Kyle Floyd
Founder, CEO & Chairman

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