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    Martin Pradier • Veritas Investment Research

    Martin Pradier's questions to Wheaton Precious Metals Corp (WPM) leadership

    Martin Pradier's questions to Wheaton Precious Metals Corp (WPM) leadership • Q4 2024

    Question

    Martin Pradier from Veritas asked for specific production expectations for 2025 and 2026 from the new development projects: Goose, Mineral Park, Blackwater, and Platreef.

    Answer

    Executive Emma Murray stated that for 2025, the four projects combined are expected to contribute 20,000 to 25,000 GEOs, accounting for a partial-year ramp-up. For 2026, she indicated they would be hitting their stride, providing examples of a full-year contribution of about 30,000 GEOs from Blackwater and 10,000 to 12,000 GEOs from Mineral Park.

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    Martin Pradier's questions to Wheaton Precious Metals Corp (WPM) leadership • Q2 2024

    Question

    Martin Pradier asked for clarification on the production outlook for the second half of 2024, questioning if gold and silver production would be weaker than the first half. He also sought to quantify the production impact from the recent fire at the Salobo mine.

    Answer

    Wesley Carson, VP of Mining Operations, confirmed the second half would be weaker, projecting a production split of 52% in H1 and 48% in H2. He attributed this to the Salobo fire's impact and lower Q4 grades, plus a grade-driven drop at Penasquito. He estimated the fire's impact to be in the 10,000-ounce range. President & CEO Randy Smallwood added that Salobo's strong H1 performance likely absorbed this impact on an annual basis, making it net neutral for the full year.

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    Martin Pradier's questions to Franco-Nevada Corp (FNV) leadership

    Martin Pradier's questions to Franco-Nevada Corp (FNV) leadership • Q2 2024

    Question

    Martin Pradier sought confirmation that the Yanacocha investment's success is contingent on the sulfide project proceeding. He also asked for clarification on the $49.1 million tax adjustment, specifically whether it related to prior years.

    Answer

    Eaun Gray, SVP of Business Development, confirmed that the sulfide project is necessary for the Yanacocha investment's return. Sandip Rana, CFO, clarified that the $49.1 million was a one-time adjustment for prior years, required after Barbados increased its corporate tax rate, which forced a revaluation of the company's deferred tax liability.

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