Vox Royalty (VOXR) Registration Filing summary

Company overview and business model

• Operates as a mining royalty company with a portfolio of over 60 royalties across six jurisdictions, focusing on precious and industrial metals.

• Business model leverages proprietary databases and a technical team to source and acquire royalties, emphasizing accretive acquisitions and portfolio diversification.

• Prioritizes royalties on producing or near-term producing assets, with a long-term goal of scalable, diversified cash generation through commodity cycles.

• Key growth assets for 2025 include gold and copper projects in Australia, with several assets expected to commence or ramp up production over the next 2-3 years.

Financial performance and metrics

• As of September 30, 2024, had positive cash flow from operations of $2.1M for the quarter and $5.3M for the nine months, with working capital of $8.5M.

• 50,734,138 common shares outstanding as of February 5, 2025, with additional RSUs and options issued.

• Quarterly dividends have been paid since Q4 2022, with increases in 2023 and 2024; a dividend reinvestment plan and share repurchase program were adopted in 2024.

Use of proceeds and capital allocation

• Net proceeds from offerings are intended for future royalty acquisitions and general corporate purposes, including debt repayment.

• Management retains broad discretion over allocation, with potential for reallocation based on business needs or market conditions.