Vox Royalty (VOXR) investor relations material

Strategic positioning and business model

• Focuses on acquiring mining royalties and streams, primarily in gold, to provide leveraged exposure to metals with better risk-adjusted returns for shareholders.

• Acquires assets before production at significant discounts, compounding capital regardless of metal price cycles.

• Maintains a disciplined approach, targeting assets run by large, well-capitalized operators, especially in Australia.

• Avoids direct mine operation, instead collecting a percentage of revenue from producing mines.

• Uses a proprietary database to systematically identify and acquire undervalued legacy royalties.

Portfolio growth and recent acquisitions

• Currently holds 14 producing assets, aiming to exceed 20 in the next few years.

• Recent large acquisition increased gold exposure to about 80%, adding six producing assets and boosting revenue and cash flow.

• Acquisition valued at $60 million is expected to generate $15–$20 million in annual cash flow, purchased at 3x–4x forward cash flow versus industry averages of 10x.

• Portfolio includes both producing and development assets, with significant organic growth potential.

• Average mine life in the portfolio is about 15 years.

Financial performance and returns

• $50 million invested in royalties since 2019, with $38 million already returned; full payback expected next year.

• Net asset value of acquired royalties estimated at $200–$250 million, with analyst consensus for total NAV at $400–$500 million discounted.

• Return on invested capital exceeds 25% and is increasing.

• Dividend has grown over 6% on average, with potential for further increases due to rising cash flow.

• Royalty revenues and analyst price targets have shown consistent upward trends.