About this episode
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 acco
