Versamet Royalties (VMET) Investor presentation summary

Company overview and growth trajectory

• Recently listed on NASDAQ and TSX, with a $1.3B market capitalization and rapid growth since inception in 2022.

• Portfolio includes 7 major acquisitions since 2022, focusing on gold, silver, and copper streams and royalties.

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

• Over 85% of 2026 forecast GEOs are from gold and silver, with a strong focus on Canadian assets.

• Insider ownership stands at 10%, with marquee shareholders including B2Gold, Tether, Equinox Gold, and the Lundin family.

Asset portfolio and cash flow generation

• Portfolio includes producing, near-term, and long-term development assets across Canada, West Africa, Latin America, and Namibia.

• Key producing assets: Greenstone (Canada), Kiaka (Burkina Faso), Kolpa (Peru), Rosh Pinah (Namibia), and Santa Rita (Brazil).

• Eskay Creek gold stream is a new cornerstone asset, expected to deliver ~10,000 gold ounces annually starting Q2 2027.

• Multiple assets are ramping up or expanding, including Blackwater, Kolpa, Rosh Pinah, and Cuiú Cuiú.

• Billions in operator capital invested in portfolio assets, supporting future cash flow growth.

Financial performance and market positioning

• Actual revenues grew from $1M in 2022 to $35M in 2025, with 2026 guidance of $20,000–23,000 GEOs.

• Cash and marketable securities total $25M, with $385M in debt as of May 2026.

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

• Four consecutive record quarterly results and increasing trading volumes since public listing.

• Potential for index inclusion (GDXJ) by H2 2026.