Vox Royalty (US:VOXR)2025-11-12 21:31Revenue Growth - Total revenue for the three months ended September 30, 2025, was $3,815,640, representing a 57% increase from $2,428,809 in the same period of 2024[8] - Royalty revenue increased to $3,672,250 for the three months ended September 30, 2025, compared to $2,428,809 in 2024, marking a 51% growth[8] - Total revenue for the three months ended September 30, 2025, was $3,815,640, a significant increase from $2,428,809 in the same period of 2024, representing a growth of 57.0%[95] Net Income and Expenses - The company reported a net income of $161,673 for the three months ended September 30, 2025, compared to a net loss of $107,613 in the same period of 2024[8] - Operating expenses for the three months ended September 30, 2025, were $1,546,209, a slight decrease from $1,610,775 in the same period of 2024[8] - General and administration expenses for the nine months ended September 30, 2025, totaled $3,298,447, a decrease from $3,448,473 in the same period of 2024[73] Cash and Assets - Cash and cash equivalents increased to $12,146,280 as of September 30, 2025, up from $8,754,391 at the end of December 2024, reflecting a 39% increase[5] - Total assets rose significantly to $123,410,101 as of September 30, 2025, compared to $51,381,324 at the end of December 2024, indicating a 140% increase[5] - The company reported total non-current assets of $106,731,388 as of September 30, 2025, up from $39,252,310 as of December 31, 2024, indicating a growth of 172.5%[95] Equity and Share Issuance - The company’s total equity reached $101,174,242 as of September 30, 2025, up from $43,060,199 at the end of December 2024, representing a 135% increase[5] - The Company issued 17,094,750 common shares at a price of $3.70 per share, resulting in total gross proceeds of $63,250,575 from the public offering[55] - The number of common shares issued and outstanding increased to 67,986,838 as of September 30, 2025, compared to 50,658,776 at December 31, 2024[54] Royalty Interests and Acquisitions - The company acquired royalty interests totaling $14,439,760 during the nine months ended September 30, 2025[12] - The total royalty interests increased to $49,197,928 as of September 30, 2025, compared to $37,984,188 in December 2024, reflecting a growth of about 29.5%[35] - Vox completed the acquisition of the Kanmantoo copper-gold royalty in Australia for a net purchase price of $11,751,838 on May 15, 2025[36] Debt and Credit Facilities - The Company amended its credit agreement, increasing the secured revolving credit facility to $40,000,000, with a total funding capacity of $75,000,000[44] - As of September 30, 2025, the outstanding balance under the credit facility was $11,700,000 after borrowings of $16,700,000 and repayments of $5,000,000[46] - The Company maintained compliance with all covenants related to its credit facility as of September 30, 2025[45] Tax and Interest - Current tax expense for the three months ended September 30, 2025, was $330,857, compared to $448,757 for the same period in 2024, reflecting a decrease of 26.3%[96] - Interest income for the nine months ended September 30, 2025, was $264,222, down from $368,680 in the same period of 2024[75] Litigation and Impairments - The company is involved in ongoing litigation regarding the Red Hill royalty, with potential implications for its financial position[82] - The company fully impaired four royalties related to the Jaw, Phoebe, Cart, and Colossus projects, reducing their carrying value from $1,000,000 to nil[84] - The company expects to reverse up to $1,000,000 of the 2023 impairment charge if replacement royalties are granted[84] Future Commitments and Payments - The company has milestone payments totaling $11,813,739 related to various royalty acquisitions, contingent on achieving specific revenue or production thresholds[89] - The company has committed to minimum annual lease payments of $3,872 for its premises and $39,585 for consulting agreements for the period ending September 30, 2026[86] Financial Instruments and Market Sensitivity - Vox's total financial assets measured at fair value through profit or loss (FVPL) include those intended for short-term sale, reflecting the company's strategy to capitalize on market fluctuations[25] - A 10% increase in the value of the Canadian and Australian dollar relative to the US dollar would increase net income by $580,000[101] - A 1% increase in nominal interest rates would increase net income by approximately $300,000[102]