Versamet adds Tether, Lundin Family Trusts as investors

On November 17, 2025, Versamet Royalties announced that Tether Investments S.A. de C.V. and the Lundin Family Trusts have become new cornerstone shareholders. They have collectively acquired Royal Gold, Inc.'s entire holding of 23,654,545 common shares. This results in each entity holding approximately 11.8 million shares, representing a 12.7% stake for each. As part of the investment, both Tether and the Lundin Family have been granted the right to nominate one director to Versamet's board, subject to maintaining their ownership levels. The CEO, Dan O'Flaherty, welcomed the new shareholders, highlighting their financial strength and strategic capabilities as powerful partners for the company's next growth phase, which includes targeting over 20,000 Gold Equivalent Ounces (GEOs) in 2026 and pursuing listings on a major U.S. exchange and the TSX main board.

The introduction of the Lundin family and Tether as cornerstone investors is a game-changing event for Versamet, representing a significant de-risking of the company and a powerful third-party validation of its strategy and asset portfolio. The Lundin family is one of the most respected and successful names in the global mining industry, and their investment serves as a major vote of confidence.

Reviewing the company's progression over the last six months reveals a rapid and disciplined execution of its growth strategy: - May-July 2025: The company began trading on the TSX-V, establishing an initial 2026 forecast of 14,000-16,000 GEOs. It quickly saw key assets like Kiaka pour first gold (ahead of schedule) and received initial payments from Blackwater and the newly acquired Kolpa stream, confirming its cash-flow-focused model. - August-September 2025: The company announced its intention to uplist to the NYSE American and TSX main board, executing a 1-for-5 share consolidation to meet listing requirements. This was followed by a transformative acquisition on September 24, adding the Rosh Pinah silver stream and Santa Rita nickel royalty for $125 million. This single transaction was the catalyst that increased the company's 2026 GEO guidance by approximately 25% to over 20,000 GEOs. - November 2025: Q3 results confirmed the immediate positive impact of the new assets, with record revenue and 2,699 GEOs. The company raised its 2025 guidance from 8,000-9,500 GEOs to 10,000 GEOs, demonstrating strong operational performance and effective integration.

The November 17 news is the culmination of these successful milestones. The new cornerstone investors are not just buying into a plan; they are buying into a company that has a demonstrated track record of delivering on its promises. While the exit of a major like Royal Gold could be questioned, the quality of the incoming investors completely overshadows this. The Lundin family's involvement provides unparalleled strategic value, industry connections, and validation, while Tether brings significant financial credibility. This news fundamentally enhances Versamet's profile, making it significantly more attractive to institutional investors as it proceeds with its planned mainboard listings. The company has successfully transitioned from a newly-listed junior to a de-risked, rapidly growing, and now strategically-backed emerging mid-tier royalty company.

Versamet Royalties is a growth-oriented, precious metals-focused royalty and streaming company. Rather than a single flagship project, its portfolio consists of 28 royalty and stream interests, with 7 currently generating revenue. The company's strategy is to acquire royalties and streams on high-quality, long-life assets in reputable mining jurisdictions, operated by strong counterparties.

Key producing assets include: - Rosh Pinah Mine (Namibia): A 90% silver stream on a zinc-lead mine undergoing a major expansion. - Santa Rita Mine (Brazil): A 2.75% NSR royalty on a large nickel-sulphide mine. - Greenstone Mine (Canada): A 1.26% gold stream. - Kiaka Mine (Burkina Faso): A 2.7% NSR royalty on a newly producing gold mine. - Blackwater Mine (Canada): A 0.21% NSR royalty on a newly producing gold mine. - Kolpa Mine (Peru): A 95.8% copper stream.

The portfolio is geographically diversified across Canada, South America, and Africa. The company is focused on building a leading mid-tier precious metals royalty company.