Business
Vox Royalty Provides Development Update and Q1 2022 Production Target for Pitombeiras Asset
GEORGE TOWN, Cayman Islands, April 6, 2021 /CNW/ - Vox Royalty Corp. (TSXV: VOX) ("Vox" or the "Company"), a high growth precious metals focused royalty company
About this update from Vox Royalty Corp
[{"type":"text","content":" GEORGE TOWN, Cayman Islands, April 6, 2021 /CNW/ - Vox Royalty Corp. (TSXV: VOX) (\"Vox\" or the \"Company\"), a high growth precious metals focused royalty company, notes recent announcements from royalty operating partner Jangada Mines plc (LON: JAN, \"Jangada\"), operator of the Pitombeiras vanadium project in Ceará State Brazil, regarding the release of a Preliminary Economic Assessment (\"PEA\"), submission of an application for a trial mining license and management guidance for first production in Q1 2022. Vox holds a 1% Net Smelter Return (\"NSR\") royalty on the Pitombeiras vanadium project, which was transferred to an affiliate of Jangada when the Pedra Branca platinum group metals project tenure was split between ValOre Metals Corp. and Jangada in 2019. Following this asset split Vox retained a 1% NSR across both the Pitombeiras and Pedra Branca projects. Summary of Development Update Pitombeiras' maiden PEA delivers robust project economics for a 6 year operation at 1.1Mtpa production rate: US$106.5 million post-tax Net Present Value (\"NPV\") (at 8% discount rate); US$271.3 million total gross revenue forecast at a final estimated selling price of US$104.75/dry metric tonne; 317.8% post-tax Internal Rate of Return (\"IRR\"); Initial capital cost of US$9.5m; Payback time – 3 months; Further upside to economics expected to be delivered in a revised PEA including potential expanded mineral resources upon conclusion of ongoing drilling programme anticipated in Q2 2021; Simplicity of operations and processing route makes the project amenable to a fast-track approach to production and cash flow with first production anticipated for Q1 2022; On March 19, 2021 Jangada announced that it had submitted an application to the Brazilian National Mining Agency (\"Agência Nacional de Mineração\" or \"ANM\") to obtain a trial mining licence (\"Guia de Utilização\" or \"GU\") that once approved, will allow for the extraction of 300,000 tonnes of Ferrovanadium (FeV) bearing material per year from Jangada's exploration licenses with the purpose of continuing to evaluate the technical aspects and economic benefits of the Pitombeiras Project. Kyle Floyd, Chief Executive Officer stated, \"Vox assumed the Pitombeiras royalty in 2019 when the Pitombeiras project claims were split from the Pedra Branca PGM project. Vox invest...