Vox Royalty (TSX-V:VOX) Corp announced that it has received its maiden monthly royalty payment of approximately C$116,750 from a subsidiary of Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF).
The high growth precious metals focused royalty company said the payment marked its first royalty revenue milestone from Segilola Gold, which achieved commercial production in October 2021.
"Based on production estimates from Thor, we expect that this royalty has the potential to generate revenue almost five times Vox's initial investment of C$900,000 within a span of three years,” Vox CEO Kyle Floyd said in a statement.
“Thor management are to be congratulated for successfully constructing and commissioning Nigeria's first commercial gold mine, particularly given the unprecedented supply chain challenges for greenfield mining development projects,” he added.
READ: Vox Royalty says 2022 is gearing up to be a "record year" with key milestones within its royalty portfolio
Vox noted that the inaugural royalty revenues were from exported sales of gold and payable silver by-product credits in December 2021 at Segilola Gold.
In January 2022, Thor announced that it expects first-quarter 2022 production of 20,000 to 22,000 ounces of gold and full-year 2022 production of 80,000 to 100,000 ounces of gold.
Sales are expected to increase in future months as Segilola continues to operate and export at steady-state rates, the company added.
Toronto-based Vox is a precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions.
Contact the author at stephen.gunnion@proactiveinvestors.com