On September 24, 2025, Appian Capital Advisory Limited has finalized the sale of a 2.75% net smelter return royalty on Atlantic Nickel’s Santa Rita polymetallic mine in Brazil and a silver stream on Rosh Pinah Zinc’s mine in Namibia to Versamet Royalties Corporation for a total consideration of up to US$170 million. The transaction includes an upfront cash payment of US$125 million, with an additional US$45 million (with a total value of approximately $230 million CAD) contingent on specific production milestones at Santa Rita.

The Santa Rita royalty covers both open-pit and underground deposits, while the Rosh Pinah silver stream entitles Versamet to 90% of payable silver production, reducing to 45% after 3.1 million ounces have been delivered. Both assets are majority-owned by Appian and are undergoing expansion projects to extend mine life and production capacity. The transaction followed a competitive sales process, reflecting strong market confidence in Appian’s asset quality and portfolio strategy.

Versamet will finance the acquisition through credit facilities totaling US$180 million from the Bank of Montreal and National Bank of Canada. This deal marks the fifth and sixth royalty exits for Appian, underscoring its disciplined approach to portfolio optimization and value realization for investors.

Cassels Brock & Blackwell LLP advised Versamet.