Vox Royalty Corp. (NASDAQ: VOXR)

Vox Royalty Corp is a returns focused mining royalty company with a portfolio of over 60 royalties spanning six jurisdictions including Australia Canada United States Brazil Peru and South Africa The Company was established in 2014 and has since built unique intellectual property a technically focused transactional team and a global sourcing network that allows Vox to target the highest returns on royalty acquisitions in the mining royalty sector Since the beginning of 2020 Vox has announced over 30 separate transactions to acquire over 60 royalties The Company operates a unique business model within the royalty space which it believes offers it a competitive advantage including a diverse approach to finding global royalties providing a broader pipeline of opportunities and a 2020 acquisition of Mineral Royalties Partnership Ltd s proprietary royalty database of over 8 500 royalties globally which is not commercially available to competitors and provides first‑mover advantage for bilateral non‑brokered royalty acquisition transactions Vox s business model is focused on managing and growing its portfolio of royalties with the long‑term goal of providing shareholders exposure to precious and industrial metals price optionality a discovery option over large areas of geologically prospective lands limited exposure to many of the risks associated with operating mining companies a business model that can generate cash through the entire commodity cycle and a diversified business in which a large number of assets can be managed with scalability The Company recognizes the cyclical nature of the industry and focuses on growing the size of its royalty asset portfolio through accretive acquisitions As at the date of this filing approximately 85 of the Company s royalty assets by royalty count are located in Australia Canada and the United States Vox s portfolio currently includes seven producing assets and twenty‑two development assets that are in the PEA PFS feasibility stage or have potential to be toll‑treated via a nearby mill or may restart production after care and maintenance In the near and medium term the Company prioritizes acquiring royalties on producing or near‑term producing assets ranging from six months to three years from first production to complement its existing portfolio

Vox generates revenue through royalty payments received from third‑party operators of mining projects underlying its royalty assets The Company does not engage in exploration development or production of minerals itself Revenue is derived from contractual royalty interests which entitle Vox to a percentage of revenue or production from the operators of the properties These royalties are typically structured as net smelter returns NSR gross revenue royalties GRR or other similar arrangements where payments are calculated based on the operator s sales or production volumes and commodity prices The Company earns income when operators produce and sell minerals from the properties subject to its royalties Vox s revenue stream is directly tied to the operational performance and commodity price exposure of the underlying mining projects across its diversified portfolio The Company s income is passive in nature as it relies entirely on the actions of third‑party operators who control the timing and rate of production development and operational decisions on the properties Vox does not incur operating costs related to mining activities but instead benefits from the cash flow generated by operators production

Vox Royalty Corp does not report operational segments as defined by geographic or business line divisions The Company s business is centrally managed around the acquisition and management of its global royalty portfolio without distinct operational segments for reporting purposes

Vox Royalty Corp occupies a specialized position within the mining royalty industry as a returns focused acquirer and manager of diversified royalty interests across multiple commodities and jurisdictions The Company competes with other mining royalty companies such as Franco Nevada Wheaton Precious Metals and Royal Gold but differentiates itself through its proprietary global royalty database MRO which provides access to non‑brokered transaction opportunities and a first‑mover advantage in sourcing acquisitions Vox s competitive advantages include its technically experienced team of mining engineers and geologists who objectively assess asset quality and transaction opportunities its global sourcing network and its strategic focus on accretive acquisitions across the project development spectrum The Company s business model emphasizes limited exposure to operational risks while maintaining exposure to commodity price upside and discovery potential through its broad portfolio of royalties

Vox receives royalty payments from third‑party operators of the mining projects underlying its assets The Company s customer base consists of mining companies that operate the properties subject to its royalty agreements These operators include Zijin Mining Group Co Ltd Norton Gold Fields Pty Ltd Northern Star Resources Ltd Mineral Resources Limited Lipari Mineração Ltda Black Cat Syndicate Limited Evolution Mining Ltd Westgold Resources Ltd Aurenne Group Pty Ltd Orla Mining Ltd Alamos Gold Inc Horseshoe Metals Ltd Sibanye Stillwater Ltd NexGold formerly Treasury Metals Inc Catalyst Metals Ltd and Genesis Minerals Ltd Vox s revenue is derived from these contractual counterparties who control production and operational decisions on the properties and are obligated to make royalty payments based on the terms of the agreements