Versamet Royalties Reports Record Gold Equivalent Ounces for Q2 2026

Versamet Royalties Corporation reported second-quarter 2026 results for the period ending June 30, 2026, posting significant growth across key financial metrics. Revenue reached $23.7 million, a 392% increase year-over-year, while attributable GEOs hit a record 5,255, up 256%. Operating cash flow before working capital changes rose 506% to $19.5 million, and net income surged 2,781% to $4.9 million. Adjusted EBITDA also saw substantial growth, increasing 747% to $18.8 million.

The company completed its previously announced Eskay Creek gold stream acquisition and was included in the MSCI Canada Small Cap Index. Management reaffirmed its 2026 production guidance at 20,000 to 23,000 GEOs, noting that year-to-date GEOs have already exceeded 10,000.

Performance varied across assets. Greenstone produced 64,656 ounces of gold, operating above nameplate capacity on 69% of days. Kiaka produced 67,571 ounces and held 18,253 ounces of unsold bullion. Rosh Pinah sold 72,216 ounces of silver and commissioned the RP2.0 SAG mill, while Kolpa processed 233,408 tonnes. Cuiú Cuiú remains ahead of schedule, with first gold now expected in September. Conversely, Toega presented operational challenges, as the stage 1 open pit is behind schedule and ore delivery to Sanbrado is now expected to be delayed.

Versamet Royalties Corporation (VMET) released earnings that broadly matched expectations, with the company maintaining its existing 2026 guidance. The record GEO figure and strong adjusted EBITDA were consistent with the previously stated full-year GEO range of 20,000 to 23,000, which was not raised. The primary operational negative was a delay at the Toega project; however, as Toega is not yet a producing asset, the full-year guidance remains intact for now.

The Eskay Creek acquisition, which was announced and closed in April, provided no new information. The stock price has moved from $16.80 at the close of the prior Q1 print on May 14, 2026, to $13.90 on August 12, 2026, suggesting the market has de-rated the stock into this print rather than anticipating a major positive surprise.

Versamet Royalties Corporation (VMET) is a mid-tier precious metals royalty and streaming company listed on the NASDAQ and TSX. Launched in June 2022, the company is led by CEO Dan O’Flaherty, formerly of Maverix Metals, and includes several former Maverix executives.

The portfolio includes producing interests at Greenstone, Kiaka, Blackwater, Rosh Pinah, and Kolpa, plus development-stage assets including Eskay Creek, Santa Rita, Cuiú Cuiú, El Pilar, Mercedes, Toega, and several exploration royalties. Commodity exposure is primarily gold and silver, with additional copper, nickel, cobalt, and molybdenum optionality. Geographic exposure is weighted toward Canada, with other interests in Burkina Faso, Namibia, Peru, Brazil, Mexico, the US, Mongolia, and Colombia.