Vox Royalty Reports Q3 2020 Results and Approval of Normal Course Issuer Bid
GEORGE TOWN, CAYMAN ISLANDS, Nov. 17, 2020 /CNW/ – Vox Royalty Corp. (TSXV:VOX) (“Vox” or the “Company“) is pleased to announce its operating and financial results for the third quarter ended September 30, 2020. All amounts are in U.S. dollars unless otherwise indicated.
Year-To-Date 2020 Highlights
- Completed a brokered and non-brokered private placement for aggregate gross proceeds of C$13.75M;
- Completed a reverse take-over transaction and on May 25, 2020, began trading on the TSX Venture Exchange (“TSXV“) under the ticker “VOX”;
- Recognized inaugural royalty revenues from the Brauna diamond royalty in Q3;
- Acquired a critical mass of 23 royalties concurrently with the completion of the reverse take-over transaction;
- Maintained its industry-leading growth rate through the acquisition of an additional 5 royalties in Q2 and Q3;
- On November 9th announced that it entered into a royalty and sale purchase agreement to acquire a strategic North American portfolio of up to 8 royalties;
- Strengthened its low portfolio risk through the increase in operating partners to 42 during the period; and
- Acquired a proprietary royalty database from Mineral Royalties Online Pty Ltd, which includes over 7,000 global royalties. The acquisition provides VOX with a first-mover advantage to execute non-brokered royalty transactions, and the majority of its 2019 and 2020 royalty transactions have been completed on this basis.
“The third quarter marked another quarter of tremendous growth and development for the Company,” noted Kyle Floyd, Chief Executive Officer. “Vox continues to grow in all key areas as a royalty company. Vox’s portfolio continues to build, with world-class operating partners and high-quality royalty assets. Vox received its first revenue from royalties during the quarter, and expects a significant ramp-up in revenue over the coming quarters and years. We are also pleased to announce that with a strong balance sheet and growing revenue the Company is well placed to commence a normal course issuer bid program. We believe the Company is significantly undervalued relative to our peers and other market valuation metrics. The Company will purchase shares for cancellation at market prices from time to time over the next twelve months.”
For complete details, please refer to the Unaudited Condensed Interim Consolidated Financial Statements and associated Management Discussion and Analysis for the three and nine months ended September 30, 2020, available on SEDAR (www.sedar.com) or on the Company’s website (www.voxroyalty.com).
Royalty Asset Portfolio Updates
During the first nine months of 2020, the Company’s operating partners continued to explore, develop and expand the projects underlying the Company’s royalty assets. Key development news for the first nine months of 2020 is summarized as follows:
- On April 14, 2020, Alt Resources Limited (“Alt“) lodged the Tim’s Find mine plan for approval by the Department of Mines Industry Regulation and Safety in preparation for future planned mining activity at the Mt Ida gold project.
- On May 21, 2020, Venturex Resources Limited (“Venturex“) announced the receipt of environmental approval for the Sulphur Springs Copper-Zinc Project granted by the Western Australian Minister for Environment. This approval will enable regulatory authorities to issue required secondary permits, according to Venturex. The approval represents the conclusion of a comprehensive and rigorous environmental assessment process initiated in late 2016.
- On May 25, 2020, Silver Mines Limited (“Silver Mines“) announced that they had lodged the Development Application (“DA“) and Environmental Impact Statement (“EIS“) for the proposed development of the Bowdens Silver Project to the New South Wales Department of Planning, Industry and Environment. The next steps for the Bowdens permitting process are the approval of the DA by the Minister for Planning & Public Spaces of New South Wales and completion of public exhibition of the EIS.
- On June 23, 2020, Kalamazoo Resources Limited (“Kalamazoo“) announced that they had acquired the 1.65Moz Ashburton gold project from Northern Star Resources1. Kalamazoo’s stated project strategy for Ashburton is “to make new discoveries, substantially increase the 1.65Moz oxide and sulphide gold resource, and advance project development plans.“
- On August 10, 2020, in Karora Resources Inc.’s (“Karora“) quarterly results press release, they stated that mining has commenced at the Hidden Secret deposit which is part of the Higginsville Gold Operations (“HGO“) and located on tenements associated with the Dry Creek …