Versamet Royalties: A High-Growth Mid-Tier Royalty Play in Precious Metals

If you're looking for a royalty and streaming company that's not just riding the gold and silver wave but accelerating with it, Versamet Royalties (VROY) is the name to watch. With record Q3 2025 results, strategic acquisitions, and a clear path to scaling operations, this mid-tier player is positioning itself as a serious contender in the precious metals sector. Let's break down why this stock deserves a closer look-and why the numbers scream "buy."

Record-Breaking Q3 2025: A Launchpad for Growth

Versamet's Q3 2025 report was nothing short of explosive. Revenue surged to $8.1 million, a 155% year-over-year increase, while attributable gold equivalent ounces (GEOs) jumped to 2,699 according to the company's report. Operating cash flow before working capital changes hit $6.1 million, up 206% from the prior year according to the same report. These aren't just numbers-they're a signal that Versamet's strategy is working. CEO called the new asset additions "high-quality," and with good reason: the Rosh Pinah Zinc mine in Namibia and Santa Rita mine in Brazil are now powering inaugural royalty revenues.

The key here? . By securing a 90% silver stream on Rosh Pinah and a 2.75% net smelter return (NSR) royalty on Santa Rita, Versamet isn't just betting on gold-it's capturing value from zinc, silver, and nickel, all of which are seeing renewed demand in the .

Strategic Acquisitions: Building a Scalable Portfolio

Versamet's $170 million investment in Appian Capital's assets-$125 million upfront and $45 million contingent on milestones-was a masterstroke according to Appian Capital. These aren't just any assets; they're long-life, high-margin plays. The Rosh Pinah Zinc mine, for instance, is undergoing a $100 million expansion (RP2.0) to nearly double throughput to by Q3 2026 according to Versamet's announcement. That's not just scaling-it's future-proofing.

Meanwhile, the Santa Rita mine in Brazil is evaluating underground expansion, with a prefeasibility study suggesting a 20-year mine life and higher production rates according to Appian Capital. For a royalty company, that means decades of steady cash flow. And let's not forget: Appian Capital, the operator, just settled a $215 million dispute with Sibanye-Stillwater in November 2025 according to African Law Business. That resolution clears the path for Appian to focus on growth, which is a win for Versamet's shareholders.

Operational Scalability: The Next Catalyst

Here's where Versamet's story gets even more compelling. The Rosh Pinah expansion is 80% complete, with completion expected in just nine months according to Versamet's update. That means the revenue bump from RP2.0 is already on the horizon. And Santa Rita? Appian is exploring underground mining to extend its life beyond the current open-pit phase according to Versamet's announcement.

But scalability isn't just about bigger mines-it's about efficiency. By leveraging Appian's operational expertise, Versamet is ensuring these assets run at peak performance. The result? A projected 5,000 GEOs in 2026 from these two assets alone according to Versamet's latest analysis. That's a 50% jump in production, all from strategic acquisitions and smart management.

Why This Is a Buy

Let's cut to the chase: Versamet is a mid-tier royalty company with the ambition of a major player. Its Q3 results prove it can execute, its asset base is expanding, and its management team is thinking decades ahead. With gold and silver prices showing no signs of slowing, and nickel and zinc demand surging in the EV and renewable energy sectors, Versamet is perfectly positioned to capitalize.

The risks? Commodity price volatility and execution delays on expansions. But given the strength of its current portfolio and the quality of its partners, I'd argue those risks are well-managed. For investors seeking a high-growth play in the royalty sector, Versamet is a name to add to the watchlist-and soon.