How much revenue and net income did VMET report in Q3 2026?

VMET reported $21.1 million in revenue and $4.1 million in net income for the three months ended September 30, 2026. The comparable 2025 figures were $8.1 million in revenue and $3.3 million in net income.

What is VMET's 2026 attributable GEO outlook?

Management expects 20,000 to 23,000 attributable GEOs in 2026, at an average cash cost margin of approximately 93%. The company also expects approximately 85% of 2026 revenue to come from gold and silver.

What did VMET pay for the Eskay Creek gold stream?

Versamet completed the acquisition for $360.0 million in total consideration, comprising $340.0 million in cash and 2,054,906 common shares. The stream requires ongoing cash payments equal to 10% of the spot gold price for delivered ounces.

What liquidity did VMET report at September 30, 2026?

Cash was $2.1 million, and $25.0 million was available under the revolving credit facility. Management said cash, working capital and that available credit provided sufficient cash for operating expenses, working capital requirements and debt repayments for at least 12 months from September 30, 2026.

Versamet Royalties Q3 revenue rises to $21.1M

Exhibit 99.1

Condensed Interim Statements of Financial Position	Expressed in U.S. dollars ($000s)

Unaudited

	Note		September 30, 2026 $			December 31, 2025 $
Assets
Current
Cash and cash equivalents				2,134			3,706
Trade and other receivables				11,119			9,629
Prepaid and other assets				583			97
Greenstone gold interest		4		13,212			10,784
				27,048			24,216
Non-current
Investments				1,004			1,011
Deferred financing costs		7		1,626			1,251
Property, plant and equipment				3,508			-
Greenstone gold interest		4		76,242			72,844
Royalty, stream and other interests		5, 6		666,647			318,686
Total assets				776,075			418,008

Liabilities
Current
Trade and other payables		14		1,234			2,878
Credit facilities		7		65,000			30,000
				66,234			32,878
Non-current
Lease liability				2,964			-
Credit facilities		7		290,000			141,000
Deferred income tax liabilities		10		17,800			10,172
Total liabilities				376,998			184,050

Shareholders’ equity
Share capital		8		359,080			217,427
Share-based compensation reserve		8		5,853			5,150
Retained earnings				35,099			12,365
Accumulated other comprehensive loss				(955	)		(984	)
Total shareholders’ equity				399,077			233,958
Total liabilities and shareholders’ equity				776,075			418,008

Nature of operations (note 1)

Approved by the Board of Directors on November 10, 2026
“Marcel de Groot”	“Elizabeth McGregor”

The accompanying notes form an integral part of these condensed interim financial statements.

Versamet Royalties

Financial Statements

2

Condensed Interim Statements of Income and

Comprehensive Income

Expressed in U.S. dollars ($000s)

Except for per share amounts

Unaudited

	Note		3 months ended Sept. 30, 2026 $			3 months ended Sept. 30, 2025 $			9 months ended Sept. 30, 2026 $			9 months ended Sept. 30, 2025 $
Sales		4, 12		9,572			5,074			35,607			11,984
Royalty revenue		12		11,543			3,044			33,209			4,413
Total revenue				21,115			8,118			68,816			16,397

Cost of Sales		4, 12		(4,974	)		(3,769	)		(16,503	)		(10,254	)
Depletion		6, 12		(4,201	)		(1,624	)		(12,349	)		(2,523	)
Gross profit				11,940			2,725			39,964			3,620

Operating (expenses)/income
Administrative expenses		8, 9		(1,962	)		(1,497	)		(8,654	)		(4,198	)
Change in fair value of Greenstone gold interest		4, 12		3,180			4,796			17,328			14,440
Operating income				13,158			6,024			48,638			13,862

Other income/(expense)
Change in fair value of convertible debt derivative liability				-			-			-			3,285
Finance and interest expense		7		(7,368	)		(1,313	)		(16,288	)		(8,533	)
Foreign exchange gain/(loss)				71			(34	)		(71	)		(570	)
Interest income				130			91			239			115
Net income before income taxes				5,991			4,768			32,518			8,159
Income tax expense		10		(1,912	)		(1,449	)		(9,784	)		(2,886	)
Net income				4,079			3,319			22,734			5,273

Earnings per share
Basic earnings per share		8		0.04			0.04			0.22			0.06
Diluted earnings per share		8		0.04			0.03			0.21			0.06

Weighted average number of common shares outstanding
Basic		8		108,433,593			92,971,426			105,403,014			92,698,748
Diluted		8		111,295,136			95,738,461			108,728,209			94,757,247

Other comprehensive income
Net income				4,079			3,319			22,734			5,273
Items that will not subsequently be reclassified to net income
Change in fair value of investments				(148	)		545			29			272
Total comprehensive income				3,931			3,864			22,763			5,545

The accompanying notes form an integral part of these condensed interim financial statements.

Versamet Royalties

Financial Statements

3

Condensed Interim Statements of Changes in Equity

Expressed in U.S. dollars ($000s)

Except for per share amounts

Unaudited

	Note		Share capital (Number of shares)		Share capital $		Share-based compensation reserve $			(Deficit)/ Retained earnings $			Accumulated other comprehensive income (loss) $			Total $
Balance — December 31, 2024				92,763,725		215,758		4,765			(7,967	)		(1,229	)		211,327

Shares issued as interest payment				55,615		155		-			-			-			155
Exercise of share-based compensation		8		548,000		1,422		(1,422	)		-			-			-
Share-based compensation		8		-		-		1,395			-			-			1,395
Total comprehensive income				-		-		-			5,273			272			5,545
Balance — September 30, 2025				93,367,340		217,335		4,738			(2,694	)		(957	)		218,422

Exercise of share-based compensation		8		44,406		92		(92	)		-			-			-
Share-based compensation		8		-		-		504			-			-			504
Total comprehensive income (loss)				-		-		-			15,059			(27	)		15,032
Balance — December 31, 2025				93,411,746		217,427		5,150			12,365			(984	)		233,958

Shares issued under public offering, net of share issuance costs		8		10,300,000		99,924		-			-			-			99,924
Shares issued under private placement, net of share issuance costs		8		1,891,539		19,036		-			-			-			19,036
Shares issued for stream acquisition		5		2,054,906		20,000		-			-			-			20,000
Exercise of share-based compensation		8		1,171,316		2,693		(1,868	)		-			-			825
Share-based compensation		8		-		-		2,571			-			-			2,571
Total comprehensive income				-		-		-			22,734			29			22,763
Balance — September 30, 2026				108,829,507		359,080		5,853			35,099			(955	)		399,077

The accompanying notes form an integral part of these condensed interim financial statements.

Versamet Royalties

Financial Statements

4

Condensed Interim Statements of Cash Flows	Expressed in U.S. dollars ($000s)
Unaudited

Cash flows provided by (used in)	Note		3 months ended Sept. 30, 2026 $			3 months ended Sept. 30, 2025 $			9 months ended Sept. 30, 2026 $			9 months ended Sept. 30, 2025 $
Operating activities
Net income				4,079			3,319			22,734			5,273
Items not affecting cash:
Non-cash cost of sales related to Greenstone gold interest		4		3,565			2,897			11,502			8,046
Depletion and amortization		6, 12		4,241			1,624			12,389			2,523
Share-based compensation		8, 9		595			527			2,571			1,170
Change in fair value of Greenstone gold interest		4, 12		(3,180	)		(4,796	)		(17,328	)		(14,440	)
Change in fair value of convertible debt derivative liability				-			-			-			(3,285	)
Unrealized foreign exchange (gain)/loss				(105	)		5			(19	)		9
Foreign exchange on convertible debt repaid				-			-			-			518
Finance and interest expense (net of interest income)		7		7,238			1,222			16,049			8,418
Income tax expense		10		1,912			1,449			9,784			2,886
Income taxes paid		10		(203	)		(111	)		(590	)		(362	)
Changes in non-cash working capital		13		(352	)		(1,881	)		(3,618	)		(3,539	)
				17,790			4,255			53,474			7,217

Investing activities
Acquisition of stream interests		5		-			(125,157	)		(340,310	)		(160,247	)
Purchase of property, plant & equipment				(224	)		-			(373	)		-
				(224	)		(125,157	)		(340,683	)		(160,247	)

Financing activities
Proceeds from credit facilities		7		-			126,000			340,000			181,000
Repayment of credit facilities		7		(20,000	)		(2,000	)		(156,000	)		(5,000	)
Repayment of convertible debt				-			-			-			(16,390	)
Financing costs and interest paid		7		(8,696	)		(1,728	)		(16,581	)		(5,526	)
Proceeds from public offering, net of issue costs		8		-			-			98,426			-
Proceeds from private placements, net of issue costs		8		-			-			18,968			-
Proceeds from stock option exercises		8		-			-			825			-
				(28,696	)		122,272			285,638			154,084
Impact of foreign exchange on cash				28			15			(1	)		(28	)
Increase (decrease) in cash for the period				(11,102	)		1,385			(1,572	)		1,026
Cash — beginning of period				13,236			1,072			3,706			1,431
Cash — end of period				2,134			2,457			2,134			2,457

Supplemental cash flow information (note 13)

The accompanying notes form an integral part of these condensed interim financial statements.

Versamet Royalties

Financial Statements

5

Notes to the Unaudited Condensed

Interim Financial Statements

For the three and nine months ended September 30, 2026 and 2025

Expressed in U.S. dollars unless otherwise stated

1.

Nature of Operations

Versamet Royalties Corporation (“Versamet” or “the Company”) was incorporated under the British Columbia Business Corporations Act on January 24, 2011. Versamet is a single entity. The Company’s common shares trade on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq in the United States under the symbol “VMET”.

Versamet is a precious metals focused royalty and streaming company with exposure to a range of resource royalties and streams including gold, silver, copper, zinc, graphite and uranium, across a variety of jurisdictions. Typically, in return for making an upfront payment to acquire a royalty or stream on a mining operation or project, Versamet receives a portion of the revenue generated from the mine on an ongoing basis, usually over the life of the mine, or receives metal deliveries over a pre-determined period or up to a pre-determined quantity.

The head office, principal address and registered office of Versamet is located at Suite 1650, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.

These condensed interim financial statements were approved and authorized for issue by the Board of Directors of the Company on November 10, 2026.

2.

Basis of Presentation and Material Accounting Policy Information

Statement of Compliance

These condensed interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”, using accounting policies consistent with IFRS Accounting Standards (“IFRS Accounting Standards” or “IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee, and should be read in conjunction with the Company’s audited annual financial statements for the year ended December 31, 2025.

The accounting policies followed in these condensed interim financial statements are the same as those applied in the Company’s most recent audited annual financial statements for the year ended December 31, 2025.

Basis of Presentation

These condensed interim financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value. These condensed interim financial statements are presented in United States dollars and all values are rounded to the nearest thousand, unless otherwise noted.

Changes in Accounting Standards

New standards issued and not yet effective

IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18) is a new standard that will provide new presentation and disclosure requirements and replace International Accounting Standard 1, Presentation of Financial Statements (IAS 1). IFRS 18 introduces changes to the structure of the income statement; provides required disclosures in financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements; and provides enhanced principles on aggregation and disaggregation in financial statements. Many other existing principles in IAS 1 have been maintained. IFRS 18 is effective for years beginning on or after January 1, 2027, with earlier application permitted.

Versamet Royalties

Financial Statements

6

The Company continues to assess and quantify the effect of IFRS 18 on our financial statements. The standard is expected to change the presentation of the statements of operations, by requiring all income and expenses to be classified into the three main categories of operating, investing and financing. The Statement of Cash Flows will begin with the new IFRS 18-specified subtotal of operating profit. The Company will also have enhanced note disclosures on any identified management-defined performance measures (“MPMs”). The Company expects to apply IFRS 18 on its effective date, with full retrospective application including restated comparative information.

3.

Significant Accounting Estimates and Judgments

The preparation of these condensed interim financial statements in conformity with IFRS required management to make estimates and assumptions that affect amounts reported in the condensed interim financial statements and accompanying notes. Management believes the estimates and assumptions used in these condensed interim financial statements are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows.

Significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the annual financial statements as at and for the year ended December 31, 2025.

4.

Greenstone Gold Interest

Greenstone Gold Purchase Agreement

On October 31, 2023, Versamet paid $52.5 million to enter into a gold purchase agreement with Equinox Gold Corp. (“Equinox”) in exchange for monthly deliveries of gold equal to the greater of (a) 350 gold ounces, and (b) gold ounces equal to 1.26% of the monthly gold production from the Greenstone project in Ontario, Canada, (“Greenstone”) at a purchase price per ounce of gold equal to 20% of the then prevailing market price. Monthly gold delivery obligations commenced upon closing of the Greenstone gold interest and will continue until a total of 63,000 ounces of gold have been delivered to Versamet. While gold deliveries will be calculated based on Greenstone production, gold deliveries can be sourced from production from any of Equinox’s operating mines. Under the Greenstone gold interest, Equinox retains the option to buy down deliveries related to 75% of the original delivery obligation at the then-current spot gold price, subject to a minimum gold price per ounce of $2,000.

Details of the changes in the carrying value of the Greenstone gold interest are as follows:

In $000s	$
Balance — December 31, 2024		62,286

Gold deliveries (recognized in cost of sales)		(11,580	)
Change in fair value		32,922
Balance — December 31, 2025		83,628

Gold deliveries (recognized in cost of sales)		(11,502	)
Change in fair value		17,328
Balance — September 30, 2026		89,454

Less: Current portion, September 30, 2026		(13,212	)
Non-current portion, September 30, 2026		76,242

Versamet Royalties

Financial Statements

7

During the three and nine months ended September 30, 2026, the Company received 1,050 oz and 3,150 oz of gold, respectively (2025: 1,050 oz and 3,150 oz), under the Greenstone gold interest, which was initially recognized in inventory. The Company sold the gold for gross proceeds of $4.5 million and $14.4 million in the three and nine months ended September 30, 2026, respectively (2025: $3.6 million and $10.0 million). Upon the sale, the inventory was recognized in cost of sales. The difference between the fair value of the gold delivered and the payment to Equinox for the gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) was recorded as a partial settlement of the Greenstone gold interest and included in cost of sales; accordingly, the amount recorded in cost of sales was $3.6 million and $11.5 million for the three and nine months ended September 30, 2026, respectively (2025: $2.9 million and $8.0 million). During the three and nine months ended September 30, 2026, the Company recognized gains in the fair value of the Greenstone gold interest of $3.2 million and $17.3 million, respectively (2025: gains of $4.8 million and $14.4 million), primarily driven by changes in gold prices and the impact of unwinding discounted cash flows over time.

Changes in each of the following key assumptions and estimates would have the following impact on the value of the Greenstone gold interest as at September 30, 2026 (with an associated movement in the Statement of Income and Comprehensive Income):

Key assumption	Sensitivity applied to key assumption	Impact on asset value at Sept. 30, 2026
Gold price	+/- 10%	+/- $8.9 million
Discount rate	+/- 1%	- $3.5 million / + $3.8 million

5.

Gold Stream Acquisition

On April 10, 2026, Versamet completed the acquisition of a 3.52% life of mine gold stream (the “Gold Stream”) in respect of gold production from the Eskay Creek gold-silver project (the “Project”) in British Columbia, Canada, owned by Skeena Resources Limited from fund entities managed by Orion Resource Partners LP and fund entities managed by affiliates of Blackstone Inc. for total consideration of $360.0 million, comprising $340.0 million in cash and 2,054,906 common shares of the Company. In addition, the Company incurred $0.3 million in costs associated with the acquisition of the Gold Stream, which were added to the carrying value of the asset held within royalty, stream, and other interests (note 6). Versamet will make ongoing cash payments equal to 10% of the spot gold price for gold ounces delivered to the Gold Stream. The Gold Stream is uncapped, with no step-down or buyback provisions.

The Gold Stream Agreement includes certain contingent provisions. If completion tests (as defined in the Gold Stream Agreement) are not satisfied by September 30, 2027, the attributable gold stream percentage will increase incrementally to 3.57%, 3.62% and 3.67% if completion is achieved in the first, second or third calendar quarters following that date, respectively. It will increase by a further 0.13% per quarter thereafter until the completion tests are satisfied. In addition, the Gold Stream Agreement includes a minimum delivery provision whereby, if a cumulative total of 2.61 million ounces of payable gold attributable to the Project has not been produced by April 1, 2040, the Company is entitled to a one-time delivery of gold equal to the shortfall relative to such threshold, multiplied by the applicable gold stream percentage at that time.

Versamet Royalties

Financial Statements

8

6.

Royalty, Stream and Other Interests

The carrying amount of the Company’s royalty, stream and other interests are as follows:

	Cost						Accumulated Depletion and Impairment
Asset, Location (In $000s)	Opening $		Net Additions/ (Disposals) $		Closing $		Opening $			Depletion $			Closing $			Carrying Amount¹ $
September 30, 2026
Depletable Royalty, Stream and Other Interests
Rosh Pinah, Namibia		85,403		-		85,403		(651	)		(2,997	)		(3,648	)		81,755
Kiaka, Burkina Faso		58,730		-		58,730		(1,592	)		(4,285	)		(5,877	)		52,853
Santa Rita, Brazil		38,964		-		38,964		(476	)		(643	)		(1,119	)		37,845
Kolpa, Peru		35,090		-		35,090		(2,227	)		(3,409	)		(5,636	)		29,454
Mercedes, Mexico		10,985		-		10,985		(5,664	)		(694	)		(6,358	)		4,627
Blackwater, Canada		7,538		-		7,538		(321	)		(312	)		(633	)		6,905
Pilar, Brazil		5,609		-		5,609		(2,259	)		-			(2,259	)		3,350
Cuiú Cuiú, Brazil		2,070		-		2,070		-			(9	)		(9	)		2,061

Non-depletable Royalty and Other Interests
Eskay Creek, Canada		-		360,310		360,310		-			-			-			360,310
El Pilar, Mexico		17,490		-		17,490		-			-			-			17,490
Vittangi, Sweden		15,000		-		15,000		-			-			-			15,000
Toega, Burkina Faso		11,205		-		11,205		-			-			-			11,205
Mercedes, Mexico		5,837		-		5,837		(5,837	)		-			(5,837	)		-

Exploration and Evaluation Assets
Hackett River, Nunavut		14,716		-		14,716		-			-			-			14,716
Mocoa, Colombia		10,000		-		10,000		-			-			-			10,000
PC Silver Mine, Canada		7,514		-		7,514		-			-			-			7,514
Mason, Nevada		4,876		-		4,876		-			-			-			4,876
Converse, Nevada		4,391		-		4,391		-			-			-			4,391
Primavera, Nicaragua		1,391		-		1,391		-			-			-			1,391
Other		904		-		904		-			-			-			904
Total		337,713		360,310		698,023		(19,027	)		(12,349	)		(31,376	)		666,647

Versamet Royalties

Financial Statements

9

	Cost									Accumulated Depletion and Impairment
Asset, Location (In $000s)	Opening $		Net Additions/ (Disposals) $		Reclassified $			Closing $		Opening $			Depletion $			Closing $			Carrying Amount¹ $
December 31, 2025
Depletable Royalty, Stream and Other Interests
Rosh Pinah, Namibia		-		85,403		-			85,403		-			(651	)		(651	)		84,752
Kiaka, Burkina Faso		58,730		-		-			58,730		-			(1,592	)		(1,592	)		57,138
Santa Rita, Brazil		-		38,964		-			38,964		-			(476	)		(476	)		38,488
Kolpa, Peru		-		35,090		-			35,090		-			(2,227	)		(2,227	)		32,863
Mercedes, Mexico		10,985		-		-			10,985		(4,754	)		(910	)		(5,664	)		5,321
Blackwater, Canada		7,538		-		-			7,538		-			(321	)		(321	)		7,217
Pilar, Brazil		5,609		-		-			5,609		(2,259	)		-			(2,259	)		3,350

Non-depletable Royalty and Other Interests
El Pilar, Mexico		17,490		-		-			17,490		-			-			-			17,490
Vittangi, Sweden		15,000		-		-			15,000		-			-			-			15,000
Toega, Burkina Faso		11,205		-		-			11,205		-			-			-			11,205
Mercedes, Mexico		5,837		-		-			5,837		(5,837	)		-			(5,837	)		-
Cuiú Cuiú, Brazil¹		-		-		2,070			2,070		-			-			-			2,070

Exploration and Evaluation Assets
Hackett River, Nunavut		14,716		-		-			14,716		-			-			-			14,716
Mocoa, Colombia		10,000		-		-			10,000		-			-			-			10,000
PC Silver Mine, Canada		7,514		-		-			7,514		-			-			-			7,514
Mason, Nevada		4,876		-		-			4,876		-			-			-			4,876
Converse, Nevada		4,391		-		-			4,391		-			-			-			4,391
Cuiú Cuiú, Brazil¹		2,070		-		(2,070	)		-		-			-			-			-
Primavera, Nicaragua		1,391		-		-			1,391		-			-			-			1,391
Other		904		-		-			904		-			-			-			904
Total		178,256		159,457		-			337,713		(12,850	)		(6,177	)		(19,027	)		318,686

1.

The total carrying amount of royalty, streams and other interests at September 30, 2026 includes $218,850 (December 31, 2025: $229,129) of depletable mineral interest. The remaining $447,797 (December 31, 2025: $89,557) is classified as non-depletable mineral interest, of which $43,792 (December 31, 2025: $43,792) are classified as Exploration and Evaluation assets, as defined by IFRS 6 Exploration for and Evaluation of Mineral Resources and $404,005 (December 31, 2025: $45,765) are assets not yet in production that are classified as development assets under IAS 16. During the nine months ended September 30, 2026, no Exploration and Evaluation assets were acquired (year ended December 31, 2025: Nil). During the nine months ended September 30, 2026, there were no assets accounted for under IFRS 6 reclassified to an asset under IAS 16 (year ended December 31, 2025: $2,070).

7.

Credit Facilities

On April 3, 2026, the Company amended its credit facility agreement to increase its revolving credit facility (the “RCF”) to $250.0 million and add a new $150.0 million term loan (together the “Credit Facilities”) arranged by Bank of Montreal (“BMO”), as lead arranger, and National Bank of Canada (“NBC”). The Credit Facilities provide for a $100.0 million accordion on the RCF once the term loan has been repaid in full. Amounts drawn on the Credit Facilities are subject to interest at adjusted SOFR plus 2.25% to 3.75% per annum, and the undrawn portion of the RCF is subject to a standby fee of 0.5063% to 0.8438% per annum, both of which are dependent on the Company's leverage ratio (as defined in the Credit Facilities agreement). The term loan is repayable in quarterly instalments commencing on June 30, 2026, with a final bullet repayment of $40.0 million at maturity on March 31, 2028. The RCF matures on March 4, 2029. The Credit Facilities are secured by the Company’s present and future acquired assets.

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Financial Statements

10

Under the Credit Facilities, the Company is required to maintain certain leverage and interest coverage ratios. As at September 30, 2026, the Company was in compliance with all of the covenants related to the Credit Facilities.

A continuity of the amount outstanding under the Credit Facilities is as follows:

In $000s	$
Balance — December 31, 2024		608

Drawdown		181,000
Repayment		(11,000	)
Accretion of discount		48
Fees reclassified to deferred financing costs		344
Balance — December 31, 2025		171,000

Drawdown		340,000
Repayment		(156,000	)
Balance — September 30, 2026		355,000

Less: Current portion, September 30, 2026		(65,000	)
Non-current portion, September 30, 2026		290,000

During the nine months ended September 30, 2026, the Company recorded $15.8 million of interest expense on amounts drawn and standby fees related to the Credit Facilities, of which $15.7 million was paid, and $0.1 million was accrued within trade and other payables at September 30, 2026.

The Company capitalized $0.9 million of deferred financing costs during the nine months ended September 30, 2026 related to commitment and other fees on the Credit Facilities amendments (2025: $1.4 million). Amortization of the deferred financing costs for the three and nine months ended September 30, 2026 was $0.2 million and $0.5 million, respectively (2025: $0.1 million and $0.1 million).

8.

Share Capital and Reserves

Authorized, Issued and Outstanding

The Company is authorized to issue an unlimited number of common shares without par value.

On February 9, 2026, the Company completed a bought-deal public offering, pursuant to which the Company sold 10,300,000 common shares at C$13.75 per share for gross proceeds of C$141.6 million ($104.2 million), before share issuance costs of $5.7 million ($4.2 million net of taxes). Concurrently, the Company completed a non-brokered private placement with Tether Investments S.A. de C.V. (“Tether Investments”), to which the Company sold 1,575,712 common shares at C$13.75 per share for proceeds of C$21.7 million ($16.0 million), pursuant to the exercise of Tether Investments participation rights in the public offering.

On April 23, 2026, the Company completed a non-brokered private placement with Tether Investments, to which the Company sold 315,827 common shares for net proceeds of $3.0 million, pursuant to the exercise of Tether Investments participation rights related to the shares issued for the Gold Stream acquisition (note 5).

During the nine months ended September 30, 2026, 1,171,316 common shares were issued as a result of the exercise of performance restricted share units, restricted share units, and stock options.

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Financial Statements

11

Share-based compensation

The breakdown of the Company’s share-based compensation is as follows:

In $000s	3 months ended Sept. 30, 2026 $		3 months ended Sept. 30, 2025 $		9 months ended Sept. 30, 2026 $		9 months ended Sept. 30, 2025 $
Stock options		90		239		353		597
Restricted Share Units		413		196		1,807		746
Performance Restricted Share Units		92		92		411		(173	)
Total share-based compensation expense		595		527		2,571		1,170

Stock options

A continuity schedule for stock options is as follows:

Stock Options	Number
Outstanding — December 31, 2024		2,324,786

Granted		1,253,817
Exercised		(36,000	)
Forfeited		(244,571	)
Outstanding — December 31, 2025		3,298,032

Exercised		(692,625	)
Outstanding —September 30, 2026		2,605,407

The weighted average common share price at the time the stock options were exercised during the nine months ended September 30, 2026, was C$16.41. No stock options were exercised during the three months ended September 30, 2026.

As at September 30, 2026, the Company had the following stock options outstanding:

Number outstanding	Exercisable		Exercise Price per Share (CAD$)		Expiry Date		Weighted average life remaining (years)
908,000		908,000	$	3.50		September 1, 2027		0.92
150,000		150,000	$	3.50		February 27, 2028		1.41
150,000		150,000	$	3.50		March 20, 2028		1.47
330,661		220,441	$	3.50		January 15, 2029		2.30
608,996		202,999	$	4.00		January 15, 2030		3.30
257,750		85,917	$	4.00		May 9, 2030		3.61
200,000		66,667	$	4.00		May 12, 2030		3.62
2,605,407		1,784,024	$	3.70		-		2.18

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Financial Statements

12

Restricted Share Units (“RSU”)

A continuity schedule for RSUs is as follows:

Restricted Share Units	Number
Outstanding — December 31, 2024		1,058,826

Granted		651,563
Settled		(566,750	)
Forfeited		(144,875	)
Outstanding — December 31, 2025		998,764

Granted		253,700
Settled		(153,333	)
Outstanding — September 30, 2026		1,099,131

The holders of the RSUs have the right to defer receipt of the common shares underlying the RSUs upon vesting. As at September 30, 2026, 649,643 RSUs were exercisable, and settlement had been deferred at the holder's election.

The grant date fair value of the RSUs is determined using the market value of the underlying common shares at the date of the grant and is adjusted based on the number of RSUs expected to vest ultimately. The weighted average grant date fair value of the RSUs granted during the nine months ended September 30, 2026 was $9.08 per RSU.

Performance Restricted Share Units (“PRSU”)

A continuity schedule for PRSUs is as follows:

Performance Restricted Share Units	Number
Outstanding — December 31, 2024		400,000

Granted		400,000
Forfeited		(400,000	)
Outstanding — December 31, 2025		400,000

Granted		109,445
Settled		(400,000	)
Outstanding — September 30, 2026		109,445

During the nine months ended September 30, 2026, the Company granted 109,445 PRSUs to employees and officers. Each PRSU has two components: (a) a performance condition based on the Company's total shareholder return (“TSR“) relative to a pre-determined group of peers, and (b) a service condition. Following the end of the performance period, the Board will determine the TSR ranking relative to the peer group and apply the corresponding multiplier, with vesting ranging from 0% to 200%. Upon vesting, at the Board’s discretion, PRSUs may be settled in cash or shares. As the Company does not have a present obligation to settle the issued PRSUs in cash, the PRSUs issued have been treated as equity-settled instruments.

The grant date fair value of the PRSUs was determined using the market value of the underlying common shares on the grant date, adjusted for the number of PRSUs expected to vest ultimately. The weighted average grant date fair value of the PRSUs granted during the nine months ended September 30, 2026, was $10.32 per PRSU.

Versamet Royalties

Financial Statements

13

Earnings per share

Basic and diluted earnings per share are calculated based on the following:

In $000s (except for shares and per share amounts)	3 months ended Sept. 30, 2026 $		3 months ended Sept. 30, 2025 $		9 months ended Sept. 30, 2026 $		9 months ended Sept. 30, 2025 $
Net income		4,079		3,319		22,734		5,273
Basic weighted average number of shares		108,433,593		92,971,426		105,403,014		92,698,748
Basic earnings per share		0.04		0.04		0.22		0.06

Effect of dilutive securities
Stock options		1,870,520		1,561,933		2,096,468		859,003
RSUs		986,826		880,231		1,054,419		982,915
PRSUs		4,197		324,871		174,308		216,581
Diluted weighted average number of common shares		111,295,136		95,738,461		108,728,209		94,757,247
Diluted earnings per share		0.04		0.03		0.21		0.06

For the three and nine months ended September 30, 2026 and 2025, no potentially dilutive securities were excluded from the computation of diluted earnings per share.

9.

Administrative Expenses

The breakdown of the Company’s administrative expenses by nature is as follows:

In $000s	3 months ended Sept. 30, 2026 $		3 months ended Sept. 30, 2025 $		9 months ended Sept. 30, 2026 $		9 months ended Sept. 30, 2025 $
Business development expenses		143		11		1,938		98
Corporate administration		247		255		995		490
Professional fees		88		329		583		646
Salaries and benefits		849		375		2,527		1,794
Amortization		40		-		40		-
Administrative expenses before share-based compensation		1,367		970		6,083		3,028

Share-based compensation		595		527		2,571		1,170
Total administrative expenses		1,962		1,497		8,654		4,198

10.

Taxation

The breakdown of the income tax expense is as follows:

In $000s	3 months ended Sept. 30, 2026 $		3 months ended Sept. 30, 2025 $		9 months ended Sept. 30, 2026 $		9 months ended Sept. 30, 2025 $
Current income tax expense		203		111		590		363
Deferred income tax expense		1,709		1,338		9,194		2,523
Total income tax expense		1,912		1,449		9,784		2,886

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Financial Statements

14

The current tax expense reflects withholding tax payable on royalty revenue earned from certain foreign royalties.

The tax expense at statutory rates for the Company can be reconciled to the reported income as follows:

In $000s (except for tax rate)	3 months ended Sept. 30, 2026 $			3 months ended Sept. 30, 2025 $			9 months ended Sept. 30, 2026 $			9 months ended Sept. 30, 2025 $
Net income before income tax expense		5,991			4,768			32,518			8,159
Statutory income tax rate		27	%		27	%		27	%		27	%
Expected income tax expense at the statutory rate		1,618			1,287			8,780			2,203

Withholding taxes on royalty revenue		148			111			430			363
Non-deductible expenses		257			145			966			383
Recognition of temporary differences		(111	)		(96	)		(235	)		(130	)
Change in unrecognized tax assets		-			2			51			67
Adjustments in respect of prior year		-			-			(208	)		-
Total income tax expense		1,912			1,449			9,784			2,886

11.

Related Party Transactions

Related parties are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, either directly or indirectly. Related parties of the Company include the members of the Board of Directors, officers of the Company, close family members of these individuals, and any companies controlled by these individuals.

B2Gold

B2Gold is considered a related party of the Company as a result of its significant influence through its share ownership in the Company and its ability to nominate a representative for election to the Company's board of directors.

Tether Investments

Tether Investments is considered a related party of the Company as a result of its significant influence through its share ownership in the Company and its ability to nominate a representative for election to the Company's board of directors.

During the nine months ended September 30, 2026, the Company completed two non-brokered private placements with Tether Investments, to which the Company sold 1,891,539 common shares for net proceeds of $19.0 million, pursuant to the exercise of Tether Investments’ participation rights in the public offering and shares issued for the Gold Stream acquisition (note 8).

Sandstorm

Sandstorm was a related party of the Company as a result of its significant influence through its share ownership in the Company and its ability to nominate a representative for election to the Company's board of directors.

On October 20, 2025, Sandstorm was acquired by Royal Gold Inc. (“Royal Gold”) and Royal Gold became a related party through its acquired share ownership in the Company. Royal Gold subsequently sold its shares in Versamet to Tether Investments and Nemesia S.à.r.l, a company controlled by trusts of the Lundin family, and Royal Gold ceased to be a related party.

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Financial Statements

15

Compensation of Key Management Personnel

Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole, including its Board of Directors. Compensation for key management personnel of the Company was as follows:

In $000s	3 months ended Sept. 30, 2026 $		3 months ended Sept. 30, 2025 $		9 months ended Sept. 30, 2026 $		9 months ended Sept. 30, 2025 $
Salaries and benefits		449		107		1,357		1,132
Share-based compensation		401		294		2,012		528
Total		850		401		3,369		1,660

12.

Segmented Information

The Company’s reportable operating segments, which are components of the Company’s business where separate financial information is available and which are evaluated regularly by the Company’s CEO, who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below. The Company’s operating segments are considered to be its individual royalties, streams, and the Greenstone gold interest, and the segment measure of profit or loss is Income (loss) before taxes. The Company’s head office and general corporate administration (including finance expenses and derivative fair value changes) are included within ‘Corporate’ to reconcile the reportable segments to the financial statements.

For the three months ended September 30, 2026:

Segment, Location (In $000s)	Sales³ $		Royalty revenue³ $		Cost of sales ² $			Depletion $			Change in fair value of Greenstone gold interest $		Income (loss) before taxes $			Cash flow from operating activities⁴ $
Blackwater, Canada		-		374		-			(86	)		-		288			374
Cuiú Cuiú, Brazil		-		296		-			(9	)		-		287			296
Greenstone, Canada		4,460		-		(4,456	)		-			3,180		3,184			3,569
Kiaka, Burkina Faso		-		8,469		-			(1,569	)		-		6,900			8,469
Kolpa, Peru		3,173		-		(318	)		(1,482	)		-		1,373			2,854
Mercedes, Mexico		-		634		-			(220	)		-		414			634
Rosh Pinah, Namibia		1,939		-		(200	)		(525	)		-		1,214			1,739
Santa Rita, Brazil		-		1,770		-			(310	)		-		1,460			1,770
Total segments		9,572		11,543		(4,974	)		(4,201	)		3,180		15,120			19,705

Operating expenses ¹		-		-		-			-			-		(1,962	)		(1,327	)
Foreign exchange gain/(loss)		-		-		-			-			-		71			(33	)
Finance and interest expense net of interest income		-		-		-			-			-		(7,238	)		-
Income tax paid		-		-		-			-			-		-			(203	)
Movement in working capital		-		-		-			-			-		-			(352	)
Total Corporate		-		-		-			-			-		(9,129	)		(1,915	)
Segments & Corporate total		9,572		11,543		(4,974	)		(4,201	)		3,180		5,991			17,790

	1.	Includes all operating expenses from the Statement of Income and Comprehensive Income except the change in value of the Greenstone gold interest (and excludes share-based compensation from cash flow from operating activities).
	2.	Cost of sales includes cost of sales for the Greenstone gold interest consisting of a $0.9 million cash payment to Equinox for gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) and a $3.6 million non-cash partial settlement of the Greenstone gold interest due to the gold delivered in the period.
	3.	Royalty revenue from the Blackwater, Cuiú Cuiú, Kiaka, Mercedes and Santa Rita royalties are each considered to be from a single customer. The gold, silver and copper received from the Greenstone gold interest, Rosh Pinah stream and Kolpa stream were each sold to one customer.
	4.	Segment cash flows from operating activities are based on current period royalty revenues and adjusted for timing of cash receipts through movement in working capital adjustments.

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Financial Statements

16

For the three months ended September 30, 2025:

Segment, Location (In $000s)	Sales³ $		Royalty revenue³ $		Cost of sales ² $			Depletion $			Change in fair value of Greenstone gold interest $		Income (loss) before taxes $			Cash flow from operating activities⁴ $
Blackwater, Canada		-		497		-			(124	)		-		373			498
Cuiú Cuiú, Brazil		-		250		-			-			-		250			250
Greenstone, Canada		3,611		-		(3,621	)		-			4,796		4,786			2,886
Kiaka, Burkina Faso		-		1,752		-			(389	)		-		1,363			1,751
Kolpa, Peru		1,463		-		(148	)		(893	)		-		422			1,315
Mercedes, Mexico		-		447		-			(192	)		-		255			447
Santa Rita, Brazil		-		98		-			(26	)		-		72			98
Total segments		5,074		3,044		(3,769	)		(1,624	)		4,796		7,521			7,245

Operating expenses ¹		-		-		-			-			-		(1,497	)		(970	)
Foreign exchange loss		-		-		-			-			-		(34	)		(28	)
Finance and interest expense net of interest income		-		-		-			-			-		(1,222	)		-
Income tax paid		-		-		-			-			-		-			(111	)
Movement in working capital		-		-		-			-			-		-			(1,881	)
Total Corporate		-		-		-			-			-		(2,753	)		(2,990	)
Segments & Corporate total		5,074		3,044		(3,769	)		(1,624	)		4,796		4,768			4,255

	1.	Includes all operating expenses from the Statement of Income and Comprehensive Income except the change in value of the Greenstone gold interest (and excludes share-based compensation from cash flow from operating activities).
	2.	Cost of sales includes cost of sales for the Greenstone gold interest consisting of a $0.7 million cash payment to Equinox for gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) and a $2.9 million non-cash partial settlement of the Greenstone gold interest due to the gold delivered in the period.
	3.	Royalty revenue from the Blackwater, Cuiú Cuiú, Kiaka, Mercedes and Santa Rita royalties are each considered to be from one customer. The gold and copper received from the Greenstone gold interest and Kolpa stream were each sold to one customer.
	4.	Segment cash flows from operating activities are based on current period royalty revenues and adjusted for timing of cash receipts through movement in working capital adjustments.

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Financial Statements

17

For the nine months ended September 30, 2026:

Segment, Location (In $000s)	Sales³ $		Royalty revenue³ $		Cost of sales ² $			Depletion $			Change in fair value of Greenstone gold interest $		Income (loss) before taxes $			Cash flow from operating activities⁴ $
Blackwater, Canada		-		1,598		-			(312	)		-		1,286			1,598
Cuiú Cuiú, Brazil		-		296		-			(9	)		-		287			296
Greenstone, Canada		14,385		-		(14,377	)		-			17,328		17,336			11,510
Kiaka, Burkina Faso		-		24,549		-			(4,285	)		-		20,264			24,549
Kolpa, Peru		7,362		-		(743	)		(3,409	)		-		3,210			6,619
Mercedes, Mexico		-		2,181		-			(694	)		-		1,487			2,181
Rosh Pinah, Namibia		13,860		-		(1,383	)		(2,997	)		-		9,480			12,477
Santa Rita, Brazil		-		4,585		-			(643	)		-		3,942			4,585
Total segments		35,607		33,209		(16,503	)		(12,349	)		17,328		57,292			63,815

Operating expenses ¹		-		-		-			-			-		(8,654	)		(6,043	)
Foreign exchange loss		-		-		-			-			-		(71	)		(90	)
Finance and interest expense net of interest income		-		-		-			-			-		(16,049	)		-
Income tax paid		-		-		-			-			-		-			(590	)
Movement in working capital		-		-		-			-			-		-			(3,618	)
Total Corporate		-		-		-			-			-		(24,774	)		(10,341	)
Segments & Corporate total		35,607		33,209		(16,503	)		(12,349	)		17,328		32,518			53,474

	1.	Includes all operating expenses from the Statement of Income and Comprehensive Income with the exception of the change in value of the Greenstone gold interest (and excludes share-based compensation from cash flow from operating activities).
	2.	Cost of sales includes cost of sales for the Greenstone gold interest consisting of a $2.9 million cash payment to Equinox for gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) and a $11.5 million non-cash partial settlement of the Greenstone gold interest due to the gold delivered in the period.
	3.	Royalty revenue from the Blackwater, Cuiú Cuiú, Kiaka, Mercedes and Santa Rita royalties are each considered to be from a single customer. The gold, silver and copper received from the Greenstone gold interest, Rosh Pinah stream and Kolpa stream were each sold to one customer.
	4.	Segment cash flows from operating activities are based on current period royalty revenues and adjusted for timing of cash receipts through movement in working capital adjustments.

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Financial Statements

18

For the nine months ended September 30, 2025:

Segment, Location (In $000s)	Sales³ $		Royalty revenue³ $		Cost of sales ² $			Depletion $			Change in fair value of Greenstone gold interest $		Income (loss) before taxes $			Cash flow from operating activities⁴ $
Blackwater, Canada		-		859		-			(240	)		-		619			859
Cuiú Cuiú, Brazil		-		250		-			-			-		250			250
Greenstone, Canada		10,035		-		(10,057	)		-			14,440		14,418			8,023
Kiaka, Burkina Faso		-		1,752		-			(389	)		-		1,363			1,751
Kolpa, Peru		1,949		-		(197	)		(1,190	)		-		562			1,752
Mercedes, Mexico		-		1,454		-			(678	)		-		776			1,454
Santa Rita, Brazil		-		98		-			(26	)		-		72			98
Total segments		11,984		4,413		(10,254	)		(2,523	)		14,440		18,060			14,187

Operating expenses ¹		-		-		-			-			-		(4,198	)		(3,028	)
Foreign exchange loss		-		-		-			-			-		(570	)		(41	)
Finance and interest expense net of interest income		-		-		-			-			-		(8,418	)		-
Change in fair value of derivative liability		-		-		-			-			-		3,285			-
Income tax paid		-		-		-			-			-		-			(362	)
Movement in working capital		-		-		-			-			-		-			(3,539	)
Total Corporate		-		-		-			-			-		(9,901	)		(6,970	)
Segments & Corporate total		11,984		4,413		(10,254	)		(2,523	)		14,440		8,159			7,217

	1.	Includes all operating expenses from the Statement of Income and Comprehensive Income with the exception of the change in value of the Greenstone gold interest (and excludes share-based compensation from cash flow from operating activities).
	2.	Cost of sales includes cost of sales for the Greenstone gold interest consisting of a $2.1 million cash payment to Equinox for gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) and a $8.0 million non-cash partial settlement of the Greenstone gold interest due to the gold delivered in the period.
	3.	Royalty revenue from the Blackwater, Cuiú Cuiú, Kiaka, Mercedes and Santa Rita royalties are each considered to be from one customer. The gold and copper received from the Greenstone gold interest and Kolpa stream were each sold to one customer.
	4.	Segment cash flows from operating activities are based on current period royalty revenues and adjusted for timing of cash receipts through movement in working capital adjustments.

Versamet Royalties

Financial Statements

19

Total Non-Current Assets by Segment

In $000s	September 30, 2026 $		December 31, 2025 $
Greenstone gold interest		76,242		72,844

Royalty, Stream & Other Assets
Eskay Creek, Canada		360,310		-
Rosh Pinah, Namibia		81,755		84,752
Kiaka, Burkina Faso		52,853		57,138
Santa Rita, Brazil		37,845		38,488
Kolpa, Peru		29,454		32,863
El Pilar, Mexico		17,490		17,490
Vittangi, Sweden		15,000		15,000
Hackett River, Nunavut		14,716		14,716
Toega, Burkina Faso		11,205		11,205
Mocoa, Colombia		10,000		10,000
PC Silver Mine, Canada		7,514		7,514
Blackwater, Canada		6,905		7,217
Mason, Nevada		4,876		4,876
Mercedes, Mexico		4,627		5,321
Converse, Nevada		4,391		4,391
Pilar, Brazil		3,350		3,350
Cuiú Cuiú, Brazil		2,061		2,070
Primavera, Nicaragua		1,391		1,391
Other		904		904
Total Royalty, stream & other interests		666,647		318,686
Total		742,889		391,530

Total Non-Current Assets by Geographic Region

In $000s	September 30, 2026 $		December 31, 2025 $
North America		497,071		134,369
Africa		145,813		153,095
Central and South America		84,101		88,162
Europe		15,000		15,000
Other		904		904
Total		742,889		391,530

Versamet Royalties

Financial Statements

20

13.

Supplemental Cash Flow Information

In $000s	3 months ended Sept. 30, 2026 $			3 months ended Sept. 30, 2025 $			9 months ended Sept. 30, 2026 $			9 months ended Sept. 30, 2025 $
Changes in non-cash working capital:
Trade and other receivables and prepaid assets		(679	)		(2,271	)		(2,147	)		(3,047	)
Trade and other payables		327			390			(1,471	)		(492	)
Changes in non-cash working capital		(352	)		(1,881	)		(3,618	)		(3,539	)

Significant non-cash transactions:
Shares issued to acquire the Gold Stream (note 5)		-			-			20,000			-
Settlement of interest payments in shares		-			-			-			155

14.

Financial Instruments

As at September 30, 2026 and December 31, 2025, the Company’s financial instruments consist of cash and cash equivalents, trade and other receivables, investments, the Greenstone gold interest, trade and other payables and the Credit Facilities. The Company classifies cash and cash equivalents and trade and other receivables as financial assets held at amortized cost; the Company holds its investments at FVTOCI. The Company classifies trade and other payables and the Credit Facilities as other financial liabilities held at amortized cost. The Greenstone gold interest is carried at FVTPL.

The fair value hierarchy establishes three levels to classify the inputs of valuation techniques used to measure fair value. The three levels of the fair value hierarchy are below:

Level 1 — fair values based on unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 — fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and

Level 3 — fair values based on inputs for the asset or liability that are not based on observable market data.

The following tables set forth the Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at September 30, 2026 and December 31, 2025:

As at September 30, 2026:

In $000s	Total $		Quoted prices in active markets for identical assets (Level 1) $		Significant other observable inputs (Level 2) $		Significant unobservable inputs (Level 3) $
Investments		1,004		1,004		-		-
Greenstone gold interest		89,454		-		-		89,454
Total		90,458		1,004		-		89,454

Versamet Royalties

Financial Statements

21

As at December 31, 2025:

In $000s	Total $		Quoted prices in active markets for identical assets (Level 1) $		Significant other observable inputs (Level 2) $		Significant unobservable inputs (Level 3) $
Investments		1,011		1,011		-		-
Greenstone gold interest		83,628		-		-		83,628
Total		84,639		1,011		-		83,628

The fair value of the Company's other financial instruments, which include cash and cash equivalents, trade and other receivables, and trade and other payables, approximates their carrying values at September 30, 2026 and December 31, 2025, due to their short-term nature. The fair value of the Company’s Credit Facilities, which is measured using Level 2 inputs, approximates its carrying value as it has a floating interest rate and the Company's credit spread has remained approximately consistent. There were no transfers between the levels of the fair value hierarchy during the period ended September 30, 2026 and the year ended December 31, 2025.

The risk exposure arising from these financial instruments is summarized as follows:

Credit risk

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is limited to the carrying value of its cash and cash equivalents and trade and other receivables. The Company’s trade and other receivables are subject to the credit risk of the counterparties who own and operate the mines underlying Versamet’s royalty, stream and Greenstone gold interest portfolio. In order to mitigate its exposure to credit risk, the Company monitors its financial assets and holds its cash with a highly rated Canadian financial institution.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s approach to managing liquidity risk is to have in place a planning and budgeting process to ensure that it will have sufficient liquidity to meet liabilities when due in the normal course of operations. In assessing liquidity risk, the Company takes into account its cash and expected income from royalties, streams and the Greenstone gold interest.

The following table shows the Company’s contractual obligations as they fall due as at September 30, 2026:

In $000s	Within 1 year $		1–5 years $		Over 5 years $		Total Sept. 30, 2026 $
Trade and other payables		1,234		-		-		1,234
Credit facilities ¹		91,054		316,919		-		407,973
Total		92,288		316,919		-		409,207

1.

The estimated interest amounts related to the Credit Facilities are included in the table above.

Versamet Royalties

Financial Statements

22

Market risk

Market risk is the risk that changes in market prices, such as commodity price risk, foreign exchange rates, interest rates and equity prices will affect the Company’s income or the value of its holdings or financial instruments.

Commodity price risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market prices. Commodity prices can be subject to volatile price movements, which can be material and can occur over short periods of time and are affected by numerous factors, all of which are beyond the Company’s control.

Financial instruments that impact net income and total comprehensive income of the Company due to currency fluctuations include cash and cash equivalents, trade and other receivables, investments, and trade and other payables denominated in Canadian dollars. Based on the Company’s Canadian dollar monetary assets and monetary liabilities as at September 30, 2026, a 10% increase or decrease in the Canadian dollar relative to the United States dollar would have an approximate impact of $nil on net income and $0.1 million on total comprehensive income as at September 30, 2026.

The Company is exposed to commodity price movements as a result of the Greenstone gold interest (note 4). The Company holds the Greenstone gold interest at FVTPL. The fair value is calculated using a series of inputs into a discounted cash flow, including the gold price. A 10% increase or decrease in the gold price used in the valuation as at September 30, 2026 would increase or decrease net income and total comprehensive income by $8.9 million.

15.

Capital Management

The Company manages its capital structure and adjusts it, based on the funds available to the Company, to support its activities, continue as a going concern and maximize its return to stakeholders. The Company considers capital to be all accounts in equity and all borrowings of the Company. The Company is subject to certain covenants under the Credit Facilities (note 7); at September 30, 2026, the Company was in compliance with all covenants. The Board of Directors does not establish quantitative return on capital criteria for management but rather relies on the expertise of management to maintain an appropriate liquidity profile to allow management to execute on its strategic plan. Additional funds may be required to finance the Company’s operations in the future.

Versamet Royalties

Financial Statements

23

Exhibit 99.2

Table of Contents

1.	Introduction	3

2.	Overview and description of the business	3

3.	Outlook	3

4.	Company highlights and financial information	4

5.	Summary of royalty, stream and other interests owned by Versamet	5

6.	Summary of quarterly results	10

7.	Results of operations	11

8.	Liquidity and capital resources	12

9.	Transactions with related parties	14

10.	Outstanding share data	15

11.	Non-IFRS measures	15

12.	Off-balance sheet arrangements	19

13.	Significant estimates and judgments	19

14.	Financial instruments and capital management	19

15.	Other risk factors	21

16.	Internal controls over financial reporting and disclosure controls and procedures	21

17.	Cautionary note regarding forward-looking statements	22

18.	Technical and third-party information	23

Versamet Royalties

Management’s Discussion & Analysis

2

1.

Introduction

This Management’s Discussion and Analysis (“MD&A”) of Versamet Royalties Corporation (“Versamet” or the “Company”) has been prepared by management as of November 10, 2026, and should be read in conjunction with the Company’s unaudited condensed interim financial statements for the three and nine months ended September 30, 2026 and 2025 and related notes thereto which have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”, using accounting policies consistent with IFRS Accounting Standards (“IFRS Accounting Standards” or “IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee. Readers are also encouraged to consult the Company’s audited financial statements for the years ended December 31, 2025 and 2024 and the corresponding notes to these financial statements. Unless otherwise specified, all financial information in this MD&A has been prepared in accordance with IFRS. All dollar amounts herein are expressed in U.S. dollars (“USD”), the Company’s functional currency, unless stated. References to C$ are to Canadian dollars.

This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described under “Other risk factors” and “Cautionary note regarding forward-looking statements” in this MD&A and the Company’s Annual Information Form filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.

The head office, principal address and registered office of Versamet is located at Suite 1650, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.

2.

Overview and description of the business

Versamet is a precious metals focused royalty and streaming company with a global portfolio of royalty and streaming assets. The Company is focused on building a diverse portfolio of royalty, streaming, and other interests and, to date, has built a portfolio of 29 mining royalties and streams, ranging from those currently under exploration to those in production and already cash-generating for Versamet.

The Company further expects cash flow to grow over time through exposure (via its royalty, stream and other interests) to potential exploration success, throughput expansions, mine life extensions and new mine builds. By building a diverse portfolio of royalty, stream and other interests, Versamet's management believes it is maximizing upside potential from strengthening metal prices and resource growth while minimizing downside risk.

Versamet’s current royalties and streams are detailed further below under “5. Summary of royalty, stream and other interests owned by Versamet”. The Company is continually assessing potential opportunities to grow its portfolio of assets through acquisition opportunities, and in doing so is supported by its largest shareholders, B2Gold Corp. (~28%), Tether (~13%), and the Lundin family (~9%).

3.

Outlook

Versamet expects¹ 2026 attributable GEOs² to be between 20,000 to 23,000 at an average cash cost margin² of approximately 93%, with approximately 85% of expected revenue derived from gold and silver. 2026 expected GEOs would represent another record for the Company and more than a 100% year-over-year increase. 2026 GEOs are calculated using consensus prices and based on public forecasts from operators and the Company’s internal estimates.

	1.	Statements made in this section contain forward-looking information. Refer to the forward-looking statements section of this MD&A.
	2.	See “11. Non-IFRS measures”

Versamet Royalties

Management’s Discussion & Analysis

3

4.

Company highlights and financial information

Operating results for the three and nine months ended September 30, 2026

·

Total revenue of $21.1 million and $68.8 million for the three and nine months ended September 30, 2026 (2025: $8.1 million and $16.4 million);

·

GEOs of 4,959¹ and 15,127¹for the three and nine months ended September 30, 2026 (2025: 2,699¹ and 5,385¹);

·

Operating cash flows, excluding working capital changes, of $18.1 million¹ and $57.1 million¹ for the three and nine months ended September 30, 2026 (2025: $6.1 million¹ and $10.8 million¹);

·

Net income of $4.1 million and $22.7 million for the three and nine months ended September 30, 2026 (2025: $3.3 million and $5.3 million); and

·

Adjusted EBITDA of $17.9 million¹ and $55.1 million¹ for the three and nine months ended September 30, 2026 (2025: $5.7 million¹ and $9.4 million¹).

1.

See “11. Non-IFRS measures”

Revenue and Attributable GEO Performance

The following table summarizes the Company’s total revenues from royalty, stream and other interests during the three and nine months ended September 30, 2026 and 2025:

In $000s	3 months ended Sep. 30, 2026 $		3 months ended Sep. 30, 2025 $		9 months ended Sep. 30, 2026 $		9 months ended Sep. 30, 2025 $
Blackwater		374		497		1,598		859
Cuiú Cuiú		296		250		296		250
Greenstone gold interest		4,460		3,611		14,385		10,035
Kiaka		8,469		1,752		24,549		1,752
Kolpa		3,173		1,463		7,362		1,949
Mercedes		634		447		2,181		1,454
Rosh Pinah		1,939		-		13,860		-
Santa Rita		1,770		98		4,585		98
Total revenue		21,115		8,118		68,816		16,397

Versamet Royalties

Management’s Discussion & Analysis

4

The following table summarizes the Company’s Attributable GEOs from royalty, stream and other interests during the three and nine months ended September 30, 2026 and 2025:

	3 months ended Sep. 30, 2026		3 months ended Sep. 30, 2025		9 months ended Sep. 30, 2026		9 months ended Sep. 30, 2025
Blackwater		88		144		349		254
Cuiú Cuiú		70		72		70		72
Greenstone gold interest		1,050		1,050		3,150		3,150
Kiaka		1,987		507		5,421		507
Kolpa		744		423		1,642		571
Mercedes		149		129		479		457
Rosh Pinah		455		-		3,003		-
Santa Rita		416		374		1,013		374
Total Attributable GEOs¹		4,959		2,699		15,127		5,385

1.

See “11. Non-IFRS measures”

5.

Summary of royalty, stream and other interests owned by Versamet

As of the date of this MD&A, Versamet currently owns 29 royalties and streams, of which eight are currently cash-generating for Versamet. A description of Versamet's royalties, streams, and other interests is included below. Versamet does not conduct mining operations on the properties in which it holds a royalty, stream or other interests, and as such it is not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties. Versamet management believes diversification of our royalties and streams, both in terms of project, metal type, and jurisdiction, will be key to the Company’s success, as it is well positioned to take advantage of strengthening metals prices while minimizing downside risk.

A full listing of the Company’s royalty, stream and other interests is presented in the table below:

Project	Location	Details %	Product	Project Ownership
Producing
Blackwater	Canada	0.21 NSR ¹	Au, Ag	Artemis Gold Inc.
Cuiú Cuiú	Brazil	1.5 NSR ²	Au	Cabral Gold Inc.
Greenstone	Canada	1.26 interest ³	Au	Equinox Gold Corp.
Kiaka	Burkina Faso	2.7 NSR ⁴	Au	West African Resources Limited
Kolpa	Peru	95.8 stream ⁵	Cu	Endeavour Silver Corp.
Mercedes	Mexico	2.0 NSR	Au, Ag	Highlander Silver Corp.
Rosh Pinah	Namibia	90.0 stream ⁶	Ag	Appian Capital Advisory LLP
Santa Rita	Brazil	2.75 NSR	Ni, Cu, Au, Co, Pd, Pt	Appian Capital Advisory LLP
Near-term cash flowing
El Pilar	Mexico	1.0 GRR ⁷	Cu	Southern Copper Corp.
Eskay Creek	Canada	3.52 stream ⁸	Au	Skeena Resources Limited
Toega	Burkina Faso	2.7 NSR ⁹	Au	West African Resources Limited
Vittangi	Sweden	1.0 NSR	Graphite	Talga Group Ltd.
Development
Converse	USA	1.0 NSR	Au, Ag	Roxmore Resources Inc.
Hackett River	Canada	2.0 NSR	Zn, Ag, Cu, Pb, Au	Glencore Canada Corp.
Mason	USA	0.4 NSR	Cu, Au, Mo, Ag	Hudbay Minerals Inc.
PC Silver Mine	Canada	1.2 NSR	Zn, Pb, Ag	Honey Badger Silver Inc.
Pilar	Brazil	1.0 NSR	Au	Pilar Gold Inc.

Versamet Royalties

Management’s Discussion & Analysis

5

Project	Location	Details %	Product	Project Ownership
Exploration
Adi Dairo	Ethiopia	1.0 NSR	Cu, Zn, Au	Sun Peak Metals Corp.
Ajax	Canada	1.5 NSR	Cu, Au, Ag	KGHM / Abacus Mining & Exploration Co.
Bobosso	Cote d’Ivoire	1.0 NSR	Au	Montage Gold Corp.
Del Norte	Canada	1.0 NSR	Au, Ag	Teuton Resources Corp.
Golden Sidewalk	Canada	2.0 NSR	Au	Prosper Gold Corp.
Midas	Canada	1.0 NSR	Au, Ag	Teuton Resources Corp.
Mocoa	Colombia	2.0 NSR	Cu, Mo	Copper Giant Resources Corp.
Nefasit	Ethiopia	1.0 NSR	Cu, Zn, Au	Sun Peak Metals Corp.
Pacaska	Peru	0.5 NSR	Au, Cu	Copper Standard Resources Inc.
Primavera	Nicaragua	1.5 NSR	Au, Cu	Equinox Gold Corp.
Wiluna	Australia	2.0 NSR	Uranium	Toro Energy Limited
Zuun Mod	Mongolia	1.5 NSR	Mo, Cu	Erdene Resource Development Corp.

	1.	0.21% net smelter returns royalty applicable to approximately 35–50% of production (Versamet management estimate).
	2.	On the completion of a positive Technical Report, which occurred in September 2025, an advance royalty payment of $250,000 per year commenced. Advance royalty payments are creditable against future production royalties
	3.	Greater of i) 1.26% of monthly production at Greenstone (100%), or ii) 350 ounces Au, until 63,000 ounces Au have been delivered; gold deliveries subject to per-ounce payments equal to 20% of the prevailing spot gold price at time of delivery.
	4.	2.7% NSR royalty (100% basis) until 2.5 Moz Au produced; 0.45% NSR royalty on the next 1.5 Moz Au.
	5.	Greater of i) 95.8% of produced copper and ii) 0.03 tonnes of copper per tonne of produced lead until 6,000 tonnes of copper delivered; 71.85% of produced copper until 10,500 tonnes of copper delivered; 47.9% of produced copper thereafter; copper deliveries subject to payments equal to 10% of the spot price.
	6.	Payable silver will be calculated as 4,000 ounces of payable silver per million pounds of recovered zinc until the delivery of 250 koz to the stream and 2,850 ounces of payable silver per million pounds of recovered zinc (inclusive of the first 250 koz above) until the earlier of i) the delivery of 1.35 Moz of silver to the stream or ii) December 31, 2028. Subsequently, payable silver will be 90% of the payable silver produced from the mine. Silver deliveries are subject to per-ounce payments equal to 10% of the prevailing spot silver price at the time of delivery.
	7.	1.0% gross revenue royalty excludes the first 85 Mlbs of payable copper production.
	8.	If completion tests are not satisfied by September 30, 2027, the attributable gold stream percentage will increase incrementally to 3.57%, 3.62% and 3.67% if completion is achieved in the first, second or third calendar quarters following that date, respectively. It will increase by a further 0.13% per quarter thereafter until the completion tests are satisfied. Gold deliveries are subject to per-ounce payments equal to 10% of the prevailing spot gold price at the time of delivery.
	9.	2.7% NSR royalty (100% basis) until royalty payments total $22.5 million; 0.45% NSR royalty thereafter until 1.5 Moz produced.

Q3 2026 Portfolio Updates

This section provides updates to the Company’s portfolio of assets. Where there are no material updates in the quarter, no discussion has been included.

Producing assets

Kiaka, Burkina Faso (2.7% NSR Royalty)

Kiaka delivered strong operational performance in Q3 2026 with record gold production of 76,030 ounces, a 13% increase over the previous quarter. The increase was driven by a 15% rise in mill throughput to 2.87 million tonnes, with an average head grade of 0.9 g/t and recovery of 93.1%. West African Resources (“West African”) sold 73,492 ounces of gold from Kiaka during the quarter and held 20,861 ounces of unsold gold bullion at the end of the quarter. Versamet expects this bullion to contribute to GEOs in subsequent quarters. Kiaka is expected to produce between 240,000 and 280,000 ounces of gold in 2026.

For more information, please refer to West African Resources ASX announcements dated October 8, 2026 and October 28, 2026.

Versamet Royalties

Management’s Discussion & Analysis

6

Greenstone, Canada (1.26% interest)

Greenstone produced 60,596 ounces of gold in Q3 2026 with the plant processing 2.2 million tonnes at an average grade of 1.03 g/t. Equinox expects stronger production at Greenstone through the remainder of 2026 and into 2027. Attributable production from Greenstone totaled 1,050 gold ounces in Q3 2026.

For more information, please refer to Equinox’s news release dated October 13, 2026.

Rosh Pinah, Namibia (90% silver stream)

In Q3 2026, the Company recorded 455 GEOs from sales of silver deliveries from Rosh Pinah. Deliveries from Rosh Pinah depend on the timing of offtaker shipments and settlements, which can create variability in quarter over quarter delivery volumes. The RP2.0 expansion project is nearing completion, with final phases of construction, commissioning and ramp up underway.

For more information, please refer to Appian Capital Advisory LLP’s (“Appian”) LinkedIn post dated October 12, 2026.

Santa Rita, Brazil (2.75% NSR Royalty)

In Q3 2026, the Company recorded 416 GEOs from royalty revenue from Santa Rita. In August, Santa Rita produced a record 12,464 tonnes of nickel concentrate and achieved a record metallurgical recovery rate of 86.72%, the highest levels since operations restarted under Appian’s ownership in 2019.

Santa Rita continues to advance the transition from open-pit to underground operations, which is expected to extend the mine’s operating life beyond 30 years and produce approximately 30,000 tonnes of nickel equivalent per year. Appian is advancing the Definitive Feasibility Study in parallel with initial underground works, which began in March 2026 and have now excavated over 600 meters of tunnels.

For more information, please refer to Appian’s media release dated October 5, 2026.

Blackwater, Canada (0.21% NSR Royalty)

Blackwater produced 69,546 ounces of gold in Q3 2026, a 14% increase over Q3 2025. Year to date, Blackwater has produced 205,532 ounces and is on track to achieve its full-year guidance of 265,000 to 290,000 ounces of gold.

The Phase 1A expansion, which will increase plant throughput by 33% to 8 Mtpa, was 77% complete at the end of the quarter and remains on track for completion in Q4 2026. Major works construction on the Expanded Phase 2 project continued as planned.

For more information, please refer to Artemis’s news release dated October 13, 2026.

Kolpa, Peru (95.8% copper stream)

In Q3 2026, the Company recorded 744 GEOs from copper deliveries from Kolpa, its highest quarterly GEOs since acquiring the stream in 2025. Kolpa processed 256,052 tonnes in Q3 2026, up 10% from 233,408 tonnes in Q2 2026. The increase reflects the continued benefit of the plant expansion to 2,500 tonnes per day, which was commissioned at the end of Q1 2026.

For more information, please refer to Endeavour Silver’s news release dated October 8, 2026.

Versamet Royalties

Management’s Discussion & Analysis

7

Cuiú Cuiú, Brazil (1.5% NSR Royalty)

On September 10, 2026, Cabral Gold announced the first gold pour at Cuiú Cuiú, producing approximately 1,130 ounces during wet circuit commissioning, and a total of 2,400 oz sold during the quarter. Cabral is ramping up mining and ore stacking towards 3,000 tonnes per day, targeting commercial production and announcing an updated mineral resource estimate before year end.

For more information, please refer to Cabral Gold’s news releases dated September 10, 2026, September 30, 2026 and October 20, 2026.

Development assets

Eskay Creek, Canada (3.52% gold stream)

Construction at Eskay Creek was over 80% complete as of the end of October, up from 62% at June 30, 2026. Over 5 million tonnes of material have been moved, with ore stockpiling expected to commence in October. Most major processing equipment is installed, with Q4 activities focused on mechanical, piping, electrical and instrumentation work ahead of commissioning in 2027. Water management infrastructure continues to advance, while completion of the tailings storage facility haul road and high-voltage electrical infrastructure, including substations and transmission lines, is targeted by year-end. The project remains on track for initial production in Q2 2027. Skeena also continues to advance an updated technical study, expecting completion in early 2027.

For more information, please refer to Skeena’s presentation at Mining Forum Americas on September 28, 2026.

Toega, Burkina Faso (2.7% NSR Royalty)

Pre-production stripping of the Toega open pit continued during Q3 2026, with 1,689kbcm of material moved. West African expects to process the first ore from Toega at Sanbrado in Q1 2027.

For more information, please refer to West African’s ASX announcement dated October 8, 2026 and its presentation at Mining Forum Americas on September 28, 2026.

El Pilar, Mexico (1% GRR Royalty)

On October 20, 2026, Southern Copper Corp. reported that early site preparation at El Pilar began in September 2026, and that it has signed basic engineering contracts for the project’s access road, railway spur, substations and power lines. Construction is expected to begin in Q1 2027, with production expected to begin in the second half of 2029. Once in production, El Pilar is expected to produce 36,000 tonnes of copper cathode per year over an 18-year mine life.

For more information, please refer to Southern Copper Corp.’s news release dated October 20, 2026.

Converse, USA (1% NSR Royalty)

On October 13, 2026, SSR Mining (“SSR”) agreed to acquire Roxmore Resources Inc. (“Roxmore”), with closing expected in Q4 2026, subject to approval by Roxmore shareholders, court approval and other customary conditions. SSR plans to develop Converse as an extension of its adjacent Marigold Complex, with the potential to produce 150,000 to 170,000 ounces of gold per year over a 10+ year mine life from 2033.

Versamet Royalties

Management’s Discussion & Analysis

8

For more information, please refer to SSR’s news release dated October 13, 2026.

PC Silver Mine, Canada (1.2% NSR Royalty)

On September 17, 2026, Honey Badger Silver (“Honey Badger”) released an updated Preliminary Economic Assessment (“PEA”) and Mineral Resource Estimate for the PC Silver project. The PEA contemplates a 22-year underground operation mining approximately 2,400 tonnes per day. Average annual payable production over the life of mine is approximately 2.5 million ounces of silver, 117 million pounds of zinc, 95 million pounds of lead and 1.3 million pounds of copper. Honey Badger is targeting completion of a feasibility study in Q2 2027.

For more information, please refer to Honey Badger’s news release dated September 17, 2026.

Zuun Mod, Mongolia (1.5% NSR Royalty)

On October 14, 2026, Erdene Resource Development Corp. (“Erdene”) released a PEA for its Zuun Mod project. The PEA outlines a 34-year molybdenum-copper operation with average annual production of approximately 19.8 million pounds of molybdenum and 27.9 million pounds of copper. Erdene is in discussions regarding offtake, financing, and strategic partnerships and plans to begin drilling in late October 2026.

For more information, please refer to Erdene’s news release dated October 14, 2026.

Versamet Royalties

Management’s Discussion & Analysis

9

6.

Summary of quarterly results

The following table is a summary of the Company’s financial results and position for the 8 most recently completed quarters:

	Three months ended
In $000s¹, except GEO and share amounts	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Total revenue		21,115			23,733			23,968			18,364			8,118			4,825			3,454			3,249
Attributable GEOs²		4,959			5,255			4,913			4,430			2,699			1,475			1,211			1,232
Average realized gold price per ounce		4,258			4,516			4,878			4,145			3,451			3,272			2,853			2,636
Average cash cost per attributable GEO²		284			336			372			298			323			500			495			449
Average cash cost margin²		93	%		93	%		92	%		93	%		91	%		84	%		83	%		83	%
Net income (loss)		4,079			4,898			13,757			15,059			3,319			170			1,784			(7,261	)
Other comprehensive (loss) income		(148	)		122			55			(27	)		545			(325	)		52			(120	)
Basic earnings (loss) per share		0.04			0.05			0.14			0.16			0.04			0.00			0.02			(0.08	)
Diluted earnings (loss) per share		0.04			0.04			0.13			0.16			0.03			0.00			0.02			(0.08	)
Weighted average shares (basic)		108,433,593			107,806,492			99,874,905			92,986,121			92,971,426			92,744,605			92,414,345			92,311,790
Weighted average shares (diluted)		111,295,136			111,091,415			103,526,371			96,501,540			95,738,461			94,457,830			94,004,406			92,311,790
Total assets		776,075			788,212			425,809			418,008			400,448			269,830			231,693			230,249
Long-term liabilities		310,764			341,091			59,194			151,172			158,485			55,647			2,123			2,070
Operating cash inflows before working capital changes²		18,142			19,450			19,500			13,929			6,136			3,209			1,411			1,136
Cash flows per share before working capital changes²		0.17			0.18			0.20			0.15			0.07			0.03			0.02			0.01
EBITDA²		17,470			17,854			25,632			28,574			7,614			8,072			3,414			(7,848	)
Adjusted EBITDA²		17,855			18,813			18,462			13,626			5,715			2,219			1,486			1,417

	1.	Sum of all the quarters may not add up to the annual total due to rounding.
	2.	See “11. Non-IFRS measures”.

Changes in revenue, net income, earnings per share, and operating cash flow from quarter to quarter are primarily driven by production levels at the mines underlying the Company’s royalties and streams, the timing of operators’ sales or deliveries under stream agreements, commodity prices, the timing of the commencement of production at mines under development, and acquisitions of new royalties and streams and the related financing. Revenue increased from $3.2 million in Q4 2024 to $21.1 million in Q3 2026. This increase reflects a 62% rise in the average realized gold price, the commencement of production at Blackwater and Kiaka, and the Kolpa, Santa Rita, and Rosh Pinah interests acquired in 2025.

Net income reflects a trend toward higher finance costs, driven by larger amounts outstanding under the Credit Facilities as the Company has made more royalty and stream acquisitions, most notably the Eskay Creek stream in Q2 2026. In addition, the Company recorded $5.7 million of non-recurring charges related to the repayment of the Beedie Convertible Loan in Q2 2025. Net income is further affected by non-cash changes in the fair value of the Greenstone gold interest, driven by forward gold prices, and by an $8.4 million impairment of a royalty interest in Q4 2024.

Total assets and long-term liabilities increased over the eight quarters, primarily due to royalty and stream acquisitions funded by the Company’s Credit Facilities. These included the $35.0 million Kolpa stream in Q2 2025, the Rosh Pinah stream and Santa Rita royalty for $125.0 million in Q3 2025, and the $360.0 million Eskay Creek Gold Stream in Q2 2026, of which $340.0 million was funded by the Credit Facilities. Long-term liabilities decreased in Q1 2026, when the Company repaid $126.0 million on the Credit Facilities, primarily from net proceeds of $114.4 million from equity issuances.

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Management’s Discussion & Analysis

10

7.

Results of operations

Revenue

Total revenue was $21.1 million and $68.8 million during the three and nine months ended September 30, 2026, respectively (2025: $8.1 million and $16.4 million). The significant increase from the prior corresponding periods reflects additional paying assets in 2026 compared to 2025 and higher realized commodity prices. Refer to the “5. Summary of royalty, stream and other interests owned by Versamet” for commentary on producing assets.

Operating expenses (income)

In $000s	3 months ended Sep. 30, 2026 $			3 months ended Sep. 30, 2025 $			9 months ended Sep. 30, 2026 $			9 months ended Sep. 30, 2025 $
Cost of sales, excluding depletion		4,974			3,769			16,503			10,254
Depletion		4,201			1,624			12,349			2,523
Administrative expenses		1,962			1,497			8,654			4,198
Change in fair value of Greenstone gold interest		(3,180	)		(4,796	)		(17,328	)		(14,440	)
Total operating expenses		7,957			2,094			20,178			2,535

Included in cost of sales, excluding depletion, are the contractual purchase prices for gold, silver and copper delivered under the Greenstone gold interest and the Kolpa and Rosh Pinah streams. Also included is a non-cash drawdown of the Greenstone gold interest (akin to depletion). As the Kolpa and Rosh Pinah streams were acquired in April 2025 and September 2025, respectively, the contractual payment did not cover the whole period as it does in the current periods. In addition, rising metal prices when comparing 2025 to 2026 not only increased cash payments included in cost of sales (as the contractual price is based on a % of the prevailing price on the date of delivery) but also increased the non-cash partial settlement of the Greenstone gold interest, reflecting higher gold sales margins due to a rising gold price compared with the prior corresponding periods.

The increase in depletion expense reflects the additional producing streams and royalties in 2026 compared with the corresponding prior periods.

Administrative expenses increased as the Company’s administrative and corporate development processes evolve and grow to steward our expanded asset base. Notably, the Company incurred Toronto Stock Exchange and Nasdaq listing fees in 2026, with Versamet initially listing on the TSX Venture Exchange in May 2025, and incurred additional travel, conference, and marketing costs as the focus turned to raising the Company’s capital markets profile in 2026.

The Company recognized gains on the Greenstone gold interest in all periods. The change in value is largely driven by the forward gold price, which continued to increase over 2025 and remained elevated in 2026, and the impact of unwinding discounted cash flows over time.

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Management’s Discussion & Analysis

11

Other expenses (income) and taxation

In $000s	3 months ended Sep. 30, 2026 $			3 months ended Sep. 30, 2025 $			9 months ended Sep. 30, 2026 $			9 months ended Sep. 30, 2025 $
Change in fair value of convertible debt derivative liability		-			-			-			(3,285	)
Finance and interest expense		7,368			1,313			16,288			8,533
Foreign exchange		(71	)		34			71			570
Interest income		(130	)		(91	)		(239	)		(115	)
Total other expenses		7,167			1,256			16,120			5,703
Income tax expense in net income		1,912			1,449			9,784			2,886

In Q2 2025, the Beedie Convertible Loan was fully repaid; consequently, the convertible debt derivative liability was extinguished, meaning there was no change in fair value in 2026.

The increase in finance and interest expense primarily reflects higher amounts drawn on the Credit Facilities to fund the Eskay Creek Gold Stream purchase in 2026, partially offset by $2.4 million in non-recurring prepayment fees and $3.3 million in accelerated accretion in finance expense resulting from the repayment of the Beedie Convertible Loan in Q2 2025.

Foreign exchange movements in 2026 are primarily due to the revaluation of Canadian-dollar cash on hand, working capital, and lease liability. The nine-month comparative period also includes movements from revaluing the Canadian-denominated Beedie Convertible Loan to US dollars, the Company’s functional currency, which was repaid in Q2 2025.

The Company recognized a tax expense of $9.8 million during the nine months ended September 30, 2026 (2025: $2.9 million), comprising deferred tax expense of $9.2 million (2025: $2.5 million) and current tax expense of $0.6 million (2025: $0.4 million). The increase in current period deferred tax expense was primarily driven by a greater fair value of the Greenstone gold interest during the period and the utilization of non-capital losses carried forward. Fair value gains on the Greenstone gold interest are recognized in net income but are not taxable until realized, creating a taxable temporary difference and a corresponding increase in the deferred tax liability. The Company expects to generate taxable income for 2026, compared with taxable losses in the comparative period. Applying non-capital losses carried forward against this income reduces the deferred tax asset previously recognized, with a corresponding deferred tax expense. The current tax expense in the current and comparative periods relates to withholding taxes on royalty revenue earned from certain foreign royalties.

8.

Liquidity and capital resources

As at September 30, 2026, the Company had a cash balance of $2.1 million. As of the date of this MD&A, the Company has eight revenue-generating royalties and streams, which, together with the Company’s working capital and $25.0 million available under the Company’s revolving credit facility, provide sufficient cash for Versamet to cover all operating expenses, working capital requirements, and debt repayments for at least 12 months from September 30, 2026.

Cash flows

Quarter ended September 30, 2026, compared to September 30, 2025:

During the quarter ended September 30, 2026, the Company’s cash balance decreased by $11.1 million. This decrease was primarily due to: $21.1 million in revenue inflows, $1.4 million in cash payments for metal delivered under streams included in cost of sales, $1.3 million in cash operating expenses, and a $0.4 million outflow related to working capital. The Company repaid $20.0 million on the Credit Facilities and paid $8.7 million in cash interest charges on outstanding debt. Additionally, the Company paid $0.2 million in cash withholding taxes.

Versamet Royalties

Management’s Discussion & Analysis

12

During the quarter ended September 30, 2025, the Company’s cash balance increased by $1.4 million. This increase was primarily due to: $8.1 million in revenue inflows, $0.9 million in cash payments for metal delivered under streams included within cost of sales, and $1.0 million in cash operating expenses. The Company recorded a $1.9 million outflow related to working capital. The Company drew down net $124.0 million on the Credit Facilities to fund the $125.0 million acquisition of the Rosh Pinah silver stream and Santa Rita royalty. The Company also incurred $1.7 million in financing costs, primarily $1.0 million in cash interest charges on debt outstanding and $0.7 million in commitment fees related to the Credit Facilities. Additionally, the Company paid $0.1 million in cash taxes.

Nine months ended September 30, 2026, compared to September 30, 2025:

During the nine months ended September 30, 2026, the Company’s cash balance decreased by $1.6 million. This decrease was primarily due to: $68.8 million in revenue inflows, $5.0 million in cash payments for metal delivered under streams included in cost of sales, $6.0 million in cash operating expenses, and a $3.6 million working capital outflow. The Company drew $340.0 million on the Credit Facilities to fund the $340.0 million cash portion of the Eskay Creek Gold Stream acquisition. The Company repaid $156.0 million on the Credit Facilities, primarily from net proceeds of $117.4 million from the Offering and private placements and from cash generated from operations. The Company paid $15.7 million in cash interest charges on outstanding debt and $0.8 million in commitment fees related to amendments to the Credit Facilities. Additionally, the Company paid $0.6 million in cash withholding taxes.

During the nine months ended September 30, 2025, the Company’s cash balance increased by $1.0 million. This increase was primarily due to: $16.4 million in revenue inflows, $2.2 million in cash payments for metal delivered under streams included within cost of sales, and $3.0 million in cash operating expenses. The Company recorded a $3.5 million outflow related to working capital. The Company drew net $176.0 million on the Credit Facilities to fund the $160.0 million acquisitions of the Rosh Pinah silver stream, Santa Rita royalty, and the Kolpa copper stream, and the $16.4 million repayment of the Beedie Convertible Debt in full. The Company also incurred $5.5 million of financing costs, including $2.4 million in non-recurring prepayment fees related to the early repayment of the Beedie Convertible Debt, $2.1 million of cash interest charges on debt outstanding, and $1.0 million of commitment fees. Further, the Company paid $0.4 million in cash taxes.

Debt

Credit Facilities

On September 24, 2025, the Company amended its credit facility agreement to increase its revolving credit facility (“RCF”) to $100 million with a $25 million accordion feature and add a new $80 million term loan facility arranged by Bank of Montreal (“BMO”), as lead arranger, and National Bank of Canada (“NBC”). Amounts drawn were subject to interest at SOFR plus 2.25% to 3.50% per annum, and the undrawn portion of the RCF was subject to a standby fee of 0.5063% to 0.7875% per annum, both of which are dependent on the Company’s leverage ratio. The term loan was repayable in quarterly instalments of $7.5 million commencing on March 31, 2026, with a final bullet payment of $20 million at maturity on March 31, 2028. The RCF was scheduled to mature on April 30, 2028.

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Management’s Discussion & Analysis

13

On March 4, 2026, the Company amended its credit facility agreement to increase its RCF to $200 million with a $25 million accordion feature and retired the term loan, which was fully repaid from proceeds from the Offering and private placement.

On April 3, 2026, the Company amended its credit facility agreement to increase its RCF to $250 million and add a new $150 million term loan (together the “Credit Facilities”), arranged by BMO and NBC. The Credit Facilities provide for a $100 million accordion on the RCF once the term loan has been repaid in full. Amounts drawn on the Credit Facilities are subject to interest at adjusted SOFR plus 2.25% to 3.75% per annum. The undrawn portion of the RCF is subject to a standby fee of 0.5063% to 0.8438% per annum, both of which are dependent on the Company’s leverage ratio (as defined in the Credit Facilities agreement). The term loan is repayable in quarterly instalments commencing on June 30, 2026, with a final bullet repayment of $40 million at maturity on March 31, 2028. The RCF matures on March 4, 2029.

The Company had principal outstanding amounts of $355 million under the Credit Facilities as of the date of this MD&A.

Commitments and contractual obligations

The following table shows the Company’s contractual obligations as they fall due as at September 30, 2026:

In $000s	Within 1 year $		1–5 years $		Over 5 years $		Total Sep. 30, 2026 $
Trade and other payables		1,234		-		-		1,234
Credit facilities ¹		91,054		316,919		-		407,973
Total		92,288		316,919		-		409,207

1.

The estimated interest amounts related to the Credit Facilities are included in the table above.

The Company has no liabilities other than those presented in the table above or discussed elsewhere in this MD&A and has no commitments for capital expenditures or contractual obligations. The Company intends to grow through the acquisition of additional royalties, streams and other interests; however, capital markets may not be receptive to offerings of new equity from treasury or debt, whether by way of private placements or public offerings. The Company’s growth and success may be dependent on external sources of financing which may not be available on acceptable terms.

9.

Transactions with related parties

Related parties are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, either directly or indirectly. Related parties of the Company include the members of the Board of Directors, officers of the Company, close family members of these individuals, and any companies controlled by these individuals.

B2Gold

B2Gold is considered a related party of the Company as a result of its significant influence through its share ownership in the Company and its ability to nominate a representative for election to the Company’s board of directors.

Versamet Royalties

Management’s Discussion & Analysis

14

Tether Investments

Tether Investments is considered a related party of the Company as a result of its significant influence through its share ownership in the Company and its ability to nominate a representative for election to the Company’s board of directors.

During the nine months ended September 30, 2026, Tether Investments has completed two non-brokered private placements, to which the Company has sold 1,891,539 common shares for net proceeds of $19.0 million, pursuant to the exercise of Tether Investments’ participation rights in the public offering and shares issued for the Eskay Creek Gold Stream acquisition.

Sandstorm

Sandstorm was a related party of the Company as a result of its significant influence through its share ownership in the Company and its ability to nominate a representative to the Company’s board of directors.

On October 20, 2025, Sandstorm was acquired by Royal Gold Inc. (“Royal Gold”) and Royal Gold became a related party through its acquired share ownership in the Company. Royal Gold subsequently sold its shares in Versamet to Tether Investments and Nemesia S.à.r.l (“Nemesia”), a company controlled by trusts of the Lundin family, and Royal Gold ceased to be a related party.

Compensation of Key Management Personnel

Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole, including its Board of Directors. Compensation for key management personnel of the Company was as follows:

In $000s	3 months ended Sep. 30, 2026 $		3 months ended Sep. 30, 2025 $		9 months ended Sep. 30, 2026 $		9 months ended Sep. 30, 2025 $
Salaries and benefits		449		107		1,357		1,132
Share-based compensation		401		294		2,012		528
Total		850		401		3,369		1,660

10.

Outstanding share data

As at the date of this MD&A, the Company had 108,829,507 Common Shares outstanding, 2,605,407 stock options outstanding with a weighted average exercise price of C$3.70, 1,099,131 outstanding restricted share units and 109,445 performance-based restricted share units. Of the total Common Shares issued, 395,914 are being held in escrow subject to certain milestones being met with respect to the El Pilar royalty asset; in the event such milestones are not met, these Common Shares are returned to Versamet.

11.

Non-IFRS measures

This MD&A refers to certain non-IFRS measures, including (i) Attributable Gold Equivalent Ounces, (ii) average cash cost per Attributable Gold Equivalent Ounce (iii) average cash cost margin (iv) cash flows from operating activities before working capital changes (v) cash flows from operating activities before working capital changes per share (vi) EBITDA and (vii) Adjusted EBITDA (the “Non-IFRS Measures”). The Non-IFRS measures are not standard measures under IFRS and the Company’s method of calculating the Non-IFRS Measures may differ from the methods used by other issuers. Therefore, the Company’s Non-IFRS measures may not be comparable to similar measures presented by other issuers. See below for a description of each non-IFRS measure and a reconciliation to the nearest IFRS measure for the period.

Versamet Royalties

Management’s Discussion & Analysis

15

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.

For the three months ended:

Revenue in $000s	Sep. 30, 2026		Jun. 30, 2026		Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Revenue		21,115		23,733		23,968		18,364		8,118		4,825		3,454		3,249
Divided by:
Average realized gold price per ounce		4,258		4,516		4,878		4,145		3,451		3,272		2,853		2,636
		4,959		5,255		4,913		4,430		2,354		1,475		1,211		1,232
Santa Rita Adjustment		-		-		-		-		345		-		-		-
Total Attributable GEOs		4,959		5,255		4,913		4,430		2,699		1,475		1,211		1,232

For the nine months ended:

Revenue in $000s	Sep. 30, 2026		Sep. 30, 2025
Revenue		68,816		16,397
Divided by:
Average realized gold price per ounce		4,549		3,267
		15,127		5,040
Santa Rita Adjustment		-		345
Total Attributable GEOs		15,127		5,385

Average cash cost per Attributable GEO is calculated by dividing the Company’s cost of sales, excluding depletion and other non-cash cost of sales by the number of Attributable GEOs (described above). The Company presents average cash cost per Attributable GEO because it believes this is useful for investors to evaluate the Company’s performance and ability to generate cash flow in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis.

Average cash cost margin is calculated by dividing the difference between the Average realized gold price per ounce and the Average cash cost per Attributable GEO by the Average realized gold price per ounce. The Company presents average cash cost margin as it believes that this is useful information to allow investors to evaluate the Company’s performance and ability to generate cash flow in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis.

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Management’s Discussion & Analysis

16

For the three months ended:

Cost of sales amounts in $000s	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Cost of sales (excluding depletion)		4,974			5,599			5,930			4,852			3,769			3,490			2,995			2,765
Less: non-cash cost of sales related to Greenstone gold interest		(3,565	)		(3,835	)		(4,102	)		(3,534	)		(2,897	)		(2,753	)		(2,396	)		(2,212	)
Cash cost of sales		1,409			1,764			1,828			1,318			872			737			599			553
Divided by:
Total Attributable GEOs		4,959			5,255			4,913			4,430			2,699			1,475			1,211			1,232
Average cash cost per Attributable GEO		284			336			372			298			323			500			495			449
Average cash cost margin		93	%		93	%		92	%		93	%		91	%		84	%		83	%		83	%

For the nine months ended:

Cost of sales amounts in $000s	Sep. 30, 2026			Sep. 30, 2025
Cost of sales (excluding depletion)		16,503			10,254
Less: non-cash cost of sales related to Greenstone gold interest		(11,502	)		(8,046	)
Cash cost of sales		5,001			2,208
Divided by:
Total Attributable GEOs		15,127			5,385
Average cash cost per Attributable GEO		331			410
Average cash cost margin		93	%		87	%

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.

Cash flows from operating activities before working capital changes per share is calculated by dividing the cash flow from operating activities before working capital changes by the weighted average number of Common Shares of the Company outstanding during the period. The Company presents cash flows from operating activities before changes in non-cash working capital on a per-share basis because it believes this provides a useful measure for shareholders to evaluate the Company’s performance.

For the three months ended:

In $000s, except for share and per share amounts	Sep. 30, 2026		Jun. 30, 2026			Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Cash flows provided by operating activities		17,790		20,295			15,389		9,728		4,255		2,310		652		2,103
Working capital changes		352		(845	)		4,111		4,201		1,881		899		759		(967	)
Cash flows from operations before working capital changes		18,142		19,450			19,500		13,929		6,136		3,209		1,411		1,136
Weighted average ordinary shares outstanding		108,433,593		107,806,492			99,874,905		92,986,121		92,971,426		92,744,605		92,414,345		92,311,790
Cash flows from operations before working capital changes per share		0.17		0.18			0.20		0.15		0.07		0.03		0.02		0.01

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Management’s Discussion & Analysis

17

For the nine months ended:

In $000s, except for share and per share amounts	Sep. 30, 2026		Sep. 30, 2025
Cash flows provided by operating activities		53,474		7,217
Working capital changes		3,618		3,539
Cash flows from operations before working capital changes		57,092		10,756
Weighted average ordinary shares outstanding		105,403,014		92,698,748
Cash flows from operations before working capital changes per share		0.54		0.12

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. 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.

Adjusted EBITDA adjusts EBITDA to exclude any non-cash cost of sales, impairment charges and gains/losses on assets and liabilities which are mark-to-market each reporting period. 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.

For the three months ended:

In $000s	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Net income (loss)		4,079			4,898			13,757			15,059			3,319			170			1,784			(7,261	)
Finance and interest expense		7,368			6,792			2,128			3,629			1,313			6,592			628			669
Income taxes		1,912			2,102			5,770			6,384			1,449			662			775			(1,408	)
Interest income		(130	)		(80	)		(29	)		(152	)		(91	)		(13	)		(11	)		(18	)
Depletion and amortization		4,241			4,142			4,006			3,654			1,624			661			238			170
EBITDA		17,470			17,854			25,632			28,574			7,614			8,072			3,414			(7,848	)
Non-cash cost of sales – Greenstone gold interest		3,565			3,835			4,102			3,534			2,897			2,753			2,396			2,212
Change in fair value of Greenstone gold interest		(3,180	)		(2,876	)		(11,272	)		(18,482	)		(4,796	)		(5,433	)		(4,212	)		(1,099	)
Change in fair value of derivative liability		-			-			-			-			-			(3,173	)		(112	)		(198	)
Adjustment for Impairment of royalty interest		-			-			-			-			-			-			-			8,350
Adjusted EBITDA		17,855			18,813			18,462			13,626			5,715			2,219			1,486			1,417

For the nine months ended:

In $000s	Sep. 30, 2026 $			Sep. 30, 2025 $
Net income		22,734			5,273
Finance and interest expense		16,288			8,533
Income taxes		9,784			2,886
Interest income		(239	)		(115	)
Depletion and amortization		12,389			2,523
EBITDA		60,956			19,100
Non-cash cost of sales – Greenstone gold interest		11,502			8,046
Change in fair value of Greenstone gold interest		(17,328	)		(14,440	)
Change in fair value of derivative liability		-			(3,285	)
Adjusted EBITDA		55,130			9,421

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Management’s Discussion & Analysis

18

12.

Off-balance sheet arrangements

The Company did not have any off-balance sheet arrangements as at September 30, 2026 or December 31, 2025.

13.

Significant estimates and judgments

The preparation of the financial statements in conformity with IFRS required management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes the estimates and assumptions used in the Company’s financial statements are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows.

Significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the annual financial statements as at and for the year ended December 31, 2025.

14.

Financial instruments and capital management

As at September 30, 2026 and December 31, 2025, the Company’s financial instruments consist of cash and cash equivalents, trade and other receivables, investments, the Greenstone gold interest, trade and other payables and the Credit Facilities. The Company classifies cash and cash equivalents and trade and other receivables as financial assets held at amortized cost; the Company holds its investments at FVTOCI. The Company classifies trade and other payables and the Credit Facilities as other financial liabilities held at amortized cost. The Greenstone gold interest is carried at FVTPL.

The fair value hierarchy establishes three levels to classify the inputs of valuation techniques used to measure fair value. The three levels of the fair value hierarchy are below:

Level 1 — fair values based on unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 — fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and

Level 3 — fair values based on inputs for the asset or liability that are not based on observable market data.

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at September 30, 2026 and December 31, 2025.

As at September 30, 2026:

In $000s	Total $		Quoted prices in active markets for identical assets (Level 1) $		Significant other observable inputs (Level 2) $		Significant unobservable inputs (Level 3) $
Investments		1,004		1,004		-		-
Greenstone gold interest		89,454		-		-		89,454
Total		90,458		1,004		-		89,454

Versamet Royalties

Management’s Discussion & Analysis

19

As at December 31, 2025:

In $000s	Total $		Quoted prices in active markets for identical assets (Level 1) $		Significant other observable inputs (Level 2) $		Significant unobservable inputs (Level 3) $
Investments		1,011		1,011		-		-
Greenstone gold interest		83,628		-		-		83,628
Total		84,639		1,011		-		83,628

The fair value of the Company’s other financial instruments, which include cash and cash equivalents, trade and other receivables, and trade and other payables, approximates their carrying values at September 30, 2026 and December 31, 2025 due to their short-term nature. The fair value of the Company’s Credit Facilities, which is measured using Level 2 inputs, approximates its carrying value as it has a floating interest rate and the Company’s credit spread has remained approximately consistent. There were no transfers between the levels of the fair value hierarchy during the period ended September 30, 2026 and the year ended December 31, 2025.

The risk exposure arising from these financial instruments is summarized as follows:

Credit risk

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is limited to the carrying value of its cash and cash equivalents and trade and other receivables. The Company’s trade and other receivables are subject to the credit risk of the counterparties who own and operate the mines underlying Versamet’s royalty and other assets portfolio. In order to mitigate its exposure to credit risk, the Company monitors its financial assets and holds its cash with a highly rated Canadian financial institution.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s approach to managing liquidity risk is to have in place a planning and budgeting process to ensure that it will have sufficient liquidity to meet liabilities when due in the normal course of operations. In assessing liquidity risk, the Company takes into account its cash and expected income from royalties, streams and the Greenstone gold interest.

Market risk

Market risk is the risk that changes in market prices, such as commodity price risk, foreign exchange rates, interest rates and equity prices will affect the Company’s income or the value of its holdings or financial instruments.

Commodity price risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market prices. Commodity prices can be subject to volatile price movements, which can be material and can occur over short periods of time and are affected by numerous factors, all of which are beyond the Company’s control.

Financial instruments that impact net income and total comprehensive income of the Company due to currency fluctuations include cash and cash equivalents, trade and other receivables, investments, and trade and other payables denominated in Canadian dollars. Based on the Company’s Canadian dollar monetary assets and monetary liabilities as at September 30, 2026, a 10% increase or decrease in the Canadian dollar relative to the United States dollar would have an approximate impact of $nil on net income and $0.1 million on total comprehensive income as at September 30, 2026.

Versamet Royalties

Management’s Discussion & Analysis

20

The Company is exposed to commodity price movements as a result of the Greenstone interest. The Company holds the Greenstone gold interest at FVTPL. The fair value is calculated using a series of inputs into a discounted cash flow, including the gold price. A 10% increase or decrease in the gold price used in the valuation as at September 30, 2026 would increase or decrease net income and total comprehensive income by $8.9 million.

Capital management

The Company manages its capital structure and adjusts it, based on the funds available to the Company, to support its activities, continue as a going concern and maximize its return to stakeholders. The Company considers capital to be all accounts in equity and all borrowings of the Company. The Company is subject to certain covenants under the Credit Facilities; at September 30, 2026, the Company was in compliance with all covenants. The Board of Directors does not establish quantitative return on capital criteria for management but rather relies on the expertise of management to maintain an appropriate liquidity profile to allow management to execute on its strategic plan. Additional funds may be required to finance the Company’s operations in the future.

15.

Other risk factors

The Company’s business and future prospects are subject to significant risks. For details of these risks, please refer to the risk factors under the heading “Risk Factors” in the Company’s Annual Information Form dated March 31, 2026 as filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.

16.

Internal controls over financial reporting and disclosure controls and procedures

Internal Controls over Financial Reporting

Management, with the participation of the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), are responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. As a result, even those systems determined to be effective can only provide reasonable assurance regarding the preparation of financial statements.

The Company’s management has determined that there have been no significant changes in the Company’s internal control over financial reporting during the nine months ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Disclosure Controls and Procedures

Disclosure controls and procedures (“DC&P”) are designed to provide reasonable assurance that material information is identified and that information required to be disclosed by the Company in reports that the Company files or submits is recorded, processed, summarized and reported within the time periods specified in the securities legislation. The CEO and CFO have evaluated whether there were changes to the DC&P during the nine months ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the DC&P. No such changes were identified through their evaluation.

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Management’s Discussion & Analysis

21

17.

Cautionary note regarding forward-looking statements

This MD&A contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. They can often be identified by words such as “expects”, “anticipates”, “plans”, “estimates”, “guidance”, “outlook”, “targets”, “intends”, “believes” or “potential”, or by statements that events “may”, “could”, “would”, “might” or “will” occur.

Forward-looking statements in this MD&A include, but are not limited to, statements relating to: the Company’s 2026 outlook, including expected Attributable GEOs, average cash cost margin and revenue mix; expected production, sales and deliveries and their timing, including at Kiaka and Greenstone and the contribution of unsold gold at Kiaka; the expected construction, commissioning, first production, expansions and technical studies and other development plans at or relating to properties underlying the Company’s interests, including Eskay Creek, Toega, El Pilar, Rosh Pinah, Blackwater, Santa Rita, Cuiú Cuiú, Converse, PC Silver Mine and Zuun Mod and the timing thereof; mineral reserve and mineral resource estimates, preliminary economic assessments and mine lives disclosed by operators; potential adjustments to the Eskay Creek gold stream; the sufficiency of the Company’s liquidity and capital resources, and the Credit Facilities; the Company’s expected tax position and status as a passive foreign investment company; and the Company’s growth and acquisition strategy.

Forward-looking statements are based on management’s opinions, estimates, and assumptions as of the date of this MD&A, including: commodity prices consistent with consensus forecasts; the owners and operators of the underlying properties operating them in a manner consistent with past practice and achieving their publicly disclosed guidance and timelines; the accuracy of their public disclosures; the timing of operators’ sales and deliveries; counterparties meeting their obligations to the Company; no material adverse change in the political, fiscal, or regulatory regime affecting the underlying properties; the continued availability of the Credit Facilities; and no material change in the Company’s tax treatment.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These include: commodity price volatility; the Company’s lack of control over the underlying properties; the concentration of the Company’s cash flow in Kiaka, Greenstone and Eskay Creek; risks in the jurisdictions where the underlying properties are located, including Burkina Faso; construction, development and ramp-up delays; the accuracy of mineral reserve and mineral resource estimates and production forecasts; the Company’s indebtedness and interest rates; access to capital; and the other risks described under “Risk Factors” in the Company’s annual information form dated March 31, 2026, available on SEDAR+ at www.sedarplus.ca, and in its annual report on Form 20-F for the year ended December 31, 2025, available on EDGAR at www.sec.gov.

These lists are not exhaustive. Forward-looking statements are not guarantees of future performance, and readers should not place undue reliance on them. Certain forward-looking statements, including the expected 2026 average cash cost margin, may constitute a “financial outlook” under applicable Canadian securities legislation. This information is provided to help readers understand management’s current expectations for 2026 and may not be appropriate for other purposes. Forward-looking statements are made as of the date of this MD&A. Except as required by applicable securities laws, the Company does not undertake to update them.

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Management’s Discussion & Analysis

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18.

Technical and third-party information

Third-party information

Except where otherwise stated, disclosure in this MD&A about the properties underlying the Company’s royalty, stream and other interests is based on information publicly disclosed by their owners or operators as at the date hereof and none of this information has been independently verified by the Company. As a royalty and stream holder, the Company has limited, if any, access to those properties and generally cannot independently verify that information. Although the Company has no knowledge that such information is inaccurate or incomplete in any material respect, there can be no assurance that it is complete or accurate. Some publicly reported information may relate to a larger area, or to more production, mineral reserves or mineral resources, than the Company’s interest covers.

Qualified Persons

The scientific and technical information in this MD&A has been reviewed and approved by Diego Airo, P.Eng., Executive Vice President, Project Evaluation of Versamet, who is a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Company considers Kiaka, Greenstone and Eskay Creek to be its material mineral projects.

Mineral reserves and mineral resources

Mineral reserve and mineral resource estimates referred to in this MD&A were prepared by the owners or operators of the relevant properties under NI 43-101, the Joint Ore Reserves Committee Code, 2012 Edition or S-K 1300 (as defined below), as applicable. Mineral resources that are not mineral reserves do not have demonstrated economic viability, and inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Preliminary economic assessments referred to in this MD&A are preliminary in nature and include inferred mineral resources, and there is no certainty that they will be realized.

Cautionary note to United States investors

Technical information in this MD&A has been prepared in accordance with Canadian securities laws, which differ from the requirements of the United States Securities and Exchange Commission under subpart 1300 of Regulation S-K (“S-K 1300”). The Company is not required to present disclosure about its mineral properties in compliance with S-K 1300 in this MD&A. Accordingly, information in this MD&A concerning mineral properties may not be comparable to similar information made public by United States companies subject to S-K 1300, or to information presented by the Company in its annual report on Form 20-F.

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Management’s Discussion & Analysis

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Exhibit 99.3

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Daniel O’Flaherty, Chief Executive Officer of Versamet Royalties Corporation, certify the following:

1.

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Versamet Royalties Corporation (the “issuer”) for the interim period ended September 30, 2026.

2.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1

Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2

ICFR – material weakness relating to design: N/A

5.3

Limitation on scope of design: N/A

1

6.

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 10, 2026

(signed) “Daniel O’Flaherty”
Daniel O’Flaherty
Chief Executive Officer

2

Exhibit 99.4

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Victoria McMillan, Chief Financial Officer of Versamet Royalties Corporation, certify the following:

1.

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Versamet Royalties Corporation (the “issuer”) for the interim period ended September 30, 2026.

2.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1

Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2

ICFR – material weakness relating to design: N/A

5.3

Limitation on scope of design: N/A

1

6.

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 10, 2026

(signed) “Victoria McMillan”
Victoria McMillan
Chief Financial Officer

2

Exhibit 99.5

NEWS RELEASE
November 10, 2026

Versamet Royalties Reports Q3 2026 Results

All amounts are in U.S. dollars unless otherwise indicated.

Vancouver, BC: Versamet Royalties Corporation (“Versamet” or the “Company”) (NASDAQ: VMET, TSX: VMET) announces operating and financial results for the quarter ended September 30, 2026.

Q3 2026 Financial Highlights

·

Revenue of $21.1 million, an increase of 160% over Q3 2025.

·

Attributable gold equivalent ounces¹ (“GEOs”) of 4,959, an increase of 84% over Q3 2025.

·

Cash flow from operations before working capital changes² of $18.1 million, an increase of 196% over Q3 2025.

·

Net income of $4.1 million, an increase of 23% over Q3 2025.

·

Adjusted EBITDA³ of $17.9 million, an increase of 212% over Q3 2025.

Dan O’Flaherty, CEO of Versamet, commented: “The third quarter reflected material progress across our portfolio. Our producing assets performed well highlighted by increased gold production at Kiaka (13% over the prior quarter) and record monthly production at Santa Rita as Appian approaches a final investment decision on the underground. We expect our portfolio to have a strong finish to 2026 and we reiterate our guidance for the year.

Our next wave of growth is taking shape as our operating partners advance key projects that will expand our production profile in both the near and long term. Rosh Pinah’s RP 2.0 expansion is in the final phase of construction, Cuiú Cuiú poured first gold ahead of schedule in September, and Blackwater’s Phase 1A expansion remains on track for completion this quarter. Eskay Creek continues to advance toward first ore in 2027, with construction over 80% complete as of the end of October, while Southern Copper has begun early site works at El Pilar. Further strengthening our growth pipeline, new economic studies were completed for PC Silver and Zuun Mod, and SSR Mining’s acquisition of Converse provides a clear path to production for the project.

Versamet was also added to the GDXJ in September, one of the major indices for mining equities, marking another important milestone in the advancement of our capital markets profile.”

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Summary of Financial Results

All amounts in millions, except GEOs.

	Q3 2026		Q3 2025
Attributable GEOs¹		4,959		2,699
Revenue	$	21.1	$	8.1
Net income	$	4.1	$	3.3
Adjusted EBITDA³	$	17.9	$	5.7
Operating cash flow, before working capital changes²	$	18.1	$	6.1

For complete details please refer to the unaudited condensed interim Financial Statements and associated Management’s Discussion and Analysis for the three and nine months ended September 30, 2026 and 2025, available on SEDAR+ (sedarplus.ca), on EDGAR (sec.gov/edgar), and on the Company’s website (versamet.com).

Asset Updates (Producing Assets)

Kiaka (2.7% NSR Royalty)

Kiaka delivered strong operational performance in Q3 2026 with record gold production of 76,030 ounces, a 13% increase over the previous quarter. The increase was driven by a 15% increase in mill throughput, to 2.87 million tonnes at an average head grade of 0.9 g/t and recovery of 93.1%. West African Resources sold 73,492 ounces of gold from Kiaka during the quarter and held 20,861 ounces of unsold gold bullion at the end of the quarter, which Versamet expects to contribute to GEOs in subsequent quarters. Kiaka is expected to produce between 240,000 and 280,000 ounces of gold in 2026.⁴

Rosh Pinah (90% Silver Stream)

In Q3 2026, the Company recorded 455 GEOs from sales of silver deliveries from Rosh Pinah. The RP2.0 expansion project continues to advance and is now in the final phase of its construction.⁵

Greenstone (1.26% Gold Stream)

Greenstone produced 60,596 ounces of gold in Q3 2026 with the plant processing 2.2 million tonnes at an average grade of 1.03 g/t. Equinox Gold expects stronger production at Greenstone through the remainder of 2026 and into 2027. Attributable production from Greenstone totaled 1,050 gold ounces in Q3 2026.⁶

Kolpa (95.8% Copper Stream)

In Q3 2026, the Company recorded 744 GEOs from sales of copper deliveries from Kolpa, its highest quarterly GEOs since acquiring the stream in 2025. Kolpa processed 256,052 tonnes in Q3 2026, up 10% from 233,408 tonnes in Q2 2026. The increase reflects the continued benefit of the plant expansion to 2,500 tonnes per day, commissioned at the end of Q1 2026.⁷

Santa Rita (2.75% NSR Royalty)

In Q3 2026, the Company recorded 416 GEOs from royalty revenue from Santa Rita. In August 2026, Santa Rita produced a record 12,464 tonnes of nickel concentrate. Metallurgical recovery was also a record, at 86.72%. Both are the highest levels since Appian restarted the mine in 2019.

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Santa Rita continues to advance the transition from open-pit to underground operations, which is expected to extend the mine’s operating life beyond 30 years and produce approximately 30,000 tonnes of nickel equivalent per year. Appian is advancing the Definitive Feasibility Study in parallel with initial underground works, which began in March 2026 and have now excavated over 600 meters of tunnels.⁸

Cuiú Cuiú (1.5% NSR Royalty)

On September 10, 2026, Cabral Gold announced the first gold pour at Cuiú Cuiú, producing approximately 1,130 ounces during wet circuit commissioning, and a total of 2,400 oz sold during the quarter. Cabral is ramping up mining and ore stacking towards 3,000 tonnes per day, targeting commercial production and announcing an updated mineral resource estimate before year end.⁹

Asset Updates (Development Assets)

Eskay Creek (3.52% Gold Stream)

Construction at Eskay Creek was over 80% complete as of the end of October, up from 62% at June 30, 2026. Skeena Gold & Silver continues to target first ore in Q2 2027. Skeena also plans an updated technical study in early 2027.¹⁰

El Pilar (1% GR Royalty)

On October 20, 2026, Southern Copper reported that early site preparation at El Pilar began in September 2026, and that it has signed basic engineering contracts for the project's access road, railway spur, substations and power lines. Construction is expected to begin in Q1 2027, with production expected to begin in the second half of 2029. Once in production, El Pilar is expected to produce 36,000 tonnes of copper cathode per year over an 18-year mine life.¹¹

Converse (1% NSR Royalty)

On October 13, 2026, SSR Mining agreed to acquire Roxmore Resources, with closing expected in Q4 2026, subject to approval by Roxmore shareholders, court approval and other customary conditions. SSR plans to develop Converse as an extension of its adjacent Marigold Complex, targeting 150,000 to 170,000 ounces of gold per year over a 10+ year mine life from 2033.¹²

PC Silver (1.2% NSR Royalty)

On September 17, 2026, Honey Badger Silver released an updated Preliminary Economic Assessment (“PEA”) and Mineral Resource Estimate for the PC Silver project. The PEA contemplates a 22-year underground operation mining approximately 2,400 tonnes per day. Average annual payable production over the life of mine is approximately 2.5 million ounces of silver, 117 million pounds of zinc, 95 million pounds of lead and 1.3 million pounds of copper. Honey Badger is targeting completion of a feasibility study in Q2 2027.¹³

Zuun Mod (1.5% NSR Royalty)

On October 14, 2026, Erdene Resource released a PEA for its Zuun Mod project. The PEA outlines a 34-year molybdenum-copper operation with average annual production of approximately 19.8 million pounds of molybdenum and 27.9 million pounds of copper. Erdene is in discussions regarding offtake, financing and strategic partnerships, and plans to begin drilling in late October 2026.¹⁴

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About Versamet Royalties Corporation

Versamet is rapidly growing to become a new mid-tier precious metals royalty & streaming company focused on creating long-term per share value for its shareholders through the acquisition of high-quality assets. Versamet’s common shares trade on the NASDAQ and Toronto Stock Exchange under the symbol “VMET”.

For more information about Versamet, including additional details on our royalties and streams, please visit our website at versamet.com.

General inquiries:
Craig Rollins, General Counsel
Email: info@versamet.com
Telephone: 778-945-3948

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Diego Airo, P.Eng, Executive Vice President, Project Evaluation for Versamet and a member of the Association of Professional Engineers and Geoscientists of the Province of British Columbia. Mr. Airo is a Qualified Person as defined in the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements relating to: the expected timing of production, development, construction, commissioning, expansion, ramp-up, permitting, site preparation, production and other advancements at the properties in which the Company holds an interest, including, without limitation, Kiaka, Rosh Pinah, Greenstone, Kolpa, Santa Rita, Cuiú Cuiú, Eskay Creek, El Pilar, Converse, PC Silver and Zuun Mod; expectations regarding future deliveries, GEO contributions and production attributable to the Company’s royalties and streams; statements regarding the Company’s growth profile, capital deployment strategy and ability to pursue future acquisition opportunities; and other statements regarding future plans, expectations, exploration potential, guidance, projections, objectives, estimates and forecasts (in general and in connection with respective asset updates), as well as our expectations with respect to such matters. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Versamet to control or predict, that may cause Versamet’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading “Risk Factors” in the Company’s Annual Information Form dated March 31, 2026 available for review on the Company’s profile at www.sedarplus.ca, as well as the Company’s Form 20-F filed with the Securities and Exchange Commission on April 30, 2026, available for review on the Company’s profile at www.sec.gov/edgar. Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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Non-IFRS Financial Measures

The Company has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") including (a) GEOs and total attributable GEOs, (b) operating cash flows before working capital changes, and (c) EBITDA and adjusted EBITDA. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow.

Third-Party Information

The Company has limited, if any, information on or access to the properties on which it holds a royalty, stream or other interest and has no input into exploration, development or mining plans, decisions or activities on any such properties. The Company is dependent on (i) the operators of the mines or properties and their Qualified Persons to provide technical or other information to the Company, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on which the Company holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Cautionary Note to United States Investors

Technical information in this news release has been prepared in accordance with Canadian securities laws, which differ from the requirements of the United States Securities and Exchange Commission under subpart 1300 of Regulation S-K (“S-K 1300”). The Company is not required to present disclosure about its mineral properties in compliance with S-K 1300 in this news release. Accordingly, information in this news release concerning mineral properties may not be comparable to similar information made public by United States companies subject to S-K 1300, or to information presented by the Company in its annual report on Form 20-F. Mineral resources that are not mineral reserves do not have demonstrated economic viability, and inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Preliminary economic assessments referred to in this news release are preliminary in nature and include inferred mineral resources, and there is no certainty that they will be realized.

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	Q3 2026		Q3 2025
Revenue		21,115		8,118
Divided by:
Average realized gold price per ounce		4,258		3,451
		4,959		2,354
Santa Rita Adjustment		-		345
Total Attributable GEOs		4,959		2,699

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.

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In $000s	Q3 2026		Q3 2025
Cash flows provided by operating activities		17,790		4,255
Working capital changes		352		1,881
Cash flows from operations before working capital changes		18,142		6,136

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 mark-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	Q3 2026			Q3 2025
Net income		4,079			3,319
Finance and interest expense		7,368			1,313
Income taxes		1,912			1,449
Interest income		(130	)		(91	)
Depletion and amortization		4,241			1,624
EBITDA		17,470			7,614
Non-cash cost of sales – Greenstone gold interest		3,565			2,897
Change in fair value of Greenstone gold interest		(3,180	)		(4,796	)
Adjusted EBITDA		17,855			5,715

4.

For more information, please refer to West African’s ASX announcements dated October 8, 2026 and October 28, 2026, available at westafricanresources.com.

5.

Source: Appian’s LinkedIn post dated October 12, 2026.

6.

For more information, please refer to Equinox Gold’s news release dated October 13, 2026.

7.

For more information, please refer to Endeavour’s news release dated October 8, 2026, available at edrsilver.com.

8.

For more information, please refer to Appian’s media release dated October 5, 2026, available at appiancapitaladvisory.com.

9.

For more information, please refer to Cabral Gold’s news releases dated September 10, 2026, September 30, 2026 and October 20, 2026 available at cabralgold.com.

10.

For more information, please refer to Skeena's corporate presentation dated November 2026, available at skeenagoldsilver.com.

11.

For more information, please refer to Southern Copper Corp.’s news release dated October 20, 2026, available at southerncoppercorp.com.

12.

For more information, please refer to SSR Mining’s news release dated October 13, 2026, available at ssrmining.com.

13.

For more information, please refer to Honey Badger Silver’s news release dated September 17, 2026, available at honeybadgersilver.com.

14.

For more information, please refer to Erdene Resource Corp.’s news release dated October 14, 2026, available at erdene.com.

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Versamet Royalties Q3 revenue rises to $21.1M

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Versamet Royalties Corporation

/s/ Victoria McMillan
Victoria McMillan
Chief Financial Officer
Date: November 10, 2026