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* Disseminated on Behalf of Versamet Royalties Versamet Royalties Corporation (NASDAQ: VMET) Just Hit Market Crux’s Watchlist This Morning—Tuesday, April 7, 2026
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April 7, 2026
We’re Up Early Watching | See Why (NASDAQ: VMET) Just Hit Our Screen
Dear Reader, At Market Crux, we keep a close eye on the forces reshaping the resource space — and right now, gold is impossible to overlook. Gold is having a moment. According to Katusa Research, miners are now pulling roughly $3,200 per ounce in operating ca-sh flow at current prices — the fattest production margins in history.
- J.P. Morgan just raised its 2026 forecast to $5,055/oz.
- Goldman Sachs bumped to $5,400.
- Bank of America is targeting $6,000.
And central banks? They're accumulating at the fastest pace since the 1960s. Now here's where it gets interesting. Tether — the stablecoin giant that made $13B in 2024 and $10B in 2025— has deployed nearly $275M into gold and royalty companies and is purchasing more than one tonne of gold weekly. When Bloomberg asked Tether CEO Paolo Ardoino why they're hoarding gold at a pace rivaling central banks, he answered: "We believe the world is going towards darkness." One of the names in Tether's crosshairs? Versamet Royalties Corporation (NASDAQ: VMET) — where Tether now holds ~12.7% ownership. Keep reading to quickly get up to speed on why we're highlighting (VMET) right now. Per Fortune Business Insights, the global gold market is expected to almost double by 2034. At the center of this expanding precious metals space is a traditional royalty company focused on gold, silver, and copper royalties. And this is just some of the reasons why Versamet Royalties Corporation (NASDAQ: VMET) is topping our watchlist this morning—Tuesday, April 7, 2026.
See (VMET)’s latest corporate presentation here. According to Yahoo Finance, (VMET) has less than 34M shares in its float. With a market cap under $1.2B, that small float size could see the potential for big moves if demand begins to shift. The company operates as an asset-light precious metals royalty and streaming enterprise, acquiring royalty interests on producing and development-stage mines across gold, silver, copper, and other metals. Versamet Royalties Corporation (NASDAQ: VMET) spans Canada, Peru, Namibia, Brazil, and Burkina Faso — with streams and NSR royalties on operations including Greenstone, Kiaka, Rosh Pinah, Kolpa, Blackwater, and Cuiú Cuiú. New Development: Eskay Creek Gold Stream Acquisition
Early yesterday, (VMET) announced its largest acquisition to date: a 3.52% life-of-mine gold stream on the Eskay Creek project in British Columbia. The asset adds exposure to a high-grade, past-producing mine in Canada’s Golden Triangle, with construction reported 49% complete as of February 28, 2026, and first production targeted for Q2 2027. Under the agreement, (VMET) will receive 3.52% of payable gold production over the life of mine, with no caps, step-downs, or buydown provisions. The stream is expected to contribute more than 10,000 gold ounces annually during the first five years of operation and help lift Versamet’s attributable production to more than 30,000 GEOs annually when Eskay reaches full capacity. Total consideration is $360M, including $340M in ca-sh and $20M in common shares. Following closing, management expects Canada to represent roughly 50% of attributable GEOs by 2028, supported by Eskay, Greenstone, and Blackwater. 
Other Recent Milestones Catching Our Attention
- Record Financial Performance: Per the March 12 earnings release, FY 2025 revenue hit $34.8M (up 189%), with net income surging 931% year-over-year.
- Tether Strategic Partnership: According to the February 2026 press release, Tether closed a C$22M private placement. Per Katusa Research, Tether's XAUT gold-backed stablecoin is growing 50% per quarter.
- NASDAQ Listing: Common shares commenced trading on NASDAQ in March 2026, expected to increase U.S. institutional accessibility.
- 2026 Production Guidance: Management guidance targets 20,000 to 23,000 Gold Equivalent Ounces — representing 104-135% growth over 2025's 9,815 GEOs.
- Rosh Pinah RP2.0 Expansion: Per the Q4 release, the expansion is over 85% complete and expected Q3 2026, doubling throughput to 1.3M tonnes annually.
Market Alignment
Here's what stands out. The March 12 earnings release showed Q4 revenue of $18.4M — up 465% year-over-year — with adjusted EBITDA soaring 862% and operating ca-sh flow jumping 1,126%. For FY 2025, revenue hit $34.8M (up 189%) and net income surged 931%. Central banks are now the largest gold accumulators — with J.P. Morgan estimating demand averaging ~585 tonnes quarterly in 2026. 7 Reasons Why (VMET) is Topping This Morning’s Watchlist
—Tuesday, April 7, 2026
1. Record-Shattering Financials: Q4 revenue up 465%, adjusted EBITDA up 862%, operating ca-sh flow up 1,126% — three consecutive years of records since inception. 2. Tether's "Parallel Reserve": Per Katusa Research, Tether is building a private monetary system backed by physical gold in a Swiss nuclear bunker. 3. Limited Float: That float of less than 34M shares could create volatility if demand shifts around key potential catalysts. 4. Cornerstone Shareholders: Lundin Family Trusts (~12%) and Tether (~12%) hold significant stakes, alongside major shareholders B2Gold (~29%) and Equinox (~11%), with Zijin Mining’s Gold Mountains Asset Management also investing. 5. Blackwater Mega-Expansion: Phase 2 expansion targets 21 Mtpa (Mln Tonnes Per Annum) by end of 2028 — pushing gold production to more than 500,000 ounces per year. 6. Eskay Creek Production Growth: The 3.52% life-of-mine gold stream is expected to contribute more than 10,000 ounces annually in its early years and help lift total attributable production to over 30,000 GEOs at full capacity, providing a clear step-up in output tied to a single asset. 7. Long-Life, Uncapped Exposure: The stream includes no caps, step-downs, or buydown provisions, giving full participation in the mine’s production over its life, while increasing exposure to Canadian assets, which management expects to account for roughly 50% of GEOs by 2028. Take A Look At (VMET) Before Tomorrow Morning…
Put it all together, and a clear picture starts to form. You’re looking at a company that has already delivered measurable growth — with Q4 revenue up 465%, adjusted EBITDA up 862%, and operating ca-sh flow up 1,126% — while continuing to expand its footprint across large-scale mining assets. Its structure remains lean, with a float of under 34M shares, while established groups including B2Gold, Lundin interests, Equinox, and Tether maintain significant ownership positions. At the asset level, projects like Blackwater continue to scale toward 500,000+ ounces annually, while the recently announced Eskay Creek stream adds a new layer of production — expected to contribute over 10,000 ounces per year in its early stages and push total output beyond 30,000 GEOs at full capacity. Importantly, that Eskay exposure comes without caps or step-downs, providing full participation across the life of the mine, while increasing the company’s weighting toward Canadian operations over time. Taken together, it’s a combination of financial momentum, expanding production, and long-duration royalty exposure — all within a structure that remains relatively tight. We have all eyes on (VMET) this morning. Take a look at (VMET) while it’s still early. Also, keep a lookout for my next update, it could be hitting within the next hour. Sincerely, Gary Silver
Managing Editor,
Market Crux
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