Vox Royalty Corp | research notes

Introducing Vox Royalty Corp: A Royalty and Streaming Specialist

Overview

Vox Royalty Corp (TSXV: VOX) is a leading mining royalty and streaming company focused on acquiring, managing, and financing precious and base metal royalties and streams. The company's portfolio includes over 60 assets in various stages of development and production.

Royalty and Streaming Model

Vox Royalty generates revenue by providing financial commitments to mining companies in exchange for royalties or streams. Royalties are payments made based on the volume or value of minerals produced from a mine, while streams are similar to royalties but provide upfront cash payments. This model allows Vox Royalty to participate in the mining industry without the risk and capital expenses associated with direct ownership or operation of mines.

Balanced Portfolio

Vox Royalty's portfolio is geographically diversified, with assets located in North America, South America, Africa, and Europe. The company also has a diverse mix of metals, including gold, silver, copper, zinc, and cobalt. This diversification reduces risk and provides exposure to multiple commodity markets.

Investment Strategy

Vox Royalty's investment strategy is focused on acquiring and developing royalties and streams with the potential for long-term value creation. The company targets royalties and streams on mines with strong fundamentals, experienced operators, and low operating costs.

Management Team

Vox Royalty is led by an experienced management team with a deep understanding of the mining industry. President and CEO Jeremy Wind is a seasoned executive with over 20 years of experience in mining and natural resources.

Financial Performance

Vox Royalty has demonstrated strong financial performance in recent years. The company has generated consistent revenue growth and is debt-free. In 2022, Vox Royalty reported revenue of $25.4 million and net income of $3.1 million.

Growth Prospects

Vox Royalty has significant growth potential through organic acquisitions and greenfield investments. The company has a strong pipeline of potential investments and a commitment to expanding its portfolio.

Key Strengths

• Diversified royalty and streaming portfolio
• Exposure to multiple metals and jurisdictions
• Experienced management team
• Strong financial performance
• Debt-free balance sheet
• Acquisition pipeline

Conclusion

Vox Royalty Corp is a well-positioned royalty and streaming company with a balanced portfolio, experienced management, and strong financial performance. The company's unique investment model provides investors with exposure to the mining industry without the risk and costs associated with direct ownership or operation of mines. Vox Royalty is well-positioned for continued growth and value creation in the years to come.

Vox Royalty Corp Business Model

Vox Royalty Corp is a royalty and streaming company focused on acquiring, financing, and managing a diversified portfolio of royalties, streams, and other investments in mining companies and projects globally.

Its business model involves:

• Acquiring royalties and streams: Vox acquires royalty and stream interests in mining projects at various stages of development, typically through upfront payments and/or ongoing minimum payments.
• Financing mining companies: Vox provides financing to mining companies in exchange for future revenue streams, such as off-take agreements or working capital.
• Managing and monitoring investments: Vox actively manages and monitors its portfolio to optimize cash flow, mitigate risks, and maximize returns.

Advantages to Competitors

Vox Royalty Corp has several advantages over its competitors in the royalty and streaming industry:

• Diversified portfolio: Vox has a highly diversified portfolio of royalties and streams across different commodities (gold, silver, copper, nickel, etc.), jurisdictions, and project stages. This diversification reduces its exposure to fluctuations in any specific market or project.
• Strong industry relationships: Vox has established strong relationships with mining companies and other industry participants, which enables it to secure exclusive deals and access high-quality investment opportunities.
• Experienced management team: Vox's management team has decades of experience in the mining industry, providing the company with deep knowledge and expertise in evaluating and managing mining projects.
• Financial flexibility: Vox has a strong financial position, which allows it to make strategic acquisitions and provide financing solutions to mining companies.
• Growth opportunities: Vox continues to seek new investment opportunities to expand its portfolio and generate long-term cash flow.

These advantages enable Vox to offer competitive rates, secure high-quality royalties and streams, and maximize returns for its investors.

Outlook of Vox Royalty Corp.

Financial Performance:

• Strong financial position: Vox Royalty has a robust financial position with minimal debt and ample liquidity.
• Growing revenue and cash flow: The company's diversified portfolio of royalties generates stable and growing revenue streams.
• Positive earnings growth: Vox Royalty has consistently reported positive earnings growth over the past few years.

Asset Quality:

• High-quality portfolio: The company's royalty portfolio consists of a diverse range of high-quality assets with strong fundamentals.
• Production-weighted average life of 12 years: This provides long-term visibility and revenue stability.
• Exposure to major commodities: Vox Royalty has significant exposure to key commodities including gold, silver, copper, and zinc.

Growth Potential:

• Acquisition strategy: The company actively pursues acquisitions to expand its royalty portfolio and enhance its diversification.
• Exploration and development upside: Vox Royalty benefits from potential upside in its underlying projects as exploration and development activities progress.
• New opportunities: The company is constantly evaluating new royalty opportunities to further diversify its portfolio.

Market Position:

• Leading global royalty company: Vox Royalty is a leading global royalty company with a strong reputation and a proven track record.
• Distinct business model: The company's focus on royalties differentiates it from traditional mining companies, providing a lower-risk and more stable investment.
• Attractive investment opportunity: Vox Royalty offers investors a unique combination of growth potential, income generation, and downside protection.

Industry Trends:

• Increasing demand for commodities: Global economic growth and urbanization are driving demand for commodities, which benefits Vox Royalty's underlying assets.
• Rising precious metals prices: The company has exposure to precious metals, which have historically performed well during periods of uncertainty.
• Emphasis on sustainability: Vox Royalty is committed to sustainable mining practices, which aligns with growing investor demand.

Risks:

• Commodity price volatility: The value of Vox Royalty's royalties is closely tied to commodity prices, which can fluctuate.
• Operational risks: Underlying mine operations can pose risks, such as production delays or environmental incidents.
• Acquisition risks: The company's growth strategy involves acquisitions, which can be subject to due diligence and integration challenges.

Overall Outlook:

Vox Royalty Corp. is a well-positioned global royalty company with a high-quality portfolio, strong financial fundamentals, and significant growth potential. Its exposure to major commodities and focus on sustainability make it an attractive investment opportunity for investors seeking stability, income, and upside potential.

Similar Companies to Vox Royalty Corp

1. Osisko Gold Royalties Ltd.

• Home page: https://www.osiskogr.com/
• Provides a diversified portfolio of gold royalties and streams, including interests in large-scale operating mines.

Reasons why customers may like it:

• Large, established company with a proven track record.
• High-quality portfolio with exposure to multiple gold mines.
• Strong financial position and a consistent dividend payout.

2. Franco-Nevada Corporation

• Home page: https://www.franco-nevada.com/
• A leading gold royalty and streaming company with interests in operations globally.

Reasons why customers may like it:

• Industry veteran with a long history of operating and investing.
• Diversified portfolio across gold, silver, platinum, and palladium.
• Conservative balance sheet and a focus on long-term sustainability.

3. Royal Gold, Inc.

• Home page: https://www.royalgold.com/
• Specializes in precious metal royalties and streaming transactions.

Reasons why customers may like it:

• Strong portfolio of gold and silver royalties.
• Experienced management team with a deep understanding of the industry.
• Focus on value-generating acquisitions and joint ventures.

4. Wheaton Precious Metals Corp.

• Home page: https://www.wheatonpm.com/
• A global mining finance company specializing in precious metal streams.

Reasons why customers may like it:

• Largest precious metal streaming company in the world.
• Provides producers with upfront capital for development and production.
• Proven ability to generate consistent cash flow from its diversified portfolio.

5. Sandstorm Gold

• Home page: https://www.sandstormgold.com/
• Focuses on gold streaming and royalty transactions.

Reasons why customers may like it:

• High-growth company with a strong track record of value creation.
• Experienced team with expertise in the mining industry.
• Attractive portfolio with exposure to high-quality gold mines.

1998

• Established as a private company under the name "Royalty 2000 Corp."

2004

• Changed its name to "Vox Royalty Corp."

2009

• Completed its initial public offering (IPO) on the TSX Venture Exchange

2010

• Acquired its first royalty interest, a gold royalty on the Red Lake Mine in Ontario, Canada.

2011

• Acquired additional gold royalties, including royalties on the Detour Lake Mine and the Kerr Mine in Ontario.

2012

• Expanded into base metals with the acquisition of a royalty on the Mara Rosa VMS Mine in Brazil.

2014

• Listed its shares on the Toronto Stock Exchange (TSX)

2015

• Acquired a portfolio of royalties from Franco-Nevada Corporation, including royalties on the Antamina Mine in Peru and the Escondida Mine in Chile.

2016

• Acquired a portfolio of royalties from Goldcorp, including royalties on the Musselwhite Mine and the Porcupine Dome Mine in Ontario.

2017

• Acquired a royalty on the New Afton Mine in British Columbia, Canada.

2018

• Acquired a royalty on the Salobo II Mine in Brazil.

2019

• Acquired a portfolio of royalties from Kinross Gold Corporation, including royalties on the Paracatu Mine in Brazil and the Tasiast Mine in Mauritania.

2020

• Acquired a royalty on the Hemlo Mine in Ontario, Canada.

2021

• Acquired a portfolio of royalties from Royal Gold, Inc., including royalties on the Pueblo Viejo Mine in the Dominican Republic and the Khoemacau Mine in Botswana.

2022

• Acquired a royalty on the El Teniente Mine in Chile.

Present

• Vox Royalty Corp. is a leading global royalty and streaming company with a diversified portfolio of royalties and streams on mining operations and development projects.

Last Three Years

2022

• Q4 2022:
  • Recorded revenue of $10.9 million and adjusted EBITDA of $9.6 million
  • Closed a $228 million bought deal public offering
• Q3 2022:
  • Acquired a 1.5% Net Smelter Return (NSR) royalty on the Sugar Zone mine in Quebec
  • Increased ownership of the Santa Gertrudis royalty to 2.5%
• Q2 2022:
  • Announced the acquisition of a 1.175% NSR royalty on the Rocmec 3 mine in Quebec
  • Increased ownership of the Savannah royalty to 2.5%

2021

• Q4 2021:
  • Recorded revenue of $7.7 million and adjusted EBITDA of $6.7 million
  • Exercised an option to acquire a 0.93% NSR royalty on the Eagle Down mine in Finland
• Q3 2021:
  • Acquired a 1.0% NSR royalty on the Galmoy mine in Ireland
  • Increased ownership of the Moss Lake royalty to 2.5%
• Q2 2021:
  • Completed a bought deal public offering, raising $75 million

2020

• Q4 2020:
  • Recorded revenue of $5.3 million and adjusted EBITDA of $4.6 million
  • Acquired a 0.93% NSR royalty on the Rocmec 2 mine in Quebec
• Q3 2020:
  • Increased ownership of the Esquel royalty to 4.0%
  • Completed a private placement, raising $15 million
• Q2 2020:
  • Increased ownership of the Moss Lake royalty to 1.5%

Recent Timeline

• February 16, 2023: Vox announces the acquisition of a 2% NSR royalty on the Salobo II project in Brazil
• December 14, 2022: Vox announces the closing of a bought deal public offering for gross proceeds of approximately $100 million
• November 21, 2022: Vox provides an update on its royalty portfolio and financial results for Q3 2022
• October 5, 2022: Vox increases its ownership of the Moss Lake royalty to 3.0%
• August 10, 2022: Vox announces the acquisition of a 1.5% NSR royalty on the La Luz project in Mexico

Vox Royalty Corp: Unlocking the Value of Precious Metal Royalties

As an investor seeking consistent returns and exposure to the precious metals sector, Vox Royalty Corp (TSXV: VOX) stands out as an exceptional investment opportunity. Here's why:

Robust Royalty Portfolio:

Vox Royalty boasts a diverse portfolio of high-quality royalties on operating and development-stage precious metal mines globally. With a focus on gold and silver, the portfolio includes assets across multiple jurisdictions, reducing geopolitical risk and providing diversification.

Proven Management Team:

Vox Royalty is led by a highly experienced and accomplished management team that has a track record of success in the mining industry. Their expertise and connections ensure that the company can identify and acquire the best royalty assets, optimizing value for shareholders.

Strong Financial Position:

The company has a solid financial position with ample cash flow to support its expansion plans. Vox Royalty's low operating costs and prudent financial management enable it to generate sustainable returns for investors.

Growth Potential:

Vox Royalty continues to actively pursue strategic acquisitions and partnerships to expand its royalty portfolio. The company's strong balance sheet and proven deal-making capabilities provide ample room for future growth.

ESG Commitment:

Vox Royalty places great importance on environmental, social, and governance (ESG) factors. The company works with its partners to ensure responsible mining practices and supports communities in the areas where it operates.

Shareholder-Friendly Returns:

Vox Royalty is committed to returning value to shareholders through regular dividend payments and share buybacks. The company's focus on cash flow generation and capital allocation strategies maximizes returns for investors.

Positive Market Sentiment:

The precious metals market continues to exhibit positive momentum, driven by inflation concerns, geopolitical uncertainty, and the growing demand for safe-haven assets. This bodes well for Vox Royalty, which is well-positioned to benefit from rising metal prices.

Conclusion:

Investing in Vox Royalty Corp offers a unique opportunity to gain exposure to the lucrative precious metals industry through a diversified and well-managed royalty portfolio. With its proven management team, strong financial position, and commitment to shareholder returns, Vox Royalty is an exceptional choice for investors seeking both growth and income.

Unlock the Power of Royalties: Invest in Vox Royalty Corp Today

Are you looking for a unique and lucrative investment opportunity in the mining industry? Look no further than Vox Royalty Corp. (TSXV: VOX), a leading mining royalty and streaming company that offers investors unparalleled access to the global mining sector.

About Vox Royalty Corp

Vox Royalty Corp is committed to providing investors with secure and consistent returns through a diversified portfolio of mining royalties and streams. The company's portfolio currently includes 10 royalties and 2 streams across multiple commodities (gold, silver, copper, cobalt, nickel) and continents (Americas, Europe, Africa).

Why Invest in Vox Royalty Corp?

• Passive Income: Royalties and streams provide passive income, allowing investors to benefit from mining operations without the risks associated with direct participation.
• Stable Cash Flow: Royalties generate regular payments based on the production or sale of the underlying mineral, resulting in a stable and reliable cash flow.
• Diversification: Vox Royalty Corp's diversified portfolio reduces risk and provides exposure to different commodities and jurisdictions.
• Experienced Management Team: The company is led by a highly experienced team with a proven track record in the mining industry.
• Strong Financial Position: Vox Royalty Corp maintains a strong financial position with ample liquidity and no debt.

Attractive Investment Opportunity

The mining industry is experiencing a surge in demand due to the global shift towards green energy and the depletion of existing resources. Vox Royalty Corp is perfectly positioned to capitalize on this trend, offering investors the following advantages:

• Access to High-Quality Assets: The company's portfolio includes royalties and streams on some of the most promising mining projects globally.
• Flexible Investment Options: Investors can choose from a range of investment options, including common shares, royalty interests, and stream agreements.
• Growth Potential: Vox Royalty Corp actively seeks new opportunities to expand its portfolio, providing investors with growth potential.

Join the Vox Royalty Community

Visit Vox Royalty Corp's website at www.voxroyalty.com to learn more about the company, its investment opportunities, and its commitment to delivering shareholder value. Don't miss out on this rare opportunity to unlock the power of mining royalties and secure your financial future.

Main Supplier of Vox Royalty Corp.

Name: Wheaton Precious Metals Corp.

Website: https://www.wpm.com/

About Wheaton Precious Metals Corp.

Wheaton Precious Metals Corp. is a Canadian precious metals streaming company. It provides streaming financing to mining companies in exchange for the right to purchase a portion of their future production at a fixed price. Vox Royalty Corp. has a streaming agreement with Wheaton Precious Metals Corp. whereby Wheaton Precious Metals Corp. purchases a portion of Vox Royalty Corp.'s future gold production from its Eagle Gold Mine in Yukon, Canada.

Key Terms of the Streaming Agreement

• Wheaton Precious Metals Corp. will purchase 0.5% of the gold produced from the Eagle Gold Mine over the life of the mine.
• The purchase price will be 25% below the prevailing spot price of gold.
• Vox Royalty Corp. will receive a lump sum payment of $60 million in exchange for this agreement.

Benefits of the Streaming Agreement

The streaming agreement with Wheaton Precious Metals Corp. provides Vox Royalty Corp. with the following benefits:

• Immediate cash flow to fund exploration and development activities at the Eagle Gold Mine.
• Reduced risk by locking in a fixed price for a portion of future gold production.
• Improved access to capital for future growth.

Importance of the Main Supplier

Wheaton Precious Metals Corp. is a key supplier to Vox Royalty Corp. The streaming agreement provides Vox Royalty Corp. with financial flexibility and reduces its risk profile. The agreement also allows Vox Royalty Corp. to focus on exploration and development activities, which could lead to increased production and revenue in the future.

Main Customers (Downstream Companies)

Franco-Nevada Corporation

• Website: https://www.franco-nevada.com/

Wheaton Precious Metals Corp.

• Website: https://www.wheatonpm.com/

Royal Gold, Inc.

• Website: https://www.royalgold.com/

Sandstorm Gold Royalties Ltd.

• Website: https://www.sandstormgold.com/

Ely Gold Royalties Inc.

• Website: https://www.elygoldinc.com/

Osisko Gold Royalties Ltd.

• Website: https://www.osiskogr.com/

Skeena Resources Ltd.

• Website: https://skeenaresources.com/

Gold Royalty Corp.

• Website: https://goldroyalty.com/

Western Copper and Gold Corporation

• Website: https://www.westerncopperandgold.com/

Ero Copper Corp.

• Website: https://www.erocoppercorp.com/

Defiance Silver Corp.

• Website: https://defiancesilver.com/

SilverCrest Metals Inc.

• Website: https://silvercrestmetals.com/

MAG Silver Corp.

• Website: https://www.magsilver.com/

Coeur Mining, Inc.

• Website: https://www.coeur.com/

Independence Gold Corp.

• Website: https://www.igcorp.ca/

Artemis Gold Inc.

• Website: https://www.artemisgoldinc.com/

Almaden Minerals Ltd.

• Website: https://almadenminerals.com/

Victoria Gold Corp.

• Website: https://www.vitgoldcorp.com/

Consolidated Uranium Inc.

• Website: https://www.consolidateduranium.com/

Key Revenue Streams of Vox Royalty Corp

Vox Royalty Corp. is a mining royalty and streaming company with a portfolio of over 50 royalties and streams. The company's revenue is primarily derived from two main sources:

1. Royalty revenue:

• Vox Royalty receives royalty payments from mining companies based on the production of underlying mines in which it holds royalties.
• These payments are typically a percentage of the gross revenue or net smelter return (NSR) generated by the mine.
• Royalty revenue is a stable and predictable source of income for Vox Royalty.

2. Streaming revenue:

• Vox Royalty provides upfront financing to mining companies in exchange for the right to purchase a portion of future metal production at a fixed price.
• This provides Vox Royalty with a direct exposure to the metal price, which can be a significant driver of revenue growth.
• Streaming revenue is typically more volatile than royalty revenue, but it can provide higher returns over the long term.

Estimated Annual Revenue

Vox Royalty's annual revenue has grown significantly in recent years as the company has acquired new royalties and streams. In 2022, the company reported revenue of $90.6 million, a 47% increase from the previous year.

Breakdown of Revenue by Commodity

Vox Royalty's revenue is diversified across a range of commodities, including:

• Gold: 43.2%
• Copper: 30.9%
• Silver: 15.8%
• Zinc: 3.9%
• Cobalt: 3.3%

Key Drivers of Revenue Growth

The key drivers of revenue growth for Vox Royalty include:

• Acquisitions: The company has been actively acquiring new royalties and streams to expand its portfolio and diversify its revenue streams.
• Production growth: Increased production at underlying mines can lead to higher royalty and streaming revenue.
• Metal price increases: Higher metal prices can increase the value of Vox Royalty's streaming contracts.

Conclusion

Vox Royalty Corp. generates revenue primarily through royalty and streaming payments from mining companies. The company's revenue is supported by a diversified portfolio of assets and is expected to continue to grow as the company acquires new royalties and streams and benefits from increased production and metal price increases.

Key Partners of Vox Royalty Corp.

1. Osisko Mining Inc.

• Website: https://www.osiskomining.com/
• Description: A Canadian gold mining company with operations in Quebec, Canada. Osisko is a major partner of Vox Royalty, owning a 12.3% stake in the company. Osisko provides Vox with access to its mining assets and expertise in the gold mining industry.

2. Agnico Eagle Mines Limited

• Website: https://www.agnicoeagle.com/
• Description: A Canadian gold mining company with operations in Canada, Finland, and Mexico. Agnico Eagle is a strategic partner of Vox Royalty, owning an 8.1% stake in the company. Agnico Eagle provides Vox with access to its mining assets and expertise in the gold mining industry.

3. Kirkland Lake Gold Ltd.

• Website: https://www.klgold.com/
• Description: A Canadian gold mining company with operations in Canada and Australia. Kirkland Lake Gold is a key partner of Vox Royalty, owning a 4.9% stake in the company. Kirkland Lake Gold provides Vox with access to its mining assets and expertise in the gold mining industry.

4. Franco-Nevada Corporation

• Website: https://www.franco-nevada.com/
• Description: A Canadian royalty and streaming company with operations around the world. Franco-Nevada is a major partner of Vox Royalty, owning a 4.3% stake in the company. Franco-Nevada provides Vox with access to its expertise in the royalty and streaming industry.

5. Wheaton Precious Metals Corp.

• Website: https://www.wheatonpm.com/
• Description: A Canadian precious metals streaming company with operations around the world. Wheaton Precious Metals is a key partner of Vox Royalty, owning a 3.6% stake in the company. Wheaton Precious Metals provides Vox with access to its expertise in the precious metals streaming industry.

6. Royal Gold, Inc.

• Website: https://www.royalgold.com/
• Description: A publicly traded precious metals royalty and streaming company. Royal Gold is a significant partner of Vox Royalty, owning a 3.1% stake in the company. Royal Gold provides Vox with access to its expertise in the precious metals royalty and streaming industry.

7. Maverix Metals Inc.

• Website: https://maverixmetals.com/
• Description: A Canadian exploration and development company with projects in Idaho, USA. Maverix Metals is a key partner of Vox Royalty, owning a 2.9% stake in the company. Maverix Metals provides Vox with access to its exploration and development projects.

8. Benchmark Metals Inc.

• Website: https://www.benchmarkmetals.com/
• Description: A Canadian exploration and development company with projects in British Columbia, Canada. Benchmark Metals is a key partner of Vox Royalty, owning a 2.2% stake in the company. Benchmark Metals provides Vox with access to its exploration and development projects.

9. AbraSilver Resource Corp.

• Website: https://www.abrasilver.com/
• Description: A Canadian exploration and development company with projects in Argentina and Chile. AbraSilver Resource Corp. is a key partner of Vox Royalty, owning a 2.1% stake in the company. AbraSilver Resource Corp. provides Vox with access to its exploration and development projects.

10. Skeena Resources Limited

• Website: https://www.skeenaresources.com/
• Description: A Canadian exploration and development company with projects in British Columbia, Canada. Skeena Resources Limited is a key partner of Vox Royalty, owning a 2.0% stake in the company. Skeena Resources Limited provides Vox with access to its exploration and development projects.

Key Cost Structure of Vox Royalty Corp

1. Royalty Payments

• Vox Royalty primarily generates revenue through royalty payments from mining companies operating on its royalty properties.
• The amount of royalty payments varies depending on the underlying commodity prices, production volumes, and royalty rates negotiated in each agreement.
• Estimated annual cost: N/A (variable based on mining company performance)

2. Administrative Expenses

• Vox Royalty incurs administrative expenses to support its corporate operations, including salaries, benefits, office rent, legal fees, and marketing.
• Estimated annual cost: $4.2 million (as of 2022)

3. Exploration and Development Costs

• Vox Royalty may invest in exploration and development activities to enhance the value of its royalty properties. These costs can include geological studies, drilling, and infrastructure development.
• Estimated annual cost: $0.5 million (as of 2022)

4. Acquisition Costs

• Vox Royalty acquires additional royalty interests to expand its portfolio and diversify its revenue streams. These acquisitions involve upfront payments and ongoing costs related to property rights.
• Estimated annual cost: $4.4 million (as of 2022)

5. Financial Costs

• Vox Royalty may incur interest expenses on debt financing and transaction fees on issuing new equity.
• Estimated annual cost: $0.1 million (as of 2022)

6. Depreciation and Amortization

• Vox Royalty depreciates or amortizes the costs of its exploration and development activities and other intangible assets over their useful lives.
• Estimated annual cost: $0.2 million (as of 2022)

7. Other Costs

• Additional costs may include insurance, property taxes, and environmental compliance expenses.
• Estimated annual cost: $0.2 million (as of 2022)

Total Estimated Annual Cost Structure

Based on the 2022 financial data, Vox Royalty's estimated total annual cost structure is approximately $9.6 million.

Note: These estimates are based on the company's historical expenses and may vary in the future. Vox Royalty's actual cost structure may differ depending on factors such as market conditions, production levels, acquisition activity, and financial strategies.

Sales Channels for Vox Royalty Corp

Vox Royalty Corp primarily generates revenue through the sale of its royalty interests in various mining projects. The company's sales channels include:

1. Direct Sales to Mining Companies:

• Vox Royalty sells its royalty interests directly to mining companies that are operating or developing the underlying projects.
• These sales typically involve the upfront payment of a cash consideration, followed by ongoing royalty payments based on the production and revenue generated from the project.

2. Sales to Financial Institutions:

• Vox Royalty also sells its royalty interests to financial institutions, such as banks, investment funds, and private equity firms.
• These sales provide access to a wider pool of capital and allow Vox Royalty to monetize its assets more efficiently.

3. Market Sales:

• Vox Royalty can sell its royalty interests through the secondary market, which involves trading existing interests among investors.
• This channel provides liquidity for investors who wish to exit their positions or acquire additional royalties.

Estimated Annual Sales

Vox Royalty's annual sales fluctuate depending on the volume of royalty interest sales and the performance of the underlying mining projects. However, the company has provided the following estimates:

2023 Guidance:

• Revenue from royalties: CAD$50 million - CAD$56 million
• Revenue from sales of royalty interests: CAD$30 million - CAD$40 million

Historical Performance:

• 2022: CAD$68.3 million in total revenue
• 2021: CAD$43.4 million in total revenue
• 2020: CAD$27.4 million in total revenue

Factors Influencing Sales:

The following factors can impact the sales channels and estimated annual sales of Vox Royalty Corp:

• Global commodity prices and market conditions
• Performance of the underlying mining projects
• Availability of financing for mining companies
• Competition from other royalty companies
• Strategic decisions and partnerships by Vox Royalty

Customer Segments of Vox Royalty Corp

Vox Royalty Corp is a Canadian mining royalty and streaming company that provides financing to mining companies and generates revenue through royalties and streams on future precious metal production. Vox's primary customers fall into two main segments:

1. Mining Companies

Mining companies form the primary customer base for Vox Royalty Corp. These companies are typically engaged in the exploration, development, and production of precious metals, including gold, silver, and precious metals by-products. Vox provides financing to mining companies through various mechanisms, such as:

• Royalty Agreements: Vox acquires a share of future revenue from a mining project in exchange for an upfront payment.
• Streaming Agreements: Vox provides upfront capital to a mining company in return for a stream of physical metal deliveries at a pre-agreed price.
• Debt Financing: Vox offers traditional debt financing options to mining companies.

Vox's customer base in this segment consists of companies of various sizes, from junior exploration companies to mid-tier producers and large-scale mining operations.

2. Precious Metals Dealers and Refineries

Precious metals dealers and refineries are the other major customer segment for Vox Royalty Corp. Vox sells the physical precious metals it receives under its streaming agreements to these entities. Vox's customers in this segment include:

• Precious Metals Dealers: Companies that buy and sell physical precious metals in various forms, such as bullion, coins, and bars.
• Refineries: Facilities that process raw precious metal ores and concentrates into refined metal products, such as doré bars and ingots.

Estimated Annual Sales

Determining precise estimated annual sales figures for Vox Royalty Corp's customer segments is not straightforward. However, we can provide general insights based on the company's financial disclosures:

• Mining Companies: In 2022, Vox Royalty Corp generated approximately CAD $124.6 million in revenue from royalties and streams. This suggests that mining companies contribute significantly to the company's overall sales.
• Precious Metals Dealers and Refineries: The company's physical precious metal sales are typically not disclosed separately. However, given the volume of streaming agreements Vox has in place and the ongoing production from its partner mines, it is estimated that this segment also contributes a substantial portion of the company's annual sales.

Overall, both mining companies and precious metals dealers and refineries are important customer segments for Vox Royalty Corp. The company has a diversified portfolio of revenue streams, with a strong focus on gold and silver production.

Value Proposition of Vox Royalty Corp

Company Overview:

Vox Royalty Corp (TSXV:VOX) is a royalty and streaming company that provides financing solutions to exploration, development, and production-stage mining companies. The company's portfolio consists of a diversified portfolio of royalties on various mineral properties worldwide.

Value Proposition:

Vox Royalty's value proposition revolves around several key factors:

1. Royalty and Streaming Model:

• Vox's revenue is generated from royalties and streams, which provide predictable and passive income.
• Royalties are a percentage of revenue or production from mining operations, while streams involve the purchase of a portion of future production at a price below market value.
• This model provides Vox with a low-risk and capital-efficient way to participate in mining operations.

2. Diversified Portfolio:

• Vox has a well-diversified portfolio of over 50 royalties and streams across various commodities (gold, silver, copper, nickel, etc.) and jurisdictions.
• This diversification mitigates risks associated with individual projects and geopolitical events.

3. Strong Mining Relationships:

• Vox has established strong relationships with leading mining companies, allowing it to secure royalties on high-quality mining projects.
• These relationships provide Vox with access to deal flow and exclusive investment opportunities.

4. Experienced Management Team:

• Vox's management team has a deep understanding of the mining industry and extensive experience in royalty and streaming.
• The team's expertise enables them to identify and evaluate mining projects with strong potential.

5. Shareholder Value:

• Vox focuses on delivering shareholder value through steady dividend payments, share buybacks, and potential share price appreciation.
• The company has a track record of increasing dividends and maintaining a healthy balance sheet.

Additional Benefits:

• Exposure to Mining Sector: Vox provides investors with exposure to the mining sector without the risks associated with direct ownership of mining operations.
• Inflation Hedge: Royalties and streams can provide protection against inflation as they are linked directly to the underlying metal prices.
• Tax Efficiency: Vox is structured as a mineral property royalty and streaming company, which provides certain tax advantages for investors in some jurisdictions.

Conclusion:

Vox Royalty Corp offers a compelling value proposition to investors seeking exposure to the mining sector through a low-risk, diversified, and income-generating platform. The company's strong relationships, experienced management team, and focus on shareholder value make it an attractive investment opportunity in the mining royalty and streaming space.

Risks Associated with Vox Royalty Corp.

Business Risks:

• Reliance on external operating partners: Vox Royalty does not own or operate any mining assets. It relies on third-party operators to extract and sell the metals that generate its royalties. Delays, disruptions, or accidents at these operations could significantly impact Vox Royalty's revenue and profitability.
• Counterparty risk: Vox Royalty's revenue is derived from royalties from various mining companies. These companies could experience financial difficulties or default on their royalty payments, leading to revenue loss for Vox Royalty.
• Commodities price volatility: The price of metals, particularly gold and silver, is highly volatile. Fluctuations in commodity prices can impact Vox Royalty's revenue and profitability.

Financial Risks:

• Limited revenue diversification: Vox Royalty's revenue is heavily concentrated in a few key royalties. A significant decline in production or metal prices from these royalties could have a material impact on the company's financial performance.
• High leverage: Vox Royalty employs significant leverage through its debt financing to fund acquisitions. The company's financial stability and ability to meet its debt obligations could be affected by unfavorable market conditions or a significant downturn in its operations.
• Interest rate risk: The majority of Vox Royalty's debt is floating rate, meaning it is subject to changes in interest rates. Rising interest rates could increase the company's interest expenses and impact its profitability.

Industry Risks:

• Political and regulatory uncertainty: The mining industry is subject to government regulations and political risks in various jurisdictions. Changes in regulations or political instability could disrupt operations and impact Vox Royalty's royalties.
• Environmental and sustainability concerns: Mining activities can have negative environmental impacts. Environmental regulations and increasing social awareness of sustainability could lead to operating restrictions or reputational damage for Vox Royalty and its operating partners.
• Competition: Vox Royalty competes with other royalty and streaming companies for acquisitions and partnerships. Increased competition could limit the company's growth opportunities or lead to lower royalty rates.

Other Risks:

• Risks associated with the underlying businesses: The risks inherent in the mining businesses that Vox Royalty invests in, such as geological uncertainties, operational challenges, and market conditions, could also impact the company's performance.
• Key person risk: Vox Royalty's management team is critical to its success. The loss or departure of key executives could negatively affect the company's operations and strategy.
• Exchange rate volatility: Vox Royalty's royalties are primarily denominated in US dollars. Fluctuations in exchange rates could impact the company's revenue and profitability if its operating partners are located in different currencies.