Vox Royalty (VOXR) 17th Annual Southwest IDEAS Conference summary

Business model and strategy

• Focuses on acquiring royalties and streams over precious metals, primarily gold, to deliver superior risk-adjusted returns for investors.

• Operates with a technical team of mining engineers and geologists to identify future producing assets and acquire royalties at discounted valuations.

• Utilizes a proprietary global royalty database and advanced data processing, including AI tools, to uncover overlooked opportunities.

• Maintains a diversified portfolio, with most assets in Australia, and is open to base metals and battery metals if value is compelling.

• Management and board have significant ownership, aligning interests with shareholders.

Financial performance and growth

• Founding shareholders have seen returns exceeding 1,300% since inception, with an 80% increase in the last year.

• Revenue has grown nearly 400% over three years, while costs have remained flat or decreased, expanding operating leverage.

• Recent acquisition increased producing assets from 8 to 14, with expectations to reach 22 in the coming years.

• The September acquisition was highly accretive, adding $15 million in free cash flow and purchased at a significant discount.

• Business operates with a lean cost structure and a strong, nearly net-debt-neutral balance sheet.

Portfolio and asset management

• Holds 80+ royalties and streams, with 14 currently producing and 2–4 new assets expected to come online annually.

• Portfolio includes royalties over projects managed by top-tier, multi-billion dollar operators, enhancing resilience.

• Focuses on assets 2–4 years from production, compounding growth as projects mature.

• Conservative payback period of about six years for recent capital outlays, with significant optionality from unproduced assets.

• Silver exposure exists, notably through a major Australian project, with additional upside from byproduct metals.