Versamet Royalties Announces Record Revenue and Gold Equivalent Ounces for the Second Quarter of 2025

Executive Summary

• Versamet Royalties reported record Q2 2025 revenue of $4.8 M and a record 1,475 attributable gold‑equivalent ounces (GEOs).
• The company increased its revolving credit facility to $60 M with an additional $15 M accordion feature.
• Significant operational milestones were achieved: inaugural copper delivery from the Kolpa stream, first gold pour at West African’s Kiaka mine, and commercial production commencement at Artemis’ Blackwater mine.

Key Details

• Financial Highlights (Q2 2025 vs Q2 2024):
• Revenue: $4,826 k vs $2,901 k
• Attributable GEOs: 1,475 vs 1,237
• Adjusted EBITDA: $2,220 k vs $1,607 k
• Operating cash flow (pre‑working‑capital): $3,208 k vs $1,779 k
• Credit Facility: Revolving facility raised to $60 M; includes a $15 M accordion option.
• Greenstone Gold Stream (1.26%): Produced 1,050 GEOs in Q2; mining rates up 23%, processing up 20%; entitlement = greater of 1.26% of production or 350 oz/month.
• Kiaka Mine (2.7% NSR – West African Resources): First gold bars poured on June 26 2025; recoveries >92%; grid power connection expected Q3 2025; forecast 100‑150 k oz for 2025, long‑term average 255 k oz/yr (2026‑2030).
• Kolpa Copper Stream (95.8%): Acquisition completed May 1 2025; inaugural copper delivery received June 2025; pending permits to raise mining rate from 1,800 t/d to 2,500 t/d; updated resource estimate expected 2026.
• Blackwater Mine (0.21% NSR – Artemis Gold): Commercial production achieved Q2; produced 50,623 oz gold in quarter; on track for 2025 guidance of 190‑230 k oz; phase‑2 expansion decision by year‑end.
• Toega Project (2.7% NSR – West African Resources): Pre‑strip mining on schedule; full pre‑strip to start Q4 2025; projected 70‑80 k oz/yr from open pit and same from underground starting 2029.
• Cuiú Cuiú Gold District (1.5% NSR – Cabral Gold): Updated pre‑feasibility study confirms high return, low capital entry; production possible within 12 months of investment decision.

Notable Quotes

“The second quarter was highlighted by several significant milestones… our common shares commenced trading on the TSX Venture Exchange in May and the first gold pour occurred at Kiaka in June… we are on track to meet our guidance of 8,000 to 9,500 GEOs this year.” – Dan O'Flaherty, CEO

Materiality Assessment: Material – Positive (record financial results, credit facility increase, and multiple operational milestones that materially affect the company’s performance).