EX-99.1 2 voxr_ex991.htm CONSOLIDATED FINANCIAL STATEMENTS EXHIBIT 99.1 UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars) VOX ROYALTY CORP. UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars) INDEX | Unaudited Condensed Interim Consolidated Statements of Financial Position | 1 | | --- | --- | | Unau ...

Group 1 - Vox Royalty (NASDAQ: VOXR) is identified as a small-cap precious-metals royalty company with shares trading at approximately $3.13 and a market capitalization of around $162 million, which is perceived to be undervalued relative to its growth prospects [1] - The company has a diversified portfolio consisting of over 60 royalties, indicating a broad exposure to the precious metals sector [1] - The management team is described as shareholder-aligned, suggesting a focus on maximizing shareholder value [1]

EXHIBIT 99.1 EX-99.1 2 voxr_ex991.htm EX-99.1 UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (Expressed in United States Dollars) VOX ROYALTY CORP. UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (Expressed in United States Dollars) INDEX Unaudited Condensed Interim Consolidated Statements of Financial Position 1 Unaudited Condensed Interim Consolidated Statements of Loss and Co ...

Core Viewpoint - Vox Royalty Corp. (VOXR) has shown strong year-to-date performance, significantly outperforming the Basic Materials sector, which has faced losses this year [1][4]. Company Performance - Vox Royalty Corp. has returned approximately 17.5% since the beginning of the calendar year, while the average return for Basic Materials stocks has been a loss of 6.4% [4]. - The Zacks Consensus Estimate for VOXR's full-year earnings has increased by 100% over the past three months, indicating a positive trend in analyst sentiment [3]. Industry Context - Vox Royalty Corp. is part of the Mining - Miscellaneous industry, which consists of 58 companies and currently ranks 166 in the Zacks Industry Rank. This industry has experienced an average loss of about 9% this year, highlighting VOXR's relative strength [5]. - In comparison, Yara International ASA, another stock in the Basic Materials sector, has a year-to-date return of 4.2% and belongs to the Fertilizers industry, which has seen a decline of 3% this year [4][6].

Core Insights - Laurentian Research is a veteran in the resource industry with a Ph.D. in geoscience and extensive investment experience [1] - The Natural Resources Hub aims to help members identify undervalued opportunities in the energy and mining sectors with significant growth potential [1] - The platform offers various resources including weekly newsletters, in-depth analyses, trade alerts, model portfolios, and a community for sharing investment ideas [2][3] Company Overview - The Natural Resources Hub is led by Laurentian Research, focusing on energy and mining sectors [1] - The hub emphasizes finding dividend growth opportunities from long-term growth industries [1] Member Benefits - Members receive weekly newsletters and proprietary analyses to aid in investment decisions [2] - Access to trade alerts and model portfolios is provided to enhance investment strategies [2] - Members benefit from private access to Laurentian Research and a community of fellow investors [2]

Company Overview - Aris Mining Corporation (ARMN) is part of the Basic Materials sector, which includes 232 companies and is currently ranked 16 in the Zacks Sector Rank [2] - ARMN has a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimates and revisions [3] Performance Metrics - Year-to-date, ARMN has returned 28.9%, significantly outperforming the average gain of 8% for Basic Materials stocks [4] - In comparison to its specific industry, Mining - Gold, which has an average gain of 32% this year, ARMN is slightly underperforming [5] Industry Context - The Mining - Gold industry consists of 41 companies and is currently ranked 161 in the Zacks Industry Rank [5] - Another company in the Basic Materials sector, Vox Royalty Corp. (VOXR), has returned 15.8% year-to-date and has a Zacks Rank of 2 (Buy) [4][5] - The Mining - Miscellaneous industry, to which VOXR belongs, has seen a year-to-date increase of 7.3% and consists of 59 companies ranked 178 [6]

[Independent Auditor's Report](index=2&type=section&id=Independent%20Auditor%27s%20Report) Ernst & Young LLP issued an unqualified opinion on the consolidated financial statements, prepared under IFRS and PCAOB standards - Ernst & Young LLP issued an unqualified opinion on the consolidated financial statements, confirming fair presentation under IFRS[7](index=7&type=chunk) - The audit adhered to Public Company Accounting Oversight Board (PCAOB) standards[9](index=9&type=chunk) - Ernst & Young LLP has served as the company's auditor since 2021[11](index=11&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's core financial statements, including financial position, loss, equity, and cash flows [Consolidated Statements of Financial Position](index=2&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Total assets decreased to **$51.4 million** in 2024, while liabilities rose, resulting in total equity declining to **$43.1 million** Consolidated Statements of Financial Position (As at December 31) | Account | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Total current assets** | 12,129,014 | 13,282,702 | | **Total non-current assets** | 39,252,310 | 39,423,907 | | **Total assets** | **51,381,324** | **52,706,609** | | **Total current liabilities** | 2,894,675 | 2,903,950 | | **Total non-current liabilities** | 5,426,450 | 4,878,989 | | **Total liabilities** | **8,321,125** | **7,782,939** | | **Total equity** | **43,060,199** | **44,923,670** | | **Total liabilities and equity** | **51,381,324** | **52,706,609** | [Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) Net loss widened to **$1.65 million** in 2024, primarily due to decreased royalty revenue and higher income tax expense Statement of Loss Highlights (For the years ended December 31) | Item | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Royalty revenue | 11,047,763 | 12,310,594 | | Gross profit | 7,914,825 | 9,978,660 | | Income from operations | 1,094,149 | 1,728,948 | | Income tax expense | (2,625,113) | (2,514,058) | | **Net loss and comprehensive loss** | **(1,649,082)** | **(101,112)** | - Basic and diluted loss per share was **($0.03)** in 2024, compared to **($0.00)** in 2023[14](index=14&type=chunk) [Consolidated Statements of Changes in Equity](index=4&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased by **$1.86 million** in 2024 to **$43.1 million**, primarily due to net loss and dividends declared Changes in Equity for the year ended December 31, 2024 | Description | Amount ($) | | :--- | :--- | | Balance, December 31, 2023 | 44,923,670 | | Dividends declared | (2,419,309) | | Share-based compensation | 2,139,900 | | Net loss and comprehensive loss | (1,649,082) | | Other (share issue costs, DRIP, RSU settlement) | (34,986) | | **Balance, December 31, 2024** | **43,060,199** | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was **$5.5 million** in 2024, with investing and financing activities causing a **$0.6 million** net cash decrease Cash Flow Summary (For the years ended December 31) | Activity | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Net cash flows from operating activities | 5,459,150 | 5,271,090 | | Net cash flows used in investing activities | (3,155,851) | (5,332,731) | | Net cash flows from (used in) financing activities | (2,866,837) | 5,250,936 | | **Increase (decrease) in cash** | **(563,538)** | **5,189,295** | | **Cash and cash equivalents, end of year** | **8,754,391** | **9,342,880** | [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations of accounting policies, significant judgments, and financial statement line items [Note 1: Nature of operations](index=6&type=section&id=1.%20Nature%20of%20operations) Vox Royalty Corp. acquires mining royalty assets, focusing on stable jurisdictions and producing or near-term producing assets - The company's business model focuses on growing its royalty asset portfolio through accretive acquisitions[19](index=19&type=chunk) - Strategic focus is on acquiring royalties from producing or near-term producing assets[19](index=19&type=chunk) [Note 2: Material accounting policy information](index=6&type=section&id=2.%20Material%20accounting%20policy%20information) Financial statements adhere to IFRS, capitalizing royalty interests as assets depleted by units-of-production, with a single segment - Financial statements are prepared in accordance with IFRS as issued by the IASB[20](index=20&type=chunk) - Royalty interests are classified by stage, with producing interests depleted using the units-of-production method[27](index=27&type=chunk)[28](index=28&type=chunk) - The company operates in a single reportable segment: the acquisition of royalty interests[75](index=75&type=chunk) [Note 3: Significant judgments, estimates and assumptions](index=13&type=section&id=3.%20Significant%20judgments%2C%20estimates%20and%20assumptions) Financial statement preparation involves significant judgments and estimates, especially for mineral reserves, depletion, and impairment - Management uses significant judgment in estimating mineral reserves and resources, impacting royalty interest carrying value and depletion[85](index=85&type=chunk)[86](index=86&type=chunk) - Impairment assessment for royalty interests requires estimates of production, commodity prices, and discount rates[87](index=87&type=chunk) [Note 4: Accounts receivable](index=14&type=section&id=4.%20Accounts%20receivable) Accounts receivable decreased to **$2.9 million** in 2024, primarily comprising royalties receivable collected within 45 days Accounts Receivable Breakdown (As at December 31) | Category | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Royalties receivable | 2,897,870 | 3,414,128 | | Sales tax recoverable | 19,810 | 93,443 | | **Total** | **2,917,680** | **3,507,571** | [Note 5: Royalty interests](index=14&type=section&id=5.%20Royalty%20interests) Royalty interests increased slightly to **$38.0 million** in 2024, with acquisitions and depletion impacting the carrying value - In May 2024, the company acquired the Castle Hill royalty portfolio in Australia for **$3,119,814** cash consideration[93](index=93&type=chunk) Royalty Interests Activity (Year ended December 31, 2024) | Description | Amount ($) | | :--- | :--- | | Opening Balance (Jan 1, 2024) | 37,443,198 | | Additions (Acquisitions) | 3,673,928 | | Depletion | (3,132,938) | | **Ending Balance (Dec 31, 2024)** | **37,984,188** | - In 2023, the company fully impaired **$1.5 million** in Peruvian royalties due to operator's failure to renew mining claims[104](index=104&type=chunk)[105](index=105&type=chunk) [Note 6: Credit facility](index=18&type=section&id=6.%20Credit%20facility) The company established a **$15 million** revolving credit facility with BMO, undrawn at year-end 2024, maturing in 2026 - The company entered a **$15 million** revolving credit facility with BMO, including a **$10 million** accordion feature[109](index=109&type=chunk) - As of December 31, 2024, no amounts were outstanding under the facility[111](index=111&type=chunk) - The facility's maturity date was extended to December 31, 2026[110](index=110&type=chunk) [Note 7: Intangible assets](index=19&type=section&id=7.%20Intangible%20assets) The MRO database, the company's sole intangible asset, decreased to **$988,631** in net book value due to amortization Intangible Asset - MRO Database | Item | Amount ($) | | :--- | :--- | | Cost | 1,837,500 | | Accumulated Amortization (Dec 31, 2024) | (848,869) | | **Net Book Value (Dec 31, 2024)** | **988,631** | | Net Book Value (Dec 31, 2023) | 1,172,170 | [Note 8: Accounts payable and accrued liabilities](index=19&type=section&id=8.%20Accounts%20payable%20and%20accrued%20liabilities) Accounts payable and accrued liabilities decreased to **$1.39 million** in 2024, driven by lower trade and sales tax payables Accounts Payable and Accrued Liabilities (As at December 31) | Category | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Trade payable | 118,481 | 362,198 | | Sales tax payable | 487,901 | 653,792 | | Accrued liabilities | 784,125 | 824,102 | | **Total** | **1,390,507** | **1,840,092** | [Note 9: Share capital and additional paid-in capital](index=19&type=section&id=9.%20Share%20capital%20and%20additional%20paid-in%20capital) In 2024, the company declared **$2.42 million** in dividends and initiated a DRIP, with no SRP repurchases - A Share Repurchase Program for up to **$1,500,000** was approved in March 2024, with no shares repurchased[124](index=124&type=chunk)[126](index=126&type=chunk) Dividends Declared in 2024 | Declaration Date | Dividend per Share ($) | Total Payable ($) | | :--- | :--- | :--- | | March 7, 2024 | 0.012 | 601,462 | | May 8, 2024 | 0.012 | 602,883 | | August 7, 2024 | 0.012 | 607,059 | | November 6, 2024 | 0.012 | 607,905 | | **Total** | **0.048** | **2,419,309** | - A Dividend Reinvestment Plan (DRIP) was adopted in March 2024, issuing **39,913** common shares[129](index=129&type=chunk)[130](index=130&type=chunk) [Note 10: Equity reserves](index=21&type=section&id=10.%20Equity%20reserves) Equity reserves saw **6.4 million** warrants expire, with **240,000** stock options and **990,804** RSUs granted - All **6,407,883** outstanding warrants, with a C**$4.50** exercise price, expired unexercised in March 2024[131](index=131&type=chunk) RSU Activity (Year ended December 31, 2024) | Category | Number of RSUs | Weighted Avg Fair Value ($) | | :--- | :--- | :--- | | Outstanding, beginning of year | 952,018 | 2.62 | | Granted | 990,804 | 2.01 | | Exercised | (633,761) | 2.48 | | **Outstanding, end of year** | **1,309,061** | **2.23** | - **240,000** stock options were granted to a third-party service provider with a C**$4.16** exercise price[135](index=135&type=chunk)[136](index=136&type=chunk) [Note 11: General and administration](index=24&type=section&id=11.%20General%20and%20administration) General and administration expenses decreased to **$4.52 million** in 2024, driven by lower professional fees and no TSX listing costs General and Administration Expenses (For the years ended December 31) | Category | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Salaries and benefits | 2,547,024 | 2,487,218 | | Corporate administration | 1,223,753 | 1,325,743 | | Professional fees | 415,788 | 713,475 | | Amortization | 183,539 | 183,539 | | Director fees | 147,478 | 114,663 | | TSX listing costs | - | 143,767 | | **Total** | **4,517,582** | **4,968,405** | [Note 12: Other income](index=24&type=section&id=12.%20Other%20income) Other income sharply decreased to **$197,186** in 2024, primarily due to the absence of a prior year fair value gain Other Income Breakdown (For the years ended December 31) | Category | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Interest income | 482,853 | 398,955 | | Foreign exchange expense | (285,667) | (160,173) | | Fair value change of other liabilities | - | 445,216 | | **Total** | **197,186** | **683,998** | [Note 13: Related party transactions](index=24&type=section&id=13.%20Related%20party%20transactions) Key management personnel compensation increased to **$4.05 million** in 2024, driven by higher share-based compensation Key Management Personnel Compensation (For the years ended December 31) | Category | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Short-term employee benefits | 2,115,432 | 2,080,826 | | Share-based compensation | 1,934,571 | 1,512,375 | | **Total** | **4,050,003** | **3,593,201** | [Note 14: Commitments and contingencies](index=24&type=section&id=14.%20Commitments%20and%20contingencies) The company faces ongoing litigation and significant contingent milestone payments, including over **$6 million** for Limpopo - The company filed a claim against Titan Minerals for replacement royalties or damages, potentially reversing up to **$1,000,000** of a 2023 impairment[152](index=152&type=chunk)[153](index=153&type=chunk) - A claim was filed against Aurenne MIT Pty Ltd regarding consent for Mt Ida royalty transaction documentation[154](index=154&type=chunk) - Future milestone payment commitments include **$6.2 million** for Limpopo, **$1.3 million** for Brits, and **$0.6 million** for Bullabulling[155](index=155&type=chunk) [Note 15: Supplemental cash flow information](index=26&type=section&id=15.%20Supplemental%20cash%20flow%20information) This note details non-cash investing and financing activities, notably **$2.8 million** in share issuances for acquisitions in 2023 - In 2023, the company issued **$2,821,454** in shares for royalty acquisitions and milestone payments, a significant non-cash activity[157](index=157&type=chunk) [Note 16: Segment information](index=26&type=section&id=16.%20Segment%20information) The company operates as a single royalty acquisition segment, with Australia dominating revenue and non-current assets Revenue by Geographic Location (For the years ended December 31) | Location | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Australia | 10,915,392 | 11,250,950 | | Nigeria | - | 882,922 | | USA | 116,311 | 116,311 | | Brazil | 16,060 | 60,411 | | **Total** | **11,047,763** | **12,310,594** | Non-Current Assets by Geographic Location (As at December 31) | Location | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Australia | 30,452,281 | 30,396,980 | | Canada | 3,036,308 | 3,027,846 | | USA | 2,210,330 | 2,254,422 | | South Africa | 1,914,844 | 1,914,844 | | Other | 1,638,547 | 1,830,815 | | **Total** | **39,252,310** | **39,423,907** | [Note 17: Income taxes](index=27&type=section&id=17.%20Income%20taxes) Income tax expense was **$2.6 million** in 2024, with **$10.9 million** in unrecognized deferred tax assets from Canadian losses Income Tax Expense (For the years ended December 31) | Category | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Current tax expense | 2,077,652 | 626,500 | | Deferred tax expense | 547,461 | 1,887,558 | | **Total Income tax expense** | **2,625,113** | **2,514,058** | - As of December 31, 2024, the company had **$10,862,000** in unrecognized deferred tax assets, primarily from Canadian non-capital losses[164](index=164&type=chunk)[166](index=166&type=chunk) - Recognized deferred tax liabilities increased to **$5,426,450**, almost entirely related to Australian royalty interests[163](index=163&type=chunk) [Note 18: Financial instruments](index=28&type=section&id=18.%20Financial%20instruments) The company faces credit, liquidity, currency, interest rate, and unhedged commodity price risks, managing capital for returns - The company does not hedge commodity price fluctuations, providing shareholders full market price exposure[174](index=174&type=chunk) - A **10%** change in CAD/AUD vs USD would impact net loss by approximately **$440,000**[171](index=171&type=chunk) - The company's capital structure consists of **$43.1 million** in total equity as of December 31, 2024[180](index=180&type=chunk) [Note 19: Subsequent events](index=30&type=section&id=19.%20Subsequent%20events) Subsequent to year-end, on February 20, 2025, the Board declared a quarterly dividend of **$0.0125** per share - On February 20, 2025, the Board declared a quarterly dividend of **$0.0125** per common share[182](index=182&type=chunk)

Company Overview - Vox Royalty is a returns-focused mining royalty company with a portfolio of over 60 royalties across six jurisdictions [3] - The company was established in 2014 and has developed unique intellectual property, a technically focused transactional team, and a global sourcing network [3] - Since the beginning of 2020, Vox has completed over 30 transactions to acquire more than 60 royalties in the mining royalty sector [3] Executive Insights - Spencer Cole, Chief Investment Officer of Vox, shared insights about the company's strategy and performance in an interview with TMX Group [1] - The interview is part of the "View From The C-Suite" video series, which highlights perspectives from listed companies on the Toronto Stock Exchange [2]

Core Viewpoint - Vox Royalty has provided significant updates regarding its gold and silver royalty assets, indicating ongoing development and potential growth in these sectors [1] Group 1: Company Updates - The company reported advancements in its royalty assets, particularly in gold and silver, which are expected to enhance its revenue streams [1] - Specific projects under development include those in regions known for high-grade mineral deposits, suggesting a strong potential for increased production [1] Group 2: Industry Context - The gold and silver markets are experiencing fluctuations, but the demand for these precious metals remains robust, driven by various economic factors [1] - The ongoing development of royalty assets aligns with broader industry trends towards sustainable mining practices and resource optimization [1]

Core Viewpoint - Vox Royalty Corp. (VOXR) is experiencing significant selling pressure, with a 10.3% decline over the past four weeks, but is positioned for a potential trend reversal as it enters oversold territory, supported by analysts predicting better earnings than previously estimated [1]. Group 1: Stock Performance and Technical Indicators - The stock's Relative Strength Index (RSI) is currently at 23.87, indicating it is oversold, which suggests a possible reversal in trend as selling pressure may be exhausting [5]. - A stock is generally considered oversold when its RSI falls below 30, which helps investors identify potential entry points for a rebound [2][3]. Group 2: Earnings Estimates and Analyst Consensus - Over the last 30 days, the consensus earnings per share (EPS) estimate for VOXR has increased by 100%, indicating strong agreement among analysts regarding improved earnings for the current year [5]. - The upward trend in earnings estimate revisions typically correlates with price appreciation in the near term [5]. Group 3: Zacks Rank and Investment Potential - VOXR holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting its potential for a turnaround [6].