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Vox Royalty Corp. (TSXV:VOX) – Notable News

November 19, 2021

Vox Royalty Corp. (TSXV:VOX, BUY, C$5.65 target, David A. Talbot) provided exploration and development updates from various royalty operating partners within its royalty portfolio. Updates were provided at 1) Gold Standard Ventures Corp. (TSXV:GSV), which has an FS due in Q1/22 at the South Railroad gold project in Nevada, and has a ~C$0.1M minimum advanced royalty payment that was paid to Vox in October. Management sees potential to convert ~350koz Au based on recent drill results at the Pinion deposit, which would be included in the mine plan for Pinion Phases 4 and 5. Additionally, project financing is anticipated in conjunction with the FS in Q1/22 and the Record of Decision permit is due in Q1/23. 2) Black Cat Syndicate Ltd. (ASX:BC8) reported that its Bulong project is headed toward a start-up in H2/22 and an 80,000m regional discovery drill program is planned. Vox management anticipates seeing positive discovery newsflow from that program in Western Australia next year. 3) Silver Mines Ltd. (ASX:SVL, Not Rated) Bowdens Ag-Pb-Zn project is expected to incur drilling into 2022 with four rigs in preparation for an underground resource and scoping study. 4) Karora Resources Inc. (TSX:KRR, BUY, C$7.25 target, David A. Talbot) looks to continue definition drilling to test the extensions of the Hidden Secret open pit and Mousehollow resource areas with results due before the end of Q4/21. The company is primarily focused on organic growth as it looks to nearly double production by 2024 (read more). 5) ValOre Metals Corp. (TSXV:VO, Not Rated, David A. Talbot) announced that drilling within the Santo Amaro deposit at its Pedra Branca PGM project has significantly advanced the size of the zone and the geological model by correlating mineralization to the ultramafic package, and we believe this should lead to better targeting and higher confidence in resource estimates (read more). Lastly, 6) Quantum Graphite Ltd. (ASX:QGL, Not Rated) reported that an eastern conductor drill program at its Uley graphite project is targeting an eastward extension of the proposed Uley 2 open pit, which may provide an opportunity for low-cost expansion. In other news, Vox announced that its Normal Course Issuer Bid is being renewed, and the new NCIB will allow for the repurchase of 1,968,056 shares or 5% of its shares outstanding. We note that the company has purchased 804,400 shares at a weighted average price of C$2.89/sh over the past year. Future paying royalties should continue to move forward as there are over 20 separate royalty partners with active projects. Please see our note on Vox’s most recent royalty acquisition here. We believe 2022 is shaping up to be an important year with record drilling planned across the portfolio, which would increase the possibility of new discoveries and future cash flow for Vox. Its valuation gap on a P/NAV basis, currently trading 1.0x vs. peers at 1.3x, has been shrinking over the past few months as several of its royalties have begun to pay, and we expect start-ups in 2022 to be just as vital for further growth. Read more

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