Vox Royalty Corp · TSX:VOXR
Vox Royalty — Investor Presentation (March 2024)
20 slides from Vox Royalty's investor presentation, March 2024
Slide 1: A Smarter Commodity Investment
A Smarter Commodity Investment INVESTOR PRESENTATION MARCH 2024 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: What we do
What we do • We purchase “legacy” royalties, as we believe these generate the highest returns in the industry • Vox is pure royalty exposure; no equity positions, JVs, or project ownership/generation o These structures create operating company-like risks, often require capital contributions and don’
Slide 4: Vox Royalty Overview
Vox Royalty Overview Strong balance sheet, tight capital structure with +10% management ownership CAPITAL STRUCTURE Share Price $1.97 Non-Precious (NASDAQ as of February 23, 2024) 30% Shares Issued 50.1M PRECIOUS Options 1.5M METALS Precious Warrants 6.4M WEIGHTED 70% • 6.4M at C$4.50, expiry March
Slide 5: Weighted to Australia & Large-Cap Operators
Weighted to Australia & Large-Cap Operators Weighted toward Top Mining Jurisdictions Globally… … and Large-Cap Operators 14% 12 21% 1% 29% 12% 13 8% 85% 67% 46 63% LTM Revenue Avg. of Broker NAV Asset Count Large-Cap >$1B Mid-Cap >$100M Juniors < $100M* Australia North America Other Broker NAV estim
Slide 6: Track Record of Returns
Track Record of Returns Several royalties have achieved full payback… …while others are on track for 2024 Kookynie ~14x Higginsville Total Cost $0.1 (Dry Creek) Total Returns $1.3 • Australia, Gold Graphmada ~11x Total Cost $0.2 Total Returns $2.2 Brauna Segilola 5x • Brazil, Diamonds Total Cost $0.
Slide 7: Larger Operators, Lower Risk Assets
Larger Operators, Lower Risk Assets Technical DD focussed on maximising risk-adjusted returns and “event-driven” acquisition timing (pre-catalysts) Operator Royalty Assets Country Open Pit / Comments (producing royalty in bold) Underground • Otto Bore • Australia • Open Pit • First production 2023 •
Slide 8: Organic Revenue Growth
Organic Revenue Growth Revenue growth expectations driven by expansions and new mines coming online Estimated +2026 Projects Bowdens Sulphur Springs Royalty Receipts ($M) Estimated Near-Term South Railroad Projects Goldlund Plutonic East Lynn Lake Red Hill Mt Ida Puzzle North Expansions Limpopo rest
Slide 9: Industry Leading Dividend
Industry Leading Dividend1 Accelerating growth, scalable ‘capital light’ business Dividend Paying… …Growing Royalty Receipts… …at a Discount to Avg Broker Estimated Value 2.2% $11 – 13M $3.34 $3.11 1.7% $9.7M 1.5% 1.5% 1.4% 1.3% 1.3% $2.20 $1.89 $3.6M Current Share Price: $1.97 (23-Feb) $0.1M Osisko
Slide 10: Peer Group – Emerging Royalty Companies
Peer Group – Emerging Royalty Companies Select Companies below $1BN in Market Capitalization1 Vox continues to lead the emerging royalty companies in revenue-linked return on capital invested 2022A Revenue / Capital Deployed (%) $600 25% $500 21% 20% $400 15% $300 10% $200 7% 6% 5% $100 2% 1% $0 0%
Slide 11: Peer Group – Emerging Royalty Companies (Cont.)
Peer Group – Emerging Royalty Companies (Cont.) Select Companies below $1BN in Market Capitalization6 EV / Royalty Revenue (2022A) 120.0 100.0 4 80.0 69.7x 3 60.0 53.5x 40.0 2 4 1 16.3x 18.9x 20.0 9.5x 0.0 Gold Royalty Vox Royalty Elemental Trident Metalla Corp Source: EV values sourced from CapIQ a
Slide 12: Strong Momentum For 2024
Strong Momentum For 2024 2023 Potential 2024 Catalysts NASDAQ bell-ringing in NYC (January 2023) Credit Facility for up to US$25M (January 16) Dividend increased (March 2023) Additional research coverage from Cormark Securities Graduation to TSX (May 2023) Bowdens (~400Moz Ag Eq. deposit
Slide 13: Why Vox?
Why Vox? Accelerating growth, expanding operating leverage, durable competitive advantage Shareholder aligned management with +10% ownership Major catalysts delivered in the last 18 months, maiden dividend policy, NASDAQ listing, TSX graduation and BMO credit facility +160% annual revenue grow
Slide 14: Questions?
QUESTIONS? 14
Slide 15: 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 16: 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 17: Global Royalty Portfolio
Global Royalty Portfolio Critical mass of over 60 royalties, 80% weighted to Tier-1 mining countries Australia / Canada / USA Near-term Asset Stage Current potential2 Producing 6 6 Lynn Lake Development1 22 14 Final Environmental Impact Assessment Adv. Exploration/ 43 - completed in Q1 2023 Explorat
Slide 18: 2023 Developments in Western Australia
2023 Developments in Western Australia ~A$3,000/oz gold price can accelerate royalty-linked mining developments Binduli North expansion complete Mt Ida mill commissioned Puzzle Maiden Revenue ~A$2.5M revenue expected for ~10 years +10x return targeted 15x return achieved, +50x potential Source: Nort
Slide 19: 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 20: 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