IKN

untune that string and hark

Wheaton Stuff N Things (WPM) fixing its cobalt hole with your money

The news that Wheaton Stuff N Things (WPM) will be placing U$300m of shares ATM in the next few days and weeks reminded your author of the U$390m Randy Smallwood and friends paid for that Voisey’s Bay cobalt stream back in 2018. Because yeah, what’s left of that car crash of a deal is worth about $90m (definitely nowhere near the $227m they claim as current carry, that’s way too much financial violin).
Bottom line, WPM is raising this cash and putting massive drag on price upside because Randy thought he knew more about the market for cobalt than Vale. Angels fear to tread, Randy.

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