Vox Royalty (VOXR) investor relations material

Strategic focus and portfolio growth

• Focused on acquiring overlooked legacy royalties, mainly in Australia, with 80+ royalties and streams covering about 1 million gold equivalent ounces in the ground.

• Recent acquisitions include an uncapped silver royalty (Sorby Hills) and two other gold/copper royalties, expanding exposure to construction and production-stage assets.

• Portfolio is 70% weighted to Australia and 90% gold, with a careful approach to avoid over-concentration in any single asset.

• 11 producing assets currently, expected to organically grow to over 20 by 2028, driven by new mines entering production.

• Asset mix will remain predominantly gold, with ongoing focus on shallow, simple ore bodies and high-return opportunities.

Financial performance and outlook

• Revenue guidance for the current year is $34.5 million, nearly doubling from last year’s $16.6 million, with a long-term outlook of $66–$100 million by 2030 without further acquisitions.

• Return on invested capital expected at 28% this year, consistently outperforming industry peers with 20–28% returns over the past five years.

• Cash flow per share has grown at a 76% CAGR over four years, with G&A costs held steady at $5–$6 million and a low 7% effective tax rate.

• No debt, $31 million net cash, and a $75 million undrawn credit facility support future growth.

• Dividend has grown 10% annually for four years, with management and board owning over 10% of shares.

Acquisition strategy and competitive positioning

• Acquisitions target deep value in legacy royalties, leveraging a proprietary database of 9,000 royalties to select high-return deals.

• Avoids complex or high-risk technical assets, focusing on simple, shallow ore bodies in favorable jurisdictions.

• Recent deals include White Dam (producing gold), Kalman (development-stage copper-gold), and Sylvania (exploration-stage gold/iron ore/silver-lead-zinc).

• Australian market offers less competition and faster development timelines, enabling acquisitions at deep discounts to NAV.

• Trading at a significant discount to peers on revenue and cash flow multiples, with management aiming to close the valuation gap through education and performance.