Paul Jones, VP of Corporate Development at Versamet Royalties (TSX.V: VMET), joins us to review the key metrics from the record Q3 financials, the recent news where Tether and the Lundin family have become strategic shareholders, and a look ahead to future mid-sized royalty and streaming transactions to grow. Additionally, we discuss the benefits of the coming big board US exchange listing.
Third Quarter 2025 Highlights
- Record revenue of $8.1 million, an increase of 155% over Q3 2024.
- Record attributable gold equivalent ounces (“GEOs”) of 2,699, an increase of 110% over Q3 2024.
- Record operating cash flow before working capital changes of $6.1 million, an increase of 206% over Q3 2024.
- Acquisition of a significant silver stream on the operating Rosh Pinah Zinc mine in Namibia and a polymetallic royalty on the operating Santa Rita mine in Brazil, both operated by Appian Capital Advisory Limited (“Appian”).
- Inaugural royalty revenues from the Kiaka and Santa Rita mines.
Paul reviews the record Q3 revenues, GEOs and cash flow, and highlighted the immediate benefits of company’s recent largest transaction to date with the acquisition of a significant silver stream on Rosh Pinah Zinc, a high-quality mine in Namibia that is currently undergoing an expansion, and a royalty on Santa Rita in Brazil, a top tier nickel-sulphide mine. The addition of these expanding cash-flowing assets have had a significant impact to Versamet’s combined gold equivalent ounces, with ~10,000 GEOs projected in 2025, and up to ~20,000 GEOs by 2026. This translates over to ~$70M in annual revenue targeted for next year, using consensus gold prices, and even higher than that at current spot prices.
We go on to discuss with Paul the Company’s current valuation, their plans for growth through accretive acquisitions, and the advantage of the mid-size deal flow they can pursue as one of only a few mid-tier precious metals royalty and streaming companies.
Wrapping up Paul highlights the strong endorsement of the quality of their assets from the recent news of Tether Investments S.A. de C.V. and the Lundin Family Trusts both coming in as new 12.7% cornerstone shareholders of the Company respectively. We also review the liquidity benefits, broader investor base, and potential for more ETF inclusion through the coming U.S. big board exchange listing.
If you have any questions for Paul regarding Versamet Royalties, then please email those in to us at Fleck@kereport.com or Shad@kereport.com.
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