Vox Royalty shifts Brazil gold offtake to Greenstone

Executive Summary

• Vox Royalty Corp. has entered into a definitive agreement with Equinox Gold Corp. to restructure its 35% gold offtake interest in Brazilian assets (Santa Luz, Fazenda, and RDM mines) by transitioning the remaining delivery obligations to a new gold offtake stream over Equinox’s Greenstone gold mine in Ontario.
• The transaction increases Vox Royalty’s exposure to the Greenstone mine, a Tier 1 Canadian asset, following Equinox’s sale of the Brazilian assets to CMOC Group.
• The new agreement requires Equinox to deliver 29% of refined gold produced from Greenstone, with minimum deliveries of 63,600 ounces for 2026, satisfying the remaining ~226,000 ounces of the original Brazilian obligation.

Key Details

• Transaction Structure: Restructuring of existing 35% gold offtake over Brazilian assets (Santa Luz, Fazenda, and RDM mines) into a production-linked offtake stream over the Greenstone gold mine in Ontario.
• New Stream Terms:
  • Equinox delivers 29% of refined gold produced from Greenstone.
  • Remaining obligation to be satisfied: approximately 226,000 ounces.
  • Minimum deliveries for 2026: 63,600 ounces.
• Priority and Timing:
  • Vox’s existing Greenstone offtake stream (acquired September 2025, up to 58,500 oz Au/year until March 1, 2027) remains unchanged and takes priority.
  • For 2026 and 2027, deliveries under the new Greenstone agreement apply only after receipt of the annual allotment of ounces from the existing Greenstone agreement.
  • After March 1, 2027, the new agreement applies to the entirety of refined gold produced from Greenstone until the cap is reached.
• Counterparty Context: The restructuring is in connection with Equinox’s sale of the Brazilian assets to CMOC Group.
• Greenstone Mine Overview:
  • Location: Near Geraldton, Ontario.
  • Status: Achieved commercial production in November 2024.
  • Capacity: Ramping up toward 27,000-tonne-per-day nameplate processing capacity.
  • 2026 Production Guidance: 250,000 to 300,000 ounces at cash costs of $1,350–$1,450 USD/oz.
  • Life of Mine Forecast: Average yearly production of 330,000 ounces.

Notable Quotes

• "We are pleased to increase our exposure to the Greenstone gold mine, one of Equinox's cornerstone assets in Canada, through this transaction. The transition of the gold offtake stream to Greenstone increases Vox's exposure to a Tier 1 Canadian asset. We congratulate Equinox on their sale of the Brazilian assets to CMOC Group and wish them continued operational and financial success." — Kyle Floyd, Chief Executive Officer, Vox Royalty Corp.