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, with ~67% of assets located in Australia and ~20% in Canada and the United States. 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 & Streams
32
Transactions Since 2019
Portfolio Highlights
Strong weighting to precious metals royalties and steams
Precious metals royalties and streams make up >70% of our portfolio weighting by NAV. Our precious metals exposure includes gold, copper, silver, and platinum groups metals.
Robust and growing organic cash-flow
Royalties and streams 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 and streams, Vox 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 |
|---|---|---|---|---|
| Blyvoor | Aurous Resources | South Africa | Gold | 100% up to a cap of 2.7Moz |
| Bonikro | Allied Gold Corporation (Subject to Zijin Gold International takeover) | Côte d’Ivoire | Gold | 50% uncapped (excluding third party stream ounces) |
| Bulong / Myhree | Black Cat Syndicate Limited | Australia | Gold | 1.0% NSR |
| Castle Hill | Evolution Mining Ltd. | Australia | Gold | A$40/oz up to 75koz, plus A$2M payment at 140koz |
| Federation | Aurelia Metals Ltd | Australia | Gold | 4.5% GRR on first 250Koz of gravity gold |
| Greenstone | Equinox Gold Corp. | Canada | Gold | 100% up to a cap of 58.5koz per annum until March 2027; 29% of deliveries up to a cap of ~226,000oz |
| Janet Ivy | Zijin Gold International (Northern Gold Fields Pty Ltd.) | Australia | Gold | A$0.50/t royalty |
| Kanmantoo | Hillgrove Resources Limited | Australia | Copper, gold, silver | 2.5% NSR, stepping down to 0.5% NSR after >85kt copper produced |
| Otto Bore | Northern Star Resources Ltd. | Australia | Gold | 2.5% NSR (on cumulative 42,000–100,000 oz production) |
| Plutonic East | Catalyst Metals Ltd. | Australia | Gold | Sliding scale tonnage royalty with grade escalator |
| Ruby Hill, Cove & Granite Creek | i-80 Gold Corp. | United States | Gold | 100% up to a cap of 40koz per annum until December 2028 |
| Wonmunna | Mineral Resources Limited | Australia | Iron ore | 1.25% to 1.5% GRR (~A$100/t iron ore) |
Development Assets
| Project | Operator | Location | Commodity | Interest |
|---|---|---|---|---|
| Abercromby Well | Toro Energy Limited | Australia | Uranium | 2.0% NSR × 10% interest (>910klb U3O8 cumulative production) |
| Bowdens | Silver Mines Limited | Australia | Silver-lead-zinc | 0.85% GRR |
| Brightstar Alpha | Brightstar Resources Limited | Australia | Gold | 2.0% GRR |
| Bullabulling | Minerals 260 Limited | Australia | Gold | A$10/oz gold royalty (>100Koz production) |
| Cardinia (Lewis deposit) | Genesis Minerals Ltd. | Australia | Gold | 1% GRR (>10koz) |
| Dandoko | B2 Gold Corp | Mali | Gold | 1.0% NSR |
| Estrades | Galway Metals Inc. | Canada | Gold, zinc | 2.0% NSR |
| Goldlund | NexGold Mining Corp. | Canada | Gold | 1.0% NSR (>50m depth from shaft collar) |
| Higginsville (Dry Creek) | Westgold Resources Ltd. | Australia | Gold | A$0.87/gram gold ore milled (effective 0.85% NSR) |
| Horseshoe Lights | Horseshoe Metals Ltd. | Australia | Gold, copper | 3.0% NSR |
| Kangaroo Caves | Develop Global Limited | Australia | Copper, zinc, lead, silver | A$2/t ore PR (100% interest) |
| Kenbridge | Tartisan Nickel Corp. | Canada | Nickel, copper, cobalt | 1.0% NSR (buyback for C$1,500) |
| Kookynie (Melita) | Genesis Minerals Ltd (Puzzle); GoldArc Resources Ltd (Orion/Sapphire) | Australia | Gold | A$1/t ore PR (>650Kt ore mined and treated) |
| Koolyanobbing (part of Deception & Altair pits) | Yilgarn Iron Investments Pty Ltd | Australia | Iron ore | 2.0% FOB Revenue |
| Kunanalling | Evolution Mining Ltd. | Australia | Gold | 2% realised production post 75koz from Castle Hill |
| Limpopo (Dwaalkop) | Sibanye Stillwater Ltd. | South Africa | Platinum, palladium, rhodium, gold, copper and nickel | 1.0% GRR |
| Limpopo (Messina) | Sibanye Stillwater Ltd. | South Africa | Platinum, palladium, rhodium, gold, copper and nickel | 0.704% GRR |
| Lynn Lake (MacLellan)(2) | Alamos Gold Inc. | Canada | Gold | 2.0% GRR (post initial capital recovery) |
| Mt Ida | Aurene Group Mining | Australia | Gold | 1.5% NSR (>10Koz Au production) |
| Pitombeiras | Jangada Mines plc | Brazil | Vanadium, Titanium, Iron Ore | 1.0% NSR |
| Red Hill | Northern Star Resources Ltd. | Australia | Gold | 4.0% GRR |
| South Railroad | Orla Mining Ltd. | United States | Gold | 0.633% NSR + advance royalty payments |
| Stockman | Aeris Resources Limited | Australia | Copper, gold, silver and zinc | 1.5% NSR (reducing to 1.0% NSR after 9Mt production) |
| Sugar Zone | Vault Minerals Limited | Canada | Gold | 80% of doré up to a cap of 961koz |
| Sulphur Springs | Develop Global Limited | Australia | Copper, zinc, lead, silver | A$2/t ore PR (A$3.7M royalty cap) |
| Uley | Quantum Graphite Limited | Australia | Graphite | 1.5% GRR |
| Wyloo North | Fortescue Ltd. | Australia | Iron Ore | 1.5% GRR (on the first 15Mt production) |
Advanced Exploration Stage
| Project | Operator | Location | Commodity | Royalty |
|---|---|---|---|---|
| Anthiby Well | Hancock Prospecting | Australia | Iron ore | 0.25% GRR |
| Ashburton | Kalamazoo Resources Limited | Australia | Gold | 1.75% GRR (>250Koz) |
| British King | Central Iron Ore Ltd | Australia | Gold | 1.25% NSR |
| Broken Hill | Impact Minerals Ltd | Australia | Copper, Cobalt, Rare Earths | 2.0% NSR |
| Bulgera | Norwest Minerals Limited | Australia | Gold | 1.0% NSR |
| El Molino | China Minmetals / Jiangxi Copper | Peru | Gold, silver, copper and molybdenum | 0.5% NSR |
| Electric Dingo | Black Cat Syndicate Limited | Australia | Gold | 1.75% GRR (>250Koz) |
| Halls Creek / Mt Angelo North | AuKing Mining (Operator), Cazaly Resources (JV Partner) | Australia | Copper, Zinc | 1.5% NSR |
| Hawkins | Exploits Discovery Corp. | Canada | Gold | 0.5% NSR |
| Kookynie (Consolidated Gold) | Genesis Minerals Ltd. (Puzzle North); Arika Resources Limited (McTavish, Cosmopolitan) | Australia | Gold | A$1/t ore PR (with gold grade escalator(3)) |
| Kookynie (Wolski) | GoldArc Resources Ltd | Australia | Gold | A$1/t ore PR (>650Kt ore mined and treated and a A$1/t ore PR (with gold grade escalator)) |
| Libby / Montanore | Hecla Mining Company | United States | Silver, copper | $0.20/ton |
| Lynn Lake (Nickel) | Corazon Mining Ltd. | Canada | Nickel, copper, cobalt | 2.0% GPR (post initial capital recovery) |
| Millrose | Northern Star Resources Ltd. | Australia | Gold | 1.0% GRR |
| Northern Anticline / Merlin | Black Cat Syndicate Limited | Australia | Gold | 0.75% GRR (>250Koz) |
| Pedra Branca | ValOre Metals Corp. | Brazil | Nickel, copper, cobalt, PGM's, Chrome | 1.0% NSR |
Exploration Stage
| Project | Operator | Location | Commodity | Interest |
|---|---|---|---|---|
| Aga Khan | Emmerson Resources Limited | Australia | Gold, copper | 2.0% NSR |
| Barabolar Surrounds | Silver Mines Limited | Australia | Silver-lead-zinc | 1.0% GRR |
| Beschefer | Abitibi Metals Corp. | Canada | Gold | 0.6% NSR (partial buyback) |
| Comet Gold | Caprice Resources Ltd (75%) / Accelerate Resources Ltd (25%) | Australia | Gold | 1.0% NSR |
| Forest Reefs | Newmont Corporation | Australia | Gold and copper | 1.5% NSR |
| Glen | Sinosteel Midwest Corporation | Australia | Iron ore | 0.2% FOB Revenue |
| Green Dam | Bulletin Resources Ltd | Australia | Gold | 2.0% NSR |
| Holleton | Ramelius Resources Limited | Australia | Gold | 1.0% NSR |
| Kelly Well | Genesis Minerals Ltd. | Australia | Gold | 10% FC (converts to 1.0% NSR) |
| Mount Monger | Evergold Minerals Limited | Australia | Gold | 1.0% NSR |
| Mt Samuel | Emmerson Resources Limited | Australia | Gold, copper, bismuth | 2.0% NSR |
| New Bore | Genesis Minerals Ltd. | Australia | Gold | 10% FC (converts to 1.0% NSR) |
| Opawica | Scandium Canada | Canada | Gold | 0.49% NSR |
| Pilbara | Fortescue Ltd. | Australia | Iron ore | 1.5% FOB (to 20Mt), 0.5% FOB (to 35Mt) then 0.1% FOB + 1% GRR (non iron ore) |
| St. Ives | Gold Fields Limited | Australia | Gold | 1.04% GRR |
| The Trump | Emmerson Resources Limited | Australia | Gold, copper | 2.0% NSR |
| Tinto | Emmerson Resources Limited | Australia | Gold, copper | 2.0% NSR |
| True Blue | Emmerson Resources Limited | Australia | Gold, copper | 2.0% NSR |
| Volga | Novel Mining | Australia | Copper | 2.0% GRR |
| West Kundana | Evolution Mining Ltd | Australia | Gold | Sliding scale 1.5% to 2.5% NSR |
| West Malartic (Chibex South) | Agnico Eagle Mines Limited | Canada | Gold | 0.66% NSR |
| Yarama | Gold Fields Limited | Australia | Gold | A$7.50/oz discovery payment |
