Vox Royalty Sells I-80 Gold Offtake Stream
Vox’s capital recycling strategy accelerates with a 2x return on the i-80 stream, though capped assets continue to dilute long-term optionality.
Vox Royalty Corp. has agreed to sell its capped 100% gold offtake stream, known as the i-80 Stream, to i-80 Gold Corp. for $4.8 million in freely tradeable common shares. The transaction monetizes the asset at approximately 2x its carrying value of $2.6 million as of March 31, 2026.
The stream covered 100% of gold production from the Ruby Hill, Cove, and Granite Creek assets in Nevada, USA, capped at 40,000 ounces per annum until December 2028. The asset generated $270,000 in net precious metal margin in Q1 2026, representing 8,281 ounces at an effective margin of $32.51/oz.
Management characterizes the sale as an opportunistic divestment that crystallizes a gain, simplifies the portfolio, and frees capital for redeployment into longer-duration, uncapped assets following a nine-month holding period. The transaction is expected to close prior to June 30, 2026.
Vox Royalty Corp. (VOXR) is selling a low-margin capped stream for $4.8 million, a transaction that removes a $32.51/oz asset from its portfolio. The divestment marginally improves the blended margin profile but does not materially alter the revenue run-rate. The consideration is immaterial relative to the company’s $15.2 million quarterly operating cash flow and its $32–37 million full-year 2026 guidance.
The move is fully consistent with management's publicly stated capital allocation framework and was telegraphed by the recent Federation royalty sale.
Vox Royalty Corp. operates as a royalty and streaming company, maintaining a diversified portfolio of more than 70 assets across eight jurisdictions. The company’s primary commodities are gold, which accounts for approximately 92% of its holdings, and other metals including copper and iron ore, representing the remaining 8%.
The firm’s flagship producing assets include Bonikro in Côte d'Ivoire, featuring a 50% uncapped stream; Greenstone in Canada, with a 29% plus capped stream; and Blyvoor in South Africa, which holds a 100% capped stream. Additional key assets include Kanmantoo in Australia, carrying a 2.5% NSR, and Binduli North in Australia, subject to an A$0.50/t production royalty. The business model centers on acquiring mispriced royalties and streams, holding them for cash flow generation, and recycling capital through opportunistic divestments.