News Summary
On December 18, 2025, Vox Royalty Corp. announced the acquisition of a 1.5% Net Smelter Return (NSR) royalty over the Stockman copper-gold-zinc-silver project in Victoria, Australia, from a subsidiary of IGO Limited. The royalty reduces to 1.0% after 9 million tonnes of production. The total consideration is up to A$15 million (~US$10 million). Critically, the payment structure is staggered: A$5 million in cash at closing and A$10 million in deferred payments (cash or shares) only after Vox receives royalty revenue for two consecutive quarters at a specific processing rate.
Material Impact
The Stockman acquisition is a strategically sound, low-risk addition to the portfolio. By deferring 66% of the purchase price until the project is actually generating consistent revenue, management has protected the balance sheet against development delays. Based on the 2024 feasibility study, the project could generate >$3M in annual revenue for Vox, representing a ~30% yield on the total purchase price once operational.
However, this must be viewed in the context of the much larger “Global Gold Portfolio” acquisition from Deterra Royalties in September 2025. That $60 million transaction was a “game-changer” that doubled revenue per share projections and transitioned Vox from a small Australian-centric player to a global gold-weighted royalty firm. The Stockman deal serves as an “add-on” that reinforces their core Australian expertise.
Catalysts
– Stockman Updated Feasibility Study: Expected from operator Aeris Resources in early-to-mid 2026.
– Integration of Deterra Portfolio: Specifically, the performance of the Fazenda and Greenstone mines, which are the primary drivers of the 100% revenue-per-share growth forecast.
– GDXJ Index Inclusion: Management has signaled potential inclusion in 2026 due to the increased gold weighting; this would provide significant institutional buying pressure.
– Operator Updates: Specifically from Victoria Gold (Eagle Mine) and Equinox Gold (Los Filos), both of which are currently suspended. Any news of restart or sale in receivership (for Eagle) is vital.
Materiality Conclusion
The Stockman news is Material – Positive. While not as transformational as the Deterra acquisition, the deal structure is a masterclass in risk mitigation for a feasibility-stage asset. It secures a high-quality copper-gold asset in a Tier-1 jurisdiction with minimal upfront capital outflow.
