Gold Price: $2,403/oz
TSXV: VOX
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Royalties & Streams

Portfolio Summary

Vox’s portfolio is predominantly geared towards precious metals royalties which make up over 70% of our portfolio weighting by NAV. In addition to our precious metals’ royalties, the Company has underlying exposure to a more diverse array of commodities, including base, battery, and certain bulk commodities. Our portfolio spans four continents but is heavily weighted to Australia and North America where >80% of our assets are located. The company has a track record of buying assets with significant near-term growth and development catalysts.

Vox has both immediately cash-flowing royalties generating recurring revenue and royalties over several long-life, economically robust development-stage assets with great operating counterparties. In recognizing the potential for huge upside that exploration success can have for royalty holders, we continue to make opportunistic investments and hold an exciting portfolio of royalties over exploration-stage assets.

71

Royalties

31

Transactions Since 2019

Portfolio Highlights

Strong weighting to precious metals royalties

Precious metals royalties make up >70% of our portfolio weighting by NAV. Our precious metals exposure includes gold, silver, and platinum groups metals.

Robust and growing organic cash-flow

Royalties over several producing assets and an organic pipeline of several long-life, economically robust development-stage assets

Track record of investing in royalties with significant growth or expansion catalysts

Our team has a track record of acquiring royalties which later go on to achieve significant resource or production increases post-acquisition

Built in diversification

In addition to our precious metals’ royalties, the Company has underlying exposure to a more diverse array of commodities, including base, battery, and certain bulk commodities.

Exceptionally strong M&A pipeline

Our advanced pipeline includes existing royalties over Tier 1 and Tier 2 assets globally, and we are actively evaluating more than ~$500m of potential royalty deals, enabled by our proprietary royalty database of over 8,500 royalties.

Producing Mines
Development Assets
Exploration Stage

Producing Mines

Project Operator Location Commodity Interest
Brauna Lipari Mineração Ltda Brazil Diamonds 0.5% Gross Sales Royalty
Dry Creek Karora Resources Inc. Australia Gold A$0.87/g gold ore milled (effective 0.85% Net Smelter Royalty)
Janet Ivy Zijin Mining Group Co., Ltd. (Norton Gold Fields Pty Ltd.) Australia Gold A$0.50/t Royalty
Koolyanobbing Mineral Resources Limited Australia Iron Ore 2.0% F.O.B. Revenue Royalty
Otto Bore Northern Star Resources Ltd. Australia Gold 2.5% Net Smelter Royalty (on cumulative 42Koz to 100Koz production)
Wonmunna Mineral Resources Limited Australia Iron Ore 1.25% to 1.50% Gross Revenue Royalty (>A$100/t iron ore)

Development Assets

Project Operator Location Commodity Interest
Abercromby Well Toro Energy Limited Australia Uranium 2.0% Net Smelter Royalty x 10% interest (payable >910Klb U308 cumulative production)
Bowdens Silver Mines Limited Australia Silver, Lead, Zinc 0.85% Gross Revenue Royalty
Brightstar Alpha Brightstar Resources Limited Australia Gold 2.0% Gross Revenue Royalty
British King Central Iron Ore Ltd. Australia Gold 1.25% Net Smelter Royalty
Brits Bushveld Minerals Limited South Africa Vanadium 1.75% Gross Sales Royalty (or ~C$1.09/t annual cap)
Bullabulling Zijin Mining Group Co., Ltd. (Norton Gold Fields Pty Ltd.) Australia Gold A$10/oz Gold Production Royalty (>100Koz production)
Bulong Black Cat Syndicate Limited Australia Gold 1.0% Net Smelter Royalty
Cardinia (Lewis Deposit) Genesis Minerals Limited Australia Gold 1.0% Gross Revenue Royalty (>10Koz production)
Castle Hill (milestone payment) Evolution Mining Ltd. Australia Gold A$2M post recovery of 140Koz gold from Castle Hill royalty tenure
Castle Hill (royalty) Evolution Mining Ltd. Australia Gold A$40/oz gold extracted and recovered (payable up to 75Koz gold)
Goldlund Treasury Metals Inc. Canada Gold 1.0% Net Smelter Royalty (>50m depth from shaft collar)
Horseshoe Lights Horseshoe Metals Ltd. Australia Gold and copper 3.0% Net Smelter Royalty
Kangaroo Caves Develop Global Limited Australia Copper, zinc, lead, silver A$2/t Ore Production Royalty (40% interest)
Kenbridge Tartisan Nickel Corp. Canada Nickel, copper and cobalt 1.0% Net Smelter Royalty (buyback for C$1.5M)
Kookynie (Consolidated Gold) Metalicity Limited & Genesis Minerals Ltd. Australia Gold A$1/t Ore Production Royalty (with gold grade escalator)
Kunanalling Evolution Mining Ltd. Australia Gold 2% realised production (payable >75Koz gold from Castle Hill royalty tenure)
Limpopo (Dwaalkop) Sibanye Stillwater Ltd. South Africa Platinum Group Metals, Gold, Copper, Nickel 1.0% Gross Receipts Royalty
Limpopo (Messina) Sibanye Stillwater Ltd. South Africa Platinum Group Metals, Gold, Copper, Nickel 0.704% Gross Receipts Royalty
Lynn Lake (MacLellan) Alamos Gold Inc. Canada Gold 2.0% Gross Proceeds Royalty (post initial capital recovery)
Montanore Hecla Mining Company USA Silver and copper US$0.20/t Production Royalty
Mt Ida Aurenne Group Pty Ltd. Australia Gold 1.5% Net Smelter Royalty (>10Koz production)
Mt Moss Mt Moss Mining Pty Ltd. Australia Zinc, copper, iron, silver 1.5% Net Smelter Royalty
Pedra Branca ValOre Metals Corp. Brazil Nickel, copper, cobalt, platinum group metals, chrome 1.0% Net Smelter Royalty
Pitombeiras Jangada Mines plc Brazil Vanadium, Titanium, Iron Ore 1.0% Net Smelter Royalty
Plutonic East Catalyst Metals Ltd. Australia Gold Sliding scale A$0.40/tonne to A$3.50/tonne
Red Hill Northern Star Resources Ltd. Australia Gold 4.0% Gross Revenue Royalty
South Railroad Orla Mining Ltd. USA Gold 0.633% Net Selter Royalty + Advance Royalty Payments
Sulphur Springs Develop Global Limited Australia Copper, zinc, lead and silver A$2/t Ore Production Royalty (A$3.7M royalty cap)
Uley Quantum Graphite Limited Australia Graphite 1.5% Gross Revenue Royalty

Exploration Stage

Project Operator Location Commodity Interest
Aga Khan Emmerson Resources Limited Australia Gold and copper 2.0% Net Smelter Royalty
Anthiby Well Hancock Prospecting Australia Iron Ore 0.25% Gross Revenue Royalty
Ashburton Kalamazoo Resources Ltd Australia Gold 1.75% Gross Revenue Royalty (>250koz production)
Barabolar Silver Mines Limited Australia Silver, Lead, Zinc 1.0% Gross Revenue Royalty
Beschefer Abitibi Metals Corp. Canada Gold 0.6% Net Smelter Royalty (partial buyback)
Broken Hill Castillo Copper Ltd Australia Copper, cobalt, rare earths 2.0% Net Smelter Royalty
Bulgera Norwest Minerals Limited Australia Gold 1.0% Net Smelter Royalty
Comet Gold Accelerate Resources Ltd. Australia Gold 1.0% Net Smelter Royalty
Estrades Galway Metals Inc. Canada Gold and zinc 2.0% Net Smelter Royalty
Forest Reef Newmont Corporation Australia Gold, copper 1.5% Net Smelter Royalty
Glen Sinosteel Midwest Corporation Australia Iron ore 0.2% F.O.B. Revenue Royalty
Green Dam St. Barbara Limited Australia Gold 2.0% Net Smelter Royalty
Halls Creek / Mt Angelo North AuKing Mining Ltd. and Cazaly Resources Ltd. Australia Copper and zinc 1.5% Net Smelter Royalty
Hawkins E2 Gold Inc. Canada Gold 0.50% Net Smelter Royalty
Holleton Ramelius Resources Limited Australia Gold 1.0% Net Smelter Royalty
Kelly Well Genesis Minerals Ltd. Australia Gold 10% Free Carry (converting to 1.0% Net Smelter Royalty)
Kookynie (Melita) Genesis Minerals Ltd Australia Gold A$1/t Ore Production Royalty (>650Kt ore mined and treated)
Kookynie (Wolski) Zygmund Wolski Australia Gold A$1/t Ore Production Royalty (>650Kt ore mined and treated) and a A$1/t Ore Production Royalty (with gold grade escalator)
Lynn Lake (Nickel) Corazon Mining Ltd Canada Nickel, copper and cobalt 2.0% Gross Proceeds Royalty (post initial capital recovery)
Merlin and Electric Dingo Black Cat Syndicate Limited Australia Gold 0.75% Gross Revenue Royalty (>250koz production)
Mexican Assets Privately held Mexico Lead, Zinc, Silver and Gold 1.0% Net Smelter Royalty
Millrose Northern Star Resources Ltd. Australia Gold 1.0% Gross Revenue Royalty
Mount Monger MTM Critical Metals Ltd. Australia Gold 1.0% Net Smelter Royalty
Mt Samuel Emmerson Resources Limited Australia Gold, copper, bismuth 2.0% Net Smelter Royalty
New Bore Genesis Minerals Ltd. Australia Gold 10% Free Carry (converting to 1.0% Net Smelter Royalty)
Opawica Scandium Canada Canada Gold 0.49% Net Smelter Royalty
Pilbara Fortescue Metals Group Limited Australia Iron Ore 1.5% F.O.B Royalty (to 20Mt), 0.5% F.O.B. Royalty (to 35Mt), then 0.1% F.O.B. Royalty + 1% Gross Revenue Royalty (non iron ore)
Thaduna Sandfire Resources Limited Australia Copper 1.0% Net Smelter Royalty
The Trump Emmerson Resources Limited Australia Gold and copper 2.0% Net Smelter Royalty
Tinto Emmerson Resources Limited Australia Gold and copper 2.0% Net Smelter Royalty
True Blue Emmerson Resources Limited Australia Gold and copper 2.0% Net Smelter Royalty
Volga Novel Mining Australia Copper 2.0% Gross Revenue Royalty
West Kundana Evolution Mining Ltd. Australia Gold Sliding scale 1.5% to 2.5% Net Smelter Royalty
West Malartic (Chibex South) Agnico Eagle Mines Limited Canada Gold 0.66% Net Smelter Royalty
Yamarna Gold Road Resources Ltd. Australia Gold A$7.50/oz Discovery Payment

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