Portfolio Overview
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.
70
Royalties
32
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
| Project | Operator | Location | Commodity | Interest |
|---|---|---|---|---|
| Brauna | Lipari Mineração Ltda | Brazil | Diamonds | 0.5% Gross Sales Royalty |
| Bulong | Black Cat Syndicate Limited | Australia | Gold | 1.0% Net Smelter Royalty |
| Castle Hill | Evolution Mining Ltd. | Australia | Gold | A$40/oz up to 75koz, plus A$2M payment at 140koz |
| Janet Ivy | Zijin Mining Group Co., Ltd. (Norton Gold Fields Pty Ltd.) | Australia | Gold | A$0.50/t Royalty |
| Kanmantoo | Hillgrove Resources Limited | Australia | Copper, Gold | 2.5% NSR (0.5% NSR after 85kt Cu cumulative production) |
| Otto Bore | Northern Star Resources Ltd. | Australia | Gold | 2.5% Net Smelter Royalty (on cumulative 42Koz to 100Koz production) |
| Plutonic East | Catalyst Metals Ltd. | Australia | Gold | Sliding scale A$0.40/tonne to A$3.50/tonne |
| 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 |
| Brits | Sable Exploration and Mining Limited | South Africa | Vanadium | 1.75% Gross Sales Royalty (or ~C$1.09/t annual cap) |
| Bruno Lewis | Genesis Minerals Limited | Australia | Gold | 1.0% Gross Revenue Royalty (>10Koz production) |
| Bullabulling | Zijin Mining Group Co., Ltd. (Norton Gold Fields Pty Ltd.) | Australia | Gold | A$10/oz Gold Production Royalty (>100Koz production) |
| Dry Creek | Westgold Resources Ltd. | Australia | Gold | A$0.87/g gold ore milled (effective 0.85% Net Smelter Royalty) |
| Goldlund | NexGold Mining Corp. | 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 (Melita) | Genesis Minerals Ltd | Australia | Gold | A$1/t Ore Production Royalty (>650Kt ore mined and treated) |
| Koolyanobbing | Mineral Resources Limited | Australia | Iron Ore | 2.0% F.O.B. Revenue Royalty |
| 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) |
| Mt Ida | Aurenne Group Pty Ltd. | Australia | Gold | 1.5% Net Smelter Royalty (>10Koz production) |
| Pitombeiras | Jangada Mines plc | Brazil | Vanadium, Titanium, Iron Ore | 1.0% Net Smelter Royalty |
| 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) |
| 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 |
| 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 (Consolidated Gold) | Arika Resources Limited & Genesis Minerals Ltd | Australia | Gold | A$1/t Ore Production Royalty (with gold grade escalator) |
| 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) |
| Libby / Montanore | Hecla Mining Company | USA | Silver and copper | US$0.20/t Production Royalty |
| 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) |
| 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 |
| Pedra Branca | ValOre Metals Corp. | Brazil | Nickel, copper, cobalt, platinum group metals, chrome | 1.0% 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 | Stanifer Pty 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 |
