Versamet Royalties Corp
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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Jun 30, 2026 · Filed Aug 13, 2026
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VMET$9.13+2.2%Stored close · as of Nov 6, 2026
Contents
EX-99.5 · Endnotes
Endnotes
| 1. | Attributable Gold Equivalent Ounces is calculated by converting the Company’s royalty revenue and stream sales to a GEO basis by dividing the royalty revenue plus stream sales for a period by the average gold price based on the LBMA Gold Price PM Fix per ounce for the same respective period. Total Attributable GEOs sold includes the GEOs from the Company’s royalty revenue and stream sales, plus the gold ounces sold from the Greenstone gold interest and Santa Rita royalty amounts received related to the period between the effective date of the contract and closing of the agreement, which have been treated as an adjustment to the purchase consideration for accounting. Management believes that adjusting for these amounts more accurately depicts GEOs attributable to the Company. The Company presents Total Attributable GEOs as it believes that this is useful information to allow investors to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis. |
| In $000s, except gold price and GEOs | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | 23,733 | 4,826 |
| Divided by: | ||
| Average realized gold price per ounce | 4,516 | 3,272 |
| Total Attributable GEOs | 5,255 | 1,475 |
| 2. | Cash flow from operating activities before working capital changes is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital (being trade and other receivables and prepaid assets and trade and other payables) to or from cash provided by (used in) operating activities. The Company presents cash flows from operating activities before changes in non-cash working capital as it believes this presents a useful measure of the Company’s ability to generate cash to cover operating expenses from its cash-flowing royalties. |
| In $000s | Q2 2026 | Q2 2025 |
|---|---|---|
| Cash flows provided by operating activities | 20,295 | 2,310 |
| Working capital changes | (845) | 899 |
| Cash flows from operations before working capital changes | 19,450 | 3,209 |
| 3. | EBITDA refers to earnings (or loss) determined in accordance with IFRS, before finance and interest expense, interest income, income tax expense (recovery) and depreciation (including depletion) and amortization. Adjusted EBITDA adjusts EBITDA to exclude any non-cash cost of sales, impairment charges and gains/loss on assets and liabilities which are market-to-market each reporting period. This measure is used by management and investors to determine the ability of an issuer to generate cash from operations. Management believes this measure is a useful supplemental measure from which to determine the Company’s ability to generate cash available for working capital requirements, investment expenditures and income taxes. |
| In $000s | Q2 2026 | Q2 2025 |
|---|---|---|
| Net income | 4,898 | 170 |
| Finance and interest expense | 6,792 | 6,592 |
| Income taxes | 2,102 | 662 |
| Interest income | (80) | (13) |
| Depletion | 4,142 | 662 |
| EBITDA | 17,854 | 8,073 |
| Non-cash cost of sales – Greenstone gold interest | 3,835 | 2,753 |
| Change in fair value of Greenstone gold interest | (2,876) | (5,433) |
| Change in fair value of derivative liability | - | (3,173) |
| Adjusted EBITDA | 18,813 | 2,220 |
| 4. | For more information, please refer to Equinox Gold’s Management’s Discussion and Analysis for the three and six months ended June 30, 2026, available at equinoxgold.com. |
| 5. | For more information, please refer to West African’s ASX announcement dated July 29, 2026, available at westafricanresources.com. |
| 6. | For more information, please refer to West African’s ASX announcement dated April 21, 2026, available at westafricanresources.com. |
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