Vox Royalty (VOXR) Investor Day 2026 summary

Financial Performance and Guidance

• Receipts have grown at a compound rate of over 50% over six years, with 2026 receipts projected to double over 2025, reaching $32M–$37M, a 100% year-over-year increase.

• Operating cash flow per share is set to grow 120% in 2026, following 9.5x growth since 2021 and a 76% CAGR over four years, with a 28% return on invested capital expected.

• Cash G&A has remained flat at $5M–$6M for four years, but as a percentage of receipts, it is expected to drop from 40% in 2023 to 17% in 2026.

• Revenue per employee has increased from $2M to nearly $5M, demonstrating significant operating leverage.

• 2030 illustrative receipts are forecast at $66M, assuming no new acquisitions, with potential to reach $80M–$100M if Red Hill comes online, and a projected ~30% CAGR in receipts from 2025 to 2030.

Strategic Approach and Portfolio Development

• Focus remains on disciplined capital allocation, targeting quality assets at fair value, emphasizing diversification, risk-adjusted returns, and systematic, high-speed screening across the royalty universe.

• Portfolio includes over 70 assets, with 14 producing in 2026 and a mix of 30% royalties and 70% streams, diversified across major mining jurisdictions.

• Recent M&A activity among operators has accelerated development and increased embedded organic growth, with over 45 assets having resource estimates.

• Key growth assets include Bonikro, Blyvoor, Sugar Zone, Los Filos, Wyloo North, Red Hill, Greenstone, Limpopo, Kanmantoo, Janet Ivy, Stockman, Bowdens, Ashburton, Pedra Branca, and Bulgera.

• AI and proprietary databases are leveraged to identify and track royalty opportunities, enhancing deal sourcing and catalyst monitoring.

Capital Allocation and Shareholder Returns

• Capital allocation remains disciplined, with a preference for buybacks when shares are undervalued and a deep pipeline of accretive opportunities.

• Debt financing is available via a $75M undrawn facility, but will be used pragmatically to maintain business resilience.

• Dividend increases and opportunistic buybacks are considered if capital is not deployed into high-value assets.

• Management compensation is increasingly aligned with shareholder value through option grants with high strike prices.

• Inclusion in major indexes (GDXJ, S&P/TSX 500 Mining, and an Australian royalty index) is expected to improve liquidity.