Wheaton Precious Metals Corp. - Q3 2026 - WHEATON PRECIOUS METALS CORP

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 2026 third quarter results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. Or type your question in the Q&A box onto the webinar. If you'd like to withdraw your question, press star one again. Thank You. I would like to remind everyone that this conference call is being recorded on Friday, November 6, 2026, at 11 a.m. Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead. Thank you, Julianne. Good morning, ladies and gentlemen, and thank you for participating in today's call. I am joined today by Hazem Hodale, Wheaton Precious Metals President and Chief Executive Officer, Vincent Lau, Chief Financial Officer, Wes Carson, Vice-President, Mining Operations, and Neil Burns, Vice president, Corporate Development. Please note, for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the presentations page of our website. Some of the comments on today's call may include forward-looking statements. Please refer to slide 2 for important cautionary information and disclosure. It should be noted that all figures referred to on todayís call are in U.S. dollars, unless otherwise noted. With that, Iíd like to turn the call over to Haytham Potalay, Wheatonís President and Chief Executive Officer. Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's third quarter results of 2026. Wheaton Momentum continues in the third quarter, supporting a record-breaking first nine months for the company. Year-to-date, we have delivered record production, sales volumes, revenue, earnings, and operating cash flow. Our portfolio of long-life, low-cost assets produced 231,000 gold to coal ounces in the third quarter led by our operating assets including Solobo, Antamina, and Petosquito, together with the continued wrap-up of our development assets, keeping us firmly on track to achieve our 2026 production guidance range. Our corporate development team continues to evaluate a robust pipeline of opportunities while maintaining the discipline to pursue only the most accretive transactions. At the same time, the quarter was exceptionally active across our portfolio with a series of catalysts that further de-risk our growth pipeline and mark meaningful progress towards future growth. Valley Base Metals announced plans to implement a coarse particle flotation circuit at Solobo, an investment that is expected to add 6 million tonnes to Solobos' annual ore processing capacity, and one that underscores Valley's long-term commitment to the operation. In Cote d'Ivoire, Montage Gold achieved first gold pour at its Kony project, and in Ethiopia, Allied Gold has begun production at its Kamuk mine, marking the transition of two key development assets into production. This week, B2 Gold announced that they have completed Phase 1 upgrades the fixed crushing circuit of the Goose project in Nunavut. We also received our first deliveries related to Ivanhoe's slavery project in South Africa, an important step as that project continues to ramp up. Furthermore, Hudbay approved construction at the Copper World project in Arizona, a significant milestone as this long-life asset advances towards production. And in Australia, KGL Resources approved a final investment decision for its Jervois project. Collectively, these catalysts reinforce our confidence in Wheaton's sector-leading organic growth profile of 50% by 2030. That growth is already embedded in our existing portfolio and is not reliant on future transactions. Our balance sheet remains strong, with approximately $3 billion in total liquidity between cash on hand and our revolving credit facility as of September 30th. Together with our robust forecasted operating cash flows, we believe this provides ample flexibility to fund all outstanding commitments and pursue new, accretive streaming opportunities. Importantly, we remain disciplined in employing that capital. Our corporate development team continues to see healthy demand for streaming with a focus on high-quality opportunities that are structured to enhance our existing portfolio and further strengthen our growth profile. At our Investor Day held during the quarter, we highlighted what we call the Wheaton Difference, showcasing how our focus on high-quality assets, superior structuring, and strong partnerships underpins our disciplined approach to capital allocation. Turning to sustainability, innovation remains critical to advancing more efficient and sustainable mining practices. We have been encouraged by the submissions to our third annual Future of Mining Challenge, which is focused on mine optimization and reducing land impacts. Three finalists are expected to be announced in February, and the winner is selected in March 2027. With that, I would now like to turn the call over to Wes Carson, our Vice President of Mining Operations, who will provide more detail on our operating results. Wes? Thanks, Ethan. Good morning, everyone. Overall production in the third quarter was 231,000 gold-equivalent ounces, a 13% year-over-year increase, primarily driven by the addition of the BHP Antamina stream, together with new production from Hemlo, Phoenix, Platte Reef, and Mineral Park. In Q3, Slobo produced 65,800 ounces of attributable gold, a decrease of approximately 2% relative to Q3 2025, primarily the result of lower grades due to mine sequencing, partially offset by higher recoveries and throughput. As Haitham mentioned during the quarter, Valley Base Metals reported that quartz particle flotation is expected to be the key near-term growth driver at SLOBO, supporting SLOVO 3's expansion from 12 million to 18 million tonnes per annum and targeting total throughput for the operation of 42 million tonnes for annum by 2029. In Q3, Itamina produced 2.7 million ounces of attributable silver, an increase of approximately nearly 60% relative to Q3 2025, the increase was primarily driven by the newly acquired BHP Antamina stream, which increased the company's share of silver production in Antamida from 33.75% to 67.5%, effective April 1, 2026. The increased production share was partially offset by lower silver rates, which were attributable to pit sequencing with a greater portion of copper-only ore processed during the quarter relative to copper-zinc ore, which contains more silver. On September 26, 2026, Montage Gold reported that it achieved first gold pour at its Kodé mine, on budget and ahead of schedule. Montage reported that the oxide circuit is expected to reach commercial production in Q4 2026 while construction of the Hard Rock Comminution Circuit remains on budget, and on track for completion in Q2 of 2027. Subtle development projects continue to ramp up in Q3 2026 including Mineral Park, Phoenix and Platte Reef, with commercial production at both Phoenix and Plat Reef expected in Q4 of 2026. At Kumuk, Allied Gold reported that ore had been introduced into the processing plant and the mine is now in production, ramping up into the end of the year, with commercial production expected before year end. We also saw significant e-risking across the rest of our development pipeline. At Copper World, HudBay and Mitsubishi announced the results of the definitive feasibility study and formally approved the final investment decision to proceed with construction with first targeted production in the second half of 2029. In Australia, the KGL Resources Board approved the Final Investment Decision for the Gervois Project, which is fully funded with first concentrated production targeted for the first half of 2018. At Marathon, Generation Mining commenced construction following the earlier announcement that it had secured final funding, with early works expected to run through Q4 2026 and into 2027. With Kone and Kermuk now transitioning into production, Gervois targeted for the first production in 2028, and Copper World for the second half of 2029, these catalysts are expected to continue to de-risk the development pipeline that underpins our industry-leading growth profile. Wien's production outlook for 2026 remains unchanged, with strong year-to-date production of approximately 640,000 GEOs. We remain well positioned to achieve our annual production guidance of 860,000 to 940,00 GEOs and maintain a strong production forecast across the portfolio for the fourth quarter. Looking ahead, we expect annual production to grow at an industry-leading rate, reaching 1.2 million GEOs by 2030, with average annual production forecast to remain approximately 1.2 million GEOs from 2031 to 2035. That concludes the operations overview, and with that, I'll turn the call over to this. Thank you, Wes. Production in the third quarter was 231,000 GEOS, a 13% increase year over year, driven primarily by the addition of the BHP Antamina stream and continued contributions from newly operating assets, including Hemlo, Phoenix, Platte Reef, and Mineral Park. Sales volumes were 192,000 GEOs, a 19% increase from the prior year. At the end of the third quarter, the Produce But Not Yet Delivered, or PB&D, balance was estimated to be 179,000 GEOs, representing 2.6 months of payable production. This represents an increase from the prior quarter due primarily to the timing differences between production and sales. Looking ahead, we expect increased production in the fourth quarter to result in a slightly higher PB&D balance, with higher sales volumes expected in the first quarter of 2027 due to the timing differences between production and sales, strong commodity prices together with higher sales volumes generated quarterly revenue of $772 million, an increase of 62% compared to the prior year. This increase was driven by a 36% increase in the average realized gold equivalent price, combined with a 19% increase in the GEO's sold. Of this revenue, 51% was attributable to gold, 46% to silver, and the remainder to palladium and cobalt. Net earnings increased by 12% from the prior year to $410 million, while adjusted net earnings increased by 46% to $410 million, resulting in year-to-date records across revenue, net earnings, and operating cash flows. These results highlight the strength of our asset base and the ability of the streaming model to translate higher commodity prices into significant cash flow. During the quarter, we generated approximately $645 million in operating cash flow and made approximately $87 million in upfront payments related to El Domo and Armado. We also made a quarterly dividend payment of approximately $88 million and repaid $372 million under our revolving credit facility. As a result, net debt declined from approximately $1.9 billion at the end of the second quarter to approximately $ 1.5 billion at end of third quarter, demonstrating the strength of our cash generation and our capacity to rapidly repay debt. On September 30th, we had approximately $146 million in cash on hand, $1.6 billion of debt outstanding under our term loan and revolving credit facility. With our revolver nearly repaid, we intend to maintain the term loan to preserve liquidity for potential near-term opportunities while retaining significant flexibility to fund our existing commitments. Given the strength of our production outlook and high-margin business model, we expect to continue to reduce our net debt and return to a net cash position in the near term, while remaining well-positioned to pursue additional creative stream acquisitions. This concludes the financial summary. I'll now hand things back over to Haytham. Thank you, Vincent. In summary, Wheaton's strong momentum continued through the third quarter, contributing to a record-setting first nine months. Year-to-date, we achieved records across productions and sales volumes, revenues, earnings, and cooperating cash flow, reflecting the quality and strength of our portfolio. Our growth pipeline delivered on multiple fronts, with first gold pour at Kone, the start of production at Kermoo, the construction approval for Copperworld, FID approval at Jervois, and the planned implementation of a coarse particle flotation circuit at Salobo, which represent just a few of the catalysts we see in our growth profile. Our balance sheet remains strong, providing the flexibility to fund all of our commitments while pursuing well-structured accretive opportunities. And as the pioneers of the streaming model, we continue to believe Wheaton offers one of the most effective ways to gain exposure to gold and silver with a growing dividend and a sector-leading growth profile. With that, I would now like to open up the call for questions. Operator? Thank you. Ladies and gentlemen, we will now conduct the question and answer session. If you would like to ask a question, please press star then the number one on your telephone keypad. If you Would like to withdraw your question, press star one again. There will be a brief pause while we compile the Q&A roster. Our first question comes from Fahad Tariq from Jefferies. Please go ahead. Your line is open. Hi. Thanks for taking my question. Just on the gold guidance for the year, I think if I do the math right, it implies a pretty significant pickup in the fourth quarter. Can you maybe touch on the contributing factors to that, and specifically on Solobo and what you're expecting on gold grades there? Thanks. Yeah, thanks for the question. So, really, it is Solovo that is the main driver of the improvement in the fourth quarter. And really what we're looking at there is just getting back into kind of the bottom of the pit. We did see in the third quarter a slight drop in grades at Solovo, really as they were forced to students from operational issues to move into phase five of the PIP, which is a little bit lower grade. and that means really the fourth quarter here we should see quite a significant great improvement and expecting a strong but a slow all the other assets are actually setting up pretty well for this fourth quarter as well so I think really we're expecting a stronger fourth quarter okay and then just to follow up is there any expected contribution from Kone or Kermuk in the fourth-quarter is that is there going to be a more significant leg, and that'll be something more in the first quarter of next year. Thanks. We may see some very small production from both those assets in the fourth quarter, but it's not currently in our forecast. So, if we do see some, it'll be fairly small. Okay. That's it for me. Thank you. Our next question comes from Brian MacArthur from Raymond James. Please go ahead. Your line is open. Good morning, and thank you for taking my question. It just has to do with the restructuring of the Flobo PMPA. The $40 million gets paid in installments, and you mentioned that'll be up and running by 2029. But do you make any $8 million payments in that time period, or is that all post-2029, so I can think of these as two 20-million payments before 29 and then take all the eight out after? Is that how this works? Thanks for the question, Brian. Really, when we did the deal on the, of course, particle flotation, we actually removed those $8 million payments, so that was to do with the high-grade option. So, there are now just the two $20 million payments, one at about 50% completion and one at completion of the CPF project. Perfect. Thanks. And then, is there any option or anything if they decide to do what I would call Syllable 4 now as a result of this restructuring? Or if that comes up, do you just go back and set a new deal? We'd love to see a solo before it happened, Brian, I would say. That being said, there's no current plan to move forward with that, but they're always looking for ways to continue to grow that production. When you've got decades of reserve life, you're always trying to figure out a way to accelerate that production, so if there was, although there's a requirement in our contract to do so, if they made it more economic for us to help, it was always something we would consider. Great. Thanks very much. That's very helpful. Thank you, Brent. Our next question comes from Cosmos Chu from CIBC. Please go ahead. Your line is open. Thanks, Haytham and team. Maybe to follow on the valet, the coarse particle, the construction here. The $40 million, as you mentioned, is in lieu of the $80 million that would have been paid would have been paid on the high-grade proposal under the previous agreement. But I guess my question is, you've kind of quantified the coarse particle processing, the additional 6 million tons. How does that compare to what the benefit would have Been with a high-graded? Is it about half? Is that why you're paying half, 40 million, versus what would have been paid, $80 million under the high grade proposal? Thanks for the question, Cosmos. I wouldn't look at it in that way, really. I mean, the high-grade payment was really almost like an artifact of kind of what the original deal was when we negotiated flow of three and when we made the changes to that. that high-grade plan is something that really has changed quite a bit and is really integrated into the current planning with the significant increase in throughput. So, and really the way that you can look at it as they're actually feeding more material through, which means that you are getting significantly more metal. It doesn't change, I would say, the way that you would look at between those two plans. The $40 million really was calculated based on what the capital was to build that project and the benefit that Wheaton was going to see out of it. So that's really how we came up with that number. Those two numbers are not directly correlated. And you know what, the $40 million, the payback period of that to us is like a year and a half. So it makes complete sense to be aligned on that and get that benefit together with Valet. Great. Yeah, I like how you mentioned that it's an artifact because I remember it being signed. So that would make me an artifact too. In terms of, it's great to see that, you know, you've maintained your long-term guidance, 1.2 million geos. But I guess my question is, that's based on a gold-silver ratio of 60 to 1. We're not really at 60 to one at the moment. Maybe it's too early to ask. Have you thought about what ratio you could be using when you put out your new five-year guidance? And could that change the $1.2 million? So, yeah, it's a little bit early. Usually we reassess that at the end of the year when we see how things are going early next year. But we are optimistic on the outlook for both gold and silver. And we do think silver will have a bit of a recovery. I will say that we're fairly comfortable with the 1.2, but it does vary based on what that ratio is. But we do have at least another three or four different development projects in the pipeline over the next five to six years that are also kicking in, whether it's generation mining, their marathon project, whether it is the Gervois project, whether it Is the Cangrejos project that CMOC is putting together. There is a lot of additional growth that is not already in that number, so we would hope to be able to at least maintain that number going forward. But again, it all depends on where that ratio ends up. Great. And then maybe one last question. Looking wider, you know, we're seeing some buy downs, not so much wheat and precious metals, but some of your competitors, Great Bear or Cote last night. Could you remind me, Haytham, if there's any potential buy downs near term within your portfolio? So, Cosmo, that's a great question. And the reason I'll say that is because one of the things we've always resisted is having buy downs. The only time we provide buy downs is in the event of a change of control, because a lot of the projects that we have actually funded, the development stage projects, they're always looking for ways to either, you know, build value and sell the asset or continue to grow. What we've found and what we provide is only a one-third buy down in the amount of change of controls for a limited period of time. And we don't, at this point, see anything that is going to kick in here in the next few years that's going to activate that. So we're pretty comfortable with our portfolio as it stands. That's great to hear, Haytham. And thanks for answering all my questions. That's all I have. Have a great weekend. Thank you. Thank you, Cosmos. You too. Our next question comes from Daniel Major from UBS. Please go ahead. Your line is open. Hi, Haytham team. Thanks very much for the questions. Yeah, first operational question, Newmont indicated on their call they expected a sharp reduction in silver production in Q4, but then also at a group level about a 30% reduction in um silver production in 2027 which essentially implies um lower output from penesquito can you give us a theory on how you're you're seeing uh that profile specifically at penesquito q4 and directionally into next year and then the second question just on that in terms of um the sales profile um both uh penesquito and uh salobo have seen pretty sizable build uh sort of what delta between sales and production is that going to unwind in q4 yeah thanks thanks for the question yeah um so both of those uh items on penesquito are integrated to into our current plans we are expecting to see a fairly significant decrease and silver production at Penosquito, really that just ties into the way that the pit production is set up and into next year as well, where they're starting to feed some of those carbon-rich stockpiles in. They've got a fairly significant amount of that that's in the plan next year as they continue on with stripping in the Penasco pit. So both of those are currently integrated into the production profiles for this year and next. And on the PB&D, we're currently sitting at about 2.6 months as a whole, as a portfolio. So that's kind of on the lower end of the range. As I said earlier, we do expect a slight increase going into Q4, just with the higher production coming from Silovo. So not a material increase, but a slight increased to our overall PB&B balance heading into year end. okay so we shouldn't see a significant unwind yeah slight build okay that's that's good and then um on antamina um yeah i mean it feels like underlying productions lagged a little bit behind um expectations this year um can you give us the theory on whether you'd expect that to benefit where you're previously thinking on 2027 and directionally um yeah how should we be thinking about and tamina your share of silver into next year yeah i would say for for this year in q3 we actually saw quite a significant improvement as they began to get into some of that more ornate rich ore so and and there was quite an uptick actually in q 3 on that and we We expect that to continue into Q4 here with really strong production into Q5. There is a fair bit of that material that's in and around that old in-pit crusher that they're starting to take out, and that is what we're starting to see come out. And that carries into, well into next year and into the early part of 2018 as well. Okay, so directionally, adjusting for the, stripping out the change in ownership, expect to sequentially higher production from Antamina in 27 versus 26? No, it's actually scheduled to be a little bit less, but it's not materially less. Okay. So, broadly similar. Okay. All right. Thanks. Yeah. That's it for me. Thanks, Dan. Our next question comes from Derek Ma from TD Catlin. please go ahead. Your line is open. Yeah, I just want to add on a couple questions that have already been asked. On Salobo, are we expecting higher grades from Q4 to flow into 2027 as well, or how should we be thinking about the grades? In Q4, we're certainly expecting those higher grades. For 2027, it's a reasonably similar year, so we'll put that in as we look into the budget for next year, but it is a reasonably similar year next year to what we saw this year overall similar to 2026 overall not q4 yes yes similar to 26. yeah yeah and then in terms of the approximate timing lag between production and sales uh what does that look like specifically at silobo and uh penesquito both are about two months it's kind of that that's generally your leg and that's fairly consistent with most assets that have a concentrate that they're pulling. Great. Thank you. Thanks, Derek. Our next question comes from Harrison Reynolds from RBC Capital Market. Please go ahead. Your line is open. Hi. Good morning, Wheaton team, and thanks for taking my questions and appreciate the detail provided so far. Good to see a number of operator updates across a portfolio wanted to follow up on on the long-term guide of 1.2 million ounce geos and and setting aside the commodity price ratios and and just get a reminder of what's currently embedded in that guidance from an op standpoint you know i look at the salobo course particle flotation and some of these other aggregate upsides between constantia mill expansions and uh taro paru advancing to a construction decision uh you know what other uh you know op items lay outside the the guidance sure i mean just to highlight what's in the guidance i mean we've talked a lot about that whether it's you know the ramp ups at plattery phoenix mineral park coney kermuk el domo um copper world the now made of fid decisions small amount of control production from spring valley and santa domingo what we haven't really factored in is uh you know significant contributions from some of the the other development projects such as Ken Grayhouse, Drew Boyce, that hasn't been factored into our analysis yet, and Marathon, which just recently announced a FID decision as well. And that's just to mention a few. There's probably about three others or four others that I can continue to get into, but probably best if you want a little bit more color on that, maybe just give Emma a call after. She can go through the numbers with you. Got it. Thanks. And just as a follow-up, as you work through the remaining committed payments here and be leveraging, at what point does the balance sheet open up for the next large-scale transaction from where you sit today? Sure. I'll let Vincent answer that, but I will say one thing. We do have currently $3 billion in capacity. So the balance sheets are always open for us, but I'll have Vincent talk a little bit more about our debt. Yeah, we don't feel at all constrained currently, given the opportunity set. As Tatham has laid out. We have a lot of liquidity. Our revolver is almost fully repaid at the end of Q3. So $2.5 billion is immediately available. And then we have a $500 million accordion on top of that. And as we continue to generate significant cash flow, we do expect to be back in the net cash position towards the end of next year, early 2028. So lots of capacity and growing going forward so by the end of next year we'll have over four billion dollars in capacity and growing every month so i'm very excited about the way things are going and we're growth companies we're going to continue to try and deploy a lot of the capital we generate back into high quality and creative street transactions great sounds good thanks for taking my questions thanks our next question comes from martin pradier from veritas investment research please go ahead your line is open hi martin hello hi hi yes hi mark go ahead yes sorry um in terms of of valley could you could you um explain to us uh how much you expect uh from that in terms of payments to Wheaton Precinct Metal in 2029 and 2030. Are you asking for what the relative level of contribution will be from Solobo? Is that your specific question? Yeah, from the incremental, right, from this new particle flotation. So is that expected to increase 40,000, 45,000 ounces, or how many ounces? That's what I'm looking for. No, I think what we've stated in the past is we do expect a portion of that's already factored in to the overall numbers. What we would expect to see from Salobo going forward is a number somewhere around 300,000 ounces on a more consistent basis for the next few years. Okay, so it's sort of offsetting the depletion and the lower grade, but not really increasing production. It increases by around 5%, but yeah, it's not a huge number. Okay. And the other question I had is, in Kermuk, what do you expect in terms of payments in 2027 and 2028? And sort of the same for Kone. For Kermuc, we're expecting, you know, probably about under 10,000 ounces in Kremuc for 2027 and somewhere probably 50% higher than that in 2028. And that will continue to grow over the next few years after that as well. And that's, keep in mind, that's based on their existing mine plan of 6 million tons per annum. They're already talking about going to 6.4 million tons per annrum, and that's not factored into those numbers. On Kone, we're expecting well, this is, that'S where, Kone is actually very interesting because they Initially, when we first entered into this transaction, we thought we were going to get somewhere close to 300,000 ounces a year for five years, then it was going to drop off. With the stream transaction and the financing, we provided them the ability to go out and drill and add additional ounces, and they found additional higher-grade material. Now they're talking about at least 350,000 houses to their account for at least 10 years and could potentially grow even more. So you can back-calculate what we would think our production will be out of Kone over the next couple of years as they ramp up. Yeah, I was trying to understand the ramp-up 2026, 2027, 2028. Yeah,I think if you factored in like 50 to 50-plus ounces, 1,000 ounces in 2027 and 60-plus thousand ounces in2028 and growing after that at a similar rate for at least another year okay thank you that's pretty helpful welcome thanks martin our next question comes from lawson winder please go ahead your line is open thank you very much operator good morning uh hey them and team uh thank you for today's update and and taking the questions. Can I just touch on the deal pipeline? And just one thing I wanted to kind of understand a little bit better. When you look at the potential transactions, how would you describe the urgency of some of those in the current pipeline? And then maybe if you could just touch on some additional color on the depth of the pipeline and then just the range of sizes in the pipeline. Yeah, sure. Thanks for the question. I just hate to mention, Don, the team's been extremely busy. As we mentioned in the last call, we had about 20 opportunities in the pipeline at that time. We've narrowed that down to just over a dozen because upon detailed review, many didn't meet our criteria for investment. The weighting currently is still towards development projects and gold streams. Range in value has increased slightly before. We stated it roughly two to five hundred it's about three to six so very similar slight increase on as i said most are development um type of opportunities in terms of your question re-urgency i mean everybody's uh looking for ways to unlock value i think the the transaction we did earlier in this year with with bhp uh a lot of large diversifieds are are looking through their their portfolios to see if there's some value they can extract that being said you know know, that takes time. It took us a while to get BHP across the line, and it takes time for others to understand how the streaming model works and how the actual mechanism works in terms of the credit process, et cetera. I will say that from an opportunity perspective, we are seeing some existing operations who are trying to unlock immediate value, but the majority of the ones that we're focusing on are the larger development stage opportunities at this point. Okay, that's very helpful. Your comments on your capacity to add $3 billion of additional debt to effectively consummate larger transactions, it's definitely helpful. But I mean, it still strikes me as exceedingly conservative. So, like, rough numbers, that's still below one and a half times trailing net leverage on today's numbers, on todays trailing EBITDA. So, think about it another way. Like, from a net leverage point of view, how would you think about the capacity of your business to take additional debt? Yeah, we very much view our business as a utility almost. You know, we have good certainty on what the production is. the the uh unknown is what the gold and silver price is but what we do know it is a very high margin high quality cash flowing business so on that basis we can support some debt and to your point with even an additional three billion we're only going to be at one and a half times leverage and that's a level that we're comfortable with um you know beyond that we haven't really need to look there isn't a pipeline that's you know larger than that but it just gives you a sense of the capacity we do have and the ability to fund deals internally with our own cash flows. We're also adding a couple hundred plus dollars a month in free cash flow. So, as Vincent said, we feel very comfortable at the levels that he mentioned there. Yeah, absolutely. You bring up a good point about the volatility of the underlying metal. I think think it's an important consideration. So are you saying like one and a half is the maximum you think you would go? Or I mean, personally, I think I think the business could take a much higher sort of like moment in time leverage ratio, given that it would be paid down over a quick, quick period of time. But I mean is that is that what you're saying? Like one and half is kind of the max that you'd be comfortable with? I think it depends on the environment and the situation we're in. So there's no hard number that we look at. It's a variety of factors. But I would just say one and a half at current spot price is something we're very comfortable with. Okay. Okay. That's very clear. And then, you know, similar question on like just capital allocation. Your indicated dividend yield is something like 60 basis points right now. you know it's relatively low and I mean that is a clear reflection of your success I mean on the other hand your success would suggest an ability to to very substantially increase the dividend from the current levels any thoughts on that particularly going into you know early 2027 when when the board will be meeting to consider that the next dividend increase I know it is a great question and we have increased the dividend three times in the it is a progressive dividend. The most recent increase was over 18%. And you're right, we, you know, we do have the capacity to increase it. And we'll leave that to our discussions with the board in early New Year, I will say that, you Know, we are a growth company. And the number one thing for us to do is to continue to redeploy capital into accretive transactions to maintain that longer term growth. But, but you're not wrong in that, You know, the streamers in general don't pay out huge dividends, because there's so many opportunities. But you know we are going to be generating strong cash flows is something we'll have to take into consideration. Okay. And then just finally, if I could ask on 2027 and thinking about the growth, I mean, across your portfolio, you have Kone, Kermode, Flat Reef, they're now producing, and then Blackwater, Mermato's ramping up. I mean dare I say Goose is, you know, that ramp up is looking to get started out in 2027. So everything points to a lot of growth potential, but are there any assets that you'd highlight where you'd expect some sort of substantial decline that maybe we're not thinking about that could offset what otherwise might be quite strong growth into 2027? I would say looking at our existing production profile, if there's any drops like we were expecting to see, as Wes mentioned earlier on Penesquito, that will drop a little bit. But all that is already built into our profile and Tamina as well potentially maybe a slight drop there but you know I think if you're looking at what we're guiding to all those drops are built into our profile we do get five-year production profiles from all our existing partners sometimes 10 years and we factor those in with our own obviously adjustments based on what we think is actually going to happen there so you know we're pretty pretty comfortable with the guidance that we've given you guys in terms of our profile. Okay sure thank you guys very much. good quarter thank you lawson appreciate it and thank you everyone for your time today our record performance through the first nine months of 2026 reinforces whedon's position as a premier low risk option for exposure to gold and soda supported by a strong financial position a disciplined approach to capital allocation a portfolio of high quality assets and increasing visibility to our next phase of growth we are confident in whedons outlook and our ability to deliver meaningful production growth over the coming years we thank all of our stakeholders for the continued support as we work to close out another strong year and look ahead, building on this momentum in 2027 and the years to come. We look forward to speaking with you all again soon. Thank you and have a great weekend. This concludes this conference call for today. Thank you for participating. Please disconnect your lines.