CEO Kyle Floyd deemed the quarter “tremendously successful” for the newly-listed royalty company as it acquired 27 royalties as part of a reverse takeover transaction and has added an additional five since its listing.
A big move for the Toronto-based company was its acquisition of a proprietary royalty database from Mineral Royalties Online Pty Ltd, which includes over 7,000 global royalties, providing Vox with a first-mover advantage to execute non-brokered royalty deals.
"The company completed numerous transformative acquisitions and has continued to execute on its strategy of utilizing its intellectual property and highly skilled technical team to find royalties at great value with significant near-term catalysts,” Floyd said in a statement accompanying the results.
“The portfolio has already realized significant value accretion from organic milestones being achieved by our operating partners and from recent acquisitions. We are ahead of schedule both in terms of number of royalties added and expected 2021 producing royalty assets. Vox continues to set the pace in the industry for growth and will continue making excellent acquisitions in volume."
Vox holds a portfolio of 41 royalties and streaming assets and one royalty option in Australia, Canada, Peru, Brazil, Mexico, the United States, Madagascar and Nigeria.
The firm’s 35 operating partners had a busy quarter. Among the highlights, Alt Resources Limited filed a mine plan for Tim’s Find ahead of planned mining activity at the Mt Ida gold project, and Venturex Resources Limited announced the receipt of environmental approval for its Sulphur Springs copper-zinc project in Western Australia.
In June, Kalamazoo Resources Limited announced it had acquired the 1.7 million ounce Ashburton gold project, with the intention to substantially increase the resource and advance the project to a development stage.
The firm reported a US$4.2 million net loss for the three-month period to end June 30, 2020. Vox also noted that it cancelled an agreement with STEMify Limited for a royalty interest in the Saxby gold project after the project operator did not agree to the transaction.
The company said it plans to continue its rate of royalty acquisitions in 3Q, with a focus on precious royalties and near-term producing assets via portfolios of existing royalties.
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