Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals’ 2018 First Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. I would like to remind everyone that this conference call is being recorded on Friday, May 11th at 11 a.m. Eastern Time. I will now turn the conference over to Mr. Patrick Drouin, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Operator. Good morning, ladies and gentlemen. And thank you for participating in today’s call. I’m joined today by Randy Smallwood, Wheaton Precious Metals’ President and Chief Executive Officer; Gary Brown, Senior Vice President and Chief Financial Officer; and Haytham Hodaly, Senior Vice President, Corporate Development. I’d like to bring to your attention that some of the commentary in today’s call may contain forward-looking statements. There can be no assurances that forward-looking statements will prove to be accurate as the actual results and future events could differ materially from those anticipated in such statements. In addition to our financial results’ cautionary note regarding forward-looking statements, please refer to the section entitled Description of the Business Risk Factors in Wheaton’s ANNUAL INFORMATION FORM and the risks identified under Risks and Uncertainties in Management’s Discussion and Analysis, both available on SEDAR and in Wheaton’s Form 40-F and Wheaton’s Form 6-K, both on file with the U.S. Securities and Exchange Commission. The Annual Information Form Q1 2018 Management’s Discussion and Analysis and the press release from last night set out the material assumptions and risks factors that could cause the actual results to differ, and including among others, fluctuations in the price of the commodities, the outcome of the challenge by the CRA of Wheaton’s tax filings, the absence of control over mining operations from which Wheaton purchases silver and gold, completing new streaming transactions and risks related to such mining operations and the continued operations of Wheaton’s counterparties. It should be noted that all figures referred to on today’s call are in U.S. dollars unless otherwise noted. Now I’d like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.

Thank you, Patrick, and good morning, ladies and gentlemen. Thank you for dialing in to our conference call to discuss the first quarter results of 2018. I am pleased to announce that we had a solid start to the year. During the first quarter, we produced 7.4 million ounces of silver and 80,000 ounces of gold. From a sales perspective, we sold 6.3 million ounces of silver and 70,000 ounces of gold, and with our core assets performing better than expected, we are well on track to meet guidance for the year. We continued to generate strong operating margins in the first quarter of 2018, resulting in cash flow of over $125 million from revenue of $200 million. As a result of our dividend policy, which is linked directly to operating cash flow, we declared a quarterly dividend of $0.09 per common share, an increase of 29% relative to the comparable period in 2017. And finally, in January of this year, we announced the restructuring of the San Dimas streaming agreement in connection with the acquisition of Primero by First Majestic. As First Majestic announced yesterday, the acquisition of Primero has now been completed and as such we have terminated the existing San Dimas silver purchase agreement and entered into a new precious metals purchase agreement with First Majestic. Gary Brown, one of our Senior Vice Presidents and our Chief Financial Officer will now provide more details on our results. Gary.

Thank you, Randy, and good morning ladies and gentlemen. Prior to reviewing Wheaton’s unaudited financial results for the three months ended March 31, 2018, I would like to remind everyone that all monetary figures discussed are denominated in U.S. dollars unless otherwise noted. The company’s precious metal interest produced 7.4 million ounces of silver and 79,700 ounces of gold in the first quarter of 2018. Relative to the first quarter of the prior year, this represented an increase of 12% in silver production and a decrease of 5% in gold production. With the higher silver production being primarily attributable to San Dimas, partially offset with the expiry of the Cozamin silver purchase agreement on April 4, 2017 and the lower gold production being primarily attributable to Minto and Sudbury. Sales volumes amounted to 6.3 million ounces of silver and 70,000 ounces of gold in the first quarter of 2018, representing an increase of 21% for silver and a decrease of 21% for gold, relative to the first quarter of 2017. The increase in the silver sales volumes was attributable to a combination of increased production and positive changes to payable silver produced, but not yet delivered to Wheaton, the decrease in gold sales volumes was attributable to negative changes in the balance of payable gold produced but not yet delivered to Wheaton coupled with decreased production levels at Minto and Sudbury. As at March 31, 2018, approximately 4.8 million payable silver ounces and 84,800 payable gold ounces had been produced, but not yet delivered to the company representing an increase during the quarter of point 0.3 million payable silver ounces and 5,300 payable gold ounces. We estimate a normal level for ounces produced, but not delivered to equate to approximately two months’ worth of payable production for silver and two…

Thank you, Gary. On the corporate development front, we remain very busy pursuing several high quality accretive opportunities related to both operating and development assets. And with the strength of our cash flow well over $100 million per quarter and over $1.4 billion of current capacity, Wheaton is well positioned for continued investment opportunities. As always, we will remain disciplined and focus on acquiring streams that are accretive to our current shareholders and come from high quality assets producing in the lowest half of their respective cost curves. So, in summary, the first quarter of 2018 was a strong start to the year and it’s laid the foundation for meeting our guidance. We believe our production remains founded on the highest quality portfolio of precious metal streams in the industry, underpinned by very low cost mining operations such as Salobo Antamina, and Penasquito. And we do look forward to working with First Majestic as they re-establish San Dimas as one of the premier precious metals mines in Mexico. We remain very optimistic about our ability to capitalize on the favorable corporate development environment and to add additional quality assets to our portfolio. And so, with that, I would like to open up the call for questions. Operator?

Thank you. [Operator Instructions] Your first question comes from Dan Rollins, RBC Capital Markets. Please go ahead.

Thanks very much. Gary, I was wondering and Randy maybe you could provide a little bit of color just on the ongoing situation with the CRA. I think last time we chatted, you were still in the discovery phase, the oral discovery phase. I’m wondering if you can confirm if the discovery phase has now ended?

Dan, it’s Gary. I mean it’s largely complete, but I -- we can’t say that it’s totally over at this point. There is a chance that the Crown could request additional follow-up queries, and so we’re close to the end, but we’re -- it’s not complete.

Okay. And that was originally supposed to be sort of finished up by the end of last year, correct, the original timeline?

Yeah. It got pushed out for a number of reasons. My understanding, thankfully, I have not been through this process before, but my understanding is that this is pretty standard for cases like this.

Okay. So now actually having a set court date in 2019 really does avoid any potential future delays on basically coming to finalization of this dispute with the CRA.

I -- we’re very encouraged by the fact that we got a court date set. That should keep timelines fairly rigid, but we can’t guarantee that that won’t change. It certainly won’t change as a result of anything we do. We will be pushing forward as expeditiously as possible.

Okay. Perfect. And then maybe, Randy, I don’t know if Haytham’s there, but any change to the size of the pipeline, last time we chatted it was fairly -- getting fairly deep, some pretty chunky assets in there, I think, Haytham had hopes that you build the consummated deal before the end of the year, has anything changed on that front or are you still fairly optimistic of being able to put another accretive deal into the portfolio this year?

Yeah. Dan, I’ll let Haytham take that.

Hey. Good morning, Dan. We’re actually seeing a fairly robust pipeline of opportunity still, you know they still fall between $100 million and $600 million in value each one. I would say, we probably have between six and eight opportunities that we’re looking at here that could get consummated throughout the streaming space over the next 12 months. So in total I said as you know as much as a $1.5 billion worth of streaming opportunities out there.

Perfect. Thanks very much and congratulations on a good start to the year.

Thank you, Dan, and given that there’s no more questions. Thank you everyone for dialing in today. We believe Wheaton offers the best option for gaining exposure to precious metals for a number of different reasons. Firstly, by having low and predictable costs resulting in some of the highest margins in the entire precious metal space; secondly, through our portfolio of long life low cost assets and a proven track record of accretive acquisitions; thirdly, by now delivering the highest yield in the streaming space; and finally, by delivering our shareholders optionality measured in solid ounces, not acres. We do look forward to speaking with you again soon. Thank you.

This concludes this conference call for today. Thank you for participating. Please disconnect your lines.