$VMET

Versamet Royalties Corp

CIK:0002080073|SEC Filings

Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statements of Income (Loss) and Comprehensive Income (Loss)
Sales	$ 20,701	$ 9,988
Royalty revenue	14,060	2,037
Total revenue	34,761	12,025
Cost of Sales	(15,106)	(9,989)
Depletion	(6,177)	(843)
Gross profit	13,478	1,193
OPERATING (EXPENSES)/INCOME
Administrative expenses	(7,640)	(5,526)
Change in fair value of Greenstone gold interest	32,922	14,060
Impairment of royalty interest		(8,350)
Operating income	38,760	1,377
OTHER INCOME/(EXPENSE)
Change in fair value of convertible debt derivative liability	3,285	400
Finance and interest expense	(12,162)	(3,579)
Foreign exchange (loss) gain	(548)	780
Interest income	267	148
Net income (loss) before income taxes	29,602	(874)
Income tax expense	(9,270)	(1,574)
Net income (loss)	$ 20,332	$ (2,448)
EARNINGS PER SHARE
Basic earnings (loss) per share	$ 0.22	$ (0.03)
Diluted earnings (loss) per share	$ 0.21	$ (0.03)
Weighted average number of common shares outstanding
Basic	92,771,182	76,201,998
Diluted	95,506,104	76,201,998
OTHER COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 20,332	$ (2,448)
Items that will not subsequently be reclassified to net income
Change in fair value of investments	245	193
Total comprehensive income (loss)	$ 20,577	$ (2,255)

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
OPERATING ACTIVITIES
Net income (loss)	$ 20,332	$ (2,448)
Items not affecting cash:
Non-cash cost of sales related to Greenstone gold interest	11,580	7,992
Depletion	6,177	843
Share-based compensation	1,674	2,565
Change in fair value of Greenstone gold interest	(32,922)	(14,060)
Change in fair value of convertible debt derivative liability	(3,285)	(400)
Impairment of royalty interest		8,350
Unrealized foreign exchange loss (gain)	5	(798)
Foreign exchange on convertible debt repaid	518
Finance and interest expense (net of interest income)	11,895	3,431
Income tax expense	9,270	1,574
Income taxes paid	(559)	(509)
Changes in non-cash working capital	(7,740)	857
Cash flows provided by (used in) operating activities	16,945	7,397
INVESTING ACTIVITIES
Acquisition of stream and royalty interests	(159,457)	(76)
Sale of investment		1,032
Cash flows provided by (used in) investing activities	(159,457)	956
FINANCING ACTIVITIES
Proceeds from credit facilities	181,000
Repayment of credit facilities	(11,000)	(19,000)
Repayment of convertible debt	(16,390)
Proceeds from private placement, net of issue costs		7,495
Financing costs and interest paid	(8,773)	(1,987)
Cash flows provided by (used in) financing activities	144,837	(13,492)
Impact of foreign exchange on cash	(50)	(150)
Increase (decrease) in cash for the year	2,275	(5,289)
Cash - beginning of year	1,431	6,720
Cash - end of year	$ 3,706	$ 1,431

Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents	$ 3,706	$ 1,431
Trade and other receivables	9,629	369
Prepaid and other assets	97	27
Greenstone gold interest	10,784	7,628
Current assets	24,216	9,455
Non-current
Investments	1,011	730
Deferred financing costs	1,251
Greenstone gold interest	72,844	54,658
Royalty, stream and other interests	318,686	165,406
Total assets	418,008	230,249
Current
Trade and other payables	2,878	1,233
Credit facilities	30,000
Convertible debt		12,334
Convertible debt derivative liability		3,285
Current liabilities	32,878	16,852
Non-current
Credit facilities	141,000	608
Deferred income tax liabilities	10,172	1,462
Total liabilities	184,050	18,922
SHAREHOLDERS' EQUITY
Share capital	217,427	215,758
Share-based compensation reserve	5,150	4,765
Retained earnings (deficit)	12,365	(7,967)
Accumulated other comprehensive loss	(984)	(1,229)
Total shareholders' equity	233,958	211,327
Total liabilities and shareholders' equity	$ 418,008	$ 230,249