Vox Royalty (TSX-V:VOX) Corp told investors it saw "record royalty revenues, record net incomes and unprecedented organic growth" in its second quarter to end-June this year.
The company, which has over 50 royalties and streams spanning eight jurisdictions, recorded a net income of US$2 million in the three months, swinging from a loss of US$4.1 million in 2Q, 2020.
Revenue came in at US$1.3 million for the quarter with inaugural revenues received from the Janet Ivy royalty (Australia), while Vox also noted it had lifted its production stage royalty assets from just one in May to five by the end of the period.
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"This quarter saw exceptional organic growth in our portfolio, further strengthened by first gold pour from our Segilola royalty asset on July 30," noted Kyle Floyd, CEO at Vox.
"We are also excited to grow our strategic partnership with Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF). (TSXV: ELEC), following the completion of our initial graphite royalty transaction. Vox shareholders can look forward to a catalyst-rich second half of 2021, with construction activity at multiple royalty assets, the release of multiple engineering studies and over 80,000m partner-funded drilling expected," he added.
Such was the strength of the second quarter, that in late July, as reported, Vox doubled its outlook for royalty revenue for 2021 to between C$4 million and C$5 million, up from C$1.7 million to C$2.5 million.
Vox noted then that the two-fold increase in its guidance was based on public forecasts and other disclosures by the third-party owners and operators of its assets.
The big uplift since the last company guidance was mainly due to higher royalty-linked production volumes at the Koolyanobbing iron ore operations across the Deception open pit (Australia) and the recently commissioned Altair open-pit (Burkina Faso), it added.
Vox was established in 2014 and has become the fastest-growing company in the royalty sector.
Since the beginning of 2019, the company has announced over 20 separate transactions to acquire over 45 royalties.
Contact the author at giles@proactiveinvestors.com