Randy Smallwood on Wheaton’s $3B War Chest and What Comes Next

Wheaton Precious Metals is trading at record highs, and CEO Randy Smallwood says the company is positioned to extend that performance as rising costs pressure traditional miners.

Speaking with Kitco News anchor Jeremy Szafron at VRIC 2026 in Vancouver, Smallwood explains why the streaming model is designed to outperform in a high-price environment. “We take the cost risk outta the investment,” he said, noting that fixed streaming contracts protect Wheaton from inflation and dilution as operators are forced to mine lower-grade material and issue equity to fund growth.

Smallwood also discusses Wheaton’s newly secured Helo gold stream, calling the asset “a Canadian legend,” and explains why streaming pays full net asset value while preserving shareholder upside. Looking ahead, he says Wheaton expects more than $3 billion in cash flow in 2026, giving the company flexibility to fund new gold, silver, and copper streams as development activity accelerates. He adds that gold is no longer trading like a commodity. “It’s really a currency,” Smallwood said, pointing to sustained central bank demand reshaping the market.
Recorded January 25, 2026.

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00:07 - Wheaton at Record Highs as Streaming Outperforms Miners
00:48 - Randy Smallwood on Wheaton’s Strategy and Market Position
01:55 - Why Streaming Removes Cost Risk in a High-Price Market
03:27 - Inside the Helo Gold Stream and Wheaton’s Partner Model
07:56 - Sustainability, Jurisdictional Risk, and Deal Discipline
10:05 - Gold as Currency, Silver as Critical, and the 2026 Outlook
22:25 - Growth, Cash Flow, and Capital Deployment
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