On Monday 03 30, 2026 at 4:30PM ET Vox Royalty Reports Record 2025 Results
On Monday 03 30, 2026 at 4:30PM ET
Vox Royalty Reports Record 2025 Results
DENVER, CO / ACCESS Newswire / March 30, 2026 / Vox Royalty Corp. (NASDAQ:VOXR)(TSX:OXR) ("Vox" or the
"Company"), a returns focused mining royalty and streaming company, is pleased to announce its operating and financial results
for the fourth quarter ended December 31, 2025. All amounts in U.S. dollars unless otherwise indicated.
Kyle Floyd, Chief Executive Officer, stated: "We are pleased to deliver strong 2025 financial results to our shareholders, marked
by record annual receipts, record operating cash flows generated and robust organic growth across our royalty and streaming
portfolio. We exited 2025 with clear momentum, underpinned by disciplined execution, enhanced capital efficiency, and
continued expansion of a high-quality asset base. Early 2026 achievements include the amendment of the second Greenstone
Offtake Stream, new Australian royalty acquisitions, full repayment of our revolving credit facility, and inclusion in the GDXJ
index, underscoring both the pace and progress of the business. With a scalable model, strengthened balance sheet, and growing
exposure to cash-flowing assets, Vox is well positioned for enhanced operating leverage in 2026 and beyond."
Financial Highlights - 2025 compared to 2024
Record royalty and net precious metal receipts1 of $16.6 million (2024: $11 million).
$12 million from royalty revenue (2024: $11 million).
$4.6 million in net precious metal income (2024: $nil). The Company realized average net precious metal income of
$91.06/oz1 for the period. Net precious metal income comprises gross sales of refined gold of $168.3 million less
payments to operators for the refined gold of $163.7 million.
Record gross profit generated of $10.1 million (2024: $7.9 million).
Commodity mix breakdown: Gold: 55%; and other (predominantly copper and iron ore): 45%.
Record operating cash flows of $10.7 million (2024: $5.5 million).
Record Adjusted EBITDA1 of $9.3 million or $0.17/share (2024: $4.6 million or $0.09/share).
Financial Highlights - Q4 2025 compared to Q4 2024
Record quarterly royalty and net precious metal receipts1 of $7.4 million (Q4 2024: $2.9 million).
$3 million from royalty revenue (Q4 2024: $2.9 million).
$4.4 million in net precious metal income (Q4 2024: $nil) The Company realized average net precious metal income
of $93.71/oz1 for the period. Net precious metal income comprises gross sales of refined gold of $168.1 million less
payments to operators for the refined gold of $163.7 million.
Record gross profit generated of $4.1 million (Q4 2024: $1.5 million).
Commodity mix breakdown: Gold: 75%; and other (predominantly copper and iron ore): 25%.
Record operating cash flows of $6.2 million (Q4 2024: $0.1 million).
Record Adjusted EBITDA1 of $4.9 million or $0.07/share (Q4 2024: $1.4 million or $0.03/share)
For complete details, please refer to the consolidated financial statements and associated Management Discussion and Analysis
for the years ended December 31, 2025 and 2024, available on SEDAR+ (www.sedarplus.ca), the SEC's website (www.sec.gov)
or on Vox's website (www.voxroyalty.com).
About Vox
Vox Royalty Corp. (NASDAQ:VOXR)(TSX:VOXR) is a returns-focused mining royalty and streaming company built on
disciplined capital allocation and risk-adjusted value creation. The Company holds a diversified portfolio of over 70 royalties and
streams, including 12 producing and 24 development stage assets, with primary exposure to gold and select industrial metals
across top tier mining jurisdictions. Founded in 2014, Vox combines a technically driven team, early catalyst identification, and a
proprietary royalty database to target convex, long-term returns for shareholders. Vox is a constituent of the Russell 2000® and
Russell 3000® Indexes and is included in the MVIS® Global Junior Gold Miners Index and VanEck Junior Gold Miners ETF
(GDXJ).
1. Royalty and net precious metal receipts, average net precious metal income per ounce, adjusted EBITDA, and adjusted
EBITDA per share, as presented above are non-GAAP financial measures with no standardized meaning under IFRS
Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For further
information and a detailed reconciliation of each non-GAAP financial measure to the most directly comparable IFRS
Accounting Standards measure, see ‘‘Non-GAAP Financial Measures'' section of this press release.
For more information, visit the company's website at: www.voxroyalty.com.
For further information contact:
Kyle Floyd Pascal Attard
Chief Executive Officer Chief Financial Officer
(720) 602-4223
(720) 602-4223
Cautionary Statements to U.S. Securityholders
The financial information included or incorporated by reference in this press release or the documents referenced herein has
been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting
Standards Board ("IFRS Accounting Standards"), which differs from US generally accepted accounting principles ("US
GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with
US GAAP.
Cautionary Note Regarding Forward-Looking Statements and Forward-Looking Information
This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, as amended, the
U.S. Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities legislation. Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not
anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might"
or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to
materially differ from those reflected in the forward-looking statements.
The forward-looking statements and information in this press release include, but are not limited to, expectations regarding
further operating leverage in 2026.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable
by Vox as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties
and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained
herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in Vox's annual
information form for the financial year ended December 31, 2024 filed with Canadian securities regulators as well as: the
accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material
adverse change in the market price of the commodities that underlie the asset portfolio; no material changes to existing tax
treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of
any audit by any taxation authority; no adverse development in respect of any significant property in which Vox holds a royalty,
stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not
yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results
to differ from those anticipated, estimated or intended.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to
materially differ from those reflected in the forward-looking statements, including but not limited to: the impact of general
business and economic conditions, including international trade and tariffs; the absence of control over mining operations from
which Vox will purchase precious metals or from which it will receive royalty, stream or other payments, and risks related to
those mining operations, including risks related to international operations, government and environmental regulation, delays in
mine construction and operations, actual results of mining and current exploration activities, conclusions of economic
evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or
other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation
by government entities of tax laws or the implementation of new tax laws; the volatility of the stock market; competition; risks
related to Vox's dividend policy; epidemics, pandemics or other public health crises, geopolitical events and other uncertainties,
such as the changes to United States tariff and import/export regulations, as well as those factors discussed in the section entitled
"Risk Factors" in Vox's annual information form for the financial year ended December 31, 2024 available at www.sedarplus.ca
and the SEC's website at www.sec.gov (as part of Vox's Form 40-F).
Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-
looking information or statement prove incorrect, actual results may vary materially from those described herein as intended,
planned, anticipated, believed, estimated or expected. Vox cautions that the foregoing list of material factors is not exhaustive.
When relying on Vox's forward-looking statements and information to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events.
Vox has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements
and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is
subject to change, and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking information contained in this press release represents the expectations of Vox as of the date of this press
release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking
information and should not rely upon this information as of any other date. While Vox may elect to, it does not undertake to
update this information at any particular time except as required in accordance with applicable laws.
None of the TSX, its Regulation Services Provider (as that term is defined in policies of the TSX) or The Nasdaq Stock Market
LLC accepts responsibility for the adequacy or accuracy of this press release.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press release is based on information publicly disclosed by project operators
based on the information/data available in the public domain as at the date hereof and none of this information has been
independently verified by Vox. Specifically, as a royalty investor, Vox has limited, if any, access to the royalty operations.
Although Vox does not have any knowledge that such information may not be accurate, there can be no assurance that such
information from the project operators is complete or accurate. Some information publicly reported by the project operators may
relate to a larger property than the area covered by Vox's royalty interests. Vox's royalty interests often cover less than 100% and
sometimes only a portion of the publicly reported mineral reserves, mineral resources and production of a property.
Note Regarding Certain Measures of Performance
Non-GAAP Financial Measures
Total of royalty revenue and net precious metal receipts
The total of royalty revenue and net precious metal receipts is a non-GAAP financial measure. Net precious metal income related
to Vox's offtake agreements is not IFRS 15 revenue and therefore would not be combined with royalty revenue under IFRS
Accounting Standards. Income from net precious metal receipts represents the proceeds the Company receives from the sale of
refined gold to a third party less the purchase price paid to the mining operator for the refined gold and sales commissions, plus
royalty revenue recognized during the period. Management uses the total of royalty revenue and net precious metal receipts to
evaluate the underlying operating performance of the Company for the reporting periods presented, to assist with the planning
and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management
believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as royalty revenue, investors
may use the total of royalty revenue and net precious metal receipts to evaluate the results of the underlying business.
Management believes that the total of royalty revenue and net precious metal receipts is a useful measure of the Company
performance because it adjusts for items which management believes reflect the Company's core operating results from period to
period. The total of royalty revenue and net precious metal receipts is intended to provide additional information to investors and
should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS
Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable
to similar measures presented by other issuers.
Three months ended
December 31, Year ended December 31,
(in thousands of dollars) 2025 2024 2025 2024
$ $ $ $
Royalty revenue 2,923 2,897 12,041 11,048
Net precious metal income 4,438 - 4,581 -
Royalty and net precious metal receipts 7,361 2,897 16,622 11,048
Average net precious metal income per ounce
Average net precious metal income per ounceis a non-GAAP financial metric, which is defined as net precious metal income
related to Vox's offtake agreements, representing the proceeds the Company receives from the sale of refined gold to a third party
less the purchase price paid to the mining operator for the refined gold and sales commissions, divided by the number of gold
ounces sold during the period. Management uses the non-GAAP financial metric of average net precious metal income per ounce
to evaluate the underlying operating performance of the Company for the reporting periods presented and to assist with the
planning and forecasting of future operating results. Management believes that in addition to measures prepared in accordance
with IFRS Accounting Standards such as revenue, investors may use average net precious metal income per ounce to evaluate the
results of the underlying business. Management believes that average net precious metal income per ounce is a useful measure of
the Company performance because it adjusts for items which management believes reflect the Company's core operating results
from period to period. Average net precious metal income per ounce is intended to provide additional information to investors
and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS
Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable
to similar measures presented by other issuers.
Three months ended
December 31, Year ended December 31,
(in thousands of dollars, except per ounce figures) 2025 2024 2025 2024
Net precious metal income $ 4,438 - $ 4,581 -
Gold ounces sold during the period 47,354 - 50,309 -
Average net precious metal income per ounce $ 93.71/oz - $ 91.06/oz -
Adjusted EBITDA and Adjusted EBITDA per share
Adjusted EBITDA and adjusted EBITDA per share are non-GAAP financial measures, which excludes the following from net
income and net income per share:
income tax expense;
interest and finance expenses;
depletion on royalties and depreciation-like charges;
amortization;
impairment charges, write-downs, and reversals, including expected credit losses;
gain/loss on sale or disposition of assets; and
revaluation of streams and other interests.
Management believes that adjusted EBITDA and adjusted EBITDA per share are valuable indicators of our ability to generate
liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund acquisitions.
Management uses adjusted EBITDA for this purpose. Adjusted EBITDA and adjusted EBITDA per share are also frequently used
by investors and analysts for valuation purposes, whereby adjusted EBITDA is multiplied by a factor or ‘‘multiple'' that is based
on an observed or inferred relationship between adjusted EBITDA and market values to determine the approximate total
enterprise value of a company.
In addition to excluding income tax expense, interest and finance costs, depletion on royalties and depreciation-like charges, and
amortization, adjusted EBITDA and adjusted EBITDA per share also remove the effect of impairment charges, write-downs, and
reversals, including expected credit losses, gain/loss on sale or disposition of assets, and revaluation of streams and other
interests. We believe this additional information will assist analysts, investors and our shareholders to better understand our
ability to generate liquidity from operating cash flow, by excluding these amounts from the calculation as they are not indicative
of the performance of our core business and not necessarily reflective of the underlying operating results for the periods
presented.
Adjusted EBITDA and adjusted EBITDA per share are intended to provide additional information to investors and analysts and
do not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Adjusted EBITDA and adjusted
EBITDA per share are not necessarily indicative of operating profit or operating cash flow as determined under IFRS Accounting
Standards. Other companies may calculate adjusted EBITDA and adjusted EBITDA per share differently. The following table
reconciles adjusted EBITDA and adjusted EBITDA per share to net income and net income per share, the most directly
comparable IFRS Accounting Standards measure.
Three months ended
December 31, Year ended December 31,
(in thousands of dollars) 2025 2024 2025 2024
$ $ $ $
Net income (loss) 6,472 (966 ) 5,886 (1,649 )
Income tax expense 52 880 1,200 2,625
Interest and finance expenses 360 81 844 315
Depletion on royalties and depreciation-like charges 3,289 1,391 6,539 3,133
Amortization 47 46 185 184
Impairment charge 764 - 764 -
Revaluation of streams and other interests (6,127) - (6,127) -
Adjusted EBITDA 4,857 1,432 9,291 4,608
Three months ended
December 31, Year ended December 31,
2025 2024 2025 2024
$ $ $ $
Net income (loss) per share 0.09 (0.02) 0.11 (0.03)
Income tax expense 0.00 0.02 0.02 0.05
Interest and finance expenses 0.01 0.00 0.02 0.01
Depletion on royalties and depreciation-like charges 0.05 0.03 0.12 0.06
Amortization 0.00 0.00 0.00 0.00
Impairment charge 0.01 0.00 0.01 0.00
Revaluation of streams and other interests (0.09) 0.00 (0.11 ) 0.00
Adjusted EBITDA per share 0.07 (0.03) 0.17 0.09
SOURCE: Vox Royalty Corp.