# EDGAR Filing Document

**Accession Number:** 0002080073
**File Stem:** 0001104659-26-061313
**Filing Date:** 2026-5
**Character Count:** 153695
**Document Hash:** ad84addc0fea16a94f626ed10340ecc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-061313.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001104659-26-061313

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Versamet Royalties Corp
- **CENTRAL INDEX KEY:** 0002080073
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINERAL ROYALTY TRADERS [6795]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43171
- **FILM NUMBER:** 26980349

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 3200, 733 SEYMOUR STREET
- **CITY:** VANCOUVER
- **NON US STATE TERRITORY:** BRITISH COLUMBIA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6B 0S6
- **BUSINESS PHONE:** 778-945-3948

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 3200, 733 SEYMOUR STREET
- **CITY:** VANCOUVER
- **NON US STATE TERRITORY:** BRITISH COLUMBIA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6B 0S6

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER<br> THE SECURITIES EXCHANGE ACT OF 1934**

For the month of <u>May 2026</u>

Commission File Number <u>001-43171</u>

**<u>Versamet Royalties Corporation</u>**

(Translation of registrant's name into English)

**<u>Suite 3200, 733 Seymour Street, Vancouver, British Columbia, V6B 0S6, Canada</u>**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ⌧ Form 40-F ◻

**<u>SUBMITTED HEREWITH</u>**

EXHIBIT

---

| | |
|:---|:---|
| [99.1](tm2614441d1_ex99-1.htm) | [Unaudited Condensed Interim Financial Statements for the three month period ended March 31, 2026.](tm2614441d1_ex99-1.htm) |
| [99.2](tm2614441d1_ex99-2.htm) | [Management's Discussion and Analysis for the three month period ended March 31, 2026.](tm2614441d1_ex99-2.htm) |
| [99.3](tm2614441d1_ex99-3.htm) | [CEO Certification dated May 14, 2026.](tm2614441d1_ex99-3.htm) |
| [99.4](tm2614441d1_ex99-4.htm) | [CFO Certification dated May 14, 2026.](tm2614441d1_ex99-4.htm) |
| [99.5](tm2614441d1_ex99-5.htm) | [News Release dated May 14, 2026.](tm2614441d1_ex99-5.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| **Versamet Royalties Corporation** |
| /s/ Victoria McMillan |
| Victoria McMillan |
| Chief Financial Officer |
| Date: May 14, 2026 |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2614441d1_ex99-1img001.jpg)

---

| | |
|:---|:---|
| **Condensed Interim Statements of Financial Position** | Expressed in U.S dollars ($000s) |
| Unaudited |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31, 2026<br> $** | **December 31, 2025<br> $** |
| Assets |  |  |  |
| **Current** |  |  |  |
| Cash and cash equivalents |  | 6129 | 3706 |
| Trade and other receivables |  | 10931 | 9629 |
| Prepaid and other assets |  | 817 | 97 |
| Greenstone gold interest | 4 | 12337 | 10784 |
|  |  | **30214** | **24216** |
| **Non-current** |  |  |  |
| Investments |  | 1051 | 1011 |
| Deferred financing costs | 6 | 1403 | 1251 |
| Greenstone gold interest | 4 | 78461 | 72844 |
| Royalty, stream and other interests | 5 | 314680 | 318686 |
| **Total assets** |  | **425809** | **418008** |
| Liabilities |  |  |  |
| **Current** |  |  |  |
| Trade and other payables | 13 | 895 | 2878 |
| Credit facilities | 6 | - | 30000 |
|  |  | **895** | **32878** |
| **Non-current** |  |  |  |
| Credit facilities | 6 | 45000 | 141000 |
| Deferred income tax liabilities | 9 | 14194 | 10172 |
| **Total liabilities** |  | **60089** | **184050** |
| Shareholders' equity |  |  |  |
| Share capital | 7 | 334698 | 217427 |
| Share-based compensation reserve | 7 | 5829 | 5150 |
| Retained earnings |  | 26122 | 12365 |
| Accumulated other comprehensive loss |  | (929) | (984) |
| **Total shareholders' equity** |  | **365720** | **233958** |
| **Total liabilities and shareholders' equity** |  | **425809** | **418008** |

---

Nature of operations (note 1)

Subsequent events (note 15)

---

| | |
|:---|:---|
| **Approved by the Board of Directors on May 14, 2026** | **Approved by the Board of Directors on May 14, 2026** |
| "Marcel de Groot" | "Elizabeth McGregor" |

---

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

---

| | |
|:---|:---|
| **Condensed Interim Statements of Income and Comprehensive Income** | Expressed in U.S dollars ($000s)<br> Except for per share amounts |
| Unaudited | Expressed in U.S dollars ($000s)<br> Except for per share amounts |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **3 months ended <br> March 31, 2026 $** | **3 months ended <br> March 31, 2025 $** |
| Sales | 4, 11 | 12847 | 2995 |
| Royalty revenue | 11 | 11121 | 459 |
| **Total revenue** |  | **23968** | **3454** |
| Cost of Sales | 4, 11 | (5930) | (2995) |
| Depletion | 5, 11 | (4006) | (238) |
| **Gross profit** |  | **14032** | **221** |
| Operating (expenses)/income |  |  |  |
| Administrative expenses | 7, 8 | (3599) | (1359) |
| Change in fair value of Greenstone gold interest | 4, 11 | 11272 | 4211 |
| **Operating income** |  | **21705** | **3073** |
| Other income/(expense) |  |  |  |
| Change in fair value of convertible debt derivative liability |  |  | 112 |
| Finance and interest expense | 6 | (2128) | (628) |
| Foreign exchange loss |  | (79) | (9) |
| Interest income |  | 29 | 11 |
| **Net income before income taxes** |  | **19527** | **2559** |
| Income tax expense | 9 | (5770) | (775) |
| **Net income** |  | **13757** | **1784** |
| earnings per share |  |  |  |
| Basic earnings per share | 7 | 0.14 | 0.02 |
| Diluted earnings per share | 7 | 0.13 | 0.02 |
| Weighted average number of common shares outstanding |  |  |  |
| Basic | 7 | 99874905 | 92414345 |
| Diluted | 7 | 103526371 | 94004406 |
| Other comprehensive income |  |  |  |
| Net income |  | 13757 | 1784 |
| Items that will not subsequently be reclassified to net income |  |  |  |
| Change in fair value of investments |  | 55 | 52 |
| **Total comprehensive income** |  | **13812** | **1836** |

---

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

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>3</sub> |

---

---

| | |
|:---|:---|
| **Condensed Interim Statements of Changes in Equity** | Expressed in U.S dollars ($000s)<br> Except for per share amounts |
| Unaudited | Expressed in U.S dollars ($000s)<br> Except for per share amounts |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share capital<br> (Number of<br> shares)** | **Share capital<br> $** | **Share-based<br> compensation<br> reserve $** | **(Deficit)/<br> Retained<br> earnings <br> $** | **Accumulated<br> other<br> comprehensive<br> income (loss) $** | **Total<br> $** |
| **Balance — December 31, 2024** |  | **92763725** | **215758** | **4765** | **(7967)** | **(1229)** | **211327** |
| Shares issued as interest payment |  | 55615 | 155 |  |  |  | 155 |
| Exercise of RSUs | 7 | 18750 | 52 | (52) |  |  |  |
| Share-based compensation | 7 |  |  | 264 |  |  | 264 |
| Total comprehensive income |  | - | - | - | 1784 | 52 | 1836 |
| **Balance — March 31, 2025** |  | **92838090** | **215965** | **4977** | **(6183)** | **(1177)** | **213582** |
| Exercise of RSUs | 7 | 548000 | 1424 | (1424) |  |  |  |
| Exercise of stock options | 7 | 25656 | 38 | (38) |  |  |  |
| Share-based compensation | 7 |  |  | 1635 |  |  | 1635 |
| Total comprehensive income |  | - | - | - | 18548 | 193 | 18741 |
| **Balance — December 31, 2025** |  | **93411746** | **217427** | **5150** | **12365** | **(984)** | **233958** |
| Shares issued under public offering, net of share issuance costs | 7 | 10300000 | 99974 |  |  |  | 99974 |
| Shares issued under private placement | 7 | 1575712 | 15962 |  |  |  | 15962 |
| Exercise of RSUs | 7 | 10000 | 93 | (93) |  |  |  |
| Exercise of stock options | 7 | 353961 | 1242 | (382) |  |  | 860 |
| Share-based compensation | 7 |  |  | 1154 |  |  | 1154 |
| Total comprehensive income |  | - | - | - | 13757 | 55 | 13812 |
| **Balance — March 31, 2026** |  | **105651419** | **334698** | **5829** | **26122** | **(929)** | **365720** |

---

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

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>4</sub> |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Cash flows provided by (used in)** | **Note** | **3 months ended<br> March 31, 2026 <br>$** | **3 months ended<br> March 31, 2025 <br>$** |
| Operating activities |  |  |  |
| Net income |  | 13757 | 1784 |
| Items not affecting cash: |  |  |  |
| Non-cash cost of sales related to Greenstone gold interest | 4 | 4102 | 2396 |
| Depletion | 5, 11 | 4006 | 238 |
| Share-based compensation | 7, 8 | 1154 | 39 |
| Change in fair value of Greenstone gold interest | 4, 11 | (11272) | (4211) |
| Change in fair value of convertible debt derivative liability |  |  | (112) |
| Unrealized foreign exchange loss |  | 84 |  |
| Finance and interest expense (net of interest income) | 6 | 2099 | 617 |
| Income tax expense | 9 | 5770 | 775 |
| Income taxes paid | 9 | (200) | (115) |
| Changes in non-cash working capital | 12 | (4111) | (759) |
|  |  | **15389** | **652** |
| Financing activities |  |  |  |
| Repayment of credit facilities | 6 | (126000) | (1000) |
| Financing costs and interest paid | 6 | (2155) | (210) |
| Proceeds from public offering, net of issue costs | 7 | 98426 |  |
| Proceeds from private placement, net of issue costs | 7 | 15962 |  |
| Proceeds from stock option exercises | 7 | 860 | - |
|  |  | **(12907)** | **(1210)** |
| Impact of foreign exchange on cash |  | (59) | (4) |
| **Increase (decrease) in cash for the period** |  | **2423** | **(562)** |
| Cash — beginning of period |  | 3706 | 1431 |
| **Cash — end of period** |  | **6129** | **869** |

---

Supplemental cash flow information (note 12)

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

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>5</sub> |

---

**Notes to the Condensed**

**Interim Financial Statements**

For the three months ended March 31, 2026 and 2025

Expressed in U.S dollars unless otherwise stated

&nbsp;&nbsp;&nbsp;&nbsp;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 diversified metals 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 3200, 733 Seymour St, Vancouver, British Columbia, V6B 0S6.

These condensed interim financial statements were approved and authorized for issue by the Board of Directors of the Company on May 14, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;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. The Company intends to adopt these amendments for the year beginning January 1, 2027.

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>6</sub> |

---

The Company has not yet commenced the evaluation of the impact of IFRS 18 on its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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** |
| Gold deliveries (recognized in cost of sales) |
| Change in fair value |
| **Balance — December 31, 2025** |
| Gold deliveries (recognized in cost of sales) |
| Change in fair value |
| **Balance — March 31, 2026** |
| Less: Current portion, March 31, 2026 |
| **Non-current portion, March 31, 2026** |

---

During the three months ended March 31, 2026, the Company received 1,050 oz of gold (2025: 1,050 oz) under the Greenstone gold interest, which was initially recognized in inventory. The Company sold the gold for gross proceeds of $5.1 million in the three months ended March 31, 2026 (2025: $3.0 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 $4.1 million for the three months ended March 31, 2026 (2025: $2.4 million). During the three months ended March 31, 2026, the Company recognized a gain in the fair value of the Greenstone gold interest of $11.3 million (2025: $4.2 million gain) primarily driven by an increase in consensus gold prices.

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>7</sub> |

---

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 March 31, 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 March 31, 2026** |
| Gold price | +/- 10% | +/- $9.1 million |
| Discount rate | +/- 1% | + $4.5 million / - $4.2 million |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. Royalty, Stream and Other Interests

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cost** | **Cost** | **Cost** | **Accumulated Depreciation and <br> Impairment** | **Accumulated Depreciation and <br> Impairment** | **Accumulated Depreciation and <br> Impairment** | |
| <br>**Asset, Location <br> (In $000s)** | **Opening <br> $** | **Net Additions/<br> (Disposals)<br> $** | **Closing <br> $** | **Opening<br> $** | **Depletion<br> $** | **Closing<br> $** |<br>**Carrying<br> Amount<sup>1</sup>** **<br> $** |
| **March 31, 2026** |  |  |  |  |  |  |  |
| **Depletable Royalty, Stream and Other Interests** |  |  |  |  |  |  |  |
| Rosh Pinah, Namibia | 85403 |  | 85403 | (651) | (1250) | (1901) | 83502 |
| Kiaka, Burkina Faso | 58730 |  | 58730 | (1592) | (1318) | (2910) | 55820 |
| Santa Rita, Brazil | 38964 |  | 38964 | (476) | (218) | (694) | 38270 |
| Kolpa, Peru | 35090 |  | 35090 | (2227) | (889) | (3116) | 31974 |
| Mercedes, Mexico | 10985 |  | 10985 | (5664) | (240) | (5904) | 5081 |
| Blackwater, Canada | 7538 |  | 7538 | (321) | (91) | (412) | 7126 |
| Pilar, Brazil | 5609 |  | 5609 | (2259) |  | (2259) | 3350 |
| **Non-depletable Royalty and Other Interests** |  |  |  |  |  |  |  |
| El Pilar, Mexico | 17490 |  | 17490 |  |  |  | 17490 |
| Vittangi, Sweden | 15000 |  | 15000 |  |  |  | 15000 |
| Toega, Burkina Faso | 11205 |  | 11205 |  |  |  | 11205 |
| Mercedes, Mexico | 5837 |  | 5837 | (5837) |  | (5837) |  |
| Cuiú Cuiú, Brazil | 2070 |  | 2070 |  |  |  | 2070 |
| **Exploration and Evaluation Assets** |  |  |  |  |  |  |  |
| Hackett River, Nunavut | 14716 |  | 14716 |  |  |  | 14716 |
| Mocoa, Colombia | 10000 |  | 10000 |  |  |  | 10000 |
| Prairie Creek, Canada | 7514 |  | 7514 |  |  |  | 7514 |
| Mason, Nevada | 4876 |  | 4876 |  |  |  | 4876 |
| Converse, Nevada | 4391 |  | 4391 |  |  |  | 4391 |
| Primavera, Nicaragua | 1391 |  | 1391 |  |  |  | 1391 |
| Other | 904 |  | 904 | - | - | - | 904 |
| **Total** | **337713** |  | **337713** | **(19027)** | **(4006)** | **(23033)** | **314680** |

---

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>8</sub> |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cost** | **Cost** | **Cost** | **Cost** | **Accumulated Depreciation and<br> Impairment** | **Accumulated Depreciation and<br> Impairment** | **Accumulated Depreciation and<br> Impairment** | |
| <br>**Asset, Location<br> (In $000s)** | **Opening<br> $** | **Net<br> Additions/<br> (Disposals)<br> $** | **Reclassified <br> $** | **Closing<br> $** | **Opening<br> $** | **Depletion<br> $** | **Closing<br> $** |<br>**Carrying<br> Amount<sup>1</sup>** <br> **$** |
| **December 31, 2025** |  |  |  |  |  |  |  |  |
| **Depletable Royalty, Stream and Other Interests** |  |  |  |  |  |  |  |  |
| Rosh Pinah, Namibia |  | 85403 |  | 85403 |  | (651) | (651) | 84752 |
| Kiaka, Burkina Faso | 58730 |  |  | 58730 |  | (1592) | (1592) | 57138 |
| Santa Rita, Brazil |  | 38964 |  | 38964 |  | (476) | (476) | 38488 |
| Kolpa, Peru |  | 35090 |  | 35090 |  | (2227) | (2227) | 32863 |
| Mercedes, Mexico | 10985 |  |  | 10985 | (4754) | (910) | (5664) | 5321 |
| Blackwater, Canada | 7538 |  |  | 7538 |  | (321) | (321) | 7217 |
| Pilar, Brazil | 5609 |  |  | 5609 | (2259) |  | (2259) | 3350 |
| **Non-depletable Royalty and Other Interests** |  |  |  |  |  |  |  |  |
| El Pilar, Mexico | 17490 |  |  | 17490 |  |  |  | 17490 |
| Vittangi, Sweden | 15000 |  |  | 15000 |  |  |  | 15000 |
| Toega, Burkina Faso | 11205 |  |  | 11205 |  |  |  | 11205 |
| Mercedes, Mexico | 5837 |  |  | 5837 | (5837) |  | (5837) |  |
| Cuiú Cuiú, Brazil<sup>1</sup> |  |  | 2070 | 2070 |  |  |  | 2070 |
| **Exploration and Evaluation Assets** |  |  |  |  |  |  |  |  |
| Hackett River, Nunavut | 14716 |  |  | 14716 |  |  |  | 14716 |
| Mocoa, Colombia | 10000 |  |  | 10000 |  |  |  | 10000 |
| Prairie Creek, Canada | 7514 |  |  | 7514 |  |  |  | 7514 |
| Mason, Nevada | 4876 |  |  | 4876 |  |  |  | 4876 |
| Converse, Nevada | 4391 |  |  | 4391 |  |  |  | 4391 |
| Cuiú Cuiú, Brazil<sup>1</sup> | 2070 |  | (2070) |  |  |  |  |  |
| Primavera, Nicaragua | 1391 |  |  | 1391 |  |  |  | 1391 |
| Other | 904 | - | - | 904 | - | - | - | 904 |
| **Total** | **178256** | **159457** | **-** | **337713** | **(12850)** | **(6177)** | **(19027)** | **318686** |

---

1. The total carrying amount of royalty, streams
 and other interests at March 31, 2026 includes $225,123 (December 31, 2025: $229,129)
 of depletable mineral interest. The remaining $89,557 (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 $45,765 (December 31, 2025: $45,765) are
 assets not yet in production that are classified as development assets under IAS 16. During
 the three months ended March 31, 2026, no Exploration and Evaluation assets were acquired
 (2025: Nil). During the three months ended March 31, 2026, there were no were assets
 accounted for under IFRS 6 reclassified to an asset under IAS 16 (December 31, 2025:
 $2,070).

&nbsp;&nbsp;&nbsp;&nbsp;6. Credit Facilities

On September 24, 2025, the Company amended its credit facility agreement to increase its revolving credit facility to $100.0 million with a $25.0 million accordion feature (the "RCF") and added a new $80.0 million term loan facility (the "TL") (together the "Credit Facilities") arranged by Bank of Montreal ("BMO"), as lead arranger, and National Bank of Canada ("NBC"). Amounts drawn on the Credit Facilities were subject to interest at SOFR plus 2.25% to 3.50% per annum, and the undrawn portion of the RCF is subject to a standby fee of 0.5063% to 0.7875% per annum, both of which are dependent on the Company's leverage ratio (as defined in the Credit Facilities agreement). The TL was repayable in quarterly instalments of $7.5 million commencing on March 31, 2026, with a final bullet payment of $20.0 million at maturity on March 31, 2028. The RCF was scheduled to mature on April 30, 2028.

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>9</sub> |

---

On March 4, 2026, the Company amended the Credit Facilities agreement to upsize the RCF to $200.0 million with a $25.0 million accordion feature (the "Upsized RCF") and retire the TL, which was fully repaid. The interest rates and standby fees on the Upsized RCF remain unchanged from the RCF. The Upsized RCF matures on March 4, 2029. Unamortized deferred financing costs on the Credit Facilities will be amortized over the remainder of the Upsized RCF term. The Upsized RCF is secured by the Company's present and future acquired assets.

Under the Upsized RCF, the Company is required to maintain certain leverage and interest coverage ratios and minimum liquidity amounts. As at March 31, 2026, the Company was in compliance with all of the covenants related to the Upsized RCF.

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

---

| |
|:---|
| **In $000s** |
| **Balance — December 31, 2024** |
| Drawdown |
| Repayment) |
| Accrued interest |
| Interest paid) |
| Accretion of discount |
| Fees reclassified to deferred financing costs |
| **Balance — December 31, 2025** |
| Repayment) |
| Accrued interest |
| Interest paid |
| **Balance — March 31, 2026** |
| Less: Current portion, March 31, 2026 |
| **Non-current portion, March 31, 2026** |

---

The Company capitalized $0.3 million of deferred financing costs during the three months ended March 31, 2026 related to commitment and other fees on the Upsized RCF (2025: $nil). Amortization of the deferred financing costs for the three months ended March 31, 2026 were $0.1 million (2025: $nil).

&nbsp;&nbsp;&nbsp;&nbsp;7. 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 a price of C$13.75 per common 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 a price of C$13.75 for proceeds of C$21.7 million ($16.0 million), pursuant to the exercise of Tether Investment's participation rights in the public offering.

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>10</sub> |

---

**Share-based compensation**

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

---

| | | |
|:---|:---|:---|
| **In $000s** | **3 months ended <br>March 31, 2026 <br>$** | **3 months ended <br>March 31, 2025 <br>$** |
| Stock options | 153 | 146 |
| Restricted Share Units | 910 | 250 |
| Performance Restricted Share Units | 91 | (357) |
| **Total share-based compensation expense** | **1154** | **39** |

---

Stock options

**A continuity schedule for stock options is as follows:**

---

| | |
|:---|:---|
| **Stock Options** | **Number** |
| **Outstanding — December 31, 2024** | **2324786** |
| Granted | 1253817 |
| Exercised | (36000) |
| Forfeited | (244571) |
| **Outstanding — December 31, 2025** | **3298032** |
| Exercised | (361375) |
| **Outstanding — March 31, 2026** | **2936657** |

---

The weighted average common share price at the time the stock options were exercised during the three months ended March 31, 2026, was C$15.27.

**As at March 31, 2026, the Company had the following stock options outstanding:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number outstanding** | **Exercisable** | **Exercise Price per Share** | **Expiry Date** | **Weighted average life<br> remaining (years)** |
| 1088000 | 1088000 | $3.50 | September 1, 2027 | 1.42 |
| 150000 | 150000 | $3.50 | February 27, 2028 | 1.91 |
| 150000 | 150000 | $3.50 | March 20, 2028 | 1.97 |
| 150000 | 100000 | $3.50 | April 3, 2028 | 2.01 |
| 330661 | 220441 | $3.50 | January 15, 2029 | 2.80 |
| 608996 | 202999 | $4.00 | January 15, 2030 | 3.80 |
| 259000 | Nil | $4.00 | May 9, 2030 | 4.11 |
| 200000 | Nil | $4.00 | May 12, 2030 | 4.12 |
| **2936657** | **1911440** | $**3.68** | **-** | **2.57** |

---

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>11</sub> |

---

Restricted Share Units ("RSU")

**A continuity schedule for RSUs is as follows:**

---

| | |
|:---|:---|
| **Restricted Share Units** | **Number** |
| **Outstanding — December 31, 2024** | **1058826** |
| Granted | 651563 |
| Settled | (566750) |
| Forfeited | (144875) |
| **Outstanding — December 31, 2025** | **998764** |
| Granted | 245200 |
| Settled | (10000) |
| **Outstanding — March 31, 2026** | **1233964** |

---

The holders of the RSUs have the right to defer receipt of the common shares underlying the RSUs upon vesting. As at March 31, 2026, there were 641,143 RSUs which are exercisable and settlement has been deferred at the election of the holder.

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 ultimately vest. The weighted average grant date fair value of the RSUs granted during the three months ended March 31, 2026 was $9.04 per RSU.

Performance Restricted Share Units ("PRSU")

**A continuity schedule for PRSUs is as follows:**

---

| | |
|:---|:---|
| **Performance Restricted Share Units** | **Number** |
| **Outstanding — December 31, 2024** | 400000 |
| Granted | 400000 |
| Forfeited | (400000) |
| **Outstanding — December 31, 2025 & March 31, 2026** | **400000** |

---

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>12</sub> |

---

**Earnings per share**

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

---

| | | |
|:---|:---|:---|
| **In $000s <br>(except for shares and per share amounts)** | **3 months ended <br>March 31, 2026 <br>$** | **3 months ended <br>March 31, 2025 <br>$** |
| Net income | 13757 | 1784 |
| Basic weighted average number of shares | 99874905 | 92414345 |
| **Basic earnings per share** | **0.14** | **0.02** |
| **Effect of dilutive securities** |  |  |
| Stock options | 2221746 | 288069 |
| RSUs | 1051861 | 1301992 |
| PRSUs | 377859 | - |
| **Diluted weighted average number of common shares** | **103526371** | **94004406** |
| **Diluted earnings per share** | **0.13** | **0.02** |

---

The following table lists the number of potentially dilutive securities which were excluded from the computation of diluted earnings per share because the exercise prices plus any unamortized share-based compensation per share, if relevant, exceeded the average market value of the common shares during the three months ended March 31, 2026 of C$14.13 (2025: C$4.00).

---

| | | | |
|:---|:---|:---|:---|
| **Number** | **3 months ended <br>March 31, 2026** | **3 months ended <br>March 31, 2025** | **3 months ended <br>March 31, 2025** |
| Stock options |  |  |  |
| RSUs |  |  |  |
| Beedie Convertible Loan |  |  | 5370254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;8. Administrative Expenses

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

---

| | | |
|:---|:---|:---|
| **In $000s** | **3 months ended <br>March 31, 2026 <br>$** | **3 months ended <br>March 31, 2025 <br>$** |
| Business development expenses | 901 | 19 |
| Corporate administration | 392 | 82 |
| Professional fees | 303 | 120 |
| Salaries and benefits | 849 | 1099 |
| **Administrative expenses before share-based compensation** | **2445** | **1320** |
| Share-based compensation | 1154 | 39 |
| **Total administrative expenses** | **3599** | **1359** |

---

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>13</sub> |

---

&nbsp;&nbsp;&nbsp;&nbsp;9. Taxation

**The breakdown of the income tax expense is as follows:**

---

| | | |
|:---|:---|:---|
| **In $000s** | **3 months ended <br>March 31, 2026 <br>$** | **3 months ended <br>March 31, 2025 <br>$** |
| Current income tax expense | 200 | 115 |
| Deferred income tax expense | 5570 | 660 |
| **Total income tax expense** | **5770** | **775** |

---

The current tax expense was incurred as a withholding tax payable on the 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 $000s <br>(except for tax rate)** | **3 months ended <br>March 31, 2026 <br>$** | **3 months ended <br>March 31, 2025 <br>$** |
| Net income before income tax expense | 19527 | 2559 |
| Statutory income tax rate | 27% | 27% |
| **Expected income tax expense at the statutory rate** | **5272** | **691** |
| Withholding taxes on royalty revenue | 146 | 115 |
| Non-deductible expenses | 398 | 9 |
| Recognition of temporary differences | (52) | (39) |
| Change in unrecognized tax assets | 6 | (1) |
| **Total income tax expense** | **5770** | **775** |

---

&nbsp;&nbsp;&nbsp;&nbsp;10. 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.

**Sandstorm**

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

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.

**B2Gold**

Effective June 5, 2024, B2Gold was considered to be a related party of the Company as a result of Versamet being an associate of this entity (as a result of their share ownership in the Company) and the ability of B2Gold to nominate a representative to the board of directors of the Company.

---

| | |
|:---|:---|
| Versamet Royalties | Financial Statements<sub>14</sub> |

---

**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 $000s** | **3 months ended <br>March 31, 2026 <br>$** | **3 months ended <br>March 31, 2025 <br>$** |
| Salaries and benefits | 455 | 914 |
| Share-based compensation | 961 | 259 |
| **Total** | **1416** | **1173** |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. 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 on a regular basis 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 March 31, 2026:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment, Location (In $000s)** | **Sales<sup>3</sup>**<br> **$** | **Royalty<br> revenue<sup>3</sup>**<br> **$** | **Cost of<br> sales <sup>2</sup>**<br> **$** | **Depletion <br>$** | **Change in fair<br> value of<br> Greenstone<br> gold interest <br>$** | **Income<br> (loss)<br> before <br> taxes <br>$** | **Cash flow<br> from<br> operating<br> activities<sup>4</sup>**<br> **$** |
| Blackwater, Canada |  | 614 |  | (91) |  | 523 | 614 |
| Greenstone, Canada | 5140 |  | (5128) |  | 11272 | 11284 | 4115 |
| Kiaka, Burkina Faso |  | 8072 |  | (1318) |  | 6754 | 8072 |
| Kolpa, Peru | 1906 |  | (194) | (889) |  | 823 | 1712 |
| Mercedes, Mexico |  | 801 |  | (240) |  | 561 | 801 |
| Rosh Pinah, Namibia | 5801 |  | (608) | (1250) |  | 3943 | 5192 |
| Santa Rita, Brazil | - | 1634 | - | (218) | - | 1416 | 1634 |
| **Total segments** | **12847** | **11121** | **(5930)** | **(4006)** | **11272** | **25304** | **22140** |
| Operating expenses **<sup>1</sup>** |  |  |  |  |  | (3599) | (2445) |
| Foreign exchange loss |  |  |  |  |  | (79) | 5 |
| Finance and interest expense net of interest income |  |  |  |  |  | (2099) |  |
| Income tax paid |  |  |  |  |  |  | (200) |
| Movement in working capital | - | - | - | - | - | - | (4111) |
| **Total Corporate** | **-** | **-** | **-** | **-** | **-** | **(5777)** | **(6751)** |
| **Segments & Corporate total** | **12847** | **11121** | **(5930)** | **(4006)** | **11272** | **19527** | **15389** |

---

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 include cost of sales for the Greenstone gold interest consisting of a $1.0
 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 $4.1 million non-cash partial settlement of the Greenstone
 gold interest due to the gold delivered in the period.

3. Royalty revenue from the Blackwater, 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.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Financial Statements | **15** |

---

**For the three months ended March 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment, Location (In $000s)** | **Sales<sup>3</sup>**<br> **$** | **Royalty revenue<sup>3</sup>**<br> **$** | **Cost of<br> sales <sup>2</sup>**<br> **$** | **Depletion <br>$** | **Change in fair value of Greenstone gold interest <br>$** | **Income (loss)<br> before taxes <br>$** | **Cash flow from operating activities<sup>4</sup>**<br> **$** |
| Greenstone, Canada | 2995 |  | (2995) |  | 4211 | 4211 | 2396 |
| Mercedes, Mexico | - | 459 | - | (238) | - | 221 | 459 |
| **Total segments** | **2995** | **459** | **(2995)** | **(238)** | **4211** | **4432** | **2855** |
| Operating expenses **<sup>1</sup>** |  |  |  |  |  | (1359) | (1320) |
| Foreign exchange loss |  |  |  |  |  | (9) | (9) |
| Finance and interest expense net of interest income |  |  |  |  |  | (617) |  |
| Change in fair value of derivative liability |  |  |  |  |  | 112 |  |
| Income tax paid |  |  |  |  |  |  | (115) |
| Movement in working capital | - | - | - | - | - | - | (759) |
| **Total Corporate** | **-** | **-** | **-** | **-** | **-** | **(1873)** | **(2203)** |
| **Segments & Corporate total** | **2995** | **459** | **(2995)** | **(238)** | **4211** | **2559** | **652** |

---

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 include cost of sales for
 the Greenstone gold interest consisting of a $0.6 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 $2.4
 million non-cash partial settlement of the Greenstone gold interest due to the gold delivered
 in the period.

3. Royalty revenue from the Mercedes royalty
 is considered to be from one customer. The gold received from the Greenstone gold interest
 was 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 | **16** |

---

**Total Non-Current Assets by Segment**

---

| | | |
|:---|:---|:---|
| **In $000s** | **March 31, 2026 <br>$** | **December 31, 2025 <br>$** |
| **Prepaid gold interest** |  |  |
| Greenstone gold interest | **78461** | **72844** |
| **Royalty, Stream & Other Assets** |  |  |
| Rosh Pinah, Namibia | 83502 | 84752 |
| Kiaka, Burkina Faso | 55820 | 57138 |
| Santa Rita, Brazil | 38270 | 38488 |
| Kolpa, Peru | 31974 | 32863 |
| El Pilar, Mexico | 17490 | 17490 |
| Vittangi, Sweden | 15000 | 15000 |
| Hackett River, Nunavut | 14716 | 14716 |
| Toega, Burkina Faso | 11205 | 11205 |
| Mocoa, Colombia | 10000 | 10000 |
| Prairie Creek, Canada | 7514 | 7514 |
| Blackwater, Canada | 7126 | 7217 |
| Mercedes, Mexico | 5081 | 5321 |
| Mason, Nevada | 4876 | 4876 |
| Converse, Nevada | 4391 | 4391 |
| Pilar, Brazil | 3350 | 3350 |
| Cuiú Cuiú, Brazil | 2070 | 2070 |
| Primavera, Nicaragua | 1391 | 1391 |
| Other | 904 | 904 |
| **Total Royalty, stream & other interests** | **314680** | **318686** |
| **Total** | **393141** | **391530** |

---

**Total Non-Current Assets by Geographic Region**

---

| | | |
|:---|:---|:---|
| **In $000s** | **March 31, 2026 <br>$** | **December 31, 2025 <br>$** |
| North America | 139655 | 134369 |
| Africa | 150527 | 153095 |
| Central and South America | 87055 | 88162 |
| Europe | 15000 | 15000 |
| Other | 904 | 904 |
| **Total** | **393141** | **391530** |

---

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Financial Statements | **17** |

---

&nbsp;&nbsp;&nbsp;&nbsp;12. Supplemental Cash Flow Information

---

| | | |
|:---|:---|:---|
| **In $000s** | **3 months ended <br>March 31, 2026 <br>$** | **3 months ended <br>March 31, 2025 <br>$** |
| Changes in non-cash working capital: |  |  |
| Trade and other receivables and prepaid assets | (2030) | 24 |
| Trade and other payables | (2081) | (783) |
| **Net (decrease) in cash** | **(4111)** | **(759)** |
| Significant non-cash transactions: |  |  |
| Settlement of interest payments in shares | - | 155 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13. Financial Instruments

As at March 31, 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 March 31, 2026 and December 31, 2025:

**As at March 31, 2026:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In $000s** | **Total <br>$** | **Quoted prices in active<br> markets for identical <br> assets (Level 1) <br>$** | **Significant other<br> observable inputs<br> (Level 2) <br>$** | **Significant<br> unobservable inputs <br> (Level 3) <br>$** |
| Investments | 1051 | 1051 |  |  |
| Greenstone gold interest | 90798 | - |  | 90798 |
| **Total** | **91849** | **1051** |  | **90798** |

---

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Financial Statements | **18** |

---

**As at December 31, 2025:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In $000s** | **Total <br>$** | **Quoted prices in active <br> markets for identical <br> assets (Level 1) <br>$** | **Significant other<br> observable inputs<br> (Level 2) <br>$** | **Significant<br> unobservable inputs<br> (Level 3) <br>$** |
| Investments | 1011 | 1011 |  |  |
| Greenstone gold interest | 83628 | - |  | 83628 |
| **Total** | **84639** | **1011** |  | **83628** |

---

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, approximate their carrying values at March 31, 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 due to the nature of its market-based rate of interest. There were no transfers between the levels of the fair value hierarchy during the period ended March 31, 2026 and 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 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.

**The following table shows the Company's contractual obligations as they fall due as at March 31, 2026 and total at December 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In $000s** | **Within 1 year <br>$** | **1–5 years <br>$** | **Over 5 years <br>$** | **Total<br> March 31, 2026 <br>$** | **Total<br> Dec. 31, 2025 <br>$** |
| Trade and other payables | 895 |  |  | 895 | 2878 |
| Credit facilities **<sup>1</sup>** | 3269 | 51305 |  | 54574 | 194800 |
| **Total** | **4164** | **51305** |  | **55469** | **197678** |

---

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

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Financial Statements | **19** |

---

**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, investments, and trade and other payables denominated in Canadian dollars. Based on the Company's Canadian dollar monetary assets and monetary liabilities as at March 31, 2026, a 10% increase or decrease in the Canadian dollar relative to the United States dollar would have an approximate impact of $0.1 million on net income and $0.1 million on other comprehensive income as at March 31, 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 March 31, 2026 would increase or decrease net income and total comprehensive income by $9.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;14. 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 6); at March 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;15. Subsequent events

On April 10, 2026, Versamet completed the acquisition of a 3.52% gold stream (the "Gold Stream") in respect of gold production from the Eskay Creek gold-silver project in British Columbia, Canada, from fund entities managed by Orion Resource Partners LP and fund entities managed by affiliates of Blackstone Inc. for upfront cash consideration of $340.0 million and share consideration of 2,054,906 common shares of the Company (the "Transaction"). Versamet will make ongoing cash payments equal to 10% of the spot gold price for gold ounces delivered to the Gold Stream. The Eskay Creek mine is owned by Skeena Resources Limited.

Versamet funded the upfront cash payment through an amended and restated credit facility (the "Amended Credit Facility"), which includes an increase of the existing revolving facility from $200.0 million to $250.0 million, maturing in March 2029, and a new term facility in the amount of $150.0 million, maturing in March 2028, for a combined total of $400.0 million, from BMO and NBC. The Amended Credit Facility provides for a $100.0 million accordion on the revolving facility once the term facility has been repaid in full. Amounts drawn on the Amended Credit Facility are subject to interest at adjusted SOFR plus 2.25% to 3.75% per annum, depending on the Company's leverage ratio (as defined in the Amended Credit Facility agreement). The term facility 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. Other material terms of the Amended Credit Facility are substantially consistent with the terms of the Company's existing Upsized RCF (note 6).

Upon closing of the Transaction, the Company had $235.0 million drawn on the revolving credit facility and $150.0 million drawn on the term loan.

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 proceeds of $3.1 million, pursuant to the exercise of Tether Investment's participation rights related to the Transaction.

Subsequent to March 31, 2026, there were 400,000 PRSUs, 143,333 RSUs and 30,000 stock options exercised.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Financial Statements | **20** |

---

## Exhibit 99.2

**Exhibit 99.2**

![](tm2614441d1_ex99-2img002.jpg)

**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 6

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 17

13. Significant
 estimates and judgments 18

14. Financial
 instruments and capital management 18

15. Other
 risk factors 20

16. Internal
 controls over financial reporting and disclosure controls and procedures 20

17. Cautionary
 note regarding forward-looking statements 21

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>2</sub> |

---

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 May 14, 2026, and should be read in conjunction with the Company's unaudited condensed interim financial statements for the three months ended March 31, 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 on forward-looking statements" in this MD&A.

The head office, principal address and registered office of Versamet is located at Suite 3200, 733 Seymour St, Vancouver, British Columbia, V6B 0S6.

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 which are currently under exploration through to those which are in production and which are 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. Through the process of building a diverse portfolio of royalty, stream and other interests, management of Versamet believes it is maximizing upside potential to 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%), Equinox Gold Corp. ("Equinox") (~11%), and the Lundin family (~9%).

3. Outlook

Versamet expects<sup>1</sup> 2026 attributable GEOs<sup>2</sup> to be between 20,000 to 23,000 at an average cash cost margin<sup>2</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. See
 "11. Non-IFRS measures"

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>3</sub> |

---

4. Company
 highlights and financial information

**Operating results for the three months ended March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 total revenue of $24.0 million for the three months ended March 31, 2026 (2025: $3.5 million);

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 GEOs of 4,913<sup>1</sup> for the three months ended March 31, 2026 (2025: 1,211<sup>1</sup>);

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 operating cash flows, excluding working capital changes, of $19.5 million<sup>1</sup> for
 the three months ended March 31, 2026 (2025: $1.4 million<sup>1</sup>);

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 income of $13.8 million for the three months ended March 31, 2026 (2025: $1.8 million); and

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA of $18.5 million<sup>1</sup> for the three months ended March 31, 2026 (2025: $1.5
 million<sup>1</sup>).

1. See
 "11. Non-IFRS measures"

**Strategic events:**

Eskay Creek Gold Stream

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 ("Eskay" or the "Project") in British Columbia, Canada, owned by Skeena Resources Limited ("Skeena") 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 $20.0 million (2,054,906 common shares) in common shares of the Company (the "Transaction"). 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, and 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.

Eskay is Skeena's flagship gold–silver development project in the Golden Triangle of northwest British Columbia. It is a restart of a past-producing mine that operated from 1994 to 2008, producing approximately 3.3 million ounces of gold and 160 million ounces of silver, and was historically one of the world's highest-grade precious metals mines at 45 g/t gold and 2,224 g/t silver.

Construction of the Project is 49% complete as of February 28, 2026. In February 2026, Skeena received its Environmental Management Act Permit which marked the completion of the permitting process for Eskay and represents the final regulatory approval required to advance the project into commercial development, with mining operations targeted to restart in Q2 2027. Eskay is expected to produce an average of over 300,000 ounces of gold per year in its first 5 years of operation, providing Versamet an average of over 10,000 ounces of gold per year under the Gold Stream.

For more information, please refer to Skeena's news releases dated November 14, 2023, February 3, 2026, and March 31, 2026.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>4</sub> |

---

$250 million Revolving Credit Facility with $100 million Accordion AND $150 MILLION TERM LOAN

On April 2, 2026, the Company amended its credit facility agreement to increase its revolving credit facility ("RCF") to $250 million and add a new $150 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 provides 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, 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 Company drew $190 million on the RCF and $150 million on the term loan to fund the acquisition of the Gold Stream.

Financings

On February 9, 2026, the Company completed a bought deal public offering (the "Offering"), pursuant to which the Company sold 10,300,000 common shares, at a price of C$13.75 per common 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 a price of C$13.75 for proceeds of C$21.7 million ($16.0 million), pursuant to the exercise of Tether Investment's participation rights in the public offering.

The Company used the proceeds from the Offering and private placement to repay $124.0 million of amounts outstanding on the Company's revolving credit facility and term loan.

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 proceeds of $3.1 million, pursuant to the exercise of Tether Investment's participation rights related to the Transaction.

**Revenue and Attributable GEO Performance**

**The following table summarizes the Company's total revenues from royalty, stream and other interests during the three months ended March 31, 2026 and 2025:**

---

| | | |
|:---|:---|:---|
| **In $000s** | **3 months ended<br> Mar. 31, 2026<br> $**  | **3 months ended<br> Mar. 31, 2025<br> $**  |
| Blackwater | 614 |  |
| Greenstone gold interest | 5140 | 2995 |
| Kiaka | 8072 |  |
| Kolpa | 1906 |  |
| Mercedes | 801 | 459 |
| Rosh Pinah | 5801 |  |
| Santa Rita | 1634 | - |
| **Total revenue** | **23968** | **3454** |

---

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>5</sub> |

---

**The following table summarizes the Company's Attributable GEOs from royalty, stream and other interests during the three months ended March 31, 2026 and 2025:**

---

| | | |
|:---|:---|:---|
|  | **3 months ended**<br> **Mar. 31, 2026** | **3 months ended**<br> **Mar. 31, 2025** |
| Blackwater | 126 |  |
| Greenstone gold interest | 1050 | 1050 |
| Kiaka | 1657 |  |
| Kolpa | 391 |  |
| Mercedes | 164 | 161 |
| Rosh Pinah | 1190 |  |
| Santa Rita | 335 | - |
| **Total Attributable GEOs<sup>1</sup>** | **4913** | **1211** |

---

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 seven are currently cash-generating for Versamet and an additional one is expected to be cash-flowing in 2026. A description of the royalties, streams and other interests of Versamet 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. Management of Versamet believes diversification of our royalties and streams, both in terms of project, metal type and jurisdiction will be key in 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:**

---

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

---

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>6</sub> |

---

---

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

---

1. 0.21% net smelter returns royalty applicable to approximately 35–50%
 of production (Versamet management estimate).

2. 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.

3. 2.7%
 NSR royalty (100% basis) until 2.5 Moz Au produced; 0.45% NSR royalty on the next 1.5 Moz
 Au.

4. 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.

5. 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.

6. On
 the completion of a positive Technical Report, which occurred in September 2025, an advance
 royalty payment of $250,000 per year commences. Advance royalty payments are creditable against
 future production royalties

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, and 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.

**Q1 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**

Greenstone, Canada (1.26% interest)

Attributable production from Greenstone totaled 1,050 gold ounces in Q1 2026. Q1 2026 mill throughput averaged 24,544 tonnes per day ("tpd"), with 51% of days exceeding nameplate capacity (27,000 tpd) compared to 36% in Q4 2025. On March 30, 2026, Equinox Gold reported results from an updated technical report for Greenstone that outlined production averaging approximately 320,000 ounces of gold annually over the next 10 years (2026-2036) with opportunity to potentially increase mill throughput toward 30,000 tpd. Versamet is entitled to monthly deliveries equal to the greater of 1.26% of gold production or 350 ounces of gold

For more information, please refer to Equinox's news releases dated April 9, 2026 and March 30, 2026.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>7</sub> |

---

Kiaka, Burkina Faso (2.7% NSR)

Kiaka produced 65,704 ounces of gold and sold 61,717 ounces of gold in Q1. West African Resources ("West African") also held 20,045 ounces of unsold gold bullion at the end of the quarter, which Versamet expects to contribute to GEOs in subsequent quarters. Ramp up of the processing plant is complete, with throughput and recoveries exceeding feasibility expectations. Kiaka is expected to produce between 240,000 and 280,000 ounces of gold in 2026.

During the quarter, West African released an updated 10-year outlook which outlines average annual production of 277,000 ounces of gold per year from 2026 to 2035, with peak production of 302,000 ounces of gold expected in 2028. A secondary crusher installation is planned for 2028 to increase fresh ore throughput to 12 million tonnes per year.

On April 21, 2026, West African released an announcement advising of the publication of a decree by the Government of Burkina Faso to acquire an additional 25% of Kiaka for A$175 million.

Versamet royalty is payable on 100% of the production from Kiaka.

For more information, please refer to West African Resources ASX announcements dated March 31, 2026, April 21, 2026, and April 23, 2026.

Blackwater, Canada (0.21% NSR)

Artemis Gold Inc. ("Artemis") reported Q1 2026 gold production of 61,923 ounces from its Blackwater Mine, with strong grades (1.59 g/t) and record mill recoveries of 90.6%, helping to offset reduced throughput due to unplanned maintenance including a 7-day unplanned shutdown in March as a result of a gearbox failure on the ball mill.

Artemis has maintained its full year production guidance of 265,000–290,000 ounces of gold, expecting to make up the unplanned downtime over the remainder of 2026.

For more information, please refer to Artemis's news release dated April 9, 2026.

Kolpa, Peru (95.8% copper stream)

During March 2026, new crushers and a new ball mill were commissioned and will enable throughput of 2,500 tpd in the upcoming quarters. Copper production for 2026 is expected to be between 650 and 750 tonnes.

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

Rosh Pinah, Namibia (90% silver stream)

In Q1, the Company received silver deliveries of 73,910 ounces from Rosh Pinah, contributing 1,190 GEOs.

On May 12, 2026, Appian Capital Advisory provided an update on Rosh Pinah, including the commissioning of the new water treatment plant, a key component of the sustainability strategy as part 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 and on budget, with overall construction progress now surpassing 90%. Completion is expected in 2026, with ramp-up commencing shortly thereafter..

For more information, please refer to Appian Capital Advisory's media release dated May 12, 2026.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>8</sub> |

---

Mercedes (2% NSR)

On February 26, 2026, Highlander Silver Corp. ("Highlander Silver") completed the acquisition of Bear Creek Mining Corporation and the Mercedes mine. Since acquiring the Mercedes mine, Highlander Silver has begun restructuring and recapitalizing the mine to improve the cost profile and cash flows from operations.

For more information, please refer to Highlander Silver's news releases dated February 26, 2026 and April 7, 2026.

**Development assets**

Toega, Burkina Faso (2.7% NSR)

During Q1, construction of mobile maintenance workshop, office and ancillary infrastructure continued to progress on schedule. Haul road construction is nearing completion, with bulk earthworks now complete. Final surface preparations and installation of bunding and culverts are planned for Q2 2026. Ore delivery to the Sanbrado process plant is scheduled for early Q3 2026.

For more information, please refer to Western African's ASX announcement dated April 23, 2026.

Cuiú Cuiú, Brazil, 1.5% NSR

Cabral Gold Inc. ("Cabral") reported that construction of its Phase 1 gold-in-oxide heap leach project at Cuiú Cuiú is about 70% complete, with 85% of project costs committed and the project remaining on budget and on schedule Cabral has transitioned from earthworks and civil works to plant erection, with major equipment in transit and installation underway. Plant commissioning is now expected to commence in June 2026, ahead of prior guidance, with commercial production targeted for Q4 2026.

For more information, please refer to Cabral Gold's news release dated April 29, 2026.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>9</sub> |

---

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** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| <br>**In $000s<sup>1</sup>, except GEO and <br> share amounts** | **Mar. 31, <br>2026** | **Dec. 31,<br> 2025** | **Sep. 30,<br> 2025** | **Jun. 30,<br> 2025** | **Mar. 31,<br> 2025** | **Dec. 31,<br> 2024** | **Sep. 30,<br> 2024** | **Jun. 30,<br> 2024** |
| Total revenue | 23968 | 18364 | 8118 | 4826 | 3454 | 3249 | 3178 | 2901 |
| Attributable GEOs<sup>2</sup> | 4913 | 4430 | 2699 | 1475 | 1211 | 1232 | 1288 | 1237 |
| Average realized gold price per ounce | 4878 | 4145 | 3451 | 3272 | 2853 | 2636 | 2468 | 2346 |
| Average cash cost per attributable GEO<sup>2</sup> | 372 | 298 | 323 | 500 | 495 | 449 | 403 | 398 |
| Average cash cost margin<sup>2</sup> | 92% | 93% | 91% | 84% | 83% | 83% | 84% | 83% |
| Net income (loss) | 13757 | 15059 | 3319 | 170 | 1784 | (7261) | 3864 | 1123 |
| Other comprehensive income (loss) | 55 | (27) | 545 | (325) | 52 | (120) | (55) | (343) |
| Basic earnings (loss) per share | 0.14 | 0.16 | 0.04 | 0.00 | 0.02 | (0.08) | 0.04 | 0.02 |
| Diluted earnings (loss) per share | 0.13 | 0.16 | 0.03 | 0.00 | 0.02 | (0.08) | 0.04 | 0.02 |
| Weighted average shares (basic) | 99874905 | 92986121 | 92971426 | 92744605 | 92414345 | 92311790 | 89427398 | 65314338 |
| Weighted average shares (diluted) | 103526371 | 96501540 | 95738461 | 94457830 | 94004406 | 92311790 | 90776823 | 68204420 |
| Total assets | 425809 | 418008 | 400448 | 269830 | 231693 | 230249 | 240234 | 225152 |
| Long-term liabilities<sup>3</sup> | 59194 | 151172 | 158485 | 55647 | 2123 | 2070 | 5356 | 12364 |
| Operating cash inflows before working capital changes<sup>2</sup> | 19500 | 13929 | 6136 | 3209 | 1411 | 1137 | 2004 | 1780 |
| Cash flows per share before working capital changes<sup>2</sup> | 0.20 | 0.15 | 0.07 | 0.03 | 0.02 | 0.01 | 0.02 | 0.03 |
| EBITDA<sup>2</sup> | 25632 | 28574 | 7614 | 8073 | 3414 | (7848) | 6682 | 2912 |
| Adjusted EBITDA<sup>2</sup> | 18462 | 13626 | 5715 | 2220 | 1486 | 1417 | 1639 | 1606 |

---

1. Sum
 of all the quarters may not add up to the annual total due to rounding.

2. See
 "11. Non-IFRS measures".

As a result of the transaction with B2Gold which closed in two tranches: June 5, 2024 and August 13, 2024, in which the Company acquired a portfolio of royalty assets in return for common shares, the total asset balance and the weighted average common shares balance increased in Q2 2024 and again in Q3 2024. Long term liabilities reduced and weighted average shares outstanding increased during Q2 2024 and again in Q3 2024 as: (i) in conjunction with the first tranche of the transaction closing in June 2024, Sandstorm converted the remaining balance on their convertible note into common shares, and (ii) in conjunction with the second tranche of the transaction closing in August 2024, B2Gold subscribed for $7.5 million in common shares, the proceeds of which, along with $1.2 million of the Company's cash balance, was used to pay down $8.7 million of the RCF.

Revenues increased in Q2 2025 due to sales from the producing Kolpa copper stream, which was purchased in Q2 2025, and royalty revenue from the Blackwater mine, which declared commercial production on May 1, 2025.

Total assets and liabilities increased in Q2 2025 due to the Kolpa copper stream acquisition which was funded by drawdown on the RCF. Funds from the RCF were also used to fully repay the Beedie Convertible Loan; the RCF is recognized as a long-term liability. As a result of prepaying the Beedie Convertible Loan, the Company recognized $2.4 million of non-recurring prepayment fees and $3.3 million of accelerated accretion in finance expense which negatively impacted net income in the period. The increase in finance expense was partially offset by a gain of $3.2 million in relation to the derecognition of the Beedie convertible debt derivative liability as a result of the repayment of the Beedie Convertible Loan.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>10</sub> |

---

Revenues and net income increased in Q3 2025 due to inaugural royalty revenue from the Kiaka and Santa Rita mines and ramp up at the Blackwater mine, in addition to higher average realized gold prices.

Total assets and long-term liabilities increased in Q3 2025 due to the acquisitions of the Rosh Pinah silver stream and Santa Rita royalty which were funded by a drawdown on the Company's Credit Facilities. The Company repaid $6.0 million of the amounts drawn on the RCF in Q4 2025.

Revenues and net income increased in Q4 2025 due to ramp up of mining operations at Kiaka, first full quarter of revenue from the Santa Rita royalty, inaugural delivery from the Rosh Pinah silver stream and higher realized commodity prices. Net income further increased due to $18.5 million fair value gain on the Company's Greenstone gold interest primarily driven by an increase in consensus gold prices.

Revenues and net income increased in Q1 2026 due to higher production at Kiaka, an increase in silver deliveries from Rosh Pinah and higher realized commodity prices. Net income of $13.8 million decreased from Q4 2025 due to a lower fair value gain on the Company's Greenstone gold interest as compared to the previous quarter, offset by higher gross profit and lower finance costs due to lower average amounts outstanding on the Company's Credit Facilities.

7. Results
 of operations

**Revenue**

Total revenue of $24.0 million during the three months ended March 31, 2026, was a record for the Company (2025: $3.5 million). The significant increase from the prior corresponding period is reflective of additional paying assets in 2026 as compared to 2025 (Rosh Pinah, Santa Rita, Kiaka, Kolpa and Blackwater) and higher realized commodity prices. Refer to the "5. Summary of royalty and other interests owned by Versamet" for commentary on producing assets.

**Operating expenses (income)**

---

| | | |
|:---|:---|:---|
| **In $000s** | **3 months ended**<br>**Mar. 31, 2026<br> $**  | **3 months ended<br> Mar. 31, 2025 <br> $**  |
| Cost of sales, excluding depletion | 5930 | 2995 |
| Depletion | 4006 | 238 |
| Administrative expenses | 3599 | 1359 |
| Change in fair value of Greenstone gold interest | (11272) | (4211) |
| **Total operating expenses** | **2263** | **381** |

---

The increase in costs of sales, excluding depletion, was primarily driven by the contractual purchase price for silver and copper delivered under the Rosh Pinah and Kolpa streams which were acquired in 2025 (as such no such cost of sales in the prior year relating to these streams), and an increase in non-cash partial settlement of the Greenstone gold interest related to higher margins on gold sales as a result of a rising gold price period on period.

The increase in depletion expense is reflective of the additional producing streams and royalties in Q1 2026 compared to the prior corresponding period.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>11</sub> |

---

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, plus incurred additional travel, conference and marketing costs as focus has turned to raising the capital markets profile of the Company in 2026.

There were gains recognized on the Greenstone gold interest during both periods. The change in value is largely driven by the consensus gold price which have continued to increase over 2025 and 2026.

**Other expenses (income) and taxation**

---

| | | |
|:---|:---|:---|
| **In $000s** | **3 months ended<br> Mar. 31, 2026<br> $**  | **3 months ended<br> Mar. 31, 2025<br> $**  |
| Change in fair value of convertible debt derivative liability |  | (112) |
| Finance and interest expense | 2128 | 628 |
| Foreign exchange | 79 | 9 |
| Interest income | (29) | (11) |
| **Total other expenses** | **2178** | **514** |
| **Income tax expense in net income** | **5770** | **775** |

---

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 Q1 2026.

The increase in finance and interest expense primarily relates to higher amounts drawn on the Credit Facilities to fund stream and royalty acquisitions.

Foreign exchange movements in Q1 2026 are primarily related to revaluation of Canadian dollar cash on hand and working capital. The comparative period also included movements related to the revaluing the Canadian denominated Beedie Convertible Loan into US dollars, the Company's functional currency, which was repaid in Q2 2025.

The Company recognized a tax expense of $5.8 million in Q1 2026 (2025: $0.8 million). The current period deferred tax expense of $5.6 million was primarily driven by the increase in the fair value of the Greenstone gold interest during the period, resulting in a future income tax expense, and utilization of non-capital losses due to profitability in the quarter. The current tax expense in the current and comparative periods relates to withholding taxes payable on royalty revenue earned from certain foreign royalties.

8. Liquidity
 and capital resources

As at March 31, 2026, the Company had a cash balance of $6.1 million. As of the date of this MD&A the Company has seven revenue-generating royalties and streams, which, together with the working capital of the Company provide sufficient cash for Versamet to cover all operating expenses, working capital requirements and debt repayments for at least 12 months from March 31, 2026.

**Cash flows**

**Quarter ended March 31, 2026, compared to March 31, 2025:**

During the quarter ended March 31, 2026, the Company's cash balance increased by $2.4 million. This increase is primarily as a result of: inflows of $24.0 million in revenue, cash payments for metal delivered under streams included within cost of sales of $1.8 million and incurring $2.4 million in cash operating expenses. The Company saw an outflow of $4.1 million relating to working capital. The Company repaid $126.0 million on the Credit Facilities, primarily from net proceeds of $114.4 million from the Offering and private placement, paid $2.2 million in cash interest charges on outstanding debt and received $0.9 million from the exercise of stock options. Further, the Company paid $0.2 million in cash withholding taxes.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>12</sub> |

---

During the quarter ended March 31, 2025, the Company's cash balance decreased by $0.6 million. This decrease is primarily as a result of: inflows of $3.5 million in revenue, cash payments to Equinox included within cost of sales of $0.6 million and incurring $1.3 million in cash operating expenses. The Company saw an outflow of $0.9 million relating to working capital. The Company repaid $1.0 million on the revolving credit facility and paid $0.2 million in cash interest charges on outstanding debt. Further, the Company paid $0.1 million in cash taxes.

**Debt**

Credit Facility

On September 24, 2025, the Company amended its credit facility agreement to increase its RCF to $100 million with a $25 million accordion feature and add a new $80 million term loan facility arranged by BMO and 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.

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 2, 2026, the Company amended its credit facility agreement to increase its revolving credit facility to $250 million and add a new $150 million term loan (together the "Credit Facilities"), arranged by BMO, as lead arranger, and NBC. The Credit Facilities provides 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, 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 Company had principal outstanding amounts of $385 million under the Credit Facilities as of the date of this MD&A.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>13</sub> |

---

**Commitments and contractual obligations**

**The following table shows the Company's contractual obligations as they fall due as at March 31, 2026 and December 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In $000s** | **Within 1 year<br> $** | **1–5 years<br> $** | **Over 5 years<br> $** | **Total<br> March 31, 2026<br> $** | **Total<br> Dec. 31, 2025<br> $** |
| Trade and other payables | 895 |  |  | 895 | 2878 |
| Credit facilities **<sup>1</sup>** | 3269 | 51305 |  | 54574 | 194800 |
| **Total** | **4164** | **51305** |  | **55469** | **197678** |

---

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

The Company has no other 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.

**Sandstorm**

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

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.

**B2Gold**

Effective June 5, 2024, B2Gold is considered to be a related party of the Company as a result of Versamet being an associate of this entity (as a result of their share ownership in the Company) and the ability of B2Gold to nominate a representative to the board of directors of the Company.

---

| | |
|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis<sub>14</sub> |

---

**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<br> Mar. 31, 2026<br> $** | **3 months ended<br> Mar. 31, 2025<br> $** |
| Salaries and benefits | 455 | 914 |
| Share-based compensation | 961 | 259 |
| **Total** | **1416** | **1173** |

---

10. Outstanding
 share data

As at the date of this MD&A, the Company had 108,588,991 Common Shares outstanding, 2,906,657 stock options outstanding with a weighted average exercise price of C$3.68, 1,090,631 outstanding restricted share units and no 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.

**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.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **15** |

---

**For the three months ended:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Revenue in $000s** | **Mar. 31,<br> 2026** | **Dec. 31,<br> 2025** | **Sep. 30,<br> 2025** | **Jun. 30,<br> 2025** | **Mar. 31,<br> 2025** | **Dec. 31,<br> 2024** | **Sep. 30,<br> 2024** | **Jun. 30,<br> 2024** |
| Revenue | 23968 | 18364 | 8118 | 4826 | 3454 | 3249 | 3178 | 2901 |
| Divided by: |  |  |  |  |  |  |  |  |
| Average realized gold price per ounce | 4878 | 4145 | 3451 | 3272 | 2853 | 2636 | 2468 | 2346 |
|  | 4913 | 4430 | 2354 | 1475 | 1211 | 1232 | 1288 | 1237 |
| Santa Rita Adjustment | - | - | 345 | - | - | - | - | - |
| **Total Attributable GEOs** | **4913** | **4430** | **2699** | **1475** | **1211** | **1232** | **1288** | **1237** |

---

**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 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.

**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.

**For the three months ended:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cost of sales amounts in $000s** | **Mar. 31,<br> 2026** | **Dec. 31,<br> 2025** | **Sep. 30,<br> 2025** | **Jun. 30,<br> 2025** | **Mar. 31,<br> 2025** | **Dec. 31,<br> 2024** | **Sep. 30,<br> 2024** | **Jun. 30,<br> 2024** |
| Cost of sales (excluding depletion) | 5930 | 4852 | 3769 | 3490 | 2995 | 2765 | 2593 | 2460 |
| Less: non-cash cost of sales related to Greenstone interest | (4102) | (3534) | (2897) | (2753) | (2396) | (2212) | (2075) | (1968) |
| **Cash cost of sales** | **1828** | **1318** | **872** | **737** | **599** | **553** | **518** | **492** |
| Divided by: |  |  |  |  |  |  |  |  |
| Total Attributable GEOs | 4913 | 4430 | 2699 | 1475 | 1211 | 1232 | 1288 | 1237 |
| **Average cash cost per Attributable GEO** | **372** | **298** | **323** | **500** | **495** | **449** | **403** | **398** |
| **Average cash cost margin** | **92%** | **93%** | **91%** | **84%** | **83%** | **83%** | **84%** | **83%** |

---

**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 as it believes this presents a useful measure for the shareholders of the Company to evaluate the performance of the Company.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **16** |

---

**For the three months ended:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **In $000s, except for share and<br> per share amounts** | **Mar. 31,<br> 2026** | **Dec. 31,<br> 2025** | **Sep. 30,<br> 2025** | **Jun. 30,<br> 2025** | **Mar. 31,<br> 2025** | **Dec. 31,<br> 2024** | **Sep. 30,<br> 2024** | **Jun. 30,<br> 2024** |
| Cash flows provided by operating activities | 15389 | 9728 | 4255 | 2310 | 652 | 2103 | 1878 | 1849 |
| Working capital changes | 4111 | 4201 | 1881 | 899 | 759 | (967) | 126 | (69) |
| **Cash flows from operations before working capital changes** | **19500** | **13929** | **6136** | **3209** | **1411** | **1136** | **2004** | **1780** |
| Weighted average ordinary shares outstanding | 99874905 | 92986121 | 92971426 | 92744605 | 92414345 | 92311790 | 89427398 | 65314338 |
| **Cash flows from operations before working capital changes per share** | **0.20** | **0.15** | **0.07** | **0.03** | **0.02** | **0.01** | **0.02** | **0.03** |

---

**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/loss on assets and liabilities which are market-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** | **Mar. 31,<br> 2026** | **Dec. 31,<br> 2025** | **Sep. 30,<br> 2025** | **Jun. 30,<br> 2025** | **Mar. 31,<br> 2025** | **Dec. 31,<br> 2024** | **Sep. 30,<br> 2024** | **Jun. 30,<br> 2024** |
| Net income (loss) | 13757 | 15059 | 3319 | 170 | 1784 | (7261) | 3864 | 1123 |
| Finance and interest expense | 2128 | 3629 | 1313 | 6592 | 628 | 669 | 802 | 995 |
| Income taxes | 5770 | 6384 | 1449 | 662 | 775 | (1408) | 1825 | 621 |
| Interest income | (29) | (152) | (91) | (13) | (11) | (18) | (35) | (15) |
| Depletion | 4006 | 3654 | 1624 | 662 | 238 | 170 | 226 | 188 |
| **EBITDA** | **25632** | **28574** | **7614** | **8073** | **3414** | **(7848)** | **6682** | **2912** |
| Non-cash cost of sales – Greenstone gold interest | 4102 | 3534 | 2897 | 2753 | 2396 | 2212 | 2075 | 1968 |
| Change in fair value of Greenstone gold interest | (11272) | (18482) | (4796) | (5433) | (4212) | (1099) | (6624) | (3951) |
| Change in fair value of derivative liability |  |  |  | (3173) | (112) | (198) | (494) | 677 |
| Adjustment for Impairment of royalty interest | - | - | - | - | - | 8350 | - | - |
| **Adjusted EBITDA** | **18462** | **13626** | **5715** | **2220** | **1486** | **1417** | **1639** | **1606** |

---

12. Off-balance
 sheet arrangements

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

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **17** |

---

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 March 31, 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 March 31, 2026 and December 31, 2025.

**As at March 31, 2026:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In $000s** | **Total** <br> **$** | **Quoted prices in<br> active markets for<br> identical assets (Level 1) <br> $** | **Significant other<br> observable inputs<br> (Level 2)**<br>**$** | **Significant<br> unobservable inputs<br> (Level 3)<br> $** |
| Investments | 1051 | 1051 |  |  |
| Greenstone gold interest | 90798 | - | - | 90798 |
| **Total** | **91849** | **1051** | **-** | **90798** |

---

**As at December 31, 2025:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In $000s** | **Total**<br> **$** | **Quoted prices in<br> active markets for<br> identical assets (Level 1)**<br>**$** | **Significant other<br> observable inputs<br> (Level 2)**<br> **$** | **Significant<br> unobservable inputs<br> (Level 3)**<br> **$** |
| Investments | 1011 | 1011 |  |  |
| Greenstone gold interest | 83628 | - | - | 83628 |
| **Total** | **84639** | **1011** | **-** | **83628** |

---

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **18** |

---

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, approximate their carrying values at March 31, 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 due to the nature of its market-based rate of interest. There were no transfers between the levels of the fair value hierarchy during the period ended March 31, 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, investments, and trade and other payables denominated in Canadian dollars. Based on the Company's Canadian dollar monetary assets and monetary liabilities as at March 31, 2026, a 10% increase or decrease in the Canadian dollar relative to the United States dollar would have an approximate impact of $0.1 million on net income and $0.1 million on total comprehensive income as at March 31, 2026.

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 March 31, 2026 would increase or decrease net income and total comprehensive income by $9.1 million.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **19** |

---

**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 March 31, 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 three months ended March 31, 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 its CFO have evaluated whether there were changes to the DC&P during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the DC&P. No such changes were identified through their evaluation.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **20** |

---

17. Cautionary
 note regarding forward-looking statements

This MD&A contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. The forward-looking statements herein are made as of the date of this MD&A 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 MD&A includes, but is not limited to, statements with respect to future events or future performance of Versamet, disclosure regarding any payments to be paid to Versamet by property owners or operators of mining projects pursuant to net smelter returns and other royalty or other interests and agreements of Versamet, management's expectations regarding Versamet's growth, results of operations, estimated future revenues, carrying value of assets, future dividends, and requirements for additional capital, revenue, future demand for and prices of commodities, business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statements, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty agreements; fluctuations in the value of the U.S. dollar and any other currency in which revenue may be generated, relative to the Canadian dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory, political or economic developments in any of the countries where properties in which the Company holds a royalty, stream or other interest are located or through which they are held, risks related to the operators of the properties in which the Company holds a royalty, stream or other interest, including changes in the ownership and control of such operators; influence of macroeconomic developments; business opportunities that become available to, or are pursued by the Company; reduced access to debt and equity capital for the Company; financial difficulties or inability to access debt and equity capital by the mine operators of the properties on which the company holds a royalty, stream or other interest, litigation; title, permit or license disputes related to interests on any of the properties in which the Company holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; the ability to maintain adequate controls as required by law; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Company holds a royalty, stream or other interest; the possibility that actual mineral content may differ from the Reserves and Resources contained in technical reports; rate and timing of production differences from Resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which the Company holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious diseases such as COVID-19; the integration of acquired assets; as well as other factors identified and as described in more detail in this MD&A.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **21** |

---

The forward-looking statements contained in this MD&A are based on reasonable assumptions that have been made by management as at the date of such information and is subject to unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including, without limitation: the impact of general business and economic conditions; the ongoing operation of the properties in which the Company holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; no adverse development in respect of any significant property in which the Company holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; the world-wide economic and social impact of a pandemic; integration of acquired assets; actual results of mining and current exploration activities; conclusions of economic evaluations and changes in project parameters as plans continue to be refined; problems inherent to the marketability of precious metals; stock market volatility; competition; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

Although Versamet has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Investors are cautioned that forward-looking statements are not guarantees of future performance. The Company cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements or information. This MD&A contains future-orientated information and financial outlook information (collectively, "FOFI") about the Company's revenues from royalty, stream and other interests, other projects which are subject to the same assumptions, risk factors, limitations and qualifications set forth in the above paragraphs. FOFI contained in this MD&A was made as of the date of this MD&A and was provided for the purpose of providing further information about the Company's anticipated business operations. Versamet disclaims any intention or obligation to update or revise any FOFI contained in this MD&A, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this MD&A should not be used for the purposes other than for which it is disclosed herein.

Except where otherwise stated, the disclosure in this MD&A relating to properties and operations in which Versamet holds a royalty, stream or other interest is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at the date hereof, and none of this information has been independently verified by Versamet. Specifically, as a royalty or stream holder, Versamet has limited, if any, access to properties on which it holds royalties, streams or other interests in its asset portfolio. The Company may from time to time receive operating information from the owners and operators of the mining properties, which it is not permitted to disclose to the public. Versamet is dependent on, (i) the operators of the mining properties and their qualified persons to provide information to Versamet, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company holds royalty, stream or other interests, 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. Some reported public information in respect of a mining property may relate to a larger property area than the area covered by Versamet's royalty or other interests. Versamet's royalty, stream or other interests may cover less than 100% of a specific mining property and may only apply to a portion of the publicly reported Mineral Reserves, Mineral Resources and / or production from a mining property.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **22** |

---

**Qualified Persons**

The scientific and technical information contained in this MD&A has been reviewed and approved by Diego Airo, P.Eng, Executive Vice President of 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 ("NI 43-101").

**Technical Information**

Unless otherwise stated, the terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. Inferred mineral resources have a great amount of uncertainty as to their existence and as to their economic and legal feasibility.

---

| | | |
|:---|:---|:---|
| Versamet Royalties | Management's Discussion & Analysis | **23** |

---

## Exhibit 99.3

**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 **March 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3  ***Limitation on scope of design:*** N/A

 ****

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 January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely
to materially affect, the issuer's ICFR.

Date: May 14, 2026

<u>(signed) "Daniel O'Flaherty"</u> <br> Daniel O'Flaherty <br> Chief Executive Officer

## Exhibit 99.4

**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 **March 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3  ***Limitation on scope of design:*** N/A

 ****

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 January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely
to materially affect, the issuer's ICFR.

Date: May 14, 2026

---

| |
|:---|
| (signed) "Victoria McMillan" |
| Victoria McMillan |
| Chief Financial Officer |

---

## Exhibit 99.5

**Exhibit 99.5**

---

| | |
|:---|:---|
| ![](tm2614441d1_ex99-5img001.jpg) | **NEWS RELEASE**<br>May 14, 2026 |

---

**Versamet Royalties Reports Record Operating and**

**Financial Results for Q1 2026**

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

**Vancouver, BC:** Versamet Royalties Corporation ("Versamet" or the "Company") (NASDAQ: VMET, TSX: VMET) announces another consecutive quarter of record operating and financial results for the quarter ended March 31, 2026.

**Q1 2026 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Record
 revenue of $24.0 million, an increase of 594% over Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Record
 attributable gold equivalent ounces<sup>1</sup> ("GEOs") of 4,913, an increase
 of 306% over Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Record
 operating cash flow before working capital changes<sup>2</sup> of $19.5 million, an increase
 of 1,282% over Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net
 income of $13.8 million, an increase of 671% over Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Record
 adjusted EBITDA<sup>3</sup> of $18.5 million, an increase of 1,142% over Q1 2025.

**Q1 2026 Corporate Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Completed
 a C$142 million equity financing, adding several new institutional and retail shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Completed
 a C$22 million private placement with Tether Investments S.A. de C.V. ("Tether"),
 and separately welcomed Gold Mountains Asset Management Limited, a subsidiary of Zijin Mining
 Group Co., Ltd., as a new shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Common
 shares commenced trading on the NASDAQ exchange in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Welcomed
 Juan Presa to the Board of Directors, joining as a representative of Tether.

**Post-Quarter End Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquired
 a 3.52% life-of-mine gold stream on the Eskay Creek project in British Columbia, Canada.
 Eskay Creek is in construction and expected to begin production in Q2 2027. Once in production,
 the project is expected to produce over 300,000 ounces of gold per year for the first 5 years
 of operation.

Dan O'Flaherty, CEO of Versamet, commented, "Versamet's portfolio continues to deliver record results with substantial increases to revenue, GEOs, and cash flow, compared to Q1 2025. We remain on track to achieve our 2026 production guidance of 20,000 to 23,000 GEOs for 2026, supported by several near-term catalysts that are expected to drive stronger GEO contributions in the second half of the year.

During Q1, we also advanced our long-term growth strategy by expanding both our asset base and capital markets presence through the transformative acquisition of the Eskay Creek gold stream and the successful listing of our common shares on the NASDAQ. Since our listing, we have seen a meaningful increase in daily trading liquidity, further enhancing shareholder visibility and market access."

---

| | |
|:---|:---|
| NASDAQ \| TSX: VMET<sub>1</sub> | versamet.com |

---

**Summary of Financial Results**

All amounts in millions, except GEOs.

---

| | | |
|:---|:---|:---|
|  | **Q1 2026** | **Q1 2025** |
| Attributable GEOs<sup>1</sup> | 4913 | 1211 |
| Revenue | $24.0 | $3.5 |
| Net income | $13.8 | $1.8 |
| Adjusted EBITDA<sup>3</sup> | $18.5 | $1.5 |
| Operating cash flow, before working capital changes<sup>2</sup> | $19.5 | $1.4 |

---

For complete details please refer to the unaudited condensed interim Financial Statements and associated Management's Discussion and Analysis for the quarter ended March 31, 2026 and 2025, available on SEDAR+ (sedarplus.ca), on EDGAR (sec.gov/edgar), and on the Company's website (versamet.com).

**2026 Outlook**

The Company continues to expect attributable GEO production to be between 20,000 and 23,000 ounces for 2026, with higher production expected in the second half of the year driven by upcoming catalysts at various assets, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Toega:
 First ore delivery to the Sanbrado process plant scheduled for early Q3 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rosh
 Pinah: RP2.0 expansion project, which will nearly double the mine's processing throughput
 to 1.3 million tonnes per year, is over 90% complete as of May 2026 and completion is expected
 by the end of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Kolpa
 expansion: New crushers and a new ball mill were commissioned in March 2026 and will enable
 increased throughput of 2,500 tonnes per day ("tpd") in the upcoming quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cuiu
 Cuiu: Phase 1 gold-in-oxide project remains on schedule with plant commissioning expected
 in Q3 2026 and commercial production expected in Q4 2026.

**Asset Updates**

Greenstone (1.26% Gold Stream)

Attributable production from Greenstone totaled 1,050 gold ounces in Q1 2026. Q1 2026 mill throughput averaged 24,544 tpd, with 51% of days exceeding nameplate capacity (27,000 tpd) compared to 36% in Q4 2025. On March 30, 2026, Equinox Gold reported results from an updated technical report for Greenstone that outlined production averaging approximately 320,000 ounces of gold annually over the next 10 years (2026-2036) with opportunity to potentially increase mill throughput toward 30,000 tpd. Versamet is entitled to monthly deliveries equal to the greater of 1.26% of gold production or 350 ounces of gold. <sup>4</sup>

Kiaka (2.7% NSR)

Kiaka produced 65,704 ounces of gold and sold 61,717 ounces of gold in Q1. West African Resources ("West African") also held 20,045 ounces of unsold gold bullion at the end of the quarter, which Versamet expects to contribute to GEOs in subsequent quarters. Ramp up of the processing plant is complete, with throughput and recoveries exceeding feasibility expectations. Kiaka is expected to produce between 240,000 and 280,000 ounces of gold in 2026. <sup>5</sup>

---

| | |
|:---|:---|
| NASDAQ \| TSX: VMET<sub>2</sub> | versamet.com |

---

During the quarter, West African released an updated 10-year outlook which outlines average annual production of 277,000 ounces of gold per year from 2026 to 2035, with peak production of 302,000 ounces of gold expected in 2028. A secondary crusher installation is planned for 2028 to increase fresh ore throughput to 12 million tonnes per year. <sup>6</sup>

On April 21, 2026, West African released an announcement advising of the publication of a decree by the Government of Burkina Faso to acquire 25% of Kiaka for A$175 million. <sup>7</sup>

Versamet's royalty is payable on 100% of the production from Kiaka.

Rosh Pinah (90% Silver Stream)

The Company sold 73,190 ounces of silver during Q1 from deliveries from Rosh Pinah. Completion of the RP2.0 expansion project, which will nearly double the mine's processing throughput to 1.3 million tonnes per year, is over 90% complete as of May 2026 with completion expected by the end of 2026, with ramp-up commencing shortly thereafter. <sup>8</sup> 

Kolpa (95.8% Copper Stream)

During March 2026, new crushers and a new ball mill were commissioned and will enable throughput of 2,500 tpd in the upcoming quarters. Copper production for 2026 is expected to be between 650 and 750 tonnes. <sup>9</sup> 

Toega (2.7% NSR)

During Q1, construction of mobile maintenance workshop, office and ancillary infrastructure continued to progress on schedule. Haul road construction is nearing completion, with bulk earthworks now complete. Ore delivery to the Sanbrado process plant is scheduled for early Q3 2026. <sup>10</sup> 

**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:<br> Craig Rollins, General Counsel<br> Email: info@versamet.com<br> Telephone: 778-945-3948

---

| | |
|:---|:---|
| NASDAQ \| TSX: VMET<sub>3</sub> | versamet.com |

---

**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" and "forward-looking statements" within the meaning of applicable securities legislation. 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: forecasted production of 20,000 to 23,000 GEOs in 2026; statements regarding production, development or other advancements at the properties in which the Company holds an interest, including with respect to timing thereof; 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.

**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) average realized price per attributable GEO, 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.

**Endnotes**

&nbsp;&nbsp;&nbsp;&nbsp;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** | **Q1 2026** | **Q1 2025** |
| **Revenue** | **23968** | **3454** |
| Divided by: |  |  |
| Average realized gold price per ounce | 4878 | 2853 |
| **Total Attributable GEOs** | **4913** | **1211** |

---

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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| | |
|:---|:---|
| NASDAQ \| TSX: VMET<sub>4</sub> | versamet.com |

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| | | |
|:---|:---|:---|
| **In $000s** | **Q1 2026** | **Q1 2025** |
| **Cash flows provided by operating activities** | **15389** | **652** |
| Working capital changes | 4111 | 759 |
| **Cash flows from operations before working capital changes** | **19500** | **1411** |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. EBITDA
 refers to earnings (or loss) determined in accordance with IFRS, before finance and interest
 expense, interest income, income tax expense (recovery) and depreciation (including depletion)
 and amortization. Adjusted EBITDA adjusts EBITDA to exclude any non-cash cost of sales, impairment
 charges and gains/loss on assets and liabilities which are market-to-market each reporting
 period. This measure is used by management and investors to determine the ability of an issuer
 to generate cash from operations. Management believes this measure is a useful supplemental
 measure from which to determine the Company's ability to generate cash available for
 working capital requirements, investment expenditures and income taxes.

---

| | | |
|:---|:---|:---|
| **In $000s** | **Q1 2026** | **Q1 2025** |
| **Net income** | **13757** | **1784** |
| Finance and interest expense | 2128 | 628 |
| Income taxes | 5770 | 775 |
| Interest income | (29) | (11) |
| Depletion | 4006 | 238 |
| **EBITDA** | **25632** | **3414** |
| Non-cash cost of sales – Greenstone gold interest | 4102 | 2396 |
| Change in fair value of Greenstone gold interest | (11272) | (4212) |
| Change in fair value of derivative liability | - | (112) |
| **Adjusted EBITDA** | **18462** | **1486** |

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&nbsp;&nbsp;&nbsp;&nbsp;4. For
 more information, please refer to Equinox Gold's news releases dated March 30, 2026,
 and April 9, 2026, available at equinoxgold.com.

&nbsp;&nbsp;&nbsp;&nbsp;5. For
 more information, please refer to West African's ASX announcement dated April 23, 2026,
 available at westafricanresources.com.

&nbsp;&nbsp;&nbsp;&nbsp;6. For
 more information, please refer to West African's ASX announcement dated March 31, 2026,
 available at westafricanresources.com.

&nbsp;&nbsp;&nbsp;&nbsp;7. For
 more information, please refer to West African's ASX announcement dated April 21, 2026,
 available at westafricanresources.com.

&nbsp;&nbsp;&nbsp;&nbsp;8. For
 more information, please refer to Appian's media release dated May 12, 2026, available
 at appiancapitaladvisory.com.

&nbsp;&nbsp;&nbsp;&nbsp;9. For
 more information, please refer to Endeavour's news release dated April 8, 2026, available
 at edrsilver.com.

&nbsp;&nbsp;&nbsp;&nbsp;10. For
 more information, please refer to West African's ASX announcement dated April 23, 2026, available
 at westafricanresources.com.

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| | |
|:---|:---|
| NASDAQ \| TSX: VMET<sub>5</sub> | versamet.com |

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