Vancouver, British Columbia — February 17, 2026 — Leads & Copy — Versamet Royalties Corporation (TSX: VMET) has announced its attributable gold equivalent ounces (GEOs) for the fourth quarter and full year ended December 31, 2025, and provided guidance for 2026.
According to CEO Dan O’Flaherty, 2025 was a breakout year for Versamet, with a third consecutive year of record GEOs. GEOs increased by 94% compared to 2024. The company expects this momentum to continue in 2026, with GEOs projected to more than double to between 20,000 and 23,000. Supported by cash flow and equity financing, Versamet is positioned to pursue acquisitions and deliver sustained growth for shareholders.
Record Q4 attributable GEOs sold reached 4,430, up 260% over Q4 2024. Annual attributable GEOs sold hit a record 9,815, an increase of 94% over 2024. The company also reported its inaugural silver delivery from Rosh Pinah and an initial royalty payment from Santa Rita in Q4.
Versamet anticipates attributable GEOs for 2026 to range from 20,000 to 23,000, with an average cash cost margin of about 93%. Approximately 85% of expected revenue is projected to come from gold and silver. The expected GEOs would represent another record for the company and a year-over-year increase of more than 100%. The GEOs are calculated based on public forecasts from operators and the company’s internal estimates.
Kiaka produced 62,287 ounces of gold in Q4, its first full quarter of operational phase reporting since construction completion. The mine sold 56,293 ounces of gold during the quarter and held 15,468 ounces of unsold gold bullion at the end of the quarter, expected to contribute to Q1 2026 GEOs. Open pit mining increased by 76% in mined ounces compared to Q3. The process plant increased mill throughput by 25% and grade by 44% over the prior quarter, achieving 92.9% metallurgical recovery.
In Q4, Versamet received its first silver delivery from Rosh Pinah. Final settlement of a concentrate shipment in Q3 2025 occurred in early January 2026, which will contribute to Versamet’s Q1 2026 GEOs. On February 6, 2026, Appian Capital Advisory updated on Rosh Pinah, including the commissioning of the new paste fill plant, a component of the RP2.0 expansion project. RP2.0 will nearly double the mine’s processing throughput to 1.3 million tonnes per year and is over 85% complete. Completion is expected in Q3 2026, with ramp-up commencing shortly thereafter. An 80,000-meter drilling program is underway through 2027, encompassing infill, step-out and regional exploration drilling.
On January 16, 2026, Endeavour Silver provided its guidance for 2026. Plant throughput at Kolpa is forecast to range from 2,300 to 2,500 tonnes per day, and copper production is expected to be between 650 and 750 tonnes. Endeavour is investing $26.5 million on capital projects at Kolpa in 2026, including $2.7 million for 3.5 kilometers of mine development in the Bienaventurada and Poderosa areas. A further $7.1 million will be for mine infrastructure, equipment, and building improvements. Growth expenditures of $16.7 million will support a plant expansion to increase capacity to 2,500 tonnes per day. Management estimates the plant expansion to be completed in Q1 2026.
On January 28, 2026, West African Resources updated on the Toega deposit. Haul road construction is on schedule to enable ore delivery to the Sanbrado processing plant in early Q3 2026. Pre-stripping of the open pit began during the quarter with material movement expected to ramp up to steady state production by the end of Q1 2026.
On December 17, 2025, Cabral Gold updated on the construction progress of its Phase 1 gold-in-oxide heap leach project at the Cuiú Cuiú gold district, Brazil. Construction is accelerating and remains on track and on budget for commercial production in Q4 2026. Detailed engineering was 26% complete and procurement of capital items was 65% complete (by value) as of the update date.
Versamet has promoted Paul Jones to President and Diego Airo to Executive Vice President, Project Evaluation.
Versamet is a precious metals royalty & streaming company focused on creating long-term per share value for its shareholders. Versamet common shares trade on the Toronto Stock Exchange under the symbol “VMET”.
Source: Versamet Royalties Corporation
