Vox Royalty Announces Q3 2024 Financial Results And Declares Quarterly Dividend
Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR) reported Q3 2024 financial results showing mixed performance. Operating cash flows increased 55% to $2.1M in Q3 2024 compared to Q3 2023, while revenue decreased to $2.4M from $3.5M in Q3 2023. The revenue decline was primarily due to a $1.3M Puzzle Discovery Payment recognized in Q3 2023. The company achieved record quarterly production at Wonmunna iron ore and Janet Ivy gold mines, while maintaining a strong balance sheet with $12.1M in cash and receivables. General and administration costs decreased by 14% year-to-date. The Board declared a quarterly dividend of $0.012 per share, payable on January 14, 2025.
Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR) ha riportato i risultati finanziari per il terzo trimestre del 2024 mostrando performance miste. I flussi di cassa operativi sono aumentati del 55%, raggiungendo $2,1 milioni nel terzo trimestre del 2024 rispetto a $2,4 milioni nel terzo trimestre del 2023. Tuttavia, i ricavi sono diminuiti a $2,4 milioni dai $3,5 milioni del terzo trimestre del 2023. Questa diminuzione è stata principalmente causata dal pagamento di $1,3 milioni per il Puzzle Discovery, riconosciuto nel terzo trimestre del 2023. L'azienda ha raggiunto una produzione trimestrale record nelle miniere di ferro di Wonmunna e di oro di Janet Ivy, mantenendo un bilancio solido con $12,1 milioni in contante e crediti. I costi generali e di amministrazione sono diminuiti del 14% dall'inizio dell'anno. Il Consiglio ha dichiarato un dividendo trimestrale di $0,012 per azione, pagabile il 14 gennaio 2025.
Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR) reportó resultados financieros del tercer trimestre de 2024 que muestran un desempeño mixto. Los flujos de efectivo operativos aumentaron un 55%, alcanzando $2.1 millones en el tercer trimestre de 2024 en comparación con $2.4 millones en el tercer trimestre de 2023. Sin embargo, los ingresos disminuyeron a $2.4 millones desde $3.5 millones en el tercer trimestre de 2023. La caída en los ingresos se debió principalmente a un pago de $1.3 millones por Puzzle Discovery reconocido en el tercer trimestre de 2023. La empresa alcanzó una producción trimestral récord en las minas de hierro de Wonmunna y de oro de Janet Ivy, manteniendo un balance sólido con $12.1 millones en efectivo y cuentas por cobrar. Los costos generales y administrativos disminuyeron en un 14% en lo que va del año. La Junta declaró un dividendo trimestral de $0.012 por acción, pagadero el 14 de enero de 2025.
Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR)는 2024년 3분기 재무 결과를 발표했으며 혼합된 성과를 보여주었습니다. 운영 현금 흐름은 2023년 3분기 대비 55% 증가하여 210만 달러에 도달했으나, 수익은 2023년 3분기 350만 달러에서 240만 달러로 감소했습니다. 수익 감소는 주로 2023년 3분기에 인식된 130만 달러의 퍼즐 발견 지불 때문이었습니다. 회사는 원문나 철광석 및 자넷 아이비 금광에서 분기별 생산 기록을 달성했으며, 현금 및 매출채권으로 1210만 달러의 강력한 대차대조표를 유지하고 있습니다. 일반 및 관리비용은 연초 대비 14% 감소했습니다. 이사회는 주당 0.012달러의 분기 배당금을 선언했으며, 이는 2025년 1월 14일에 지급될 예정입니다.
Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR) a publié ses résultats financiers pour le troisième trimestre 2024, montrant une performance mitigée. Les flux de trésorerie opérationnels ont augmenté de 55 % pour atteindre 2,1 millions de dollars au troisième trimestre 2024, par rapport à 2,4 millions de dollars au troisième trimestre 2023, tandis que les revenus ont diminué à 2,4 millions de dollars contre 3,5 millions de dollars au troisième trimestre 2023. Cette baisse des revenus est principalement due à un paiement de 1,3 million de dollars pour Puzzle Discovery reconnu au troisième trimestre 2023. La société a atteint une production trimestrielle record dans les mines de fer de Wonmunna et d'or de Janet Ivy, tout en maintenant un bilan solide avec 12,1 millions de dollars en espèces et en créances. Les coûts généraux et administratifs ont diminué de 14 % depuis le début de l'année. Le Conseil d'administration a déclaré un dividende trimestriel de 0,012 USD par action, payable le 14 janvier 2025.
Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR) hat die finanziellen Ergebnisse für das dritte Quartal 2024 vorgestellt, die eine gemischte Leistung zeigen. Die operativen Cashflows stiegen um 55 % auf 2,1 Millionen Dollar im dritten Quartal 2024 im Vergleich zu 2,4 Millionen Dollar im dritten Quartal 2023, während die Einnahmen auf 2,4 Millionen Dollar von 3,5 Millionen Dollar im dritten Quartal 2023 sanken. Der Rückgang der Einnahmen war hauptsächlich auf eine Zahlung von 1,3 Millionen Dollar für Puzzle Discovery zurückzuführen, die im dritten Quartal 2023 anerkannt wurde. Das Unternehmen erzielte eine rekordverdächtige Quartalsproduktion in den Eisenerzminen Wonmunna und Goldminen Janet Ivy und hielt eine starke Bilanz mit 12,1 Millionen Dollar in bar und Forderungen. Die allgemeinen und Verwaltungskosten sanken im Jahresverlauf um 14 %. Der Vorstand erklärte eine vierteljährliche Dividende von 0,012 Dollar pro Aktie, zahlbar am 14. Januar 2025.
- Operating cash flows increased 55% YoY to $2.1M in Q3 2024
- Record production achieved at Wonmunna iron ore and Janet Ivy gold mines
- 14% reduction in general and administration expenses year-to-date
- Strong balance sheet with $12.1M in cash and receivables
- 9.1% increase in quarterly dividend to $0.012 per share
- Revenue decreased 31% YoY to $2.4M in Q3 2024
- Gross profit declined to $1.9M from $3.1M in Q3 2023
- Net loss of $107,613 in Q3 2024 compared to net income of $1.0M in Q3 2023
Insights
The Q3 2024 results present a mixed financial picture. While operating cash flows showed impressive growth of
Notable operational achievements include record production at multiple assets and a
TORONTO, ON / ACCESSWIRE / November 6, 2024 / Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR)("Vox" or the "Company"), a returns focused mining royalty company,is pleased to announce its operating and financial results for the third quarter ended September 30, 2024. All amounts in U.S. dollars unless otherwise indicated.
Kyle Floyd, Chief Executive Officer, stated: "We're pleased to share another quarter of operating cashflow growth, compared to Q3 2023, and further general and administration expenditures reduction of ~
Third Quarter 2024 Highlights
Cash flows generated from operations:
$2,112,168 for the three months ended September 30, 2024, up ~55% from$1,359,501 in Q3 2023.$5,333,752 for the nine months ended September 30, 2024, up ~82% from$2,929,309 in the first three fiscal quarters in 2023.
General and administration expenditures decreased
$540,528 year-to-date compared to the comparative period, representing a decrease of ~14% . The Company has successfully realized reductions to its cost profile and the management team has continued to drive further operational efficiencies.Q3 2024 revenue of
$2,428,809 and year-to-date revenue of$8,150,438 (compared to revenue of$3,514,929 and$9,313,168 for the three and nine months ended September 30, 2023, respectively). The decline in revenue over the comparative periods was primarily a result of the positive trigger of a maiden mineral reserves discovery payment linked to the Puzzle Group gold deposits of ~$1.3M ("Puzzle Discovery Payment") that was recognized in Q3 2023.Gross profit of
$1,887,501 and$6,408,628 for the three and nine months ended September 30, 2024, respectively (compared to$3,109,818 and$7,906,163 for the three and nine months ended September 30, 2023, respectively). The decline in gross profit for the quarter and year-to-date is largely a result of the Puzzle Discovery Payment.Strong balance sheet position at period end includes:
Cash and accounts receivable of
$12,126,765. Working capital of
$8,517,006.
Producing asset highlights during the quarter included:
Wonmunna irone ore mine - achieved record quarterly and year-to-date iron ore production tonnage rates.
Janet Ivy gold mine - achieved record quarterly and year-to-date gold production tonnage rates.
Otto Bore gold mine - Vox has a
2.5% NSR royalty applicable to production between 42,000oz and 100,000oz of gold recovered. Based on production realized by the operator through Q3 2024, Vox management expects that the hurdle applicable for this royalty will be met, and the royalty payable to Vox commencing in Q4 2024 or Q1 2025 will be paid.Myhree gold mine - first gold doré production in September 2024, within six years of first discovery drilling in 2018.
On March 7, 2024, increased quarterly cash dividend by
9.1% to$0.01 2 per common share.
Summary of Quarterly Results
| Three months ended September 30, 2024 |
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| Three months ended September 30, 2023 |
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| Nine months ended September 30, 2024 |
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| Nine months ended September 30, 2023 |
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| $ |
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| $ |
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| $ |
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| $ |
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Statement of Cash Flows |
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Cash flows from operating activities |
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| 2,112,168 |
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| 1,359,501 |
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| 5,333,752 |
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| 2,929,309 |
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Income Statement |
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Revenue |
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| 2,428,809 |
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| 3,514,929 |
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| 8,150,438 |
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| 9,313,168 |
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Gross profit |
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| 1,887,501 |
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| 3,109,818 |
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| 6,408,628 |
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| 7,906,163 |
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Operating expenses |
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| (1,610,775 | ) |
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| (1,210,962 | ) |
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| (5,312,970 | ) |
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| (5,582,067 | ) |
Income from operations |
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| 276,726 |
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| 1,898,856 |
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| 1,095,658 |
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| 2,324,096 |
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Interest and finance expenses(1) |
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| (80,184 | ) |
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| - |
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| (243,096 | ) |
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| - |
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Other income(2) |
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| 88,283 |
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| 175,627 |
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| 201,189 |
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| 317,814 |
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Income tax expense - current and deferred |
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| (392,438 | ) |
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| (1,027,951 | ) |
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| (1,745,339 | ) |
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| (2,325,060 | ) |
Net income (loss) |
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| (107,613 | ) |
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| 1,046,532 |
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| (682,588 | ) |
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| 316,850 |
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Income (loss) per share - basic and diluted |
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| (0.00 | ) |
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| 0.02 |
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| (0.01 | ) |
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| 0.01 |
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Dividends declared per share |
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| 0.012 |
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| 0.011 |
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| 0.036 |
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| 0.033 |
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(1) Interest and finance expenses comprise BMO credit facility finance charges.
(2) Other income comprises interest income, foreign exchange differences, and the comparative period also includes the fair value change of warrants which expired on March 25, 2024.
For complete details, please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the three and nine months ended September 30, 2024, available on SEDAR+ (www.sedarplus.ca), the SEC's website (www.sec.gov) or on Vox's website (www.voxroyalty.com).
Quarterly Dividend
The Company is also pleased to announce that its Board of Directors has declared a quarterly dividend of
For shareholders residing in Canada, the dividend will be paid in Canadian dollars based on the daily exchange rate published by the Bank of Canada on December 31, 2024. The dividend qualifies as an "eligible dividend" as defined in the Income Tax Act (Canada). The dividend is subject to customary Canadian withholding tax for shareholders that are not resident in Canada.
About Vox
Vox is a returns focused mining royalty company with a portfolio of over 60 royalties spanning six jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to target the highest returns on royalty acquisitions in the mining royalty sector. Since the beginning of 2020, Vox has announced over 30 separate transactions to acquire over 60 royalties.
Further information on Vox can be found at www.voxroyalty.com.
For further information contact:
Kyle Floyd | Pascal Attard |
Chief Executive Officer | Chief Financial Officer |
info@voxroyalty.com | pascal@voxroyalty.com |
Cautionary Statements to U.S. Securityholders
The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP.
Cautionary Note Regarding Forward-Looking Statements and Forward-Looking Information
This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
The forward-looking statements and information in this press release include, but are not limited to, statements regarding the payment of a quarterly dividend in January 2025 and on any future date thereafter, expectations to realize revenue from producing and development stage royalty assets in the near-term, and revenue expectations for fiscal year 2024.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which Vox will purchase precious metals or from which it will receive royalty payments, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementation of new tax laws; the volatility of the stock market; competition; risks related to Vox's dividend policy; epidemics, pandemics or other public health crises, geopolitical events and other uncertainties, such as the conflicts in Ukraine and Israel, as well as those factors discussed in the section entitled "Risk Factors" in Vox's annual information form for the financial year ended December 31, 2023 available at www.sedarplus.ca and the SEC's website at www.sec.gov (as part of Vox's Form 40-F).
Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statement prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Vox cautions that the foregoing list of material factors is not exhaustive. When relying on Vox's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
Vox has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change, and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Vox as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Vox may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
None of the TSX, its Regulation Services Provider (as that term is defined in policies of the TSX) or The Nasdaq Stock Market LLC accepts responsibility for the adequacy or accuracy of this press release.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press release is based on information publicly disclosed by project operators based on the information/data available in the public domain as at the date hereof and none of this information has been independently verified by Vox. Specifically, as a royalty investor, Vox has limited, if any, access to the royalty operations. Although Vox does not have any knowledge that such information may not be accurate, there can be no assurance that such information from the project operators is complete or accurate. Some information publicly reported by the project operators may relate to a larger property than the area covered by Vox's royalty interests. Vox's royalty interests often cover less than
SOURCE: Vox Royalty Corp.
View the original press release on accesswire.com
FAQ
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