Vox Royalty (VOXR) The 15th Annual East Coast IDEAS Conference summary

Business model and strategy

• Focuses on acquiring legacy and secondary mining royalties, not funding mining companies, to provide leveraged exposure to metals with minimal operational risk.

• Management and board own over 20% of shares, aligning interests with investors and emphasizing disciplined capital allocation.

• Utilizes a proprietary database of over 9,000 royalty contracts to find undervalued, overlooked opportunities, especially in non-traditional hands.

• Maintains a capital-light, headcount-light model, enabling scalability without significant cost increases.

• Prioritizes low-risk jurisdictions, with 90% of the portfolio in Australia, U.S., and Canada, and avoids complex mining risks.

Portfolio and recent performance

• Holds 70 royalties, with 8 currently paying and expectations to exceed 20 paying royalties in 3–4 years through organic growth.

• 70% of the portfolio is precious metals, mainly gold, with selective exposure to copper and iron ore where value is identified.

• Five gold deposits in Western Australia began production in the past year; several more are expected online in the next 18 months.

• Acquired a producing copper royalty in South Australia for $12 million at 3.5x revenue, with significant upside from underutilized processing capacity.

• Achieved a 9% reduction in operating costs last year and increased dividends for the third consecutive year.

Growth outlook and catalysts

• Anticipates significant organic revenue growth as 4–5 assets are expected to enter production in the next 18 months.

• Expects to be fully paid back on $50 million invested in royalties by the end of the year, with future cash flows providing high returns.

• Red Hill gold royalty, operated by Northern Star Resources, is a key asset expected to generate $10–15 million annually once in production.

• Recently notified of inclusion in the Russell 2000 Index, which could drive substantial index fund buying and liquidity.

• Brokers undervalue many smaller Australian royalties, presenting potential for future re-rating as assets come online.