Versamet Royalties (VMET) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $21.1M, attributable GEOs were 4,959, and adjusted EBITDA was $17.9M; each increased sharply YoY.

• Producing assets advanced, while construction and development milestones progressed at Eskay Creek, El Pilar, and other projects; GDXJ inclusion marked a capital-markets milestone.

Financial highlights

• Revenue was $21.1M vs. $8.1M in Q3 2025; net income was $4.1M vs. $3.3M.

• Adjusted EBITDA was $17.9M vs. $5.7M; operating cash flow before working capital changes was $18.1M vs. $6.1M.

• Attributable GEOs were 4,959 vs. 2,699 in Q3 2025.

Outlook and guidance

• FY 2026 guidance was reiterated; Kiaka is expected to produce 240,000–280,000 oz of gold in 2026.

• Blackwater Phase 1A remains on track for completion in Q4 2026; Eskay Creek targets first ore in Q2 2027, with construction over 80% complete at end-October.

• El Pilar construction is expected to begin in Q1 2027, with production targeted for H2 2029; Cuiú Cuiú is ramping toward 3,000 tonnes/day and targets commercial production before year-end.