Versamet Royalties (VMET) Investor presentation summary

Scale and portfolio profile

• 2026F production guidance: 20,000–23,000 GEOs; 85% from gold and silver.

• 2028F GEO mix: 80% gold, 12% silver and 8% copper plus nickel; over 90% gold and silver, with 50% of asset NAV in Canada.

• Seven acquisitions since launch in 2022, including the $360M Eskay Creek gold stream acquired in April 2026.

• Portfolio spans operating and construction-stage assets, development projects and exploration royalties across multiple jurisdictions.

Growth assets and catalysts

• Eskay Creek: uncapped 3.52% gold stream; expected to deliver ~10,000 oz of gold annually based on the 2023 DFS years 1–5 average.

• Eskay Creek construction was 75% complete as of Sept. 30; updated mine plan expected in early Q1 2027 and first gold pour in Q2 2027.

• Cuiú Cuiú poured first gold in September 2026; Toega first production is expected in Q1 2027.

• Growth projects include Blackwater’s planned 6 Mtpa to 8 Mtpa to 21 Mtpa expansion and Rosh Pinah’s 0.7 Mtpa to 1.4 Mtpa expansion.

• Santa Rita underground has an initial 30+ year mine life; El Pilar has an initial 18+ year mine life.

Financial position and shareholders

• Market capitalization was $900M as of Oct. 31, 2026; shares outstanding were 108.8M, cash and marketable securities ~ $25M, and debt $375M.

• B2Gold held 28%; insider ownership was ~10%.

• Revenue rose from $1M in 2022 to $3M in 2023, $12M in 2024 and $35M in 2025.

• Average daily trading volume increased from ~ $286K in Q4 2025 to over $4.0M in Q2 2026; included in MSCI Small Cap, GDXJ and S&P/TSX Small Cap indices in 2026.