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Here are 1-2 brief analogies for Vox Royalty:

• A Real Estate Investment Trust (REIT) for mining royalties.
• The Visa or Mastercard of the mining industry.

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• Net Smelter Return (NSR) Royalties: These are financial interests entitling Vox Royalty to a percentage of the gross revenue generated from a mining operation, after deducting certain permitted costs.
• Gross Revenue Royalties (GRR): These are financial interests entitling Vox Royalty to a percentage of the total gross revenue produced from a mining operation, typically with minimal or no deductions.
• Streaming Agreements: Vox Royalty provides upfront capital to mining companies in exchange for the right to purchase a fixed percentage of future mineral production at a pre-determined, often discounted, price.
• Other Production-Based Royalties: These include various financial interests where payments are directly tied to the volume of mineral production, often as a fixed amount per unit produced.

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Vox Royalty Corp. (VOXR) operates as a royalty company, meaning it acquires and manages royalties on mining projects. Instead of selling a product or service directly to customers, Vox Royalty receives a percentage of revenue, production, or profit from the mining operations of other companies. Therefore, Vox Royalty does not have "customers" in the traditional sense; rather, its revenue is generated by the operational activities of the mining companies that hold the underlying projects.

Given this business model, the "major customers" can be interpreted as the primary mining companies whose projects generate significant royalty payments for Vox Royalty. These companies include:

• Thor Explorations Ltd. (TSX.V: THX)
  • Primary asset contributing to Vox Royalty: Segilola Gold Mine (Nigeria)
• Karora Resources Inc. (TSX: KRR)
  • Primary assets contributing to Vox Royalty: Beta Hunt and Higginsville Gold Operations (Australia)
• TIVAN Minerals (Private Company)
  • Primary asset contributing to Vox Royalty: Pitombeiras Vanadium Project (Brazil)

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Kyle Floyd, Chief Executive Officer and Chairman

Mr. Floyd is the founder, Chairman, and CEO of Vox Royalty. He created the concept, built the team, and raised the capital to start Vox's operations as a metal royalty company, and is responsible for the business's general operational and strategic direction. Prior to founding Vox, Mr. Floyd held the position of Vice President – Practice Lead of the global mining investment banking department at ROTH Capital Partners from 2007 to 2013. During his time there, he led the international OTCQX and cross-border listing advisory group and was instrumental in business development execution on all mining transactions, financing and advising on nearly $1 billion across more than 60 transactions, including M&A assignments, private placements of debt and equity, IPOs, and follow-on offerings.

Pascal Attard, Chief Financial Officer and Secretary

Mr. Attard has served as the Chief Financial Officer of Vox Royalty since December 2019. Prior to joining Vox, Mr. Attard was the Chief Financial Officer of Delivra Corp. until November 2019, where he had extensive authority, including executive guidance for finance, accounting, contracts, treasury, taxation, mergers and acquisitions, and investor relations. Mr. Attard played a key role in successfully guiding Delivra Corp. through the sale of its business in July 2019.

Spencer Cole, Chief Investment Officer

Mr. Cole has been the Chief Investment Officer at Vox Royalty Corp. since 2021. He co-founded MRO, a specialist marketplace/brokerage for mineral royalties, which developed the world's largest proprietary royalty database and was subsequently sold to SilverStream in 2019. While at MRO, Mr. Cole was involved in over $1 billion of royalty transactions. Additionally, he spent over 10 years at BHP, South32, and UBS Investment Bank in a wide range of commercial and technical mining roles.

Simon Cooper, Executive Vice President of Corporate Development

Mr. Cooper has been involved with Vox Royalty for a considerable period, contributing significantly to its corporate development. He previously held the title of Executive Vice President of Corporate Development and has been quoted in company announcements regarding significant milestones, such as the first gold pour from the Segilola Gold Mine.

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The key risks to Vox Royalty (VOXR) are primarily tied to the inherent nature of the mining royalty business and its financial sustainability.

1. Commodity Price Volatility: Vox Royalty's revenues are directly linked to the prices of the underlying commodities, predominantly gold and copper. A sustained downturn or significant fluctuations in metals prices could materially and adversely impact the company's royalty income. While Vox's asset-light model shields it from direct capital expenditures and mine operating risks, its financial performance remains highly sensitive to market prices for these commodities.
2. Project Execution and Operational Delays: Vox Royalty's income streams are dependent on the successful development and operation of the mining projects from which it holds royalties. Any delays in project execution, cost overruns incurred by the operators, or lower-than-expected ore grades at these mines could defer or reduce the royalty payments Vox receives. The concentrated nature of its business means that setbacks at even a few key projects could significantly impact its annual cash flow growth.
3. Financial Sustainability and Shareholder Dilution: The company has faced concerns regarding its financial sustainability, particularly a high payout ratio in the past, where it distributed more in dividends than it earned. While analysts anticipate a decrease in this ratio, such practices can be unsustainable in the long run. Additionally, shareholders have experienced substantial dilution in the past year, which can erode per-share value. Vox Royalty's return on equity (ROE) has also been noted as significantly below the industry average, raising questions about its underlying fundamentals.

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Vox Royalty Corp. (VOXR) operates as a mining royalty and streaming company, with a portfolio primarily focused on precious metals, but also including exposure to battery metals and other bulk commodities. The addressable markets for these main products or services are as follows:

• Precious Metals: The global precious metals market size was estimated to be between approximately USD 323.71 billion in 2024 and USD 513.3 billion in 2024.
• Battery Metals: The global battery metals market size was valued at approximately USD 11.35 billion in 2024.
• Bulk Commodities (Dry Bulk Materials): The global dry bulk materials market size was estimated at approximately USD 403.57 billion in 2024.

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Vox Royalty Corp. (VOXR) anticipates several key drivers for future revenue growth over the next two to three years:

1. Strategic Royalty Acquisitions: Vox Royalty is actively pursuing and executing a disciplined growth strategy through accretive royalty acquisitions. The company has explicitly stated its focus on a pipeline of acquisition opportunities, as evidenced by the recent acquisition of the Kanmantoo copper-gold royalty and a $57.5 million global gold portfolio. These acquisitions are expected to significantly increase revenue per share and expand the number of producing assets within its portfolio.
2. Development and Expansion of Existing Royalty Assets: A significant portion of future revenue growth is expected from the development, ramp-up, and expansion of projects already within Vox's diversified portfolio. Key examples include the Kanmantoo royalty, which is expected to provide consistent revenue in the latter half of 2025, and the Janet Ivy royalty, which has received regulatory approval for a 40% increase in crushing and grinding capacity. Additionally, the Wonmunna iron ore royalty is anticipated to return to normal shipping rates. Further, the Red Hill gold royalty is projected to generate substantial annual royalty income once Northern Star completes its mill expansion within 18-24 months. Other projects like Binduli North, Sulphur Springs, and Horseshoe Lights are also progressing towards development or construction.
3. Favorable Commodity Price Environment: Vox Royalty's management forecasts an increase in revenue and operating income, partly driven by a "modest commodity price increase effect on the Wonmunna iron ore royalty" and a generally "strong gold/copper price backdrop." The company's strategic shift towards greater exposure to gold and copper is intended to secure more stable revenue streams, capitalizing on positive market trends for these metals.
4. Organic Portfolio Maturation: Beyond new acquisitions, Vox expects substantial organic growth as existing assets mature and begin production. The company projects an increase from approximately six to over ten producing assets within the next 18 months, purely based on the maturation of assets already in its portfolio. Multiple gold and copper projects are slated to commence production over the coming 1-3 years, contributing to double-digit revenue and cash flow growth.

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Share Repurchases

• Vox Royalty Corp. approved a Share Repurchase Program (SRP) in 2024 to repurchase up to US$1,500,000 of its common shares.
• A renewal of the SRP was approved by the Board of Directors in March 2025.
• No common shares were repurchased under the previous SRP from March 19, 2024, through March 13, 2025.

Share Issuance

• In September 2025, Vox Royalty Corp. priced a public offering of common shares at $3.70 per share, aiming to raise $55 million in gross proceeds.
• This offering resulted in the issuance of 17,094,750 common shares, including the full exercise of the underwriters' over-allotment option, generating gross proceeds of approximately $63.25 million.
• The proceeds from this offering were primarily used to fund the acquisition of a global gold portfolio.

Outbound Investments

• In September 2025, Vox Royalty completed the acquisition of a global gold portfolio from subsidiaries of Deterra Royalties Limited for $57.5 million in upfront cash and $2.5 million in deferred milestone payments. This portfolio consists of ten gold offtake and royalty assets across twelve mines and projects in eight countries.
• Since the beginning of 2020, Vox has announced over 30 separate transactions to acquire more than 60 royalties.
• In August 2025, Vox Royalty acquired a 1.5% gross revenue royalty on the Wyloo North iron ore project in Western Australia for approximately US$1 million (A$1.5 million).

Capital Expenditures

• Vox Royalty reported capital expenditures of -$12.30 million in the last 12 months.
• As a mining royalty company, Vox Royalty's business model involves providing non-dilutive financing to operators in exchange for royalties, thereby operating without the direct capital expenditures associated with mine ownership.