Streaming Company Unlocks Multiple Gold Projects in North America, Australia

Source: Streetwise Reports 03/17/2025

Vox Royalty Corp. (VOXR:TSX; VOXR:NASDAQ) is updating shareholders on recent developments from royalty partners, and its board of directors has approved the renewal of a share repurchase program. Find out why an expert calls the stock “the #1 royalty play to own for this bull market.”

Vox Royalty Corp. (VOXR:TSX; VOXR:NASDAQ) is updating shareholders on recent developments from several royalty partners, and its board of directors has approved the renewal of a share repurchase program.

Vox offered updates from Black Cat Syndicate Ltd., which acquired an operating processing plant; Orla Mining Ltd., which is targeting production in 2027 at its South Railroad gold project in Nevada; and Galway Metals Inc., which announced a resource update and positive metallurgical test results.

“Vox is seeing strong momentum in its gold royalty portfolio, with multiple projects seeking to expand production or moving closer to first production in Western Australia, Nevada, and Quebec,” Chief Investment Officer Spencer Cole said. “Three new gold royalties started generating revenue for Vox in late 2024, and based on these development updates, additional royalty-linked deposits could be fast-tracked into production in 2026 and 2027.”

Black Cat’s AU$85 million acquisition of the Lakewood processing plant may bring forward gold production in the Kal East area by up to 15 months, Cole noted. Orla’s South Railroad project is making solid progress toward the final permitting process in 2026 and potential production in 2027.

“These advancements reinforce Vox’s confidence in its medium-term growth potential,” Cole said of Orla.

“I’ve always been a big fan of stock buybacks, whether it’s a major tech company or a small royalty player,” The Gold Advisor’s Jeff Valks wrote .

Vox’s Board of Directors also renewed its share repurchase program, authorizing the buyback of up to CA$1.5 million in common shares. Under the previous program initiated last March, no shares were repurchased.

“I’ve always been a big fan of stock buybacks, whether it’s a major tech company or a small royalty player,” The Gold Advisor’s Jeff Valks wrote on March 13, the day Vox put out its release. “It’s a sign that they not only believe their share prices are way undervalued, but also, having the cash on hand to buy into what they’re doing shows their money management philosophy is tight.”

On that day, the stock was up 3% and 30% on the year, Valks noted.

“Buying it, I knew it would perform more like an ETF — slow and steady without any sleep loss,” he wrote. “Let the good times roll. I hold a long position. As Jeff Clark has said, he considers Vox the #1 royalty play to own for this bull market.”

Streams From Australia, Nevada, Quebec

Vox holds an uncapped 1% net smelter return (NSR) royalty over deposits at the Kal East project in Western Australia, where Black Cat has moved to accelerate production, Valks said. The company acquired the 1.2 million tonnes per annum (Mtpa) Lakewood Gold Processing Plant for AU$85,000,000, a purchase which expands throughput capacity by 50% over prior estimates. This acquisition is expected to bring forward production by up to 15 months.

“Acquisition of the fully permitted and operating Lakewood processing facility allows Black Cat to accelerate gold production,” Vox said in its release.

Vox holds an uncapped 0.633% NSR at Orla’s South Railroad Project in Nevada. Recent drilling at the Dark Star and Pinion targets included 1.04 grams per tonne gold (g/t Au) over 55.2 meters, including 2.86 g/t Au over 11.1 meters. The company has launched a US$15 million exploration program with 10,000 meters of drilling focused on near-deposit targets and 8,000 meters across broader areas, Valks wrote.

“Buying it, I knew it would perform more like an ETF — slow and steady without any sleep loss,” he wrote. “Let the good times roll. I hold a long position. As Jeff Clark has said, he considers Vox the #1 royalty play to own for this bull market.”

“Orla has secured key water rights and finalized multiple environmental permits,” Valks wrote. “Engineering contracts have been awarded, and construction is expected to begin in 2026, with first production in 2027.”

In Quebec, Galway Metals announced a 17% increase in the Indicated Resource and a 22% increase in the Inferred category at the Estrades polymetallic project. Metallurgical testing results revealed a 31% increase in gold recoveries, Valks noted.

Vox holds a 2% NSR over certain eastern portions of the project. Galway intends to initiate a scoping study in 2025.

“The company looks forward to additional news flow from Galway as the Estrades project is expected to advance from advanced exploration into full development,” Vox said.

Stock repurchases made under the repurchase program “will be made at times and in amounts as the company deems appropriate and may be made through open market transactions at prevailing market prices, privately negotiated transactions or by other means in accordance with securities laws in the United States,” the company said.

A ‘Solid’ Balance Sheet

According to Cantor Fitzgerald Analyst Mike Kozak, Vox’s Q4 2024 revenue of US$2.9 million was up 19% quarter-over-quarter, but came in below the firm’s estimate of US$3.3 million.

However, Kozak noted the company had a “solid” balance sheet. “Vox exited Q4/24 with US$8.8 million in cash (vs. US$9.3 million at exit Q3/24),” wrote Kozak in an updated research note on February 21. “The company remains debt-free and fully undrawn on its US$15 million secured revolving credit facility (up to US$25 million with accordion feature). The quarterly dividend of US$0.0120/share was increased to US$0.0125/share, equating to a current yield of 2.0%.”

Kozak maintained a Buy rating on the stock with a target price of US$5.25 per share and CA$7 per share.

Kozak maintained a Buy rating on the stock with a target price of US$5.25 per share and CA$7 per share.

In and updated note on February 25, Freedom Broker’s Vitaly Kononov, Rafayel Mkrtchyan, and Vadim Merkulov recommended holding the stock with a US$2.90 target price.

“Vox Royalty is a promising micro-cap company with a diversified portfolio of royalty agreements in stable mining jurisdictions,” the analysts noted. “The investment proposition for Vox Royalty can be summarized by the principle: ‘With higher risk comes greater return.’ Although its small market capitalization carries inherent risk, we anticipate that Vox’s valuation could reach US$300–US$500 million by 2026. The company’s financials are solid, featuring an extensive project base with growth potential, low operating expenses relative to sales, no debt, and rapidly expanding free cash flow.”

The Catalyst: Gold Going Higher and Higher

Writing for Forbes on March 15, Garth Friesen noted that gold prices have climbed nearly 14% so far this year and set a recent new all-time high by breaching the US$3,000 per “Geopolitical tensions and economic uncertainty are driving safe-haven flows, pushing up gold prices,” Friesen wrote. “However, several other longer-term factors and trends will help determine whether the rally will be sustained.”[OWNERSHIP_CHART-9932]

On March 11, according to Friesen, DoubleLine Chief Executive Officer Jeffrey Gundlach said, “I think gold will make it to US$4,000. I’m not sure that’ll happen this year, but I feel like that’s the measured move anticipated by the long consolidation at around US$1,800 on gold.”

In addition, Goldman Sachs recently revised its gold forecast higher to $3,100 a troy ounce by the end of 2025.

“Gold is in a secular bull market. We forecast prices to trade between US$3,000-US$3,200 this year,” said Alex Ebkarian, chief operating officer at Allegiance Gold, according to a Reuters report.

Ownership and Share Structure

According to Refinitiv, management and insiders hold 24.15% of Vox Royalty. Those include Robert David Sckalor with 9.84%, Kyle Floyd with 5.69%, and Spencer Cole with 1.22%.

Institutions hold 47.18%, with ORG Partners LLC holding the most at 26.38%. Konwave AG owns 5.89%, US Global Investors holds 3.15%, and Sanders Morris LLC has 2.76%.

The rest is retail.

Vox Royalty has a market cap of CA$187.21 million with 41.46 million free float shares. Its 52-week range is CA$2.52–$4.44.

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( Companies Mentioned: VOXR:TSX;VOXR:NASDAQ, )

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