Versamet Royalties Corp
For the period ended Apr 6, 2026. Filed Apr 6, 2026.
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Apr 6, 2026 · Filed Apr 6, 2026
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VMET$9.13+2.2%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Endnotes
Endnotes
| 1. | Sources: Skeena news releases dated November 14, 2023, titled “Skeena Completes Positive Definitive Feasibility Study for Eskay Creek: After-Tax NPV (5%) of C$2.0 Billion, 43% IRR and 1.2 Year Payback” and March 31, 2026, titled “Skeena Gold & Silver Confirms Eskay Creek Reaches 49% Completion & Provides Project Update; Initial Production Remains on Schedule for Q2 2027”. Skeena Gold & Silver corporate presentation dated April 2026, titled “Developing the Next Tier 1 Gold & Silver Mine”. Technical Report titled “NI 43-101 Technical Report on Updated Feasibility Study” with effective date November 14, 2023, prepared by Sedgman Canada Limited. Gold equivalent calculated using $1,800/oz gold price and $23/oz silver price. All available on Skeena Gold & Silver’s website at skeenagoldsilver.com. |
| 2. | Sources: Skeena Gold & Silver news release dated February 3, 2026, titled “Skeena Gold & Silver Completes Permitting Process for Eskay Creek” and news release dated March 31, 2026, titled “Skeena Gold & Silver Confirms Eskay Creek Reaches 49% Completion & Provides Project Update; Initial Production Remains on Schedule for Q2 2027”, available on Skeena Gold & Silver’s website at skeenagoldsilver.com. |
| 3. | Source: Skeena Management Discussion & Analysis for the year ended December 31, 2025. |
| 4. | Notes for Reserves: |
| a. | Mineral Resources are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards, with an effective date of November 14, 2023. The Qualified Person for the estimate is Ms. Terre Lane, MMSA QP, a GRE employee. |
| b. | Mineral Resources are constrained within an open pit shell that uses the following assumptions: gold price of $1,700/oz, Mineral Reserves are stated within the final design pit based on a $1,800/oz gold price and $23.00/oz silver price. Gold and silver recoveries were 83% and 91%, respectively during the LOM scheduling. An NSR cut-off of C$24.45/t was used to estimate Mineral Reserves based on preliminary processing costs of $18.22/t ore processed and G&A costs of C$6.23/t ore processed. Final operating costs within the pit design were C$2.96/t mined, with associated process costs of C$19.16/t ore processed, G&A costs of C$5.69/t ore processed and water treatment costs of C$2.50/t ore processed. Pit slope inter-ramp angles ranged from 26 –51°. |
| c. | Mineral Reserves are reported at a net smelter return cut-off of C$24.45/t, using the equation gold equivalent (“AuEq”) AuEq = ((Au (g/t) * 1,800 * 0.83) + (Ag (g/t)* 23 * 0.91))/(1,800 * 0.83), and inputs of processing costs of C$18.22/t ore process ed and G&A costs of C$6.23/t ore processed. |
| d. | Numbers have been rounded and may not sum. |
| 5. | Notes for Resources: |
| a. | Mineral Resources are reported in-situ, using the 2014 CIM Definition Standards, with an effective date of June 20, 2023. The Qualified Person for the estimate is Ms. Terre Lane, MMSA QP, a GRE employee. |
| b. | Mineral Resources are reported inclusive of those Mineral Resources converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
| c. | Mineral Resources are constrained within a conceptual open pit shell that uses the following assumptions: gold price of $1,700/oz, silver price of $23/oz; metallurgical recoveries of 84% for gold and 88% for silver; reference mining cost of $3.00/t mined; mining dilution of 5%; mining recovery of 95%; processing cost of $15.50/t processed; general and administrative costs of $6.00/t processed; transportation and refining costs of $18.50/oz Au and $7/oz Ag; and overall pit slope angles of 45°. |
| d. | Mineral Resources are reported at a cut-off grade of 0.7 g/t AuEq, using the equation AuEq = ((Au (g/t) * 1,700 * 0.84)+ (Ag (g/t)* 23 * 0.88))/(1,700 * 0.84). |
| e. | Numbers have been rounded and may not sum. |
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