The Fourth Major Gold Royalty Company
Is Being Built Right Now.

Why Did a CEO With a Perfect Exit Record
Come Back to Do It Again?

In 2016, a former investment banker at one of Canada's largest mining desks walked away from a guaranteed career to co-found a royalty company with almost nothing. Just a thesis: acquire royalty contracts on gold mines, collect a percentage of every ounce produced, and let someone else do the digging.

Six years later, he sold that company — Maverix Metals — for over $750 million. Triple Flag Precious Metals paid a substantial premium to acquire the portfolio he had built, and the deal closed in 2023.

Most founders cash out and disappear. Dan O'Flaherty picked up the phone. He called his VP of Project Evaluation, his VP of Capital Markets, and his Director of Finance. Every key operator from the Maverix team said yes and came back.

Executives do not leave good jobs to rejoin a former boss unless they have seen the playbook work — and they believe the next version will be bigger. Before Maverix, O'Flaherty was EVP at Esperanza Resources, acquired by Alamos Gold, which delivered a +500% return for shareholders.

Before that, O'Flaherty executed billions of dollars in transactions at the mining investment bank desk at Scotia Capital. Two companies. Two exits. He has never once been on the losing side.

Since mid-2022, O'Flaherty and his team have deployed over $400 million across 28 assets, building a portfolio of seven producing royalty and streaming assets across four countries. Production hit 9,815 gold equivalent ounces (GEOs) in 2025 — nearly double 2024.

Management has guided 20,000 to 23,000 GEOs for 2026. At a conservative $4,000 gold price — well below current spot — you can do the napkin math on what that cash flow looks like for a company. With eight employees and no mine-level operating costs.

That company is Versamet Royalties Corp. (TSX: VMET | NASDAQ: VMET).

Why Did a $186 Billion Tech Company
Just Buy 13% of a Gold Royalty Startup?

Here is the single most important fact about Versamet: over 75% of the shares are held by people who build, finance, and operate gold mines for a living. This is not a retail-driven story.

The people who know this industry best — who have spent careers evaluating deposits, financing mines, and managing production risk — have already taken their positions. The float is extraordinarily tight. When demand picks up, price moves fast.

I have been in the resource sector my entire career. I have never seen strategic shareholders embed their own technical people into a royalty company's deal process.

When B2Gold sends a geologist who has previously worked at the exact mine being evaluated, they are not doing Versamet a favour. They are protecting their own 29% position. That is the highest form of due diligence validation available — and it has already been done on every major asset in this portfolio.

Eight Employees. No Mine-Level Costs.
Do the Napkin Math.

Before I show you the numbers, let me explain exactly why the royalty model is the most capital-efficient structure in the resource sector. If you have never owned a royalty company before, this is the most important paragraph on this page.

A royalty company does not mine anything. It holds contracts that entitle it to a percentage of every ounce a mine produces, for as long as the mine runs — no operating costs, no capital expenditure, no labor force to manage, no equipment to maintain, no fuel bills, no environmental liability.

When gold goes up, the royalty company captures almost the entire gain. When costs go up at the mine, the royalty company is completely insulated. The operator bears all the risk. The royalty company collects the upside.

Eight people run Versamet's entire operation. Seven producing royalty and streaming assets across four countries, with a 93% cash cost margin. For every dollar that comes in the door, ninety-three cents reaches the bottom line. That is not a margin — that is a machine.

Management has guided 20,000 to 23,000 GEOs for 2026. At a conservative $4,000 gold price — well below current spot — you can do the napkin math on what that cash flow looks like for a company with eight employees and no mine-level operating costs.

In 2024, Versamet produced approximately 5,100 GEOs. By the end of 2025, that number reached 9,815. The 2026 guidance targets 20,000 to 23,000 GEOs — a 4x expansion in three years, driven entirely by mines that are already built, already operating, and already shipping metal.

These are not projections based on exploration results or permitting approvals. They are production ramps from operating mines.

Two years ago, Versamet had 2 paying assets. Today it has 7, with 2 more expected to start paying by year-end.

Versamet's average mine life across its top ten assets sits at 15 years — above the peer average of 14.4 years. That is long-duration, compounding cash flow visibility built on assets that are already in production.

The Same Market That Trusts Versamet's Assets
Is Ignoring Its Cash Flow.

Pull up a list of every precious metals royalty company on earth. You will find a cluster below $1.5 billion — then Franco-Nevada, Wheaton Precious Metals, and Royal Gold above $8 billion. In between? There is nothing.

A $6.5 billion vacuum — no company, no competitor. That gap has existed for years because building a mid-tier royalty company is brutally hard: you need producing assets, not promises; deal flow, not press releases; and a team that has done it before. Versamet is filling that gap. And the market has not priced it in.

The Price-to-Cash-Flow (P/CF) multiple measures how much investors pay for each dollar of cash a company generates. A lower multiple means the market has not yet recognized the cash flow potential.

Versamet trades at approximately 11x 2026 forecast cash flow. The peer average is 27x. The chart below shows what that means in terms of value per dollar paid — Versamet delivers the most cash flow per dollar invested of any company in the peer group:

The market is valuing Versamet on trailing production of roughly 9,800 GEOs. At 20,000 GEOs, the cash flow base changes materially.

Even holding market capitalization constant and assuming a 73% free cash flow margin, forward yield expands dramatically. Production scale alone drives yield normalization — and the market has not yet priced in the scale that is already in motion.

Meanwhile, Versamet's Price-to-NAV (P/NAV) sits at 1.93x — above the peer average. The market already trusts the portfolio and already pays a premium for the assets.

The same investors paying a premium for the assets are pricing the cash flow at less than half what they pay for peers. That is not a rational equilibrium — it is a temporary disconnect, and as GEOs scale toward 20,000 in 2026, the gap between 11x and 27x has to close.

Five Fuses Are Lit.
All Five Fire Before Year-End.

I do not need a commodity price prediction. I do not need a drill result or a permit approval or a management shakeup or a miracle.

I just need to count the catalysts already in motion and do basic math. This is one of those setups.

• 1
  NASDAQ Listing — The American Door Just Opened

  ✓ Achieved — March 6, 2026

  Until March 6th, almost no American institutional investor knew this stock existed. That changes now — every fund, every ETF, every institution in the United States has access.

  At current market capitalization, Versamet is on track to potentially qualify for GDXJ — the VanEck Junior Gold Miners ETF — later this year. Inclusion triggers forced passive buying from every fund tracking the index, landing on a float where three-quarters of the stock is locked up by strategics who are not selling. The listing is live. The institutional discovery process is just beginning.

• 2
  Kiaka Ramp — Forecast Becomes Fact, Quarter by Quarter

  In Progress — Q1 2026

  The single largest value driver in the portfolio. Kiaka produced 95,000 ounces in its first year — ahead of schedule, under budget — with nearly 70,000 coming in Q4 alone.

  Nameplate: 234,000 ounces per year over a 20-year mine life. Versamet holds a 2.7% NSR. Every quarterly report from here shows accelerating revenue. This catalyst does not require a prediction. It requires patience.

• 3
  Tether Accumulation — The Buyer Who Never Stops

  Ongoing — Active

  The $186 billion company behind the world's most-used stablecoin owns approximately 13% of Versamet and is still buying. Open market, financings — they do not care.

  Their gold strategy chief has a gold price target he will not share because, in his words, "You'd think we're crazy." That conviction does not reverse. Every purchase shrinks the already-thin float further.

• 4
  Rosh Pinah RP2.0 Expansion — Revenue Doubles, Zero Capex

  Q3 2026 — On Schedule

  A 55-year-old silver mine in Namibia. Versamet holds a 90% silver stream. The RP2.0 expansion nearly doubles mill throughput to 1.3 million tonnes per year, with construction 85%+ complete and on schedule for Q3.

  When it completes, Versamet's silver revenue from this single asset roughly doubles. Someone else paid for the entire expansion. Versamet collects the upside. This is the royalty model working exactly as designed.

• 5
  Gold Price Tailwind — 93% Margin Means Every Dollar Flows Through

  Structural — Ongoing

  Gold hit 45+ all-time highs in 2025. Central banks are buying at the fastest pace in modern history. Versamet's 93% cash cost margin means every dollar gold rises flows almost entirely to the bottom line — no rising fuel costs, no labor inflation, no capex requirements.

  Analyst price targets of C$15–$18 per share (ATB Capital Markets, National Bank Financial, Canaccord Genuity, Raymond James — consensus Buy, as of Q1 2026) were set at lower gold prices. At current spot, those estimates are conservative.

The Questions Every Serious Investor
Should Be Asking Right Now

I do not believe in one-sided promotional material. Every investment has risks, and every thesis has vulnerabilities.

Here are the four hardest questions about Versamet — and my honest answers to each.

I Have Never Seen This Combination
In a Single Royalty Company.

Let me be direct. I was one of the first cheque writers when this company was founded. I am a shareholder, and I have a financial interest in this story — I have disclosed that fully above. You should weigh everything I say with that in mind.

With that said — in over two decades in the resource sector, I have never seen the following combination in a single junior royalty company at the same moment:

A CEO who has never failed to sell a company, running a team that has done this before. The world's fourth-largest gold producer holding 29% and sending their own geologists to validate the portfolio. The most aggressive private gold accumulator on earth holding 13% with board rights and still buying.

A NASDAQ listing achieved, opening the door to American institutional capital for the first time. A 4x GEO growth trajectory driven by mines already in production. A 93% cash cost margin that turns every gold price increase directly into free cash flow. And a valuation at less than half the cash flow multiple of every comparable company on earth.

Markets do not treat 20,000 GEO companies the way they treat 5,000 GEO companies. Liquidity improves. Institutional screens start picking it up. Analyst coverage follows. Index inclusion triggers forced buying. Mispricings do not survive increased attention.

Versamet Royalties is about to get a great deal of attention.

If this is the Fourth Major gold royalty company — and I believe it is — Mr. Market will not be offering it at this price for much longer. Do your own due diligence. Read the filings. Run the comps. Then decide.