olivLaw · US equity research
Vox Royalty Corp. VOXR
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Vox Royalty Corp. is a Canadian company that holds royalties and precious metal purchase agreements tied to mining assets in operation or development, without operating the mines itself. This model gives the company revenue without the direct costs of extraction, and its exposure to gold and silver prices means results depend on how those metals trade.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Vox Royalty Corp. (VOXR) stock was 4.91 USD (+7.21% on the day), with market capitalisation 335.7 m USD, P/E 49.1 on diluted EPS of 0.10 USD over the last 12 months, beta 0.88, 52-week range 3.89–6.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.6
- neutral
- Bollinger (20, 2)
- 4.58 – 5.20
- in the upper half of the band · %B 0.54 · band width 12.6%
- SMA 50 / 200
- 5.26 / 5.29
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.4% | −1.1% | −1.3 pp | — |
| 3 months | −0.4% | −0.5% | +0.0 pp | — |
| 6 months | −15.8% | +4.4% | −20.2 pp | — |
| Year to date | +3.6% | +12.3% | −8.7 pp | — |
| 1 year | +26.2% | +13.5% | +12.7 pp | −5.2% |
| 3 years | +137.2% | +76.4% | +60.8 pp | +155.4% |
| 5 years | +74.7% | +63.7% | +11.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 47.4, median 140.2, max 233.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 3.7 m | 8.5 m | 12.3 m | 11.0 m | 12.0 m |
| Revenue YoY | unavailable | +133.0% | +44.7% | −10.3% | +9.0% |
| Net income | -4.1 m | 328.2 k | -101.1 k | -1.6 m | 5.9 m |
| Net income YoY | unavailable | unavailable | −130.8% | unavailable | unavailable |
| Diluted EPS | -0.11 | 0.01 | 0.00 | -0.03 | 0.10 |
| Diluted EPS YoY | unavailable | unavailable | −100.0% | unavailable | unavailable |
| net % | -113.2% | 3.9% | -0.8% | -14.9% | 48.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 107.0 m USD
- Total assets
- 123.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.73x
- ROE
- 7.8%
- ROA
- 6.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 3.7 m | 8.5 m | 12.3 m | 11.0 m | 12.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 2.7 m | 6.7 m | 10.0 m | 7.9 m | 10.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | — | — | — | -3.1 m | -6.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -2.0 m | 1.8 m | 2.4 m | 976.0 k | 7.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | 2.2 m | -1.5 m | -2.5 m | 2.6 m | 1.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -4.1 m | 328.2 k | -101.1 k | -1.6 m | 5.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | -0.11 | 0.01 | 0.00 | -0.03 | 0.10 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 37.9 m | 42.6 m | 47.1 m | 50.3 m | 57.3 m | SEC (XBRL)· 30 Mar 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 5.1 m | 4.2 m | 9.3 m | 8.8 m | 8.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 8.1 m | 6.8 m | 13.3 m | 12.1 m | 11.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 27.3 m | 41.8 m | 52.7 m | 51.4 m | 123.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 1.9 m | 3.0 m | 2.9 m | 2.9 m | 4.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 6.6 m | 6.4 m | 7.8 m | 8.3 m | 16.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 20.7 m | 35.4 m | 44.9 m | 43.1 m | 107.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Shares outstanding at year end | — | 44.8 m | 50.0 m | 50.7 m | 68.4 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 768.3 k | 2.0 m | 5.3 m | 5.5 m | 10.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Investing cash flow | -9.4 m | -2.6 m | -5.3 m | -3.2 m | -73.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 10.6 m | -395.3 k | 5.3 m | -2.9 m | 62.4 m | SEC (XBRL)· 30 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 335.7 m USD
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.37 – 3.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.37 – 3.04 (Mid 1.65)18 companies used · median multiple 16.5x · quartiles 13.7x – 30.4xAEM, AGI, ARIS, AU, B, CDE, EGO, EQX, FNV, FSM, GFI, IDR, MUX, NAMM, NEM, SVM, TII, WPM
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 48.9% | 85 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 12.3% | 100 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | 115.4% | 100 (on a fixed band) | 22% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 49.1x | 5 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality· partial85/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial5/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vox Royalty Corp. (VOXR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.0 m USD in 2025; YoY growth 9.0%; net margin 48.9%; ROE 7.8%.
The estimated value range is 1.37–3.04 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.65 USD, the price of 4.91 USD leaves a potential of -66.4% (value / price − 1) and a margin of safety of -197.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 48.9%
- Revenue CAGR 3Y: 12.3%
- EPS CAGR 3Y: 115.4%
- Current ratio: 2.7x
What contradicts it
- P/E (TTM): 49.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| WPMWheaton Precious Metals Corp. | 59.7 bn | 40.6 | 18.5% | 63.6% | +80.2% | +19% / +169% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| FSMFortuna Mining Corp. | 2.9 bn | 10.7 | 18.7% | 30.4% | +39.8% | −5% / +146% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| SVMSilvercorp Metals Inc. | 1.9 bn | 30.9 | 9.6% | 19.5% | +38.9% | +10% / +198% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
| OGGOsisko Development Corp. | 602.0 m | — | -27.0% | -476.4% | +678.0% | −33% / −17% |
1- and 3-year price returns: for VOXR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.69 Total return -45% · Per year -45% | 4.75 Total return -3% · Per year -3% | 7.13 Total return 45% · Per year 45% |
| 3 years | 3.04 Total return -38% · Per year -15% | 5.98 Total return 22% · Per year 7% | 9.80 Total return 100% · Per year 26% |
| 5 years | 3.43 Total return -30% · Per year -7% | 7.54 Total return 54% · Per year 9% | 13.48 Total return 175% · Per year 22% |
- Exit P/E± 1.50
- Net margin± 1.05
- Annual revenue growth± 0.80
- Annual dilution± 0.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (01 Oct 2026), 6-K (28 Sept 2026), 6-K (14 Sept 2026), 6-K (02 Sept 2026), 6-K (20 Aug 2026).
In brief
Vox Royalty Corp. is a Canadian company that holds royalties and precious metal purchase agreements tied to mining assets in operation or development, without operating the mines itself. This model gives the company revenue without the direct costs of extraction, and its exposure to gold and silver prices means results depend on how those metals trade.
SWOT
Strengths
- A model without direct mine operating costs, which the company manages through royalties and PMPAs, simplifies its cost structure.
- A diversified portfolio of assets at different development stages may reduce dependence on any single project.
- Experience in structuring complex agreements, including PMPAs, may be an advantage in negotiations with operators.
Weaknesses
- The company does not control the mining operations from which it receives payments, which limits its influence over timing and volumes.
- The accounting complexity of the new agreements required stronger internal control, a sign that processes are still adapting to the higher transaction volume.
- Revenue is sensitive to precious metal prices and to net margins from agreements, which can vary considerably.
Opportunities
- Development of properties still under construction could bring new royalty revenue streams if operators keep to their schedules.
- Markets with limited mining finance could offer favorable terms for new metal purchase agreements.
- Integrating recently acquired assets could strengthen the company's position in its portfolio.
Threats
- Tariffs and international trade disputes can affect commodity prices and the activity of mine operators.
- Geopolitical events, such as the conflicts in Ukraine and the Middle East, can create volatility in metal markets and in mining operations.
- Competition for mining assets can raise acquisition prices and reduce expected returns.
Risks
- Dependence on mine operatorshigh
The company does not operate the mines from which it receives royalties, so operators' decisions and performance directly affect revenue. The document cites the international, regulatory and environmental risks of these operations 1.
- Volatility of metal priceshigh
Revenue from PMPAs and royalties depends on precious metal prices, and the document includes price fluctuations among the factors that could make results differ from estimates 1.
- Delays in project developmentmedium
Delays in building and commissioning mines could postpone expected revenue from properties not yet in production 1.
- Complexity of financial reportingmedium
The new PMPAs required additional controls over financial instruments and estimates, which raises the risk of reporting errors if processes do not consolidate 1.
- Macroeconomic and geopolitical factorsmedium
Tariffs, exchange rates, interest rates and geopolitical events could affect metal markets and operators' ability to meet their plans 1.
Investment thesis
What would need to be true (bull case)
- If precious metal prices remain favorable, the royalty model could generate revenue with low direct operating costs.
- Properties in development could move into production and increase the payment flows to the company.
- Experience with complex agreements and stronger internal control could facilitate further asset acquisitions.
What would break the thesis
- If metal prices fall or margins from agreements shrink, the company's revenue could decline quickly.
- Construction delays at mines or operator problems could postpone expected revenue from projects.
- Trade and geopolitical tensions could increase volatility and complicate operators' development plans.
What to watch
- Evolution of net margins from PMPAs entered into in the third quarter of 2025Q1 2026
- Progress of properties in development and timelines announced by operators2026
- New royalty or PMPA acquisitions and how acquired assets are integrated2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (01 Oct 2026), 6-K (28 Sept 2026), 6-K (14 Sept 2026), 6-K (02 Sept 2026), 6-K (20 Aug 2026).
The business
During the quarter ended September 30, 2025, its subsidiary Vox Royalty Cayman SEZC became party to several PMPAs, and management identified the need to strengthen internal control over financial reporting, particularly for net precious metals income, financial asset measurement and related disclosures 1. This shows the accounting model has grown more complex as the portfolio expanded.
The document states that the company's revenue depends on payments received from royalties, which are influenced by mine operators, general economic conditions and the prices of the commodities underlying the portfolio, if these change significantly 1. The company does not control mining operations, so development of the underlying projects is essential to future revenue.
Segments
Royalties and precious metal PMPAs
The main segment comprises royalties and precious metal purchase agreements tied to mining assets at various stages, from production to development 1. Revenue from this segment depends on operators' production volumes and on gold, silver and other metal prices, and the document explicitly names net margins realized from these agreements as a determining factor 1.
Portfolio of properties in development
Among its underlying assumptions, the company refers to expected progress at properties in which it holds royalties that are not yet in production 1. Achieving these expectations could influence future revenue growth if operators keep to announced schedules, though the document notes construction delays as a recognized risk 1.
Market context
The market in which Vox operates is the financing of mines through royalties and metal purchase agreements, where revenue tracks precious metal prices and the production of financed mines. The document identifies tariffs, international trade disputes, commodity and exchange rate fluctuations, and geopolitical events, including the conflicts in Ukraine and the Middle East, as relevant factors 1. The company reports in U.S. dollars, with references also to Canadian and Australian dollars 1.
Competition and access to new assets are also relevant, since the document includes competition among the risk factors it lists 1. In an environment where capital for mining projects is contested, the company's ability to integrate acquired assets and identify new opportunities could shape how the portfolio evolves.
Trends
- Precious metal price trendsmixed
Revenue from PMPAs and royalties is linked to gold and silver prices, and the document explicitly lists metal price movements and realized net margins as risk factors 1. If prices remain elevated, the value of the agreements could support the company's results.
- Tariffs and trade tensionsheadwind
The document includes tariffs and international trade disputes among the factors that could affect markets relevant to the company's activity 1. The effect on revenue depends on how these measures influence commodity prices and the costs of mine operators.
- Development of mining projectstailwind
Realizing expectations for properties not yet in production depends on operators' timelines, and the document cites construction delays and changes in project parameters as sources of uncertainty 1. Progress at these projects could support future revenue growth.
Competitive position
The document includes competition among the risk factors that could cause actual results to differ from those anticipated, without naming specific competitors 1. The company operates in a segment where several royalty and metal agreement providers pursue the same opportunities, which affects the price at which assets can be acquired.
The company's differentiation could come from its asset portfolio, its ability to structure agreements and its experience with complex PMPAs, themes the document discusses in connection with internal control 1. It remains to be seen whether these advantages translate into further long-term acquisitions.
- Other royalty and metal agreement providers
The document does not name competitors; at sector level, such companies compete for the same mining assets in development or production.
- Mining streaming finance companies
The metal purchase agreement model is comparable to that of streaming financiers, which compete for project funding.
- Specialized precious metals funds and investment vehicles
Such entities may compete for assets or capital in the same projects, though the document does not identify them.
- Mine operators developing their own financing
Operators may prefer equity or other instruments, which reduces the opportunities available to financiers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Vox Royalty Australia to acquire 2% NSR royalty on White Dam gold mineYahoo Finance — News · 03 Sept 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)26 Jun 2026
- Current report (foreign issuer)23 Jun 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Vox Royalty Corp. · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.