Versamet sells 9,815 oz AuEq in 2025

Executive Summary

• Versamet Royalties Corp. reported record attributable gold equivalent ounces (GEOs) for the fourth quarter and full year 2025, with full-year GEOs increasing 94% year-over-year to 9,815.
• The company provided 2026 guidance, projecting attributable GEOs to more than double to between 20,000 and 23,000, supported by robust cash flow and recent equity financing.
• Significant operational updates were provided for key assets, including the ramp-up at Kiaka, the RP2.0 expansion at Rosh Pinah, plant expansions at Kolpa, and construction progress at Toega and Cuiu Cuiu.

Key Details

• 2025 Financial & Operational Performance:
  • Q4 attributable GEOs sold: 4,430 (increase of 260% over Q4 2024).
  • Full-year 2025 attributable GEOs sold: 9,815 (increase of 94% over 2024).
  • Inaugural silver delivery received from Rosh Pinah in Q4.
  • Inaugural royalty payment received from Santa Rita in Q4.
• 2026 Guidance:
  • Projected attributable GEOs: 20,000 to 23,000 (more than 100% year-over-year increase).
  • Expected average cash cost margin: approximately 93%.
  • Revenue mix: Approximately 85% derived from gold and silver.
  • Basis: Calculated based on public forecasts from operators and internal estimates.
• Asset Updates:
  • Kiaka (2.7% NSR): Produced 62,287 oz gold in Q4; sold 56,293 oz; held 15,468 oz unsold bullion (expected to contribute to Q1 2026 GEOs). Open-pit mining increased mined ounces by 76% QoQ. Mill throughput increased 25% and grade increased 44% QoQ, achieving 92.9% metallurgical recovery.
  • Rosh Pinah (90% Silver Stream): Final settlement of Q3 2025 concentrate shipment occurred in early Jan 2026 (contributing to Q1 2026 GEOs). Appian Capital Advisory updated on RP2.0 expansion: new paste fill plant commissioned, construction >85% complete, completion expected Q3 2026. Diamond drilling program (>80,000m through 2027) underway for resource expansion.
  • Kolpa (95.8% Copper Stream): Endeavour Silver 2026 guidance: Plant throughput 2,300–2,500 tpd; copper production 650–750 tonnes. $26.5M capital projects planned, including $2.7M mine development, $7.1M infrastructure/equipment, and $16.7M growth expenditures for plant expansion (new ball mill, flotation cells, tailings facility). Plant expansion completion estimated Q1 2026.
  • Toega (2.7% NSR): Haul road construction on schedule for ore delivery to Sanbrado plant in early Q3 2026. Prestripping commenced; material movement expected to reach steady state by end of Q1 2026.
  • Cuiu Cuiu (1.5% NSR): Phase 1 gold-in-oxide heap leach project construction accelerating. On track/on budget for commercial production in Q4 2026. Detailed engineering 26% complete; procurement 65% complete (by value), with remaining equipment to be finalized in Q1 2026.
• Leadership Changes:
  • Paul Jones promoted to President.
  • Diego Airo promoted to Executive Vice-President, Project Evaluation.

Notable Quotes

• "Two thousand twenty-five marked a breakout year for Versamet, highlighted by our third consecutive year of record GEOs. Two thousand twenty-five GEOs increased by 94 per cent compared to 2024, underscoring the strength and scalability of our portfolio. We expect this momentum to continue in 2026, with GEOs projected to more than double to between 20,000 and 23,000." — Dan O'Flaherty, CEO
• "Paul and Diego have been instrumental in the growth of Versamet over the past three years... These appointments reflect the continued growth and increasing scale of our business, bolstering our leadership capacity as we grow our capital markets profile alongside our strong underlying business." — Dan O'Flaherty, CEO