Vox Royalty (VOXR) investor relations material

Business overview and strategy

• Focuses on acquiring mining royalties, primarily in precious metals, to deliver superior risk-adjusted returns compared to direct mining investments.

• Systematic approach leverages a proprietary database, technical expertise, and event-driven catalysts to identify undervalued royalty assets.

• Majority of portfolio exposure is in Australia, considered the lowest-risk and most profitable mining jurisdiction.

• Emphasizes organic growth from pre-production royalties expected to generate revenue within three to four years.

• Maintains a strong balance sheet, with no warrants, cash reserves, and a $25M revolver at a 6.8% cost of debt.

Recent acquisitions and portfolio performance

• Completed two significant royalty acquisitions: Wailu North iron ore and Kaman II copper, both acquired at deep value.

• Wailu North expected to generate $10M per year over the next two to three years, with a total payout of $20M before cap.

• Kaman II copper royalty offers expansion potential, with anticipated mill utilization increases and extended mine life.

• Royalty revenue and free cash flow have grown consistently, with dividends increasing by 6% over three years.

• Operating leverage and a robust business development pipeline position the company for dramatic expansion in operating metrics.

Competitive landscape and differentiation

• Operates in a highly competitive market with 15+ public royalty companies, but differentiates by avoiding competitive bidding and focusing on off-market deals.

• Achieves over 25% current return on invested capital, compared to the industry average of 3%.

• Uses AI to enhance the proprietary database, identifying blind spots and new royalty opportunities.

• Reputation for reliability and speed in transactions attracts sellers, especially in Australia.

• Management and board own a significant equity stake, ensuring strong alignment with shareholders.