All amounts are in U.S. dollars unless otherwise indicated.

Vancouver, BC: Versamet Royalties Corporation (“Versamet” or the “Company”) (TSX-V: VMET) announces another consecutive quarter of record operating and financial results for the three months ended September 30, 2025, driven by strong operating performance across our asset portfolio, new acquisitions, and strong commodity prices.


Third Quarter 2025 Highlights

Record revenue of $8.1 million, an increase of 155% over Q3 2024.

Record attributable gold equivalent ounces1 (“GEOs”) of 2,699, an increase of 110% over Q3 2024.

Record operating cash flow before working capital changes2 of $6.1 million, an increase of 206% over Q3 2024.

Acquisition of a significant silver stream on the operating Rosh Pinah Zinc mine in Namibia and a polymetallic royalty on the operating Santa Rita mine in Brazil, both operated by Appian Capital Advisory Limited (“Appian”).

Inaugural royalty revenues from the Kiaka and Santa Rita mines.


Dan O’Flaherty, CEO of Versamet, commented, “Q3 was another record quarter for revenue, GEOs and cash flow, highlighted by the company’s largest transaction to date with the acquisition of a significant silver stream on Rosh Pinah Zinc, a high-quality mine in Namibia that is currently undergoing an expansion, and a royalty on Santa Rita in Brazil, a top tier nickel-sulphide mine. The addition of these expanding cash-flowing assets has a significant impact to Versamet’s GEOs, both now and in the years ahead, accelerating the Company’s growth in becoming a new mid-tier precious metals royalty and streaming company.

We are looking forward to a strong finish to the year and we are on track to meet our increased guidance of approximately 10,000 GEOs, growing to approximately 20,000 GEOs in 2026, as a result of the contributions from the recently acquired Rosh Pinah Zinc, Santa Rita, and Kolpa assets, as well as the continued ramp-ups at Greenstone, Kiaka, and Blackwater.”

Summary of Quarterly Results

All amounts in thousands, except GEOs
3 months ended Sep. 30, 2025 3 months ended Sep. 30, 2024

Attributable GEOs1. 2,699 1,288

Revenue $8,118 $3,178

Net income $3,319 $3,864

Adjusted EBITDA3 $5,715 $1,639

Operating cash flow, before working capital changes. $6,136 $2,004

For complete details please refer to the unaudited Condensed Interim Financial Statements and associated Management Discussion and Analysis for the three and nine months ended September 30, 2025, available on SEDAR+ (sedarplus.ca) or on the Company’s website (versamet.com).


Asset Updates
Greenstone (1.26% Gold Stream)

Attributable production from Greenstone totaled 1,050 GEOs in the third quarter. Operational performance at the mine continued to improve, as mining rates and processing grades increased by 10% and 13%, respectively, compared to the second quarter. Versamet is entitled to monthly deliveries equal to the greater of 1.26% of produced gold or 350 ounces of gold. 4


Kiaka (2.7% NSR)

During the third quarter, the Kiaka mine produced 32,869 ounces of gold, of which 18,254 ounces were sold, and 12,310 ounces of gold bullion remained unsold at the end of the quarter. Work on the main grid power connection progressed throughout the quarter, and the connection was completed in late October. Commissioning and ramp-up are now underway. 5


Blackwater (0.21% NSR)

During the third quarter, the Blackwater mine produced 60,985 ounces of gold, almost entirely from the area covered by the Company’s royalty. The mine is on track to achieve its 2025 production guidance of 190,000 to 230,000 ounces of gold. Construction of the Phase 1A expansion, a capital efficient 33% increase in processing plant design capacity, commenced during the third quarter, and an investment decision on the larger Phase 2 expansion is expected to be made before the end of year. 6


Santa Rita (2.75% NSR)

The Company received its inaugural royalty revenue from Santa Rita since the acquisition of the royalty in September. On October 21, 2025, Appian and International Finance Corporation, a member of the World Bank Group, announced the launch of a new $1 billion partnership to accelerate the responsible development of critical minerals, metals and mining related projects in emerging markets. The fund’s first investment is the Santa Rita mine, which is currently transitioning to underground production which is expected to produce approximately 30,000 tonnes per year of nickel equivalent with a mine life exceeding 30 years. 7


Toega (2.7% NSR)

On November 3, 2025, West African Resources announced that construction of the water storage facility was completed, and pumping has commenced in preparation for the start of mining activities. Earthworks for the mine services area are well advanced and mining equipment began arriving on site, with commissioning activities underway. Pre-stripping of the open pit is scheduled to commence at the end of the fourth quarter of 2025. 8


Cuiú Cuiú (1.5% NSR)

On October 16, 2025, Cabral Gold Inc. (“Cabral”) announced the financing and approval by its board of directors to commence construction of the heap leach starter project at Cuiú Cuiú in Brazil. Cabral will accelerate its early works program into full construction mode in support of the first gold pour by the end of 2026. In connection with the progress at the mine, the Company has begun receiving advance royalty production payments. 9


El Pilar (1.0% GRR)

During the third quarter, Southern Copper provided a capital cost and production profile update for El Pilar, which indicated construction of the mine commencing in 2026 with first production in 2028. 10
About Versamet Royalties Corporation

Versamet is an emerging mid-tier precious metals royalty and streaming company focused on creating long-term per share value for its shareholders through the acquisition of high-quality assets. Versamet common shares trade on the TSX Venture Exchange under the symbol “VMET”.

For more information about Versamet, including additional details on our royalties and streams, please visit our website at versamet.com.

General inquiries:
Craig Rollins, General Counsel
Email: info@versamet.com

Telephone: 778-945-3948

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Diego Airo, P.Eng, Vice President of Evaluations for Versamet and a member of the Association of Professional Engineers and Geoscientists of the Province of British Columbia. Mr. Airo is a Qualified Person as defined in the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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