Vox Royalty (VOXR) — Stock Analysis 2026 [3.5]

Analysis as of 14 August 2026 (market data at the 13 Aug close). This is a point-in-time snapshot, not an evergreen guide. Fundamentals are from Vox Royalty’s FY2025 results and Annual Information Form (audited financial statements and MD&A, year ended 31 December 2025) and its record Q2 2026 results; market data (share price, market cap, multiples) is as of the 13 Aug 2026 close and will move. Rating: ★★★½, Solid — Modestly undervalued (base case, wide band) → a re-rating candidate on the discount closing as guided growth arrives. Price deck used in the valuation (fixed gold grid, Table 3b): bear US$3,000/oz, base US$4,000/oz, bull US$5,000/oz (the five US$500 rungs US$3,000–US$5,000); spot gold ~US$4,370/oz carried as a cross-check. FX ~US$1 = C$1.39. Refreshed on each annual report and on material events. For information only, prepared with AI assistance — see the disclaimer at the end.

Vox spent 2025 doing what it has done since inception — quietly buying good, overlooked mining royalties at a discount and letting them come to production — and posted record results as they did. The thesis in one line: a small-cap, Australia-weighted mining-royalty company with ~60 diversified royalties (gold, base metals and iron ore), a debt-free balance sheet and record cash, guided to roughly double its revenue by 2030, and trading at a conspicuous discount to its royalty peers on the metrics that matter — the classic “cheap for now, catalysed by growth” royalty setup. For the company-level data behind this analysis — every royalty and streaming name screened side by side on cash margin, receipts growth and diversification — go to Metal Pilot.

1. Snapshot & thesis

Vox Royalty Corp (Nasdaq & TSX: VOXR) is a small-cap mining-royalty company headquartered in the Cayman Islands with its operating team in Australia, focused on acquiring existing third-party royalties — often overlooked or non-core — at attractive prices. It holds a diversified portfolio of ~60 royalties, weighted to Australia, spanning gold, base metals and iron ore. FY2025 was a record year, and the momentum accelerated in 2026: H1 2026 royalty receipts reached US$22.2 million, record gross profit of US$15.7 million and record income from operations of US$14.7 million, with the company reiterating 2026 receipts guidance of US$32–37 million and a stated path to roughly doubling revenue by 2030. The book is led by producing royalties including Janet Ivy (an uncapped A$0.50/tonne gold royalty in Western Australia, whose mine is expanding), Bonikro, Greenstone, Wonmunna (iron ore) and Kanmantoo (copper).

Figure 1. Vox Royalty in numbers

Figure data: Vox Royalty’s FY2025 results, Annual Information Form and record Q2 2026 results ; market data as of the 13 Aug 2026 close (StockAnalysis.com, Nasdaq/TSX). Rating per Section 9.

Table 1. Vox Royalty in numbers

Source: Vox Royalty FY2025 results and AIF and Q2 2026 results ; market data (StockAnalysis.com) as of the 13 Aug 2026 close. The H1 2026 net income of US$41.5 m includes a US$27.5 m non-cash revaluation gain; income from operations (US$14.7 m) is the cleaner read (Section 3).

Thesis in brief. Bull: a diversified, debt-free mining-royalty book bought at value, with record cash, a growing dividend, and a stated path to roughly double revenue by 2030 as producing royalties ramp (Janet Ivy’s mine expansion) and development-stage royalties come on — trading at a clear discount to its royalty peers on EV/receipts. Bear: it is small (US$355 million), some producing royalties are short-dated or capped (Greenstone’s stream cap runs to March 2027), the individual royalties are modest, and headline earnings are flattered by non-cash revaluation gains (US$27.5 million in H1 2026 alone) that a reader must look past. What tips it: whether the guided receipts growth (US$32–37 million in 2026, doubling by 2030) arrives and the market closes the valuation discount, and whether gold holds near current levels. The full rating and its rationale are in Section 9.

How to read this analysis: here for the verdict? The statcards above and the rating in Section 9 are the whole story. Want the evidence? Read Section 2 (the assets) through Section 7 (the valuation).

2. Assets & operations

Gold has run to around US$4,370/oz by mid-August 2026, lifting Vox’s gold-weighted royalty receipts, while record iron-ore and base-metals prices support the rest of its diversified book. For the macro picture behind the gold move — pricing, supply and demand, and how gold behaves across economic regimes — see the Gold Complete Market Guide .

2.1 Portfolio overview & map

Vox’s portfolio is the most numerous-but-granular in this series: ~60 royalties, heavily weighted to Australia, none individually large, with value spread across a cluster of producing gold, base-metals and iron-ore royalties and a deep development pipeline. The table below sets out the principal producing interests.

Table 2. Principal producing royalties, FY2025–H1 2026

Source: Vox Royalty FY2025 AIF (portfolio disclosure) and the Metal Pilot project model. The producing book is led by Janet Ivy, with a spread of smaller gold, iron-ore and copper royalties; the development pipeline is deep and Australia-weighted.

Concentration read. Vox’s concentration profile is the inverse of Deterra’s: rather than one dominant asset, it holds many small ones, so no single royalty is make-or-break, but no single royalty is transformational either. The near-term cash flow leans on Janet Ivy (its best cornerstone, uncapped and expanding), Greenstone (large but capped and ending March 2027), Bonikro and the iron-ore/copper royalties. The book’s quality is in its breadth and price — bought at value — rather than in any one tier-1 asset. (An asset map is a natural next visual; it is omitted from this draft — see Section 10.1.)

2.2 Revenue split — by metal and by asset

Figure 2. FY2025 receipts by commodity (approximate)

Figure data: derived from Vox Royalty FY2025 results; gold from Janet Ivy, Greenstone, Bonikro and others, iron ore from Wonmunna, base metals from Kanmantoo and others. Shares approximate.

Figure 3. FY2025 receipts by asset (approximate)

Figure data: derived from Vox Royalty FY2025 results and asset updates; shares approximate. Janet Ivy leads; Greenstone is large but capped and ending March 2027.

Two cuts of the same book. By commodity, Vox is a gold-led royalty (~70%) with genuine iron-ore and base-metals diversification — more mixed than a pure gold streamer, giving it exposure to Australia’s bulk and base-metals mines alongside gold. By asset, the top three are ~60% of receipts, but the composition shifts over the next two years as Greenstone’s capped stream ends (March 2027) and Janet Ivy’s expanding mine and the development pipeline grow — so the concentration picture is dynamic.

2.3 Janet Ivy — the expanding cornerstone (Zijin/Norton, Western Australia)

Vox’s best producing asset is an uncapped A$0.50/tonne gold royalty over the Janet Ivy gold mine near Kalgoorlie in Western Australia, operated by Norton Gold Fields (owned by Zijin Gold International). Because the royalty is struck per tonne of ore milled rather than per ounce or on revenue, it is unusually resilient — it pays on throughput regardless of the gold price or grade — and it is uncapped, so it captures the operator’s growth in full. That growth is now arriving: Janet Ivy has received regulatory approval to expand crushing and grinding capacity by ~40% to up to 7 Mtpa, on a life-of-mine plan of up to ~9 years, which would lift the tonnage the royalty is paid on substantially at no cost to Vox. A per-tonne royalty over an expanding, long-life mine in a tier-1 jurisdiction is a genuinely attractive asset, and Janet Ivy is the clearest single driver of Vox’s guided growth.

2.4 The producing book — Greenstone, Bonikro, Wonmunna & Kanmantoo

Behind Janet Ivy sits a diversified cluster of producing royalties. Greenstone (Equinox Gold, Ontario) is a large gold stream — but capped at 58,500 oz/yr and ending in March 2027, so it is a meaningful near-term contributor that will roll off, a point a reader should weigh. Bonikro (Allied Gold, Côte d’Ivoire) is a 50% uncapped gold offtake stream. Wonmunna (Mineral Resources, WA) is a 1.25% iron-ore gross revenue royalty, price-linked, adding bulk-commodity exposure. Kanmantoo (Hillgrove, South Australia) is a 2.5% copper NSR (stepping down after 85 kt of copper). Together with Federation (Aurelia, gold), Castle Hill, Otto Bore and Plutonic East, these give Vox a spread of small but real cash flows across gold, iron ore and copper — the diversification that is the book’s defining feature.

2.5 Other assets & the development pipeline

Vox’s deep development and exploration pipeline is where the “doubling by 2030” comes from: Bowdens (Silver Mines, a large silver-gold project), Cardinia (Genesis Minerals), Lynn Lake (Alamos Gold), South Railroad (Orla Mining, Nevada), Sulphur Springs and Kangaroo Caves (Develop Global), Mt Ida, Red Hill (Northern Star), Stockman (Aeris) and dozens more — heavily Australia-weighted, acquired at value, and maturing toward production over the coming years. None costs Vox development capital, and collectively they are the reason a small royalty book with ~US$34 million of 2026 receipts can credibly target roughly doubling by 2030. The model is Vox’s distinguishing feature: buying existing, overlooked royalties (often from prospectors, estates or non-core corporate holdings) at prices below what a streamer would pay for a new royalty.

2.6 Production, reserves & costs (consolidated)

FY2025 was a record year, and 2026 has accelerated: H1 2026 royalty receipts of US$22.2 million put the company firmly on track for its US$32–37 million full-year guidance, with record gross profit (US$15.7 million) and income from operations (US$14.7 million). As a diversified non-operator, Vox publishes no consolidated group reserve figure; portfolio life is a mix — some short-dated (Greenstone to March 2027), some long (Janet Ivy ~9 years and expanding, the development pipeline longer) — with the weighted life improving as capped near-term streams give way to uncapped, longer-life royalties. The stated ambition is to roughly double receipts by 2030, funded by the existing pipeline and continued value-priced acquisitions.

Figure 4. Royalty receipts by fiscal year, FY2021–FY2025 (US$m)

Chart source: Vox Royalty FY2025 results and prior-year reporting; FY2021–24 figures are approximate, drawn from the reported history (MacroTrends aggregation, cross-checked to company releases) and rounded. Receipts have compounded steeply as acquired royalties reached production; the 2026 guidance (US$32–37 m) extends the trend.

2.7 Peer positioning

Vox sits at the small, value-oriented end of the royalty sector — smaller than the mid-tiers, and cheaper on the metrics that matter. The peer set used throughout this analysis is Gold Royalty (GROY), Metalla Royalty (MTA), Elemental Royalty (ELE), OR Royalties (OR) and Ecora Royalties (ECOR) — spanning micro-cap growth royalties, a mid-tier and a diversified base-metals name.

Table 3. Peer positioning, FY2025 (approximate)

Source: company filings and press releases; each on its own reporting basis; figures approximate — screen the full peer set on Metal Pilot.

Vox’s distinctive feature in this set is its valuation discount: at ~9× EV/2026E receipts and a debt-free balance sheet with record cash, it trades below the growth royalties on the multiples that matter, despite a comparable growth trajectory and a pays-a-dividend profile most of the micro-caps lack. Its relative weaknesses are its small absolute scale, the granularity of its royalties (no single tier-1 cornerstone), and the near-term roll-off of the capped Greenstone stream. For all these names side by side on one construction, see Precious Metals Royalty Companies Compared .

3. Financials & balance sheet

FY2025 was a record, and H1 2026 raised the bar: royalty receipts of US$22.2 million, record gross profit of US$15.7 million, and record income from operations of US$14.7 million — the operating engine performing exactly as the model intends, converting acquired royalties into high-margin cash flow. But the headline net income of US$41.5 million (US$0.60/share) is not the right number to anchor on, because it includes a US$27.5 million non-cash revaluation gain (a mark-to-market on royalty assets or investments). This is the single most important thing a reader should understand about Vox’s accounts: its GAAP earnings are inflated by non-cash revaluations, so the income from operations (US$14.7 million) and the cash receipts (US$22.2 million) are the cleaner reads of underlying performance. It is not a red flag in the fraud sense — the revaluations are disclosed and legitimate — but it is a quality-of-earnings feature that flatters the P/E and must be looked past.

Table 4. Five-year financial summary (US$m unless noted)

Source: Vox Royalty FY2025 results, AIF and Q2 2026 results . FY2021–24 figures are approximate, drawn from the reported history and rounded. ¹Reported net income includes non-cash revaluation gains (e.g. US$27.5 m in H1 2026), so income from operations and cash receipts are the cleaner underlying reads; per-share figures reflect a share count that has grown steadily with acquisition-related issuance.

The balance sheet is a genuine strength: Vox ended Q2 2026 debt-free with a record US$31.1 million of cash and a fully undrawn US$40 million credit facility, giving it ample capacity to keep acquiring royalties at value without immediate dilution. Total assets reached a record US$163.0 million. The one caveat on the balance sheet’s clean look is the share count, which has grown steadily (from ~44 million to ~68 million over five years) as Vox has issued stock to fund acquisitions — so per-share growth has been real but slower than receipts growth, and dilution is the model’s cost. On capital returns, Vox pays a growing dividend (raised to US$0.015/quarter, ~US$0.06/year) — a ~1.2% yield, modest but rising, and unusual for a royalty this small and this growth-focused, a signal of the board’s confidence in the cash flow.

Hedge & treasury posture. Vox runs unhedged commodity exposure, retaining full gold, iron-ore and base-metals leverage; it reports in US dollars, while much of its receipts (from Australian mines) originate in Australian dollars, so the AUD/USD rate is a translation factor.

4. Management, strategy & corporate structure

4.1 Management & governance

Vox is led by founder, Chairman & CEO Kyle Floyd, who built the company around a specific, disciplined thesis: that existing mining royalties — especially small, non-core or overlooked ones held by prospectors, estates and corporates — can be bought at prices well below what a streaming company pays to create a new royalty, and assembled into a diversified, high-return book. Floyd’s record on asset selection and price discipline is the core of the equity story, supported by a technical team based in Australia (its royalty heartland). The board carries mining and capital-markets experience appropriate to a dual-listed small-cap; governance is at the Nasdaq/TSX standard. The founder-led, single-thesis nature of the company is both its strength (a clear, repeatable model) and a concentration of the story around one figure.

4.2 Strategy & capital allocation

The stated strategy is to acquire existing third-party royalties at attractive prices — the “buy, don’t create” royalty model — building a diversified book weighted to tier-1 mining jurisdictions (Australia above all) and letting acquired royalties mature into production. Capital allocation is disciplined and value-focused: Vox competes not on writing the biggest cheque but on finding royalties others overlook, and it funds acquisitions from cash flow, the balance sheet and measured equity issuance. The forward target is explicit — 2026 receipts of US$32–37 million and roughly doubling by 2030 — driven by the existing pipeline (Janet Ivy’s expansion, development royalties maturing) plus continued acquisitions. The honest scorecard: a genuinely differentiated, disciplined model with a strong record, tempered by the small scale, the reliance on equity issuance to grow, and the near-term roll-off of some capped royalties.

4.3 Ownership & corporate structure

Vox is dual-listed on the Nasdaq and the TSX (VOXR) and is incorporated in the Cayman Islands with its operating team in Australia. Its capital structure is clean — debt-free, ~68 million shares, a record US$31.1 million of cash and an undrawn US$40 million facility — with the share count having grown steadily through acquisition-related issuance rather than large one-off raises. There is no controlling shareholder; the register is a mix of institutional and retail holders. The company’s “structure” is essentially its royalty book — ~60 contractual interests over third-party mines — plus the pipeline of royalties it has agreed to acquire. Material near-term structural features to note are the capped, expiring royalties (Greenstone’s stream cap to March 2027, and other capped interests) that shape the receipts profile.

5. ESG & sustainability

As a non-operating royalty holder, Vox’s direct environmental footprint is minimal — the operating impacts of Janet Ivy, Greenstone, Bonikro and its other royalty assets sit with the operators (Zijin/Norton, Equinox, Allied Gold and others). Vox’s own ESG disclosure is light, consistent with a small-cap non-operator: it maintains basic governance and screening frameworks and discloses at the Nasdaq/TSX level, but publishes no substantial standalone sustainability programme of its own scale. Its portfolio’s commodity mix (gold, iron ore, copper) spans traditional and transition metals. As with any royalty holder, its influence over operating ESG practices is nil, and its ESG profile is effectively the weighted profile of its many operators — a diversification that cuts both ways, spreading exposure across many small operators of varying disclosure quality. The dimension is scored accordingly (Section 9).

6. Risks

Table 5. Risk register

Source: Vox Royalty FY2025 results and AIF; this analysis. Likelihood/impact are the author’s assessment.

The through-line is that Vox carries the royalty model’s usual price and operator risks, spread thinly across many small assets, plus two idiosyncratic points: the quality-of-earnings issue (non-cash revaluation gains that flatter GAAP net income) and the valuation discount itself — the risk that the market simply keeps pricing a small, granular royalty book cheaply regardless of the growth. Neither is fatal, but both are what a reader must weigh against the cheap headline multiple.

Figure 5. Risk heat-map

Source: this analysis, per the risk register above (Table 5).

7. Valuation

Valuation as of 14 Aug 2026 (market data at the 13 Aug close). Price deck (fixed gold grid, Table 3b, rule V26): bear US$3,000/oz, base US$4,000/oz, bull US$5,000/oz (the five US$500 rungs US$3,000–US$5,000); spot gold ~US$4,370/oz carried as a cross-check. Discount rate 7.5% real (a small-cap, mixed-commodity rate), sensitised 6–10%. FX ~US$1 = C$1.39.

7.1 Method selection & weights

Vox is a royalty company, so this analysis triangulates the archetype’s three value-per-share methods, each recomputed in every scenario (rules V11, V14): a portfolio NAV at a target P/NAV, a forward P/CF at a justified multiple, and a dividend yield-support price (Vox pays a growing dividend, so the yield method carries weight). EV/receipts and consensus are carried at zero weight as cross-checks (rules V12, V19).

Table 6. Valuation methods and weights

Source: this analysis; weights per the royalty default in blog-valuation.md (§5). NAV holds at the archetype’s 50% collinear ceiling (rule V18). All cash-flow inputs use receipts/income from operations, not the revaluation-inflated GAAP net income (Section 3).

7.2 Net asset value (NAV) at target P/NAV

The NAV capitalises a conservative attributable cash flow — based on cash receipts less costs, not revalued earnings — as a floor, then applies a target P/NAV reflecting the guided growth. A near-term attributable cash flow of ~US$28 million (2026E receipts less costs) grown modestly for the funded pipeline, capitalised as a ~13-year effective life at 7.5% and bridged for net cash:

Table 7. Portfolio NAV build-up (base rung US$4,000/oz, 7.5% discount)

Source: this analysis, from Vox’s FY2025/H1 2026 receipts and balance sheet (Sections 1–3). A conservative floor built on cash receipts (not revalued earnings); the cash flow, life and discount rate are the assumptions doing the most work.

The floor NAV of ~US$4.40/share is below the US$5.20 price, an implied P/NAV of ~1.2× — at the low end of the sector’s 1.3×–2.5× band, consistent with the market’s discount to the royalty peers. This analysis values the equity at the floor times a target P/NAV (base 1.4×, bear 1.1×, bull 1.7×), giving the NAV-method values in Table 9. The floor is struck across the fixed gold grid and three discount rates:

Figure 6. NAV-floor per share sensitivity — gold price × discount rate (US$)

Figure data: this analysis. NAV-floor/share = conservative attributable cash flow (scaled for gold) capitalised as a ~13-year annuity at the row discount, plus ~US$31 m net cash and ~US$40 m risked pipeline, over ~68 m shares. Columns are the fixed gold grid (Table 3b); the base is US$4,000 at 7.5% (outlined), against a spot of ~US$4,370/oz. Shading ranks every cell within the figure’s own US$3.05–US$6.10 range. The floor sits at or below the price at most rungs — the growth premium (target P/NAV) provides the upside (Table 9).

7.3 Relative methods → value per share

Each relative method is converted to a value per share (rule V11).

Forward P/CF. On a 2026 forward operating cash flow of ~US$28 million (~US$0.41/share, based on receipts less costs, not revalued earnings), the stock trades at ~12.7× at today’s price. Applying a justified ~16× multiple (a growth royalty warrants a premium, and Vox’s discount to peers gives room) to that ~US$0.41 forward cash flow gives a P/CF value of ~US$6.56/share.

Table 8. Relative valuation vs. the royalty peer set (Aug 2026 snapshot)

Source: company filings and market data, as cited in Sections 2–3; an August 2026 snapshot. Multiples approximate and on each company’s own basis; Vox’s ~9× EV/receipts is the lowest in the set.

Dividend yield-support. Vox’s US$0.06 annual dividend yields ~1.2% at US$5.20. Capitalising the (growing) dividend at a target yield of ~1.2% gives a yield-support value of ~US$5.00/share — the most conservative of the three methods, since it credits only the current, rising payout.

7.4 Cross-checks

These carry no weight (rule V12). EV/receipts: at ~US$324 m EV over ~US$34.5 m 2026E receipts, Vox trades at ~9.4× — clearly below the royalty peers (typically 12–20×), the crux of the “cheap” thesis. Analyst consensus: covering brokers are constructive, with several framing Vox as materially undervalued on EV/receipts and NAV. Market-implied (rule V19): at US$5.20 the price discounts a P/NAV of ~1.2× the conservative floor, a forward P/CF of ~12.7×, and a ~1.2% yield — a low-end read that credits neither the growth nor the peer-average multiple.

7.5 Scenario analysis & fair-value blend

Vox carries full, unhedged price leverage across gold, iron ore and base metals, plus volume leverage to Janet Ivy’s expansion and the development pipeline. Metal prices and growth delivery are the swing variables. Every weighted method is recomputed in three worlds and blended on the Table 6 weights (rule V14).

Table 9. Fair value by scenario (value per share, US$)

Source: this analysis. Blend = 0.50 × NAV + 0.35 × P/CF + 0.15 × yield-support, per Table 6. The three gold decks are the US$3,000 / US$4,000 / US$5,000 rungs of the fixed grid (Table 3b). Bear: gold at the grid floor, growth stalls, capped royalties roll off (floor US$3.50 × P/NAV 1.1×; P/CF 12×; yield 1.5%). Base: US$4,000 with 2026 guidance delivered (floor US$4.40 × 1.4×; P/CF 16×; yield 1.2%). Bull: US$5,000, Janet Ivy expansion and the pipeline deliver (floor US$6.10 × 1.7×; P/CF 20×; yield 1.0%).

Figure 7. Value per share by method and scenario (US$)

Figure data: Table 9. Shading ranks every cell within this figure’s own US$3.33–US$10.40 range; the base-case blend carries the outline. Current share price US$5.20 (13 Aug 2026). The base-case blend sits ~18% above the price — the valuation discount the thesis rests on.

7.6 Valuation conclusion

The weighted blend puts base-case fair value at ~US$6.13/share — about +18% above the US$5.20 price — so this analysis reads Vox as Modestly undervalued on the US$4,000 base rung (wide band). The bear case (US$3.77, US$3,000 gold, growth stalls and capped royalties roll off) is ~28% below the price, and the bull case (US$10.03, US$5,000 gold, Janet Ivy and the pipeline deliver) is +93%. Struck at the US$4,370 spot gold the base blend rises further (+25%), reinforcing the undervalued read — the base rung sits below spot. The thesis is straightforward and unusually clean for this series: Vox trades at a clear discount to its royalty peers (~9× EV/receipts against 12–20× for the group) despite a comparable growth trajectory, a debt-free balance sheet with record cash, and a rising dividend — so the value is in the discount closing as the guided growth (US$32–37 million in 2026, doubling by 2030) shows up in receipts and the market re-rates the multiple. The read is modestly undervalued: a re-rating candidate whose catalyst is delivery and recognition, with the caveat that the market has priced this book cheaply for a while and may continue to, and that headline earnings are flattered by non-cash revaluations a reader must look past. Assumptions box: valuation date 14 Aug 2026 (market data at the 13 Aug close); price US$5.20 (C$7.23), ~68 m shares, ~US$355 m market cap, ~US$31 m net cash; price decks the fixed gold grid (Table 3b) US$3,000 / US$4,000 (base) / US$5,000, spot ~US$4,370 carried as a cross-check; discount 7.5% real (6%/10% sensitised); weights NAV 50% / P/CF 35% / yield-support 15%; all cash-flow inputs use receipts/income from operations, not revaluation-inflated GAAP net income; the NAV is a conservative floor times a target P/NAV (the floor cash flow and life are author estimates), pending a full per-asset portfolio DCF. Primary yardstick: portfolio P/NAV and EV/receipts.

8. Near-term catalysts (1–3 years)

Vox’s next few years are about delivering the guided receipts growth and letting the market close the discount — turning a cheap, diversified royalty book into a re-rated one.

Table 10. Near-term catalysts (1–3 years)

Source: Vox Royalty FY2025 results and AIF , Q2 2026 results and operator public guidance. Timing reflects public guidance and is not guaranteed.

The common thread is that Vox’s upside comes from royalties it already owns maturing (Janet Ivy above all) and from redeploying record cash into more value-priced royalties — no external capital required beyond measured issuance. The swing factor is delivery of the guided growth and whether the market finally pays a peer-average multiple for it.

9. Rating & verdict

Vox Royalty is scored on the Metal Pilot Company Scorecard — the same nine dimensions, on the same ★1–5 scale, used for every royalty and streaming name in this series, scored against the peer set declared in Section 2.7 (Gold Royalty, Metalla, Elemental Royalty, OR Royalties, Ecora Royalties).

Table 11. The Vox Royalty scorecard

Vox is scored on the Royalty / streaming archetype weighting (playbook Table 2): dimensions 1 Asset quality, 4 Growth & optionality, 6 Capital allocation and 7 Management are the dominant, over-weighted dimensions (15% each); the remaining five dimensions carry base weight (8% each). No dimension is N/A for this archetype.

Weighted average = (0.60 + 0.45 + 0.45 + 0.60 + 0.32 + 0.24 + 0.32 + 0.32 + 0.24) = 3.54/5 → rounds to the published ★★★½, Solid.

Source: the Metal Pilot Company Scorecard; evidence in Sections 2–7. Peer basis: micro-cap growth to mid-tier and diversified royalty names (Section 2.7).

The two-axis verdict. Quality Solid (★★★½) × Value Modestly undervalued (US$4,000 base rung, wide band; ~+25% at spot gold) → a re-rating candidate: cheap on EV/receipts versus peers, with the discount closing as the guided growth arrives. The quality axis is durable and genuinely good on the dimensions a value-royalty investor cares about — a disciplined model, a strong balance sheet, real growth and a resilient cornerstone — pulled to mid-Solid by the small scale, the granularity of the royalties, and the quality-of-earnings caveat. The value axis is where the opportunity sits: at ~9× EV/receipts against a peer range of 12–20×, Vox is the cheapest name in this batch on the metric that matters, and the base-case blend sits ~18% above the price (more at spot gold). The thing that tips the verdict is not whether the assets are good — they are — but whether Vox delivers the guided growth and the market finally pays a peer-average multiple; the risk is that a small, granular book stays cheap regardless. This is an analytical read, not a recommendation.

To go from this single-name view to the whole peer group — screening every royalty and streaming company on cash margin, receipts growth, diversification and EV/receipts — explore Metal Pilot.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company fundamentals, portfolio detail, financials, management and corporate-structure facts are from Vox Royalty’s FY2025 results and Annual Information Form (audited financial statements and MD&A, year ended 31 December 2025) and its record Q2 2026 results . Portfolio and interest-term detail is cross-checked against the Metal Pilot project model. Market data (share price ~US$5.20 / ~C$7.23, ~68 million shares, market cap ~US$355 million) is as of the 13 Aug 2026 close from StockAnalysis.com and Nasdaq/TSX; FX ~US$1 = C$1.39. Peer figures (Gold Royalty, Metalla, Elemental Royalty, OR Royalties, Ecora) are drawn from each company’s own reporting and are approximate. The FY2021–24 financial history is approximate, drawn from the reported history (with a MacroTrends aggregation cross-checked to company releases) and rounded; reported net income includes non-cash revaluation gains, so this analysis uses receipts/income from operations for all valuation inputs (Section 3). The asset-map figure (rule-sanctioned omission) is omitted given the portfolio’s breadth (~60 royalties). Valuation: a weighted three-method blend — portfolio NAV (floor × target P/NAV) 50%, forward P/CF 35%, dividend yield-support 15% — with EV/receipts and consensus as zero-weight cross-checks (rules V11, V12, V14, V19); the NAV (Section 7.2) is a simplified top-down capitalisation floor built on cash receipts, times a target P/NAV, with a full per-asset portfolio DCF flagged as the natural next step; the NAV floor is struck across the fixed gold grid (Table 3b — the five US$500 rungs US$3,000–US$5,000, base US$4,000), Figure 6 is the NAV sensitivity grid and Figure 7 the method × scenario grid. Data as of 14 August 2026 (market data at the 13 Aug close); refreshed on each annual report and on material events. Provenance: Vox Royalty Corp — Annual Information Form / Annual Results — 2025.

10.2 Disclaimer & disclosure

This analysis is for informational purposes only and is not investment advice; do your own research or consult a licensed advisor. It is a point-in-time snapshot as of 14 August 2026 — share prices, multiples and the valuation read move, and figures are estimates as of the stated date. The two-axis verdict is an analytical read of quality and price, not a personal buy or sell instruction. This report was prepared with AI assistance; figures were sourced from Vox’s filings and market data and reviewed, but readers should verify before acting. The author holds no position in Vox Royalty as of the date of writing.