Vox Royalty Corp. (TSXV:VOX) (NASDAQ:VOXR) (“Vox” or the “Company”), a returns focused mining royalty company, is pleased to announce its operating and financial results for the first quarter ended March 31, 2023.
Kyle Floyd, Chief Executive Officer stated: “Following our recent announcements to highlight record quarterly revenue and a dividend increase, we are excited to share record quarterly gross profit and the declaration of another quarterly dividend for investors. Our strong Q1 2023 financial performance is a testament to management’s focus on thorough technical due diligence and disciplined royalty acquisition practices.”
First Quarter 2023 Highlights
Record revenue of $3,580,855 for the three months ended March 31, 2023 (compared to revenues of $1,471,019 for the three months ended March 31, 2022);
Record gross profit of $2,964,857 for the three months ended March 31, 2023 (compared to $1,164,293 for the three months ended March 31, 2022);
Increasing the Company’s quarterly cash dividend by 10% to $0.011 per common share on March 13, 2023, payable to shareholders of record as of March 31, 2023;
Significant organic development within the Company’s existing royalty portfolio, including Silver Mines Limited (“Silver Mines”) announcing a substantial resource upgrade and maiden gold resource estimate for the Bowdens silver project in Australia, Alamos Gold Inc. announcing the completion of an Environmental Impact Assessment and positive Decision Statement issued by the Minister of Environment and Climate Change (Canada) for the Lynn Lake gold project in Canada and Treasury Metals Inc. announcing positive results for its pre-feasibility study over the Goldlund gold project in Canada;
Strong balance sheet position at quarter end, including:
Cash and accounts receivable of $7,750,584;
Working capital of $3,683,329;
Total assets of $43,236,735;
Subsequent to March 31, 2023:
Shared annual 2023 royalty revenue guidance of $11,000,000 – $13,000,000;
Silver Mines announced that the Bowdens silver project has been approved by the Independent Planning Commission of New South Wales to proceed with development and production of the project, subject to certain conditions;
Jangada Mines PLC announced that it has received positive test results regarding the extraction of high-grade titanium dioxide and vanadium pentoxide from its Pitombeiras vanadium titanomagnetite project in Brazil;
Appointed experienced mining industry executive Donovan Pollitt to the Company’s Board of Directors; and
Shared an inaugural letter to investors.
Quarterly Dividend
The Company is also pleased to announce that its Board of Directors has approved a quarterly cash dividend of $0.011 per common share to be paid on July 14, 2023 to shareholders of record as of the close of business on June 30, 2023.
For shareholders residing in Canada, the dividend will be paid in Canadian dollars based on the daily exchange rate published by the Bank of Canada on June 30, 2023. The dividend qualifies as an “eligible dividend” as defined in the Income Tax Act (Canada). The dividend is subject to customary Canadian withholding tax for shareholders that are not resident in Canada.
About Vox
Vox is a returns focused mining royalty company with a portfolio of over 60 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 returns on royalty acquisitions in the mining royalty sector. Since the beginning of 2020, Vox has announced over 25 separate transactions to acquire over 50 royalties.
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