Vox Royalty (VOXR) Planet MicroCap Showcase: VEGAS 2025 summary

Business model and strategy

• Focuses on acquiring legacy mining royalties, providing undiluted exposure to mine revenues without financing mining companies.

• Royalties offer long-life optionality and are more valuable than other types due to their perpetual revenue interest.

• Avoids shareholder dilution common in mining companies by not contributing capital to mine expansions.

• Operates a capital-light, scalable model with lower risk and secure revenue streams.

• Technical team with deep asset knowledge enables selective acquisition and risk management.

Portfolio composition and geographic focus

• Holds a diversified portfolio of 70 royalties, with 10 currently paying across 10 assets.

• Heavy exposure to gold, especially in Australia, which offers efficient permitting and robust mining infrastructure.

• Most assets are managed by large mining companies, minimizing exposure to riskier junior miners.

• Australia represents about 70% of exposure, benefiting from strong local capital markets and rapid mine development.

• Proprietary database includes over 9,000 legacy royalties, with 70% gold-focused.

Financial performance and returns

• Invested $50 million in legacy royalties, with $40 million deployed since 2019 expected to be fully paid back this quarter.

• Achieves industry-leading returns, with 8–20 year average mine life remaining on assets.

• Compounded cash at 90% per share over the last three years, with a dividend growth rate of 7%.

• Maintains a tight cap table, no warrants, minimal options, and strong insider alignment (management owns 11%).

• Attracts major institutional investors and remains undervalued relative to peers.