Vox Royalty Corp · TSX:VOXR
Vox Royalty — Investor Day (May 2026)
27 slides from Vox Royalty's investor day presentation, May 14, 2026
Slide 1: A Smarter Commodity Investment
A Smarter Commodity Investment Investor Day Presentation May 14, 2026 NASDAQ: VOXR TSX: VOXR
Slide 2: Cautionary Statements
Cautionary Statements 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 jurisdic
Slide 3: Agenda
Agenda Today's discussion Opening Remarks 01 Competitive edge and track record of returns 2026 Guidance Increase 02 Financial and operational outlook for the year ahead Catalysts & Value Drivers 03 Key value drivers and strategic priorities 2030 Outlook 04 Long-term strategic and financial trajector
Slide 4: Competitive Edge
Competitive Edge Differentiated, data-driven intelligence, underpinning value creation Analytic Engine Proprietary Database Global Deal Sourcing Agents • Combined with our technical • In 2019, acquired the world's only • Global network of deal sourcing team, it identifies high conviction proprietary
Slide 5: Track Record of Returns
Track Record of Returns Consistent growth, a scalable business model, and a disciplined focus on risk-adjusted returns Return on Invested Capital Cash Flow per Share Growth Disciplined Capital Allocation 28% 9.5x Margin of 2026F ROIC, vs. 5-year history Operating CFPS growth, 2021–2025 Safety ROIC C
Slide 6: 2026 Guidance Increase
2026 Guidance Increase 2026 Guidance Increased to $32M–$37M in royalty and net precious metal receipts 2020-2026F Royalty and Net Precious Metal Receipts ($M) UPDATED 2026 GUIDANCE $32M - $37M $32M–$37M +100% growth from 2025 $16.6M ORIGINAL 2026 GUIDANCE $28M–$32M $11.0M $11.0M $8.5M Royalty & net
Slide 7: 2026 Guidance Increase: Key Assumptions
2026 Guidance Increase Vox has consistently met or exceeded management guidance Royalty and Net Precious Metal Operating Cash Flow Key Assumptions Receipts $32M - $37M $21M - $26M • Receipts expected from 14 assets +100% growth from 2025 +120% growth from 2025 • Expected offtake stream ounces: 230,0
Slide 8: Delivering More with Less
Delivering More with Less Lean corporate overhead & controlled cash G&A within $5M - $6M for the past 4 years 2023 2024 2025 2026F Management FTEs 6 6 6 7 Cash G&A costs $4,968,000 $4,518,000 $4,875,000 $6,000,000 Cash G&A % of Receipts 40% 41% 29% 17% Other cash expense items Project evaluation exp
Slide 9: Peer Leading Growth
Peer Leading Growth ~30% CAGR expected in receipts between 2025 to 2030E Illustrative Receipts Build: 2030E (US$M)1 $45 ~19,000 GEOs at $3,500 / oz Gold $22 Offtake stream receipts modelled at $85/oz illustrative margin (290Koz deliveries) US$M $12 $12 5 to 10 Mtpa $4 displacing $5 $4 $66 0.7 g/t st
Slide 10: Organic Growth & Upcoming Catalysts
Organic Growth & Upcoming Catalysts Significant Gold Equivalent Ounces (GEOs) under royalty & stream coverage LARGE CAP Wyloo North ~1,000,000 OPERATOR Total GEOs at $2,000 / oz gold1 >$10B El Molino Lynn Lake (MacLellan) Janet Ivy Red Hill Wonmunna Blyvoor ~240,000 (Private) Bonikro GEOs from Curre
Slide 11: Peer Multiple Comparison
Peer Multiple Comparison Vox offers investors significant growth at relative value Market Cap / 2026F Receipts Market Cap / 2030E Receipts 40x 38.3x 10x 9.5x 9x 8.6x 35x Peer avg: 8.7x 7.9x 8x 30x 7x +35% 25x Peer avg: 24.4x 6x 6.4x +127% 19.8x 20x 5x +98% 15.1x 4x 15x Incl. 3x Red Hill 12.4x 10x 2x
Slide 12: Delivering superior per-share returns
Delivering superior per-share returns +100% ~300% 28% receipts growth from 2025 to 2026F Organic receipts growth, 2025 to 2030E Return on Invested Capital, 2026F Strong Cash Flow Embedded Growth Industry Leading ROIC $32 – $37M ~30% 2026F updated guidance Receipts CAGR, 2025–2030E +120% ~$50M Operat
Slide 13: Q&A Management Panel
Q&A Management Panel | 15 minutes Presenters Contact +1 (720) 602 4223 Kyle Floyd Chief Executive Officer & Chairman ir@voxroyalty.com www.voxroyalty.com Spencer Cole President & Chief Investment Officer 1499 West 120th Ave, Suite 110 Westminster, CO 80234 USA Replay A webcast replay will be availab
Slide 14: Portfolio Highlights
PORTFOLIO HIGHLIGHTS
Slide 15: Portfolio Highlights – Assets in Focus Today
Portfolio Highlights – Assets in Focus Today Sugar Zone LEGEND 2026 Mining Restart Production Guidance Development1 Greenstone Other Vox Asset Achieved commercial production in Nov. 2024 Pedra Branca Development PGM royalty in Brazil Janet Ivy Uncapped gold tonnage royalty in Western Australia Ashbu
Slide 16: Bonikro Gold Offtake Stream — Côte d'Ivoire
Bonikro Gold Offtake Stream — Côte d’Ivoire 50% uncapped gold offtake stream at Allied Gold's producing Bonikro mine Production ❑ Operator: Allied Gold (NYSE/TSX: AAUC) ❑ 2025A: 100.7 Koz Au (+16% YoY) ❑ 2026F: 105–110 Koz Au1 Dougbafla Reserves & Resources (Dec 31, 2025, incl. Oumé) ❑ P&P Reserves:
Slide 17: Red Hill Gold Royalty — Western Australia
Red Hill Gold Royalty — Western Australia 4.0% uncapped Gross Revenue Royalty over majority of 1.9Moz resource1 and 0.6Moz maiden reserve in the Kalgoorlie Gold District Key Asset Metrics ❑ Operator: Northern Star Resources (ASX: NST) ❑ Stage: Development — feeds existing Fimiston Mill Resource & Re
Slide 18: Red Hill — Operator & Strategic Upside
Red Hill — Operator & Strategic Upside Strategic feed for Northern Star’s A$1.5B Fimiston Mill Expansion to 27Mtpa1, commissioning targeted for FY27 ~15 Mtpa at 0.7 g/t Au stockpile (1) KCGM Mill Expansion Source: KCGM Site Visit Presentation – August 2025 (https://www.nsrltd.com/media/p3jnkaf0/inve
Slide 19: Greenstone & Sugar Zone — Ontario, Canada
Greenstone & Sugar Zone — Ontario, Canada Two Ontario gold royalties: producing Greenstone and 2026 mining restart at Sugar Zone Greenstone — producing gold offtake stream Key Asset Metrics ❑ Commodity: Gold ❑ Offtake stream 1: 100% gold (capped at 58.5 Kozpa to March 2027) Sugar Zone — near-term re
Slide 20: Limpopo & Blyvoor — South Africa
Limpopo & Blyvoor — South Africa Large-scale orebodies with potential for decades of mine life: Limpopo and Blyvoor Blyvoor — ramping gold offtake stream Limpopo — Messina + Dwaalkop PGM Key Asset Metrics ❑ Commodity: Gold Key Asset Metrics ❑ Offtake stream: 100% gold (capped at 2.7 Moz) ❑ Commodity
Slide 21: Kanmantoo & Janet Ivy — Australia
Kanmantoo & Janet Ivy — Australia Two Australian royalties: underground Cu-Au growth at Kanmantoo and expanding Janet Ivy heap leach Kanmantoo — underground Cu-Au NSR Janet Ivy — uncapped gold tonnage royalty Key Asset Metrics Key Asset Metrics ❑ Commodity: Copper & Gold ❑ Commodity: Gold ❑ Royalty:
Slide 22: Stockman & Bowdens — Australia
Stockman & Bowdens — Australia Two fully permitted Australian development royalties: Stockman polymetallic and Bowdens silver Stockman — polymetallic development NSR Bowdens — silver development GRR Key Asset Metrics Key Asset Metrics ❑ Commodity: Copper, Gold, Zinc, Silver ❑ Commodity: Silver, Lead
Slide 23: Three PFS-Stage Precious Metals Royalties
Three PFS-Stage Precious Metals Royalties Ashburton, Pedra Branca & Bulgera — advanced-stage royalties with near-term GEO upside Ashburton — PFS-stage gold GRR Key Asset Metrics Pedra Branca — PGE NSR ❑ Commodity: Gold Key Asset Metrics Bulgera — gold NSR with nearby mill ❑ Royalty: 1.75% GRR (above
Slide 24: Appendix
APPENDIX
Slide 25: Our Team
Our Team Global technical team with over $1.5B royalty and $3.0B mining transaction experience Kyle Floyd Spencer Cole Pascal Attard Adrian Cochrane Riaan Esterhuizen Chief Executive Officer & President & Chief Investment Chief Financial Officer & Director, Cayman Operations Vice President, Technica
Slide 26: 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 27: 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