Mr. Dan O'Flaherty reports

VERSAMET ROYALTIES DELIVERS RECORD GEOS FOR 2025 AND PROVIDES 2026 GUIDANCE

Versamet Royalties Corp. has released the attributable gold equivalent ounces for the fourth quarter and full year ended Dec. 31, 2025, and has provided guidance for 2026. (All amounts are in U.S. dollars unless otherwise indicated.)

Dan O'Flaherty, chief executive officer, commented: "Two thousand twenty-five marked a breakout year for Versamet, highlighted by our third consecutive year of record GEOs. Two thousand twenty-five GEOs increased by 94 per cent compared to 2024, underscoring the strength and scalability of our portfolio. We expect this momentum to continue in 2026, with GEOs projected to more than double to between 20,000 and 23,000. Supported by robust cash flow generation and our recently completed equity financing, Versamet is exceptionally well positioned to pursue accretive acquisitions and deliver sustained, compounding per-share growth for shareholders."

Q4 and full-year 2025 GEOs:

• Record Q4 attributable GEOs sold of 4,430, an increase of 260 per cent over Q4 2024;
• Record annual attributable GEOs sold of 9,815, an increase of 94 per cent over 2024;
• Inaugural silver delivery from Rosh Pinah and inaugural royalty payment from Santa Rita occurred in Q4.

2026 outlook

Versamet expects 2026 attributable GEOs to be between 20,000 and 23,000 at an average cash cost margin of approximately 93 per cent, with approximately 85 per cent of expected revenue derived from gold and silver. Two thousand twenty-six expected GEOs would represent another record for the company and a more-than-100-per-cent year-over-year increase. Two thousand twenty-six GEOs are calculated based on public forecasts from operators and the company's internal estimates.

Asset updates

Kiaka (2.7 per cent net smelter royalty)

Kiaka produced 62,287 ounces of gold in Q4, its first full quarter of operational phase reporting since completion of construction, sold 56,293 ounces of gold during the quarter and held 15,468 ounces of unsold gold bullion at the end of the quarter, which Versamet expects to contribute to first quarter 2026 GEOs. Open-pit mining continued to ramp up well during Q4, delivering a 76-per-cent increase in mined ounces compared with third quarter. The process plant continued to ramp up on schedule, increasing mill throughput by 25 per cent and grade by 44 per cent over the prior quarter, and achieving 92.9-per-cent metallurgical recovery.

Rosh Pinah (90-per-cent silver stream)

In Q4, the company received its inaugural silver delivery from Rosh Pinah. In addition, final settlement of a concentrate shipment in Q3 2025 occurred in early January, 2026, which will contribute to Versamet's Q1 2026 GEOs. On Feb. 6, 2026, Appian Capital Advisory provided an update on Rosh Pinah, including the commissioning of the new paste fill plant, a critical component of the RP2.0 expansion project. RP2.0, which will nearly double the mine's processing throughput to 1.3 million tonnes per year, continues to advance on schedule, with overall construction progress surpassing 85 per cent. Completion is expected in Q3 2026, with ramp-up commencing shortly thereafter. In parallel, an extensive diamond drilling program is under way aimed at expanding its mineral resource base and extending the mine life. The program includes more than 80,000 metres of drilling through 2027, encompassing infill, stepout and regional exploration drilling. Results to date have been encouraging, reinforcing the opportunity for further resource expansion and long-term value creation beyond RP2.0.

Kolpa (95.8-per-cent copper stream)

On Jan. 16, 2026, Endeavour Silver provided its guidance for 2026. Plant throughput at Kolpa is forecast to range from 2,300 to 2,500 tonnes per day, and copper production is expected to be between 650 and 750 tonnes. Endeavour is investing $26.5-million on capital projects at Kolpa in 2026, including $2.7-million for 3.5 kilometres of mine development in the Bienaventurada and Poderosa areas. A further $7.1-million will be for mine infrastructure, equipment and building improvements. Growth expenditures of $16.7-million will support a plant expansion to increase capacity to 2,500 tonnes per day, including continuing installation of a new ball mill, upgrades to flotation cells and expansion of the tailings storage facility. Management estimates the plant expansion to be completed in Q1 2026.

Toega (2.7-per-cent NSR)

On Jan. 28, 2026, West African Resources provided an update on the Toega deposit. Haul road construction is well advanced and remains on schedule to enable ore delivery to the Sanbrado processing plant in early Q3 2026. Prestripping of the open pit commenced during the quarter with material movement expected to ramp up to steady state production by the end of Q1 2026.

Cuiu Cuiu (1.5-per-cent NSR)

On Dec. 17, 2025, Cabral Gold provided an update on the construction progress of its phase 1 gold-in-oxide heap leach project at the Cuiu Cuiu gold district, Brazil. Construction activity is accelerating, and remains on track and on budget for commercial production in fourth quarter 2026. As of the date of the update, detailed engineering was 26 per cent complete and on track, and procurement of capital items was 65 per cent complete (by value) with the procurement of the remaining equipment to be finalized during Q1 2026.

Leadership appointments

Versamet is pleased to announce that Paul Jones has been promoted to president and Diego Airo has been promoted to executive vice-president, project evaluation.

"Paul and Diego have been instrumental in the growth of Versamet over the past three years," commented Mr. O'Flaherty. "Both have a deep understanding of our business and a demonstrated ability to lead Versamet in its next phase of growth. These appointments reflect the continued growth and increasing scale of our business, bolstering our leadership capacity as we grow our capital markets profile alongside our strong underlying business."

About Versamet Royalties Corp.

Versamet is an emerging mid-tier precious metal royalty and streaming company focused on creating long-term per-share value for its shareholders through the acquisition of high-quality assets. Versamet common shares trade on the Toronto Stock Exchange under the symbol VMET.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Diego Airo, PEng, executive vice-president, evaluations, 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).

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