Second Quarter 2026 Highlights
Net income of
$17.0 million or$0.25 /share (2Q 2025: net loss of$0.4 million or$0.01 /share). Net income for the period includes a Revaluation Gain of$11.0 million on the portfolio of offtake streams (the "Portfolio") that Vox acquired inSeptember 2025 , driven by the Los Filos community milestones and Bonikro mine life extension.Record cash position at quarter end of
$31.1 million and fully undrawn credit facility of$40 million (with an additional accordion of$35 million ).Record total assets at quarter end of
$163.0 million compared to 123.4 million at the end ofDecember 2025 .Royalty and net precious metal receipts1 of
$6.2 million (2Q 2025:$2.8 million ).$4.6 million in net precious metal income (2Q 2025: $nil). The Company realized average net precious metal income margins of$83.26 /oz1 on 54,999 ounces delivered for the period.$1.6 million from royalty revenue (2Q 2025:$2.8 million ).
Gross profit generated of
$4.1 million (2Q 2025:$1.7 million ).Income from operations of
$7.6 million (2Q 2025: loss of$0.2 million ).Operating cash flows of
$4.7 million (2Q 2025:$1.8 million ).Adjusted EBITDA1 of
$9.7 million or$0.14 /share (Q2 2025:$1.1 million or$0.01 /share).Divested the capped Federation royalty for
A$8 million inJune 2026 after acquiring it forA$600,000 inFebruary 2026 .Divested the capped i-80 offtake stream for
$4.8 million inJune 2026 after acquiring it for$2.7 million inSeptember 2025 .Commodity mix breakdown: 83% gold and 17% other (predominantly copper and iron ore).
For complete details, please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the three and six months ended
First Half 2026 Highlights
Record net income of
$41.5 million or$0.60 /share (1H 2025: net loss of$0.7 million or$0.01 /share). Net income for the period includes a Revaluation Gain of$27.5 million on the Portfolio that Vox acquired inSeptember 2025 . The Revaluation Gain results from:Reforecasting of the estimated realized margin to be earned on the offtake-streaming portfolio for the remaining expected mine life. The estimated realized margin increased from
$65.36 /oz atDecember 31, 2025 , to$74.74 /oz at period end.Bonikro mine life extension: In
June 2026 , Allied Gold Corporation ("Allied Gold ") announced a mine life extension at Bonikro, with an updated production plan extending mine life to 2036 (previously 2029) and supporting average annual production in excess of 120,000 ounces, an approximately 400% increase in life-of-mine production relative to the 2023 technical report. The mine life extension results in an additional fair value adjustment of$16.6 million .Los Filos : InJune 2026 , Equinox announced it had secured 20-year land access agreements with the communities at theLos Filos Gold Mine . Equinox has initiated activities to support a gradual restart of heap leach operations. With the agreements in place, Equinox can commence a restart of the mine, which resulted, in management increasing the fair value ofLos Filos by$3.9 million .
Record royalty and net precious metal receipts1 of
$22.2 million (1H 2025:$5.4 million ).$18.5 million in net precious metal income (1H 2025: $nil). The Company realized average net precious metal income margins of$139.44 /oz1 on 132,292 ounces delivered for the period.$3.7 million from royalty revenue (1H 2025:$5.4 million ).
Record gross profit generated of
$15.7 million (1H 2025:$3.6 million ).Record income from operations of
$14.7 million (1H 2025:$0.0 million ).Record operating cash flows of
$19.9 million (1H 2025:$2.8 million ).Record cash flows generated from operating and investing activities of
$30.0 million .Record Adjusted EBITDA1 of
$22.4 million or$0.31 /share (1H 2025:$2.1 million or$0.05 /share).Repaid the
$6.7 million credit facility balance that was owing at the end ofDecember 2025 , leaving a fully undrawn credit facility at quarter end.Commodity mix breakdown: 89% gold and 11% other (predominantly copper and iron ore).
2026 Outlook Guidance Reiterated
After increasing royalty and net precious metal receipts[1] guidance in Q1, Vox reiterates 2026 guidance in the range of
The Company anticipates that a greater proportion of royalty and net precious metal receipts1 for 2026 will be received in the first half of 2026 than the second half of 2026 due to a greater volume of gold deliveries being received in the first and second quarters.
Quarterly Dividend
The Company is also pleased to announce that its Board of Directors has declared a quarterly dividend of
For shareholders residing in
About Vox
For more information, visit the Company's website at: www.voxroyalty.com.
For further information contact:
Chief Executive Officer | Chief Financial Officer |
(720) 602-4223 | (720) 602-4223 |
Cautionary Statements to
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
Cautionary Note Regarding Forward-Looking Statements and Forward-Looking Information
This press release contains "forward-looking statements", within the meaning of the
The forward-looking statements and information in this press release include, but are not limited to, statements regarding the payment of a quarterly dividend in
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
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
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
Royalty and net precious metal receipts
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 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 royalty revenue and net precious metal receipts to evaluate the results of the underlying business. Management believes that the 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. 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.
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| 2026 |
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| 2025 |
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| 2026 |
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| 2025 |
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|
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
| |
Royalty revenue |
|
| 1,574,791 |
|
|
| 2,765,145 |
|
|
| 3,743,878 |
|
|
| 5,445,339 |
|
Net precious metal income |
|
| 4,579,174 |
|
|
| - |
|
|
| 18,446,690 |
|
|
| - |
|
|
|
|
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| |
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Royalty revenue and net precious metal receipts |
|
| 6,153,965 |
|
|
| 2,765,145 |
|
|
| 22,190,568 |
|
|
| 5,445,339 |
|
Average net precious metal income per ounce
Average net precious metal income per ounce is 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.
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| 2026 |
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Net precious metal income |
| $ | 4,579,174 |
|
|
| - |
|
| $ | 18,446,690 |
|
|
| - |
|
Gold ounces sold during the period |
|
| 54,999 |
|
|
| - |
|
|
| 132,292 |
|
|
| - |
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Average net precious metal income per ounce |
| $ | 83.26/oz |
|
|
| - |
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| $ | 139.44/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; 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, 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.
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| $ |
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| $ |
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| $ |
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| $ |
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Net income (loss) |
|
| 17,040,858 |
|
|
| (387,957 | ) |
|
| 41,523,844 |
|
|
| (747,097 | ) |
Income tax expense |
|
| 1,441,252 |
|
|
| 227,828 |
|
|
| 1,491,628 |
|
|
| 678,844 |
|
Interest and finance expenses |
|
| 102,113 |
|
|
| 182,564 |
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|
| 253,112 |
|
|
| 267,952 |
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Depletion on royalties and depreciation-like charges |
|
| 2,071,427 |
|
|
| 1,018,232 |
|
|
| 6,529,303 |
|
|
| 1,803,354 |
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Amortization |
|
| 45,938 |
|
|
| 45,885 |
|
|
| 91,876 |
|
|
| 91,770 |
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Revaluation of streams and other interests |
|
| (10,990,966 | ) |
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| - |
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| (27,523,940 | ) |
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| - |
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Adjusted EBITDA |
|
| 9,710,622 |
|
|
| 1,086,552 |
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|
| 22,365,823 |
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|
| 2,094,823 |
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| $ |
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| $ |
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| $ |
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| $ |
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Net income (loss) per share |
|
| 0.25 |
|
|
| (0.01 | ) |
|
| 0.60 |
|
|
| (0.01 | ) |
Income tax expense |
|
| 0.02 |
|
|
| 0.00 |
|
|
| 0.02 |
|
|
| 0.01 |
|
Interest and finance expenses |
|
| 0.00 |
|
|
| 0.00 |
|
|
| 0.00 |
|
|
| 0.01 |
|
Depletion on royalties and depreciation-like charges |
|
| 0.03 |
|
|
| 0.02 |
|
|
| 0.09 |
|
|
| 0.04 |
|
Amortization |
|
| 0.00 |
|
|
| 0.00 |
|
|
| 0.00 |
|
|
| 0.00 |
|
Impairment charge |
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| 0.00 |
|
|
| 0.00 |
|
|
| 0.00 |
|
|
| 0.00 |
|
Revaluation of streams and other interests |
|
| (0.16 | ) |
|
| 0.00 |
|
|
| (0.40 | ) |
|
| 0.00 |
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Adjusted EBITDA per share |
|
| 0.14 |
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|
| 0.01 |
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|
| 0.31 |
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|
| 0.05 |
|
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.
View the original press release on ACCESS Newswire