Paul Jones, President of Versamet Royalties (TSX: VMET) (NASDAQ: VMET), joins me to review the key metrics from the record Q4 and FY2025 financials, and to provide an update on key assets ramping up into production, as well as development-stage assets with workstreams working towards eventual production. We also look ahead to future mid-sized royalty and streaming transactions to continue growing, and discuss the benefits of the coming big board US exchange listing.
Q4 2025 Financial Highlights
- Record revenue of $18.4 million, an increase of 465% over Q4 2024.
- Record attributable gold equivalent ounces1(“GEOs”) of 4,430, an increase of 260% over Q4 2024.
- Record operating cash flow before working capital changes2of $13.9 million, an increase of 1,126% over Q4 2024.
- Record net income of $15.1 million, an increase of 307% over Q4 2024.
- Record adjusted EBITDA3of $13.6 million, an increase of 862% over Q4 2024.
Full Year 2025 Financial Highlights
- Record revenue of $34.8 million, an increase of 189% over 2024.
- Record GEOs1of 9,815, an increase of 94% over 2024.
- Record operating cash flow before working capital changes2of $24.7 million, an increase of 277% over 2024.
- Record net income of $20.3 million, an increase of 931% over 2024.
- Record adjusted EBITDA3of $23.0 million, an increase of 336% over 2024.
2025 Corporate Highlights
- Acquired a copper stream on Endeavour Silver’s operating Kolpa mine in Peru.
- Listed on the TSX Venture Exchange and subsequently uplisted to the Toronto Stock Exchange.
- Acquired 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”).
- Welcomed Nemesia S.à.r.l., a private company controlled by the trusts of the Lundin Family, and Tether Investments S.A. de C.V. (“Tether”), as new shareholders of the Company.
- Received inaugural royalty and stream revenues from the Blackwater, Kolpa, Kiaka, Rosh Pinah, and Santa Rita mines.
Post Quarter Highlights
- Completed a C$142 million equity financing, adding several new institutional and retail shareholders.
- Completed a C$22 million private placement with Tether, and separately welcomed Gold Mountains Asset Management Limited, a subsidiary of Zijin Mining Group Co., Ltd., as a new shareholder of the Company.
- Listed on the TSX Venture Exchange and subsequently uplisted to the Toronto Stock Exchange.
- Fully repaid $80 million on the term loan and repaid $46 million on the revolving credit facility, reducing the amount drawn to $45 million as of March 12, 2026.
- Increased revolving credit facility capacity to $225 million, including a $25 million accordion option.
- Common shares commenced trading on the NASDAQ.
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If you have any questions for Paul regarding Versamet Royalties, then please email those in to me at Shad@kereport.com.
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