TORONTO, May 24, 2022
/CNW/ - Vox Royalty Corp. (TSXV: VOX) (OTCQX:
VOXCF) ("Vox" or the "Company"), a returns
focused precious metals royalty company, is pleased to
announce its operating and financial results for the first quarter
ended March 31, 2022. All amounts are
in U.S. dollars unless otherwise indicated.
Kyle Floyd, Chief Executive
Officer stated: "The first quarter of 2022 was incredibly
productive for Vox, with record quarterly revenues and gross
profit, significant organic growth in development stage assets and
the progression of an initial application to list on The Nasdaq
Stock Market. I am excited about the next chapter of the Company's
corporate development – a period of expanded investor awareness and
rapid organic growth from 5 to 10 producing assets by late 2023.
During these uncertain inflationary and macroeconomic times, Vox
continues to deliver sector leading returns on deployed capital
through its differentiated and disciplined royalty strategy and
presents as a strong outlet for investors to counter many
inflationary pressures."
First Quarter 2022 Highlights
- Record revenues for the quarter of $1,471,019, an increase of 172% over Q1
2021;
- Record gross profit of $1,164,293
for the quarter;
- Strong balance sheet position at quarter end, including cash on
hand of $5,621,565, working capital
of $6,371,247 and total assets of
$27,008,128;
- Released its inaugural Asset Handbook for best practice
investor transparency;
- Announced submission of an initial application to list its
common shares on The Nasdaq Stock Market;
- Significant operating partner updates in Q1, including:
-
- Feasibility study released by Gold Standard Ventures for the
South Railroad gold project in Nevada;
- 106% increase in mineral resource by ValOre Metals at the Pedra
Branca platinum group element project in Brazil;
- Maiden Puzzle North gold resource estimate from Genesis
Minerals in Western Australia;
and
- 113% increase in gold resource estimate from Norwest Minerals
at the Bulgera gold project in Western
Australia.
Subsequent to First Quarter 2022
- Completed the acquisition of a portfolio of two PGM royalties
from a private, South African registered company for total
consideration of up to C$10,400,000,
including upfront consideration of C$1,500,000, settled by the issuance of 409,500
common shares of Vox;
- On April 26, 2022, Vox entered
into a sale and purchase agreement with a subsidiary of Nuheara
Limited ("Terrace Gold"), to acquire all of Terrace Gold's
rights and interests in an agreement with Lumina Copper S.A.C,
which includes the right to receive the El Molino royalty. The
upfront consideration issued to Nuheara Limited will be
US$50,000 in common shares of the
Company, subject to the approval of the TSX Venture Exchange. A
further payment of US$450,000 is
payable, in cash or common shares of the Company (at the Company's
sole election), following the registration of the El Molino royalty
rights on the applicable mining title in Peru and the satisfaction of other customary
completion conditions; and
- Northern Star Resources Limited announced that preparation for
open pit mining operations at the Otto Bore gold deposit in
Western Australia has commenced;
Otto Bore is expected to become Vox's sixth producing asset later
in 2022.
Summary of Quarterly Results
|
|
Three months
ended
|
|
|
|
March
31,
2022
|
March 31,
2021
|
|
|
|
$
|
$
|
Statement of loss
and comprehensive loss
|
|
|
|
|
Revenues
|
|
|
1,471,019
|
539,980
|
Gross profit
|
|
|
1,164,293
|
479,271
|
Net
loss
|
|
|
(240,392)
|
(617,417)
|
Net
loss per share
|
|
|
(0.01)
|
(0.02)
|
For complete details, please refer to the Unaudited Condensed
Interim Consolidated Financial Statements for the three months
ended March 31, 2022 and 2021 and
associated Management Discussion and Analysis for the three moths
ended March 31, 2022, available on
SEDAR (www.sedar.com) or on Vox's website (www.voxroyalty.com).
Qualified Person
Timothy J. Strong, MIMMM, of
Kangari Consulting LLC and a "Qualified Person" under NI 43-101,
has reviewed and approved the scientific and technical disclosure
contained in this press release.
About Vox
Vox is a returns focused precious metals royalty company with a
portfolio of over 50 royalties and streams spanning eight
jurisdictions. The Company was established in 2014 and has since
built unique intellectual property, a technically focused
transactional team and a global sourcing network which has allowed
Vox to target the highest risk-adjusted returns in the mining
royalty sector. Since the beginning of 2020, Vox has announced over
20 separate transactions to acquire over 45 royalties.
Further information on Vox can be found at
www.voxroyalty.com.
Cautionary Note Regarding Forward Looking Information
This press release contains certain forward-looking
statements. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate"
"plans", "estimates" or "intends" or stating that certain actions,
events or results " may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements". Forward-looking
statements are subject to a variety of risks and uncertainties
which could cause actual events or results to materially differ
from those reflected in the forward-looking statements.
The forward-looking statements and information in this press
release include, but are not limited to Vox's
anticipated outlook for the fiscal 2022 year, completion of certain
anticipated milestones, transactions and developments by the
operators of certain underlying projects and mines in respect of
Vox's royalty and stream portfolio, anticipated future cash flows,
future financial reporting by Vox, the receipt of payments from
Vox's mining royalty portfolio, the completion of mine
construction, production and expansion under construction phases at
the mines or properties that Vox holds an interests in, and the
potential listing of Vox's common shares on The Nasdaq Stock Market
and prior registration with the U.S. Securities and Exchange
Commission in connection therewith.
Forward-looking statements and information are based on
forecasts of future results, estimates of amounts not yet
determinable and assumptions that, while believed by management to
be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
Forward-looking statements and information are subject to various
known and unknown risks and uncertainties, many of which are beyond
the ability of Vox to control or predict, that may cause Vox's
actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are
developed based on assumptions about such risks, uncertainties and
other factors set out herein, including but not limited to: the
requirement for regulatory approvals and third party consents, the
impact of general business and economic conditions, the absence of
control over the mining operations from which Vox will receive
royalties, including risks related to international operations,
government relations and environmental regulation, the inherent
risks involved in the exploration and development of mineral
properties; the uncertainties involved in interpreting exploration
data; the potential for delays in exploration or development
activities; the geology, grade and continuity of mineral deposits;
the impact of the COVID-19 pandemic; the possibility that future
exploration, development or mining results will not be consistent
with Vox's expectations; accidents, equipment breakdowns, title
matters, labor disputes or other unanticipated difficulties or
interruptions in operations; fluctuating metal prices;
unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price
fluctuations; currency fluctuations; regulatory restrictions,
including environmental regulatory restrictions; liability,
competition, loss of key employees and other related risks and
uncertainties. Should one or more of these risks,
uncertainties or other factors materialize, or should assumptions
underlying the forward-looking information or statement prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Vox cautions that the foregoing list of material factors
is not exhaustive. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events.
Vox has assumed that the material factors referred to in the
previous paragraph will not cause such forward looking statements
and information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors. The
forward-looking information contained in this press release
represents the expectations of Vox as of the date of this press
release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward looking
information and should not rely upon this information as of any
other date. While Vox may elect to, it does not undertake to update
this information at any particular time except as required in
accordance with applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press
release is based on information publicly disclosed by project
operators based on the information/data available in the public
domain as at the date hereof and none of this information has been
independently verified by Vox. Specifically, as a royalty investor,
Vox has limited, if any, access to the royalty operations. Although
Vox does not have any knowledge that such information may not be
accurate, there can be no assurance that such information from the
project operators is complete or accurate. Some information
publicly reported by the project operators may relate to a larger
property than the area covered by Vox's royalty interests. Vox's
royalty interests often cover less than 100% and sometimes only a
portion of the publicly reported mineral reserves, mineral
resources and production of a property.
SOURCE Vox Royalty Corp.