Versamet Royalties (VMET) Corporate presentation summary

Business overview and growth trajectory

• Recently listed on NASDAQ and TSX, with a $1.0B market capitalization and rapid growth since inception in 2022.

• Forecasting 20,000–23,000 GEOs in 2026, with a 145% CAGR in GEOs from inception to 2025.

• Portfolio includes 10 operating or in-construction assets and 9 in development, focused on gold and silver.

• Over 90% of asset value is in gold and silver, with 50% of NAV in Canada.

• Major shareholders include B2Gold, Tether, Lundin Family, and Zijin, with 10% insider ownership.

Asset portfolio and acquisitions

• Completed 7 acquisitions since 2022, including transformative deals for Eskay Creek, Rosh Pinah, and B2Gold portfolios.

• Eskay Creek gold stream is a new cornerstone asset, expected to deliver ~10,000 gold ounces per year.

• Key assets include Greenstone, Kiaka, Kolpa, Rosh Pinah, Santa Rita, and Blackwater, with long mine lives and expansion plans.

• Near-term organic growth from Cuiú Cuiú, Toega, Eskay Creek, Santa Rita Underground, and El Pilar.

• Large-scale optionality from undeveloped projects like Hackett River, Converse, Mason, and Mocoa.

Financial performance and capital markets

• Revenue grew from $1M in 2022 to $35M in 2025, with 2026 guidance of $20–23M GEOs and 97% CAGR to 2028.

• Cash and marketable securities total ~$25M, with $375M in debt.

• Trading volumes increased 13x since listing, with inclusion in MSCI and S&P/TSX Small Cap indices.

• Trades at a discount to peers on a 2027F P/CF multiple basis, with potential for a market re-rate.