Overview

• US mining royalty and streaming firm's Q1 net income rose sharply, driven by asset revaluation gain

• Company reported record gross profit and operating cash flows for Q1 2026

• 2026 receipts guidance raised due to higher expected production volumes and realized margins

Outlook

• Vox Royalty raises 2026 receipts guidance to $32 mln-$37 mln from $28 mln-$32 mln

• Company expects 2026 gold deliveries of 230,000 ounces

• Vox anticipates more receipts in H1 2026 due to timing of gold deliveries

Result Drivers

• ASSET REVALUATION - Net income included a $16.5 mln revaluation gain on the Global Gold Portfolio acquired in September 2025

• PRECIOUS METAL RECEIPTS - Record net precious metal income of $13.8 mln from gold deliveries drove results

• RECENT ASSET ACQUISITIONS - Full quarter of income from newly acquired assets contributed to higher receipts

Company press release: ID:nACScwGmYa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$0.36
Q1 Net Income		$24.50 mln
Q1 Gross Profit		$11.60 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy"

• Wall Street's median 12-month price target for Vox Royalty Corp is C$8.00, about 5.8% below its May 12 closing price of C$8.49

• The stock recently traded at 54 times the next 12-month earnings vs. a P/E of 41 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.