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 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 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].