Above expectations. Q2 set a record, driven primarily by the Antamina silver stream expansion and contributions from new assets.

Revenue $929M (+85% YoY), production 202K GEOs (+6%), operating cash flow $650M (+57%).

Completed the BHP Antamina silver stream acquisition, lifting share to 67.5%; first entry into Australia (Jervois); declining grades at Salobo weighed on some production, but the H2 mine sequence will improve.

Maintained 2026 production guidance of 860K–940K GEOs, with production growing 50% to 1.2M GEOs by 2030, weighted more heavily toward H2.

Management tone is constructive, emphasizing a strong balance sheet and ample cash flow; risks lie in silver price volatility and the pace of debt reduction.