Vox Royalty Announces Transformational Gold Portfolio Acquisition, Overnight Offering and Credit Facility Expansion

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Vox Royalty Corp. announced an agreement to acquire a global gold portfolio from Deterra Royalties for $57.5 million upfront and $2.5 million in deferred milestones. The portfolio includes ten gold offtake and royalty assets across twelve mines/projects in eight jurisdictions. The acquisition, funded by a share offering and expanded credit facility, is expected to significantly increase revenue per share and expand producing assets. The transaction will increase the company’s exposure to gold production.

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    Royalty Announces Agreement to Acquire Transformational Global Gold Portfolio, Overnight Marketed
    Offering of Common Shares and Expanded Revolving Credit Facility

09/23/2025 – 04:28 PM

All figures expressed in USD unless noted otherwise.

DENVER, Sept. 23, 2025 (GLOBE NEWSWIRE) — Vox Royalty Corp. (NASDAQ: VOXR) (TSX: VOXR) (“Vox” or the
“Company”), a returns-focused mining royalty and streaming company, is pleased to announce that it has entered
into definitive agreements to acquire a global gold portfolio of ten gold offtake and royalty assets, covering
twelve mines and projects across eight jurisdictions, including Australia, Brazil, Canada, Côte d’Ivoire, Mali,
Mexico, South Africa, and the United States (the “Portfolio”), from certain subsidiaries of Deterra Royalties
Limited (“Deterra”), for total upfront cash consideration of $57.5 million and $2.5 million in deferred
milestones (the “Transaction”). The Transaction will be funded with a concurrent overnight marketed offering of
common shares and an upsized revolving credit facility with Bank of Montreal (“BMO”).

Kyle Floyd, Chief Executive Officer stated: “We are excited to announce this highly accretive gold
portfolio transaction that is expected to grow revenue per share by over 100%, expand our producing asset
count to 14, and expand our large-cap operator exposure. The Portfolio revenue is entirely gold-related and
based on Q2-2025 actuals, pro-forma revenue related to gold exceeded 80%, which is expected to accelerate
our potential inclusion on the GDXJ index in 2026. This Transaction is consistent with our disciplined
strategy of buying highly accretive legacy assets with exceptional long-term optionality. Over the trailing
four quarters ending June 2025, this global gold portfolio generated over $16 million of gold cash flow, and
based on Q2-2025 gold cash flow of $5.6 million, this portfolio is currently generating over $20 million of
annualized run-rate gold cash flow. We look forward to sharing more on the completion of the offering and
deal completion with Deterra.”

Pro Forma Growth from Global Gold Portfolio

Pro Forma Growth from Global Gold Portfolio

Notes:
1. Based on Q2 -25 Vox revenues of $2.8M and $5.6M for the acquired portfolio.
2. Based on LTM Vox revenues of $10.8M and $16.3M for the acquired portfolio, assumes an illustrative 10M
common shares issued.
3. Pro-Forma represents actuals reported by Vox Royalty Corp and as disclosed by Deterra June 2025 quarter
portfolio update dated July 31, 2025 –
https://www.deterraroyalties.com/wp-content/uploads/2025/07/2922636.pdf

Past results of the acquired portfolio may not be representative of future results.

Transaction Rationale

  • This Transaction is expected to have an
    immediately accretive financial impact, including: i) revenue per share, ii) cash flow per share, and iii)
    net asset value.
  • The acquired portfolio generated approximately $5.6 million
    of revenue in the three months ended June 20251 and the portfolio generated approximately $16.3
    million1 of revenue in the trailing four quarters ending June 30, 2025, representing an expected
    revenue growth of approximately 200% and 150%, respectively2.
  • Pro-forma, the Transaction represents an increase in revenue
    per share of approximately 115%3.
  • The margins realized by this portfolio have significantly
    outperformed the underlying price of gold. Comparing the first half of 2022 to the first half of 2025, the
    average margin per ounce realized on the acquired assets has increased from $23.10/oz to $63.10/oz,
    representing a relative growth of approximately 170%4, while the underlying realized gold price
    has increased from $1,807/oz to $3,099/oz, or approximately 70%4. Similarly, the ounces delivered
    by the portfolio within the same comparison period increased by approximately 30%, from 111koz to 144koz,
    while delivering a total of 976koz since January 20224.
  • Adds immediate cash flow from seven operating mines, with
    potential embedded growth and upside optionality from exploration success, life of mine extensions, throughput
    expansions and mine re-starts within the diversified portfolio.
  • Provides exposure to assets operated by medium to large-cap
    operators such as Equinox Gold Corp., Allied Gold Corporation, Gold Fields Limited, B2Gold Corp., and Vault
    Minerals Limited.
  • Weights the portfolio and revenue mix towards precious metals,
    with a larger proportion of revenue derived from gold, potentially unlocking eligibility to precious
    metal-based indexes such as the GDXJ.
  • The portfolio is expected to provide access to over 300,000
    ounces of physical gold per annum, based on FY2025 (to June 30, 2025) actuals of 338,000 delivered ounces
    4, as well as CY2024 actuals of 306,000 delivered ounces5.
  • The funding package ensures Vox maintains a
    strong balance sheet to execute on its acquisition pipeline after the closing of the Transaction.

Vox Royalty Corp.

Portfolio Summary

The portfolio includes eight separate gold offtake contracts and two gold royalties, as described below:

Asset Key Terms of Interest Total oz Delivered

(to Dec 2024)

 Commodity Jurisdiction Stage Operator
Fazenda

35% of gold production, up to a cap of 658 koz(i)

364 koz

Gold

Brazil

Producing

Equinox Gold Corp.
RDM(i)
Santa Luz(i)
Greenstone 100% of gold production, up to a cap of 58.5 koz per annum (until March 2027) 58.5 koz Gold Canada Producing Equinox Gold Corp.
i-80 Assets; Ruby Hill, Cove & Granite Creek 100% of gold production(i), up to a cap of 40 koz per annum (until December 2028) 44 koz Gold United States Producing i-80 Gold Corp.
Bonikro 50% of gold production (uncapped) 177 koz Gold Ivory Coast Producing(ii) Allied Gold Corporation
Blyvoor 100% of gold production, up to a cap of 2.7 Moz 64 koz Gold South Africa Producing Aurous Resources(iii)
Sugar Zone 80% of gold doré production, up to a cap of 961 koz 93 koz Gold doré Canada Development (iv) Vault Minerals Limited
Los Filos 50% of gold production, up to a cap of 1.1 Moz 512 koz Gold Mexico Suspended(v) Equinox Gold Corp.
Eagle 25% of gold production, up to a cap of 1.1 Moz 163 koz Gold Canada Suspended(vi) Victoria Gold Corp.
St. Ives 3.0% GRR (effective 1.04% GRR)(vii) — Gold Australia

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Jan, a seasoned journalist, specializes in major corporations' stock industry and the IT tech internet field. With years of experience, she's known for dissecting global tech giants' stock moves, analyzing financial impacts and industry trends. Jan excels at simplifying complex data and tech concepts, and her work appears in renowned financial and tech publications.
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