VOX ROYALTY CORP.

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.

dividend declaration

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.

business combination

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.)

business combination

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.

business combination

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.

resource reserve update

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.

dividend declaration

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.

business combination

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.

debt financing

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.

capital raising announcement

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.

resource reserve update

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.

dividend declaration

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.

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