Versamet Royalties (VMET) Q2 2026 earnings summary

Executive summary

• Achieved record attributable gold equivalent ounces (GEOs) of 5,255 in Q2 2026, up 256% year-over-year.

• Revenue reached $23.7 million, a 392% increase over Q2 2025.

• Net income rose to $4.9 million, up 2,781% from Q2 2025.

• Completed transformative acquisition of the Eskay Creek gold stream, enhancing near-term growth.

• Added to the MSCI Canada Small Cap Index, marking first major index inclusion.

Financial highlights

• Operating cash flow before working capital changes was $19.5 million, up 506% year-over-year.

• Adjusted EBITDA reached $18.8 million, a 747% increase over Q2 2025.

• Year-to-date revenue exceeded $47 million, supporting future acquisitions.

Outlook and guidance

• On track to achieve 2026 production guidance of 20,000 to 23,000 GEOs.

• Annual attributable production run rate expected to rise to ~35,000 GEOs after Eskay Creek starts production in 2027.

• Anticipates ramp-up of Cuiú Cuiú gold production in Q4 2026 and first gold in September.