Business
Vox Royalty Announces Q1 2024 Financial Results and Declares Quarterly Dividend
TORONTO, ON / ACCESSWIRE / May 8, 2024 / Vox Royalty Corp. (TSX:VOXR) (NASDAQ:VOXR)("Vox" or the "Company"), a returns focused mining royalty company, is please
About this update from Vox Royalty Corp
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / May 8, 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 first quarter ended March 31, 2024. All amounts in U.S. dollars unless otherwise indicated. Kyle Floyd, Chief Executive Officer, stated: \"I'm pleased to share these quarterly financial results, in line with 2024 annual revenue guidance, which notably include over 140% growth in cash flows generated from operations. After tremendous revenue and profitability growth in 2022 and 2023, we find ourselves on the cusp of the next phase of Vox's organic growth in producing assets and associated royalty revenue, with numerous assets advancing towards a development decision. We are also actively advancing a pipeline of opportunities that is consistent with our historical acquisition profile. Moreover, we expect Vox's operating leverage to continue expanding in conjunction with our per share returns-focused strategy which was further discussed in our recent 2024 Investor Letter.\" First Quarter 2024 Highlights Cash flows generated from operations of $1,212,154, up ~142% from $500,017 in Q1 2023. Strong balance sheet position at period end includes: Cash and accounts receivable of $12,839,842 Working capital of $10,684,347 On January 16, 2024, the Company entered into a definitive credit agreement with the Bank of Montreal providing for a $15 million secured revolving credit facility (the \"Facility\"). The Facility includes an accordion feature which provides for an additional $10 million of availability subject to certain conditions. Revenue of $2,882,512 compared to $3,580,855 in Q1 2023. The change in revenue during the current quarter was anticipated and primarily relates to the Segilola gold royalty reaching its $3.5 million revenue cap in Q2 2023. Revenue for the quarter is inline with expectations and overall 2024 guidance. Gross profit of $2,414,139 compared to $2,964,857 in Q1 2023. The drop in gross profit is a result of the Segilola gold royalty reaching its revenue cap in Q2 2023, as noted above. On March 7, 2024, increased quarterly cash dividend by 9.1% to $0.012 per common share, payable to shareholders of record as of March 31, 2024. On March 18, 2024, the Company adopted a dividend reinvestment pla...