Versamet Royalties Corp. · TSX:VMET
Versamet Royalties — Investor Presentation (August 2025)
21 slides from Versamet Royalties's investor presentation, August 2025
Slide 1: A new emerging precious metals royalty & streaming investment
TSXV: VMET A new emerging precious metals royalty & streaming investment INVESTOR PRESENTATION AUGUST 2025
Slide 2: Versamet – A Catalyst Rich Royalty Company
Versamet – A Catalyst Rich Royalty Company Newly listed on the TSX Venture Exchange in May 2025 Rapidly growing gold portfolio with added copper exposure, generating meaningful cash flow ▪ 8,000–9,500 GEOs expected in 2025 growing to 14,000–16,000 GEOs in 2026 US$490M market capitalization ▪ Royalti
Slide 3: Leadership with Significant Royalty Experience
Leadership with Significant Royalty Experience Dan Victoria Diego Paul Chris Craig MANAGEMENT Dan O’Flaherty Victoria McMillan Diego Airo Paul Jones Chris Haubrich Craig Rollins Brent Bonney CEO & Director CFO VP, Project Evaluation VP, Corp. Development VP, Corp. Development General Counsel VP, Cap
Slide 4: Capitalization & Shareholders
Capitalization & Shareholders Significant management & strategic shareholder ownership = aligned for success Capitalization Shareholders Shares Outstanding 466.8M Insiders Basic Market Capitalization C$680M (US$490M) 12% Options 16.7M (1) Institutions 33% RSUs 7.1M & Retail 17% Cash & Marketable Sec
Slide 5: Rapid but Disciplined Growth Focused on Cash Flow
Rapid but Disciplined Growth Focused on Cash Flow US$285M in acquisitions since launch in June 2022 APRIL 2025 US$35M acquired copper stream on Gold price per ounce operating Kolpa mine from Endeavour Silver $3,500 JUNE 2024 US$82M OCTOBER 2023 acquired royalty portfolio from B2Gold Au: $3,130/oz $3
Slide 6: Significant Increase in GEOs Expected by 2026
Significant Increase in GEOs Expected by 2026 Growth Driven by New Mines Coming Online and Recent Acquisitions GEO Production Growth 2026F Revenue Split 20,000 GEOs 14,000–16,000 Gold GEOs 87% 8,000–9,500 GEOs 5,100 GEOs Copper 2 5 6 13% paying assets paying assets paying assets 2024 Actual 2025 For
Slide 7: Solid Foundation Generating Increasing Cash Flow
Solid Foundation Generating Increasing Cash Flow Combined ~14,000 GEOs per year PROJECT Greenstone Kolpa Kiaka OPERATOR Equinox Gold Endeavour Silver West African Resources ANNUAL PRODUCTION 330,000 oz Au ~500 t Cu 258,000 oz Au life of mine average 2023 and 2024 actual average for first 5 years MIN
Slide 8: Kiaka First Gold Poured Ahead of Schedule
Kiaka First Gold Poured Ahead of Schedule First gold bars poured on June 26, 2025 (ahead of schedule) Ramp up progressing smoothly with recoveries consistently above 92% Expect to hit nameplate throughput during Q3 2025 TSXV: VMET versamet.com 7
Slide 9: Valuation Multiples
New Mid-Tier Precious Metals Royalty Landscape $5B+ LARGE MID-TIERS 1.5–1.8x P/NAV $1B–$4B SMALL MID-TIERS 1.3–1.5x P/NAV 80–88K GEOs (2) 105–115K GEOs (2) $500M–$1B Valuation Multiples LARGE JUNIORS 1.1–1.3x P/NAV 65–80K GEOs (1) <$500M 32–35K GEOs (1) JUNIORS 0.6–1.0x P/NAV 23–27K GEOs (1) Versame
Slide 10: Dual Track Growth Strategy
Dual Track Growth Strategy Compound Effect: Each acquisition grows both the asset portfolio & capital markets profile Asset Portfolio Capital Markets >> ORGANIC GROWTH + STRONG ACQUISITION PIPELINE >> CAPTURE HIGHER VALUATION MULTIPLES Predominantly Precious Metals Research analyst coverage maintain
Slide 11: Catalyst Rich Near-Term
Catalyst Rich Near-Term 8,000–9,500 GEOs in 2025 to 14,000–16,000 GEOs in 2026 Asset Portfolio Capital Markets Blackwater commercial production Q1 2025 Commenced trading on the TSX Venture Q2 2025 Kolpa copper stream acquisition Q2 2025 Reported record Q1 2025 revenue Q2 2025 First delivery of coppe
Slide 12: Investment Highlights
Investment Highlights Newly Listed, Free Cash Flow Positive and Growing High-Quality, Gold-Focused Portfolio with Upcoming Catalysts Disciplined, Growth-Focused Strategy with Proven Track Record Strong Stable of Sponsors and High v Insider Ownership TSXV: VMET versamet.com 11
Slide 13: Appendix
Appendix TSXV: VMET VERSAMET.COM 12
Slide 14: Cash Flowing Assets
Cash Flowing Assets Greenstone Kolpa Blackwater Kiaka Mercedes 1.26% Stream 1 95.8% Stream 3 0.21% NSR 5 2.7% NSR 7 2% NSR Au Cu Au, Ag Au Au, Ag Ontario, Canada Peru British Columbia, Canada Burkina Faso Mexico Equinox Gold Endeavour Silver Artemis Gold West African Resources Bear Creek Mining ▪ Fi
Slide 15: Organic Growth
Organic Growth 2.7% NSR 10 1% GRR 12 Operated by West African Resources Operated by Southern Copper Corp. ▪ Gold satellite deposit providing ore feed to ▪ Copper greenfield project located 45km from SCC’s Sanbrado processing plant Buenavista Mine ▪ Pre-stripping expected to start in Q4 2025 with fir
Slide 16: Large Scale Optionality
Large Scale Optionality HACKETT RIVER CONVERSE PRAIRIE CREEK CANADA USA CANADA 2% NSR – Glencore Canada 2% NSR – AxCap Ventures 1.2% NSR – NorZinc One of the largest undeveloped silver- One of the largest undeveloped gold Large scale zinc-silver project with significant rich VMS projects globally pr
Slide 17: Asset Portfolio
06 03 17 Asset Portfolio Cash Flowing Near-Term Long-Term or In Construction Development Development versamet.com 16
Slide 18: Cash-flowing, gold-copper centric portfolio with large-scale optionality
Cash-flowing, gold-copper centric portfolio with large-scale optionality Portfolio Breakdown Stage Commodity Operator 12% 15% 18% 13% 69% 25% 88% 13% 85% Operators Cash Flowing or Precious Metals with Market Cap In Construction and Copper 60% Over US$1B 69% 72% 3% Cash Flowing or Near-Term Long-Term
Slide 19: Asset List
Asset List PROJECT TERMS METAL LOCATION PROJECT OWNER Greenstone 1.26% Stream 1 Au Canada Equinox Gold Corp. Mercedes 2.0% NSR Au, Ag Mexico Bear Creek Mining Corp Kolpa 95.8% Stream 2 Cu Peru Endeavour Silver Corp. Blackwater 0.21% NSR 3 Au Canada Artemis Gold Inc. Kiaka 2.7% NSR 4 Au Burkina Faso
Slide 20: End Notes
End Notes 1) Greater of i) 1.26% of monthly production at Greenstone Mine (100%), or ii) 350 oz Au per month, until 63 koz Au have been delivered; gold deliveries subject to per-ounce payments equal to 20% of the prevailing spot gold price 2) Source: Equinox Gold “NI 43-101 Technical Report on the G
Slide 21: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities legislation. All information contained in this presentation, other than statements o
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