On November 17, 2025, Tether Investments S.A. de C.V., a company focused on strategic investments that complement its vision for open financial systems supported by digital and real-world assets, made a strategic acquisition by purchasing outstanding common shares of Versamet Royalties Corporation, an emerging mid-tier precious metals royalty and streaming company listed in Canada. The acquisition resulted in Tether Investments owning approximately 12.7% of the issued and outstanding common shares of Versamet. Pursuant to the terms of the transaction, Tether Investments purchased 11,827,273 common shares of Versamet from Royal Gold, Inc., at a price of $8.75 per common share, representing an aggregate purchase price of approximately $103.4 million.
Concurrent with the acquisition of the Versamet shares, Versamet also granted to Tether Investments, subject to Tether Investments maintaining certain ownership thresholds in Versamet, (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in Versamet; (c) piggyback registration rights; and (c) the right to nominate one person to the board of directors of Versamet.
The Lundin Family Trusts also concurrently acquired 11,827,272 common shares of Versamet from Royal Gold, Inc. at a price of $8.75 per share. Tether and the Lundins acted independently in their respective acquisitions.
Cassels acted for Tether Investments.