Versamet is executing a rapid growth trajectory with record financials and a transformative Eskay Creek acquisition. The stock should re-rate higher as the market prices in the 2026 GEO guidance of 20,000-23,000 ounces (more than double 2025) and the Eskay Creek stream which will add ~10K oz/year starting in 2027. Watch for Q2 2026 results to show the full impact of the Eskay Creek financing and continued ramp-up at Kiaka and Rosh Pinah. The 90%+ analyst bullish consensus supports further upside.
Price Chart
Executive Summary
Versamet Royalties reported record Q1 2026 results with total revenue of $24.0M (up 594% YoY), net income of $13.8M (up 671% YoY), and record operating cash flow before working capital changes of $19.5M. The company also completed a transformative $360M acquisition of a 3.52% gold stream on Eskay Creek post-quarter, funded by a $400M credit facility upsizing. The strong operational momentum from multiple producing assets and the Eskay Creek catalyst support a bullish outlook.
Key Facts
- Record Q1 2026 total revenue of $24.0M vs $3.5M in Q1 2025, a 594% increase
- Record attributable GEOs of 4,913 vs 1,211 in Q1 2025, a 306% increase
- Net income of $13.8M vs $1.8M in Q1 2025, up 671%
- Record adjusted EBITDA of $18.5M vs $1.5M in Q1 2025, up 1,142%
- Completed C$142M equity offering and C$22M private placement in Q1 2026
- Post-quarter: acquired 3.52% life-of-mine gold stream on Eskay Creek for $360M ($340M cash + $20M shares)
- Eskay Creek expected to produce >300K oz Au/year in first 5 years, providing ~10K oz Au/year to Versamet
- 2026 GEO guidance maintained at 20,000-23,000 ounces, representing >100% YoY increase
- Credit facility upsized to $400M ($250M RCF + $150M term loan) to fund Eskay Creek acquisition
- Seven producing assets now cash-generating; Kiaka, Rosh Pinah, and Blackwater ramping up
Financial Impact
Record revenue of $24.0M (+594% YoY), net income of $13.8M (+671% YoY), operating cash flow before working capital changes of $19.5M (+1,282% YoY). Post-quarter Eskay Creek acquisition for $360M adds significant future cash flow stream.
Risk Factors
- Execution risk on Eskay Creek construction and timeline to production (target Q2 2027)
- Elevated debt of $385M post-Eskay Creek acquisition increases financial leverage and interest costs
- Concentration risk: Kiaka (Burkina Faso) contributed 34% of Q1 revenue; political risk in West Africa
- Commodity price sensitivity: 10% gold price change impacts Greenstone gold interest value by $9.1M
- Dilution from equity offerings: 10.3M shares issued in Q1 2026, plus 2.05M shares for Eskay Creek
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-061313 |
| Document: tm2614441d1_ex99-2.htm | 0001104659-26-061313 |
| Document: tm2614441d1_ex99-5.htm | 0001104659-26-061313 |
| Document: tm2614441d1_ex99-3.htm | 0001104659-26-061313 |
| Document: tm2614441d1_ex99-4.htm | 0001104659-26-061313 |
| Document: tm2614441d1_6k.htm | 0001104659-26-061313 |
| Document: 0001104659-26-061313-index-headers.html | 0001104659-26-061313 |
| Document: 0001104659-26-061313-index.html | 0001104659-26-061313 |
| Document: 0001104659-26-061313.txt | 0001104659-26-061313 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 12, 2026 15d ago | Institutional Cluster | $8.68 | awaiting T+20 | — | $8.83 (+1.73%) |
Sep 16, 2026 5w ago | 6-K | $9.02 $8.41 | ▼ −6.76% | ▼ −9.94% | $8.83 (−2.11%) |
Jun 29, 2026 17w ago | 6-K | $12.30 $9.16 | ▼ −25.53% | ▼ −24.50% | $8.83 (−28.21%) |
May 28, 2026 21w ago | 6-K | $13.05 $12.20 | ▼ −6.51% | ▼ −3.37% | $8.83 (−32.34%) |
May 14, 2026 23w ago | 6-K | $11.17 $12.54 | ▲ +12.27% | ▲ +10.15% | $8.83 (−20.95%) |
Apr 10, 2026 28w ago | 6-K | $11.97 $11.74 | ▼ −1.92% | ▼ −10.45% | $8.83 (−26.23%) |
Apr 6, 2026 29w ago | 6-K | $10.62 $11.27 | ▲ +6.12% | ▼ −2.86% | $8.83 (−16.85%) |
US Market Status
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