Vox Royalty is a mining royalty and streaming company that holds financial interests in mines operated by third parties, rather than operating mines itself. Vox provides upfront capital to mining operators in exchange for long-term royalties or streams — contractual rights to receive a percentage of a mine's production revenue or to purchase physical metal at a set price and resell it at spot. The portfolio spans over 70 assets, with 12 producing and 24 development-stage assets, weighted heavily toward gold with secondary exposure to copper, iron ore, and silver. Assets are concentrated in Australia, Canada, and the U.S. Vox operates two segments: royalties (NSR, gross revenue royalties, and production royalties) and streams acquired via the Deterra Royalties portfolio purchase in late 2025. In both cases, Vox's revenue scales with metal prices and mine production volumes, while Vox bears none of the underlying mines' operating costs or capex — giving Vox near-pure leverage to metal prices with a largely fixed cost base. With only seven employees, the business is highly scalable. Revenue is concentrated, with a handful of assets driving most results. Vox grows by acquiring new royalties and streams, prioritizing assets that are producing or near-term producing to minimize development risk and shorten payback periods, while also acquiring earlier-stage assets at lower prices as longer-term options on future mine development.