{"schema_version":"1.0","name":"VMET Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"7df7ec81-0e5c-43d8-81eb-0c06a2af8be7","symbol":"VMET","name":"Versamet Royalties Corporation Common Stock","exchange":"NASDAQ","country":"US","asset_type":"equity","currency":"USD","sector":"Basic Materials","industry":"Other Precious Metals & Mining"},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Directional strength and control, Activity pressure and cumulative balance, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Range position and boundary pressure."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":52,"displayedObservations":52,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.108421,-0.182933,-0.180795,-0.343859,-0.33889,-0.393048,-0.273291,-0.212062,-0.227547,-0.183576,-0.193613,-0.034693,0.078291,0.263726,0.242686,0.180324,0.037255,-0.246833,-0.495429,-0.762263,-0.963542,-0.985253,-0.949022,-0.756567],"opens":[10.5,11.385,10.34,9.69,10.0,11.91,12.33,12.31,11.42,12.15,11.34,12.17,13.65,12.0,12.96,12.0,12.21,11.98,9.65,8.9,9.11,8.83,10.28,10.37],"highs":[11.39,11.79,10.68,10.0,12.5,12.06,13.73,12.7,12.35,13.3299,11.99,13.8075,13.8,12.6,13.71,12.33,13.22,11.98,9.845,9.85,9.3999,10.3999,10.6436,10.8],"lows":[10.0,9.89,9.26,9.1,10.0,11.0,11.64,11.09,10.9,10.9,10.6435,11.7,11.47,10.7361,11.86,10.89,11.63,9.34,8.57,8.75,8.48,8.68,9.71,9.95],"closes":[10.59,10.05,9.5,9.94,11.97,11.03,12.29,11.42,12.18,11.17,11.89,13.53,12.12,12.54,12.04,12.2,11.82,9.63,8.76,9.04,8.83,10.25,10.13,10.61],"hoverRows":[[{"label":"Open","value":"10.5","className":"is-ohlc","compact":true},{"label":"High","value":"11.4","className":"is-ohlc","compact":true},{"label":"Low","value":"10.0","className":"is-ohlc","compact":true},{"label":"Close","value":"10.6","className":"is-ohlc","compact":true},{"label":"Market 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weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.83","className":"is-ohlc","compact":true},{"label":"High","value":"10.4","className":"is-ohlc","compact":true},{"label":"Low","value":"8.68","className":"is-ohlc","compact":true},{"label":"Close","value":"10.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.99","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.3","className":"is-ohlc","compact":true},{"label":"High","value":"10.6","className":"is-ohlc","compact":true},{"label":"Low","value":"9.71","className":"is-ohlc","compact":true},{"label":"Close","value":"10.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.95","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.4","className":"is-ohlc","compact":true},{"label":"High","value":"10.8","className":"is-ohlc","compact":true},{"label":"Low","value":"9.95","className":"is-ohlc","compact":true},{"label":"Close","value":"10.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.76","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[8.4738,13.8162],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.756567,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"steady","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Price response ahead of support","detail":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","annotations":[{"label":"Current tape relationship","value":"Price response ahead of support","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-29","price":13.53}],"reversal_dangers":[{"date":"2026-06-05","price":12.12}]}},"smTape":{"available":true,"dates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[1.08,1.18,5.89,5.89,8.0,8.0,8.05,8.1,7.92,8.95,6.94,7.6,8.53,8.25,8.41,9.11,9.35,9.35,11.35,10.26,11.55,10.68,11.1,9.99,10.0,10.49,10.11,10.55,10.59,10.05,9.5,9.94,11.97,11.03,12.29,11.42,12.18,11.17,11.89,13.53,12.12,12.54,12.04,12.2,11.82,9.63,8.76,9.04,8.83,10.25,10.13,10.61],"consensus":[-100.0,60.0,100.0,0.0,82.3155,61.7709,43.8158,46.4337,8.7186,89.8242,-25.524,38.1033,46.5645,0.0,41.9877,71.0944,27.6512,30.8059,58.2399,-8.8542,44.0091,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,-16.0573,-17.7598,11.1194,39.5746,-13.8897,25.5522,0.0,25.7476,-15.8009,19.7377,42.9424,-16.4139,24.5759,-10.3761,0.0,-12.2777,-55.3451,-45.8646,-27.2605,-31.6131,24.2132,0.0,-19.6836],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,58.558,25.4826,30.6863,4.2075,90.5386,-23.9253,52.4368,27.9856,0.0,28.6643,69.4369,19.6215,28.2059,49.7391,-14.0904,30.1167,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,-19.335,-20.1324,19.2518,37.55,-19.5192,15.1443,0.0,31.5304,-18.2869,28.5516,45.1571,-15.6116,26.5225,-15.4368,0.0,-15.3182,-49.9857,-47.4822,-24.9631,-27.9058,26.2986,0.0,-17.5139],"force":[-100.0,60.0,100.0,0.0,57.5573,19.8513,3.792,7.853,51.5613,95.3629,-85.2048,24.6112,50.3137,0.0,26.0571,70.2219,8.6708,8.0606,70.5658,-67.3327,59.2458,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,-28.3052,-26.3556,21.4295,69.5499,-38.9451,39.0838,0.0,33.915,-36.7655,26.0864,52.9728,-48.9203,29.9105,-22.4259,0.0,-19.6062,-84.5824,-40.616,-6.6818,-18.6137,59.502,0.0,-34.5298],"direction":[null,null,null,null,100.0,95.3853,93.3564,91.9883,56.9312,85.0516,-15.278,31.3593,65.1196,0.0,68.5934,73.612,50.3854,50.0239,59.1508,-38.9004,49.0029,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,-3.5628,-8.9084,5.5392,20.4775,-10.4407,27.7817,0.0,13.3049,-2.0149,5.1299,33.2466,-5.888,18.5408,-4.0146,0.0,-3.5682,-40.5864,-47.7649,-44.5852,-45.1352,3.3763,0.0,-11.5588],"intensity":[null,null,null,null,50.0,40.0,50.0,42.8571,50.0,55.5556,70.0,36.3636,75.0,61.5385,14.2857,40.0,43.75,23.5294,100.0,57.8947,70.0,100.0,100.0,78.2609,25.0,76.0,76.9231,81.4815,78.5714,24.1379,46.6667,29.0323,75.0,39.3939,58.8235,42.8571,30.5556,40.5405,57.8947,64.1026,57.5,48.7805,47.619,58.1395,27.2727,75.5556,73.913,8.5106,14.5833,61.2245,42.0,15.6863],"confirmation":[54.6667,41.8667,54.6667,0.0,70.5425,86.5381,58.414,59.2563,12.0213,96.9017,35.9369,79.5634,83.298,8.6707,81.1536,90.7489,76.3923,77.2043,87.1419,35.5012,82.759,27.951,24.4547,25.4955,1.2904,1.5098,24.2989,1.3525,0.876,50.795,73.909,50.2635,81.6083,30.0165,76.7477,28.9692,76.4,51.4205,51.7086,82.0135,52.8448,75.9972,49.8002,48.8262,49.4392,86.6831,82.4921,53.4645,77.7765,54.8455,23.7318,74.7843],"persistence":[null,null,33.3333,25.0,40.0,50.0,57.1429,62.5,87.5,87.5,62.5,75.0,75.0,62.5,62.5,62.5,62.5,62.5,87.5,62.5,62.5,62.5,50.0,37.5,25.0,12.5,0.0,12.5,0.0,12.5,25.0,12.5,0.0,12.5,0.0,0.0,12.5,12.5,37.5,37.5,12.5,37.5,12.5,12.5,12.5,12.5,37.5,62.5,62.5,62.5,50.0,37.5],"assessmentRisk":[null,null,null,null,8.7695,19.0524,20.1977,20.1267,6.8358,17.218,16.1308,34.1381,4.452,19.7204,16.6928,10.9997,22.163,29.894,20.7481,46.1396,26.7781,45.6226,14.9511,11.5456,45.2238,13.0474,38.9546,26.4792,28.4822,15.2909,20.9871,40.906,26.6559,48.7905,37.0939,50.7061,0.4661,15.7346,30.8124,27.2538,5.3928,30.581,12.1804,46.6377,7.7088,21.8864,26.8504,36.1916,33.9666,14.4905,44.99,35.9688],"volumeParticipation":true,"latest":{"consensus":-19.7,"control":-17.5,"force":-34.5,"direction":-11.6,"confirmation":74.8,"persistence":37.5,"assessmentRisk":36.0,"intensity":15.7,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-19.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-17.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-34.5","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-11.6","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"75/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"51.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"19.5%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"69.1","detail":"Directional","tone":"positive"},{"label":"Range position","value":"33%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[1.08,1.18,5.89,5.89,8.0,8.0,8.05,8.1,7.92,8.95,6.94,7.6,8.53,8.25,8.41,9.11,9.35,9.35,11.35,10.26,11.55,10.68,11.1,9.99,10.0,10.49,10.11,10.55,10.59,10.05,9.5,9.94,11.97,11.03,12.29,11.42,12.18,11.17,11.89,13.53,12.12,12.54,12.04,12.2,11.82,9.63,8.76,9.04,8.83,10.25,10.13,10.61],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,3.6491,4.4402,5.0965,5.6426,6.0567,6.5827,6.6477,6.8208,7.1316,7.3349,7.5304,7.8176,8.0962,8.3242,8.8743,9.1263,9.5669,9.7693,10.0113,10.0074,10.0061,10.094,10.0969,10.1793,10.254,10.2169,10.0866,10.0599,10.4072,10.5204,10.8422,10.9472,11.1714,11.1711,11.3018,11.7069,11.782,11.9199,11.9417,11.9887,11.958,11.5347,11.0302,10.6684,10.3341,10.3188,10.2845,10.3437],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,4.8881,5.1371,5.3796,5.6559,5.9295,6.1829,6.5657,6.8393,7.1883,7.4469,7.7175,7.8858,8.0424,8.2237,8.3635,8.5254,8.6784,8.78,8.8333,8.9153,9.1416,9.2814,9.5043,9.6462,9.8339,9.9329,10.0778,10.3335,10.4659,10.6195,10.7247,10.834,10.9071,10.8125,10.6604,10.5404,10.4137,10.4016,10.3815,10.3984],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,11.8025,11.617,11.5426,11.6246,11.6309,11.6492,11.7648,11.8919,11.9913,12.4299,12.5943,12.4138,11.6155,11.7901,11.6894,11.7703,11.8963,11.9561,12.0519,12.1133,12.1517,11.9273,11.7733,12.0218,11.9885,12.1753,12.2203,12.4013,12.379,12.4599,12.9779,13.0531,13.2419,13.3262,13.4098,13.4285,13.4906,13.6441,13.7432,13.8451,13.8412,13.8118,13.8007],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,0.8095,1.1103,1.3908,1.6262,1.8519,2.0562,2.2227,2.3728,2.5199,2.5122,2.6267,3.8542,5.6025,5.9489,6.4596,6.5787,6.7017,6.8479,6.9971,7.2027,7.2743,7.7547,8.1427,8.2382,8.5495,8.7507,8.9367,9.0387,9.243,9.2161,9.0251,9.0069,9.0041,9.0138,9.1512,9.3145,9.1664,8.8779,8.6278,8.3499,8.3738,8.4662,8.5443],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,81.9419,82.7419,83.4848,84.1796,84.5886,84.9052,85.2562,85.5821,85.9235,85.9881,85.9566,85.9652,85.8372,85.8002,85.6364,85.0582,84.602,83.6016,82.7625,80.6834,78.3475,76.1794,74.0098,72.2109,70.5931,69.1264],"stroke":"#10243b","width":2.0},{"label":"Positive 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pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,17.2662,202.6756,195.5157,60.5932,6.0708,191.5888,164.3401,315.0376,159.5668,149.7119,79.3076,108.5312,323.3831,373.8509,301.2367,409.7311,179.184,363.119,233.2735,133.6207,1156.8014,574.0025,802.4955,327.8765,152.0096,323.685,139.1792,452.6721,142.483,108.2879,137.2326,114.005,122.7274,180.1031,169.4507,82.8235,91.5319,79.125,208.4669,81.0622,92.8442,83.985,121.6737,117.9999,154.5419],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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