Vox Royalty (VOXR) Mining Forum Americas 2026 summary

Strategic focus and portfolio growth

• Prioritizes acquiring overlooked legacy royalties, mainly in Australia, with 70% portfolio exposure there and 90% gold weighting.

• Recently announced three royalty acquisitions in Australia, including a new uncapped silver royalty at Sorby Hills, expected to begin production within 12–18 months.

• Portfolio includes over 80 royalties and streams, with 11 currently producing and expectations to exceed 20 producing assets by 2028.

• Focuses on shallow, simple ore bodies and maintains a proprietary database of nearly 9,000 royalties to maximize selectivity and returns.

• Limits asset concentration to avoid overexposure, targeting no more than 15% NAV in a single asset.

Financial performance and outlook

• Achieved 50% revenue growth last year to $16.6 million and expects to double revenue this year to $34.5 million.

• Projects organic revenue growth to $66–$100 million by 2030, excluding further acquisitions.

• Delivers industry-leading returns, with a 28% return on invested capital expected this year and a historical range of 20–27%.

• Maintains low G&A costs ($5–$6 million) and a 7% effective tax rate, supporting strong cash flow per share growth (76% CAGR over four years).

• Trades at a significant discount to peers, with management and board holding over 10% ownership and a growing dividend (10% CAGR over four years).

Recent acquisitions and asset highlights

• Acquired Sorby Hills silver royalty for $13 million, with first production expected in late 2027 and potential for a 10–20 year mine life.

• Closed two additional Australian deals covering gold and copper royalties, including White Dam (producing), Kalman (development, subject to takeover), and Sylvania (exploration, iron ore, and base metals).

• Sylvania royalty provides exposure to gold, iron ore, and base metals for under $1 million.

• Bonikro gold offtake stream saw mine life increase from 4 to 13 years, demonstrating portfolio upside.

• Additional development assets like Los Filos and Sugar Zone expected to contribute to revenue in coming quarters.