Episode Details

Interview with Spencer Cole, President & CIO, Vox Royalty

Our previous interview: https://www.cruxinvestor.com/posts/vox-royalty-corp-tsxvoxr-undervalued-investment-series-with-kyle-floyd-10631

Recording date: 28th September 2026

Vox Royalty (NASDAQ:VOXR, TSX:VOXR) is a returns-focused royalty and streaming company with more than 70 royalties and streams, weighted heavily towards gold and Australian jurisdictions. President and Chief Investment Officer Spencer Cole set out a business that is scaling quickly while holding to the capital discipline that has defined it.

The financial trajectory is the starting point. Vox posted record first-quarter 2026 receipts of $16.0 million, nearly matching its full-year 2025 total of $16.6 million. Cole said the first half came in at just over $20 million. Guidance for 2026 has been raised to $32 million to $37 million, implying roughly 100% growth. The company has also published a 2030 outlook of approximately $66 million. According to Cole, about two-thirds of this year's receipts come from gold offtake contracts and one-third from the royalty portfolio.

September was unusually busy. Vox completed three Australian royalties for A$8.4 million (about $6 million). White Dam is a producing gold heap leach with a new copper-gold discovery inside the royalty area. Kalman sits at the centre of copper consolidation around Mount Isa, with operator Hammer Metals now subject to a proposed scheme with Austral Resources. Sylvania covers 1,700 square kilometres of exploration ground next to Capricorn Metals' Karlawinda mine. It also covers historical iron ore and zinc-lead-silver deposits.

The headline transaction is a $13 million agreement for a 0.75% NSR royalty over Boab Metals' Sorby Hills silver-lead project. The project is fully permitted, funded and under construction, with first concentrate targeted for the second half of 2027. The FEED Study outlines around 2.2 million ounces of silver a year over 8.5 years. However, the mining inventory represents only about 39% of the resource. Cole expects a reserve upgrade to push mine life closer to 12 to 15 years. The deal still requires FIRB approval and is expected to complete in the fourth quarter.

Vox's offtake contracts at Bonikro and Los Filos have been revalued upward following a mine life extension at Bonikro and community agreements that support a phased restart at Los Filos. These revaluations are positive, but they add noise to quarterly earnings. The Red Hill royalty remains in litigation with Northern Star Resources, with a possible 12 to 24-month timeline.

The balance sheet gives Vox room to act. It held $31.1 million in cash at June 30, 2026, carried no debt and had an undrawn $75 million facility. Cole said Vox could fund $40 million to $60 million deals without equity, though returns rather than size will decide whether it does. Otherwise, the company will continue its core programme of $5 million to $20 million Australian transactions.

The central investment question is valuation. Cole said Vox trades at around 10 times revenue and that its development assets are effectively valued at zero. Key watch-items include completion of Sorby Hills, Boab's reserve update and Phase IX assays, the Hammer Metals scheme outcome and quarterly receipts against guidance.

Learn more: https://www.cruxinvestor.com/companies/vox-royalty

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