Vox Royalty Corp.

Good morning, everyone, and thank you for being here. I'm Kyle Floyd, CEO and founder of Vox. Joining me is also Spencer Cole, Vox's president and CIO. This is a presentation I'm very excited to share with our investors and the market. But first, before we get started, please take a minute to read the cautionary statements around forward-looking information. When we set out to build Vox, we made a promise to be different, different in how we underwrite, different in how we allocate capital, different in how we think about per share value, not just headline growth. We said we would build a royalty company that compounds for the long term, disciplined, diversified, and downside protected. Six years in as a public company, and the numbers are reflecting that mission. Over that six-year period, we expect to have grown receipts at a compound rate well over 50%, and we're projecting 2026 receipts double over 2025. Operating cashflow per share is set to grow another 120% this year on top of nine and a half times growth since 2021. And we're delivering this at a 28% return on invested capital, a number that frankly is rare in any sector and almost unheard of in mining royalties. What I want you to take away today isn't just the numbers, it's the process behind them. A portfolio of more than 70 assets, 14 of them producing this year, Receipts going up while G&A holds flat. A platform built to scale, not by chasing the biggest deals, but by underwriting the right deals again and again with discipline. Today, our team is going to walk you through exactly how our process works. We're going to highlight the track record. We'll also offer detail around the updated 2026 guidance, which I'm pleased to say we are raising significantly today. The presentation will also detail the embedded growth that takes this business towards north of $60 million annual receipts by 2030 and possibly well beyond. Regarding our track record of returns, let me start with the scoreboard. This slide tells you everything you need to know about what kind of business we're building. On the left, you see return on invested capital. For 2026, we're tracking to 28%. That's against a five-year history that itself outpaces virtually every name in our peer group. Return on invested capital is the truest measure of capital discipline in this business because it strips away the noise and asks one question. For every dollar we deploy, what are we generating for our shareholders? In the middle, cash flow per share. Per share, it's the entirety of what we're solving for. Nine and a half times growth from 2021 to 2025. That's not financial engineering. That's not stock-based dilution masking the picture. It's true value creation. And on the right, the philosophies that drive it all. Three principles that drive how we allocate capital. Quality at fair value, diversification that we offer across more than 70 assets, and ultimately measuring risk-adjusted returns. Every deal we do passes through that filter. A 76% compound growth rate over four years doesn't happen by accident. It happens by saying no to a lot of deals and to executing the right process time and time again. And for 2026 guidance, now our headline. We came into 2026 with original guidance of $28 to $32 million in royalty and net precious metal receipts. That itself would have represented a very strong year. Today, we are raising that guidance. Our updated range for 2026 is $32 million to $37 million, and that represents 100% growth over 2025. We are doubling this business in a single year. Most of our industry is struggling to deliver growth. Meanwhile, we are expected to increase receipts by over 100%, and we're going to be giving more detail around the expected growth over the medium term. For the key assumptions driving 2026 guidance, we expect 14 producing assets contributing this year, a blended mix of roughly 30% royalties and 70% streams on a receipts basis. On the stream side, we expect 230,000 ounces delivered for the year, 77,000 of those already realized in the first quarter at a margin of approximately $179 per ounce, with another 153,000 ounces to come at what we expect to be $50 to $85 per ounce margin through the balance of the year. Our expectation is that volatility will normalize, but we'll be very happy to be proven wrong on that. Operating cash flow is guided to $21 million to $26 million That's 130% growth over 2025. At a $4,000 gold price and the midpoint of our receipts guidance, that translates to 8,625 gold equivalent ounces. And underneath all of it, a 28% return on invested capital. That is discipline showing up in the numbers. Meanwhile, we continue to deliver more with less, and I'm pleased to walk you through our cost breakdown. This slide should summarize the cost of the business well. We have aimed to increase clarity on both the revenue drivers of the business, along with further details on costs with our goal to be transparent with our expectations. A few important details to note. We have run Vox as efficiently as possible since inception. We run one of the leanest teams in the industry, and as you can see with our FTE headcount, Our team has asked to work hard and to work efficiently for our shareholders, and I'm proud to say we deliver on that mission. Evidence of our efficiency can be seen in our cash G&A. It's been held within a $5 to $6 million band for four consecutive years. And while the absolute number has remained relatively flat, the cash G&A as a percentage of receipts has gone from 40% in 2023 to just 17% expected in 2026. Meanwhile, revenue per employee has dramatically increased from approximately $2 million to nearly $5 million per employee. That is the operating leverage we have been suggesting was embedded within the business. However, there are some heightened costs that we do not believe will be persistent beyond a couple of years, and I want to walk through those. One is an increase in royalty enforcement and litigation expenditures. We believe the most costly part of this process will begin to recede after quarter two. The second category of costs I want to highlight is the non-cash cost increase associated with stock-based compensation relating to an option grant in the first quarter of 2026. After a thorough review by the Independent Compensation Committee of the Board, it was decided to grant 2.4 million options at a $4.99 share strike price, vesting over two years. This grant was designed to increase management's equity holdings, in line with increases many of the peer executive teams in our industry have seen over the last few years, and for that upside exposure only to be realized by driving a significant increase in per share value. The options were granted with a strike price of approximately $5 per share. This structure allows management to share in the gains it creates for shareholders, but only realize a benefit when shareholder value has increased dramatically. Moreover, we are pleased to drive a shareholder-focused business With a focus on capital efficiency, we are building a royalty company that doesn't bulk up by adding bodies and expenses. We built Vox with the objective of being thoughtful about the deals we pursued, building systems that scale, and cultivating a team that punches well above TWAIT. With that, I'm going to hand it over to our President and Chief Investment Officer, Spencer Cole. Spencer?

Thanks, Carl. I'm really excited to share a little bit around our 2030 illustrative receipts buildup. It's worth noting this is the first time we've actually disclosed any forward-looking estimates beyond current year guidance, so we're quite excited to share this with investors. The headline total in Illustrative 2030 receipts are $66 million, which represents considerable growth on last year's revenue receipts of $16 million. This comprises approximately two-thirds royalty receipts and one-third streaming receipts. It's also worth highlighting that these $66 million of receipts assume no new acquisitions or capital deployed. So that $66 million number is all on the current base of invested capital of $125 million. We can break out this $66 million into a few key buckets. Firstly, the base royalty revenue of approximately $30 million. This is contributed through up to 26 separate royalty assets. And I'll outline a bit more on this in our next slide. Secondly, our Bonacro Gold Stream. So in February of this year, reserves at Bonacro were expanded over 300%. And at current production levels, the mine has a potential mine life of 13 years on reserves only. Secondly, the Blybor Stream. The operator of this asset expects to expand production materially, and at these gold prices, the asset continues to perform ahead of our expectations. At the current run rate, based on the most recent 2024 technical report, this asset would have a mine life in excess of 100 years, quite a generational ore body. The next key asset is the Sugar Zone Gold Stream. This is a key growth asset for the recently announced $10 billion Merge Co. of Volt and Regus. The key catalyst for this asset is mining is expected to recommence in July of this year and processing is expected to restart November of 2027. The next key asset is the Los Filos Gold Stream. Subject to the finalisation of community agreements and the development plan, Equinox is guiding towards 280,000 ounces of production from this asset publicly. And so 50% of that annual production would be attributable to under our offtake streaming contract. The next asset is the Wailu North iron ore royalty. This was a $1 million counter-cyclical iron ore acquisition that we made last year that's operated by $50 billion major mining company Fortescue. They just released a key EPA permitting filing in March of this year, which indicates near-term mine development decisions are coming. A really exciting asset from a returns perspective. And then lastly, but certainly not least, our Redhill Gold Royalty. This asset has potential to generate $20 to $40 million per annum of potential receipts through the displacement of low-grade stockpiles. The key catalyst for this asset is completion and commissioning of Northern Star's $1.5 billion Finiston Mill expansion that'll expand the mill to 27 million tonnes per annum. They're expecting that commissioning in FY27. Next up, I'm excited to share more detail on our embedded organic growth and upcoming catalysts for a number of key growth assets. And this has really been fueled and accelerated by widespread M&A amongst our operator universe. As a company where returns and cash flow focus, so we don't typically talk about embedded organic growth, but this really is our first opportunity to share visibility on the substantial ounces we've got in the ground as shown by these bubbles. One growing critique of the royalty industry is that the market really desires cornerstone assets that are typically not acquired at value. In stark contrast, we bought later stage assets with large cap operators at truly dislocated values with what we believe is immense optionality that isn't priced in. And it goes without saying, but this gold price environment has really increased the flywheel development expenditure on our assets. And now, while not every one of these assets will prove out, with this many shots on gold, we remain very confident around our organic growth pipeline. Of the 79 assets we have in our portfolio today, over 45 of them have resource estimates in the ground. And 37 of these are shown on this chart that have greater than 1,000 GEOs in the ground. As I mentioned, there have been quite considerable M&A tailwinds in our portfolio from the Orla Equinox merger that was just announced to the Volt and Regis merger that was just announced in relation to our SugarZone asset, Allied's takeover by Zijin, Buller Bulling project divestment from Zijin, a number of key M&A catalysts that have really accelerated these project developments. I guess some of the key growth assets that we believe the market is overlooking within this portfolio of assets. The first would be Limpopo, which is a very large 20 plus million ounce PGM asset with near-term restart optionality from a $10 billion operator. We're really confident that activities is going to pick up around this asset in the coming years. So we're excited to share some of the catalysts that we expect to come down the pike on this one. The next one would be our Ashburton Gold Royalty. A pre-feasibility study is expected to be released on this asset in early 2027. And the operator, Kalamazoo, has stated a target of delivering a production profile exceeding a million ounces. So that would be a considerable sort of production profile that we have exposure to. The next asset is the Bowdens Silver Royalty. This is actually the largest undeveloped silver deposit in Australia. And the key catalyst around this asset is final permitting, which the operator, Silver Mines, is expecting later in 2026. And then lastly, but not least, our Stockman Copper Gold Royalty. This is an Aussie royalty that we acquired in late 2025. The key catalyst for this asset is an update to the feasibility study that's expected to be released in Q3 of this year. So a huge amount of exciting catalysts coming down the pike associated with these large ore bodies and GEOs. I guess from a peer comparison perspective, we've always been focused on balancing the barbell of cashflow and organic growth, given the tendency of some small cap royalty companies to be overweight growth without immediate cashflow. On both a cashflow and a 2030 potential receipts basis, we continue to trade at a substantial discount to peers with just as much, if not more optionality than our peer universe. With that, I'll pass back to Kyle.

Well, thank you, Spencer. And look, this has been a very exciting day for us. We're excited to share these results with the market. But I'll focus and I'll close with what matters most to our board of management, and that's per share returns. On the left, as we have detailed, our receipts and cash flow are growing significantly, and our cash flow per share is compounded at over 76%. We've raised guidance to $32 to $37 million for 2026. Meanwhile, we see potential for organic receipts to grow roughly at 300% from 2025 to 2030. That's over a 30% compound rate over five years, equating to approximately $60 million in incremental annual receipts by 2030 and nearly $1 million equivalent ounces under FOX royalty and stream coverage. To be clear, this growth is already underwritten, and that's organic. Well, as you can see on the right, industry-leading return on investment capital, 28% for 2026 expected. Few companies in any sector deliver this, almost none in mining royalties. Vox embodies strong cash flow today, embedded growth tomorrow, with an abundance of long-term optionality. This alongside a shareholder-focused discipline that compounds year after year. That's the Vox model. Thank you again for spending your hour with us. We're excited to detail more and we'll open up the forum to Q&A. Thank you again.