Vox Royalty Corp. ($VOXR)

Good morning, everyone, and thank you for being here. I'm Kyle Floyd, CEO and Founder of Vox. Joining me is also Spencer Cole, Vox's President and CIO. This is a presentation I'm very excited to share with our investors and the market. But first, before we get started, please take a minute to read the cautionary statements around forward-looking information. When we set out to build Vox, we made a promise to be different, different in how we underwrite, different in how we allocate capital, different in how we think about per share value, not just headline growth. We said we would build a royalty company that compounds for the long term, disciplined, diversified, and downside protected. Six years in as a public company, and the numbers are reflecting that mission. Over that 6-year period, we expect to have grown receipts at a compound rate well over 50%, and we're projecting 2026 receipts double over 2025. Operating cash flow per share is set to grow another 120% this year on top of 9.5x growth since 2021. And we're delivering this at a 28% return on invested capital, a number that, frankly, is rare in any sector and almost unheard of in mining royalties. What I want you to take away today isn't just the numbers. It's the process behind them. A portfolio of more than 70 assets, 14 of them producing this year, receipts going up while G&A holds flat, the platform built to scale, not by chasing the biggest deals, but by underwriting the right deals again and again with discipline. Today, our team is going to walk you through exactly how our process works. We're going to highlight the track record. We will also offer details around the updated 2026 guidance, which I'm pleased to say we are raising significantly today. The presentation will also detail the embedded growth that takes this business towards north of $60 million in annual receipts by 2030 and possibly well beyond. Regarding our track record of returns, let me start with the scoreboard. This slide tells you everything you need to know about what kind of business we're building. On the left, you see return on invested capital. For 2026, we're tracking to 28%. That's against a 5-year history that itself outpaces virtually every name in our peer group. Return on invested capital is the truest measure of capital discipline in this business because it strips away the noise and asks one question, for every dollar we deploy, what are we generating for our shareholders? In the middle, cash flow per share. Per share, it's the entirety of what we are solving for, 9.5x growth from 2021 to 2025. That's not financial engineering, that's not stock-based dilution masking the picture. It's true value creation. And on the right, the philosophies that drive it all. Three principles that drive how we allocate capital, quality at fair value, diversification that we offer across more than 70 assets and ultimately measuring adjusted -- risk-adjusted returns. Every deal we do passes through that filter. A 76% compound growth rate over 4 years doesn't happen by accident. It happens by saying no to a lot of deals and to executing the right price -- process time and time again. And for 2026 guidance, now our headline. We came into 2026 with original guidance of $28 million to $32 million in royalty and net precious metal receipts. That itself would have represented a very strong year. Today, we are raising that guidance. Our updated range for 2026 is $32 million to $37 million, and that represents 100% growth over 2025. We are doubling this business in a single year. Most of our industry is struggling to deliver growth. Meanwhile, we are expecting to increase receipts by over 100%, and we're going to be giving more details around the expected growth over the medium term. For the key assumptions driving 2026 guidance, we expect 14 producing assets contributing this year, a blended mix of roughly 30% royalties and 70% streams on a receipt basis. On the stream side, we expect 230,000 ounces delivered for the year, 77,000 ounces of those already realized in the first quarter at a margin of approximately $179 per ounce, with another 153,000 ounces to come at what we expect to be $50 to $85 per ounce margin through the balance of the year. Our expectation is that volatility will normalize, but we'll be very happy to be proven wrong on that. Operating cash flow is guided to $21 million to $26 million. That's 130% (sic) [ 120% ] growth over 2025. At a $4,000 gold price and the midpoint of our receipts guidance, that translates to 8,625 gold equivalent ounces. And underneath all of it, a 28% return on invested capital that is disciplined showing up in the numbers. Meanwhile, we continue to deliver more with less, and I'm pleased to walk you through our cost breakdown. This slide should summarize the cost of the business well. We have aimed to increase clarity on both the revenue drivers of the business, along with further details on costs with our goal to be transparent with our expectations. A few important details to note. We have run Vox as efficiently as possible since inception. We run one of the leanest teams in the industry. And as you can see with our FTE headcount, our team is asked to work hard and to work efficiently for our shareholders, and I'm proud to say we deliver on that mission. Evidence of our efficiency can be seen in our cash G&A. It's been held within a $5 million to $6 million band for 4 consecutive years. And while the absolute number has remained relatively flat, the cash G&A as a percentage of receipts has gone from 40% in 2023 to just 17% expected in 2026. Meanwhile, revenue per employee has dramatically increased from approximately $2 million to nearly $5 million per employee. That is the operating leverage we have been suggesting was embedded within the business. However, there are some heightened costs that we do not believe will be persistent beyond a couple of years, and I want to walk through those. One is an increase in royalty enforcement and litigation expenditures. We believe the most costly part of this process will begin to recede after quarter 2. The second category of costs I want to highlight is the noncash cost increase associated with stock-based compensation relating to an option grant in the first quarter of 2026. After a thorough review by the independent Compensation Committee of the Board, it was decided to grant 2.4 million options at a $4.99 share strike price, vesting over 2 years. This grant was designed to increase management's equity holdings in line with increases many of the peer executive teams in our industry have seen over the last few years and for that upside exposure only to be realized by driving a significant increase in per share value. The options were granted with a strike price of approximately $5 per share. This structure allows management to share in the gains it creates for shareholders but only realizes a benefit when shareholder value has increased dramatically. Moreover, we are pleased to drive a shareholder-focused business with a focus on capital efficiency. We are building a royalty company that doesn't bulk up by adding bodies and expenses. We built Vox with the objective of being thoughtful about the deals we pursued, building systems at scale and cultivating a team that punches well above weight. With that, I'm going to hand it over to our President and Chief Investment Officer, Spencer Cole. Spencer?

Thanks, Kyle. I'm really excited to share a little bit around our 2030 illustrative receipts build-up. It's worth noting, this is the first time we've actually disclosed any forward-looking estimates beyond current year's guidance. So we're quite excited to share this with investors. The headline total illustrative 2030 receipts are $66 million, which represents considerable growth on last year's revenue receipts of $16 million. This comprises approximately 2/3 royalty receipts and 1/3 streaming receipts. It's also worth highlighting that these $66 million of receipts assume no new acquisitions or capital deployed. So that $66 million number is all on the current base of invested capital of $125 million. We can break out this $66 million into a few key buckets. Firstly, the base royalty revenue of approximately $30 million. This is contributed through up to 26 separate royalty assets, and I'll outline a bit more on this in our next slide. Secondly, our Bonikro gold stream. So in February of this year, reserves at Bonikro were expanded over 300%. And at current production levels, the mine has a current -- a potential mine life of 13 years on reserves only. Secondly, the Blyvoor stream. The operator of this asset expects to expand production materially. And at these gold prices, the asset continues to perform ahead of our expectations. At the current run rate, based on the most recent 2024 technical report, this asset would have a mine life in excess of 100 years, quite a generational ore body. The next key asset is the Sugar Zone gold stream. This is a key growth asset for the recently announced $10 billion MergeCo of Vault and Regis. The key catalyst for this asset is mining is expected to be recommenced in July of this year, and processing is expected to restart November of 2027. The next key asset is the Los Filos gold stream. Subject to the finalization of community agreements and the development plan, Equinox is guiding towards 280,000 ounces of production from this asset publicly. And so 50% of that annual production would be attributed under our offtake streaming contract. The next asset is the Wyloo North iron ore royalty. This was a $1 million countercyclical iron ore acquisition that we made last year that's operated by $50 billion major mining company, Fortescue. They just released a key EPA permitting filing in March of this year, which indicates near-term mine development decisions are coming. A really exciting asset from a returns perspective. And then lastly, but certainly not least, our Red Hill gold royalty. This asset has the potential to generate $20 million to $40 million per annum of potential receipts through the displacement of low-grade stockpiles. The key catalyst for this asset is completion and commissioning of Northern Star's $1.5 billion Fimiston mill expansion that will expand the mill to 27 million tonnes per annum. They're expecting that commissioning in FY '27. Next up, I'm excited to share more detail on our embedded organic growth and upcoming catalysts for a number of key growth assets. And this has really been fueled and accelerated by widespread M&A amongst our operator universe. As a company, we're returns and cash flow focused. So we don't typically talk about embedded organic growth, but this really is our first opportunity to share visibility on the substantial ounces we've got in the ground, as shown by these bubbles. One growing critique of the royalty industry is that the market really desires cornerstone assets that are typically not acquired at value. In stark contrast, we bought later-stage assets with large-cap operators at truly dislocated values with what we believe is immense optionality that isn't priced in. And it goes without saying that this gold price environment has really increased the flywheel development expenditure on our assets. And now while not every one of these assets will prove out, with this many shots on goal, we remain very confident around our organic growth pipeline. Of the 79 assets we have in our portfolio today, over 45 of them have resource estimates in the ground. And then 37 of these are shown on this chart that have greater than 1,000 GEOs in the ground. As I mentioned, there have been quite considerable M&A tailwinds in our portfolio from the Orla-Equinox merger that was just announced to the Vault and Regis merger that was just announced in relation to our Sugar Zone asset, Allied's takeover by Zijin, Bullabulling project divestment from Zijin, a number of key M&A catalysts that have really accelerated these project developments. I guess some of the key growth assets that we believe the market is overlooking within this portfolio of assets, the first would be Limpopo, which is a very large 20-plus million-ounce PGM asset with near-term restart optionality from a $10 billion operator. We're really confident that activity is going to pick up around this asset in the coming years. So we're excited to share some of the catalysts that we expect to come down the pike on this one. The next one will be our Ashburton Gold royalty. A pre-feasibility study is expected to be released on this asset in early 2027. And the operator, Kalamazoo has stated a target of delivering a production profile exceeding 1 million ounces. So that would be a considerable sort of production profile that we have exposure to. The next asset is the Bowdens Silver royalty. This is actually the largest undeveloped silver deposit in Australia. And the key catalyst around this asset is final permitting, which the operator Silver Mines is expecting later in 2026. And then lastly, but not least, our Stockman Copper-Gold royalty. This is an Aussie royalty that we acquired in late 2025. The key catalyst for this asset is an update to the feasibility study that's expected to be released in Q3 of this year. So a huge amount of exciting catalysts coming down the pike associated with these large ore bodies and GEOs. I guess from a peer comparison perspective, we've always been focused on balancing the barbell of cash flow and organic growth, given the tendency of some small-cap royalty companies to be overweight growth without immediate cash flow. On both a cash flow and a 2030 potential receipts basis, we continue to trade at a substantial discount to peers with just as much, if not more optionality than our peer universe. With that, I'll pass back to Kyle.

Well, thank you, Spencer. And look, this has been a very exciting day for us. We're excited to share these results with the market. But I'll focus and I'll close with what matters most to our Board and management, and that's per share returns. On the left, as we have detailed, our receipts and cash flow are growing significantly, and our cash flow per share is compounded at over 76%. We've raised guidance to $32 million to $37 million for 2026. Meanwhile, we see potential for organic receipts to grow roughly 300% from 2025 to 2030. That's over a 30% compound rate over 5 years, equating to approximately $60 million in incremental annual receipts by 2030 and nearly 1 million gold equivalent ounces under royalty -- Vox Royalty and stream coverage. To be clear, this growth is already underwritten and that's organic. Well, as you can see on the right, industry-leading return on invested capital, 28% for 2026 expected. Few companies in any sector deliver this, almost none in mining royalties. Vox embodies strong cash flow today, embedded growth tomorrow with an abundance of long-term optionality. This alongside a shareholder-focused discipline that compounds year after year. That's the Vox model. Thank you again for spending your hour with us. We're excited to detail more, and we'll open up the forum to Q&A. Thank you again.

Thank you, Kyle and Spencer. We are now moving into the Q&A session. [Operator Instructions] Our first question is from Rene Cartier of BMO, covering analyst of Vox Royalty. Question, you've historically been successful in unlocking opportunities in Australia. Are you noticing an increase in competition as peers focus more on the market?

Thanks for the question, Rene. Look, as most of our listeners should be aware, Vox for 90% of our focus really is secondary royalties and existing contracts as opposed to project finance. So what I would say is we've seen a lot more competition for writing new royalties, particularly with Wheaton and Franco announcing multi-hundred-million-dollar deals in Australia in the last few months. But for our focus in the secondary royalty landscape, we're still finding a lot of uncompetitive deal flow in Australia. Of our last 5 deals in the past 12 months, all of those have either been on Australian assets or an Australian seller. So very limited competition on those types of typical Vox secondary deals. But if we were writing new checks, much more competition.

Excellent. Second question from Rene. What's your view on Tether in the royalty and streaming ecosystem? And what do you think is their long-term intentions?

Yes. Thanks, Rene. They've been certainly an interesting entry into the space. And overall, look, I think they're going to have a tremendously positive impact. There's a lot of royalty companies that have the exact same business models, very low levels of differentiation, competing for the same transactions and competing for mind share from the same investors. And I think Tether is clearly a consolidating force within the industry. They're bringing a spotlight on the little niche sector of mining royalties. And ultimately, they're very bullish on gold and the trajectory of the metal. So all in all, I think they're going to be a very positive influence in terms of consolidation and bringing higher valuation to the sector, which we've already seen start to play out.

One more question from Rene. Given your strong balance sheet, how are you prioritizing capital allocation? Should we expect a continued focus on new royalty and streaming opportunities and increase in the dividend, opportunistic execution on share buyback?

Yes, great question. Look, I think we've given the market a lot of additional information and detail around the intrinsic value on Vox today. Excited to give this presentation, excited for the quarter that we had with earnings. But I think the presentation really speaks to the long-term value that's intrinsically within Vox right now, and we fundamentally don't believe that's reflected in the share price. So with where we're currently trading, the question around buybacks is probably a little bit more relevant. But we continue to have a very deep pipeline with very accretive opportunities, but we truly run the ruler over what we're acquiring, and it needs to be more accretive than where we're trading. And again, I think with the information that we've been able to detail today, we've made a case that we're trading at a dislocated value.

Next questions are coming in from Nick Dion from ATB, another covering analyst of Vox Royalty. Are you able to provide any update on Red Hill?

Yes. Look, we remain very optimistic on our situation with Red Hill and the facts and circumstances. That being said, it is protracted litigation. So I don't expect that we're going to be able to offer a material update for 12 to 18 months. But again, we feel very good about our position on that matter.

One more question from Nick. Can you please provide an update on ETF inclusions?

Yes. Positive update there, Nick. So we were included in the last rebalance for GDXJ. That was a big one. So excited to report back on that. And then also, we've been included in the S&P TSX 500 Mining Index, which was another nice index to be included. There's actually another one, there's a royalty-specific index out of Australia that we're included as well. So we've done kind of the basic blocking and tackling to make sure that we've been included in those indexes. And I'm pleased to say I think that's going to have a positive effect on our liquidity over the long term. So that's the update on indexes, which has been very positive.

Next questions come from Mike Kozak, Cantor Fitzgerald, covering analyst. On a scale of 1 to 10, 1 easiest 10 most difficult, how competitive is the royalty acquisition landscape right now? Any commodity preferences?

Yes. Thanks, Mike. Look, I'd say if you're knocking on boardroom doors in Toronto, Vancouver or Denver, trying to find royalty or streaming deals, it's 12 out of 10 competitive. There's been a number of auctions run by well-paid investment banks in Q1. And these auctions are subject to 20 to 30 bids coming in. So yes, if you don't have a differentiated edge to source deal flow, it's 12 out of 10 competitive. But if you know where to find these forgotten royalties, similar to the deal we announced in January, February this year, buying a cash-flowing gold royalty for a couple of hundred thousand dollars. So if you know where these legacy royalty contracts exist, then if you're able to continue and systematically find uncompetitive deal flow, you're closer to 1 out of 10 competition instead of 12 out of 10. As it relates to sort of commodity preference and where we're tilting towards for deals. Look, our focus has been very consistent on this. We are returns first, commodity second. Our portfolio is heavily weighted towards gold, not because we're gold seeking towards x percent. It's because that's where we found deep value. So we'll continue to focus on the value first and then the commodity exposure be largely weighted towards precious metals, but with some base metals and select bulks, I would imagine.

Next question is also from Mike Kozak. When you set revenue guidance, what gold price volatility do you use as it relates to the offtake quotation period? What was your internal estimate for volatility when you acquired the portfolio versus what it has proven to be now that you've had them for approximately 6 months?

Yes. So in today's presentation, we shared that our guidance is based on implied margins for the remainder of the year of $50 to $85 per ounce. We took a lot of consideration, a lot of time sort of coming up with that range that we've taken a conservative approach. It effectively works out to approximately about a 1.5% margin on the gold price. Now if you look at these streams historically, historical margins have been around sort of 1% to 2% historically. And certainly, the margins we saw in Q1, those were closer to 4%. But we've been very deliberate that we're not sitting here expecting Q1 to be reflective of every quarter going forward. And that's why we've settled on that range of $50 to $85 an ounce margin.

Next question is coming from Tate Sullivan of Maxim covering analyst of Vox. Does Vox Royalty have to reevaluate the offtake streams every quarter?

Yes. So they are deemed a financial asset under IFRS. So every quarter, we revalue those assets and reflect any change in the fair value.

Next question from Tate. How do taxes work on off streams versus payments from royalties?

Yes. The good news is within our portfolio, the streams are -- they're called active managed assets. And so taxes around those kinds of assets are very minimal. And when you blend that with what we're paying on a royalty rate, it's really reduced the effective tax on the business. So we're pleased to report on that, and that's a result of very careful thought and consideration and structuring that our shareholders now benefit from.

Next questions are coming in from Greg Kitt of Pinnacle Fund, 5 to 10 of the assets that Vox bought streams on in September 2025 have received an offer to be acquired. What are the takeaways from this?

Yes. Thanks, Greg. Look, it has been a very heightened M&A activity market, particularly in the last couple of weeks, seeing Orla and Equinox announced their merger, Vault and Regis, $10 billion-plus type mega mergers in the gold space, I think it speaks to the strength of the gold price environment that we're in. I think ultimately, what our takeaway from that is our focus at Vox is selecting high-quality mining assets that are deserving of some of the most sophisticated operators and some of the most deep pocketed operators in the industry. And as this industry consolidation plays out, we expect the flywheel of development expenditure on our properties to continue increasing. So it's really, I guess, validation of the projects and operators we've been selecting within these acquired portfolios. And the net result, we think it's probably more dollars in the ground on our properties.

We have one more question from Greg. Is there any change in your acquisition strategy?

Look, it's going to sound really boring, but the short answer is no. It's more of the same, find dislocated value on assets that have considerable optionality and sort of compound those returns to the benefit of our investors. So yes, I think we've always prided ourselves on not getting carried up with the exuberance of the market. And we definitely find ourselves in a bull market, particularly for gold and silver, but it doesn't change our sort of focus. I think we have seen a little bit more value emerge in base metal opportunities, pure-play gold and silver assets. There's some sellers of royalties that have some more lofty price expectations today. But the benefit we have is we've got a very deep pipeline of opportunities. So we just continue to focus on opportunities and sellers where we can reach alignment around price and value.

Next question comes in from Ryan Cohen of Coghill Capital Management. So to confirm, the $66 million of receipts by 2030 exclude Red Hill, which could take it to $80 million to $100 million if Red Hill comes on at $3,500 an ounce for gold.

Yes. Great question, Ryan. Correct.

Excellent. Next question is coming in from Arvind Mallik of KMF Investments. Could you say more about gold price sensitivity and also about exposure to industrial metals?

Yes, I can take that one. Thanks, Arvind. So I think our main exposure to the gold price is obviously our producing assets today. But what's not probably as well understood is the multiplier effect that we have and exposure we have to new assets coming online. So it's not as simple as saying if gold price goes up by 10% or down by 10%, revenue is going to go up or down that much because I think what it means and what is more impactful for investors is we will see more capital bringing ounces forward in mine plans. So it's -- we've got more sort of convexity or sort of leverage on the upside to volume growth. And we get the question all the time, what happens if gold trades down 20% or 30%, which we don't necessarily think that's going to happen. But it would have some implications for certain time lines on growth projects. But overall, we've stress tested our assets at much lower gold prices and are confident that this growth profile comes online in considerably lower gold price. So yes, I think we're really well insulated and have leverage on the upside from that perspective. And then in terms of industrial minerals, and we've got a healthy and growing exposure to metals that are electrification-facing like copper. In terms of the deals we've acquired -- the assets we've acquired in the past 12 months, we've acquired multiple sorts of industrial metal, copper or iron ore assets. So I think as electrification or other industrial growth type trends continue to play out, we have sort of between 10% to 30% of our portfolio exposed to those types of trends.

I'd just like to take a moment to remind attendees that questions can be submitted via the chat on the platform. I'm now moving on to a few questions that have come in from several shareholders. First question being, Q1 should be a good cash flow quarter. How does management plan to allocate capital?

Yes, it was a fantastic quarter. In all respects, we are really pleased with the outcomes that we generated in Q1. I think with the asset profile that we have now within the portfolio, I think we're going to have quarters that certainly exceed expectations, and that's one of the benefits of the gold portfolio that we bought in September is that there's now kind of an upside that's hard to quantify within Vox. And as a result of that, the operating leverage that we're realizing the cash flow that we're generating is very significant. There's really no change in how we execute in terms of capital allocation. We have always maintained that we're going to be disciplined that we have a very attractive pipeline of assets. We can never predict exactly which ones are going to cross the finish line. We're fighting for value for our shareholders every day within that pipeline. And we're not going to reach. We see a lot of royalty companies reaching for scale, and that won't be Vox. So in the event that, that capital is building on the balance sheet and not put to use, the consideration goes largely to the dividend and to a potential buyback. So you can rest assured we don't want capital wasting away on the balance sheet, but we do have a very quality pipeline of assets in uncompetitive situations. where we expect to realize significant value for our shareholders.

The next investor question is, is the current strength in gold prices creating more opportunities or more challenges for the M&A activity?

Look, it's -- for the rest of the market, it's created, as Spencer said earlier, a 12 out of 10 on the competition scale. The reality is Vox from day 1 was designed to maneuver outside of those competitive waters and to find really attractive dislocations in value. That's what we're always built to accomplish. And I'm pleased to say we continue to be able to accomplish that goal for our shareholders. The transactions we've acquired since we've gone public, I think, have really kind of edified that position. And so while the rest of the industry is seeing higher prices and royalties as a function of that and royalty company valuations, I think, are taking higher as well, we continue to be able to find great assets at valuations that we view are favorable for our shareholders. And so that is an advantage that we believe is going to hold on a very long-term durable basis.

New question in from Jimmy Cliff of Tyndall. When you give your 2030 revenue forecast, what gold price are you using? And should we assume one-to-one relationship with the gold price?

So look, we use long-term consensus pricing on that. That was around $3,273 per ounce.

Next question in. This is coming in from anonymous investor. Have you considered selling an asset to help validate or unlock the underlying value of the portfolio?

Yes, I'll take that one, Kyle. Look, we have sold assets in the past, non-core assets. We sold 2 graphite royalties and sort of crystallized a 10x return inside of 18 months. So we don't need the validation of Mr. Market telling us what our assets are worth or what we've transacted on. But we're pragmatic. And when someone offers us full value, particularly for an asset that we have a pretty good understanding of what's in the ground, we'll be open-minded about it.

Next general investor question. Are you becoming more open to using debt financing to accelerate the company's growth?

Yes. Look, we've used debt financing to acquire royalties, and we have up to a $75 million facility that's completely undrawn with BMO. So we have the ability to use debt. Certainly, our preference right now would be debt over equity or any other forms of financing. So yes, with the strong cash flow that we have, with the asset diversification that we have, we're open to debt. That being said, we've done our absolute best to build a very antifragile business that's capable of withstanding shocks from all angles. And the one way that you add risk into that equation is through debt. So we'll always be very pragmatic with the amount of leverage that we use, but it's certainly a tool for us to make sure that we're delivering the best shareholder returns that we possibly can.

Okay. Next question comes in from Taylor Dart. On Bonikro, it doesn't seem like you're getting any value whatsoever for the significant mine life extension on this new and uncapped 50% offtakes with reserves now up to 1.3 million ounces. Allied has included expansion capital for plant throughout expansions this year. Do you have any idea of the magnitude of what this could look like?

Yes. Good question, Taylor. I appreciate that. Yes, this Bonikro is really emerging as a cornerstone asset within our portfolio. I mean having any asset go from 4 years of reserve life to over 13 years of reserve life is, I guess, abnormal and abnormally positive, particularly an asset that's producing over 100,000 ounces per annum. That release around the updated reserve life in February was really important. We're still working through, I guess, the implications of that and what that means in the medium term. So -- but directionally, we think that increase in mine life and rumblings around throughput expansion and the CapEx that will be attached to that, we think it's very positive for short, medium, and long-term value. But we're still seeking some extra details on that to quantify the exact specifics long term.

And Taylor, what I would add to that for our audience is this equation that played out at Bonikro is playing out across the portfolio. And we tried to really highlight that within the presentation that we made earlier in that with these gold prices, we're seeing cutoff grades lowered, but then also higher exploration spend as well. And so that combination of lower cutoff grades, more exploration spend, we're seeing resources grow, reserves increase as a function of that and then mining companies being compelled to move forward with mill expansions and other expansionary efforts to where this compounding equation that works deeply in the favor of the royalty holder tends not to get reflected until later on in the cycle. But I think for those investors that understand it earlier on, what we've seen with Bonikro is likely to play out across a number of our assets and I think contributes to the dislocation of Vox's present value.

In now, an anonymous question coming in from a shareholder. In a competitive market, how are you going to continue to generate superior returns versus peers?

Kyle, do you want to take that one?

Sure. Look, Vox has a very well-defined, well-invested process to finding value and creating value for our shareholders. When this company was conceived more than a decade ago, the current competition that we're seeing, again, we've said 12 out of 10, it may have been 10 out of 10 as you go back in time. So this is not unexpected. I think it's ultimately going to prove out to be helpful. But our ability to find catalysts with a technical team on the front lines, then moving into our database where we can find royalties that the rest of the world is generally blind to or unaware of. And then third, our deal sourcing network that allows us to get face-to-face with a very eclectic and wide-ranging group and different kinds of parties that own these assets makes us very distinct from everybody else in the sector. We have the biggest funnel towards -- geared towards finding value. AI is helping in that. We're only a full-time team of 7. And ultimately, we've been capacity constrained in terms of analyzing information. So AI is taking us forward in that respect by magnitude. And so I think you're going to see the benefit of that over time. So we continue to be able to find very good valuations in the favor of our investors over very good assets, and you'll continue to see that demonstrated on a very durable basis.

Touching on the same subject, this just in from John Basler of Basler Capital Partners. Can you provide an update on your proprietary database and how AI may be helping you unlock value from existing data or finding new data on third-party royalties?

Yes. Thanks, John. Without wanting to give away the secret sauce, how the proverbial sausage is made, yes, as Kyle alluded to, we've been investing a lot of time into sort of augmenting, expanding and enhancing the database using AI. Look, I think the main focus is on sort of 2 different directions. One is around identification of additional royalties and expanding the total quantum of the database. The other sort of direction is around augmenting our sort of tracking of catalysts and whatnot. So it's as much knowing what's happening in the market and tracking obscure catalysts as it is knowing where a forgotten royalty from 40 years ago is located. So yes, AI is a real force multiplier that we're already seeing gains from. And we expect that to continue in the coming weeks and months. And hopefully, that shows up in some of the deals we announced going forward.

And John, what I would also add to that is that our -- the front end of our funnel is development catalysts that we're able to understand and that are ultimately going to lead to assets that come into construction and production. And the amount of capital that's been injected into the industry over the last 18 months and these higher gold prices, lowering cutoff grades and frankly, making the industry far more healthy than it was just 2 or 3 years ago, increases the opportunity set for us by magnitudes. So the benefit of that will play out for Vox and for our shareholders over the next few years, where you're going to just see a lot more opportunities for us to process and understand and then ultimately bring in into the portfolio for our shareholders. So it's a very good market for Vox in all respects and namely, the opportunity set has increased dramatically for us over the last 12 to 18 months.

We have time for one last question. And this question is coming in from several investors. So as our last question of the day, what are your thoughts on share buybacks? And do you view Vox shares as a more attractive investment than acquiring additional assets?

Yes. Thank you for that question. It's -- the presentation that we gave today, I think, really underlines how undervalued our business is, not just for the assets that we possess today, but also the capability that I think we've all demonstrated in terms of finding and creating value for our shareholders within our differentiated approach to buying and acquiring royalties. I don't think there's another company like Vox in existence today. And I fundamentally believe the market is mispricing the assets within the portfolio. Again, Spencer and I and our team did our absolute best today to articulate that value that is embedded within the business. So in the context of where we're at today in terms of valuation and where I think that we should be, while we continue to find very, very deep value in what we're acquiring, the equation that's supportive of a buyback is certainly changing and more dynamic than maybe it's been over the last 12 to 18 months.

I'm now going to pass it over to you and Spencer for some final remarks on today's call. I would also like to remind attendees and those who could not attend today's call, that a replay is available on the company website under the Events section. I'll now hand it over to Kyle and Spencer for final remarks.

Well, thank you. And thank you to all of our shareholders that took their time today to join our presentation. We worked very hard to unpack what's in our portfolio of assets. We are very proud of our first quarter and the results that we've generated for shareholders. And if I can leave you with one thought is that we're going to continue to execute with discipline. This is a market that is encouraging what we would call less disciplined capital allocation. But what I can tell you within Vox is that the discipline will be maintained. We're investing -- we're reinvesting in our capability to continue to find royalties at favorable valuations for our shareholders. And we're very excited with the asset portfolio that we possess today and the assets that will undoubtedly also come into the portfolio through new acquisitions. We're working hard. We're working efficiently. We're proud of the results, but more excited about the results to come. So thank you again on behalf of our entire team, our Board, for spending 45 minutes with us, and we look forward to providing further updates as we continue to make progress within the business.