An upgrade listing is positive, but not hugely material. VMET has some debt but revenue is starting to ramp up. Versamet launched in 2022 and quickly built a diversified portfolio through nearly $300 million in acquisitions, including royalties and streams on large, advancing gold and copper projects in the Americas and Africa. Versamet reported record Q2 2025 revenues of $4.8 million, with operating cash flow rising to $3.2 million and gold-equivalent ounces (GEOs) growing rapidly following the commissioning or ramp-up of key mines like Kiaka (West Africa), Blackwater (Canada), and Kolpa (Peru). Management projects GEO production rising from 8,000–9,500 in 2025 to 14,000–16,000 in 2026, pointing to steep revenue and cash flow growth driven by production starts and expansions at partner-operated projects. Very strong growth (68%) is predicted through 2027, based on company comments. The stock is doing well along with the sector. Shares are tightly held, with three gold companies (BTO, Sandstorm and EQX) owning collectively 70% of the shares. We think it has good potential, but its size and sector risk need to be considered here.
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