Versamet Royalties (VMET) Q3 2025 earnings summary

Executive summary

• Achieved record revenue of $8.1 million in Q3 2025, up 155% year-over-year, driven by strong asset performance, new acquisitions, and favorable commodity prices.

• Attributable gold equivalent ounces (GEOs) reached 2,699, a 110% increase over Q3 2024.

• Operating cash flow before working capital changes rose 206% to $6.1 million compared to Q3 2024.

• Completed major acquisitions: a significant silver stream on Rosh Pinah Zinc (Namibia) and a polymetallic royalty on Santa Rita (Brazil).

• Inaugural royalty revenues received from Kiaka and Santa Rita mines.

Financial highlights

• Revenue: $8.1 million in Q3 2025 vs. $3.2 million in Q3 2024.

• Net income: $3.3 million in Q3 2025 vs. $1.6 million in Q3 2024.

• Adjusted EBITDA: $5.7 million in Q3 2025 vs. $1.6 million in Q3 2024.

• Operating cash flow before working capital changes: $6.1 million in Q3 2025 vs. $2.0 million in Q3 2024.

Outlook and guidance

• On track to meet increased 2025 guidance of approximately 10,000 GEOs, with a target of 20,000 GEOs in 2026.

• Growth expected from recent acquisitions and ramp-ups at Greenstone, Kiaka, and Blackwater.