GEORGE TOWN, Cayman Islands,
May 25, 2021 /CNW/ - Vox Royalty
Corp. (TSXV: VOX) ("Vox" or the
"Company") is pleased to announce its operating and
financial results for the first quarter ended March 31, 2021. All amounts are in U.S. dollars
unless otherwise indicated.
Kyle Floyd, Chief Executive
Officer stated: "The first quarter of 2021 marked another
milestone for Vox as it reported record revenues. The Company is
well on track to achieve its previously announced 2021 royalty
revenue guidance of C$1.7M to
C$2.5M. The embedded organic growth
in our portfolio of 50 royalty assets continues to build. Every
month our shareholders are benefiting from exploration successes,
fast-tracking of development and production increases on our
royalty properties. The coming quarters have strong potential to be
the most productive in Vox's seven year history."
First Quarter 2021 Highlights
- Record revenue of $539,980 and
gross profit of $479,271 reported for
the quarter, with inaugural revenues received from the
Koolyanobbing royalty;
- Increased producing royalty asset count from one asset at
May 2020 listing to four assets by Q1
2021 quarter-end;
- Strong balance sheet position at period end, including cash on
hand of $10,723,135, working capital
of $9,117,150 and total assets of
$29,024,889;
- Completed three portfolio transactions to acquire an additional
ten royalties, reaching a total critical mass of 50 royalties and
streams;
- Completed an overnight marketed public offering for aggregate
gross proceeds of C$16.85M;
- Subsequent to March 31,
2021:
-
- Announced a strategic partnership with Electric Royalties
Limited (TSX-V: ELEC) and the potential divestment of two non-core
graphite royalties for C$2.9M;
and
- The Company appointed PricewaterhouseCoopers LLP as their
auditors effective April 30,
2021.
Summary of Quarterly Results
|
Q1
2021
|
Q1
2020
|
|
$
|
$
|
Statement of loss
and comprehensive loss
|
|
|
Revenues
|
539,980
|
-
|
Gross
profit
|
479,271
|
-
|
Net loss
|
(617,417)
|
(1,039,763)
|
Net loss per
share
|
(0.02)
|
(0.04)
|
For complete details, please refer to the Unaudited Condensed
Interim Consolidated Financial Statements for the three months
ended March 31, 2021 and 2020 and
associated Management Discussion and Analysis for the three months
ended March 31, 2021, available on
SEDAR (www.sedar.com) or on the Company's website
(www.voxroyalty.com).
About Vox
Vox is a high growth precious metals royalty and streaming
company with a portfolio of 50 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.
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 Vox's
anticipated outlook for the fiscal 2021 year, completion of certain
anticipated milestones, transactions and developments by the
operators of certain underlying projects and mines in respect of
Vox's royalty and stream portfolio, anticipated future cash flows,
future financial reporting by Vox, the receipt of payments from
Vox's mining royalty and streaming portfolio, and the completion of
mine construction, production and expansion under construction
phases at the mines or properties that Vox holds an interests
in.
Forward-looking statements and information are based on
forecasts of future results, estimates of amounts not yet
determinable and assumptions that, while believed by management to
be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
Forward-looking statements and information are subject to various
known and unknown risks and uncertainties, many of which are beyond
the ability of Vox to control or predict, that may cause Vox's
actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are
developed based on assumptions about such risks, uncertainties and
other factors set out herein, including but not limited to: the
requirement for regulatory approvals and third party consents, the
impact of general business and economic conditions, the absence of
control over the mining operations from which Vox will receive
royalties, including risks related to international operations,
government relations and environmental regulation, the inherent
risks involved in the exploration and development of mineral
properties; the uncertainties involved in interpreting exploration
data; the potential for delays in exploration or development
activities; the geology, grade and continuity of mineral deposits;
the impact of the COVID-19 pandemic; the possibility that future
exploration, development or mining results will not be consistent
with Vox's expectations; accidents, equipment breakdowns, title
matters, labor disputes or other unanticipated difficulties or
interruptions in operations; fluctuating metal prices;
unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price
fluctuations; currency fluctuations; regulatory restrictions,
including environmental regulatory restrictions; liability,
competition, loss of key employees and other related risks and
uncertainties. 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.
SOURCE Vox Royalty Corp.