Vox Royalty Corp · TSX:VOXR
Vox Royalty — Investor Presentation (May 2025)
23 slides from Vox Royalty's investor presentation, May 2025
Slide 1: A Smarter Commodity Investment
A Smarter Commodity Investment Investor Presentation MAY 2025 NASDAQ: VOXR TSX: VOXR
Slide 2: Disclaimer
Disclaimer This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the securities laws of any such jurisdiction. This
Slide 3: The Vox Royalty Problem and Solution
THE VOX ROYALTY PROBLEM SOLUTION Mining equities have historically Vox was built to solve a problem. underperformed relative to key equity indices1. ✓ A returns-focused mining royalty vehicle ✓ Created by investors, for investors Certain investors want leveraged exposure to commodities, but ✓ Built
Slide 4: What we do
What we do • Vox is a mining investment vehicle that targets the highest returns in the industry via a lean, scalable business model • We purchase existing or “legacy” royalties - empirically these generate superior returns compared to the origination of new royalties with mining companies directly
Slide 5: Kanmantoo Copper Mine - Royalty Acquisition
May 2025 Kanmantoo Copper Mine - Royalty Acquisition Producing Copper-Gold royalty in South Australia acquired by Vox √ ❑ Royalty covers large 8.8Mt(M+I) plus 10.1Mt (Inferred) resource, expected(1) to produce 12,000 – 14,000t copper in 2025 √ ❑ Optionality from underutilized 3.6Mtpa processing plan
Slide 6: Kanmantoo Copper Mine - Royalty Acquisition
May 2025 Kanmantoo Copper Mine - Royalty Acquisition Producing, Underutilized mill, 60km drilling program, Resource Update exp. Q4-2025 √ ❑ Centrally located 55km from South Australian capital city, Adelaide √ ❑ Over A$200M of historical capital investment in Kanmantoo Copper Mine, including large 3
Slide 7: Vox Royalty Overview
Vox Royalty Overview Strong balance sheet, tight capital structure with +10% management ownership CAPITAL STRUCTURE Share Price $3.33 Non-Precious (NASDAQ as of May 16, 2025) 30% Shares Issued 50.7M PRECIOUS Options 1.3M METALS Precious WEIGHTED 70% Market Capitalization $168M Current Assets (incl.
Slide 8: Weighted to Australia & Large-Cap Operators
Weighted to Australia & Large-Cap Operators Weighted toward Top Mining Jurisdictions Globally… … and Large-Cap Operators 7 14% 1.0% 13% 11 18% 28% 99.0% 52 59% 68% 2024 Revenue Asset Count Avg. of Broker NAV Large-Cap >$2.5B Mid-Cap >$100M Juniors < $100M* Australia North America Other Broker NAV es
Slide 9: Strong AUD$ Gold Price Driving Growth…
Strong AUD$ Gold Price Driving Growth… >50 Australian royalties offer attractive leverage to record AUD-gold prices ✓ The Australian Dollar (AUD) ✓ A higher AUD gold price means ❑ However, some North American denominated gold price has Australian gold producers can be investors continue to discount
Slide 10: Strong AUD$ Gold Price Driving Growth…
Strong AUD$ Gold Price Driving Growth… June 2024 Q4 2025 H1 2026 Bulong/Myhree mine First production First royalty development commenced expected from production expected by Black Cat Bruno-Lewis from Mt Ida (Cardinia royalty) Mid-2023 by Genesis Otto Bore mine ramped up by Minerals Northern Star Q1
Slide 11: Track Record of Returns
Track Record of Returns Several royalties have achieved full payback… …while others are on track in 2025 Kookynie Total Cost $0.1 ~14x Total Returns $1.3 Graphmada Total Cost ~11x Bulong-Myhree $0.2 Total Returns $2.2 • Australia, Gold Segilola Total Cost $0.7 ~5.0x Total Returns $3.5 Koolyanobbing
Slide 12: Organic Revenue Growth
Organic Revenue Growth Revenue growth expectations driven by expansions and new mines coming online Royalty Receipts ($M) Projects Estimated in 2028 or later Lynn Lake South Railroad Estimated Near-Term Projects Sulphur Springs Plutonic East Goldlund Cardinia Bowdens Mt Ida Puzzle North Red Hill New
Slide 13: Industry Leading Dividend
Industry Leading Dividend 1 Consistent growth, scalable ‘capital light’ business Dividend Paying… …Growing Royalty Receipts …at a Discount to Avg Broker Estimated $13 – 15M 4.50 Price Targets 1.61% 4.00 $3.90 $1.3M $11.0M 3.50 1.11% $9.7M $11.0M 1.06% $3.11 0.95% 0.97% 3.00 Current Share Price: 0.84
Slide 14: Select Upcoming Catalysts
Select Upcoming Catalysts Timeline Asset (Commodity) & Catalysts Near-Term • Bulong-Myhree (Gold) & Castle Hill (Gold): Ramping Up Production (Myhree, Boundary, Rayjax, Castle Hill) 6 months – 1 year • Plutonic East (Gold) : First ore achieved March 2025, expected to contribute to 2025 revenues • Ca
Slide 15: Questions?
QUESTIONS? 15
Slide 16: Global Royalty Portfolio
Global Royalty Portfolio Critical mass of over 60 royalties, ~90% weighted to Tier-1 mining countries Australia / Canada / USA Near-term Asset Stage Current potential2 Producing 8 8 Development1 22 14 Lynn Lake Construction started Jan Adv. Exploration/ 2025 40 - Exploration TOTAL3 70 22 Wonmunna 2n
Slide 17: Larger Operators, Lower Risk Assets
Larger Operators, Lower Risk Assets Technical DD focused on maximising risk-adjusted returns and “event-driven” acquisition timing (pre-catalysts) Royalty Assets Open Pit / Operator (production/construction royalty in bold) Country Underground Comments • Otto Bore • Australia • Open Pit • First prod
Slide 18: 2025 Catalysts in Western Australia
2025 Catalysts in Western Australia All time high Aussie gold price accelerating royalty-linked developments, record price 17-Apr-25 (AUD$5,192/oz1) Bulong/Myhree Expanding Castle Hill First Ore H2 2025 Plutonic East First Ore September 2024 First Gold Produced Royalty Revenue Commenced Nov-2024 Res
Slide 19: Management
Management Technically focused team with >$1.5B royalty transaction experience Kyle Floyd, CEO Founded Vox Royalty; 10+ years of streaming and royalty acquisition experience; instrumental in financing and advising approximately $1B in transactions; attended TEAM HIGHLIGHTS MSc Mineral Economics (Col
Slide 20: Proprietary Database
Proprietary Database Information edge underpins hidden value ❑ Vox’s ability to source attractively priced dealflow is underpinned by its proprietary global database of +8,500 royalties ❑ Significant innovations deployed in past 24 months to expand database by +1,000 royalties ❑ Database has enabled
Slide 21: Red Hill Gold Royalty in Australia
Red Hill Gold Royalty in Australia 4% GRR covers majority of newly upgraded 1.9Moz resource1 and 0.6Moz maiden reserves Considered by Northern Star as a "large, consistent, low risk" strategic project to feed the Fimiston plant √ ❑ Upgraded 1.0Moz Au (25.6Mt @ 1.2g/t Au) (Indicated) and 0.9Moz Au (2
Slide 22: Technical & Third-Party Information
Technical & Third-Party Information Technical & Third-Party Information Market and industry data presented throughout this presentation was obtained form third-party sources, industry reports and publications, websites and other publicly available information as well as industry and other data prepa
Slide 23: Notes
Notes Cautionary Note to United States Investors The information herein is not for distribution and does not constitute an offer to buy any securities within the United States (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). Securiti