Vox Royalty Notes Material Mine Life Extension and Expansion Studies at Bonikro Mine, Supporting +120,000oz Annual Production
Vox’s 50% gold stream from the Bonikro mine will deliver 60koz annually for a decade after the mine’s life extends to 2036.
Allied Gold Corporation updated its integrated production plan for the Bonikro gold mine in Côte d’Ivoire, extending the mine life to 2036 and increasing average annual gold production by approximately 400% compared to the 2023 technical report to over 120,000 ounces. Vox Royalty holds an uncapped 50% gold offtake-stream on Bonikro, implying potential average deliveries of ~60,000 ounces per annum through 2036. Plant expansion studies to 3.0–3.2 Mtpa are underway, and stockpile processing is expected to add 15,000–20,000 ounces per annum from late 2026. Bonikro produced 100,678 ounces in 2025 (+16% YoY) and is guided at 105,000–110,000 ounces in 2026. Allied Gold also confirmed its plan of arrangement with Zijin Gold International (extended outside date July 29, 2026). Vox provided additional portfolio catalysts: six mines/operators from its 2025 Global Gold Portfolio acquisition have received acquisition or merger proposals, and Sugar Zone in Ontario is set to recommence mining in Q3 2026.
The Bonikro news is a material positive event. The asset is a cornerstone of Vox’s transformative Global Gold Portfolio acquired in September 2025. A 400% increase in life-of-mine production (vs. the outdated 2023 technical report) extends the asset’s high-margin cash flow stream to 2036, with Vox’s 50% stream implying ~60,000 ounces per annum over the next decade. At an average net precious metal income margin of ~$180/oz (recent Q1 2026), that equates to roughly $10.8 million per year in net income from Bonikro alone—a substantial contribution to a company with guided 2026 receipts of $32–$37 million. While the market was already aware of Bonikro’s high 2025 production, formalizing a mine life to 2036 and a sustained production level above 120,000 ounces per year significantly de-risks and expands the asset’s net present value. The stock dropped from $8.70 in late February to $6.52 before the news, so the update should reverse some of the recent weakness. I rate it material positive.
Vox Royalty is a mining royalty and streaming company with a portfolio of over 80 royalties and streams, including precious metals, base metals, and iron ore. The cornerstone assets are the Global Gold Portfolio acquired in September 2025 (10 offtake/royalty agreements covering 12 mines in 8 countries) and the Kanmantoo copper-gold royalty. The company also holds royalties on Australian iron ore (Wonmunna, Wyloo North), Australian gold (Binduli North, Horseshoe Lights, Mt Ida), and the second Greenstone stream (fully reflected in Q1 2026). The portfolio is heavily tilted to gold (92% of guided 2026 deliveries). Key operators include Equinox Gold, Allied Gold, B2Gold, Gold Fields, and Fortescue.