Core Viewpoint - Vox Royalty Corp. has released its annual investor letter, highlighting its focus on returns through disciplined capital allocation and risk-adjusted value creation [1]. Company Overview - Vox Royalty Corp. is a mining royalty and streaming company established in 2014, with a diversified portfolio of over 70 royalties and streams [1]. - The company has 12 producing assets and 25 development stage assets, primarily focused on gold and select industrial metals in top-tier mining jurisdictions [1]. - Vox aims to generate long-term returns and superior investment outcomes for shareholders through a technically driven team and proprietary royalty database [1].

Core Insights - Ace River Capital's Fund returned -4.55% in Q4 2025, underperforming the S&P 500's +2.7% and the Russell 2000's +2.2% [1] - For the full year, the Fund delivered -21.95%, while the S&P 500 and Russell 2000 returned +18.0% and +12.8%, respectively [1] - The unfavorable performance was attributed to valuation pressures and unique events [1] Company Highlights - Vox Royalty Corp. (NASDAQ:VOXR) is a mining royalty company based in Westminster, Colorado, with a market capitalization of $364.943 million [2] - As of February 9, 2026, Vox Royalty Corp. stock closed at $5.29 per share, with a one-month return of 8.18% and a twelve-month increase of 116.80% [2] - Since initiating a position in Q4 2023, Vox Royalty Corp. has become the Fund's largest holding, returning approximately 160% [3] Market Context - Gold prices are reaching record highs, driven by inflation concerns, geopolitical instability, and inconsistent trade and fiscal policy [3] - Vox Royalty Corp. is not among the 30 most popular stocks among hedge funds, with 12 hedge fund portfolios holding the stock at the end of Q3, up from 9 in the previous quarter [4] - While Vox Royalty Corp. shows potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Core Insights - Vox Royalty Corp. reported record preliminary full year 2025 royalty and net precious metal receipts of $16.6 million, exceeding the annual guidance of $13 - $15 million, representing a 50% increase compared to fiscal year 2024 [1][2] - The company successfully paid down the full outstanding balance of $6.7 million under its BMO credit facility, which is now fully undrawn with a capacity of up to $75 million [1] Financial Performance - The record preliminary 2025 royalty and net precious metal receipts of $16.6 million included $12 million from royalty revenue (up from $11 million in 2024) and $4.6 million in net precious metal income, which was not present in 2024 [2] - In Q4 2025, the company achieved preliminary royalty and net precious metal receipts of $7.4 million, a 150% increase compared to Q4 2024, with $3 million from royalty revenue and $4.4 million in net precious metal income [3] - The average net precious metal income realized in Q4 2025 was $93.71/oz, compared to previous owners' annual average of $24.00/oz to $49.20/oz [2][3] Commodity Breakdown - The commodity mix for net precious metal income in 2025 was 55% from gold and silver and 45% from other metals, predominantly copper and iron ore [5] - In Q4 2025, the breakdown was 75% from gold and silver and 25% from other metals [6] Corporate Updates - Vox plans to release its 2026 annual guidance on expected royalty and net precious metal income on March 5, 2026 [7] - The company incurred an impairment charge of $764,016 on its Brits vanadium royalty asset due to operational issues with the prior operator [8] Company Overview - Vox Royalty Corp. is a returns-focused mining royalty and streaming company with a portfolio of over 70 assets across nine jurisdictions, established in 2014 [9]

Core Viewpoint - Vox Royalty Corp. has restructured its gold offtake agreement with Equinox Gold Corp., transitioning from Brazilian assets to a new offtake stream over the Greenstone gold mine in Ontario, enhancing its exposure to a Tier 1 Canadian asset [1][2]. Group 1: Transaction Details - Vox's wholly-owned subsidiary has entered into a definitive agreement with Equinox to restructure its 35% gold offtake over the Santa Luz, Fazenda, and RDM mines in Brazil [1]. - The remaining offtake delivery obligations will now be satisfied through a production-linked offtake stream of 29% of refined gold produced from Greenstone, with minimum deliveries of 63,600 ounces for 2026 [8]. - Vox's existing Greenstone offtake stream, acquired in September 2025, remains unchanged and will be prioritized over the new agreement [8]. Group 2: Greenstone Mine Overview - Greenstone is a large open-pit mine near Geraldton, Ontario, which achieved commercial production in November 2024 [4]. - Equinox has set a production guidance range of 250,000 to 300,000 ounces for 2026, with cash costs estimated at US$1,350 - US$1,450 per ounce, and an average life of mine yearly production forecast of 330,000 ounces [4]. Group 3: Company Background - Vox is a returns-focused mining royalty and streaming company with a portfolio of over 80 assets across nine jurisdictions, established in 2014 [6]. - Since 2020, Vox has announced over 30 transactions to acquire more than 70 assets, targeting high returns on royalty acquisitions in the mining sector [6].

Core Insights - Vox Royalty Corp. (VOXR) has experienced a significant increase in share price, rising over 90% in the past 12 months, primarily driven by the rise in gold and silver prices [1] Company Overview - Vox Royalty Corp. focuses on investing in mine royalties, which is a strategy that has contributed to its recent stock performance [1] Market Trends - The increase in share price is attributed to broader market trends in precious metals, particularly gold and silver, indicating a favorable environment for companies involved in mining and royalties [1]

Core Viewpoint - Vox Royalty Corp. has executed a binding agreement to acquire a royalty over the Stockman copper-gold-zinc-silver project in Victoria, Australia, indicating a strategic move to enhance its portfolio in the mining sector [1] Group 1: Acquisition Details - The acquired royalty is a 1.5% Net Smelter Return royalty, which will reduce to 1.0% after nine million tonnes of production [1]

Vox Royalty Corp Conference Summary Company Overview - **Company Name**: Vox Royalty Corp - **Ticker Symbols**: VOXR (NASDAQ), VOXR (TSX) - **Industry**: Mining, specifically focused on precious metals royalty and streaming - **Portfolio**: Over 80 assets across eight jurisdictions [1][4] Core Industry Insights - **Macroeconomic Environment**: Current market conditions are favorable for gold and copper, with record high prices due to geopolitical uncertainties [4] - **Investor Interest**: Increased interest from U.S. generalist investors in gold and related equities, making it an opportune time for royalty and streaming companies [4][5] Company Strategy and Performance - **Investment Focus**: Vox was established to provide generalist investors with exposure to mining without the need for specialized knowledge [5][6] - **Competitive Advantage**: The company emphasizes compounding per-share returns and has built a diversified portfolio to mitigate single mine risk [6][7] - **Historical Performance**: Royalty companies have historically outperformed mining equities, with returns ranging from 800% to 3,300% over the past 20 years [8][9] Financial Metrics - **Market Capitalization**: Approximately $360 million [11] - **Revenue Growth**: Revenue has grown significantly, with guidance for $13-$15 million this year based on previous investments [18][19] - **Dividend Policy**: Vox has the highest dividend yield in its industry, with a consistent annual increase of approximately 10% over the last three years [19] Portfolio Composition - **Asset Breakdown**: 80% of the portfolio is in precious metals, primarily gold, with 20% in non-precious metals like copper, iron ore, zinc, and nickel [12][26] - **Geographic Focus**: Approximately 70% of assets are located in Australia, particularly Western Australia, which is viewed as a top mining jurisdiction [13][10] Future Growth and Opportunities - **Production Expansion**: The company expects to increase its producing assets from 14 to nearly 22 over the next two to three years [14][21] - **Recent Acquisition**: A significant $60 million acquisition of 10 assets, including offtake streaming contracts, is expected to enhance revenue potential [22][24] - **Market Positioning**: Vox aims to capitalize on undervalued opportunities in Australia, where royalties can be acquired at lower costs compared to North America [33] Risk Management and Monitoring - **Diversification Strategy**: The company maintains a diversified portfolio to reduce risk, with no single asset contributing more than 25% of revenue [26][30] - **Operator Quality**: Two-thirds of the portfolio is managed by companies with market caps over $2 billion, ensuring stability and reliability [31][32] Conclusion - **Outlook**: Vox Royalty Corp is well-positioned for growth in a favorable market environment, with a strong focus on capital efficiency, diversification, and strategic acquisitions to enhance shareholder value [19][24]

Summary of Agnico Eagle Mines Conference Call Company Overview - **Company**: Agnico Eagle Mines (NYSE:AEM) - **Industry**: Mining, specifically gold production - **Position**: Canada's largest mining company and the second largest gold producer globally - **Operations**: Canada, Australia, Finland, and Mexico with a pipeline of exploration and development projects [2][3] Key Points and Arguments Gold Market Performance - Gold prices have increased over 60% year-to-date, reaching record levels over $4,200 per ounce due to geopolitical uncertainty, central bank buying, high global debt levels, and de-dollarization trends [3][4] - Gold equities have outperformed gold itself, with share performance exceeding 100% in 2025, indicating strong investor interest [4] Agnico Eagle's Business Model - Agnico operates 10 assets across five regions and four countries, with approximately 85% of production from Canada [5] - The company focuses on regions with geological potential for multiple mines and political stability, which provides a competitive advantage [6][7] - Over the last 20 years, Agnico has increased its gold production from 250,000 ounces to nearly 3.5 million ounces per year, a 14-fold increase [8] Financial Performance - Agnico has maintained a strong financial position, reducing net debt from $200 million to a net cash position of $2.2 billion as of September, with expectations to reach $3 billion by year-end [10] - The company has consistently paid dividends, totaling $600 million year-to-date, with an expected full-year payout of $800 million [11] Capital Allocation and Growth Strategy - Agnico plans to reinvest approximately $2.1 billion in sustaining growth capital expenditures, focusing on five key projects that could add 1.3-1.5 million ounces of annual production over the next five to eight years [12][13] - Key projects include Detour Lake and Canadian Malartic, both capable of producing over one million ounces per year [32] Production and Cost Management - All-in sustaining costs are approximately $300 per ounce, significantly lower than peers, providing a competitive edge [30] - The company has expanded its margins to over 60% as gold prices increase, effectively passing on 99% of gold price increases to investors [9] Community Engagement and Sustainability - Agnico emphasizes strong relationships with local and Indigenous communities, being the largest payer to Indigenous communities in Canada [32] - The company is committed to responsible operations and environmental stewardship, particularly in sensitive areas like Nunavut [24][49] Additional Important Insights - Agnico's long mine life estimates indicate over 15 years of production potential across its properties, with some assets extending beyond 2050 [27] - The company has a robust pipeline of projects that are expected to generate significant free cash flow and support production growth in the coming years [12][32] - The strategic focus on regional operations allows Agnico to leverage existing infrastructure and relationships, enhancing operational efficiency and reducing risks [6][7] This summary encapsulates the key insights from the Agnico Eagle Mines conference call, highlighting the company's strong market position, financial health, growth strategy, and commitment to community engagement and sustainability.

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: Vox Royalty Corp. (VOXR) - Vox Royalty Corp. currently holds a Momentum Style Score of A, indicating strong momentum potential [3]. - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4]. Price Performance - Over the past week, VOXR shares have increased by 13.36%, outperforming the Zacks Mining - Miscellaneous industry, which rose by 2.79% [6]. - In a longer timeframe, VOXR's shares have risen by 28.95% over the past month, compared to the industry's 4.51% [6]. - Over the last three months, VOXR shares have increased by 44.02%, and over the past year, they have surged by 100.76%, while the S&P 500 has only moved 5.66% and 13.75% respectively [7]. Trading Volume - The average 20-day trading volume for VOXR is 646,881 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the past two months, one earnings estimate for VOXR has increased, raising the consensus estimate from $0.04 to $0.06 for the full year [10]. - For the next fiscal year, one estimate has also moved upwards, with no downward revisions noted [10]. Conclusion - Considering the strong momentum indicators and positive earnings outlook, VOXR is identified as a 2 (Buy) stock with a Momentum Score of A, making it a promising investment opportunity [12].

Summary of Vox Royalty FY Conference Call Company Overview - **Company Name**: Vox Royalty (NasdaqCM:VOXR) - **Industry**: Specialty Mining, focusing primarily on gold royalties but also open to base and battery metals [2][8] Core Points and Arguments - **Business Model**: Vox Royalty operates as a gold royalty company, designed to provide investors with exposure to precious metals while minimizing risk and maximizing returns [2][3] - **Performance Metrics**: - Founding shareholders have seen returns of over 1,300% since inception, with an 80% increase in the last year [6] - Revenue has grown by almost 400% over the last three years while costs have remained flat or decreased [6][7] - **Market Position**: Vox aims to replicate the success of larger royalty companies like Franco-Nevada and Wheaton Precious Metals, which have outperformed mining companies and major indices [4][5] - **Asset Growth**: The number of producing assets has increased from 1 in 2020 to 14 currently, with expectations to grow to 22 in the coming years [9][10] Financial Highlights - **Recent Acquisition**: In September, Vox acquired a portfolio generating approximately $15 million in free cash flow for $60 million, significantly increasing its producing asset count [10][11] - **Market Capitalization**: Vox has a market cap of $300 million, providing a diversified portfolio that would typically belong to much larger mining companies [11] - **Debt and Cash Position**: The company has about $11.7 million in debt and $11 million in cash, indicating a strong balance sheet [11] Strategic Focus - **Investment Strategy**: Vox focuses on acquiring royalties from projects that are 2-4 years from production, allowing for a steady increase in revenue and cash flow [9][10] - **Dividend Policy**: Vox pays a modest but sustainable dividend, which is the highest yield in the precious metals royalty industry [18] - **Analyst Coverage**: Currently, four analysts cover Vox, with expectations for increased price targets as the company continues to grow [19][20] Industry Dynamics - **Gold Price Outlook**: The company is positioned to benefit from long-term increases in gold prices, although it operates under the assumption of potential price declines [25][26] - **Cost Structure**: Vox's business model is less affected by cost inflation in the mining sector, allowing for higher operating margins compared to traditional mining companies [23][24] Competitive Advantage - **Data Utilization**: Vox has acquired a proprietary database of mining royalties, enabling it to identify undervalued assets that competitors may overlook [28][29] - **Risk Management**: The company emphasizes a high margin of safety in its acquisitions, focusing on the likelihood of mines entering production rather than solely on current metal prices [38][39] Future Outlook - **Growth Potential**: Vox expects to add 2-5 new producing assets annually, which will further enhance its revenue profile [16][24] - **Index Inclusion**: The company was added to the Russell 2000 and anticipates inclusion in the GDXJ index, which could attract broader investor interest [24] Additional Insights - **Silver Royalties**: Vox holds a significant silver royalty over the Bowden's project, which could generate substantial revenue once in production [41] - **Market Perception**: The company believes its business model may be perceived as complex, but it aims to simplify its narrative to attract more passive investors [18][19]