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National Bank of Canada Increases Versamet Royalties' Price Target to $13

BY MT Newswires | ECONOMIC | 09/26/25 11:39 AM EDT

11:39 AM EDT, 09/26/2025 (MT Newswires) -- National Bank of Canada Thursday raised Versamet Royalties' (VMET.V) price target to $13 from $11 while its outperform rating remained unchanged.

Versamet recently announced its purchase of a 90% silver stream on the Rosh Pinah zinc mine in Namibia and a 2.75% NSR royalty on the Santa Rita nickel mine in Brazil for cash consideration of $125 million, plus contingent payments of up to $45 million.

After incorporating the deal, the bank increased Versamet's net asset value per share by 12% to $6.15, leading to the higher target price.

The bank expects Versamet to remain aggressive in its M&A strategy, potentially pursuing additional deals to further improve its market valuation and take advantage of growth opportunities present in the market.

National Bank derived the price target from a 100% weighted 1.4x P/NAV target multiple.

Versamet's share price traded 1.3% higher at last look Friday to $9.20 on TSX Venture Exchange.

Price: 9.20, Change: +0.12, Percent Change: +1.32

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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