Vox Royalty Reports Q2 2026 Results And Declares Quarterly Dividend

Vox Royalty Corp. (VOXR) reported strong second quarter and first half 2026 financial results, driven by record operating cash flow, significant portfolio revaluation gains, and opportunistic divestments. The company achieved record net income of $17.0 million ($0.25/share) for Q2 2026 and $41.5 million ($0.60/share) for the first half of 2026, largely due to a $11.0 million revaluation gain on its offtake stream portfolio in Q2.

For the second quarter, net income was $17.0 million ($0.25/share), compared to a net loss of $0.4 million ($0.01/share) in Q2 2025. This performance included a Revaluation Gain of $11.0 million on the portfolio of offtake streams. Royalty and net precious metal receipts totaled $6.2 million, up from $2.8 million in Q2 2025. Net precious metal income reached $4.6 million, compared to nil in the prior year period, with average margins of $83.26/oz on 54,999 ounces delivered. Royalty revenue was $1.6 million, down from $2.8 million in Q2 2025. Gross profit stood at $4.1 million, compared to $1.7 million in Q2 2025, while income from operations was $7.6 million versus a loss of $0.2 million in the same period last year. Operating cash flows were $4.7 million, up from $1.8 million in Q2 2025. Adjusted EBITDA was $9.7 million ($0.14/share), compared to $1.1 million or $0.01/share in Q2 2025.

First half 2026 net income was $41.5 million ($0.60/share), compared to a net loss of $0.7 million ($0.01/share) in 1H 2025. This included a Revaluation Gain of $27.5 million on the Portfolio. Royalty and net precious metal receipts were $22.2 million, compared to $5.4 million in 1H 2025. Net precious metal income was $18.5 million, compared to nil in 1H 2025, with average margins of $139.44/oz on 132,292 ounces delivered. Gross profit was $15.7 million, compared to $3.6 million in 1H 2025. Income from operations was $14.7 million, compared to $0.0 million in 1H 2025. Operating cash flows reached $19.9 million, up from $2.8 million in 1H 2025. Adjusted EBITDA was $22.4 million ($0.31/share), compared to $2.1 million or $0.05/share in 1H 2025.

The company executed two key divestments during the quarter. Vox Royalty divested the capped Federation royalty for A$8 million in June 2026, having acquired it for A$600,000 in February 2026, representing a 14x return over 3 months. Additionally, the company divested the capped i-80 offtake stream for $4.8 million in June 2026, having acquired it for $2.7 million in September 2025, yielding a 2x return over 9 months.

On the balance sheet, Vox Royalty ended the quarter with a record cash position of $31.1 million. The company maintains a fully undrawn credit facility of $40 million, with an additional $35 million accordion. During the quarter, the company repaid $6.7 million of its credit facility balance from the end of 2025. Total assets reached a record $163.0 million, compared to $123.4 million at December 31, 2025.

Portfolio developments included significant updates at the Bonikro Gold Mine and the Los Filos Gold Project. Allied Gold announced a mine life extension at Bonikro to 2036, previously 2029, supporting average annual production of more than 120,000 oz, which represents a ~400% increase in life-of-mine production. This resulted in an additional fair value adjustment of $16.6 million. At the Los Filos Gold Project, Equinox secured 20-year land access agreements with communities, allowing for a restart of heap leach operations. Management increased the fair value of Los Filos by $3.9 million as a result.

Vox Royalty reiterated its 2026 guidance for royalty and net precious metal receipts in the range of $32 million to $37 million, excluding $10.4 million in divestment proceeds. The company anticipates a greater proportion of receipts in the first half of 2026 due to higher gold delivery volumes in Q1 and Q2.

The company declared a quarterly dividend of $0.015 per common share. The dividend is payable on October 14, 2026, to shareholders of record as of September 30, 2026.

Kyle Floyd, CEO, stated: "We are pleased to share these strong Q2 quarterly results and record first half results, which are in line with our increased 2026 guidance released in May, including record EPS of $0.60/share for the year-to-date. This quarter included two opportunistic divestments of capped assets, generating 14x and 2x returns over holding periods of 3 months and 9 months for the Federation royalty and i-80 offtake stream, respectively. As a result of record first half operating cash flow and these transactions, the Company recorded record cash on the balance sheet of $31.1 million. We also noted material organic developments within our portfolio during the quarter, such as the 20-year land access agreement at the Los Filos gold project and the anticipated ~400% life of mine production increase at the Bonikro gold mine."