Versamet Royalties (VMET) Q2 2025 earnings summary

Executive summary

• Achieved record revenue of $4.8 million and record attributable gold equivalent ounces (GEOs) of 1,475 for Q2 2025, up from 1,237 GEOs in Q2 2024.

• Operating cash flow before working capital changes reached a record $3.2 million, compared to $1.8 million in the prior year.

• Commenced trading on the TSX Venture Exchange and completed the acquisition of a copper stream on the Kolpa mine in Peru.

• Received inaugural copper delivery from Kolpa and saw first gold pour at Kiaka and commercial production at Blackwater.

Financial highlights

• Revenue increased to $4.8 million from $2.9 million year-over-year.

• Net income for Q2 2025 was $170,000, down from $1.1 million in Q2 2024.

• Adjusted EBITDA was $2.2 million, up from $1.6 million year-over-year.

• Operating cash flow before working capital changes rose to $3.2 million from $1.8 million.

Outlook and guidance

• On track to meet 2025 guidance of 8,000 to 9,500 GEOs.

• Positive free cash flow generation expected to increase in the second half of 2025 as Greenstone, Kiaka, and Blackwater ramp up and Toega pre-strip mining begins in Q4.