Tearsheet

Versamet Royalties (VMET)

Market Price (7/6/2026): $11.82 | Market Cap: $1.2 BilSector: Materials | Industry: Precious Metals & Minerals

Versamet Royalties (VMET)

Market Price (7/6/2026): $11.82
Market Cap: $1.2 Bil
Sector: Materials
Industry: Precious Metals & Minerals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 332%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%

Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -50%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 37x, P/EPrice/Earnings or Price/(Net Income) is 37x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -169%

Key risks
VMET key risks include [1] its reliance on the operational success of third-party mining projects and [2] substantial financial leverage, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 332%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%
2	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -50%
3	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 37x, P/EPrice/Earnings or Price/(Net Income) is 37x
4	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -169%
5	Key risks VMET key risks include [1] its reliance on the operational success of third-party mining projects and [2] substantial financial leverage, Show more.

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	7/6/26	2025	2024	2023
Share Price			$11.82	�	�	�
Mkt Cap ($ Bil)			1.2	-	-	-
+ Debt ($ Bil)			0.0	0.2	0.0	0.0
- Cash ($ Bil)			0.0	0.0	0.0	0.0
TEV ($ Bil)			1.2
Valuation Ratios
P/S	8.4	11.6	21.4	-	-	-
P/EBIT	—	—	19.6	-	-	-
P/E	26.9	31.9	36.5	-	-	-
P/FCF	—	—	-12.6	-	-	-
Sector Ratios (* = sector average)
P/S *			1.9	1.8	1.4	1.4
P/EBIT *			7.1	7.1	7.2	7.6
P/E *			6.4	-0.3	7.9	8.3
P/FCF *			9.2	8.7	6.8	6.3

FYE: 12/31	Forward FYE		Now
	2027	2026	7/6/26
Share Price			$11.82
Mkt Cap ($ Bil)			1.2
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			0.0
TEV ($ Bil)			1.2
Valuation Ratios
P/S	8.4	11.6	21.4
P/EBIT	—	—	19.6
P/E	26.9	31.9	36.5
P/FCF	—	—	-12.6
Sector Ratios (* = sector average)
P/S *			1.9
P/EBIT *			7.1
P/E *			6.4
P/FCF *			9.2

FYE: 12/31	VMET [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$55.3 Mil	—
FY 2026 Sales	$101.9 Mil	—
FY 2027 Sales	$141.2 Mil	—
FY 2026 Sales Growth	84.3%	—
FY 2027 Sales Growth	38.6%	8.1%
EARNINGS
LTM Net Income (GAAP) [3]	$32.3 Mil	—
FY 2026 Net Income (Non-GAAP)	$37.0 Mil	—
FY 2027 Net Income (Non-GAAP)	$43.9 Mil	—
FY 2027 Net Income Growth	18.7%	17.0%
FY 2026 EPS (Non-GAAP)	$0.31	—
FY 2027 EPS (Non-GAAP)	$0.46	—
FY 2027 EPS Growth	48.4%	—
VALUATION
FY 2026 P/S	11.6	3.2
FY 2027 P/S	8.4	—
FY 2026 P/E	31.9	19.5
FY 2027 P/E	26.9	—

[1] VMET forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	VMET	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.1
Rev Chg Q	593.9%	8.9%
Rev Chg LTM	332.5%	7.5%
Rev Chg 3Y Avg	332.5%	5.9%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	31.5%	18.5%
CFO/Rev LTM	57.3%	21.4%
Net Inc Mgn	58.4%	13.1%
VALUATION	VERY HIGH
P/S	21.4	3.4
P/CFO	37.3	15.5
P/FCF	-12.6	20.2
P/E	36.5	25.1
STABILITY	GOOD
Debt/Equity	0.04	0.20
Cash/Assets	0.01	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Attributable Gold Equivalent Ounces (GEOs)	9,815	12312025	Link
Projected Gold Equivalent Ounces (GEOs)	20,000 - 23,000	12312026	Link
Number of cash flowing assets	8	1012026	Link
Total number of royalties	28	1082026	Link

Price Chart

Upcoming
8/20/2026	Earnings Release	Rev: $25 Mil (E) EPS: $0.12 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/2/2026

Versamet Royalties (VMET) stock has gained about 25% since 3/31/2026 because of the following key factors:

1. Record-Breaking Fiscal Q1 2026 Financial Performance. Versamet Royalties announced record operating and financial results for fiscal Q1 2026 (which ended March 31, 2026) on May 14, 2026. The company reported earnings per share (EPS) of $0.13, significantly exceeding the consensus estimate of $0.06 by $0.07. Revenue reached $24.0 million, marking a substantial increase of 594% over fiscal Q1 2025, while net income surged by 671% over the same period to $13.8 million. Attributable gold equivalent ounces (GEOs) also saw a significant rise of 306% over fiscal Q1 2025, totaling 4,913 ounces.

2. Strategic Acquisition of Cornerstone Eskay Creek Gold Stream. In early April 2026, Versamet Royalties completed the acquisition of a cornerstone Canadian gold stream on Eskay Creek. This strategic move, announced on April 6, 2026, and finalized by April 10, 2026, involved a total consideration of $360 million, comprising $340 million in cash and $20 million in Versamet common shares. This acquisition bolsters the company's portfolio with a significant asset, indicating future growth potential in precious metals.

3. Robust Production Guidance and Asset Development. The company provided strong production guidance for the full year 2026, expecting attributable GEO production to more than double to between 20,000 and 23,000 ounces. This anticipated growth is driven by upcoming catalysts at key assets, including the first ore delivery at Toega scheduled for early fiscal Q3 2026 and the RP2.0 expansion project at Rosh Pinah being over 90% complete with expected completion by the end of 2026. This outlook signals sustained operational growth and increased cash flow.

4. Successful Capital Raises and Increased Investor Interest. During fiscal Q1 2026, Versamet Royalties successfully completed a C$142 million equity financing and a C$22 million private placement with Tether Investments S.A. de C.V., attracting new institutional and retail shareholders. This demonstrates strong market confidence and provides capital for ongoing growth initiatives and potential future acquisitions.

Show less

Holding a concentrated position? Know your true downside before the momentum shifts.

Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 24.3% change in VMET stock from 3/31/2026 to 7/5/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.

(LTM values as of)	3312026	7052026	Change
Stock Price ($)	9.51	11.82	24.3%
Change Contribution By:
Total Revenues ($ Mil)	�	55	0.0%
Net Income Margin (%)	�	58.4%	0.0%
P/E Multiple	�	36.5	0.0%
Shares Outstanding (Mil)	93	100	-7.0%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/5/2026

	Return	Correlation
VMET	24.3%
Market (SPY)	14.5%	34.8%
Sector (XLB)	4.1%	35.9%

Fundamental Drivers

null
null

Market Drivers

12/31/2025 to 7/5/2026

	Return	Correlation
VMET
Market (SPY)	9.5%	30.0%
Sector (XLB)	15.2%	20.2%

Fundamental Drivers

null
null

Market Drivers

6/30/2025 to 7/5/2026

	Return	Correlation
VMET
Market (SPY)	21.6%	30.0%
Sector (XLB)	20.2%	20.2%

Fundamental Drivers

null
null

Market Drivers

6/30/2023 to 7/5/2026

	Return	Correlation
VMET
Market (SPY)	74.0%	30.0%
Sector (XLB)	32.5%	20.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VMET Return	-	-	-	-	-	31%	31%
Peers Return	407%	-30%	8%	62%	88%	-11%	926%
S&P 500 Return	27%	-19%	24%	23%	16%	9%	99%
Monthly Win Rates [3]
VMET Win Rate	-	-	-	-	-	57%
Peers Win Rate	35%	41%	50%	43%	67%	49%
S&P 500 Win Rate	75%	42%	67%	75%	67%	43%
Max Drawdowns [4]
VMET Max Drawdown	-	-	-	-	-	-
Peers Max Drawdown	-60%	-70%	-46%	-44%	-46%	-44%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: LODE, PLG, TFPM, PPTA, SLSR.
[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 7/2/2026 (YTD)

VMET has limited trading history. Below is the Materials sector ETF (XLB) in its place.

Event	XLB	S&P 500
2025 US Tariff Shock
% Loss	-17.0%	-18.8%
% Gain to Breakeven	20.5%	23.1%
Time to Breakeven	84 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-12.5%	-9.5%
% Gain to Breakeven	14.3%	10.5%
Time to Breakeven	52 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-23.5%	-24.5%
% Gain to Breakeven	30.7%	32.4%
Time to Breakeven	456 days	427 days
2020 COVID-19 Crash
% Loss	-36.2%	-33.7%
% Gain to Breakeven	56.8%	50.9%
Time to Breakeven	114 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-18.3%	-19.2%
% Gain to Breakeven	22.4%	23.8%
Time to Breakeven	101 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-17.9%	-12.2%
% Gain to Breakeven	21.7%	13.9%
Time to Breakeven	52 days	62 days

Compare to LODE, PLG, TFPM, PPTA, SLSR

In The Past

State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% 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.

VMET has limited trading history. Below is the Materials sector ETF (XLB) in its place.

Event	XLB	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-23.5%	-24.5%
% Gain to Breakeven	30.7%	32.4%
Time to Breakeven	456 days	427 days
2020 COVID-19 Crash
% Loss	-36.2%	-33.7%
% Gain to Breakeven	56.8%	50.9%
Time to Breakeven	114 days	140 days
2014-2016 Oil Price Collapse
% Loss	-23.8%	-6.8%
% Gain to Breakeven	31.2%	7.3%
Time to Breakeven	171 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-28.2%	-17.9%
% Gain to Breakeven	39.3%	21.8%
Time to Breakeven	459 days	123 days
2008-2009 Global Financial Crisis
% Loss	-56.6%	-53.4%
% Gain to Breakeven	130.3%	114.4%
Time to Breakeven	701 days	1085 days

Compare to LODE, PLG, TFPM, PPTA, SLSR

In The Past

State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% 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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

N/A

AI Analysis | Feedback

null

AI 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

null

AI Analysis | Feedback

```html

Dan 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

null

AI 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.

Interactive Breakdown

null

null

Better Bets vs. Versamet Royalties (VMET)

null

Latest Trefis Analyses

null

Trade Ideas

Select ideas related to VMET.

null

Recent Active Movers

Top Gainers

Ticker	Company	Category	1D Rtn	YTD Rtn
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	5.5%	-42.7%
PALL	ETFS Physical Palladium Shares	Commodity	4.0%	-21.2%
RING	iShares MSCI Global Gold Miners ETF	Equity	4.0%	-8.8%
PPLT	ETFS Physical Platinum Shares	Commodity	3.0%	-21.0%
IBB	iShares Biotechnology ETF	Equity	2.9%	16.0%
AKRE	Akre Focus ETF	Equity	2.8%	-15.0%
SLV	iShares Silver Trust	Commodity	2.7%	-14.6%
XLV	State Street Health Care Select Secto...	Equity	2.6%	6.2%
IBIT	iShares Bitcoin Trust ETF	Cryptocurrency	2.6%	-29.8%
VHT	Vanguard Health Care ETF	Equity	2.5%	7.9%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
SOXX	iShares Semiconductor ETF	Equity	-5.6%	88.2%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-5.5%	78.2%
SMH	VanEck Semiconductor ETF	Equity	-4.5%	64.5%
MTUM	iShares MSCI USA Momentum Factor ETF	Equity	-3.5%	26.6%
ASHR	Xtrackers Harvest CSI 300 China A-Sha...	Equity	-3.2%	7.0%
AGIX	KraneShares Artificial Intelligence ETF	Equity	-3.1%	22.3%
SPMO	Invesco S&P 500 Momentum ETF	Equity	-2.9%	26.8%
EWY	iShares MSCI South Korea ETF	Equity	-2.9%	85.3%
XLK	State Street Technology Select Sector...	Equity	-2.7%	25.6%
ICLN	iShares Global Clean Energy ETF	Equity	-2.5%	19.7%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	10.4%	15.9%
IGV	iShares Expanded Tech-Software Sector...	Equity	10.4%	-11.5%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	9.5%	-42.7%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	7.9%	4.3%
MISL	First Trust Indxx Aerospace & Defense...	Equity	7.1%	9.5%
ARKW	ARK Next Generation Internet ETF	Equity	7.0%	-1.7%
MAGS	Roundhill Magnificent Seven ETF	Equity	6.6%	-1.3%
IBB	iShares Biotechnology ETF	Equity	6.5%	16.0%
PALL	ETFS Physical Palladium Shares	Commodity	6.5%	-21.2%
ARKK	ARK Innovation ETF	Equity	6.2%	5.6%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
EWY	iShares MSCI South Korea ETF	Equity	-12.1%	85.3%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-9.6%	78.2%
SOXX	iShares Semiconductor ETF	Equity	-9.4%	88.2%
SMH	VanEck Semiconductor ETF	Equity	-7.0%	64.5%
MTUM	iShares MSCI USA Momentum Factor ETF	Equity	-6.7%	26.6%
VLUE	iShares MSCI USA Value Factor ETF	Equity	-5.7%	41.7%
SPMO	Invesco S&P 500 Momentum ETF	Equity	-5.5%	26.8%
USO	United States Oil Fund LP	Commodity	-4.9%	50.3%
ASHR	Xtrackers Harvest CSI 300 China A-Sha...	Equity	-4.2%	7.0%
EEM	iShares MSCI Emerging Markets ETF	Equity	-3.3%	20.1%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
XBI	State Street SPDR S&P Biotech ETF	Equity	25.6%	31.6%
IBB	iShares Biotechnology ETF	Equity	19.1%	16.0%
IHF	iShares U.S. Healthcare Providers ETF	Equity	15.1%	20.3%
VHT	Vanguard Health Care ETF	Equity	13.4%	7.9%
XLV	State Street Health Care Select Secto...	Equity	11.8%	6.2%
ITA	iShares U.S. Aerospace & Defense ETF	Equity	8.7%	15.7%
XLF	State Street Financial Select Sector ...	Equity	8.1%	2.1%
KRE	State Street SPDR S&P Regional Bankin...	Equity	7.9%	16.4%
IJT	iShares S&P Small-Cap 600 Growth ETF	Equity	7.5%	24.8%
NOBL	ProShares S&P 500 Dividend Aristocrat...	Equity	7.5%	11.4%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	-24.3%	50.3%
NASA	Tema Space Innovators ETF	Equity	-22.7%	15.9%
SLV	iShares Silver Trust	Commodity	-19.1%	-14.6%
URA	Global X Uranium ETF	Equity	-19.1%	1.2%
ICLN	iShares Global Clean Energy ETF	Equity	-17.2%	19.7%
EWY	iShares MSCI South Korea ETF	Equity	-16.0%	85.3%
PPLT	ETFS Physical Platinum Shares	Commodity	-16.0%	-21.0%
COMT	iShares GSCI Commodity Dynamic Roll S...	Commodity	-12.5%	21.3%
FXI	iShares China Large-Cap ETF	Equity	-12.2%	-16.7%
RING	iShares MSCI Global Gold Miners ETF	Equity	-11.8%	-8.8%

Peer Comparisons

Peers to compare with:

Financials

	VMET	LODE	PLG	TFPM	PPTA	SLSR	Median
Name	Versamet.	Comstock	Platinum.	Triple F.	Perpetua.	Solaris .
Mkt Price	11.82	4.19	1.42	31.49	21.33	8.45	10.13
Mkt Cap	1.2	0.3	0.2	6.5	2.7	1.4	1.3
Rev LTM	55	1	0	453	0	0	1
Op Inc LTM	17	-41	-6	270	-160	-38	-22
FCF LTM	-93	-43	-8	179	-	49	-8
FCF 3Y Avg	-	-29	-7	152	-	-19	-13
CFO LTM	32	-25	-5	360	-	61	32
CFO 3Y Avg	-	-18	-4	252	-	-14	-9

Growth & Margins

	VMET	LODE	PLG	TFPM	PPTA	SLSR	Median
Name	Versamet.	Comstock	Platinum.	Triple F.	Perpetua.	Solaris .
Rev Chg LTM	332.5%	-68.0%	-	54.4%	-	-	54.4%
Rev Chg 3Y Avg	-	338.8%	-	40.6%	-	-	189.7%
Rev Chg Q	593.9%	-60.1%	-	78.7%	-	-	78.7%
QoQ Delta Rev Chg LTM	59.0%	-30.4%	-	16.7%	-	-	16.7%
Op Inc Chg LTM	537.0%	-21.7%	-26.1%	83.1%	-684.9%	49.6%	14.0%
Op Inc Chg 3Y Avg	-	-29.3%	-3.3%	60.7%	-231.2%	-2.0%	-3.3%
Op Mgn LTM	31.5%	-3,810.7%	-	59.6%	-	-	31.5%
Op Mgn 3Y Avg	-	-1,990.0%	-	50.7%	-	-	-969.7%
QoQ Delta Op Mgn LTM	14.7%	-1,371.1%	-	3.9%	-	-	3.9%
CFO/Rev LTM	57.3%	-2,334.6%	-	79.5%	-	-	57.3%
CFO/Rev 3Y Avg	-	-1,198.7%	-	78.1%	-	-	-560.3%
FCF/Rev LTM	-169.1%	-3,951.9%	-	39.6%	-	-	-169.1%
FCF/Rev 3Y Avg	-	-2,011.7%	-	51.3%	-	-	-980.2%

Valuation

	VMET	LODE	PLG	TFPM	PPTA	SLSR	Median
Name	Versamet.	Comstock	Platinum.	Triple F.	Perpetua.	Solaris .
Mkt Cap	1.2	0.3	0.2	6.5	2.7	1.4	1.3
P/S	21.4	255.6	-	14.3	-	-	21.4
P/Op Inc	67.8	-6.7	-27.9	24.1	-16.6	-37.3	-11.7
P/EBIT	19.6	-6.6	-27.9	18.4	-16.6	-56.0	-11.6
P/E	36.5	-6.4	-28.7	20.9	-18.9	-46.5	-12.6
P/CFO	37.3	-10.9	-32.8	18.1	-	23.2	18.1
Total Yield	2.7%	-15.7%	-3.5%	4.8%	-5.3%	-2.2%	-2.8%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	-225.1%	-4.5%	3.7%	-	-5.3%	-4.9%
D/E	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Net D/E	0.0	-0.1	-0.3	-0.0	-0.3	-0.0	-0.1

Returns

	VMET	LODE	PLG	TFPM	PPTA	SLSR	Median
Name	Versamet.	Comstock	Platinum.	Triple F.	Perpetua.	Solaris .
1M Rtn	-2.5%	6.6%	0.7%	11.4%	-5.8%	-3.9%	-0.9%
3M Rtn	18.9%	17.0%	-21.1%	-11.9%	-27.5%	-3.8%	-7.8%
6M Rtn	21.1%	7.7%	-39.1%	-3.6%	-13.1%	7.8%	2.1%
12M Rtn	21.1%	10.0%	-11.3%	31.2%	74.1%	79.8%	26.2%
3Y Rtn	21.1%	-38.3%	2.9%	149.8%	507.7%	95.2%	58.1%
1M Excs Rtn	-9.4%	2.6%	-18.1%	3.5%	-16.9%	-21.4%	-13.1%
3M Excs Rtn	11.3%	22.2%	-37.5%	-25.9%	-41.6%	-18.1%	-22.0%
6M Excs Rtn	12.6%	-3.5%	-51.7%	-14.0%	-21.5%	-3.5%	-8.8%
12M Excs Rtn	0.4%	-3.4%	-26.1%	13.4%	57.6%	57.2%	6.9%
3Y Excs Rtn	-49.8%	-119.2%	-68.8%	72.9%	408.7%	31.2%	-9.3%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023
Filing Date	5/14/2026	4/30/2026	5/14/2025	5/14/2025
Key Financials
Total Revenue	55	35	12	3
Gross Profit	27	13	1	1
EBITDA	70	48	4	0
Operating Income	17	6	-4	-3
Net Income	32	20	-2	-3
EPS	0.34	0.22	-0.03	-0.03
Growth Rates
Total Revenue Growth	332.5%	189.1%	283.0%	-
EBITDA Growth	1239.2%	1251.2%	773.5%	-
Operating Income Growth	537.0%	234.7%	-66.4%	-
Net Income Growth	6684.5%	930.6%	21.6%	-
Margins
Gross Margin	49.4%	38.8%	9.9%	26.8%
EBITDA Margin	127.0%	137.9%	29.5%	12.9%
Operating Income Margin	31.5%	16.8%	-36.0%	-82.9%
Net Income Margin	58.4%	58.5%	-20.4%	-99.5%
Cash & Debt
Total Cash	6	4	1	7
Total Debt	45	171	13	40
Net Debt / (Cash)	39	167	12	33
Cash Flows & CapEx
Net Cash from Operations	32	17	7	1
Total CapEx	-125	0	0	0
Free Cash from Operations	-93	17	7	1
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024
Filing Date	5/14/2026	4/30/2026	11/12/2025	8/27/2025	5/28/2025	5/14/2025	11/12/2025	8/27/2025	5/28/2025
Key Financials Quarterly
Total Revenue	24	18	8	5	3	3	3	3	3
Ebitda	26	29	8	8	3	-8	7	3	2
Operating Income	10	6	1	-1	-1	-2	-1	-1	-1
Net Income	14	15	3	0	2	-7	4	1	-0
EPS	0.14	0.16	0.04	0.00	0.02	-0.08	0.04	0.01	-0.00
Key Financials TTM
Total Revenue TTM	55	35	20	15	13	12	-	-	-
Ebitda TTM	70	48	11	10	5	4	-	-	-
Operating Income TTM	17	6	-2	-4	-4	-4	-	-	-
Net Income TTM	32	20	-2	-1	-0	-2	-	-	-
Growth Rates Quarterly
Total Revenue Growth	593.9%	465.2%	155.4%	66.4%	28.1%	-	-	-	-
EBITDA Growth	649.2%	466.9%	14.7%	176.2%	97.7%	-	-	-	-
Operating Income Growth	1016.8%	486.5%	333.9%	-0.9%	23.4%	-	-	-	-
Net Income Growth	671.1%	307.4%	-14.1%	-84.8%	1128.3%	-	-	-	-
Margins Quarterly
EBITDA Margin	107.1%	156.4%	94.9%	167.5%	99.2%	-241.0%	211.4%	100.9%	64.2%
Operating Income Margin	43.5%	34.9%	15.1%	-13.8%	-32.9%	-51.1%	-16.5%	-22.8%	-55.1%
Net Income Margin	57.4%	82.0%	40.9%	3.5%	51.7%	-223.5%	121.6%	38.7%	-6.4%
Cash & Debt
Total Cash	6	4	11	1	1	1	-	-	-
Total Debt	45	171	177	53	13	13	0	0	0
Net Debt / (Cash)	39	167	166	52	12	12	-	-	-
Cash Flows Quarterly
FCF from Operations	15	10	4	2	1	2	2	2	2
Cash Flows TTM
FCF from Operations TTM	32	17	9	7	6	7	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	7.8%	4.6%	0.9%	-0.2%	-1.4%	-2.4%	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.2%	1.0%	-0.6%	-1.5%	-1.7%	-1.9%	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025
Greenstone, Canada	14
Kiaka, Burkina Faso	8
Kolpa, Peru	4
Rosh Pinah, Namibia	2
Santa Rita, Brazil	2
Mercedes, Mexico	2
Blackwater, Canada	1
Cuiu Cuiu, Brazil	0
Total	35

Price Behavior

null

VMET Betas & Captures as of 6/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.99	2.68	1.86	-0.40	0.39	0.02
Up Beta	2.95	2.40	0.43	0.56	0.49	-0.14
Down Beta	0.88	1.75	2.33	1.82	0.80	0.28
Up Capture	175%	362%	282%	243%	107%	10%
Bmk +ve Days	11	24	40	67	140	429
Stock +ve Days	7	19	29	54	54	54
Down Capture	230%	280%	260%	153%	101%	54%
Bmk -ve Days	10	17	23	58	112	321
Stock -ve Days	14	22	34	64	64	64

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VMET
VMET	21.2%	79.0%	0.83	-
Sector ETF (XLB)	17.2%	17.5%	0.75	20.2%
Equity (SPY)	21.7%	12.5%	1.29	30.0%
Gold (GLD)	23.1%	27.7%	0.73	21.6%
Commodities (DBC)	21.3%	18.6%	0.90	-5.3%
Real Estate (VNQ)	13.6%	13.8%	0.68	17.1%
Bitcoin (BTCUSD)	-42.0%	42.7%	-1.15	30.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VMET
VMET	3.9%	79.0%	0.83	-
Sector ETF (XLB)	6.9%	19.0%	0.25	20.2%
Equity (SPY)	13.3%	17.1%	0.60	30.0%
Gold (GLD)	17.9%	18.3%	0.79	21.6%
Commodities (DBC)	6.9%	19.5%	0.25	-5.3%
Real Estate (VNQ)	3.1%	18.9%	0.06	17.1%
Bitcoin (BTCUSD)	12.2%	53.8%	0.41	30.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VMET
VMET	1.9%	79.0%	0.83	-
Sector ETF (XLB)	10.3%	20.7%	0.44	20.2%
Equity (SPY)	15.4%	18.0%	0.73	30.0%
Gold (GLD)	12.1%	16.1%	0.61	21.6%
Commodities (DBC)	5.7%	18.0%	0.25	-5.3%
Real Estate (VNQ)	5.5%	20.7%	0.23	17.1%
Bitcoin (BTCUSD)	59.0%	66.2%	0.99	30.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	6152026
Short Interest: Shares Quantity	0.3 Mil
Short Interest: % Change Since 5312026	73.3%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	1.2 days
Basic Shares Quantity	99.9 Mil
Short % of Basic Shares	0.3%

Returns Analyses

null

Earnings Returns History

Updated 6/2/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/14/2026	6-K
12/31/2025	04/30/2026	20-F

Recent Forward Guidance

Updated 7/5/2026

Latest: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Updated 4/26/2026

Expand for Morenull

VMET Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing VMET?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What VMET Makes & Who Pays

TTM figures based on

VMET Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Materials Resources

Chemical & Engineering News (C&EN)

Mining.com

Plastics News

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 7/5/2026

Versamet Royalties (VMET)

Market Price (7/6/2026): $11.82 | Market Cap: $1.2 BilSector: Materials | Industry: Precious Metals & Minerals

Versamet Royalties (VMET)

Market Price (7/6/2026): $11.82Market Cap: $1.2 BilSector: MaterialsIndustry: Precious Metals & Minerals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Versamet Royalties (VMET)

Expected Drivers of Future Revenue Growth for Versamet Royalties (VMET)

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Versamet Royalties (VMET)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance

Insider Activity

VMET Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

Market Price (7/6/2026): $11.82
Market Cap: $1.2 Bil
Sector: Materials
Industry: Precious Metals & Minerals