Third Quarter 2022 Highlights
- Record Q3 2022 recognized revenues of
$3,181,574 , record year-to-date revenues of$6,403,347 and record year-to-date royalty receipts of$7,612,264 ; - Record gross profit of
$2,463,007 and$5,072,178 for the three and nine months endedSeptember 30, 2022 ; - Declared an inaugural quarterly cash dividend of
$0.01 per common share onSeptember 20, 2022 , paid to shareholders onNovember 4, 2022 , representing an initial 1.8% annualized dividend yield (based on the closing share price onSeptember 19 , 2022); - Subsequent to quarter-end, commenced trading on the Nasdaq on
October 10, 2022 ; - Noted significant organic development within the existing royalty portfolio with the commencement of production by Northern Star Resources Limited at the Otto Bore gold mine and construction completion and loaded commissioning at the
Binduli North Gold Mine by Zijin Mining Group Co., Ltd. both located inWestern Australia ; - Increased producing royalty asset count to seven during the nine months ended
September 30, 2022 , with theMay 2022 acquisition of the Wonmunna royalty and the commencement of production at Otto Bore; - Strong balance sheet position at quarter end, including:
- Cash and accounts receivable of
$6,486,583 ; - Working capital of
$3,636,005 ; - Total assets of
$41,439,314 ; and - Purchased and cancelled 192,200 common shares pursuant to the Company's normal course issuer bid ("NCIB") during the nine months ended
September 30, 2022 .
Summary of Quarterly Results
Three months
| Three months
| Nine months
| Nine months
| |
$ | $ | $ | $ | |
Statement of income and comprehensive income | ||||
Revenues | 3,181,574 | 1,223,493 | 6,403,347 | 3,077,503 |
Gross profit | 2,463,007 | 946,711 | 5,072,178 | 2,479,469 |
Net income (loss) | 83,940 | (1,251,384) | 276,117 | 188,893 |
Net income (loss) per share | 0.00 | (0.03) | 0.01 | 0.01 |
For complete details, please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the three and nine months ended
Quarterly Dividend
The Company is also pleased to announce that its Board of Directors has approved a quarterly cash dividend of
For shareholders residing in
Normal Course Issuer Bid Renewal
The Company's NCIB is being renewed after the existing NCIB expires on
The Company believes that, from time to time, the market price of its common shares does not reflect the Company's underlying value and future prospects and that, at such times, the repurchase of the Company's common shares represents an appropriate use of its financial resources and will enhance shareholder value.
In the last twelve months, the Company has repurchased and cancelled 215,400 common shares pursuant to its NCIB at a weighted average price of
About Vox
Vox is a returns focused mining royalty company with a portfolio of over 50 royalties and streams spanning eight 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 target the highest returns on royalty acquisitions in the mining royalty sector. Since the beginning of 2020, Vox has announced over 20 separate transactions to acquire over 50 royalties.
Further information on Vox can be found at www.voxroyalty.com.
Cautionary Statements to
The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the
Cautionary Note Regarding Forward-Looking Statements and Forward-Looking Information
This press release contains "forward-looking statements", within the meaning of the
The forward-looking statements and information in this press release include, but are not limited to, the payment of a quarterly dividend in Q1 2023 and the delivery of updates on its royalty portfolio in the coming months.
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
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
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