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Wheaton Precious Metals

Silver producer, with a project stated to be in Nevada.

Ontario · Canada — as stated on the recordings

producer silver Ontario, Canada
Aug 2025 → Mar 2026Covered
6 of 10Topics on record
2Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 8 interviews with the company · 6 independent recordings
Stage
Producer
Primary commodity
Silver
Jurisdiction
Nevada
Deposit
Nevada heap leach
Latest appearance
02 Mar 2026
On record
8 interviews · 21 statements · 2 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
somewhere between 600 to 670,000 gold equivalent ounces
Management-stated Randy Smallwood Feb 2026
Capital needed
$1 billion of commitments
Management-stated Randy Smallwood Feb 2026
What happens next
million ounces of gold coin production by 2028
Management-stated Randy Smallwood Feb 2026
The main open question
Material missing.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
13 independent voices on record — 19 constructive, 5 neutral
Unknown speaker, David Rhodes, Rick Rule, Jonathan Awde…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Capital needed $300 million$3 billion ≠ Different basis One statement qualifies the figure and the other does not (spend) 4 statements on record
09 Jan 2026
$300 million
“our stream uh was $300 million and for that we'll get about uh close to 15,000 ounces a year.”
21 Feb 2026
$3 billion to spend
“in 2026, we've probably got about $3 billion to spend”
Resource size ? Stated at several levels 5 statements on record — these are the earliest and the latest, not a trend 5 statements on record
09 Jan 2026
at least 25,000 ounces a year
“we're expecting at least 25,000 ounces a year from this”
21 Feb 2026
about 95% of every single ounce we have mined in 22 years
“exploration success at our portfolio has just about replaced every single ounce we have mined in 22 years? We're about 95%”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Wheaton Precious Metals's own claims across 8 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 24 mentions.

19 constructive 5 neutral
  • Unknown speaker “Mentioned only as a larger streaming peer whose increasing deal sizes left a gap for Empress to fill — not a direct call on Wheato…”
  • David Rhodes “Mentioned as a large royalty company that does $100M+ deals and does not compete in the sub-$25M space that Empress targets.”
  • Rick Rule “Rule is actively adding to his position. He calls it 'a silver company in drag' — a royalty/streaming company with silver exposure…”
  • Jonathan Awde “Part of financing package via stream and equity investment.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says production guidance of 20–22 million ounces for 2025, scaling toward 1 million ounces by 2028, with all-in sustaining costs slightly below $500/oz—creating operating leverage if gold prices hold.

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says production guidance of 20–22 million ounces for 2025, scaling toward 1 million ounces by 2028, with all-in sustaining costs slightly below $500/oz—creating operating leverage if gold prices hold. Rick Rule, an independent observer, calls it a stalwart core holding and the "only silver-stock-like holding" in his portfolio, citing it as conservative, lower-risk gold exposure that has risen 50% while delivering on its thesis.

▼ Bear case

Material missing.

Read the full case

Material missing. No independent voice raises technical concerns, permitting risks, or cost overruns. Management's capital commitments ($1 billion placed, $300 million deployed, $3 billion to spend by 2026) are announced but independent assessment of financing sustainability, execution risk, or dilution is absent from the record. The case against rests on what is not said.

◆ Watch next

Management will release updated production and cash-flow guidance in mid-February [8].

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

Management will release updated production and cash-flow guidance in mid-February [8]. Track whether the company moves toward its 1-million-ounce 2028 milestone and whether new discoveries (Ontario heap-leach asset projected to deliver 25,000–30,000+ ounces annually) ramp on schedule and within the $3 billion capital envelope announced for 2026.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 11 statements

The deposit 9

Key takeaway. Management describes the deposit as a Nevada heap-leach operation (Jan 2026) with reserves that should support production "well in excess of 20 years" (Jan 2026).

Read the full summary

The company gives a range of resource estimates across different dates: in Jan 2026 it cited "at least 25,000 ounces a year" and "close to 15,000 ounces a year," while in Feb 2026 it stated the resource is "somewhere between 600 to 670,000 gold equivalent ounces" — "close to 670,000" — and noted that totals about 95% of every ounce the company has mined in its 22-year history. Management also points to exploration upside, saying there is potential to ramp up production to "well over 30,000 ounces of gold a year" (Jan 2026).

What was actually said
resource size
somewhere between 600 to 670,000 gold equivalent ounces
“it called for somewhere between 600 to 670,000 gold equivalent ounces”
Randy Smallwood· 21 Feb 2026·
resource size
close to 670,000 gold equivalent ounces
“this year we we should be up close to 670,000 gold equivalent ounces”
Randy Smallwood· 21 Feb 2026·
resource size
about 95% of every single ounce we have mined in 22 years
“exploration success at our portfolio has just about replaced every single ounce we have mined in 22 years? We're about 95%”
Randy Smallwood· 21 Feb 2026·
Show the other 6 statements
deposit type
Nevada heap leach
“It's a simple Nevada heat leach. Pick it up, you know, blast it uh pick it up, haul it over.”
Randy Smallwood· 09 Jan 2026·
exploration upside
potential to ramp up production
“There is mill capacity at the site.”
Randy Smallwood· 09 Jan 2026·
exploration upside
well over 30,000 ounces of gold a year
“it wouldn't surprise me to see this asset delivering well over 30,000 ounces of gold a year”
Randy Smallwood· 09 Jan 2026·
reserve size
well in excess of 20 years
“we saw the potential for a mine life well in excess of 20 years”
Randy Smallwood· 09 Jan 2026·
resource size
at least 25,000 ounces a year
“we're expecting at least 25,000 ounces a year from this”
Randy Smallwood· 09 Jan 2026·
resource size
close to 15,000 ounces a year
“our stream uh was $300 million and for that we'll get about uh close to 15,000 ounces a year.”
Randy Smallwood· 09 Jan 2026·

Jurisdiction 2

Key takeaway. Management says Wheaton Precious Metals' interests are situated in northwestern Ontario and in Nevada.

What was actually said
region
Nevada
“This is a development project located in the state of Nevada.”
Randy Smallwood· 09 Jan 2026·
region
northwestern Ontario
“a new discovery right beside the TransCanada Highway in uh northwestern Ontario.”
Randy Smallwood· 09 Jan 2026·

Economics 7 statements

Economics 3

Key takeaway. During an investor day in February 2026, management of Wheaton Precious Metals outlined the project economics.

Read the full summary

The company's price assumption is about $500 per gold equivalent ounce, which is slightly below all-in sustaining costs (AISC) of $500 an ounce. Additionally, the company reports price assumptions of 20 to 22 million ounces guidance for 2025.

What was actually said
aisc
slightly below 500 bucks an ounce
“All at a cash cost of slightly below 500 bucks an ounce”
Randy Smallwood· 21 Feb 2026·
price assumption
about $500 per gold equivalent ounce
“I think our average last year is about $500 per gold equivalent ounce or somewhere in that range”
Randy Smallwood· 21 Feb 2026·
price assumption
20 to 22 million ounces guidance for 2025
“Our guidance for 2025 was 20 to 22 [music] million ounces.”
Randy Smallwood· 16 Feb 2026·

Financing 4

Key takeaway. Regarding financing, management reported in January 2026 that the company needs $300 million.

Read the full summary

In February 2026, management said it needs $1 billion of commitments, $3 billion to spend, and $300 million for Hemllo. The figures from the two dates are not identical: the January and February mentions of $300 million may refer to the same requirement, while the February claims add a $1 billion commitment figure and a $3 billion spend figure.

What was actually said
capital needed
$1 billion of commitments
“So we put a billion dollars of commitments into place”
Randy Smallwood· 21 Feb 2026·
capital needed
$300 million for Hemllo
“The 300 million for Hemllo was cash out the door”
Randy Smallwood· 21 Feb 2026·
capital needed
$3 billion to spend
“in 2026, we've probably got about $3 billion to spend”
Randy Smallwood· 21 Feb 2026·
Show the other 1 statement
capital needed
$300 million
“our stream uh was $300 million and for that we'll get about uh close to 15,000 ounces a year.”
Randy Smallwood· 09 Jan 2026·

Timeline 2 statements

Timeline 2

Key takeaway. Management has outlined two key milestones for the company.

Read the full summary

Guidance is expected by mid-February 2026, and the company reports a target of producing a million ounces of gold coin by 2028.

What was actually said
milestone
million ounces of gold coin production by 2028
“I think we'll be at a million ounces now million ounces of gold coin production by 2028”
Randy Smallwood· 21 Feb 2026·
milestone
guidance midFebruary
“We will be coming out with our updated guidance midFebruary”
Randy Smallwood· 21 Feb 2026·

Corporate 1 statement

Market 1

What was actually said
cost curve position
fifth largest silver producer in the world
“Yeah. Yeah. We're fifth largest in the world.”
Randy Smallwood· 16 Feb 2026·

Outside views 24 mentions

24 mentions by people who do not speak for the company — 19 constructive, 0 cautious, 5 neutral. These are their views, not the company's.

Unknown speaker
neutral
Mentioned only as a larger streaming peer whose increasing deal sizes left a gap for Empress to fill — not a direct call on Wheaton.
Natural Resource Stocks· 20 Jul 2026·
David Rhodes
neutral
Mentioned as a large royalty company that does $100M+ deals and does not compete in the sub-$25M space that Empress targets.
Natural Resource Stocks· 16 Jul 2026·
Unknown speaker
neutral
Mentioned only as context: Frank Giustra is the co-founder of Wheaton, and Wheaton's success provides a blueprint for the royalty aggregation model.
In it to Win it· 16 Jul 2026·
Rick Rule
bullish
Rule is actively adding to his position. He calls it 'a silver company in drag' — a royalty/streaming company with silver exposure. Part of his rotation from physical into equities.
The Bullion Brief· 16 Jul 2026·
Show the other 20 mentions
Jonathan Awde
neutral
Part of financing package via stream and equity investment.
Natural Resource Stocks· 15 Jul 2026·
Rick Rule
bullish
Rule is adding to his position; silver streaming/royalty company
The Silver Market· 14 Jul 2026·
Rick Rule
bullish
Recommended alongside Franco-Nevada and Agnico Eagle as a large-cap beta play for passive investors
Natural Resource Stocks· 14 Jul 2026·
Kody Penner
bullish
Cited as precedent for royalty-company share price appreciation (multi-bagger returns), used to sell the upside to Indigenous groups.
The Money Levels Show· 14 Jul 2026·
Adrian Day
bullish
Large-cap royalty/streaming company; noted as having gotten frothy but pulled back with sector; first-stop name for returning capital.
Wise Metals Investor· 11 Jul 2026·
Steve Penny
bullish
He names it as one of the interesting top-tier royalty and streaming plays.
Commodity Culture· 10 Jul 2026·
Rick Rule
bullish
Referenced in the $4.2B BHP deal as proof that large streaming transactions are ahead — a small company financing a major
The Bullion Brief· 10 Jul 2026·
Rick Rule
bullish
He says he owns it, considers it high quality, and uses it as a royalty/streaming example.
The Silver Market· 09 Jul 2026·
Nick Hodge
bullish
He listed Wheaton among royalty companies he views as attractive in the safer category.
Investing News· 09 Jul 2026·
Rick Rule
bullish
Listed among the quality precious-metals names he recommended to generalist investors.
The Bullion Brief· 06 Jul 2026·
Rick Rule
bullish
Rule's preferred lower-risk royalty/streaming play
Kitco NEWS· 03 Jul 2026·
Jeff Sarti
bullish
Rule's preferred lower-risk royalty/streaming play
Kitco NEWS· 03 Jul 2026·
Rick Rule
bullish
Named alongside Franco-Nevada and Agnico Eagle as a top-quality buy-and-hold name.
The Silver Market· 03 Jul 2026·
Trey Reik
bullish
Named alongside Franco-Nevada and Agnico Eagle as a top-quality buy-and-hold name.
The Silver Market· 03 Jul 2026·
Kerry Knoll
bullish
Mentioned as a financing partner and stream holder on Marathon.
The Deep Dive· 30 Jun 2026·
Rick Rule
bullish
He thinks Wheaton benefits from a coming wave of large streaming transactions.
The Silver Market· 27 Jun 2026·
Jamie Levy
neutral
Mentioned as streaming partner providing $240M at sub-5% cost of capital for gold and 22% of platinum — validating counterparty
Jimmy Connor· 27 Jun 2026·
Rick Rule
bullish
Mentioned as a key competitor in the royalty/streaming space with more big transactions ahead.
The Bullion Brief· 26 Jun 2026·
Jordan Rusche
bullish
He likes it for growth and long mine lives, especially around $110 or lower.
In it to Win it· 26 Jun 2026·
Jordan Rusche
bullish
Jordan says he prefers it among royalty companies because of growth and long mine lives.
In it to Win it· 26 Jun 2026·

Sources 8 interviews

Every interview 8

DateChannelInterviewStatements
02 Mar 2026 Kitco NEWS “We’re Consuming More Than We Produce” Silver Warning | Randy Smallwood No claims identified
21 Feb 2026 VRIC Media Huge Upside With Wheaton Precious Metals 10
16 Feb 2026 Jimmy Connor Wheaton Precious Metals: World's 5th Largest Silver Producer | Randy Smallwood and Jimmy Connor 2
14 Feb 2026 Jimmy Connor Free Virtual Silver Conference Replay No claims identified
09 Jan 2026 Jimmy Connor Wheaton Precious Metals | Randy Smallwood and Jimmy Connor 9
07 Nov 2025 Kitco NEWS U.S. Just Called Silver 'Critical' - Wheaton CEO Says Supply Has Already ‘Peaked’ No claims identified
12 Oct 2025 Investing News Gold, Silver in Focus, Investors Flocking to Safe Havens | Wheaton's Haytham Hodaly No claims identified
20 Aug 2025 Kitco NEWS Randy Smallwood's 2025 Playbook: Gold's Macro Shift, a 50% Surge & Industry M&A | Kitco News No claims identified

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

gold 7
silver 6
hemlo 4
spring valley 4
salobo 3
plat reef 2
hudbay 2
blackwater 2

Questions people ask

What is Wheaton Precious Metals's project and where is it?

Wheaton Precious Metals is a producer silver company, with a project stated to be in Ontario, Canada. Everything here is drawn from its executives' own interviews.

Which interviews mention Wheaton Precious Metals?

We track 8 interviews mentioning Wheaton Precious Metals, across 4 channels (Investing News, Jimmy Connor, Kitco NEWS, VRIC Media).

What are investors saying about Wheaton Precious Metals?

24 independent voices — people who do not speak for the company — are on record discussing it (19 bullish, 5 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Wheaton Precious Metals cover?

The most-discussed topics on record are the deposit, financing, economics, timeline — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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