The strong Q2 results and record cash position support the stock, but the revenue decline in the legacy royalty portfolio (Wonmunna wind-down) and the non-cash nature of the revaluation gains warrant caution. Monitor the second-half 2026 guidance delivery, as the company notes a greater proportion of receipts are expected in H1.
Price Chart
Executive Summary
Vox Royalty Corp. reported Q2 2026 net income of $17.0M ($0.25/share) vs a net loss of $0.4M in Q2 2025, driven by a $11.0M revaluation gain on its stream portfolio and $7.4M in gains from divesting the Federation royalty and i-80 stream. Record cash of $31.1M and a fully undrawn $40M credit facility provide significant balance sheet strength, while the company reiterated 2026 guidance of $32M-$37M in royalty and net precious metal receipts.
Key Facts
- Net income of $17.0M in Q2 2026 vs net loss of $0.4M in Q2 2025.
- Record cash position of $31.1M and fully undrawn $40M credit facility.
- Revaluation gain of $11.0M on stream portfolio, driven by Bonikro mine life extension ($10.3M) and Los Filos land access ($3.9M).
- Divested Federation royalty for $5.6M (14x return over 3 months) and i-80 stream for $4.8M (2x return over 9 months).
- Royalty revenue declined to $1.6M from $2.8M YoY due to Wonmunna iron ore wind-down, partially offset by Kanmantoo copper-gold growth.
- Net precious metal income of $4.6M on 54,999 gold ounces delivered at $83.26/oz margin.
- 2026 guidance reiterated at $32M-$37M in royalty and net precious metal receipts.
- Quarterly dividend of $0.015/share declared, payable Oct 14, 2026.
Financial Impact
Q2 2026 net income of $17.0M vs net loss of $0.4M YoY; operating cash flow of $4.7M vs $1.8M YoY; total assets of $163.0M vs $123.4M at Dec 2025.
Risk Factors
- Royalty revenue declining YoY due to Wonmunna iron ore mine wind-down.
- Non-cash revaluation gains ($11.0M) may not be repeatable and could reverse.
- Ongoing litigation (Red Hill, Titan) could result in material costs or adverse outcomes.
- Guidance concentration in H1 2026 creates risk of a weaker H2.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-007526 |
| Document: voxr_ex991.htm | 0001654954-26-007526 |
| Document: voxr_ex995.htm | 0001654954-26-007526 |
| Document: voxr_ex993.htm | 0001654954-26-007526 |
| Document: voxr_ex994.htm | 0001654954-26-007526 |
| Document: voxr_6k.htm | 0001654954-26-007526 |
| Document: 0001654954-26-007526-index-headers.html | 0001654954-26-007526 |
| Document: 0001654954-26-007526-index.html | 0001654954-26-007526 |
| Document: 0001654954-26-007526.txt | 0001654954-26-007526 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 24d ago | 6-K | $5.03 $5.12 | ▲ +1.79% | ▲ +0.63% | $4.76 (−5.37%) |
Sep 28, 2026 28d ago | 6-K | $5.11 $5.03 | ▼ −1.57% | ▼ −2.77% | $4.76 (−6.85%) |
Sep 14, 2026 6w ago | 6-K | $5.65 $5.60 | ▼ −0.89% | ▼ −0.99% | $4.76 (−15.75%) |
Sep 2, 2026 7w ago | 6-K | $5.57 $5.74 | ▲ +3.05% | ▲ +4.01% | $4.76 (−14.54%) |
Aug 20, 2026 9w ago | 6-K | $5.54 $5.76 | ▲ +3.97% | ▲ +2.86% | $4.76 (−14.08%) |
Aug 12, 2026 10w ago | 6-K | $5.35 $5.54 | ▲ +3.55% | ▲ +5.52% | $4.76 (−11.03%) |
Jun 29, 2026 17w ago | 6-K | $4.77 $4.57 | ▼ −4.19% | ▼ −5.58% | $4.76 (−0.21%) |
Jun 11, 2026 19w ago | 6-K | $5.01 $5.36 | ▲ +6.99% | ▲ +6.55% | $4.76 (−4.99%) |
Jun 11, 2026 19w ago | Institutional Cluster | $5.01 $5.36 | ▲ +6.99% | ▲ +6.55% | $4.76 (−4.99%) |
May 27, 2026 21w ago | 6-K | $5.82 $5.74 | ▼ −1.37% | ▼ −1.69% | $4.76 (−18.21%) |
US Market Status
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