Hi !
As a non native speaker, this is the way I understand this verb. Let's see if a native speaker confirms it or not and / or can give us some more detailed information.
The meaning is that of "being able", sometimes even "to manage (to do something)". A certain effort or strength seems to be implied and / or underlined with this verb :
- er vermag es nicht, mich zu überzeugen (he can't / doesn't manage to convince me)
- nur wenige vermochten sich zu retten (only a few could / manage to escape)
- wir werden alles tun, was wir vermögen (we'll do all that we can = that is in our power or abilities).
The idea of "achieving smth" can be found in such sentences :
- Geduld vermag viel bei ihm
(Patience "can" a lot with him = plays an important role to get what you want / need from him)
It is true that I've hardly ever met this verb in my experience. Only in older literary texts.