Vox Royalty Corp. (TSX:VOXR, NASDAQ:VOXR) has entered into a binding agreement to acquire a 1.5% Net Smelter Return (NSR) royalty on the feasibility‑stage Stockman copper‑gold‑zinc‑silver project in Victoria, Australia. The royalty will step down to 1.0% after the mine produces nine million tonnes of ore, creating a tiered revenue stream that aligns with the project’s output schedule.
The deal values the royalty at up to A$15 million, consisting of A$5 million in cash at closing and A$10 million deferred and payable in stages tied to production milestones. Aeris Resources Limited, the operator of the Stockman project, has already secured primary mining and onsite processing permits, and a January 2024 feasibility study projects a 12‑year mine life at up to 850,000 tonnes per annum. The project’s mineral resources include 13.4 million tonnes at 2.1% copper, 4.2% zinc, and 1.0 g/t gold, with an inferred resource of 2.4 million tonnes at 1.1% copper, 2.6% zinc, and 1.5 g/t gold. Breakthrough metallurgical testwork in July 2024 using the Albion Process demonstrated high recoveries, further de‑risking the economics.
Strategically, the acquisition fits Vox’s focus on near‑production, high‑margin, low‑capital‑expenditure royalties. The Stockman royalty is projected to generate more than US$3 million in annual revenue once the mine reaches production, a figure that will help the company move from a cash‑burn phase to positive free‑cash‑flow territory. The deal also expands Vox’s exposure to the Australian mining sector and diversifies its commodity mix beyond its existing gold and copper holdings, reinforcing the company’s portfolio‑growth strategy.
Vox’s recent financials provide context for the impact of the acquisition. In Q3 2025 the company reported revenue of $3.82 million and a net income of $0.20 million, with a GAAP EPS of –$0.01. The new royalty is expected to add a steady, low‑capital cash flow stream that will support the company’s transition to profitability and enhance shareholder returns. The acquisition is funded in part by a $63.25 million public offering that Vox completed earlier in the year, underscoring its strong access to capital markets.
Spencer Cole, Vox’s Chief Investment Officer, said the Stockman royalty “offers a compelling combination of advanced project status, permitting certainty, and strong metallurgical economics that will deliver over $3 million in annual royalty revenue.” He added that the project’s tiered structure and the company’s proprietary Mineral Royalties Online database will help identify future acquisition opportunities, positioning Vox for continued portfolio expansion.
The transaction marks another milestone in Vox’s aggressive growth plan, adding a high‑margin asset that aligns with its near‑production focus and reinforcing its strategy of building a diversified royalty portfolio that delivers cash flow in the short term while positioning the company for long-term value creation.
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