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Here are a few analogies to describe Vox Royalty:

• Think of Vox Royalty like a Real Estate Investment Trust (REIT), but instead of owning buildings and collecting rent, Vox owns rights to future production or revenue from many different mines globally.

• It's similar to a music publishing company, but instead of collecting royalties on songs, Vox Royalty collects royalties on the minerals extracted from mines around the world.

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• Mining Royalties: Vox acquires interests that entitle it to receive a percentage of the revenue or profit from mineral production on specific mining properties.
• Streaming Agreements: Vox provides upfront financing to mining companies in exchange for the right to purchase a fixed percentage of future mineral production at a pre-determined, usually low, price.
• Royalty Options: Vox holds the contractual right, but not the obligation, to acquire a future royalty interest on a mining asset under specified terms.

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Vox Royalty Corp. operates as a mining royalty and streaming company. In this business model, Vox Royalty generates revenue by holding royalty and streaming interests in various mining properties. The payments for these royalties and streams are made by the companies that operate and develop these mineral properties.

Therefore, Vox Royalty's "customers" are other companies, specifically the operating mining companies that are responsible for the production and development of the assets where Vox Royalty holds its interests. These companies make royalty or stream payments to Vox Royalty based on their activities.

Based on the provided background information, while Vox Royalty holds a portfolio of 56 royalties and streaming assets across various geographies (including Australia, Canada, Peru, Brazil, South Africa, Mexico, the United States, Madagascar, the Cayman Islands, and Nigeria), the specific names of the major operating mining companies that make these payments are not identified.

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Kyle Floyd Chief Executive Officer & Chairman

Mr. Floyd is the founder, Chairman, and Chief Executive Officer of Vox Royalty Corp.. He created the concept, built the team, and raised the capital to launch Vox's operations as a metal royalty company. Vox Royalty was founded in 2014, with Mr. Floyd having started building it in late 2012. Prior to Vox, Mr. Floyd held the position of Vice President – Practice Lead of the global mining investment banking department at ROTH Capital Partners, where he led business development and advised on nearly $1 billion across more than 60 transactions, including M&A assignments, private placements, IPOs, and follow-up offerings.

Pascal Attard Chief Financial Officer & Corporate Secretary

Mr. Attard has served as the Chief Financial Officer of Vox Royalty Corp. since December 2019. Before joining Vox, he was the Chief Financial Officer of Delivra Corp. until November 2019. In this role, Mr. Attard was instrumental in successfully guiding Delivra Corp. through the sale of its business in July 2019. He also held positions as Vice-President of Finance and Corporate Controller during his four-year tenure at Delivra Corp..

Spencer Cole Chief Investment Officer

Mr. Cole co-founded MRO (Mineral Royalties Online), a specialist marketplace and brokerage for mineral royalties, which was subsequently sold to SilverStream (Vox Royalty) in 2019. While at MRO, he was involved in over $1 billion of royalty transactions. Mr. Cole brings over 10 years of experience from BHP, South32, and UBS Investment Bank, where he held various commercial and technical mining roles. At BHP, he worked in the Group Acquisitions & Divestments team and participated in several royalty transactions, including the demerger of South32 Royalty Investments Pty Ltd..

Riaan Esterhuizen Executive Vice President, Australia

Mr. Esterhuizen co-founded MRO, a specialist marketplace/brokerage for mineral royalties, and served as its Principal Advisor. MRO was subsequently sold to SilverStream (Vox Royalty) in 2019. Before co-founding MRO, he spent 10 years (2004 to 2014) at BHP as an Exploration Project Manager and Global Commercial Manager. His responsibilities at BHP included commercial oversight for worldwide exploration activities, managing the company's global exploration royalty portfolio, and exploration mining rights. He led the due diligence efforts to bring the royalty portfolio to good standing and managed the sale process for marketing the portfolio to investors.

Adrian Cochrane VP of Legal Affairs & General Counsel

Mr. Cochrane possesses extensive legal experience in Canada and the Cayman Islands. Prior to joining Vox Royalty, he worked as a solicitor at Blake, Cassels & Graydon LLP in Toronto and Walkers in Grand Cayman. In these roles, he advised clients on capital markets matters, mergers and acquisitions, international corporate reorganizations, and private equity transactions. He also served as in-house counsel to a significant private investment firm based in Grand Cayman.

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Here are the key risks to Vox Royalty Corp. (VOXR):

1. Commodity Price Volatility: Vox Royalty's revenue is highly sensitive to fluctuations in commodity prices, particularly gold, which constitutes approximately 80% of its revenue. A significant correction in gold or silver prices poses a considerable risk to the company's financial performance.
2. Reliance on Third-Party Operators and Project Execution Risk: As a royalty and streaming company, Vox Royalty's income generation depends heavily on the operational performance and development success of mines managed by third-party operators. Delays in project execution, underperformance of these mines, or the finite lifespan of mining assets (asset depletion) can directly impact the company's royalty receipts and future revenue growth.
3. Liquidity and Market Capitalization Risk: Vox Royalty is identified as a micro-cap or small-cap company, and its shares may experience limited liquidity. This can deter larger institutional investors and potentially lead to higher stock price volatility.

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Expected Drivers of Future Revenue Growth for Vox Royalty (VOXR)

Over the next 2-3 years, Vox Royalty Corp. (VOXR) is anticipated to experience revenue growth driven by several key factors, including the full impact of recent acquisitions, increased production from expanded operations, the activation of new royalty streams, its ongoing strategic acquisition program, and a favorable commodity price environment.

• Full-Year Contributions from Recently Acquired Core Assets: Vox Royalty expects significant revenue generation from its Global Gold Portfolio, acquired on September 26, 2025, which will provide a full year of gold metal deliveries in 2026. Additionally, the Kanmantoo copper royalty, acquired on May 15, 2025, is projected to contribute consistent quarterly revenues in 2026, with an anticipated production of 12,750 to 14,000 tonnes of copper.
• Increased Production Capacity from Key Existing Assets: A major expansion at the Binduli North gold project in Western Australia, approved in July 2025, has boosted crushing and grinding capacity by 40%, from 5 million tonnes per annum (Mtpa) to 7 Mtpa. This expansion is expected to drive long-term production growth and, consequently, increased royalty receipts for Vox.
• Bringing New Royalties into Production: Vox Royalty anticipates receiving initial revenues from multiple new royalties throughout 2026, including assets such as the Mt Ida and Horseshoe Lights royalties, and milestone payments from the Castle Hill and Federation royalties. The company projects an increase in its number of producing assets from 14 to 22 within the next two to three years, further diversifying and growing its revenue base.
• Continued Strategic Royalty Acquisitions: Vox Royalty's "blue ocean" acquisition strategy, which has resulted in the acquisition of over 60 royalties since 2020, is expected to continue expanding its portfolio. This strategy focuses on identifying undervalued royalty opportunities and adding high-return assets across a diverse commodity base and top-tier mining jurisdictions.
• Favorable Commodity Price Environment: The company operates in a constructive macroeconomic environment characterized by record gold and copper prices. As a royalty and streaming company, Vox Royalty benefits from this environment, as its revenue is directly tied to the top-line production and prices of these key commodities.

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Share Repurchases

• Vox Royalty Corp. announced a share repurchase program on March 13, 2025, authorizing the repurchase of up to $1.5 million worth of its common shares.

Share Issuance

• Vox Royalty has seen an increase in its shares outstanding, with a 1.90% increase in the last 12 months.
• The number of shares outstanding was approximately 68.27 million recently.
• Shares outstanding have generally increased from 2021 to 2025.

Outbound Investments

• Vox Royalty's core business involves the acquisition of royalties and streaming assets.
• Since the beginning of 2020, the company has announced over 25 separate transactions to acquire more than 60 royalties.
• The company's portfolio has grown to over 80 assets across various jurisdictions.

Capital Expenditures

• Vox Royalty, as a pure royalty/streaming business, generally requires no capital expenditures related to mine operating risk.
• Reported capital expenditures for Vox Royalty primarily reflect the acquisition costs of royalty assets.
• In the last 12 months, capital expenditures amounted to -$70.87 million or -$14.96 million, indicating significant investment in royalty acquisitions.