Each one in plain English, with the numbers worked through for a shareholder.
20 Aug 2026business combination▲ Good
Vox signed a binding agreement with Latitude 66 Limited and its subsidiary to buy two Australian royalties for up to A$3.4 million cash on hand: a 2.0% royalty on production from the Kalman copper-gold project tenement in Queensland (operated by Hammer Metals, which is subject to a takeover by Austral Resources expected to be implemented in November 2026), and a 1.0% NSR on precious minerals / 1.5% NSR on other minerals over about 1,700km² in Western Australia (Sylvania). Neither deal has closed: both are subject to customary conditions, and Sylvania also needs Greenmount Resources to waive or let lapse its right of first refusal. Each is expected to complete within five business days of its conditions being met. This is the first new acquisition announced after the June 2026 sales of Federation and the i-80 stream, adding to the Australian copper and gold royalties; no production or revenue is stated for either.
Vox agreed to sell its capped i-80 gold offtake stream (Ruby Hill, Cove and Granite Creek in Nevada, up to 40,000oz a year until December 2028), acquired in the September 2025 Deterra deal, to i-80 Gold for $4.8 million paid in freely tradeable i-80 Gold shares, so Vox receives shares rather than cash. In Q1 2026 the stream produced $270,000 of net margin (8,281oz at $32.51/oz) and carried at about $2.6M at March 31, 2026; management says the price is about 2x carrying value. Completion is expected before June 30, 2026; Vox says it plans to redeploy the capital into longer-duration, uncapped assets.
Vox completed the sale of the capped 4.5% Federation gold royalty (46,372oz remaining) to the owner of the Hera project for A$8,000,000 cash, after buying it in February 2026 for up to A$650,000. Management calls it a 16x return on invested capital in under four months and describes Federation as non-core. This reverses the February purchase, and the Federation royalty named in March as a possible source of first revenue in 2026 is no longer held.
Vox guided 2026 royalty and net precious metal receipts of $28-32 million, about 70-90% above 2025 (preliminary 2025 was $16.6M: $12M royalty revenue plus $4.6M net precious metal income). It also raised the quarterly dividend 20% to $0.015 per share, payable April 14, 2026 to holders of record March 31, 2026, its fourth consecutive annual increase. Guidance leans on a full year of the Deterra-acquired gold portfolio, Kanmantoo (12,750-14,000t copper guided), and Binduli North, with possible first revenue from Mt Ida, Horseshoe Lights, the Castle Hill milestone and Federation. It follows the 2024 guidance of $11-13M and the $0.012 dividend, and the company says more of 2026 receipts should arrive in the first half.
Vox completed the purchase of two Australian royalties from a third party for up to A$650,000 cash (A$450,000 paid at closing, A$200,000 payable once post-closing conditions are met, which Vox expects later in 2026). One is a 4.5% gold royalty on the first 250,000oz of gravity gold from the Hera tenement (EL6162) in New South Wales, with 46,372oz still payable, on ground operated by an Aurelia Metals subsidiary; the other is an uncapped, feasibility-stage copper tonnage royalty in Western Australia. Vox says the gold royalty equals about 2,087oz of gold at an implied cost under $200/oz.
Vox signed a binding agreement to buy a royalty on the Stockman copper-gold-zinc-silver project in Victoria, Australia, operated by Aeris Resources, from a subsidiary of IGO for A$5 million cash at closing plus A$10 million deferred (up to A$15 million, about US$10 million). The royalty is 1.5% NSR, falling to 1.0% after nine million tonnes of production. The deferred A$10 million is payable in cash or Vox shares at Vox's choice once royalty revenue has been received for two consecutive quarters at a processing run-rate above 150kt. The project is not yet in production and a development decision depends on Aeris's further studies; Vox management says it could generate over $3M of annual royalty revenue based on the latest feasibility study. Closing was expected in December 2025 and the TSX has given conditional approval.
Vox closed a public offering of 17,094,750 common shares at $3.70, raising about $63.25 million gross, and completed the purchase of ten gold offtake and royalty assets covering twelve mines and projects across eight jurisdictions from subsidiaries of Deterra Royalties. The price was $57.5 million upfront cash plus $2.5 million in deferred milestones, fully financed by the offering. This is by far the largest deal in the company's history here, and the new shares dilute existing holders. Vox now describes itself as having over 80 assets across eight jurisdictions, up from over 60 royalties across six.
Vox signed a binding agreement to buy a 1.5% gross revenue royalty on the first 15 million tonnes of iron ore from the Wyloo North project in Western Australia, operated by Fortescue, for A$1.5 million (about US$1 million) from an unnamed Australian company. The project is not in production, and the release lists future steps such as an updated resource and reserve, an environmental referral and a ministerial decision. It adds a second Western Australian iron ore royalty alongside Wonmunna; revenue depends on Fortescue developing the deposit, and no timing is given.
Vox relayed Northern Star's May 15, 2025 update on Red Hill, where Vox holds a 4.0% gross revenue royalty. Northern Star said recent drilling targets upgrading inferred resources to indicated, and that ore is planned to go through the Fimiston mill at KCGM, whose A$1.5 billion expansion is scheduled for commissioning in FY27. Required approvals are still ongoing, and a Mining Proposal and Mine Closure Plan are to be submitted before operations restart. This continues the Red Hill thread from May 2024, but the release gives no Red Hill-specific resource figures, production start date or mine life, and the mine life stays undetermined.
Vox completed the purchase of a royalty on the producing Kanmantoo copper-gold mine in South Australia, operated by Hillgrove Resources, from a private company for $11.7 million cash. It was fully funded by an initial $11.7 million drawdown on the BMO credit facility, so Vox now has debt after the facility sat undrawn earlier. The royalty is 2.5% NSR, stepping down to 0.50% after 85,000t of cumulative copper production (about 72,435t remaining at April 30, 2025), and management expects over $3 million of annualized royalty revenue based on Hillgrove's 2025 forecasts, with revenue accruing from May 1, 2025. (The release says the transaction is expected to close within a week.)
Vox's board renewed its share buyback of up to US$1,500,000, to be run through an independent broker on Nasdaq or other US markets and which can be stopped at any time. The release states that under the previous buyback, from March 19, 2024 to now, no shares were repurchased. It also gives operator updates: Black Cat bought the Lakewood processing plant for A$85M, which could bring forward production at Kal East (where Vox holds an uncapped 1% NSR) by up to 15 months; Orla targets construction in 2026 and first production in 2027 at South Railroad, Nevada (Vox holds 0.633% NSR); and Galway released a larger resource and started a scoping study at Estrades.
Vox completed the purchase of the four Australian royalties and one production-linked milestone payment announced in February 2024, for A$4,700,000 cash from a private Australian group. The package includes Castle Hill (A$40/oz gold, payable up to 75,000oz, plus a A$2M milestone after 140,000oz recovered) and Kunanalling (2% realised production), both operated by Evolution Mining, plus Halls Creek/Mt Angelo North (1.5% NSR) and Broken Hill (2.0% NSR). Vox expects meaningful revenue from Castle Hill from early 2026 onwards; the other assets are earlier-stage. This resolves the pending Australian portfolio deal.
Northern Star, which operates the Red Hill gold project in Western Australia, reported on May 2, 2024 that its gold resource rose 58% to 1.9 million ounces (from 1.2 million in March 2023) and that it has declared a first reserve of 0.6 million ounces. Vox holds a 4.0% gross revenue royalty over mining lease M27/57 at Red Hill; Vox management estimates the royalty could generate about US$10 million in initial annual revenue, over a mine life Northern Star has yet to determine. That figure is management's estimate, not a production decision, and the resource remains classed as inferred.
Vox adopted a dividend reinvestment plan, letting eligible shareholders take new shares instead of cash dividends at a 5% discount to average market price, starting with the Q1 2024 dividend (not available to US residents). It also approved a share buyback of up to US$1,500,000, to be done through Nasdaq or other US markets at management's discretion and which may be stopped at any time. For the Q1 dividend the company intends to issue new shares from treasury for the plan, which would add shares for those who enrol.
Vox reported 2023 revenue of $12,310,594 (up from $8,508,105 in 2022) but a net loss of $101,112, versus net income of $328,179 the year before. The loss includes a $1,337,206 impairment, mainly writing the four Peruvian exploration royalties (Jaw, Phoebe, Cart, Colossus) down to nil after the operator let the claims lapse; Vox has sued the operator in Western Australia and could reverse up to $1,000,000 if replacement royalties are granted. The quarterly dividend rises 9.1% to $0.012, payable April 12, 2024 to holders of record March 29, 2024, and 2024 royalty revenue is guided at $11-13 million. The release also confirms the BMO facility.
Vox signed a binding agreement on February 12, 2024 to buy up to four Australian royalties, plus the right to one production-linked milestone payment, from a private Australian group for up to A$4.7 million cash. The package includes Castle Hill (gold, under construction, operated by Evolution Mining) and Kunanalling (gold), plus copper-related exploration royalties at Halls Creek and Broken Hill. Closing is expected before the end of Q1 2024, funded from cash on hand, and some royalties are subject to operators' rights of first refusal.
Vox signed a credit agreement with Bank of Montreal for a $15 million secured revolving facility, with a possible extra $10 million (accordion) subject to conditions. Nothing is drawn yet; interest is SOFR plus 2.50% to 3.50%, it matures December 31, 2025 with annual one-year extension option, and it is secured against the company's assets. This ends Vox's debt-free position noted in March 2023 only if it is drawn; for now it is available borrowing capacity for acquisitions and general purposes.
Vox completed the purchase of a gold royalty over part of the Plutonic Gold Mine complex in Western Australia from an unnamed Australian company for A$1,250,000 (about US$800,000). The royalty is a sliding-scale tonnage royalty over 11 mining leases near the Plutonic mill, which Catalyst Metals operates; the release says it has historically generated more than A$4M of royalty revenue and expects satellite mining within 6-24 months. It adds to Vox's Australian royalties, but no current revenue from it is stated.
The underwriters fully exercised their option to buy another 453,750 shares at US$2.40, closed July 11, 2023, adding about US$1.09 million gross. The offering totals 3,478,750 new shares and about US$8.35 million gross, for acquisitions and/or working capital, which further dilutes existing shareholders. The release now lists the shares on both Nasdaq and the TSX under VOXR, so the TSX listing noted as conditional on June 16 appears completed.
What it means for a shareholder
453,750 new shares at US$2.40 to raise about US$1.1m. That's 1.0% dilution: every existing holder's slice gets 1.0% smaller. If you held US$1,000 of shares (417 at the issue price), your slice goes from 0.000931% to 0.000922% of the company. To keep it you'd need 4 more shares - about US$10 at the issue price.
Vox closed the offering announced June 13, issuing 3,025,000 common shares at US$2.40 for about US$7.26 million gross (about US$6.19 million net, assuming the over-allotment option is not exercised). The shares are listed on Nasdaq as VOXR and are conditionally approved for listing on the Toronto Stock Exchange under VOXR, subject to the TSX's customary conditions. Proceeds are earmarked for royalty acquisitions and/or working capital.
What it means for a shareholder
3.0m new shares at US$2.40 to raise about US$7.3m. That's 6.3% dilution: every existing holder's slice gets 6.3% smaller. If you held US$1,000 of shares (417 at the issue price), your slice goes from 0.000931% to 0.000872% of the company. To keep it you'd need 28 more shares - about US$67 at the issue price.
13 June 2023capital raising announcement● NeutralMajor
Vox priced a public offering of 3,025,000 new common shares at US$2.40 each, for gross proceeds of US$7.26 million (about US$6.19 million after fees and expenses), with Maxim Group and BMO Capital Markets as lead underwriters. The money is intended for future royalty acquisitions and/or general working capital; existing shareholders are diluted by the new shares, and underwriters also hold an option for 453,750 more shares. This uses the January 23, 2023 base shelf prospectus, which resolves the earlier review of the October 2022 draft.
What it means for a shareholder
3.0m new shares at US$2.40 to raise about US$7.3m. That's 6.3% dilution: every existing holder's slice gets 6.3% smaller. If you held US$1,000 of shares (417 at the issue price), your slice goes from 0.000931% to 0.000872% of the company. To keep it you'd need 28 more shares - about US$67 at the issue price.
Silver Mines Limited, the operator of the Bowdens silver project in New South Wales, Australia, received final development approval from the state's Independent Planning Commission on April 3, 2023 (subject to conditions), and on March 31, 2023 it upgraded its resource estimate to 323 million ounces of measured and indicated silver equivalent plus 73 million ounces inferred, with a first gold resource. Vox holds a 0.85% gross revenue royalty on Bowdens and a 1% gross revenue royalty over surrounding regional exploration tenure, so the approval and larger resource are positive for that royalty; Vox's CEO of Australia says it paves the way for a near-term final investment decision, and updated studies and ore reserves are expected later in 2023. No construction decision or royalty payments are announced yet.
Vox reported 2022 revenue of $8,508,105 (up from $3,651,717 in 2021) and net income of $328,179, versus a net loss of $4,132,019 the year before. It says it has no debt, and it raised its quarterly dividend by 10% to $0.011 per share, payable April 14, 2023 to holders of record on March 31, 2023. It also hired Lond Capital for investor roadshows in Europe and North America, for a one-time £10,000 payment and no shares.
After an Ontario Securities Commission review tied to Vox's October 25, 2022 draft base shelf prospectus, Vox refiled its Wonmunna iron ore technical report and two management discussion documents (the 2021 annual one and the nine-month 2022 one) to fix disclosure issues. The changes include treating the Wonmunna resources and reserves as a historical estimate, and removing or correcting how certain other companies' resource figures were presented. Management says it does not consider the amendments material.
Vox bought a gold royalty on the Cardinia project in Western Australia from Gloucester Coal for A$450,000 (about US$300,000) in cash. The royalty is 1% of gross sales above 10,000oz of cumulative gold, with about 9,100oz still to go. It also closed the First Quantum Minerals Canadian royalty deal announced on November 10, with both closings on November 21, 2022; the release says cash on hand funded the Cardinia payment.
Vox signed a binding agreement on November 9, 2022 with First Quantum Minerals to buy up to four Canadian royalties (Estrades, Opawica, Winston Lake, Norbec & Millenbach) for up to C$650,000. At closing, Vox would issue C$525,000 of shares (164,319 shares at C$3.1950) for Estrades and Opawica, subject to TSX Venture Exchange acceptance. The other two royalties would need further closings and cash payments of C$100,000 and C$25,000, only after third-party option exercises.
Vox's shares began trading on the Nasdaq on October 10, 2022 under the ticker VOXR, and they stopped trading on the OTCQX. They continue to trade on the TSX Venture Exchange as VOX, and shareholders did not need to take any action, though those who bought on the OTCQX were advised to check their brokerage accounts.
