Group 1 - Alluvial Gold Research provides detailed analysis on undervalued mining companies, focusing on those with upcoming catalysts that could enhance portfolio performance [1] - Subscribers receive access to current portfolios and real-time buy/sell alerts, indicating a proactive investment strategy [1] Group 2 - The article emphasizes the importance of position sizing in the volatile precious metals sector, recommending that investments in small-cap precious metals stocks should be limited to 5% or less of an investor's portfolio [2]

DENVER, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Vox Royalty Corp. (TSX: VOXR) (NASDAQ: VOXR) (“Vox” or the “Company”), a returns focused mining royalty and streaming company, is pleased to announce today that it has completed the previously announced acquisition of a global gold portfolio of ten gold offtake and royalty assets, covering twelve mines and projects across eight jurisdictions, including Australia, Brazil, Canada, Côte d’Ivoire, Mali, Mexico, South Africa and the United States (the “Portfolio”) from ...

All figures expressed in USD unless noted otherwise. DENVER, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Vox Royalty Corp. (TSX: VOXR) (NASDAQ: VOXR) (“Vox” or the “Company”), a returns focused mining royalty and streaming company, is pleased to announce the closing of its previously announced primary underwritten public offering (the “Offering”) through a syndicate of underwriters (the “Underwriters”) co-led by BMO Capital Markets, Cantor Fitzgerald Canada Corporation and National Bank Financial Inc., who served a ...

Core Viewpoint - Vox Royalty Corp. has announced a public offering of common shares priced at $3.70 per share, expected to close around September 26, 2025, pending regulatory approvals [2][3]. Group 1: Offering Details - The offering consists of 14,865,000 common shares, aiming for total gross proceeds of $55 million, with an over-allotment option for an additional 2,229,750 shares [3]. - The offering is conducted under a final prospectus supplement as part of Vox's existing short form base shelf prospectus and U.S. registration statement [5]. Group 2: Use of Proceeds - The net proceeds from the offering will primarily fund the acquisition of a global gold portfolio comprising ten gold offtake and royalty assets across twelve mines in eight jurisdictions, including Australia, Brazil, Canada, Côte d'Ivoire, Mali, Mexico, South Africa, and the United States [4]. - If the full amount is not utilized for the portfolio acquisition, the company plans to reallocate the remaining funds for additional royalty acquisitions over the next 12-24 months [4]. Group 3: Company Background - Vox Royalty Corp. is a mining royalty company established in 2014, focusing on high-return royalty acquisitions, with a portfolio of over 60 royalties across six jurisdictions [6]. - Since 2020, the company has completed over 30 transactions to acquire royalties, demonstrating its active engagement in the mining sector [6].

Core Viewpoint - Vox Royalty Corp has announced the acquisition of a global gold portfolio consisting of ten gold offtake and royalty assets for a total upfront cash consideration of $57.5 million, which is expected to significantly enhance its revenue and asset base [2][3][5]. Financial Impact - The transaction is projected to increase revenue per share by approximately 115% and cash flow per share, with expected revenue growth of about 200% for the three months ended June 2025 and 150% for the trailing four quarters [5][3]. - The acquired portfolio generated over $16 million in gold cash flow over the trailing four quarters, with an annualized run-rate gold cash flow exceeding $20 million based on Q2-2025 figures [3][5]. Portfolio Details - The portfolio includes eight gold offtake contracts and two gold royalties across various jurisdictions, including Australia, Brazil, Canada, Côte d'Ivoire, Mali, Mexico, South Africa, and the United States [7][8]. - The assets are operated by medium to large-cap operators, enhancing the portfolio's stability and growth potential [8]. Growth Potential - The average margin per ounce realized on the acquired assets increased from $23.10/oz in the first half of 2022 to $63.10/oz in the first half of 2025, reflecting a growth of approximately 170% [5]. - The ounces delivered by the portfolio increased by approximately 30%, from 111,000 ounces to 144,000 ounces during the same period [5]. Funding Strategy - The acquisition will be funded through a concurrent overnight marketed offering of common shares expected to raise up to $55 million and an upsized revolving credit facility of $40 million with Bank of Montreal [11][16]. - The credit facility includes an accordion feature allowing for an additional $35 million, providing a total funding capacity of $75 million [16][18]. Strategic Alignment - The transaction aligns with Vox's strategy of acquiring high-quality legacy assets with long-term optionality, aiming to enhance its position in the gold sector and potentially qualify for inclusion in precious metal-based indexes like the GDXJ [3][8].

Summary of Vox Royalty (VOXR) FY Conference Call Company Overview - Vox Royalty is a differentiated business focused on acquiring mining royalties, aiming to provide better risk-adjusted returns for investors in precious metals and broader metals markets [2][4][5] - The company was founded twelve years ago, with a focus on identifying undervalued assets in the mining sector [6] Core Business Model - Vox Royalty operates in the royalty sector, which has outperformed traditional mining equities due to lower risk and higher optionality [5][10] - The company emphasizes a systematic approach to acquiring royalties at dislocated values, leveraging a proprietary database and a skilled team [17][24] Financial Performance and Growth - The company has seen significant returns since going public in May 2020, with expectations for continued growth due to a robust balance sheet and operational leverage [7][29] - Vox Royalty's royalty revenue has consistently grown, with a 6% increase in dividends over the past three years [28] - The company anticipates achieving approximately $10 million per year from new acquisitions, with a potential for significant returns on investments [41] Market Conditions and Opportunities - There is a positive trend in the metals market, with increased capital flowing into the industry, particularly for precious metals [8][25] - The Australian market is highlighted as the best jurisdiction for mining, providing a stable environment with consistent rule of law [14][23] Recent Acquisitions - Vox Royalty has made two significant acquisitions: the Wailu North iron ore royalty and a producing copper royalty in South Australia, both expected to provide substantial returns [30][37] - The company focuses on acquiring assets that are two to three years from production, allowing for better value arbitrage [20][34] Competitive Landscape - The royalty sector is becoming increasingly competitive, with 15 publicly listed royalty companies compared to five when Vox was founded [46] - Despite the competition, Vox Royalty claims to have a unique approach that allows it to avoid competitive bidding and maintain favorable pricing on acquisitions [48][49] Risk Management - Vox Royalty's business model mitigates risks associated with capital intensity and dilution, as royalties are not subject to the same capital requirements as mining operations [11][12] - The company has a strong management team with aligned interests, holding significant stock ownership [15][56] Conclusion - Vox Royalty is positioned for growth with a strong portfolio of royalties, a proactive acquisition strategy, and favorable market conditions, making it an attractive option for investors seeking exposure to the mining sector [32][57]

[Unaudited Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) [Financial Position Overview](index=2&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, Vox Royalty Corp. reported total assets of **$62.59 million**, an increase from **$51.38 million** at December 31, 2024, driven by increased royalty interests and a new credit facility, while total liabilities rose to **$20.26 million** from **$8.32 million**, and total equity slightly decreased to **$42.33 million** from **$43.06 million** Financial Position Summary | Metric | June 30, 2025 ($) | December 31, 2024 ($) | Change ($) | Change (%) | | :----------------------- | :------------------ | :-------------------- | :--------- | :--------- | | **Assets** | | | | | | Total current assets | 13,618,367 | 12,129,014 | 1,489,353 | 12.28% | | Royalty interests | 47,893,583 | 37,984,188 | 9,909,395 | 26.09% | | Total assets | 62,586,700 | 51,381,324 | 11,205,376 | 21.81% | | **Liabilities** | | | | | | Total current liabilities | 3,135,231 | 2,894,675 | 240,556 | 8.31% | | Credit facility | 11,700,000 | - | 11,700,000 | N/A | | Total liabilities | 20,258,032 | 8,321,125 | 11,936,907 | 143.45% | | **Equity** | | | | | | Total equity | 42,328,668 | 43,060,199 | (731,531) | -1.70% | [Unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) [Loss and Comprehensive Loss Overview](index=3&type=section&id=Loss%20and%20Comprehensive%20Loss%20Overview) For the three months ended June 30, 2025, net loss increased to **$387,957** from **$333,588** in the prior year, and for the six months, it widened to **$747,097** from **$574,975**, primarily due to higher depletion, interest, and income tax expenses despite increased other income Loss and Comprehensive Loss Summary | Metric | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Royalty revenue | 2,765,145 | 2,839,117 | 5,445,339 | 5,721,629 | | Depletion | (1,018,232) | (732,129) | (1,803,354) | (1,200,502) | | Gross profit | 1,746,913 | 2,106,988 | 3,641,985 | 4,521,127 | | Total operating expenses | (1,924,686) | (1,898,570) | (3,716,227) | (3,702,195) | | Income (loss) from operations | (177,773) | 208,418 | (74,242) | 818,932 | | Interest and finance expenses | (182,564) | (80,207) | (267,952) | (153,912) | | Other income | 200,208 | 149,000 | 273,941 | 112,906 | | Income (loss) before income taxes | (160,129) | 277,211 | (68,253) | 777,926 | | Income tax expense | (227,828) | (610,799) | (678,844) | (1,352,901) | | Net loss and comprehensive loss | (387,957) | (333,588) | (747,097) | (574,975) | | Basic Loss per share | (0.01) | (0.01) | (0.01) | (0.01) | | Diluted Loss per share | (0.01) | (0.01) | (0.01) | (0.01) | [Unaudited Condensed Interim Consolidated Statements of Changes in Equity](index=3&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) [Changes in Equity Overview](index=3&type=section&id=Changes%20in%20Equity%20Overview) Total equity decreased from **$43.06 million** at January 1, 2025, to **$42.33 million** at June 30, 2025, mainly due to declared dividends and net loss, partially offset by share-based compensation and dividend reinvestment plan share issuances Changes in Equity | Metric | January 1, 2025 ($) | June 30, 2025 ($) | Change ($) | | :-------------------------- | :------------------ | :---------------- | :--------- | | Share Capital | 69,528,762 | 69,756,304 | 227,542 | | Equity Reserves | 4,722,776 | 5,779,683 | 1,056,907 | | Deficit | (31,191,339) | (33,207,319) | (2,015,980) | | Total Equity | 43,060,199 | 42,328,668 | (731,531) | - **Share issue costs:** **$(2,241)**[7](index=7&type=chunk) - **Dividends declared:** **$(1,268,883)**[7](index=7&type=chunk) - **Shares issued – dividends reinvestment plan:** **$9,152**[7](index=7&type=chunk) - **Settlement of RSUs:** **$0** (net effect on equity components)[7](index=7&type=chunk) - **Share-based compensation:** **$1,277,538**[7](index=7&type=chunk) - **Net loss and comprehensive loss:** **$(747,097)**[7](index=7&type=chunk) [Unaudited Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) [Cash Flows Overview](index=4&type=section&id=Cash%20Flows%20Overview) For the six months ended June 30, 2025, operating cash flows decreased to **$2.80 million**, investing activities used **$11.71 million** primarily for royalty acquisitions, and financing activities generated **$10.35 million** from a new credit facility, resulting in a **$1.44 million** increase in cash and cash equivalents to **$10.17 million** Cash Flow Summary | Metric | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Net cash flows from operating activities | 1,756,729 | 2,009,431 | 2,795,543 | 3,221,584 | | Net cash flows used in investing activities | (11,705,057) | (3,140,022) | (11,705,057) | (3,136,909) | | Net cash flows from (used in) financing activities | 10,982,327 | (628,191) | 10,351,788 | (1,611,849) | | Increase (decrease) in cash and cash equivalents | 1,033,999 | (1,758,782) | 1,442,274 | (1,527,174) | | Cash and cash equivalents, end of the period | 10,172,099 | 7,802,713 | 10,172,099 | 7,802,713 | - Acquisition of royalties significantly increased cash used in investing activities, reaching **$11,794,678** for the six months ended June 30, 2025, compared to **$3,165,173** in the prior year[9](index=9&type=chunk) - Proceeds from the credit facility of **$11,700,000** were a major contributor to cash flows from financing activities for the six months ended June 30, 2025[9](index=9&type=chunk) [Notes to the Unaudited Condensed Interim Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [1. Nature of operations](index=5&type=section&id=1.%20Nature%20of%20operations) Vox Royalty Corp. is a mining royalty company focused on expanding its royalty asset portfolio through accretive acquisitions, primarily in Australia, Canada, and the United States, with a strategic emphasis on producing or near-term producing assets - Vox Royalty Corp. is a mining royalty company focused on growing its royalty asset portfolio through accretive acquisitions[14](index=14&type=chunk) - Approximately **90%** of the Company's royalty assets by royalty count are located in Australia, Canada, and the United States[14](index=14&type=chunk) - The Company prioritizes acquiring royalties on producing or near-term producing assets (six months to three years from first production)[14](index=14&type=chunk) [2. Basis of preparation](index=5&type=section&id=2.%20Basis%20of%20preparation) These unaudited condensed interim consolidated financial statements are prepared in accordance with IAS 34, presented in United States dollars on a historical cost basis, and the Company is assessing the impact of the new IFRS 18 standard effective January 1, 2027 - Statements are prepared in accordance with International Accounting Standards 34, Interim Financial Reporting[15](index=15&type=chunk) - The financial statements are presented in United States dollars, which is the functional currency of the Company and its wholly-owned subsidiaries[17](index=17&type=chunk) - The Company is currently assessing the impact of IFRS 18 – Presentation and Disclosure in Financial Statements, which is effective for reporting periods beginning on or after January 1, 2027[21](index=21&type=chunk) [3. Significant judgments, estimates and assumptions](index=6&type=section&id=3.%20Significant%20judgments%2C%20estimates%20and%20assumptions) The preparation of financial statements requires management to make significant judgments, estimates, and assumptions, which are continuously evaluated based on experience and future expectations, with complex areas consistent with prior annual statements - Management makes judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses[22](index=22&type=chunk) - Estimates and assumptions are continuously evaluated and are based on management's experience and expectations of future events[22](index=22&type=chunk) - The areas involving a higher degree of judgment or complexity were the same as those applied to the Company's annual financial statements for the year ended December 31, 2024[23](index=23&type=chunk) [4. Accounts receivable](index=6&type=section&id=4.%20Accounts%20receivable) Accounts receivable totaled **$2,986,652** as of June 30, 2025, a slight increase from **$2,917,680** at December 31, 2024, with the majority consisting of royalties receivable typically collected within 45 days Accounts Receivable Summary | Category | June 30, 2025 ($) | December 31, 2024 ($) | | :--------------- | :---------------- | :-------------------- | | Royalties receivable | 2,979,736 | 2,897,870 | | Sales tax recoverable | 6,916 | 19,810 | | **Total** | **2,986,652** | **2,917,680** | - Royalties receivable generally collected within **45 days** of quarter-end[24](index=24&type=chunk) [5. Royalty interests](index=7&type=section&id=5.%20Royalty%20interests) Total royalty interests significantly increased to **$47,893,583** at June 30, 2025, from **$37,984,188** at December 31, 2024, primarily due to the **$11,712,749** acquisition of the Kanmantoo copper-gold royalty, with Australia holding the largest share Royalty Interests by Country | Country | June 30, 2025 ($) | December 31, 2024 ($) | | :------------ | :---------------- | :-------------------- | | Australia | 40,384,292 | 30,452,281 | | Canada | 2,756,817 | 2,756,817 | | USA | 2,204,452 | 2,210,330 | | South Africa | 1,914,844 | 1,914,844 | | Brazil | 587,569 | 604,307 | | Peru | 45,609 | 45,609 | | **Total** | **47,893,583** | **37,984,188** | - On May 15, 2025, the Company acquired the producing Kanmantoo copper-gold royalty for a net purchase price of **$11,712,749**[28](index=28&type=chunk) - Deferred royalty acquisitions of **$26,987** as at June 30, 2025, relate to costs incurred prior to the execution and closing of a royalty acquisition[28](index=28&type=chunk) [6. Credit facility](index=8&type=section&id=6.%20Credit%20facility) The Company established a **$15 million** secured revolving credit facility with BMO, drawing **$11.7 million** by June 30, 2025, for the Kanmantoo royalty acquisition, and subsequently repaid **$5 million** while remaining compliant with all covenants - The Company has a **$15,000,000** secured revolving credit facility with BMO, with an accordion feature for an additional **$10,000,000**[29](index=29&type=chunk) - On May 14, 2025, an initial drawdown of **$11,700,000** was made under the BMO Facility, with proceeds allocated to the acquisition of the Kanmantoo copper-gold royalty[30](index=30&type=chunk) - Subsequent to June 30, 2025, the Company repaid **$5,000,000** of the outstanding Facility balance[31](index=31&type=chunk) Interest and Finance Expenses | Expense Category | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Amortization of Facility transaction costs | 64,295 | 58,879 | 128,589 | 107,646 | | Interest expense on Facility | 118,269 | 21,328 | 139,363 | 46,266 | | **Total Interest and finance expenses** | **182,564** | **80,207** | **267,952** | **153,912** | [7. Intangible assets](index=9&type=section&id=7.%20Intangible%20assets) Intangible assets, consisting solely of the Mineral Royalties Online (MRO) royalty database, decreased in net book value to **$896,861** at June 30, 2025, from **$988,631** at December 31, 2024, due to amortization - Intangible assets are comprised of the Mineral Royalties Online (MRO) royalty database[34](index=34&type=chunk) Intangible Assets Net Book Value | Metric | December 31, 2024 ($) | June 30, 2025 ($) | | :---------------------- | :-------------------- | :---------------- | | Cost | 1,837,500 | 1,837,500 | | Accumulated amortization | 848,869 | 940,639 | | **Net book value** | **988,631** | **896,861** | - Amortization expense for the six months ended June 30, 2025, was **$91,770**[35](index=35&type=chunk) [8. Accounts payable and accrued liabilities](index=9&type=section&id=8.%20Accounts%20payable%20and%20accrued%20liabilities) Accounts payable and accrued liabilities decreased to **$1,221,203** at June 30, 2025, from **$1,390,507** at December 31, 2024, primarily due to a reduction in accrued liabilities Accounts Payable and Accrued Liabilities | Category | June 30, 2025 ($) | December 31, 2024 ($) | | :---------------------- | :---------------- | :-------------------- | | Trade payables | 123,585 | 118,481 | | Sales tax payable | 563,603 | 487,901 | | Accrued liabilities | 534,015 | 784,125 | | **Total** | **1,221,203** | **1,390,507** | [9. Share capital](index=9&type=section&id=9.%20Share%20capital) As of June 30, 2025, the Company had **50,756,371** common shares outstanding, renewed a Share Repurchase Program for up to **$1.5 million** without repurchases during the period, and declared quarterly dividends of **$0.0125** per share, with a Dividend Reinvestment Plan Common Shares Issued and Outstanding | Metric | June 30, 2025 | December 31, 2024 | | :---------------------------------------------------------------- | :------------ | :---------------- | | Issued and outstanding common shares | 50,756,371 | 50,658,776 | | Share capital ($) | 69,756,304 | 69,528,762 | - The Board of Directors approved the renewal of a Share Repurchase Program (SRP) for up to **$1,500,000** of its common shares on March 12, 2025[40](index=40&type=chunk) - The Company did not repurchase any shares under the SRP during the six months ended June 30, 2025[42](index=42&type=chunk) Dividends Declared | Declaration date | Dividend per common share ($) | Record date | Payment date | Dividends declared ($) | | :--------------- | :---------------------------- | :---------- | :----------- | :--------------------- | | February 20, 2025 | 0.0125 | March 31, 2025 | April 14, 2025 | 634,426 | | May 15, 2025 | 0.0125 | June 30, 2025 | July 14, 2025 | 634,457 | | **Total** | **0.0250** | | | **1,268,883** | - Total dividends paid for the six months ended June 30, 2025, included **$9,152** paid in shares through the dividend reinvestment program (**3,740** common shares issued at a **5%** discount)[46](index=46&type=chunk) [10. Equity reserves](index=11&type=section&id=10.%20Equity%20reserves) Equity reserves include stock options, restricted share units (RSUs), and warrants, with **848,010** RSUs granted during the period and **6,407,883** warrants expiring unexercised in 2024 [10.1 Options](index=11&type=section&id=10.1%20Options) Stock option activity for the six months ended June 30, 2025, showed no new grants or cancellations, maintaining **1,346,838** options outstanding with a weighted average exercise price of **C$3.70**, all exercisable at period end Stock Option Activity | Metric | June 30, 2025 (Number) | June 30, 2024 (Number) | | :------------------------ | :--------------------- | :--------------------- | | Outstanding, beginning of period | 1,346,838 | 1,347,398 | | Granted | - | 240,000 | | Cancelled | - | (240,560) | | Outstanding, end of period | 1,346,838 | 1,346,838 | | Exercisable, end of period | 1,346,838 | 1,226,838 | Outstanding and Exercisable Options | Expiry date | Exercise price (C$) | Number of options outstanding | Weighted average remaining contractual life (Years) | Number of options exercisable | Weighted average remaining contractual life (Years) | | :---------- | :------------------ | :---------------------------- | :-------------------------------------------------- | :---------------------------- | :-------------------------------------------------- | | June 30, 2026 | 3.25 | 680,703 | 1.00 | 680,703 | 1.00 | | March 9, 2027 | 4.16 | 666,135 | 1.69 | 666,135 | 1.69 | | **Total** | | **1,346,838** | **1.34** | **1,346,838** | **1.34** | [10.2 Restricted Share Unit Plan](index=11&type=section&id=10.2%20Restricted%20Share%20Unit%20Plan) During the six months ended June 30, 2025, **848,010** Restricted Share Units (RSUs) were granted, increasing total outstanding RSUs to **2,063,216** and vested RSUs to **962,939**, with vesting schedules extending into 2027 - **829,915** RSUs were granted to directors, officers, and employees, vesting in **25%** increments on specific dates from July 2, 2025, to January 2, 2027[50](index=50&type=chunk) - An additional **18,095** RSUs were granted to an employee, vesting on September 16, 2025[50](index=50&type=chunk) Restricted Share Unit Activity | Metric | June 30, 2025 (Number) | June 30, 2024 (Number) | | :------------------------ | :--------------------- | :--------------------- | | Outstanding, beginning of period | 1,309,061 | 952,018 | | Granted | 848,010 | 968,448 | | Exercised | (93,855) | (230,652) | | Outstanding, end of period | 2,063,216 | 1,689,814 | | Vested, end of period | 962,939 | 761,591 | [10.3 Warrants](index=12&type=section&id=10.3%20Warrants) During the six months ended June 30, 2024, **6,407,883** warrants expired unexercised - **6,407,883** warrants expired unexercised during the six months ended June 30, 2024[52](index=52&type=chunk) [11. General and administration](index=12&type=section&id=11.%20General%20and%20administration) General and administration expenses for the six months ended June 30, 2025, were **$2,245,663**, a slight increase from **$2,229,205** in the prior year, with salaries and benefits remaining the largest component General and Administration Expenses | Expense Category | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :-------------------- | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Corporate administration | 320,198 | 293,039 | 574,639 | 561,516 | | Professional fees | 98,627 | 102,916 | 215,728 | 206,568 | | Salaries and benefits | 606,265 | 640,752 | 1,283,246 | 1,302,893 | | Director fees | 40,150 | 36,479 | 80,280 | 66,458 | | Amortization | 45,885 | 45,885 | 91,770 | 91,770 | | **Total** | **1,111,125** | **1,119,071** | **2,245,663** | **2,229,205** | [12. Other income](index=12&type=section&id=12.%20Other%20income) Other income for the six months ended June 30, 2025, significantly increased to **$273,941** from **$112,906** in the prior year, primarily driven by a foreign exchange recovery offsetting decreased interest income Other Income Breakdown | Category | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :-------------------------- | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Interest income | 106,262 | 124,531 | 198,546 | 246,182 | | Foreign exchange recovery (expense) | 93,946 | 24,469 | 75,395 | (133,276) | | **Total** | **200,208** | **149,000** | **273,941** | **112,906** | [13. Related party transactions](index=13&type=section&id=13.%20Related%20party%20transactions) Key management personnel compensation for the six months ended June 30, 2025, totaled **$2,189,595**, a decrease from **$2,333,060** in the prior year, encompassing short-term employee benefits and share-based compensation Key Management Personnel Compensation | Compensation Type | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :------------------------ | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Short-term employee benefits | 480,253 | 530,542 | 1,052,271 | 1,068,879 | | Share-based compensation | 607,480 | 668,817 | 1,137,324 | 1,264,181 | | **Total** | **1,087,733** | **1,119,359** | **2,189,595** | **2,333,060** | [14. Commitments and contingencies](index=13&type=section&id=14.%20Commitments%20and%20contingencies) The Company is involved in legal proceedings, including a Mt Ida settlement and ongoing claims for Red Hill and against Titan Minerals, alongside commitments for lease and consulting payments, and contingent milestone payments totaling over **$9.4 million** for royalty acquisitions [14.1 Litigation matter](index=13&type=section&id=14.1%20Litigation%20matter) Vox Australia settled a claim regarding the Mt Ida royalty asset, is defending a claim related to the Red Hill royalty assignment, and is pursuing a claim against Titan Minerals Limited for replacement royalties or damages - Vox Australia discontinued its claim in the Supreme Court of Western Australia regarding the Mt Ida royalty asset after reaching a settlement agreement on May 28, 2025[59](index=59&type=chunk) - Vox Australia is a second defendant in a claim regarding the Red Hill royalty assignment, with the plaintiff alleging a breach of a right of first refusal; the Company denies the claim and will defend the action[61](index=61&type=chunk)[62](index=62&type=chunk) - SilverStream filed a claim against Titan Minerals Limited to enforce its rights to be issued replacement royalties and/or damages for Titan's failure to maintain mining concessions in Peru, which led to the impairment of four royalties in 2023[64](index=64&type=chunk)[65](index=65&type=chunk) [14.2 Commitments](index=14&type=section&id=14.2%20Commitments) The Company has minimum annual lease payments of **$3,872** and consulting agreement payments of **$58,797** for the period July 1, 2025, to June 30, 2026 Annual Commitments | Category | July 1, 2025 to June 30, 2026 ($) | | :------------------ | :-------------------------------- | | Leases | 3,872 | | Consulting agreements | 58,797 | | **Total** | **62,669** | [14.3 Contingencies](index=14&type=section&id=14.3%20Contingencies) The Company is committed to potential milestone payments totaling **$9,443,332** for various royalty acquisitions, payable upon achieving specific thresholds and mostly settleable in cash or common shares at the Company's election Contingent Milestone Payments | Royalty | Milestone Payment ($) | | :------------------ | :-------------------- | | Limpopo | 6,523,492 | | Brits | 1,250,000 | | Bullabulling | 655,941 | | Koolyanobbing | 327,970 | | El Molino | 450,000 | | Uley | 144,307 | | Other | 91,622 | | **Total** | **9,443,332** | - Most milestone payments may be settled in either cash or common shares of the Company, at the Company's election[67](index=67&type=chunk)[68](index=68&type=chunk) [15. Supplemental cash flow information](index=15&type=section&id=15.%20Supplemental%20cash%20flow%20information) Supplemental cash flow information details non-cash working capital changes, including adjustments for accrued other assets, deferred royalty acquisitions, royalty interests, interest expense on the credit facility, and share issue costs Supplemental Cash Flow Adjustments | Category | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :------------------------------------ | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Change in accrued other assets | - | (24,594) | (2,615) | (271,029) | | Change in accrued deferred royalty acquisitions | (3,438) | 10 | 12,057 | 12,940 | | Change in accrued royalty interests | - | 5,500 | - | 5,500 | | Change in accrued interest expense on Facility | 29,655 | (3,610) | 29,186 | 21,328 | | Change in accrued share issue costs | - | (23,599) | - | - | [16. Segment information](index=15&type=section&id=16.%20Segment%20information) The Company operates in a single reportable segment of royalty interest acquisition, with Australia remaining the primary source of revenue and holding the largest share of non-current assets for the six months ended June 30, 2025 - The Company operated in one reportable segment: the acquisition of royalty interests[70](index=70&type=chunk) Revenue by Geographic Location | Geographic Location | Six months ended June 30, 2025 (Revenue $) | Six months ended June 30, 2024 (Revenue $) | | :------------------ | :--------------------------------------- | :--------------------------------------- | | Australia | 5,396,544 | 5,701,312 | | Brazil | 33,290 | 4,812 | | USA | 15,505 | 15,505 | | **Total** | **5,445,339** | **5,721,629** | Non-current Assets by Geographic Location | Geographic Location | June 30, 2025 (Non-current assets $) | December 31, 2024 (Non-current assets $) | | :------------------ | :----------------------------------- | :--------------------------------------- | | Australia | 40,384,292 | 30,452,281 | | Canada | 2,934,706 | 3,036,308 | | USA | 2,204,452 | 2,210,330 | | South Africa | 1,914,844 | 1,914,844 | | Cayman Islands | 896,861 | 988,631 | | Brazil | 587,569 | 604,307 | | Peru | 45,609 | 45,609 | [17. Income taxes](index=16&type=section&id=17.%20Income%20taxes) Income tax expense for the six months ended June 30, 2025, was **$678,844**, a decrease from **$1,352,901** in the prior year, primarily due to lower current tax expense and a deferred tax recovery Income Tax Expense Breakdown | Tax Component | Three months ended June 30, 2025 ($) | Three months ended June 30, 2024 ($) | Six months ended June 30, 2025 ($) | Six months ended June 30, 2024 ($) | | :---------------------- | :----------------------------------- | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Current tax expense | 178,517 | 587,235 | 682,493 | 1,178,386 | | Deferred tax expense (recovery) | 49,311 | 23,564 | (3,649) | 174,515 | | **Income tax expense** | **227,828** | **610,799** | **678,844** | **1,352,901** | [18. Financial instruments](index=16&type=section&id=18.%20Financial%20instruments) The Company's financial instruments are exposed to credit, liquidity, currency, interest rate, and commodity/share price risks, which are managed through various strategies including maintaining cash in high-quality institutions and not hedging future revenue [18.1 Credit risk](index=16&type=section&id=18.1%20Credit%20risk) Credit risk primarily arises from cash and cash equivalents and royalty receivables, mitigated by maintaining cash in high-quality financial institutions and closely monitoring royalty receivable balances - The Company's credit risk is primarily attributable to its liquid financial assets, including cash and cash equivalents and royalty receivables[74](index=74&type=chunk) - To mitigate credit risk, the Company maintains cash in high-quality financial institutions and closely monitors royalty receivable balances[74](index=74&type=chunk) [18.2 Liquidity risk](index=16&type=section&id=18.2%20Liquidity%20risk) The Company manages liquidity risk by ensuring sufficient funds to meet obligations, holding **$10,172,099** in cash and cash equivalents and **$10,483,136** in working capital as of June 30, 2025 - The Company's approach to managing liquidity is to ensure it will have sufficient liquidity to meet liabilities when due[75](index=75&type=chunk) Cash and Working Capital | Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :-------------------------- | :---------------- | :-------------------- | | Cash and cash equivalents | 10,172,099 | 8,754,391 | | Working capital | 10,483,136 | 9,234,339 | [18.3 Currency risk](index=16&type=section&id=18.3%20Currency%20risk) The Company is exposed to foreign currency risk from Canadian and Australian dollar-denominated financial instruments, where a 10% fluctuation would impact net loss and comprehensive loss by approximately **$418,000** - Financial instruments denominated in Canadian and Australian dollars expose the Company to foreign currency risk[76](index=76&type=chunk) - A **10%** increase (decrease) of the value of the Canadian and Australian dollar relative to the United States dollar would increase (decrease) net loss and other comprehensive loss by **$418,000**[76](index=76&type=chunk) [18.4 Interest rate risk](index=17&type=section&id=18.4%20Interest%20rate%20risk) The Company is exposed to interest rate risk from its floating-rate credit facility, with a 1% rate change impacting net loss by approximately **$75,000**, and manages this by investing excess cash in short-term interest-bearing securities without using derivatives - The Company is exposed to interest rate risk due to the Facility being subject to floating interest rates[77](index=77&type=chunk) - A **1%** increase (decrease) in nominal interest rates would have increased (decreased) net loss and other comprehensive loss by approximately **$75,000** for the period ended June 30, 2025[77](index=77&type=chunk) - The Company's policy is to invest excess cash in cash accounts or short-term interest-bearing securities and does not use derivative instruments to reduce interest rate risk[78](index=78&type=chunk) [18.5 Commodity and share price risk](index=17&type=section&id=18.5%20Commodity%20and%20share%20price%20risk) The Company's royalties and profitability are significantly affected by fluctuations in underlying commodity market prices, particularly precious and base metals, with all future revenue unhedged to provide full shareholder exposure - The Company's royalties are subject to fluctuations from changes in market prices of the underlying commodities, which are the primary drivers of profitability and free cash flow[79](index=79&type=chunk) - All of the Company's future revenue is not hedged to provide shareholders with full exposure to changes in market prices of commodities[79](index=79&type=chunk) [18.6 Fair value of financial instruments](index=17&type=section&id=18.6%20Fair%20value%20of%20financial%20instruments) The carrying amounts of cash, receivables, payables, and income taxes payable approximate their fair value due to their limited term, and the Company had no financial instruments measured at fair value after initial recognition as of June 30, 2025, and December 31, 2024 - The carrying amounts for cash and cash equivalents, accounts receivables, accounts payable and accrued liabilities, and income taxes payable approximate fair value[81](index=81&type=chunk) - As at June 30, 2025, and December 31, 2024, the Company does not have any financial instruments measured at fair value after initial recognition[82](index=82&type=chunk) [18.7 Capital management](index=17&type=section&id=18.7%20Capital%20management) The Company's primary capital management objective is to maximize shareholder returns through accretive royalty acquisitions and an optimized capital structure, regularly reviewing cash flow forecasts and ensuring credit facility covenant compliance - The Company's primary objective when managing capital is to maximize returns for its shareholders by growing its asset base through accretive acquisitions of royalty interests, while optimizing its capital structure[83](index=83&type=chunk) - As at June 30, 2025, the capital structure consists of **$42,328,668** of total equity[83](index=83&type=chunk) - The Company is not subject to any externally imposed capital requirements other than those disclosed for the Facility[84](index=84&type=chunk) [19. Subsequent events](index=17&type=section&id=19.%20Subsequent%20events) Subsequent to June 30, 2025, the Company repaid **$5,000,000** of its credit facility on July 14, 2025, and declared a quarterly dividend of **$0.0125** per common share on August 13, 2025, payable on October 14, 2025 - On July 14, 2025, the Company repaid **$5,000,000** of the outstanding balance owing under the Facility[85](index=85&type=chunk) - On August 13, 2025, the Board of Directors declared a quarterly dividend of **$0.0125** per common share, payable on October 14, 2025[85](index=85&type=chunk)

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]

[Unaudited Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) This statement presents the company's financial position, including assets, liabilities, and equity, as of **March 31, 2025**, and **December 31, 2024** Condensed Interim Consolidated Statements of Financial Position (As at March 31, 2025 vs. December 31, 2024) | Category | March 31, 2025 ($) | December 31, 2024 ($) | | :----------------------- | :------------------- | :-------------------- | | **Assets** | | | | Total current assets | 12,634,375 | 12,129,014 | | Royalty interests | 37,199,066 | 37,984,188 | | Other non-current assets | 1,173,438 | 1,268,122 | | **Total assets** | **51,006,879** | **51,381,324** | | **Liabilities** | | | | Total current liabilities | 2,980,881 | 2,894,675 | | Deferred tax liabilities | 5,373,490 | 5,426,450 | | **Total liabilities** | **8,354,371** | **8,321,125** | | **Equity** | | | | Share capital | 69,750,937 | 69,528,762 | | Equity reserves | 5,086,479 | 4,722,776 | | Deficit | (32,184,908) | (31,191,339) | | **Total equity** | **42,652,508** | **43,060,199** | | **Total liabilities and equity** | **51,006,879** | **51,381,324** | [Unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=2&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) This statement details the company's **net loss and comprehensive loss** for the three months ended **March 31, 2025**, compared to the prior year Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Three Months Ended March 31) | Metric | March 31, 2025 ($) | March 31, 2024 ($) | | :-------------------------------- | :------------------- | :------------------- | | Royalty revenue | 2,680,194 | 2,882,512 | | Depletion | (785,122) | (468,373) | | Gross profit | 1,895,072 | 2,414,139 | | Total operating expenses | (1,791,541) | (1,803,625) | | Income from operations | 103,531 | 610,514 | | Other income (expenses), net | (11,655) | (109,799) | | Income before income taxes | 91,876 | 500,715 | | Income tax expense | (451,016) | (742,102) | | **Net loss and comprehensive loss** | **(359,140)** | **(241,387)** | | Basic and Diluted Loss per share | (0.01) | (0.00) | [Unaudited Condensed Interim Consolidated Statements of Changes in Equity](index=3&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) This statement outlines changes in the company's **equity components** for the three months ended **March 31, 2025**, and **2024** Condensed Interim Consolidated Statements of Changes in Equity (Three Months Ended March 31, 2025 and 2024) | Item | March 31, 2025 ($) | March 31, 2024 ($) | | :-------------------------------- | :------------------- | :------------------- | | Balance, January 1 | 43,060,199 | 44,923,670 | | Share issue costs | (1,839) | (23,599) | | Dividends declared | (634,429) | (601,462) | | Shares issued – dividends reinvestment plan | 3,383 | - | | Settlement of RSUs | - | - | | Share-based compensation | 584,334 | 655,271 | | Net loss and comprehensive loss | (359,140) | (241,387) | | **Balance, March 31** | **42,652,508** | **44,712,493** | [Unaudited Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) This statement presents the company's **cash flows** from operating, investing, and financing activities for the three months ended **March 31** Condensed Interim Consolidated Statements of Cash Flows (Three Months Ended March 31) | Cash Flow Activity | March 31, 2025 ($) | March 31, 2024 ($) | | :-------------------------------- | :------------------- | :------------------- | | Net cash flows from operating activities | 1,038,814 | 1,212,154 | | Net cash flows from investing activities | - | 3,113 | | Net cash flows used in financing activities | (630,539) | (983,659) | | Increase in cash and cash equivalents | 408,275 | 231,608 | | Impact of foreign exchange on cash | (16,799) | (9,259) | | Cash and cash equivalents, beginning of period | 8,754,391 | 9,342,880 | | **Cash and cash equivalents, end of period** | **9,145,867** | **9,565,229** | [Notes to the Unaudited Condensed Interim Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures supporting the **condensed interim consolidated financial statements** [1. Nature of operations](index=5&type=section&id=1.%20Nature%20of%20operations) Vox Royalty Corp. acquires producing or near-term royalty assets, with **85%** of its portfolio located in Australia, Canada, and the US - Vox Royalty Corp. is a mining royalty company focused on growing its royalty asset portfolio through **accretive acquisitions**[14](index=14&type=chunk) - The Company prioritizes acquiring royalties on **producing or near-term producing assets** (six months to three years from first production)[14](index=14&type=chunk) - Approximately **85%** of the Company's royalty assets by royalty count are located in Australia, Canada, and the United States[14](index=14&type=chunk) [2. Basis of preparation](index=5&type=section&id=2.%20Basis%20of%20preparation) Prepared under **IAS 34**, these interim financial statements use consistent policies, are in **USD** on a historical cost basis, consolidating subsidiaries - Statements are prepared in accordance with **International Accounting Standards 34, Interim Financial Reporting**, applying the same material accounting policies as the prior annual financial statements[15](index=15&type=chunk) - Statements are presented on a **historical cost basis** (except for financial instruments measured at fair value) and expressed in **United States dollars**[17](index=17&type=chunk) - The financial statements incorporate the accounts of Vox Royalty Corp. and its **wholly-owned subsidiaries**, fully consolidated from the date control is obtained[18](index=18&type=chunk)[19](index=19&type=chunk) - The Company is currently assessing the impact of **IFRS 18**, effective for reporting periods beginning on or after January 1, 2027[21](index=21&type=chunk) [3. Significant judgments, estimates and assumptions](index=5&type=section&id=3.%20Significant%20judgments,%20estimates%20and%20assumptions) The preparation of financial statements requires significant management judgments, estimates, and assumptions, consistent with prior annual statements - Management makes **judgments, estimates, and assumptions** that affect the reported amounts of assets, liabilities, and contingent liabilities, as well as revenues and expenses[22](index=22&type=chunk) - Estimates and assumptions are **continuously evaluated** based on management's experience and expectations of future events[22](index=22&type=chunk) - The areas involving a **higher degree of judgment or complexity** were the same as those applied to the Company's **annual financial statements for the year ended December 31, 2024**[24](index=24&type=chunk) [4. Accounts receivable](index=6&type=section&id=4.%20Accounts%20receivable) Accounts receivable, primarily royalties, totaled **$2,906,224** as of March 31, 2025, generally collected within **45 days** Accounts Receivable (As at March 31, 2025 vs. December 31, 2024) | Item | March 31, 2025 ($) | December 31, 2024 ($) | | :------------------ | :------------------- | :-------------------- | | Royalties receivable | 2,880,531 | 2,897,870 | | Sales tax recoverable | 25,693 | 19,810 | | **Total** | **2,906,224** | **2,917,680** | - **Royalties receivable** generally collected within **45 days** of quarter-end[25](index=25&type=chunk) [5. Royalty interests](index=6&type=section&id=5.%20Royalty%20interests) Royalty interests decreased to **$37,199,066** as of March 31, 2025, primarily due to depletion, with Australia holding the largest share Royalty Interests by Country (As at March 31, 2025 vs. December 31, 2024) | Country | March 31, 2025 ($) | December 31, 2024 ($) | | :------------ | :------------------- | :-------------------- | | Australia | 29,681,719 | 30,452,281 | | Canada | 2,756,817 | 2,756,817 | | USA | 2,204,452 | 2,210,330 | | South Africa | 1,914,844 | 1,914,844 | | Brazil | 595,625 | 604,307 | | Peru | 45,609 | 45,609 | | **Total** | **37,199,066** | **37,984,188** | Royalty Interests Breakdown (As at March 31, 2025) | Royalty | Country | Carrying Amount ($) | | :---------------------- | :---------- | :------------------ | | Wonmunna | Australia | 10,157,059 | | Royalty portfolio | Australia | 5,205,731 | | Janet Ivy | Australia | 3,764,741 | | Castle Hill portfolio | Australia | 2,956,942 | | Koolyanobbing | Australia | 727,063 | | South Railroad | USA | 2,142,880 | | Limpopo | South Africa | 1,150,828 | | Bowdens | Australia | 1,130,068 | | Bullabulling | Australia | 953,349 | | Goldlund | Canada | 1,258,810 | | Brits | South Africa | 764,016 | | Otto Bore | Australia | 539,631 | | Lynn Lake (MacLellan) | Canada | 873,088 | | Bulong | Australia | 497,557 | | Dry Creek | Australia | 361,331 | | Sulfur Springs/Kangaroo Caves | Australia | 467,983 | | Pedra Branca | Brazil | 450,131 | | Ashburton | Australia | 355,940 | | Anthiby Well | Australia | 311,742 | | Cardinia | Australia | 302,850 | | Brauna | Brazil | 145,494 | | Montanore | USA | 61,572 | | Mt Ida | Australia | 210,701 | | Other | Australia | 1,739,031 | | Other | Canada | 624,919 | | Other | Peru | 45,609 | | **Total** | | **37,199,066** | - **Deferred royalty acquisitions** as at March 31, 2025, were **$15,495**, representing costs incurred prior to the execution and closing of a royalty acquisition[28](index=28&type=chunk) [6. Credit facility](index=7&type=section&id=6.%20Credit%20facility) The company has a **$15,000,000** secured revolving credit facility with BMO, with no outstanding amounts as of March 31, 2025 - The Company has a **$15,000,000** secured revolving credit facility with the Bank of Montreal, with an accordion feature for an additional **$10,000,000**, maturing on **December 31, 2026**[29](index=29&type=chunk) - As at March 31, 2025, there were **no outstanding amounts** under the Facility, and Vox was in **compliance with all covenants**[29](index=29&type=chunk)[30](index=30&type=chunk) Interest and Finance Expenses (Three Months Ended March 31) | Item | March 31, 2025 ($) | March 31, 2024 ($) | | :-------------------------------- | :------------------- | :------------------- | | Amortization expense of Facility transaction costs | 64,294 | 48,767 | | Interest expense on Facility | 21,094 | 24,938 | | **Total** | **85,388** | **73,705** | Other Assets (Facility Transaction Costs) (As at March 31, 2025 vs. December 31, 2024) | Item | March 31, 2025 ($) | December 31, 2024 ($) | | :-------------------------------- | :------------------- | :-------------------- | | Balance, beginning of period | 279,491 | 271,029 | | Facility transaction costs incurred | - | 234,470 | | Amortization expense | (64,294) | (226,008) | | **Balance, end of period** | **215,197** | **279,491** | [7. Intangible assets](index=8&type=section&id=7.%20Intangible%20assets) Intangible assets, primarily the **MRO royalty database**, had a net book value of **$942,746** as of March 31, 2025, after amortization Intangible Assets (MRO Database) (As at March 31, 2025 vs. December 31, 2024) | Item | March 31, 2025 ($) | December 31, 2024 ($) | | :------------------------ | :------------------- | :-------------------- | | Cost | 1,837,500 | 1,837,500 | | Accumulated amortization | 894,754 | 848,869 | | **Net book value** | **942,746** | **988,631** | - Intangible assets are comprised of the **Mineral Royalties Online (MRO) royalty database**[33](index=33&type=chunk) [8. Accounts payable and accrued liabilities](index=8&type=section&id=8.%20Accounts%20payable%20and%20accrued%20liabilities) Total accounts payable and accrued liabilities decreased to **$992,167** as of March 31, 2025, mainly due to reduced accrued liabilities Accounts Payable and Accrued Liabilities (As at March 31, 2025 vs. December 31, 2024) | Item | March 31, 2025 ($) | December 31, 2024 ($) | | :-------------------- | :------------------- | :-------------------- | | Trade payables | 200,223 | 118,481 | | Sales tax payable | 499,159 | 487,901 | | Accrued liabilities | 292,785 | 784,125 | | **Total** | **992,167** | **1,390,507** | [9. Share capital](index=8&type=section&id=9.%20Share%20capital) As of March 31, 2025, **50,754,138** common shares were outstanding (**$69,750,937**), and a **$1,500,000** SRP renewal was approved Issued and Outstanding Common Shares (As at March 31, 2025 vs. December 31, 2024) | Item | March 31, 2025 | December 31, 2024 | | :---------------------------------------------------------------- | :------------- | :---------------- | | Number of common shares issued and outstanding | 50,754,138 | 50,658,776 | | Value of common shares issued and outstanding ($) | 69,750,937 | 69,528,762 | - On March 12, 2025, the Board of Directors approved the **renewal of a Share Repurchase Program (SRP)** for the repurchase of up to **$1,500,000** of its common shares[38](index=38&type=chunk) - The Company **did not repurchase any shares** under the SRP during the three months ended March 31, 2025[40](index=40&type=chunk) Dividends Declared (Three Months Ended March 31, 2025) | Declaration date | Dividend per common share ($) | Record date | Payment date | Dividends payable ($) | | :---------------- | :---------------------------- | :---------- | :----------- | :-------------------- | | February 20, 2025 | 0.0125 | March 31, 2025 | April 14, 2025 | 634,429 | | **Total** | **0.0125** | | | **634,429** | - Total dividends paid for the three months ended March 31, 2025, included **$3,383** paid in shares through the dividend reinvestment program, issuing **1,507 common shares** at a **5% discount**[44](index=44&type=chunk) [10. Equity reserves](index=9&type=section&id=10.%20Equity%20reserves) Equity reserves include **1,346,838** outstanding stock options and **829,915** RSUs granted during the three months ended March 31, 2025 Stock Option Activity (Three Months Ended March 31) | Item | March 31, 2025 (Number) | March 31, 2025 (Weighted average exercise price C$) | March 31, 2024 (Number) | March 31, 2024 (Weighted average exercise price C$) | | :-------------------------------- | :---------------------- | :----------------------------------------------- | :---------------------- | :----------------------------------------------- | | Outstanding, beginning and end of period | 1,346,838 | 3.70 | 1,347,398 | 3.70 | | Exercisable, end of period | 1,346,838 | 3.70 | 1,347,398 | 3.70 | Stock Options Outstanding as at March 31, 2025 | Expiry date | Exercise price (C$) | Number of options outstanding | Weighted average remaining contractual life (Years) | Number of options exercisable | Weighted average remaining contractual life (Years) | | :------------ | :------------------ | :---------------------------- | :-------------------------------------------------- | :---------------------------- | :-------------------------------------------------- | | June 30, 2026 | 3.25 | 680,703 | 1.25 | 680,703 | 1.25 | | March 9, 2027 | 4.16 | 666,135 | 1.94 | 666,135 | 1.94 | | **Total** | | **1,346,838** | **1.59** | **1,346,838** | **1.59** | - During the three months ended March 31, 2025, **829,915 Restricted Share Units (RSUs)** were granted, vesting in **25% increments** on **July 2, 2025, January 2, 2026, July 2, 2026, and January 2, 2027**[49](index=49&type=chunk) RSU Activity (Three Months Ended March 31) | Item | March 31, 2025 (Number) | March 31, 2025 (Weighted average fair value $) | March 31, 2024 (Number) | March 31, 2024 (Weighted average fair value $) | | :----------------------- | :---------------------- | :--------------------------------------------- | :---------------------- | :--------------------------------------------- | | Outstanding, beginning of period | 1,309,061 | 2.23 | 952,018 | 2.62 | | Granted | 829,915 | 2.26 | 964,564 | 2.00 | | Exercised | (93,855) | 2.35 | (136,748) | 2.67 | | Outstanding, end of period | 2,045,121 | 2.23 | 1,779,834 | 2.28 | | Vested, end of period | 713,376 | 2.36 | 436,098 | 2.66 | [11. General and administration](index=10&type=section&id=11.%20General%20and%20administration) General and administration expenses totaled **$1,134,538** for the three months ended March 31, 2025, with salaries and benefits as the largest component General and Administration Expenses (Three Months Ended March 31) | Item | March 31, 2025 ($) | March 31, 2024 ($) | | :-------------------- | :------------------- | :------------------- | | Corporate administration | 254,441 | 268,477 | | Professional fees | 117,101 | 103,652 | | Salaries and benefits | 676,981 | 662,141 | | Director fees | 40,130 | 29,979 | | Amortization | 45,885 | 45,885 | | **Total** | **1,134,538** | **1,110,134** | [12. Other income (expenses)](index=10&type=section&id=12.%20Other%20income%20(expenses)) Other income (expenses) resulted in a net income of **$73,733** for the three months ended March 31, 2025, a significant improvement from the prior year Other Income (Expenses) (Three Months Ended March 31) | Item | March 31, 2025 ($) | March 31, 2024 ($) | | :-------------------- | :------------------- | :------------------- | | Interest income | 92,284 | 121,651 | | Foreign exchange expense | (18,551) | (157,745) | | **Total** | **73,733** | **(36,094)** | [13. Related party transactions](index=11&type=section&id=13.%20Related%20party%20transactions) Key management personnel compensation, including short-term benefits and share-based compensation, totaled **$1,101,862** for the three months ended March 31, 2025 Key Management Personnel Compensation (Three Months Ended March 31) | Item | March 31, 2025 ($) | March 31, 2024 ($) | | :------------------------ | :------------------- | :------------------- | | Short-term employee benefits | 572,018 | 538,337 | | Share-based compensation | 529,844 | 595,364 | | **Total** | **1,101,862** | **1,133,701** | [14. Commitments and contingencies](index=11&type=section&id=14.%20Commitments%20and%20contingencies) The company faces ongoing litigation and has contingent milestone payments totaling **$9,051,149** related to royalty acquisitions - The Company has filed a statement of claim against **Titan Minerals Limited** in the Supreme Court of Western Australia seeking replacement royalties or damages for relinquished **Peruvian mining concessions**[60](index=60&type=chunk)[61](index=61&type=chunk) - Vox Australia filed a writ and statement of claim against **Aurenne MIT Pty Ltd** regarding the unreasonable withholding of consent to transaction and assignment documentation for the **Mt Ida royalty asset**[62](index=62&type=chunk) Minimum Annual Lease Payments and Consulting Agreements (As at April 1, 2025 to March 31, 2026) | Item | Amount ($) | | :-------------------- | :--------- | | Leases | 3,872 | | Consulting agreements | 49,493 | | **Total** | **53,365** | Contingent Milestone Payments for Royalty Acquisitions | Royalty | Amount ($) | | :-------------- | :--------- | | Limpopo | 6,190,874 | | Brits | 1,250,000 | | Bullabulling | 624,026 | | Koolyanobbing | 312,013 | | El Molino | 450,000 | | Uley | 137,286 | | Other | 86,950 | | **Total** | **9,051,149** | - Milestone payments may be settled in either **cash or common shares** of the Company, at the **Company's election**[66](index=66&type=chunk) [15. Supplemental cash flow information](index=12&type=section&id=15.%20Supplemental%20cash%20flow%20information) Supplemental cash flow information for the three months ended March 31, 2025, details changes in accrued assets, royalty acquisitions, and interest expense Supplemental Cash Flow Information (Three Months Ended March 31) | Item | March 31, 2025 ($) | March 31, 2024 ($) | | :------------------------------------ | :------------------- | :------------------- | | Change in accrued other assets | (2,615) | (246,436) | | Change in accrued deferred royalty acquisitions | 15,495 | 12,930 | | Change in accrued interest expense on Facility | 469 | - | [16. Segment information](index=13&type=section&id=16.%20Segment%20information) The company operates in one segment: royalty interest acquisition, with Australia generating the majority of revenue and non-current assets - The Company operated in **one reportable segment**: the **acquisition of royalty interests**[67](index=67&type=chunk) Revenue by Geographic Location (Three Months Ended March 31) | Geographic Location | March 31, 2025 ($) | March 31, 2024 ($) | | :------------------ | :------------------- | :------------------- | | Australia | 2,647,509 | 2,862,195 | | Brazil | 17,180 | 4,812 | | USA | 15,505 | 15,505 | | **Total** | **2,680,194** | **2,882,512** | Non-Current Assets by Geographic Location (As at March 31, 2025 vs. December 31, 2024) | Geographic Location | March 31, 2025 ($) | December 31, 2024 ($) | | :------------------ | :------------------- | :-------------------- | | Australia | 29,691,719 | 30,452,281 | | Canada | 2,977,509 | 3,036,308 | | USA | 2,204,452 | 2,210,330 | | South Africa | 1,914,844 | 1,914,844 | | Cayman Islands | 942,746 | 988,631 | | Brazil | 595,625 | 604,307 | | Peru | 45,609 | 45,609 | | **Total** | **38,372,504** | **39,252,310** | [17. Income taxes](index=13&type=section&id=17.%20Income%20taxes) Income tax expense for the three months ended March 31, 2025, was **$451,016**, a decrease from the prior year due to a deferred tax recovery Income Tax Expense (Three Months Ended March 31) | Item | March 31, 2025 ($) | March 31, 2024 ($) | | :------------------------ | :------------------- | :------------------- | | Current tax expense | 503,976 | 591,151 | | Deferred tax expense (recovery) | (52,960) | 150,951 | | **Income tax expense** | **451,016** | **742,102** | [18. Financial instruments](index=13&type=section&id=18.%20Financial%20instruments) The company manages credit, liquidity, currency, interest rate, and commodity price risks, with **$9,653,494** in working capital as of March 31, 2025 - **Credit risk** is primarily attributable to liquid financial assets and royalty receivables, mitigated by maintaining cash in high-quality financial institutions and closely monitoring receivables[73](index=73&type=chunk) - As at March 31, 2025, the Company had cash and cash equivalents of **$9,145,867** and working capital of **$9,653,494**, ensuring sufficient liquidity[74](index=74&type=chunk) - A **10%** increase (decrease) of the **Canadian and Australian dollar** relative to the **United States dollar** would increase (decrease) net loss and other comprehensive loss by **$452,000**[75](index=75&type=chunk) - A **1%** increase (decrease) in **nominal interest rates** would have increased (decreased) net loss and other comprehensive loss by approximately **$37,500**, due to the **floating interest rates on the Facility**[76](index=76&type=chunk) - The Company's royalties are subject to fluctuations from changes in market prices of underlying commodities (precious and base metals), which are the **primary drivers of profitability**, and future revenue is not hedged[78](index=78&type=chunk)[79](index=79&type=chunk) - The Company's primary objective in capital management is to **maximize returns for shareholders** by **growing its asset base through accretive acquisitions** of royalty interests, while **optimizing its capital structure**[82](index=82&type=chunk) [19. Subsequent events](index=14&type=section&id=19.%20Subsequent%20events) Subsequent to March 31, 2025, the company drew **$11.7 million** from its BMO Facility to fund the Kanmantoo royalty acquisition and declared a quarterly dividend - On May 14, 2025, the Company initiated a draw down of **$11.7 million** under the **BMO Facility** to purchase the **Kanmantoo royalty acquisition**, which was completed on **May 15, 2025**[86](index=86&type=chunk) - On May 15, 2025, the Board of Directors declared a quarterly dividend of **$0.0125** per common share, payable on **July 14, 2025**[87](index=87&type=chunk)

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].