KR SPECIAL SITUATIONS ALERT Versamet Royalties
(NASDAQ: VMET | TSX: VMET) Disseminated on behalf of Versamet Royalties (VMET.TO) |
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Versamet (NASDAQ:VMET) just reported incredible Q4 results.
I want to put a few numbers in front of you before we get into the assets. - Q4 revenue: $18.4 million. Up 465% year over year.
- Full year revenue: $34.8 million. Up 189%.
- Full year net income: $20.3 million. Up 931%.
- Full year operating cash flow: $24.7 million. Up 277%.
Eight employees generated those numbers with no mines to operate.
No fuel bills. No labor force.
The 2026 guidance sits on top of what you just read — not instead of it.
Before Kiaka hits nameplate, before Rosh Pinah nearly doubles throughput, and before Toega starts producing later this year.
And Tether just appointed a rep to the VMET board.
Here's where it's all coming from. |
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KR SPECIAL SITUATIONS ALERT Versamet Royalties (NASDAQ: VMET) |
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Start with Kiaka.
The first gold poured in June 2025 and it's ramping to nameplate capacity right now. When it gets there: 234,000 ounces per year over a 20-year mine life. Operated by West African Resources, one of the best builders in the region.
Versamet holds a 2.7% net smelter return royalty on Kiaka.
The napkin math is incredible… - 234,000 ounces X current spot gold X 2.7%.
At today's prices and assuming nameplate production, that's roughly $32 million a year.
From one asset.
That single royalty could generate nearly half of Versamet's entire 2026 forecast cash flow.
And it will continue to generate cash flow for years to come with no operating costs to Versamet.
No capex. No workers. Just a contract that pays.
Now Stack the Rest...- Rosh Pinah: a 55-year-old silver mine in Namibia undergoing a major expansion. Versamet holds a 90% silver stream. Expansion completing in Q3 2026.
- Greenstone: Equinox Gold's flagship in Ontario, ramping now. Versamet holds a 1.26% gold stream.
- Toega: same operator and same region as Kiaka. Pre-strip mining began in Q1 2026. Another 2.7% NSR, with the first cash flow expected in Q3.
Beyond those, the company also has 4 other royalties and streams generating cash in Peru, Brazil, Mexico and Canada.
Two years ago, Versamet had 2 paying assets.
Today it has 7, with 2 more expected to start paying by the end of this year.
Production was just over 5,000 gold equivalent ounces in 2024. The 2026 target is 20,000 to 23,000. |
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These numbers come from mines that are already built, already operating, and already shipping metal. This is real.
The company just closed a C$142 million financing with BMO and National Bank running the book. It's first public equity financing in its short history. |
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Tomorrow: Why this discount has an expiration date. Regards,
Marin Katusa and the KR Special Situations Team P.S. Beyond the 7 assets currently paying… Versamet holds 21 development-stage royalties the market is underappreciating. Four are near-term.
When two or three advances to production, the incremental cash flow would be transformative. Details in the report. |
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Forward-Looking Statements: This content contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. Forward-looking statements include, but are not limited to, statements about exploration results, mineral resource estimates, project development, and potential M&A activity. There can be no assurance that any forward-looking statements will prove to be accurate. Readers should not place undue reliance on forward-looking information. Neither Katusa Research nor Versamet Royalties Corp. undertakes any obligation to update forward-looking statements except as required by law.
Mineral Resource Disclaimer: Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. Inferred mineral resources have a lower level of confidence than Indicated mineral resources and must not be converted to mineral reserves. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant factors.
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Do Your Own Due Diligence: Before making any investment decision, readers should review Versamet Royalties Corp.'s public filings available at www.sedarplus.ca (for Canadian filings) and www.sec.gov (for U.S. filings), including annual information forms, technical reports, and financial statements. Information in this content regarding Versamet Royalties Corp. has been derived from its SEDAR+ and SEC filings. | If you purchase anything through a link in this email, you should assume that we have an affiliate relationship with the company providing the product or service that you purchase, and that we will be paid in some way. We recommend that you do your own independent research before purchasing anything. View Privacy Policy. | Update your email preferences or unsubscribe here © 2026 Katusa Research. All rights reserved. 800 West Pender St
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