Check the picanha for any surface silver skin. Trim off any that you find. Trim the fat cap down to half an inch
Preheat smoker to steady 250°F and add hardwood
Dust surface with dry rub. Press rub into meat with open hand and let it sit at room temperature for 10 - 30 minutes.
Place the picanha on the smoker grate and smoke until internal temperature reaches 115°F. Note: you are smoking the meat to an internal temperature, not for a length of time. Different sizes of meat will cook for different periods of time. Use an instant read thermometer for accurate results.
Remove meat from smoker and tent with foil
Prepare a grill for direct cooking at 475°F - 500°F.
Sear the picanha on both sides to achieve grill marks and color.
Remove the roast from searing when the internal temperature reaches 125ºF
Let rest for 10 minutes.
Slice thinly across the grain and serve warm.