Vox Royalty Announces Record 2025 Annual and Quarterly Receipts and Exceeds Annual Guidance
VOX ROYALTY ANNOUNCES RECORD 2025 ANNUAL AND
QUARTERLY RECEIPTS AND EXCEEDS ANNUAL GUIDANCE
All amounts in U.S. dollars unless otherwise indicated
DENVER – February 3, 2026 – Vox Royalty Corp. (NASDAQ: VOXR) (TSX: VOXR) (“Vox” or the “ Company”), a returns
focused mining royalty and streaming company, is excited to announce that it has delivered record preliminary full year 2025 royalty
and net precious metal receipts1 of $16.6 million, exceeding annual guidance of $13 – $15 million and marks a 50% increase over
fiscal year 2024. The Company is also pleased to report that in January 2026, it paid down the full outstanding balance of $6.7 million
under its BMO credit facility, which is now fully undrawn with capacity up to $75 million including the accordion feature.
Kyle Floyd , Chief Executive Officer stated: “We are excited to share these record figures, exceeding guidance and rapid debt
repayment with investors, capping off a highly productive 2025 which included record transactional activity, record capital deployed
and strong fundamental organic growth in ou r asset portfolio. We understand that 2026 is a year that brings higher investor
expectations that are built upon the success and momentum of 2025. Our management team is energized by this challenge –
unearthing mispriced value in royalties and streams to increase per share returns remains our key motivator. I look forward to
expanding on these themes in our upcoming Shareholder Letter, which we expect to release next week.”
Record preliminary 2025 royalty and net precious metal receipts1 of $16.6 million (+50% vs. 2024) is comprised of:
• $12 million from royalty revenue (2024: $11 million).
• $4.6 million in net precious metal income (2024: $nil) from the gold portfolio that was acquired on September 26, 2025.
The Company realized average net precious metal income of $91.06/oz2 for the period . This compares to the previous
owners realizing an annual average of between $24.00/oz and $49.20/oz in fiscal 2023 through June 2025.
o 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.
• Commodity mix breakdown:
o Gold and silver: 55%
o Other (predominantly copper and iron ore): 45%
Record preliminary Q4 2025 royalty and net precious metal receipts1 of $7.4 million (+150% vs. Q4 2024) is comprised of:
• $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/oz2 in the fourth quarter of 2025.
o 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.
• Commodity mix breakdown:
o Gold and silver: 75%
o Other (predominantly copper & iron ore): 25%
1 Royalty and net precious metal receipts is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of the
composition and usefulness of this non -GAAP measure and a reconciliation to revenue see “Note Regarding Certain Measures of Performance”
below.
2 Average net precious metal income per ounce is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of
the composition and usefulness of this non-GAAP measure and a reconciliation to revenue see “Note Regarding Certain Measures of Performance”
below.
2026 Guidance Timing and Corporate Update
The Company expects to release its 2026 annual guidance on its expected royalty and net precious metal income for fiscal year 2026
on March 5, 2026.
In Q4 2025, Vox incurred an impairment charge of $764,016 on its Brits vanadium royalty asset located in South Africa, which was
acquired in 2020. This impairment is as a result of the prior operator Bushveld Minerals (subject to Business Rescue Plan) electing
not to progress the Brits project and a subsequent operator (Sable Exploration and Mining Limited) relinquishing their prospecting
right application in Q4 2025 following significant delays with the Department of Mineral Resources and Energy in South Africa.
About Vox
Vox is a returns focused mining royalty and streaming company with a portfolio of over 70 assets spanning nine jurisdictions. The
Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a
global sourcing network which has allowed 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 70 assets.
Further information on Vox can be found 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 Note Regarding Preliminary Financial Information
This press release contains preliminary financial information for the three months and year ended December 31, 2025 (the
“Preliminary Information”), and the Preliminary Information included herein is based only upon the information available to the
Company as of the date of this press release. The Preliminary Information contained herein is not a comprehensive summary of our
financial results for t he applicable periods. We caution you that the Preliminary Information presented herein has not yet been
approved by our board of directors and our external auditors have not yet completed the year -end audit or reviewed or audited the
Preliminary Information included in this press release. Although we do not foresee any material changes to the information presented
above, the Company’s actual results may differ from the Preliminary Information contained herein, due to certain factors, including
but not limited to non-receipt of accounts receivable, and we can provide no assurance that there will be no adjustments that may
change this information when our 2025 annual financial statements are made available. In addition, our presentation of prelim inary
Q4 and year-end royalty and net precious metal receipts 1 does not include a presentation of expenses or net income (loss), which
remain subject to completion of our year-end audit procedures.
Cautionary Statements to U.S. Securityholders
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 , and are referred to herein as “forward -looking
statements". Any statements, other than statements of historical fact, that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions , future events or performance , or activities or developments that
could, or may or will occur are “forward-looking statements ”. When used in this press release, the words or phrases such as
“expect”, “anticipate”, “plan”, “estimate” , “intend”, "achieve", "aim", "commit", "forecast", "future", "guide", "potential",
"schedule", "target", "track", or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved, and similar expressions, 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 in this press release include, but are not limited to, statements relating to Vox’s estimated and final
royalty and net precious metal receipts 1 for the fourth quarter and full year ended December 31, 2025; expectations regarding
investor expectations, market conditions and performance in 2026; Vox’s business strategy, objectives and plans, including its ability
to identify mispriced royalty, streaming and other assets and to increase per‑share returns; anticipated future communications with
shareholders, including the content of Vox’s upcoming 2025 shareholder letter; and expectations regarding the availability of
funding under Vox’s credit facility.
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: that the Company’s final
results for royalty and net precious metal receipts 1 for the financial year ended December 31, 2025 will not differ materially from
the preliminary results presented herein; the ongoing operation of the properties in which Vox holds a royalty, stream or oth er
interest by the owners or operators of such properties in a manner consistent with past practice ; the accuracy of public statements
and disclosures made by the owners or operators of such underlying properties; no material adverse change in the mar ket 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 au thority; no adverse
development in respect of any significant property in which Vox holds a royalty, stream or other interest; the accuracy of pu blicly
disclosed expectations for the development of underlying properties that are not yet in production; inte gration 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 limite d to: the impact of general business and
economic conditions, including international trade and tariffs; the absence of control over mining operations from which Vox wil l
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 annu al
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
statements 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 the
Company’s f orward-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 s ubject to
change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forw ard-
looking statements contained in this press release represents the expectations of Vox as of the date of this press re lease and,
accordingly, is subject to change after such date. Readers should not place undue reliance on forward looking statements and should
not rely upon this information as of any other date. The forward-looking statements herein are made as of the date hereof only and
while Vox may elect to, it does not assume any obligation to update or revise 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.
Note Regarding Certain Measures of Performance
Non-GAAP Financial Measures
The Company has included certain financial performance measures, including “royalty and net precious metal receipts” and “average
net precious metal income per ounce” , which do not have any standardized meaning under IFRS. These measures may not be
comparable to similar measures presented by other companies, who may calculate the measures differently. See below for a
reconciliation of these measures to the most directly comparable financial information reported in the annual consolidated financial
statements prepared in accordance with IFRS. The non-GAAP measures defined below are intended to provide additional information
and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Royalty and net precious metal receipts is a non-GAAP financial measure, which is defined as including 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, plus royalty revenue recognized during
the period . Management uses royalty 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 financial statements. Management believes th at in addition to measures prepared in accordance with IFRS
Accounting Standards such as revenue, investors may use royalty and net precious metal receipts to evaluate the results of the
underlying business. Management believes that royalty and net preciou s 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 t o
period. Royalty 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.
Average net precious metal income per ounce is a non -GAAP financial measure, 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 average net precious metal income per ounce to evaluate the underlying operating
performance of the Company for the reporting periods presente d, to assist with the planning and forecasting of future operating
results, and to supplement information in its financial statements. 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.