Vox Royalty Transfers Brazil-Linked Offtake To Greenstone Gold Mine

The most recent news release (January 23, 2026) announces the restructuring of a material offtake agreement. Vox has renegotiated its existing 35% gold offtake over the Santa Luz, Fazenda, and RDM mines in Brazil (the "Brazilian Assets") with Equinox Gold Corp. The remaining approximately 226,000 ounces deliverable under that agreement will now be satisfied through a new production-linked offtake stream of 29% of refined gold produced from the Greenstone gold mine in Ontario, Canada. Minimum deliveries of 63,600 ounces are set for 2026. Vox's existing Greenstone offtake stream (providing up to 58,500 oz per annum until March 1, 2027) remains unchanged and will be satisfied in priority. After March 1, 2027, the new 29% stream will apply to the entirety of Greenstone's refined gold production until the cap is reached. The news also provides updated operational guidance for Greenstone, including 2026 production guidance of 275,000 ounces and an average life-of-mine yearly production forecast of 330,000 ounces.

This news is materially positive for Vox Royalty. It effectively transfers exposure from three producing mines in Brazil to a single, Tier 1, lower-risk Canadian asset. Greenstone is a large, modern operation with lower cash costs and a long mine life, which enhances the quality and longevity of the cash flow stream. The restructuring mitigates jurisdictional risk associated with Brazil and consolidates exposure to a well-regarded, large-scale operator (Equinox Gold) in a top-tier mining jurisdiction.

The financial impact is constructive but not transformative relative to the company's recently enlarged scale following the Deterra portfolio acquisition. It provides greater certainty over the delivery of the remaining 226,000 ounces from the Brazilian offtake by linking it to a specific, high-quality asset. However, investors should note the priority of the existing Greenstone offtake until March 2027, which may front-load deliveries and potentially defer full benefits of the new stream. The 2026 minimum delivery of 63,600 ounces from the new stream appears achievable based on Greenstone's production guidance and the priority structure.

Vox Royalty Corp. is a growing precious metals royalty and streaming company. Its strategy involves acquiring royalties and streams on advanced and producing projects globally, with a focus on Australia, Canada, and the United States. The company has grown rapidly through a series of acquisitions, most notably the September 2025 purchase of a 10-asset global gold portfolio from Deterra Royalties for $57.5 million upfront.

While Vox does not have a single "flagship" project in the traditional sense, its portfolio is increasingly weighted towards gold, with significant exposure to the Greenstone mine in Canada (via two offtake streams) and a diversified set of producing and development-stage royalties in Western Australia. The Greenstone mine, operated by Equinox Gold, is a cornerstone asset, with commercial production achieved in late 2024 and strong production and cost guidance.