Vox Royalty Corp (CVE:VOX) CEO Kyle Floyd told investors on Tuesday that he expects a "significant ramp-up in revenue" in the coming quarters as the fast-growing royalty company posted operating and financial results for the third quarter ending in September.
The firm now boasts a portfolio of more than 45 royalties and streams spanning eight jurisdictions and said it expects to continue its 'industry-leading' rate of royalty acquisitions in the fourth quarter with a focus on precious metals and near-term producing assets.
READ: Vox Royalty poised to boost its royalty portfolio with eight more precious and base metal assets
"Vox's portfolio continues to build, with world-class operating partners and high-quality royalty assets," said Floyd in a statement.
"Vox received its first revenue from royalties during the quarter, and expects a significant ramp-up in revenue over the coming quarters and years."
The group announced a plan on Monday to buy back up to around 1.62 million of its own shares between November 19 this year to November 18, 2021. Floyd noted that with "a strong balance sheet and growing revenue" the firm was "well placed" to start this normal course issuer bid program.
Following a reverse take-over transaction, in which it concurrently acquired 23 royalties, Vox began trading on the TSX Venture Exchange on May 25 this year. The company also acquired a further five royalties in the second and third quarters.
Subsequent to the third quarter, it also struck a deal to acquire a strategic North American portfolio of up to eight royalties, five of which already have NI 43-101 compliant resource estimates.
The deal also included operators, which are well poised to rapidly advance the assets, such as major Agnico Eagle Mines Ltd and Hecla Mining Company.
Looking at the fourth quarter, Vox outlined a number of key milestones it expects to see from its operating partners, including the release of a preliminary feasibility study from Black Cat Syndicate for its Myhree Stage 1 and 2 open pit and Myhree underground scoping study at the Bulong project, in Western Australia.
Elsewhere, at Dry Creek Gold, Karora Resources is expected to release a resource update for the Higginsville Gold Operations, expected to include the Mousehollow and Hidden Secret royalty linked deposits, the firm added.
The first royalty revenue from Dry Creek Gold is also expected in the fourth quarter.
At the Ashburton gold project, also in Western Australia, drilling results are anticipated from Kalamazoo Resources and its 7,000 metre program - the first major drilling program at the Ashburton gold project since 2013, Vox added.
Shares in Toronto nudged up 2.14% to stand at C$2.39 each.
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Contact the author at giles@proactiveinvestors.com
