Versamet Royalties (VMET) Investor presentation summary

Strategic positioning and growth trajectory

• Recently listed on NASDAQ and TSX, targeting mid-tier status with a $1.0B market cap and rapid growth in gold equivalent ounces (GEOs).

• Portfolio built through seven acquisitions since 2022, focusing on cash-flowing and near-term development assets.

• 85% of 2026 forecast GEOs from gold and silver, with a 145% CAGR in GEOs from inception to 2025.

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

• Insider ownership at 10%, with marquee shareholders including B2Gold, Tether, Lundin Family, and Zijin.

Asset portfolio and operational highlights

• Key producing and development assets include Greenstone, Kiaka, Blackwater, Kolpa, Rosh Pinah, Eskay Creek, and Santa Rita.

• Eskay Creek gold stream expected to deliver ~10,000 gold ounces annually, with production starting Q2 2027.

• Major ramp-ups and expansions underway at Blackwater, Rosh Pinah, Kolpa, and Greenstone, with new mines Cuiú Cuiú and Toega coming online by 2027.

• Transformative acquisitions include Rosh Pinah silver stream & Santa Rita NSR ($125M) and Eskay Creek gold stream ($360M).

• Multiple sources of growth: third-party royalties, new mine, acquisition, and expansion financing.

Financial performance and market profile

• Revenue grew from $1M in 2022 to $35M in 2025, with 2026 guidance of $20,000–23,000 GEOs and 97% CAGR to 2028.

• Cash and marketable securities of ~$15M, with $375M in debt as of July 2026.

• Four consecutive record quarterly results and annual records since inception; average daily trading volume increased 10x from Q4 2025 to Q1 2026.

• Included in MSCI Small Cap Index, with potential for GDXJ inclusion in H2 2026.

• Trades at a discount to peers on a 2027F P/CF multiple basis.