TORONTO, Sept. 9, 2021 /CNW/ - Vox Royalty Corp.
(TSXV: VOX) (OTCQX: VOXCF) ("Vox" or the "Company"),
a high growth precious metals focused royalty company, is
pleased to share a recent construction update from its royalty
operating partners Aurenne Group Pty Ltd ("Aurenne") and
engineering firm GR Engineering Services Ltd (ASX: GRE) ("GR
Engineering"), announced by GR Engineering on September 3, 2021.
Riaan Esterhuizen, Executive Vice
President – Australia stated,
"The construction contract award milestone for Mt Ida
demonstrates Vox's ability to identify and acquire royalties that
are on the cusp of construction. Including Mt Ida, Vox management
expects Vox will hold ten producing royalty assets by the end of
2023(1). We are excited to share further development
milestones with Vox shareholders over the coming quarters."
Mt Ida (Feasibility) – A$73M
Construction Contract Awarded
- Vox holds a 1.5% net smelter return royalty subsequent to the
first 10,000 ounces of cumulative gold production over part of the
Mt Ida project;
- On September 3, 2021, GR
Engineering announced that:
-
- GR Engineering has executed an engineering, procurement and
construction (EPC) contract with Aurenne Alt Resources Pty Limited
in relation to the Mt Ida Gold Project;
- The project is located in the eastern goldfields of
Western Australia and the contract
sum is approximately A$73 million;
and
- Work is expected to start immediately;
- Vox acquired the Mt Ida royalty from hearing aid technology
company Nuheara Limited (ASX: NUH) in May
2020 for US$200,000; and
- Aurenne acquired Alt Resources Limited ("Alt Resources")
in Q4 2020 for A$40M and as a result
assumed operatorship of the Mt Ida project.
Mt Ida Project Overview(2)
- On July 10, 2020 Alt Resources
released a pre-feasibility study on the Mt Ida project which
outlined the following:
-
- Pre-Feasibility Study (PFS) confirmed technical and financial
viability of 750ktpa mining and gold processing plant at Mt Ida
Bottle Creek Project located in the Northern Goldfields of
Western Australia;
- A$2,305/oz gold price financial
model generated 41% post tax internal rate of return (IRR) over
7-year life of mine;
- Development Capital Cost estimate A$73.4M;
- A$1,396/oz all in sustaining
costs (AISC), with a post tax payback of 39 months;
- Initial metallurgical testwork generates estimated average gold
recovery of 91.1%:
- Significant potential remained to grow resources and reserves
across the project;
- Vox's royalty covers the Tim's Find, Boudie Rat, Forrest Belle, Boudie West, Belvidere, Quinn's
Hills, Matisse and Spotted Dog deposits, covering a total resource
base2 of approximately 1.64Mt @ 2.28g/t for 120,000
royalty-attributable ounces based on the 3
April 2020 Mineral Resource Estimate of the Mt Ida project
and Vox management's analysis and expectations.
- Vox management expects first production at Mt Ida in
2023.
Qualified Person
Timothy J. Strong, MIMMM, of
Kangari Consulting LLC and a "Qualified Person" under National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has reviewed and approved the scientific and
technical disclosure contained in this press release.
About Vox
Vox is a high growth precious metals royalty and streaming
company with a portfolio of over 50 royalties and streams spanning
eight 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 become the fastest growing company in the royalty sector.
Since the beginning of 2019, Vox has announced over 20 separate
transactions to acquire over 45 royalties.
Further information on Vox can be found at
www.voxroyalty.com.
Cautionary Note Regarding Forward Looking Information
This news release contains certain forward-looking
statements. 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".
The forward-looking statements and information in this press
release include, but are not limited to, summaries of
operator updates provided by management and the potential impact on
the Company of such operator updates, statements regarding
expectations for the timing of commencement of resource production
from various 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, the receipt of future royalty payments derived
from various royalty assets of Vox, anticipated future cash flows
and future financial reporting by Vox and requirements for
regulatory approvals.
Forward-looking statements and information are based on
forecasts of future results, estimates of amounts not yet
determinable and assumptions that, while believed by management to
be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
Forward-looking statements and information are subject to various
known and unknown risks and uncertainties, many of which are beyond
the ability of Vox to control or predict, that may cause Vox's
actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are
developed based on assumptions about such risks, uncertainties and
other factors set out herein, including but not limited to: the
requirement for regulatory approvals and third party consents, the
impact of general business and economic conditions, the absence of
control over the mining operations from which Vox will receive
royalties, including risks related to international operations,
government relations and environmental regulation, the inherent
risks involved in the exploration and development of mineral
properties; the uncertainties involved in interpreting exploration
data; the potential for delays in exploration or development
activities; the geology, grade and continuity of mineral deposits;
the impact of the COVID-19 pandemic; the possibility that future
exploration, development or mining results will not be consistent
with Vox's expectations; accidents, equipment breakdowns, title
matters, labor disputes or other unanticipated difficulties or
interruptions in operations; fluctuating metal prices;
unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price
fluctuations; currency fluctuations; regulatory restrictions,
including environmental regulatory restrictions; liability,
competition, loss of key employees and other related risks and
uncertainties.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this 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 100% and sometimes only a
portion of the publicly reported mineral reserves, mineral
resources and production of a property.
References &
Notes:
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(1)
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Vox has five
producing assets as of the date of this release (Segilola,
Higginsville, Koolyanobbing, Brauna and Janet Ivy), and based on
third-party development and construction announcements and Vox
management expectations, Vox anticipates that each of its Bulong,
Otto Bore, Pitombeiras, Mt Ida and Brits royalties will also be in
production by the end of 2023. See slide 14 of Vox's corporate
presentation.
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(2)
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The 3 April 2020
Mineral Resource Estimate of the Mt Ida Project, as reported
in the Alt Resources Target Statement dated 17 July 2020 (link
below), is the responsibility of Mr. Stephen Hyland, a
Competent Person and Fellow of the AusIMM and a Qualified Person as
defined by NI 43-101 guidelines, Principal Consultant Geologist
with Hyland Geological and Mining Consultants (HGMC), who is a
fellow of the Australian Institute of Mining and Metallurgy,
contracted by Alt Resources Limited. This mineral
resource estimate is compliant with the Joint Ore Reserves
Committee (JORC) Code, 2012 Edition.
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a.
https://www.asx.com.au/asxpdf/20200717/pdf/44kmdtpsd45wjw.pdf
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SOURCE Vox Royalty Corp.