Versamet Royalties (VMET)
Market Price (3/30/2026): $9.69 | Market Cap: $901.1 MilSector: Materials | Industry: Precious Metals & Minerals
Versamet Royalties (VMET)
Market Price (3/30/2026): $9.69Market Cap: $901.1 MilSector: MaterialsIndustry: Precious Metals & Minerals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 189% | Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -72% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -311% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49% | Key risksVMET key risks include [1] its reliance on the operational success of third-party mining projects and [2] substantial financial leverage, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 189% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49% |
| Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -72% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -311% |
| Key risksVMET key risks include [1] its reliance on the operational success of third-party mining projects and [2] substantial financial leverage, Show more. |
Stock Movement Drivers
Fundamental Drivers
nullnull
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VMET | ||
| Market (SPY) | -5.3% | 70.3% |
| Sector (XLB) | 10.0% | 43.3% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VMET | ||
| Market (SPY) | 0.6% | 70.3% |
| Sector (XLB) | 7.1% | 43.3% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VMET | ||
| Market (SPY) | 9.8% | 70.3% |
| Sector (XLB) | 12.4% | 43.3% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VMET | ||
| Market (SPY) | 69.4% | 70.3% |
| Sector (XLB) | 26.8% | 43.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VMET Return | - | - | - | - | - | -10% | -10% |
| Peers Return | 481% | -21% | 18% | 77% | 70% | -12% | 1334% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| VMET Win Rate | - | - | - | - | - | 0% | |
| Peers Win Rate | 25% | 47% | 50% | 46% | 62% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| VMET Max Drawdown | - | - | - | - | - | -10% | |
| Peers Max Drawdown | -22% | -43% | -18% | -28% | -36% | -17% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PLG, LODE, VMET, TFPM, PPTA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
VMET has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.7% | -25.4% |
| % Gain to Breakeven | 34.5% | 34.1% |
| Time to Breakeven | 534 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -37.6% | -33.9% |
| % Gain to Breakeven | 60.2% | 51.3% |
| Time to Breakeven | 121 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.4% | 24.7% |
| Time to Breakeven | 617 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.7% | -56.8% |
| % Gain to Breakeven | 154.6% | 131.3% |
| Time to Breakeven | 1,761 days | 1,480 days |
Compare to PLG, LODE, VMET, TFPM, PPTA
In The Past
Materials Select Sector SPDR's stock fell -25.7% during the 2022 Inflation Shock from a high on 4/20/2022. A -25.7% loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Versamet Royalties (VMET)
AI Analysis | Feedback
nullAI Analysis | Feedback
- Royalty Management and Distribution: Versamet Royalties manages the collection of royalty payments generated from the sales of the drug Versamet (naproxen) and distributes these funds to its unitholders.
AI Analysis | Feedback
Versamet Royalties (VMET) generates revenue primarily from a 1.25% Net Smelter Royalty (NSR) on the Pascua-Lama project. Therefore, its major customer is the operator of this mining project, which is responsible for paying the royalties based on the project's production.
- Barrick Gold Corporation (NYSE: GOLD)
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlDan O'Flaherty CEO
Dan O'Flaherty co-founded Maverix Metals Inc. in 2016, a company which was subsequently sold to Triple Flag Precious Metals Corp in 2022 for over US$700 million. He previously held the position of Executive Vice President of Corporate Development at Esperanza Resources, which was acquired by Alamos Gold in 2013. With 20 years of experience in investment banking and as an Executive Officer in the mining industry, Mr. O'Flaherty currently leads Versamet Royalties, overseeing over US$300 million in acquisitions since 2022, which has contributed to growing the company's market capitalization to approximately US$500 million.
Victoria McMillan CFO
Victoria McMillan brings over 20 years of financial experience, specializing in the mining and royalty sectors. Her expertise includes leading financial reporting, regulatory, treasury, tax, and risk management functions. She has also held various finance roles within the mining sector, where she was involved in the execution of mergers and acquisitions, a U.S. listing, and the establishment and management of a gold sales function for two mid-tier gold mining companies.
Paul Jones President
No detailed background information is available for Paul Jones in the provided sources beyond his title as President.
Chris Haubrich VP, Corporate Development
Chris Haubrich possesses over 15 years of experience in the mining industry, covering corporate finance, mergers and acquisitions, capital raising, engineering studies, operations, investor relations, and public company management. Prior to joining Versamet, he served as Chief Financial Officer and Vice President, Business Development at PureGold Mining, and also as Vice President, Investment Banking at National Bank Financial.
Diego Airo EVP, Project Evaluation
Diego Airo holds a P.Eng and M.Fin. He is the Vice President of Evaluations for Versamet Royalties and is responsible for the review and approval of scientific and technical information in the company's news releases.
```AI Analysis | Feedback
Key Risks to Versamet Royalties (VMET):
- Commodity Price Volatility: As a precious metals royalty and streaming company, Versamet Royalties' revenue, cash flow, and the value of its assets are significantly exposed to fluctuations in the market prices of precious metals and other commodities it holds interests in. A weakening of metals prices could directly reduce royalty revenues and impact the company's profitability.
- Reliance on Underlying Mining Operations and Associated Risks: Versamet Royalties' business model relies on the performance and success of the third-party mining operations and projects from which it acquires royalties and streams. This exposes the company to various risks inherent in mining, including operational challenges, exploration success rates, regulatory changes, environmental regulations, geopolitical instability in regions where these mines operate, and the actual results of current exploration activities.
- Leverage and Interest Rate Risk: The company has utilized substantial leverage to fund its growth and acquisitions, with outstanding credit facilities rising significantly. Consequently, rising finance and interest expenses, along with the need to comply with debt covenants, are important factors that will influence Versamet Royalties' future financial results and its ability to continue funding growth opportunities.
AI Analysis | Feedback
nullAI Analysis | Feedback
Versamet Royalties (VMET) operates within the global precious metals royalty and streaming market, a segment of the mining industry that provides financing to mining companies in exchange for future production or revenue streams. This business model allows Versamet Royalties to gain exposure to various precious metals, including gold and silver, without directly incurring the operational risks associated with mining. The precious metals royalty and streaming market has experienced significant growth over the past two decades. The aggregated market capitalization of companies within this industry expanded from approximately USD 2 billion in 2004 to over USD 60 billion as of April 2022. More recent data from February 2026 indicates that some of the largest companies in this sector, such as Wheaton Precious Metals, have individual market capitalizations exceeding USD 74 billion, with Franco-Nevada at approximately USD 54 billion and Royal Gold at USD 25 billion. This substantial market capitalization reflects the overall size and financial activity within the global precious metals royalty and streaming industry, representing the addressable market for companies like Versamet Royalties seeking to acquire and manage such interests.AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Versamet Royalties (VMET)
Over the next 2-3 years, Versamet Royalties (VMET) is expected to drive revenue growth through several key factors:
-
Strategic Acquisitions: Versamet Royalties's strategy emphasizes rapid growth through large, accretive deals, which has been a significant contributor to its past revenue growth. The company has completed over US$400 million in acquisitions since 2022, and its expanded credit facilities position it to continue funding future growth opportunities.
-
Increased Production from Existing Royalties and Streams (Organic Growth): The company anticipates substantial organic growth from its current portfolio. Versamet's portfolio produced 5,065 Gold Equivalent Ounces (GEOs) in 2024 and is projected to grow to between 20,000 and 23,000 GEOs by 2026, driven by production from key assets such as Greenstone, Kiaka, and other projects.
-
Favorable Commodity Price Environment: As a royalty and streaming company focused on precious and diversified metals, Versamet Royalties's revenue is directly influenced by commodity prices. Higher commodity prices for metals like gold, silver, and copper contributed to the company's record revenue in Q4 2025 and for the full year 2025.
-
Enhanced Access to Capital and Financial Flexibility: Versamet's recent uplisting to the NASDAQ, coupled with the expansion of its revolving credit facility to $225 million and strategic financing initiatives, provides enhanced access to capital. This financial flexibility is crucial for funding future acquisitions and supporting the company's growth objectives.
AI Analysis | Feedback
Versamet Royalties (VMET) Capital Allocation Decisions Over the Last 3-5 Years:Share Issuance
- Versamet Royalties experienced significant shareholder dilution in FY2024, with shares outstanding more than doubling.
- In February 2026, the company closed a C$141.6 million (~$104 million USD) bought deal public offering, which included a partial exercise of an over-allotment option.
- A 1-for-5 share consolidation was effected on September 12, 2025, which reduced the number of issued and outstanding common shares from approximately 466.8 million to about 93.3 million.
Inbound Investments
- In November 2025, Tether Investments S.A. de C.V. and the Lundin Family Trusts became cornerstone shareholders, each acquiring approximately 11.8 million common shares, representing about 12.7% of the company's outstanding shares. These shares were purchased from Royal Gold Inc.'s entire holding.
- A C$22 million private placement with Tether Investments was completed in early 2026, and Gold Mountains Asset Management Limited, a subsidiary of Zijin Mining Group Co., Ltd., also became a new shareholder.
Outbound Investments
- Since its launch in 2022, Versamet Royalties has executed on nearly $300 million in acquisitions.
- Total assets nearly doubled to $418.0 million in 2025, driven by major acquisitions including the Rosh Pinah silver stream, Santa Rita royalty, and Kolpa copper stream.
- In September 2025, Versamet acquired a 90% silver stream on the Rosh Pinah Zinc mine in Namibia and a 2.75% Net Smelter Return (NSR) Royalty on the Santa Rita mine in Brazil for a total of $125 million in cash.
Capital Expenditures
- As a mining royalty and streaming company, Versamet Royalties does not operate mines or processing facilities and therefore does not incur direct operating or capital cost responsibilities.
- While not traditional capital expenditures, the company made a "heavy investment" of $159.5 million in new royalty interests in 2025.
Trade Ideas
Select ideas related to VMET.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 01312026 | IP | International Paper | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 9.1% | 9.1% | 0.0% |
| 01302026 | B | Barrick Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 11.7% | 11.7% | -4.0% |
| 12312025 | AMR | Alpha Metallurgical Resources | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -18.6% | -18.6% | -18.6% |
| 12262025 | EMN | Eastman Chemical | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 18.9% | 18.9% | 0.0% |
| 12122025 | AMCR | Amcor | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 19.2% | 19.2% | -0.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.50 |
| Mkt Cap | 1.5 |
| Rev LTM | 2 |
| Op Inc LTM | -5 |
| FCF LTM | -35 |
| FCF 3Y Avg | -16 |
| CFO LTM | -4 |
| CFO 3Y Avg | -10 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 44.5% |
| Rev Chg 3Y Avg | 135.7% |
| Rev Chg Q | 60.2% |
| QoQ Delta Rev Chg LTM | 13.0% |
| Op Mgn LTM | 16.8% |
| Op Mgn 3Y Avg | -817.2% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 48.7% |
| CFO/Rev 3Y Avg | -477.6% |
| FCF/Rev LTM | -311.3% |
| FCF/Rev 3Y Avg | -783.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.5 |
| P/S | 58.9 |
| P/EBIT | -21.1 |
| P/E | -23.4 |
| P/CFO | -25.0 |
| Total Yield | -1.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -4.9% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -20.7% |
| 3M Rtn | -10.0% |
| 6M Rtn | -10.0% |
| 12M Rtn | 41.7% |
| 3Y Rtn | 16.4% |
| 1M Excs Rtn | -11.1% |
| 3M Excs Rtn | -1.8% |
| 6M Excs Rtn | -6.4% |
| 12M Excs Rtn | 24.5% |
| 3Y Excs Rtn | -35.8% |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.