GEORGE TOWN, Cayman Islands,
March 31, 2021 /CNW/ - Vox
Royalty Corp. (TSXV: VOX) ("Vox" or the
"Company"), a high growth precious metals focused royalty
company, is pleased to announce that it has entered into a
binding agreement with Yilgarn Iron Pty Ltd (a subsidiary of
Mineral Resources Limited) pursuant to which Vox will extinguish
the outstanding balance of the Koolyanobbing royalty pre-payment
through a cash payment.
The Koolyanobbing royalty is an uncapped royalty of 2% on the
average/tonne Free on Board ("FOB") sales value of iron ore
extracted from the Deception Deposit on mining lease M77/1258 as
shown in Figure 2 below.
Prior to Vox acquiring the Koolyanobbing royalty from Vonex
Limited ("Vonex") in 2020, a historical pre-payment of the
royalty in the sum of A$3,000,000 was
made by Cliffs Asia Pacific Iron Ore Pty Ltd to Vonex. As
previously disclosed in Vox's filing statement dated May 12, 2020, no royalty cashflows are payable to
Vox until this pre-payment amount has been exhausted. The
outstanding balance as at December 31,
2020 was A$1,782,032.
Vox has entered into a binding agreement with Yilgarn Iron
Pty Ltd pursuant to which Vox will extinguish the outstanding
balance of the Koolyanobbing pre-payment through a cash payment of
A$1,782,032 within five business days
from execution date of the agreement. Following payment of the
settlement amount, effective January 1,
2021, Vox will earn royalty revenues from the Koolyanobbing
royalty.
Royalty revenues associated with the Koolyanobbing (Deception
Pit) royalty over the past two years and forecast for 2021 are as
follows:
|
2019
|
2020
|
2021
Forecast
|
Royalty Revenue
(A$)
|
$724,198
|
$493,769
|
$600,000 –
$800,000
|
The Deception Pit and the Altair Pit to the north are currently
being mined at a rate of 1.1Mtpa – 1.3Mtpa. Historical royalty
attributable annual production on the Vox royalty tenure (M77/1258,
see Figure 2) has averaged 180,000t – 360,000t and Vox management
expects this royalty attributable production rate to increase in
coming years as mining transitions further north within
M77/1258.
For more information on Koolyanobbing, please visit the Mineral
Resources website at:
https://www.mineralresources.com.au/our-business/commodities/iron-ore/
Qualified Person
Timothy J. Strong, MIMMM, of
Kangari Consulting Limited and a "Qualified Person" under National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has reviewed and approved the scientific and
technical disclosure contained in this press release.
About Vox
Vox is a high growth precious metals royalty and streaming
company with a portfolio of over 45 royalties and streams spanning
nine jurisdictions. The Company was established in 2014 and has
since built unique intellectual property, a technically focused
transactional team and a global sourcing network which has allowed
Vox to become the fastest growing company in the royalty sector.
Since the beginning of 2019, Vox has announced over 20 separate
transactions to acquire over 45 royalties.
Further information on Vox can be found at www.voxroyalty.com.
Cautionary Note Regarding Forward Looking Information
This news release contains certain forward-looking
statements. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate"
"plans", "estimates" or "intends" or stating that certain actions,
events or results " may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements". Forward-looking statements
are subject to a variety of risks and uncertainties which could
cause actual events or results to materially differ from those
reflected in the forward-looking statements.
The forward-looking statements and information in this press
release include, but are not limited to, statements regarding
expectations for the acquired royalties and projects and estimates
of project success, and the ability of Vox to complete the
acquisition. Such statements and information reflect the current
view of Vox. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause Vox's actual results, performance or achievements or other
future events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
Should one or more of these risks, uncertainties or other
factors materialize, or should assumptions underlying the
forward-looking information or statement prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated or expected.
Vox cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events.
Vox has assumed that the material factors referred to in the
previous paragraph will not cause such forward looking statements
and information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors. The
forward-looking information contained in this press release
represents the expectations of Vox as of the date of this press
release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward looking
information and should not rely upon this information as of any
other date. While Vox may elect to, it does not undertake to update
this information at any particular time except as required in
accordance with applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press
release is based on information publicly disclosed by project
operators based on the information/data available in the public
domain as at the date hereof and none of this information has been
independently verified by Vox. Specifically, as a royalty investor,
Vox has limited, if any, access to the royalty operations. Although
Vox does not have any knowledge that such information may not be
accurate, there can be no assurance that such information from the
project operators is complete or accurate. Some information
publicly reported by the project operators may relate to a larger
property than the area covered by Vox's royalty interests. Vox's
royalty interests often cover less than 100% and sometimes only a
portion of the publicly reported mineral reserves, mineral
resources and production of a property.
Technical References & Notes:
(1) Deception Deposit Mine Closure Plan, Cliffs
Asia Pacific Iron Ore Pty Ltd, February
2013
(Tenements M77/1001-I, M77/1038-I, M77/1257-I, M77/1258-I,
M77/1259-I and L77/235)
SOURCE Vox Royalty Corp.