Versamet Royalties (VMET) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue of $24.0 million, up 594% year-over-year.

• Attributable gold equivalent ounces (GEOs) reached 4,913, a 306% increase from Q1 2025.

• Net income rose to $13.8 million, up 671% year-over-year.

• Operating cash flow before working capital changes was $19.5 million, up 1,282% from Q1 2025.

• Adjusted EBITDA was $18.5 million, a 1,142% increase year-over-year.

Financial highlights

• Revenue: $24.0 million in Q1 2026 vs. $3.5 million in Q1 2025.

• Net income: $13.8 million in Q1 2026 vs. $1.8 million in Q1 2025.

• Adjusted EBITDA: $18.5 million in Q1 2026 vs. $1.5 million in Q1 2025.

• Operating cash flow before working capital changes: $19.5 million in Q1 2026 vs. $1.4 million in Q1 2025.

• Attributable GEOs: 4,913 in Q1 2026 vs. 1,211 in Q1 2025.

Outlook and guidance

• 2026 attributable GEO production guidance remains 20,000–23,000 ounces.

• Higher production expected in H2 2026, driven by catalysts at Toega, Rosh Pinah, Kolpa, and Cuiu Cuiu.

• Toega: First ore delivery to Sanbrado plant scheduled for early Q3 2026.

• Rosh Pinah RP2.0 expansion over 90% complete, expected to finish by end of 2026.

• Cuiu Cuiu Phase 1 commissioning expected Q3 2026, commercial production in Q4 2026.