Vox Royalty (TSX-V:VOX) Corp reported record revenue and gross profit in the first quarter ended March 31, 2022.
Revenue for the quarter reached $1,471,019, a 172% increase over the corresponding quarter of 2021, while gross profit reached $1,164,293 for the quarter, both at a record high.
“The first quarter of 2022 has been incredibly productive for Vox, with record quarterly revenue and gross profit, significant organic growth in development-stage assets, and the progress of an initial listing application on the Nasdaq stock market.” , said the company’s CEO, Kyle Floyd, in a statement.
“I am excited for the next chapter in the company’s development – a period of heightened investor awareness and rapid organic growth of five to 10 producing assets by the end of 2023. In these uncertain inflationary and macroeconomic times, Vox continues to deliver industry-leading returns on capital deployed through its differentiated and disciplined royalty strategy and presents itself as a powerful outlet for investors to counter many inflationary pressures,” he added.
READ: Vox Royalty says it expects revenue from its Otto Bore royalty in 2023
The precious metals royalty company also reported a strong balance sheet at the end of the quarter, including cash of $5,621,565, working capital of $6,371,247 and total assets of $27,008,128.
Vox Royalty noted important operating partner updates in the first quarter, including a feasibility study released by Gold Standard Ventures for the South Railroad gold project in Nevada; a 106% increase in mineral resources by Valore Metals at the Pedra Branca platinum group element project in Brazil; a gold resource estimate for Genesis Minerals’ (ASX:GMD) Maiden Puzzle North in Western Australia; and a 113% increase in Norwest Minerals’ gold resource estimate at the Bulgera Gold Project in Western Australia.
Subsequent to the end of the first quarter, the company completed the acquisition of a portfolio of two PGM (Platinum Group Metals) royalties from a private company registered in South Africa for a total consideration of up to $10.4 million. , including initial consideration of $1.5 million, settled by the issuance of 409,500 common shares.
On April 26, 2022, Vox entered into a sale and purchase agreement with a subsidiary of Nuheara Ltd (ASX: NUH), to acquire all rights and interests of Terrace Gold under an agreement with Lumina Copper SAC , which includes the right to receive the kingship of El Molino. The consideration includes $50,000 in pre-issued common stock and $450,000 payable in cash or stock, at the Company’s option, upon registration of El Molino’s royalty interests in the mining title applicable to the Peru and satisfaction of other customary completion conditions.
Vox said preparations for surface mining of the Otto Bore gold deposit in Western Australia have begun, adding that Otto Bore is expected to become Vox’s sixth producing asset later in 2022.
Vox has a portfolio of over 50 royalties and streams spanning eight jurisdictions. Since the start of 2020, Vox has announced over 20 separate transactions to acquire over 45 royalties.
Contact the author at jon.hopkins@proactiveinvestors.com
