VOXR · Vox Royalty Corp.

Vox Royalty Corp. delivered record financial performance for the full year 2025 and the fourth quarter, driven by a combination of organic growth and the contribution from new streaming arrangements. The company reported total royalty and net precious metal receipts of $16.6 million for the year, a significant increase from $11 million in 2024. This growth was fueled by $12 million in royalty revenue and a newly contributing $4.6 million in net precious metal income from offtake agreements, specifically related to the Greenstone project. The average net precious metal income realized was $91.06 per ounce for the full year. Gross profit reached a record $10.1 million, up from $7.9 million in the prior year. The commodity mix for 2025 was diversified, with gold accounting for 55% and other commodities, predominantly copper and iron ore, making up the remaining 45%.

Fourth quarter results showed accelerated momentum, with record quarterly royalty and net precious metal receipts of $7.4 million compared to $2.9 million in Q4 2024. This quarterly surge was heavily influenced by the precious metal income stream, which contributed $4.4 million. Consequently, the commodity mix in Q4 shifted to 75% gold. Record operating cash flows of $10.7 million for the full year and $6.2 million for the fourth quarter underscore the cash-generating capability of the expanded portfolio. Adjusted EBITDA doubled year-over-year to $9.3 million, or $0.17 per share. Management highlighted a strengthened balance sheet, noting the full repayment of the revolving credit facility in early 2026, alongside strategic achievements such as inclusion in the GDXJ index and new Australian royalty acquisitions. CEO Kyle Floyd emphasized that the company is positioned for enhanced operating leverage in 2026, supported by disciplined execution and a scalable model.