On April 10, 2026, Versamet Royalties Corporation acquired a 3.52% gold stream in respect of gold production from the Eskay Creek gold-silver project from fund entities managed by Orion Resource Partners LP and fund entities managed by affiliates of Blackstone Inc. (collectively, the “Vendors”).
Versamet paid an upfront cash payment of US$340 million and issued 2,054,906 common shares to the Vendors. Versamet funded the upfront cash payment through an amended and restated credit facility, which includes an increase of the existing revolving facility from US$200 million to US$250 million, maturing in March 2029, and a new term facility in the amount of US$150 million, maturing in March 2028, for a combined total of US$400 million, from the Bank of Montreal and National Bank of Canada. The amended credit facility provides for a US$100 million accordion on the revolving facility once the term facility has been repaid in full.
Under the gold stream, Versamet is entitled to receive 3.52% of the payable gold production for the life of the mine, provided that the mine successfully 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.
Cassels acted for Versamet on the acquisition of the gold stream.