Q1/26 Results Well Above Expectations; Investor Day Highlights

Research evidence excerpt

Q1/26 Results Well Above Expectations; Investor Day Highlights

Vox Royalty - Block Summary Model

Income Statement 2025A 2026E 2027E

Revenue $17 $34 $40

Operating Costs 0 0 0 Valuation

EBITDA $14 $42 $33 VOXR trades at 1.2x the NAV estimate at 5% and BMO metal

price assumptions, versus the royalty/streaming average of Depreciation 7 10 8

1.8x. Our target price reflects 1.2x the 5% NAV/sh and 20x

Tax 1 0 4 our forward CFPS estimate at BMO metal price assumptions.

Adjusted Net Earnings 1 14 21

Upside Scenario $9.25

EPS $0.01 $0.20 $0.30 Our upside scenario is based on a 30% increase to our

Cash Flow Statement 2025A 2026E 2027E target P/NAV multiple. This scenario could play out if new

accretive transactions are made, if existing portfolio assets CFO 11 29 31

enter production earlier than expected, on improving clarity

CFI (74) (1) (1) on material development assets in the existing portfolio, or

CFF 62 (10) (3) if metal prices are materially above BMO forecasts.

Free Cash Flow (63) 28 30 Downside Scenario $4.25

FCF/Share (1.14) 0.40 0.43 Our downside scenario is based on a 40% decrease to

our target P/NAV multiple. This scenario could play out Balance Sheet 2025A 2026E 2027E

if existing portfolio assets experience interruptions or

Cash & Equivalents 8 25 53 operational challenges, timelines of development assets are

Total Assets 123 148 167 delayed, certain portfolio assets are not restarted, or metal

prices are materially below BMO forecasts.

Long-Term Debt 7 0 0 in USD

Total Liabilities 16 9 9

-32% +11% +47%

Total Shareholders' Equity 107 139 158

Gold Equivalent Production Downside Current Target Upside

Summary 2025A 2026E 2027E Scenario Price Price Scenario

4.25 6.28 7.00 9.25

Stream Portfolio (koz) 0 0 0

Royalty Portfolio (koz) 5 7 8 Key Catalysts