Versamet buying $360 million gold stream on Skeena’s Eskay Creek mine

Versamet Royalties Corp. [VMET-TSX] said it has struck a definitive deal with fund entities managed by Orion Resource Partners LP and affiliates of Blackstone Inc. to acquire a 3.52% gold stream on the Eskay Creek gold-silver project in British Columbia. The project is owned by Skeena Gold & Silver Resources Ltd. [SKE-TSX, SKE-NYSE] and is located in the Golden Triangle region of B.C.

Under the agreement, Versamet will pay $360 million, consisting of $340 million in cash and $20 million in common shares. In return, Versamet is entitled to 3.52% of the payable gold production for the life of the mine, provided the mine achieves certain completion tests on or before September 30, 2027. The gold stream is uncapped and has no step-downs or buydown provisions and includes an area of interest.

Eskay is expected to produce an average of over 300,000 ounces of gold annually in its first five years and an average of approximately 230,000 ounces of gold annually over its initial 12-year life.

Versamet is an emerging mid-tier precious metals royalty and streaming company which has made $400 million in acquisitions since it was launched in June, 2022.

On Monday, Versamet shares advanced on the news, rising 8.5% or $1.19 to $15.05. The shares trade in a 52-week range of $43 and $7.00. Skeena eased 0.93% or 40 cents to $42.65. The shares trade in a 52-week range of $53 and $12.15.

Versamet is an emerging mid-tier precious metals royalty and streaming company which has made $400 million in acquisitions since it was launched in June, 2022.

Back in November, 2025, Versamet welcomed Tether Investments and the Lundin Family Trusts as new cornerstone shareholders. It said Tether and the Lundins each acquired 11.8 million common shares representing approximately 12.7% of the company’s issued and outstanding shares. Tether and the Lundins acted independently in their respective acquisitions.

In its latest press release, Versamet revealed other terms and conditions of the streaming deal. For example, if the completion tests are not satisfied by September 30, 2027, the stream percentage shall increase to 3.57%, 3.62% and 3.67% if completion is achieved in the first, second, or third quarters following September 30, 2027, respectively and a further additional 0.13% per quarter for remaining calendar quarters until satisfaction of the completion tests.

If a cumulative total of 2.61 million ounces of payable gold applicable to the gold stream has not been produced by April 1, 2024, Versamet is entitled to a one-time delivery of gold equal to the difference between cumulative gold ounces delivered to the gold stream at the time and 2.61 million ounces. The gold stream is secured over the Eskay Creek project assets.

Closing of the transaction is subject, among other things to the closing of Skeena’s $750 million senior secured notes offering and is expected to occur in the first half of 2026.