Versamet Royalties Corp. · TSX:VMET
Versamet Royalties — Investor Presentation (October 2026)
20 slides from Versamet Royalties's investor presentation, October 2026
Slide 1: Rapidly growing to a new mid-tier precious metals royalty company
NASDAQ | TSX: VMET Rapidly growing to a new mid-tier precious metals royalty company INVESTOR PRESENTATION OCTOBER 2026 All dollar figures in U.S. dollars unless otherwise indicated
Slide 2: Versamet Royalties – Snapshot
Versamet Royalties – Snapshot Recently listed on the NASDAQ (VMET) A NEW GOLD RAPIDLY MARQUEE ROYALTY MID-TIER GROWING SHAREHOLDERS B2GOLD 20,000 – 23,000 ~$925M TETHER LUNDIN FAMILY 2026F GEOs market capitalization GOLD MOUNTAINS (ZIJIN) 85% ~145% ~10% 2026F GEOs from gold & silver GEO CAGR from in
Slide 3: Capitalization & Shareholders
Capitalization & Shareholders Capitalization Shareholder Summary Analyst Coverage B2Gold Tether Shares Outstanding 108.8M Lundin Family Zijin Institutions Insiders Basic Market Capitalization $925M1 & Retail Institutions & Ret ~38% 28% Total Options 2.6M RSUs & PSUs 1.2M Cash & Marketable Securities
Slide 4: A Cash Flow Focused Gold Portfolio
A Cash Flow Focused Gold Portfolio Asset Portfolio Today 7 acquisitions since launch in 2022 10 09 10 JUN 2022 Launched Versamet: acquired 2 royalty Gold price at time: Operating or Development Exploration $93M portfolios from Equinox and Sandstorm $1,830/oz In Construction OCT 2023 Gold price at ti
Slide 5: New Cornerstone Asset: Eskay Creek Gold Stream
New Cornerstone Asset: Eskay Creek Gold Stream Uncapped 3.52% gold stream expected to deliver ~10,000 gold ounces per year to Versamet 1 Large-Scale, Near-Term Gold Production High-Quality Deposit with Low AISC Located in a Leading Mining Jurisdiction Fully-Funded Operator Long Mine Life with Expans
Slide 6: Strong GEO Growth Expected to Continue
Strong GEO Growth Expected to Continue GEO Production Profile 50,000 +83% 40,000 30,000 +119% 20,000 2026 +94% 20,000 10,000 +218% to +138% 23,000 2022 Actual 2023 Actual 2024 Actual 2025 Actual 2026 Guidance 2028 Forecast Revenue: $1M Revenue: $3M Revenue: $12M Revenue: $35M 97% CAGR NASDAQ / TSX:
Slide 7: Focus on Gold and Canada
Focus on Gold and Canada 2028F GEOs by Commodity Asset NAV by Jurisdiction 8% 5% Other Cu + Ni 10% 12% Namibia SILVER 17% 80% West 50% Africa GOLD 18% LatAm Over 90% Gold + Silver and 50% Canada NASDAQ / TSX: VMET Figures based on Versamet estimates versamet.com 6
Slide 8: Robust Organic Growth
Robust Organic Growth MINE NEW MINES EARLY WORKS EXPANSIONS COMING ONLINE CONSTRUCTION ROSH PINAH CUIÚ CUIÚ EL PILAR 0.7 Mtpa → 1.4 Mtpa First gold poured in September 2026 Initial 18+ year mine life +100% KOLPA TOEGA SANTA RITA 1,800 tpd → 2,500 tpd Q1 2027 first production +40% UNDERGROUND Initial
Slide 9: Multiple Sources of Growth Opportunities
Multiple Sources of Growth Opportunities THIRD PARTY NEW MINE ACQUISITION EXPANSION ROYALTIES FINANCING FINANCING FINANCING ESKAY CREEK GREENSTONE KOLPA ROSH PINAH Acquired a gold stream on Acquired a gold stream on the Acquired a by-product copper stream Acquired a by-product silver stream Eskay Cr
Slide 10: Growing Both our Asset Portfolio & Capital Markets Profile
Growing Both our Asset Portfolio & Capital Markets Profile Asset Portfolio Capital Markets Profile • Added several new prominent institutions as shareholders $125M through Q1 2026 equity financing & Equinox secondary in July Broaden institutional • Expanded core strategic shareholders: shareholder b
Slide 11: Positioned for a Potential Re-Rate
Positioned for a Potential Re-Rate 2027F Cash Flow ($M) Market Capitalization ($B) 2027F P/CF Multiple Source: NBF research cash flow Market caps as of 1-Oct-26 $60 estimates as of 1-Oct-26 $2,868 $45 $2,146 33x $6.3 21x 21x $446 $6.3 20x $353 18x 14x 14x $1.6 8x $113 $1.2 $0.9 $83 $0.9 $0.7 $26 $35
Slide 12: Investment Highlights
Investment Highlights Diversified portfolio generating robust cash flow Predominantly gold and complemented with silver Rapid but disciplined per share growth ➔ both from inception and upcoming Proven management team Strong strategic cornerstone shareholders Shareholder alignment with meaningful ins
Slide 13: NASDAQ | TSX: VMET
NASDAQ | TSX: VMET info@versamet.com versamet.com NASDAQ / TSX: VMET VERSAMET.COM 12
Slide 14: Leadership with Significant Royalty Experience
Leadership with Significant Royalty Experience A team of 8 total employees led by the former CEO of Maverix Metals Management Team Dan O’Flaherty Victoria McMillan Paul Jones Diego Airo Chris Haubrich Craig Rollins Brent Bonney Peter Winters CEO & Director CFO President EVP, Project Evaluation VP, C
Slide 15: Cash Flowing Assets
Cash Flowing Assets GREENSTONE 1.26% Gold Stream 1 KIAKA 2.7% NSR 3 BLACKWATER Canada Operated by Equinox Gold Burkina Faso Operated by West African Resources Canada ▪ Current mine life of 14 years based on ▪ 2026 guidance: 240 – 280 koz gold 4 reserves averaging 320 koz of gold per ▪ Gold productio
Slide 16: Near-Term Organic Growth
Near-Term Organic Growth CUIÚ CUIÚ TOEGA ESKAY CREEK SANTA RITA EL PILAR Brazil Burkina Faso Canada Mexico UNDERGROUND Brazil 1.5% NSR 2.7% NSR 9 3.52% Gold Stream 2.75% NSR 1% GRR Operated by Cabral Gold Operated by West African Operated by Skeena Gold & Operated by Appian Capital Operated by South
Slide 17: Large Scale Optionality Advancing
Large Scale Optionality Advancing • One of the largest undeveloped gold • Large scale silver-zinc project with significant projects in North America existing resource & exploration potential • PEA released in April 2026 • PEA released in September 2026 • 14 year mine life • 22 year mine life CONVERS
Slide 18: Asset List
Asset List ASSET TERMS METAL LOCATION PROJECT OWNER Eskay Creek 3.52% Stream Au Canada Skeena Gold & Silver Rosh Pinah 90% Stream 1 Ag Namibia Appian Capital Advisory Kiaka 2.7% NSR 2 Au Burkina Faso West African Resources Ltd. Greenstone 1.26% Stream 3 Au Canada Equinox Gold Corp. Operating or In C
Slide 19: 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
Slide 20: Non-IFRS Measures Technical and Third-Party Information
Non-IFRS Measures We have included, in this document, certain performance measures, including GEOs which is a non-IFRS measure. The presentation of such non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of perform
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