TORONTO, Aug. 15,
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 second quarter ended June
30, 2022. All amounts are in U.S. dollars unless otherwise
indicated.
Kyle Floyd, Chief Executive
Officer stated: "We are excited to announce record quarterly
royalty receipts, record quarterly revenues, record gross profit
and full payback of the Segilola royalty investment within six
months of first royalty receipt. Vox's royalty portfolio continues
to develop beyond management expectations particularly in terms of
revenue growth and timeline, with numerous assets in construction
and others rapidly approaching investment decisions. The
acquisition of six new royalties during the quarter covering
world-class gold, PGM, iron ore and copper orebodies continues to
demonstrate Vox's commitment to growth at reasonable prices. The
business fundamentals and outlook for Vox have never been
stronger."
Second Quarter 2022 Highlights
- Record Q2 royalty receipts of $3,165,030. Royalty receipts were allocated
$1,750,754 to the income statement, a
new quarterly revenue record, and $1,414,276 capitalized as a reduction to the
acquisition purchase price of the Wonmunna royalty, covering the
period April 1, 2022 to May 25, 2022 (the pre-acquisition period);
- Record year-to-date royalty receipts of $4,636,049;
- Record year-to-date revenues of $3,221,773, representing an increase of 74% over
the comparable period;
- Record gross profit of $1,444,878
and $2,609,171 for the three and six
months ended June 30, 2022;
- Increased producing royalty asset count to six during the
quarter, with inaugural revenues received from the Wonmunna iron
ore royalty, an uncapped 1.25% to 1.50% GRR (payable at 1.50% for
>A$100/t iron ore pricing);
- Completed the acquisition of six royalties during Q2 2022,
including the producing Wonmunna royalty asset;
- Achieved full revenue payback on the Segilola gold royalty
purchase price of C$900,000 during
the quarter, within 6 months of first royalty receipt;
- Strong balance sheet position at quarter end, including:
-
- Cash and accounts receivable of $4,747,167;
- Working capital of $2,916,911;
- Total assets of $39,805,541;
and
- Purchased and cancelled 70,100 common shares pursuant to the
Company's normal course issuer bid ("NCIB") during the six
months ended June 30, 2022.
Summary of Revenues
Quarterly, year to date, and annual revenue guidance figures are
summarized in the below table:
|
Income
Statement
|
Total Royalty
Receipts
|
|
3 months
ended
June 30,
2022
|
6 months ended
June 30, 2022
(Fiscal 2022 YTD)
|
6 months ended
June 30, 2022
|
2022 Annual
Guidance
|
Revenue
(US$)
|
$1,750,754
|
$3,221,773
|
$4,636,049
|
$7,800,000 –
$9,400,000(1)
|
(1)
|
2022 annual guidance of
C$10,000,000 to C$12,000,000, converted to U.S. dollars using spot
rate at June 30, 2022, rounded to the nearest $0.1M.
|
Summary of Quarterly Results
|
Three months
ended
June 30,
2022
|
Three months
ended
June 30,
2021
|
Six months
ended
June 30,
2022
|
Six months
ended
June 30,
2021
|
|
$
|
$
|
$
|
$
|
Statement of income
and comprehensive income
|
|
|
|
|
Revenues
|
1,750,754
|
1,314,030
|
3,221,773
|
1,854,010
|
Gross
profit
|
1,444,878
|
1,053,487
|
2,609,171
|
1,532,758
|
Net income
|
432,569
|
2,057,694
|
192,177
|
1,440,277
|
Net income per
share
|
0.01
|
0.05
|
0.00
|
0.04
|
For complete details, please refer to the Unaudited Condensed
Interim Consolidated Financial Statements for the three and six
months ended June 30, 2022 and 2021
and associated Management Discussion and Analysis for the three and
six months ended June 30, 2022,
available on SEDAR (www.sedar.com) or on Vox's website
(www.voxroyalty.com).
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 return on invested capital in the royalty
sector. Since the beginning of 2019, Vox has announced 20 separate
transactions to acquire over 50 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.
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.