No Mines, No Debt, Just Cash Flow
VOXR Is the Cleanest Gold Play You’ve Never Heard Of
ANNOUNCEMENT: There are so many writers of investment wisdom. But how many show you what they trade and what’s in their portfolio? Dont worry, i’ll wait… SO, in order to be fully transparent this weekend I will be doing a full breakdown of my entire equity portfolio. It will also include a summary of why I purchased the company, where I expect it’s going, and what will invalidate my opinion on it. Hope you will subscribe and check it out, but most importantly I hope it will add value to your research
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As of July 10, 2025, VOXR trades at ~$3.15. Estimated floor is $2.20–2.50 based on cash and currently active royalties. Target PPS of $4.80–$5.50 is achievable if Red Hill and other royalties activate and consensus EBITDA ramps. Expected Value Upside: ≈ 28–38% gain over 12 months, passing the 20% Pearl hurdle. While the moat is shallow, the asymmetric payoff from multiple new mine startups, passive flows, and commodity leverage in a capital-light structure creates a compelling reward-risk setup.
Risk Score: 6/10
Momentum Rating: 5/10
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Overview and Moat: So for today's pearl I want to introduce to you VOXR, your exposure to gold without exposure to mines. Vox Royalty is as the name implies, a royalty collector in the mining world. They don't own the mines themselves, but they do collect while the others do the digging. They've carved out a niche buying second-hand royalty rights (often overlooked or underpriced) on gold and copper projects primarily in Australia. They dont have the strongest moat, anyone with capital can replicate what they do but they have a strong portfolio.
How I came up with the Price Target: We have some upcoming catalysts in the next 12-18 months. A subset of the over 60 royalty deals they currently posses are flipping from "project" to "production." We are not paying for what they are earning today, but what their portfolio might generate once the Red Hill and Bullabulling projects (among others) come online. If those hit as anticipated, the company's revenue and EBITDA could double up. That re-rating potential is where we are getting our price targets from.
Current Profitability: In the traditional net-income sense they are not profitable. Last quarter they were -.01 eps. BUT cash flow shows us a different side of the story. EBITDA margins are 40%, and they generated approx $3 millies in fcf last year. With no real debt and $9 millie in cash, they have runway. Cherry on top, they pay a small dividend, which is rare for early-stage growth royalty plays (there are arguments against a dividend at this stage but I see it as a net positive)
Why Now: They were just added to the Russell 2000/3000 indexes. This allows passive flows to give some lift while also bringing new eyes to the company. A lot of hedge funds and analysts dont even consider a stock unless its at least indexed. VOXR is also sitting on multi-year macro tailwinds. Think inflation hedges, and copper demand from EV's and AI data centers. And lastly, as mentioned before we have the upcoming Red Hill and Bullabulling catalysts
Risks: There's obviously some things to look out for. First of all, decreasing commodity prices negative effects VOXR. The biggest risk is execution. Any delays from Red Holl or Bullabulling then you're looking at deadweight in the portfolio. Note the current price reflects some of that growth already, VOXR is currently trading at 34x EV/EBITDA, which is nosebleed territory.
In Conclusion: Even in the sight of risks, this boring company has a surprisingly asymmetric setup. The downside seems shielded by positive FCF, net cash, and a small but real dividend. If even half of the growth hits on time, this thing has room to run