Versamet Royalties Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	32.31	20.33	-2.45	-3.12
Depreciation & Amortization	9.95	6.18	0.84	-
Asset Writedown & Restructuring Costs	-	-	8.35	2.05
Loss (Gain) From Sale of Investments	-32.92	-32.92	-14.06	-4.83
Stock-Based Compensation	2.79	1.67	2.57	1.62
Provision & Write-off of Bad Debts	-	-	-	0.4
Other Operating Activities	30.66	29.42	11.29	4.49
Change in Accounts Receivable	-9.32	-9.32	0.08	-0.1
Change in Accounts Payable	1.58	1.58	0.78	0.12
Operating Cash Flow	31.68	16.95	7.4	0.62
Operating Cash Flow Growth	388.71%	129.08%	1090.62%	-
Sale (Purchase) of Intangibles	-159.46	-159.46	-0.08	-10.03
Investment in Securities	-	-	1.03	-52.5
Other Investing Activities	-	-	-	2.22
Investing Cash Flow	-159.46	-159.46	0.96	-60.31
Long-Term Debt Issued	-	181	-	41.08
Long-Term Debt Repaid	-	-27.39	-19	-6.33
Net Debt Issued (Repaid)	28.61	153.61	-19	34.75
Issuance of Common Stock	115.25	-	7.5	27.46
Other Financing Activities	-10.72	-8.77	-1.99	-0.02
Financing Cash Flow	133.14	144.84	-13.49	62.19
Foreign Exchange Rate Adjustments	-0.11	-0.05	-0.15	0.13
Net Cash Flow	5.26	2.28	-5.29	2.64
Cash Interest Paid	8.77	8.77	1.99	-
Cash Income Tax Paid	0.56	0.56	0.51	0.43
Levered Free Cash Flow	-135.11	-145.82	1.05	-
Unlevered Free Cash Flow	-126.57	-138.22	3.28	-
Change in Working Capital	-11.09	-7.74	0.86	0.02

Source: S&P Global Market Intelligence. Standard template. Financial Sources.