Vox Royalty (VOXR) 16th Annual Midwest Ideas Conference summary

Business model and strategy

• Focuses on acquiring mining royalties at dislocated values to generate superior risk-adjusted returns, primarily in precious metals and especially in Australia.

• Utilizes a systematic, event-driven approach combining a specialized team, real-time monitoring, and a proprietary, dynamic royalty database to identify undervalued assets.

• Majority of portfolio exposure is in Australia, considered the lowest-risk and most profitable mining jurisdiction.

• Organic growth is driven by royalties acquired pre-production, with 20+ assets expected to generate revenue in the next 3-4 years.

• Management and board have significant equity ownership, ensuring strong alignment with shareholders.

Financial performance and growth

• Achieved significant returns for early and public investors, with current returns on invested capital exceeding 25% from $50 million deployed since 2019.

• Free cash flow and royalty revenue have grown consistently, with dividends increasing by 6% over three years.

• Operating leverage has increased as the business has scaled, positioning it for further growth and higher returns.

• Maintains a strong balance sheet with cash and a $25 million revolver at a 6.8% cost of debt, supporting new acquisitions.

• Recently joined the Russell 2000 index, boosting liquidity and investor interest, with potential for GDXJ inclusion in 2026.

Recent acquisitions and portfolio highlights

• Completed two major royalty acquisitions: Wylou North Iron Ore (deep value, high return potential) and Camman 2 Copper in South Australia (expansion and long mine life expected).

• Wylou North deal identified through early detection of increased exploration spend and plant reserve depletion, providing liquidity to a junior miner.

• Camman 2 acquisition expected to benefit from increased mill utilization and extended mine life, offering significant revenue optionality.

• Most royalties are uncapped, with some expected to generate $10 million per year and total $20 million before payout caps are reached.

• Portfolio average mine life is 15-20 years, with a track record of rapid payback and long-duration cash flows.