness is what makes the growth in your budget to see something you can really count on. We'll start with really a look back at the last few years because this is really what we're building on. This is our attributable gold production measured against the guidance range we published at the start of each year. In 2023, we came in inside the range. In 2024, we exceeded the range. And in 2025, we beat the top end of that again. This year, we're guiding 860,000 to 940,000 ounces, and we're tracking inside that range. 2026 is weighted strongly towards that second half with approximately 46%, 54%, and we were at 415,000 ounces at the end of June. That's really driven by our partners' mine plans, the addition of the BHP stream on Antamina and the ramp-up of several new assets. The important point here is that the streaming companies guidance is really the sum of our partners' mine plans. We do not operate these mines. And we're only ever as good as the access to the people who do. And that access is not something you can write into a contract, you have to earn it, which brings me to my next slide. So let me answer the obvious question. If we don't operate these mines, how do we get comfortable with the production we're forecasting? The answer is we're on site with the operators year after year. Over the past 12 months, we've been on site at 12 partner operations in 8 countries across 4 continents. 92% of our attributable production came from operations we physically visited. And I think it's important to be clear about what these site visits are. We're not there to audit or oversee our partners or tell them how to run their minds. They know their operations better than anyone. We know that they were there to understand the assets and spend the time with the people running them and learn from each other. What we have is a fairly unique vantage point. We see operations across 4 continents. So when we walk through a plant in Peru and see a challenge that we've seen addressed at a mine in Sweden, we can share that experience and where it makes sense to connect those teams. And just as importantly, we're constantly learning from our partners, carrying those lessons across our portfolio. Over time, these site visits have become much more than an opportunity for us to understand the assets. They have become a genuine exchange of ideas with our partners. This is one of the key reasons we are a partner of choice, and I'll come back to the value of that at the end of my section. That partnership also extends beyond the mine site through our partner community investment program. We invest alongside Vale, Antamina, Hudbay and others in communities that host our operations. Patrick will talk more about that program later this morning. But importantly, we make those investments, whether or not there's a transaction in front of us. All of that engagement gives us a much deeper understanding of these assets and where they are going. So when I talk about the growth profile on the next slide, it is grounded in what we are seeing at these operations and in the plans we are discussing directly with our partners. As you saw from Haytham earlier, this is -- our 50% growth, 806,000 ounces to 1.2 million ounces by 2030. What I want to do is break down where that growth actually comes from. So there's 3 buckets. 140,000 ounces of that growth comes from assets that are already operating today, and these are producing mines that are expanding. 160,000 ounces from assets that are under construction or ramping up with the majority of our funding already deployed and about 90,000 ounces from assets that are financed and progressing through development. There are 3 things that this growth does not depend on. We do not need to deploy any incremental Wheaton capital to get to that 1.2 million ounces. We do not need exploration success to get there. and we are not dependent on any single permitting major milestone. Every ounce of that 50% comes from an asset we have already underwritten and in most cases, already funded. That is an unusual position to be in for a growth company of any kind. 1.2 million ounces doesn't depend on us finding the next deal. It depends on our partners executing plans that are already underway. It's another important feature in Wheaton's growth as the portfolio gets larger, it also becomes more diversified. Today, Salobo represents about 37% of our production. By 2030, that falls to 26%, not because Salobo is producing less, but because the rest of the portfolio is growing around it. Antamina moves to about 12% from 18% -- from 12% to 18% and a much broader group of assets makes up the balance. I would frame that as resilience rather than scale. By 2030, we have fewer single points of failure than we have today. For a business built on other people's operating performance, that matters even more than the headline production number. And a number of assets are driving that growth. And after we break, we're going to hear from 3 of them from people who actually run them, Montage on Kone, Vale on Salobo, which is our largest asset and Hemlo Mining on Hemlo. I don't want to stand between you and that. So I've picked a couple of the largest assets that contribute to our growth that no partners presenting today, which are Antamina and Blackwater. Following the addition of the BHP stream that's earlier this year, Antamina is the single largest contributor to our near-term growth. We now receive 67.5% of the payable silver from Antamina. That's expected to contribute around 12 million ounces of silver annually for the next 5 years. And I would argue that this transaction is some of the clearest evidence of the point I made earlier. BHP had every financing option available to them. They chose a stream and they chose us. That is not a company solving a funding problem. It's a company choosing a partner. And I think that, that says a great deal about the streaming model and the relationships that we have built. Behind the stream is one of the world's great copper zinc mines. Antamina is owned by BHP, Glencore, Teck and Mitsubishi. Few mining assets anywhere have that depth of ownership behind them. and that their long-term commitment is what matters to us from Antamina. It mitigates more than credit risk. It gives us confidence in the future of that asset. I was at Antamina in June with our team and the commitment you can see is on the ground. The owners are investing approximately $2 billion over the next several years, and the mine is permitted through 2036, with multiple expansion opportunities well beyond that current plan. What also strikes me every time I visit the site really is the sheer scale of the ore body and the opportunity that remains there. Antamina has a long history of growing through exploration. And when I spend time on site, you can really appreciate the quality and longevity of that asset. Blackwater is a very different story and another important contributor to our growth. Blackwater first port gold in January 2025 reached commercial production that may and the next stage of expansion are already underway. That progression is significant. Throughput increases from 6 million tonnes a day this year to 8 million tonnes with Phase 1a and ultimately to 21 million tonnes with Phase 2 in 2028, more than tripling throughput in just a few years. And what makes that growth particularly compelling for Wheaton is how the expansion is being funded. The approximately CAD 1.6 billion program is fully funded by Artemis through their operating cash flow with no additional capital required from Wheaton. I visited Blackwater late last year and was impressed with how deliberately the mine was designed for growth. Phase 2 is not a retrofit of the existing plant. It's a stand-alone second plant built alongside the operation, allowing Phase 1 to continue to run as the new capacity is brought online. It also means that what we've been able to see is that they are applying those lessons learned from Phase 1 directly to the Phase 2 design. Execution is progressing well, and Phase 1a is making excellent progress and major long lead items for Phase 2 are already ordered. Most importantly, the operation has surpassed 8 million hours worked without a lost time injury. What I like about the Blackwater story is how quickly it has evolved. Artemis was a developer when we first backed them. And today, they're an operator, generating cash flow and funding that next stage of growth, and we're growing along beside them. Everything I've shown you so far sits inside of our guidance. Everything on this slide sits above it. As Haytham mentioned earlier, there's a number of assets that are not conceptual opportunities. This is work in progress in our portfolio. At Salobo, Vale is advancing, the course, particle flotation and further debottlenecking opportunities, which could increase the throughput beyond its current capacity. At Kurmuk, Allied is already looking beyond the 6 million tonne design with the potential to meaningfully increase throughput. At Phoenix, Rio2 is studying access to additional water, which will ultimately allow them to expand from 20,000 tonnes a day up to as much as 80,000 tonnes a day. And a goose B2Gold is looking to the addition of a SAG mill, which could further increase throughput there as well. We also have further production from [indiscernible], which could contribute up to 15,000 gold equivalent ounces by 2030 and to Peru, which could add another 25,000 ounces if it advances. None of that is in the current 1.2 million forecast. But what we can see is taking shape today. We see the studies. We see the expansion plans. We are on site with the teams working through them. And in many cases, we're part of those conversations years before the additional production shows up in our guidance. And that's the value of the access and engagement that I described earlier. And that's what being a partner of choice is actually worth measured and ounces. Which brings me where I want to finish and to the slide that brings really the whole morning together. You've seen this statistic from both Neil and from Haytham earlier. And really, you've heard from kind of 4 parts of the business today, and I want to kind of pull that together before we break here. Haytham really opened with the strength of the streaming model and the growth it can deliver. Neil showed you where those deals actually come from. Curt and Vincent showed you how we structure these transactions to create value through the cycle. And I have spent the last 15 minutes or so on what happens in the years after that initial investment is made. Those are different parts of the business, and they're built on the same foundation, the relationships that really we build with our partners. And this chart really is the evidence of that. More than 70% of the transactions since 2014 are with counterparties that we worked with before. not a marketing statistic. It really is people choosing to work with us a second and a third time, and they had lots of other options in the market open to them. Providing capital really is only the beginning. In many ways, righting the check is the easy part. What really distinguishes us is the 10, 15, 20 years that come after that. It stay engaged as these assets change. It's finding ways to create value beyond the original transaction. and it's investing alongside our partners in their communities, and it is having technical people who know the assets and know the people running them. None of that is contractual, but all of it is why partners choose to work with us again. And it's why BHP, when they had the entire financing market available to them, chose a stream and chose to work with us. That's what being a partner of choice means to us. And I think the best evidence of that is what we've got coming next. You've kind of heard our view on these assets. After the break, you're going to hear directly from the people that actually run them. Three of our partners have agreed to present our own asset -- their own assets here today in their own words. They know these mines far better than I ever will. And the fact that they're willing to speak directly to our shareholders really about their operations, about their plans for the future really says a lot about those relationships really more than I ever could. Before that, we're going to take a short break here. So we've got about 5 minutes that we're going to just step away and when to come back, Haytham is going to come and introduce the first presenter. Thank you. [Break]

Our next presenter will be one of our newer partners, Martino De Ciccio from Montage Gold, CEO of Montage Gold. He, unfortunately, couldn't be here in person because he's building a mine. So we understand that. But he has recorded a video, and he'll be available for questions right after the video. So just to give you a bit of background. It's a recent addition to our portfolio. It is one of those opportunities where we had the ability to fund the majority of the funding on this, and we were very excited to do so. Since they've started in Cote d'Ivoire, they have demonstrated some incredible exploration upside and also some strong potential for production growth. So I'm sure Martin will be talking more about that. So with that, we'll start the video and then turn it over to Martino.

Hi, everyone. I'm Martino De Ciccio, CEO of Montage Gold. As a quick overview of Montage, construction is nearing completion at our Kone project in Cote d'Ivoire, on which Wheaton has a gold stream. In fact, in order to execute on our strategy of creating a multi-asset premier African gold producer, we're also working on fast-tracking our DD project. In parallel, we're also focused on sourcing next project organically through our ability to stake and explore grounds. Our recent success at Wende is a great example of that. So at Montage, as you can see, we have been rapidly executing on our strategy. In fact, it's now been just over 2.5 years on the job, and it's super exciting to be so close to the first gold port. The reason we were so keen to participate in this event in whatever shape or form is to take the opportunity to highlight the collective effort, which underpins our rapid execution. Because all our success would not be possible without the relentless dedication of our employees, our stakeholders, suppliers, contractors and of course, our financial partners such as within precious metals. By way of background, we had over 16 offers to fund ourselves. So needless to say that it was a competitive process. Beyond IRR calculations and NPV per share scenarios and trust me with the tons of those what ultimately led us to partner with Wheaton was the innovative stream features, which I'll detail later, and the softer aspects. As a starter, when we were just starting our discussions and I presented our suggested timetable to hate and in Curt, they paused, I realized that we were serious and said, okay, well, how quick can we get the sites so we can work on due diligence and parallel to negotiating terms. They also mentioned that they'll never get in the way of a team that wants to execute quickly. And to this day, that statement remains true. And in fact, this is probably the right time to squeeze in the things or maybe a sorry to the Wheaton team for all the late nights, weekend and holiday work and for the quick turnaround requirements. For us, our true partnership means that the relation is important for both sides and that we have a shared culture. Wheaton is, of course, our largest funding here, but Kone represents Wheaton's largest investment in Africa and one of the largest contributors to its 5-year growth profile. So let me dig a little bit deeper into why both we and wheat and Wheaton chose West Africa as a region and the Kone project. For me, the stock that sums it up well is the fact that West Africa is now the #1 gold producing region globally, just like that [indiscernible] a bit. Last year, 16 million ounces were produced in the region, surpassing China, Russia and Australia. That's because production is up circa 400% in the last decade, and I think that will keep going at the same pace because of 2 important factors. First, because over 70 million ounces have been discovered in the region since 2010. And by the way, Côte d'Ivoire was the largest contributor. And second, because on average, in West Africa, it takes about 10 years to go from first discovery to production, which is the crisis globally. I'd like to think that my colleagues and I actually have something to contribute to those stats as we have spent most of our careers developing gold projects in West Africa. For most of us, Kone will mark the fifth mine we built in the region, 3 of which in Cote d'Ivoire. Kone, by the way, will be the 9th mine in Cote d'Ivoire, whereas when I started my career, we had the only gold mine in the country, and I was actively trying to convince investors to come to Cote d'Ivoire. Another impressive stat is that the team we have in Montage has been directly responsible for 20 million ounces of discoveries in the region over the last 15 years. So in addition to the geological potential, what drew us to Cote d'Ivoire is its diversified economy, which underpins the fact that it has one of the highest credit ratings in Africa. And that's very important because if a country itself is investable, it means that companies like ourselves can more easily obtain financing for projects. In addition, Cote d'Ivoire has spent the last 20 years building its infrastructure, and you can see now with the quality of its ports, roads and electric grid. And lastly, the mining code has been stable and the country is safe. All these factors make a difference. Now let's talk a little bit about our Kone project. First off, its location is great, and it has 3 key ingredients: strong geological potential, good infrastructure and available human capital. On the geology side, our project is located where 3 mineralized trends converge. That's why we have so many deposits and targets. As for infrastructure, we are 20 kilometers away from the high-voltage power line and a sealed road that goes straight to site. And of course, in order to build, you need people in proximity. We now have over 3,600 people on site, and we are proud to say that over 95% are nationals, thanks to our trading programs. Not sure if you can grasp this next at but we have already worked over 13 million hours on site. That might be enough to build 2 or 3 smaller projects. In fact, Kone will be one of the largest mills in the region with a capacity of over 11 million tonnes per year. Today, it's probably one of the largest mines being built globally and by far, the largest in a single asset company. I don't think people fully understand the skill of the operation until they come to site. And the Wheaton and team are, of course, well aware given they have routinely visited the site. It's actually awesome when they come because they end up being great spokespersons for the asset to the investment community. On the construction side, as I mentioned earlier, we have never been so close to the first gold port . All major processing infrastructure necessary for the oxide circuit have been completed, including the TSAs and the water storage facilities. The oxide sizer, the ball mill, classification area, CIL tanks and the gold room were all done. We were connected to the grid earlier this summer, and we've begun meaning activities last month. And lastly, we are well progressed on commissioning activities. But initially, we were saying the first gold port would be by Q2 2027. Then we brought it forward to late Q4 2026 through the oxide start-up. And within the last published project update, we reiterated that production should start within the fourth quarter. Now I'm not sure how much production we can put into our 2026 guidance from Kone, but hopefully, we can start contributing sooner than later. Talking about our production profile, the last published numbers are based on the 2024 feasibility study. There were only 2 deposits in that study, which was robust enough for us to make our construction decision and for Wheaton to make your investment decision, that gold production profile is expected to materially improve because we now have 12 deposits rather than 2. The resource base has significantly grown as we started with 5 million ounces, and now it's not so difficult to see how this can potentially attain a 10 million-ounce endowment. Today, we have 6.3 million ounces of indicated resources and 2 million ounces of deferred resources. But most importantly, all the new discoveries made are at least 85% higher grade compared to the initial Kone grade. This means that we can displace lower grade material to boost production from the onset. We've now drilled more than 340,000 meters since the 2024 feasibility study was published, and we have about 130,000 meters ongoing for this year. This is why we are so eager to publish a new life of mine plan once the drilling program wraps up. It's quite rare to be able to explore while building and thanks to the weakened stream put in place we're all incentivized to make the asset even better. In contrast, traditional debt would have earmarked every dollar for the build and restricted our ability to aggressively explore to after the first gold port. In our current setup, if we find and produce higher grade ounces upfront, then our production goes up, so we benefit, but it also means that we can get their ounces quicker and hence, boost their IRR. Given the strong exploration potential we saw in the asset and the fact we were just starting on it, a unique feature of the stream is that the area of interest is limited to only the 2 deposits that were in the study, plus 500 meters. So we're able to keep most of the exploration upside as we now have those 12 deposits. When I take a step back and reflect on everything we've accomplished thus far, which tracks me the most is the legacy we will leave behind and the positive social and economic impact we are already having on thousands of people near our mind. In fact, given our shared values, we look forward to partnering with Wheaton on joint initiatives that will continue to make a real difference. So to conclude, I'd like to thank the Wheaton team for the invitation to present and their continued support. Given the rapid progress achieved, we are confident that we'll be able to quickly unlock value for Wheaton and for all our other stakeholders as we continue to execute on our goal of creating a premier African gold producer.

Thank you, Martino, for that video. We really appreciate it. You're live here in the room in Toronto. So anyone here can go ahead in the audience and ask a question. We'll bring the microphone around for those on the webcast, you're welcome to type into the box, and we'll read it out in the room. But I'll turn it over to live audience here. If anyone has a question, just raise your hand. Thanks, Derick.

Martino, Derick Ma from TD. I want to talk about the exploration potential that you've highlighted in the video, but also the potential for expansions at the operations as you look to ramp up Kone.

Great. Well, first off, again, thanks for the opportunity for the Wheaton team to present today, and apologies for not being able to make it in person. On the exploration side, we're on the bid we're very excited with what we've done so far this year. And since we've joined, so the resource has grown from 5 million ounces to 8.3 million. We're going back to all those ounces found the off higher grade with at least 85%. So this allows us to push out lower grade material, so push up 0.6 gram and replace that with 1 gram and above. In fact, some of the deposits being found or closer to 2 grams. So we're very excited with that. We'll publish a new mine plan earlier next year to be able to show how those deposits are being converted. So what we see today is the ability to continue to grow the current deposits found. So we're working on Gbongogo, Gbongogo Main and Koban, but also finding new deposits. So on the property, there were 50 targets that had identified. So far, we've joked half of them, and they all came back with hybrid intercepts. So our goal in order to in order to be very careful to how we allocate our exploration dollars has been drill out a starter resource. It doesn't matter how big or small is more a question of assessing the great profile. And then based on knowing the grade in a few step-out holes we've done, we've been able to see how we prioritize the exploration efforts. So today, out of the 12, we really only drilled out about 4 or 5 of that infill and then step out and the other ones remain to be done. And that's why -- and when I go back to some of the comments made in the video, it's not so difficult now to see how this can become a 10 million-ounce endowment. As for expansions, Look, it's still early days to, I think, to talk about expansions because we have to see how the mill performs. And given the changes we've done in the flow sheet prior to launching construction, we would expect to be able to push more times in the mill than the nameplate suggests.

Thanks, Martino. Just one that came on online is -- and you just said it's too early to talk about expansion. So maybe this isn't as relevant, but the question was Will you be able to fund future expansions through cash flow from ops? Or do you see a need for any additional funding externally?

Our priority once we get into production, is to look to fast-track the next development which is our DDV project, also in Cote d'Ivoire that came through the African Gold transaction. So given the strong returns and the way the stream measure put in place allows us to be able to build up the balance sheet and be able to fund our organic growth. So this is obviously the preference for us.

Congratulations, Martino, on getting your -- the production profile coming up sooner than previously expected. Just wanted to ask, in terms of the higher grades that you're seeing and if you are to be able to bring them up to the front of the mine plan. First of all, like in terms of recoveries, how do you see those -- the recoveries from the higher grade, which will be coming in replacing the low grade. So then how could that change the -- the production profile at the beginning of the mine plan?

On the recovery rate, we have no nasties. And given the higher grade deposits, we expect slightly higher recoveries in some of those high-grade satellites than on Kone itself, which is a little great, but we see low strip. Our goal rather than just boosting production in the first year and then having a declining production profile. Our goal is to increase production in plateaus. So we're targeting to lock in our first production profile of at least 350,000 ounces plus over 10 years and then look at how we bring forward production for the first 5 years to be able to again, plateau that even higher.

Martino, this is Lily Liu from CIBC. I guess since we were at the Wheaton Precious Metals Investor Day, can you talk about how you feel Wheaton's different from its peers as a streamers perspective. You did mention earlier, this is one of the largest investment for Wheaton Precious Metals metals as well as Africa. So what makes you think they're a great partner in this case and what made them stand out?

Great. I guess for us, there was 2 factors, right? It's not 3. Obviously, you have to be competitive on a cost of capital perspective, and that goes without saying. But given the many offers we had, all the -- the cost of capital is end up being very similar. So then you have to look at the softer aspects, which is speed of execution. And as I mentioned in the video, the Wheaton team were very active and that's allowed us to be able to fast track the development of of Kone. In addition, where it was very different this was essentially almost a fully funded deal on shop stop with Wheaton. And again, simplicity sometimes is better and allows you to go more quickly. And after that, the Wheaton team have been very available and reactive. And I think when you're looking to build a business almost from scratch as what we did. Do you want to surround yourself with the right partners that you're able to build a multi-asset business out of. And on the shareholder side, I couldn't think of better shareholders with the key shareholder being the Lundin family. We surround ourselves with robust financial partners that are able to continue to support us as we look to grow the business.

Just scanning the room here for any final questions. But I think we might be covered. So thank you so much, Martino, for attending and for sending through the video. We appreciate the partnership.

Great. Thank you.

Thank you.

Our next presenter will be Alfredo Santana, COO of North Atlantic Operations for Vale-based mills. Obviously, Salobo is one of the most important projects in our portfolio, but -- but I would also say Salobo is the largest copper project ever discovered in Brazil. And Vale has been an incredible partner and the fact that we've done 3 different streams of the Vale just on Salobo alone, demonstrates the strong relationship that the team has built there. So with that, I'll hand it over to Alfredo Santana, who's going to be joining us by video. Just having some audio difficulties hearing you, Alfredo.

I can hear you well.

Perfect. There you go. Now we can hear you. Thank you.

Can you hear me well?

Yes.

Okay.

Alfredo, we've gone ahead and done the introduction already. So please feel free to start.

Okay. I hope you guys are hearing me well, and good morning and good afternoon to everyone. I'm excited to be joining you at Wheaton Precious Metals Investor Day again this year. So Haytham, thank you for inviting us. And it will be a pleasure to take some time to get you guys through everything that's going on in VBM and very exciting news to everyone, right? So just a quick -- I don't know if my slides are moving properly. Here to second. Yes, just acknowledge our standard disclaimer. And I think I would like to start saying that Vale has had a long and trusted relationship with Wheaton. And I really would like to thank the with a team than for the opportunity to present today for all of you. As I was just introduced, my name is Alfredo Santana. I'm the CEO of Vale Base Metals. And I would also like to acknowledge that Wheaton for the recent investment in Salobo CPF project that I'm going to talk a little bit more detail further down the road than which -- it's amazing to all of us. And this collaboration demonstrates the strong relationship we have that is shared across Salobo, Voisey's Bay and Sudbury, right, focus on maximizing the value of these important assets. I will provide more detail on each of these assets during my presentation. But first, let me provide a brief update of Vale Base Metals. So is extremely well placed for growing value as we probably are following. Our portfolio of large, high-quality vertically integrated assets in a strategically located to deliver critical minerals to diverse customer base. In our copper, nickel, cobalt growth opportunities are positioned well to take advantage of the growing demand for these commodities. We have set the framework to grow value based on optimizing risk in a responsible way. And we have rejuvenated our culture. Recently, we made a real change in our organization, empowering our people to take an onerous mindset with this decentralized model, we pushed the decision-making as close as possible to the assets, which is really the x factor of our success. And I think it's very clear that we have been demonstrating this and quarter-by-quarter, we have delivered consistent and improved performance. There is so much potential here to provide critical minerals to the world with the needs today and in the future. And we're very, very happy to be part of this and how we position today. It's a great value. So if you look at back to our first half of 2026, you can see very, very strong results. For the first half of 2026, we have delivered $2.5 billion in EBITDA and over $0.5 billion in free cash flow. We also have a very low net debt and our balance sheet is quite strong. Operationally, we are also delivering strong results across the whole portfolio, right? But moving forward, with a bit more detail on our, I would say, operational performance and how confident we are that we're going to deliver what we committed to -- you saw this outstanding operational performance has led to growing volumes and lower costs. In July, we lifted the lower end of our production guidance range for both copper and lithium, demonstrating the confidence we have in our performance this year. We also lowered our cost guidance for both copper and nickel, reflect the strong operational performance and favorable commodity price environment despite the inflationary pressure being experienced across the whole sector, right? But if you do another step right now, I would like to speak more about our operational performance. In VBM, I'm leading the operational team in a very clear pillars, with very clear periods, like -- so -- and these are the 3 pillars we are always talking about safe first, stable and capable and reliable best-in-class. So in my -- in my last presentation in the VBM Day in March, I outlined our ambition to transform Vale Base Metals into a high-performing, integrated operating system, delivering safe, reliable and repeatable results. And what gives me the confidence today is not only the results we are seeing, but how they are being achieved. Our operating model is producing similar outcomes across different assets geographies, commodities and everything you see in the next slide shows the system is scaling up quite quickly. But let me start with safety. Safety remains our top priority and is the foundation of everything else. Sadly, an employee of one of our contractors best way last month following an incident in Sasebo, mining [indiscernible], the incident remains under investigation, and we continue to support the relevant process while reinforcing the critical controls across our operations. We continue to strengthen our leadership in the field and confirm our critical controls integrity and are also reinforce our chronic and is principles to all our people. So unfortunately, we had this incident with one of our contract, but this does not change anything on how we look at safety. And this is the foundation of everything we do, and we will learn from what happened and move forward and get even stronger moving forward. If you -- but if you move to Salobo, now that I think this is the biggest interest of the audience. Salobo is VBM's flagship corporate operation, representing the largest copper mine in Brazil and the second largest iron oxide copper gold de paused globally. There has been a lot of investment in Salobo in the recent years. And I'm extremely proud of the outstanding results that we are seeing from Salobo with [indiscernible] and his team. With an annualized run rate, or muled in the first half of this year is tracking 36 million tonnes with the nominal capacity of the -- of our system there, Salobo I and II and III, and it has been the highest output ever. And with the successful completion of CPF project, these assets could reach 42 million tonnes per year by 2029 and beyond. So we are boosting our productivity and maintaining our high focus on preventive maintenance at the plant. Today, we are the benchmark of productivity of electrical excavators in Brazil, and we are pushing all the boundaries with extremely focused on safety and productivity. We are also pushing ahead with autonomous fleets, and we are increasing our mine productivity. We are upgrading our [indiscernible] systems to over 5,000 tonnes per hour to raise the capacity and dilute our costs. And there's a lot of other improvements that we are focusing on Salobo I and II as well. So the main point here is not only that Salobo having a strong year. We are building a better asset with the best-in-class performance also in the future. So I'm extremely pleased and proud of the results that we've seen out of Salobo. If we look at the cost partial flotation that it's our critical project in Salobo right now, I would say that the participation or CPF, as we call, is a pros that removed waste rock earlier in the process plant before fine grinding. Therefore, using LAS in degrading waste rock unnecessarily, right? So by floating copper from coarser material, and I mean our test in Salobo has shown that material that we have in Salobo is extremely good for this type of process. CPF removes about 30% of the waste upfront. This frees up capacity downstream in the chain, right? What that means in that end, we expect that CPF will generate around 30,000 tonnes per year of additional copper production and 15,000 ounces of gold per year as well at the same time, reducing specific energy consumption by around 10%. So this is a great example of low capital intensity, brownfield growth, right? So we announced the approval of this project last month, which includes optimized total CapEx and an accelerated project start up in the first half of 2028. We really appreciate Wheaton's support for this project, which reflects the strength of our long-standing relationship and share confidence in the project, right? So -- but let me move up to Canada right now with our Sudbury and Voisey's Bay operations. Sudbury, we have mine for more than a century as -- and it remains one of the most capital-efficient growth opportunities in our portfolio. There is significant value to unlock through improved underground productivity, which is our main focus, muled bottlenecking and further growth in our mineral endowment. The good news here is at Clarabelle Mill, the longer-term opportunities to reach up 9 million tonnes per year of throughput and the expansion is being implemented in Phase. Phase 1 and 2, it will be done this year. Phase 1, we just completed the last June and Phase 2 will be done by October. This will take us towards to 6 million to 7 million tonnes per year by 2028. In fact, we are expecting right now in 2026 to be around to 6 million tonnes in 2026 out of Clarabelle Mill. We've incredible results comparing all where we are coming from, right? And this makes us really, really proud -- and this incremental throughput at very low capital intensity with immediate margin benefits, the higher value feed, right? With external feed as an optional liver, not a dependency. So -- and if you go to Voisey's Bay, Voisey's Bay is one of the best examples of our transformation in action. The underground ramp-up is largely complete, and we are now seeing the benefits of it. Mining rates or availability and operational consistency have all improved significantly Voisey's Bay will deliver its outstanding results in 2026 and move to around 2.8 million tonnes per year. that is their nominal capacity, while we prepare for the next step toward 3.8 million tonnes in the very near future. So these gains are being driven by productive monitoring, tele remote mining, continuous improvement in stronger operating discipline. So overall, the results that we've seen across the board with all our assets are quite outstanding in following a basically standard focus on safety, stability, capability and pushing our boundaries to be best-in-class operator. If you look at our road map for the -- from now to 2035, I think this was well public to this point. We have one of the world's strongest copper growth story, support by productivity, bottlenecking and de-bottlenecking pipeline, low risk, I would say, brownfield opportunities, and we are confident in our pathway to 700,000 tonnes of copper by 2025. And Innovation and exploration are key levers here and innovation will enable us to replicate the good results to different operations, just like CPF and de-bottleneck, that's the focus of our R&D investments, right? So in if we go to do like a summary of everything that I said here and I will open up for Q&A. The accelerated transformation delivers consistent performance and positions VBM for growth. We have a diversified and resilient portfolio with polymetallic exposure, vertically integrated, strategic supplier that we are and we have a portfolio reset safe and consistent performance. We have a strong team. The company has done a huge transformation in the last 2 years. We are safe at delivering our production and our unit cost outcomes are just showing improvements year-over-year. And in the end, we are a low risk and high return growth. We have a refreshed approach to planning project evaluation and licensing corporate growth pipeline, one of the lowest costs and higher return in the industry, our exploration program with highly prospective and growing resource, and we are self-funded supported by the net debt EBITDA below 1. So in the end, we are seeing that as a VBM, we are very well positioned to the future ahead of us, and we are demonstrating this quarter by quarter. So I will leave here with you. And I just would like, again, to thank you for the opportunity to be here today and talk with you a little bit about what we are doing in VBM. Thank you.

Thank you so much, Alfredo. Much appreciate it. I'll turn it to the room. If anyone has a question

Alfredo, it's John Tumazos. Does the 700,000-tonne 2035 guidance include Hua or what other projects?

No. The 700,000 basically include all our organic projects that we have in our pipeline. And the growth is basically focused on Carajas in Brazil, who is not part of this.

For Hua to proceed, will the tailings disposal be on land or marine or has not been decided?

It's -- there's been a discussion around tailings, but has not been decided yet. And we're still enough feasibility phase of the project at this point.

Is the concept for Hua 100,000 tonnes a day or 200 or 300 big picture?

I'm sorry, but I don't know this answer for you right now. I can check it out and revert it back to the team here with Wheaton and they can they can give that to you, if that's okay.

Thank you very much. I'm sorry, I'm too interested too fast.

No, that's fine. No problem. Thank you for your questions. .

Derick Ma from TD Cowen. I have a question on Salobo. How is the course particle flotation technology working right now? And is there a potential to apply that to Salobo I and II as well? And then a follow-on on that is, does CPF reduce the need for another processing facility at level, call it, Salobo IV?

Yes, that's a very good question. We -- we decided to do the coarse particle flotation in Salobo III right now because this is a new technology as well. We saw in our test in -- in our pilot plants. We built a pilot plant in Carajas and Sasebo the results are incredibly good at this point. The idea is to start up with Salobo and definitely, we will analyze if there is other places, not only in Salobo I and II, but maybe Voisey's Bay, for example, that this technology would be appliable, right? So this is part of our process of in R&D. But at this very moment, we are also doing some improvement work in Salobo I and II that will help us to improve the productive at that plant. And in terms of if this will, I would say, replace another expansion of Salobo that we usually call in the past at Salobo. I can't tell you at this point that it will because our resource and endowment in Salobo is abundant, right? So at this very moment, we want to move ahead with Salobo III proven the technology and then decide when and how we're going to apply this in other projects moving forward. But we are very confident that we see great results or of Salobo III with CPF.

Any final questions from the room?

Alfredo, Brian MacArthur, Raymond James. Since you mentioned CFP for Voisey's Bay. Can you just go ahead with that, do you need to change anything at Long Harbour? Or would you just be able to handle everything at Long Harbor? Do you have to integrate stuff back to Sudbury, i.e., is there a lot of other capital?

No, no, no. I think today, we have an office space that our retention and we're moving ahead with these studies and the feasibility study that we want to push Voisey's Bay to at least 3.8 million tonnes per year, which will allow us to feed long harbor 100% with Voisey's Bay, right? Today, Long Harbour has a nominal capacity of 50,000 tonnes per year. And with Voisey's Bay being 2.8 million tonnes per year. we have been able to feed Long Harbor in about 45,000 to 46,000 tonnes per year. So the idea is to push Voisey's Bay even further because we know that we have a huge potential in Voisey's Bay to keep increasing the life of the mine and have that facility delivering 3.8 million tonnes per year at minimum in the near future. I hope I answered your question.

This is David Ho from BMO. I have a question on the Clarabelle Mill expansion. The 8.5 to 9 million tonnes a year in Vint for the 2030 period.

Yes.

So what is driving that? Is it -- do you have new sources of ore coming in from your own mines? Or is it to cater for some of those offtakes, I believe you have in the region.

No, no. It's coming along with our long-term planning, right? So we are we are investing in development in the mines in suberin come back with bringing back the production that we have over there. So there are several projects in our pipeline for Sudbury as well to increase our own production in the next 5 to 10 years. And with that, we will need to expand Clarabelle Mill as we go. So just for you to have an idea, 3 years, 3, 4 years ago, we were running Clarabelle Mill in about 3.5 million tonnes per year. And this year, we will probably achieve -- we will be around 5.5 to 6 million tonnes in 2026. So this is an incredible improvement in a very short period of time and with the kind of low-intensity capital allocation to this project. So Clarabelle Mill now will be able to in 2028, be delivering around 7 million tonnes per year. And as we move with our life of business plan expansion, our goal is to bring the capacity of the mill up to 9 million tonnes. .

Yes. Just to follow up on that. How much of that capacity is for you or relative to what's available for your offtake? Just trying to get a sense of that distribution.

No, no, no, yes. I mean I do not have right on top of my head here, what's going to be the percentage in -- I mean, close to 2030. But definitely, we're improving our our own production, and we are going to focus on filling this capacity majority with our own production, but that will be some room for external feed still.

All right. I think that's it from -- for questions for Alfredo. Alfredo, thanks again so much for being here late in the evening in London. We appreciate it greatly. Have a good night.

Thank you so much. Bye-bye.

Our third and final presentation today will be Hemlo Mining and CEO; as well as the and the Chairman here today, but I think it's just one of them is going to present. We've got John and we've got Jason Kosec here as well. So with that, Hemlo Mining has been one of our recent additions where we actually helped a transaction and acquire basically an asset which was a very mature asset. And the team at Hemlo has done an incredible job of breathing new life into a mature asset. So with that, I'll introduce Jason Kosec.

We got to slightly adjust this microphone, Haytham. Thank you all for joining. Really appreciate it. And a special thanks to the Wheaton team deals of this size don't happen without full alignment for people in the audience. This is the largest financing ever done by a shell company. It was the largest financing done ever on the TSX Venture. The Wheaton team was about 1/3 of the financing. Right from day 1, there was complete alignment from a strategy, a vision and the potential value to be unlocked from this iconic asset. So with that, Haythem, thank you very much for your continued support and to the entire Wheaton team. I will be making forward-looking statements, so I will direct everyone to our disclaimer on the company's website. Just a quick corporate snapshot, roughly sitting around a $2.2 billion, $2.4 billion market cap company, a very healthy balance sheet of around $130 million in cash. Long-term debt of $150 million, so net debt position of around $20 million. After the first quarter of ownership, we paid down $75 million on a revolving credit facility. We're reducing that balance to 0. So we have $100 million capacity on that. a very strong shareholder base from the likes of Orion, Wheaton, Fidelity, T. Rowe Price, tremendous street coverage with an average target price of around $10. Hemlo is an iconic Canadian asset, hence why we kept the name. It's been in production for over 40 years, and that significantly derisks our ramp-up. We know what the metallurgy is. We know what the resource conversion is. We know what the geotechnical was. So it significantly derisks our ramp-up production. Over that 40-year history, Hemlo has produced over 25 million ounces of gold. At its peak, it was 25% of Canada's global -- Canada's gold production and about 3% of Canada's GDP, okay? It sits 30 kilometers east of the town of Marathon right off the TransCanada Highway, Currently, we're sitting at about 5.7 million ounces in resources and reserves. In the first half of this year, we did about 60,000 ounces of attributable production for an average ASIC of around [ 21 57 ]. What we're showing you here in the black bars is the current technical report that Barrick commissioned, okay? Was filed on us. Obviously, that puts a base of value in what we were looking at. But through a tremendous amount of due diligence both at the -- from the Wheaton side, from our side, we're very technically focused people. I'm a structural geologist, we saw a tremendous amount of value to be unlocked by maximizing a very underutilized infrastructure. That's what we're showing you with the dotted bars is a production ramp up over the next 2 to 3 years to about 6,000 tonnes per day. The current study shows an average annual production of 138,000 ounces. Obviously, we strongly believe we can do significantly better than that or else we wouldn't have acquired the asset. Our growth strategy is clear, okay? One of our biggest strategic assets that we have here at Hemlo is our mill. The mill's permitted capacity is 13,500, okay? The nameplate capacity is 10,000. So we've broken up our growth strategy into 3 clear phases. We're starting at 3,800 tonnes per day right now. That's what we averaged in the first half. Phase 1 is to 4,800 tonnes per day. Phase 2 is to 6,000 tonnes per day. That can be achieved solely from our underground operation. And I'll get more into the underground infrastructure in a subsequent slide. And then the growth from 6,000 to 10,000 is really predicated around a trade-off study that we're currently conducting. Whether we open the open pit back up and do a pushback or whether we take those ounces from underground in a bulk mining scenario, that work is being connected right now. All that is around a foundation around a significant resource and reserve endowment. We most recently just put out our updated within the first 6 months of ownership, growing the resources in the M&I category by 34%. So this is the optionality that the Wheaton team was talking about, about the exploration potential of these assets and the investments that they make. Right now, we've conducted one of the largest drill programs globally for a single asset of 130 kilometers of drilling significantly more than Barrick ever did. To put it in perspective, Barrick was drilling about 10,000 meters a year. We have multiple regional targets in a district scale 44,000 hectare land package in one of the most prolific granted greenstone belts in Canada. What we're showing you here is a long section of the mine and a significantly underutilized underground infrastructure that complements the mill, okay? We've broken out E-zone here into 9 mining zones. So each zone is responsible for production, their services, their pace and backfill. Within those mining zones, there's multiple mining fronts. And what that allows us to do is drive a much higher productivity which will equate to a much lower unit operating cost to support a lower grade cutoff. So you don't see the same type of margin compression as you would elsewhere when you lower our cutoff. You have to remember about 75% to 80% of our costs are fixed costs here at Hemlo. So cranking more tonnes is the easiest way to lower our cost profile, given the latent infrastructure that's at site. We have a shaft that's sitting at 1.3 kilometers depth that hoist can do 6,000 ore tonnes. We have a ramp that we just connected to the bottom of the pit that can handle about 4,000 ore tonnes per day. So you could be pulling 10,000 tonnes a day out of this underground infrastructure. and plenty of underground crushing capacity. There's a few near-term opportunities and debottlenecking efforts that we're working through to maximize this production profile. One of them would be is switching the mining sequencing from a top-down approach to a bottom-up approach. And what's the significance of that? The significance of that is a significantly reduced amount of waste being hoisted to surface to lower your cost profile and breaking through to the next level to keep more of that waste underground. The second opportunity, as I highlighted earlier, is our portal haulage. The portal is not being utilized right now. And as I highlighted earlier, it's about 4,000 tonnes per day of ore capacity. There's a number of additional mining areas for our short-term opportunities that are these bulk tonnage, highly productive stopes. We're looking at an Avoca mining method. We're doing 2 test stopes this year, and these are big, big stopes. These are 70,000 to 90,000 tonnes stopes at around 2 grams, very similar to what you see at Gold X and Young-Davidson. And more notably, which has incurred a slight delay is our Alimak area. These are very high tonnage to development ratio opportunities. I thought it would be important just to show you where we were sitting last year when Wheaton put in their $300 million gold stream to where we have gone in 2026 and where we see the future opportunities. So what we're showing you in TL is the '25 reserves in red, the '26 reserves and then in pink, the growth potential that will be unlocking over the coming years. Again, to highlight our growth program with our drilling. This is the foundation for our updated technical study that we will disclose next year in the second half of 2027. A big focus is on our resource to reserve conversion that can build the foundation for that updated technical study and life of mine plan. There's a big component of growth drilling, which is really demonstrating our geological view when we originally looked at the asset with multiple parallel zones that have not been exploited in previous years. You have to remember, the first 17 million ounces that were taken out of Hemlo, the average gold price was $350 an ounce. So yes, they knew about these parallel zones, but when you have you see in the image on the bottom right there. When you have 20 meters of half an ounce, you're not going to go chase 10 meters of 5 grams. And then now just to really take a step back and look at the regional potential. Hemlo has been thought about and people have tried to put a genetic model around Hemlo. And it's been up for debate for 40-plus years. So we had Polson and Diccilito, both brilliant, brilliant mines, one in orogenic mine, one of [indiscernible] mine to really battle it out at site and understand the genetic model. And why that's important is we need to understand the fundamentals to go look for another Hemlo. The chances in our key and Greenstone Belt to have one-off 35 million ounces is extremely, extremely rare. So lo and behold, they came to an agreement by cross-cutting relationships in geochemistry that this is indeed in our key in porphyry system. Porphyry is dated at [ 26 93 ]. What we're highlighting here is the targets that we're slowly evaluating and doing our data compilation that we will test in the years to come. things that are quite exciting are the bags like, Page Lake, Wire Lake and let them be hold porphyry like. There are significant surface showings the porphyries are dated at the exact same time as the Hemlo porphyry, some of them are 2 to 3.5x the size of the porphyry at Hemlo proper. So there's a significant amount of regional potential that you as Wheaton investors and potentially Hemlo investors that can be exploited over the years to come. And that talks to the exploration and the area of interest that these Wheaton streams are affected by. Quickly, just a kind of a snapshot on our corporate objectives and our time lines. Most recently, we graduated to the TSX. We are very fortunate to work with 2 great First Nations partners, Bictagong and Netomyzogomy, both IBAs are in place for the life of mine. That's a unique way to do IBAs commonly, they're renegotiated as Chief and Council get reelected every 3 to 5 years. We put out our updated resource. We've done our sector evaluation. We've done mill upgrades. We've done preventative maintenance on ground. We've kicked off a 130,000 meter drill program. We hosted a bunch of people at site because believe it or not, the last people at site were at 9/11 and all the analysts and buy-side investors were grounded. So it was good to have people back up at such an iconic asset. We will be doing an NYSE listing. We just got included into the GDX can, and there's potential for other U.S. indices to be included in. With that, I will kick it off for questions.

Is your business strategy, Hemlo specific, or will you consider other adventures, acquisitions, other things since you have a good growth phase now?

Yes. So our real strategy is to become the next Canadian mining franchise. We're a very young and hungry entrepreneurial team and having partners like Wheaton that give us some flexibility to do interesting and accretive transactions. We will be looking at accretive M&A. As I said, we're a very technical teams. So our COO, Eric Tremblay, who built Canadian Malartic, one of the largest gold mines in Canada, has to see something different operationally. Myself and our geology team has to see something different geologically. So we do not want to be a single asset company. as everyone knows, there's a little bit of risk with a single-asset producer. So we will look at accretive M&A once we are through our Phase 2 growth plans.

Congratulations on all the success. Derick Ma, TD Cowen. With the recent substation. I was I had to ask about that edge. What impact will that have on the targeted rate up to 4,800 tonnes per day in 2027? And what are some second order impacts on other mining areas that you talked about that we could see?

Yes. So the substation that went down, unfortunately, it happened probably in the worst area. We didn't have a critical spare on site to be fully transparent. We ordered one part of our our due diligence process last year because what a critical spare is to Barrick is completely different from what a critical spare is to Hemlo. So what that really does is delays or ramp up by about 3 to 4 months. I don't think it's worth $250 million haircut, but that's besides the point. but it's a localized area within the Alimak mining area. So we've put in a bypass so we can still produce out of that area, albeit at a lower rate. So small impact and really what the impact is, is a 3- to 4-month delay. Yes. So what we've done is we've resequenced some of the mining over the last week, but it still will have an impact because there's only enough power to to run 1 jumbo in 2 fans. So your cycle times are going to slow down. So we can still maintain our 3,800 tonne per day run rate as we were in the first half of this year. but we're delayed to execute on that 4,800 tonne per day scenario which we guided that we would hit by the end of the year. We don't have formal guidance out this right now, but we strongly believe that all we have in this business is our word. So we decided to press release that and be transparent with all of our shareholders.