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Vox Acquires Producing & Pre-Production Gold Royalties in Western Australia
https://www.newswire.ca/news-r…-australia-886141249.html
Vox Royalty Corp. (TSXV: VOX) ("Vox" or the "Company"), a high growth precious metals focused royalty company, is pleased to announce that it has executed a binding agreement with Horizon Minerals Limited ("Horizon") to acquire two advanced Western Australian gold royalties for total consideration of A$7,000,000. Vox will pay upfront cash of A$4,000,000. Contingent upon Vox receiving cumulative royalty payments in excess of A$750,000 from the Janet Ivy Mine, a milestone payment of A$3,000,000 is payable, in cash or Vox shares, at the Company's sole discretion (the "Transaction"). Any issuance of Vox shares in connection with the milestone payment will require the approval of the TSX Venture Exchange.
Transaction Highlights
- Provides exposure to the production stage Janet Ivy Mine with significant near-term expansion potential post construction of the 15Mtpa heap leach project at Binduli (with first production scheduled for March 2022).
- Strong additional near-term cashflow potential from Otto Bore, which has been earmarked by former operator Saracen Mineral Holdings Limited ("Saracen") to provide additional ore feed to Northern Star's Thunderbox Mill, located 8km to the south of Otto Bore and currently being expanded from 2.5Mtpa to 3.5Mtpa production capacity.
- Increases Vox's exposure to established Western Australian-based operating partners in Northern Star and Norton, each of which operate multiple gold mines and the Thunderbox and Paddington mills, respectively.
- Further strengthens Vox's first-mover position as the second largest publicly traded holder of royalty interests in Australia with an expanded total of 33 Australian royalties; 80% of Vox's royalty and streaming assets are located in "Tier 1" mining jurisdictions with low geopolitical risk (Australia, Canada and USA).