Vox Royalty combines 95% gross margins, zero debt and a 30% organic receipts CAGR opportunity with substantial upside from Bonikro, Los Filos and peer valuation convergence.
Overview
Vox Royalty is a capital-light mining royalty and streaming company with more than 70 assets, concentrated in precious metals and predominantly located in stable jurisdictions. It does not operate mines or fund ongoing extraction, instead earning contractual royalties and PMPA spreads while capturing commodity upside, mine expansions and exploration success with limited balance-sheet exposure to inflation. **Q1 2026 marked a major earnings inflection:** receipts increased 498.34% year over year to $16.04 million, gross profit reached $11.57 million, operating cash flow was $15.2 million and adjusted EBITDA was $12.655 million. The quarter included 77,293 gold ounces at a $179.41 average net precious metal margin, although net income benefited from a $16.53 million non-cash revaluation gain. Management raised 2026 receipts guidance to $32.0 million-$37.0 million and targets approximately $66.0 million of annual royalty receipts by fiscal 2030 without assuming future acquisitions or Red Hill. The company has zero debt, $15.9 million cash and a $75.0 million undrawn facility. At $4.44, it trades near $300 per GEO versus approximately $1,200 for Triple Flag and $1,800 for Franco-Nevada. Near-term catalysts are Bonikro growth, Los Filos’ phased restart and potential valuation re-rating; BMO and Roth/MKM targets are $7.00 and $8.00.