Vox Royalty Transfers Brazil-Linked Offtake To Greenstone Gold Mine
Rhea-AI Summary
Vox Royalty (NASDAQ:VOXR) amended its gold offtake arrangements with Equinox Gold to transfer remaining Brazil-linked delivery obligations to Greenstone, Ontario. Approximately 226,000 oz remaining under the Brazil stream will be satisfied via a 29% production-linked offtake of refined gold from Greenstone, with a minimum 63,600 oz delivery for 2026. Vox's existing Greenstone stream (up to 58,500 oz/year until March 1, 2027) remains priority and unchanged. From March 1, 2027 the new 29% stream applies to all refined gold from Greenstone until the cap is reached. Equinox guidance for Greenstone: 250,000–300,000 oz in 2026 and cash costs of US$1,350–1,450/oz; average life‑of‑mine yearly production forecast 330,000 oz.
Positive
- 226,000 oz of remaining Brazil offtake converted to Greenstone exposure
- New 29% production-linked offtake increases exposure to Greenstone
- Minimum 63,600 oz delivery guaranteed for 2026 under the new agreement
- Existing Greenstone stream of 58,500 oz/year remains in priority until Mar 1, 2027
- Greenstone guided 250k–300k oz production for 2026 with LOM average 330k oz
Negative
- New Greenstone deliveries are subject to priority of existing 58,500 oz/year allotment for 2026–2027
- Remaining offtake is capped at approximately 226,000 oz, limiting upside beyond that volume
- Greenstone 2026 guidance includes cash costs of US$1,350–1,450/oz, which may pressure margins
News Market Reaction
On the day this news was published, VOXR gained 8.20%, reflecting a notable positive market reaction. Argus tracked a peak move of +4.9% during that session. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $29M to the company's valuation, bringing the market cap to $380M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
VOXR was up 2.61% pre-news with modestly elevated volume. Select peers like PLG (11.03%) and LODE (8.25%) also gained, while PLL fell 9.6%, indicating mixed moves in the broader materials group rather than a clean sector-wide trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2025-12-18 | Royalty acquisition | Positive | +1.6% | Agreed to buy Stockman copper-gold NSR royalty in Australia. |
| 2025-11-14 | Board appointment | Positive | -2.2% | Added Joseph Gallucci to Board with capital markets expertise. |
| 2025-11-12 | Earnings & dividend | Positive | -4.9% | Reported record Q3 revenue and declared quarterly dividend. |
| 2025-11-06 | Earnings date set | Neutral | -0.5% | Announced timing for release of Q3 2025 results. |
| 2025-10-16 | Board changes | Positive | -6.1% | Appointed Luis Azevedo and announced two director departures. |
Recent history shows several positive corporate and financial updates met with flat-to-negative reactions, suggesting a tendency for the stock to underreact or sell off on seemingly constructive news.
Over the last few months, Vox reported record Q3 2025 revenue of $3,815,640, grew year-to-date revenue to $9,365,530, raised capital via a $63.25M offering and upsized its credit facility. It also acquired a feasibility-stage Stockman copper-gold royalty for up to A$15 million and made multiple board changes and additions. Despite generally constructive operational and financial updates, share-price reactions have often been muted or negative, providing important context for how the market has historically treated new announcements like today’s Greenstone-focused offtake restructuring.
Market Pulse Summary
The stock moved +8.2% in the session following this news. A strong positive reaction aligns with the strategic shift of Vox’s offtake exposure from Brazilian mines to the Greenstone asset, backed by guidance of 250,000–300,000 oz in 2026 and average life-of-mine production of 330,000 oz. Past news has sometimes seen muted follow-through, and prior equity offerings documented in 2025 filings highlight capital-raising history, which investors often monitor when reassessing valuation after sizeable moves.
Key Terms
offtake financial
streaming financial
production-linked offtake stream financial
cash costs financial
nameplate processing capacity technical
ni 43-101 regulatory
AI-generated analysis. Not financial advice.
DENVER, CO / ACCESS Newswire / January 23, 2026 / Vox Royalty Corp. (NASDAQ:VOXR)(TSX:VOXR) ("Vox" or the "Company"), a returns focused mining royalty and streaming company, is pleased to announce that its wholly-owned subsidiary has entered into a definitive agreement with Equinox Gold Corp. ("Equinox") to restructure Vox's
Kyle Floyd, Chief Executive Officer stated: "We are pleased to increase our exposure to the Greenstone Gold Mine, one of Equinox's cornerstone assets in Canada, through this transaction. The transition of the Gold Offtake Stream to Greenstone increases Vox's exposure to a Tier 1 Canadian asset. We congratulate Equinox on their sale of the Brazilian Assets to CMOC Group and wish them continued operational and financial success."
Figure 1: Greenstone Mine, Ontario, Canada
(Source: Equinox Gold - January 2026 Corporate Presentation)
Key Offtake Stream Amendment Terms
The offtake arrangement over the Brazilian Assets has been amended and restated such that the remaining approximately 226,000 ounces ("oz") deliverable under the agreement will be satisfied through a production-linked offtake stream of
29% of refined gold produced from Greenstone (the "New Greenstone Agreement"), with minimum deliveries of 63,600 oz for 2026.Vox's existing Greenstone offtake stream (acquired in September 2025 from a third party) which provides that Equinox delivers up to 58,500 oz Au per annum until March 1, 2027 (the "Existing Greenstone Agreement") remains unchanged and will be satisfied in priority to the New Greenstone Agreement.
For 2026 and 2027, deliveries under the New Greenstone Agreement apply after receipt of the annual allotment of Existing Greenstone Agreement ounces. After March 1, 2027, the New Greenstone Agreement will apply to the entirety of the refined gold produced from Greenstone until the cap is reached.
Other gold offtake stream commercial terms remain unchanged.
Greenstone Asset Overview
Greenstone is a large open-pit mine near Geraldton, Ontario, which achieved commercial production in November 2024. Equinox has been ramping up throughput and recoveries towards its 27,000tpd nameplate processing capacity. Equinox provided a production guidance range of between 250,000 to 300,000 ounces at cash costs of US
Further information on Greenstone can be found here: https://www.equinoxgold.com/our-mines/greenstone-gold-mine/
Qualified Person
Timothy J. Strong, MIMMM, of Kangari Consulting LLC and a "Qualified Person" under NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this press release.
About Vox
Vox is a returns focused mining royalty and streaming company with a portfolio of over 80 assets spanning nine 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 70 assets.
Further information on Vox can be found at www.voxroyalty.com.
For further information contact:
Kyle Floyd | Spencer Cole |
Chief Executive Officer | Chief Investment Officer |
(720) 602-4223 | (720) 602-4223 |
Cautionary Statements to U.S. Securityholders
This press release has been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced herein are Canadian mineral disclosure terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards").
For U.S. reporting purposes, the U.S. Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended, which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained herein may not be comparable to similar information disclosed by companies domiciled in the U.S. subject to U.S. federal securities laws and the rules and regulations thereunder.
As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", U.S. investors should not assume that all or any part of the mineralization in these categories will be converted into a higher category of mineral resources or into mineral reserves without further work and analysis. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that all or any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable without further work and analysis. Further, "inferred mineral resources" have a greater amount of uncertainty and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of inferred mineral resources will be upgraded to a higher category without further work and analysis. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms are "substantially similar" to CIM Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules or under the prior standards of SEC Industry Guide 7.
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, expectations relating to the timing and amount of production from mining projects, expectations regarding the size, quality and exploitability of the resources at various mining projects, future operations and work programs of Vox's mining operator partners and their respective precious metal refiners, the receipt of refined precious metal credit deliveries pursuant to contractual obligations with mining operator partners, and anticipated future cash flows relating to the sale of precious metals.
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, including international trade and tariffs; the absence of control over mining operations from which Vox will purchase precious metals or from which it will receive royalty or stream 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 changes to United States tariff and import/export regulations, 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, 2024 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 the Company'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 and streaming investor, Vox has limited, if any, access to mining 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 and streaming interests. Vox's royalty and streaming interests often cover less than
References & Notes:
Equinox Gold - January 2026 Investor Reception Presentation:
https://www.equinoxgold.com/wp-content/uploads/2026/01/20260108-EQX-January-8-2026-Investor-Reception-Final.pdfEquinox Gold 2026 Guidance:
https://www.equinoxgold.com/news/equinox-gold-delivers-record-q4-production-and-record-fy-2025-gold-production-of-922827-ounces2026-guidance-represents-an-80-increase-in-annual-canadian-gold-production/
SOURCE: Vox Royalty Corp.
View the original press release on ACCESS Newswire
FAQ
What did Vox Royalty (VOXR) announce on January 23, 2026 about its Brazil offtake?
How many ounces will Vox receive minimum from Greenstone in 2026 under the new VOXR deal?
How does Vox's existing Greenstone stream affect new deliveries under the VOXR agreements?
What production guidance did Equinox give for Greenstone relevant to VOXR shareholders?
When will the new 29% Greenstone offtake apply to all refined gold for VOXR?
