Business
Vox Announces Q2 2024 Financial Results and Declares Quarterly Dividend
TORONTO, ON / ACCESSWIRE / August 7, 2024 / Vox Royalty Corp. (TSX: VOXR )(NASDAQ: VOXR ...
About this update from Vox Royalty Corp
[{"type":"text","content":"Vox Announces Q2 2024 Financial Results and Declares Quarterly DividendTORONTO, ON / ACCESSWIRE / August 7, 2024 / Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR)(\"Vox\" or the \"Company\"), a returns focused mining royalty company, is pleased to announce its operating and financial results for the second quarter ended June 30, 2024. All amounts in U.S. dollars unless otherwise indicated.Kyle Floyd, Chief Executive Officer, stated: \"We're pleased to share another strong quarter of financial results, which included a 15% quarterly increase in gross profit and a 28% decrease in general and administration expenditures compared to Q2 2023. We also continued to accretively build the portfolio with the completion of another Australian royalty portfolio acquisition. During the quarter, we noted significant pre-production developments in our royalty portfolio that are expected to contribute to near-term revenues, including commencement of ore mining at Bulong/Myhree announced on 29 July. The quarter also saw record ore shipments, with Mineral Resources Ltd. achieving record quarterly loadout rates at Port Hedland in Western Australia, with Pilbara Hub shipments increasing 22% quarter on quarter, comprised of ore from our Wonmunna royalty asset and the Iron Valley mine (not royalty linked).The Vox portfolio of royalties, with its weighting towards Australia, has the Company well positioned to realize sustained organic growth, alongside a robust pipeline of new opportunities. Further, there has been a concerted focus in strengthening the team and board, systems, and processes, in conjunction with lowering costs company wide. I am excited by our progress in these areas, which is expected to provide burgeoning operating leverage in the quarters and years ahead.\"Second Quarter 2024 HighlightsCash flows generated from operations:$2,009,431 for the three months ended June 30, 2024, up ~88% from $1,069,791 in Q2 2023.$3,221,584 for the six months ended June 30, 2024, up ~105% from $1,569,808 in 1H 2023.Q2 2024 revenue of $2,839,117 and year-to-date revenue of $5,721,629 (compared to revenue of $2,217,384 and $5,798,239 for the three and six months ended June 30, 2023, respectively). Revenue for the quarter and year-to-date is inline with expectations and overall 2024 guidance.General and administration expenditures decreased $436,618 (~28% decreas...