 All right, fantastic. Welcome back to the Independent Investor Channel. We've got the honor of inviting having Kyle Floyd back. He is the CEO of Vox Royalty here for a follow-on interview for you guys that missed the first one you missed out. It was fall of last year, October 6th. I will provide the link to that interview in the description below, but going on two years in public markets and it has been an absolute ride. It is an absolute pleasure to welcome Kyle back here. Kyle, the floor is yours. Give the investors who are not familiar with Vox Royalty what you guys bring to the table here with what you got going on. Absolutely. And Ryan, thanks for having us back on the program. It's always a privilege and excited to really talk about what Vox is doing, the market that we find ourselves in today with really unprecedented inflation, certainly in our generation. Most investors don't really know what to do in this type of environment or at least looking for what to do in this environment. Inflation is real. The repercussions for inflation are real. And its effect on investment portfolios is going to be profound. And I think investors that are learning about Vox and the industry that we're in being third-party royalty acquisitions are going to do better. They're in the right place at the right time. We were a business built for a time such as this. And so for those that aren't familiar with Vox Royalty Corp, what we are is we aren't a choir of third-party royalties, meaning we approach groups that are not operating mines, but they own revenue interest royalties in mining operations all around the world. And we buy those typically pre-production or right before they go into production and then allow those to crystallize in terms of value and growth within the portfolio. And we've been able to create immense value for shareholders with that business model. And so it's mining engineers and geologists at the front lines of our business combing through assets and developments on assets all around the world, underpinned by a proprietary database of 8,500 royalties, and then combining that skill set and that capability of understanding the quality of the assets, understanding who owns the royalty, and being able to connect those dots and bring these opportunities into the portfolio. And Ryan, what I think is really important for the viewers to understand is these interests are top-line, which means they're not afflicted with the same inflationary pressures that we face as consumers, which is what mining companies are facing. All their input costs are going up, whether that's diesel, infrastructure costs, people costs, transportation costs, you name it. All of that is being affected by inflation just as it is for us as consumers and more acutely in some respects. So as a royalty company, when we own the top-line interest in these projects all over the world, we're not affected by those rising costs and the earnings power of our business is not deteriorated because of that. But importantly, we do get the benefit of the increase in commodity price that's leveraged, that's compounded with how a royalty works. We can dive into that a little bit deeper. But for those who weren't aware of Vox or didn't see the last interview that we did together, Ryan, we've been the fastest growing company in this industry for the last three years. We have one of the biggest advantages in the form of proprietary database of over 8,500 third-party royalties now. And one of the most technically focused management teams in the industry with mining engineers and geologists at the front lines of our business doing the hard work so you don't have to as an investor. So that's Vox and a nutshell. Absolutely. And that hard work that you speak of first year out, you guys have been in public markets just shy of two years. First year, two secured asset producing royalties. You guys were able to get up to five years ending last year in 2021, which to put that into context, it just blows away the competition. So you guys have made a huge splash since coming public markets. I want to talk a little bit about your short-term roadmap into 2023, looking to continue to build upon that asset producing. That's kind of the top of the iceberg for you guys. You mentioned the proprietary database, but that top line, the top of the iceberg, those net asset producing, you guys are looking to double that to 10. Kyle, how are you guys going to go about doing that? Well, the great news is that we're not putting the capital forward or the effort forward to allow these mining operations to realize production. That's being done by the mining operating partners. And so we've got the benefit of having some very large operating partners moving these assets forward that will eventually come into production a few this year, a few next year that will ultimately see us be what we believe is a producing asset count well north of 20. But certainly we expect another five to come in over the next couple of years. We started in public May of last year with one producing asset. We've actually sold off, but was a producing asset. So we've been able to grow significantly in that capacity. But it really for the generalist investor out there, which is what most of us are. We're doing the hard work of screening for developments on assets and understanding assets at a fundamental technical level as mining engineers and geologists and metallurgists doing the hard work to understand which of these projects. We believe have that potential to be very good producing assets. And then we're looking for the best royalties over those assets. So it's really that growth that's been essentially validated our business model being able to find these really great royalties at very, very good valuations and then have those crystallize and grow in value within the portfolio. We call that the organic growth. So that's Vox not having to make another purchase of a royalty or investment in a royalty. Our investors and our shareholders get the benefit of that growth that happens on because of the mining companies, dollars spent in efforts. So not ours directly. And so that is part of the reason why royalty companies are such fantastic vehicles is because we get the compounding benefit. We get the increase in resources increases and reserves increase in production all multiplied by a higher metal price when commodities are going the right direction, but not afflicted by the rising costs. That money companies are facing and we're not deluded. Those interests are top line and they're not deluded. So it's a very, very powerful structure. The royalty is what it's put in a portfolio amongst other royalties in a company in a vehicle like Vox. Yeah, it's powerful and unknown. I might I might add you guys have outperformed really all commodities class, you know, the junior mining space. You guys have outperformed the the SMP when you're looking at, you know, the royalty companies and how they performed over time. So appreciate that. That's really the top of the the the pyramid for you guys, you know, it's going to be interesting to see how you guys are transitioning those developing into producing assets here going forward into 2023. Talk a little bit about your success in your transaction rate here with your over 50 you've got 17 acquired and seven completed with over 50 transactions completed. Nobody else in the industry compares. We talked about this a little bit, Kyle, last time, but I really think it's important to differentiate Vox royalty and what you guys do from the competition and how you guys stack up in your transaction and how you can win these transactions with such high level frequency. Well, I've heard, you know, many people that have been very good investors for decades. They're looking for people process product. That's one of the, you know, I would say the kind of core tenants of successful investing that I've heard multiple people repeat. And when you look at our business, it's a team of people that are experts in this industry. We're in a small cap company. And I think that's the opportunity we're around a hundred and ten hundred and twenty million dollar market cap company. But what we're what we've been able to create and accomplish is a team that has the capability to utilize what is and really build around a process and competitive advantage in the form of our proprietary database. That has allowed us to build a systematic and repeatable capability to find value and deliver value for shareholders. Doesn't matter what business you're in. That's what you want your management team and your company to be able to do is have people and a process in terms of creating value. And so we've really been unmatched in the Royalty industry over the last five years in terms of return on capital deployed and what that capital deployed is created in terms of market value. And our product essentially our product is offering a vehicle that significantly exposed to commodity prices without the individual single asset risk without the dilution risk without the cost risk. So it's a for those that find out about royalties and are more generous in nature so not money engineers not geologists. This is this is a really good home for capital if you want that exposure to commodities and I think over the next it's my belief over the next two years. Really the sophisticated investors are going to be putting a lot of money behind Royalty companies because of the advantage position that they're in and that value that they're able to create when they're when they're doing it the right way for their shareholders. Absolutely. And just about the time frame that I interviewed Kyle last fall I was able to speak with the Chief Investment Officer Spencer Cole who is fantastic just to give you some further insight on the team that's working on your behalf. To your point Kyle you're not a Geol is just you're not a mineral expert and like I had admitted last time the junior mining space is all over the place. You know I very few will succeed and those that do they succeed with you know that they come out of it flush. It's a very risky business very capital intensive businesses. And this is the way to play the commodity markets which have really awoke out of kind of an eight year bear market here. Well let's be real commodities have been on fire as of late from gold silver to uranium and the like it's been on fire. Some of the geopolitical unrest is actually added to that and then the high interest rate environment that you touched on there. You want to announce the NASDAQ listing I think that's worth mentioning for you guys that are new to the Vox Royalty story listed currently on the quality board markets here in the U.S. ticker symbol Vox CF and on Canadian the venture markets ticker symbol Vox we're going to share all that in the description below for you guys. But I want to hear it from you Kyle that's big news for you guys and well deserved. It's tremendous news and it's something that we're really excited about our board and our management team did an extensive and pretty exhaustive review process of secondary exchange opportunities. So we're listed in Canada and we have the OTCQX listing in the U.S. but exchange listing is really a game changer for us. We traded a relative valuation metric of about half maybe even less than half of what some of our closest comps trade that are our market capsized range. They don't have the competitive advantages we have. They don't have the decades of experience in the Royalty industry. They haven't been able to really validate their ability to find value for shareholders the way Vox has. So we look at this valuation gap and say that it shouldn't exist between us and who else. I agree. What do they have that you know a superior chest at the stage. Most of them have a secondary listing in the U.S. usually the New York stock exchange. The NASDAQ is actually the most liquid exchange on the planet. And so when we did our exhaustive review process we came out into the NASDAQ and we meet some of their heightened listing requirements. So that was the place for us to go. We think it's going to have a tremendous impact in terms of increasing liquidity. We believe that will be positively correlated with share price as well and covering some of this valuation gap that should not exist between us and our peers. So for investors new to the story we are one of the fastest growing companies in the entire sector if not the fastest. You are finding better value and better assets systematically repeatedly yet trading at a discount to many of our peers. And so we're working hard to close that gap that relative valuation gap. We don't need that to close to continue creating shareholder value the ability to find the types of royalties that we are around the world on a global basis systematically repeatedly is unbatched. So we'll continue building value. But I think the NASDAQ in terms of adding that liquidity and the positive correlation that that has with stock price is going to be really tremendous for our shareholders. Yeah just really quick we touched on it last time this internal ownership that's worth noting about 15% I think that that has remained 6 million in cash on the books with no debt. I mean you guys are just squeaky clean. You guys are very conservative operators but very aggressive in pursuing your guys's business plan which is it's just been proven to work Kyle. I give you all the credit that's for sure it's impressive to watch how you guys work. Jump into it a little bit here to talk about the recent acquisition of the Limpopo royalty in South Africa 36 million ounces there with half measured and indicated the other 18 million is inferred. Can you talk a little bit about what that means and emboldening the Vox Royalty portfolio. Yeah I could go on for hours about this royalty acquisition. This is really what we built the business to accomplish for our shareholders. We're able to find a royalty that was created in the early 1990s had been kind of washed over and forgotten about this asset actually came into production in 2007. I'll take a slight step back for the investors that aren't familiar with what we do we scan for these third party royalties over interesting projects all over the world. And so this one hit our radar screen. And the interesting thing about this project is in 2007 it had gone into production and the metals that make up this or body are platinum palladium gold copper nickel rhodium. Hard to find a basket of metals that has performed as well as that basket of metals has over the last two years. So we found out about this asset. It went out of production because the metals that basket of metals that comprises this asset basically fell from where it was at the time in 2005 2006 to about one eighth one ninth of where those metals trade today. So it went on Karen maintenance. The really big thing about that was as a past producer. Sometimes you look at these assets go well there's a metallurgical problem because trying to process out that that basket of metals could be a challenge. The reality is it already processed. They produce really very significant amount of metal in the couple of years that asset was in production. And so we get the benefit of that being de-risk from that perspective. Now it's one of the more globally significant platinum groups metals projects on in the entire world with when you factor in nickel and copper byproducts about 50 million gold equivalent ounces at least in the last decade. I can't remember a royalty acquisition this significant for what we paid is a very good and very fair price. So we believe this could be a generational royalty. This is something that we that Sabani still water it's a $10 billion operator multi jurisdiction. All they're listed on the New York Stock Exchange. And so very significant operator that knows how to operate these assets. And so when you look at this we think this is a generational asset. This should be able to produce for decades to come. And is really one of the flagship assets within the box royalty portfolio. But that is essentially what we've been built to accomplish is go find these fantastic opportunities that offer great exposure. And when this asset comes into production will be a truly world class royalty and a hallmark royalty for any royalty company in existence. How does it cross compare to the industry? I mean you guys have a real niche in winning these royalties. I put it into context when you compare it to those royalty companies out there with much larger market caps. And you guys sneak in there for forgive my you know my lack of better terms. But how are you guys able to do that? I would imagine these royalties are very very competitive. Right. Yeah, I look at this royalty when it's what and Sabani so I was guided to this coming back online it's in their development process over the next two to five years. And you would have to expect and based on you know our our ability to do work around the edges. With the metal prices that comprise this asset this matrix of metals being so so significantly up multiples on multiples. When this we it's our expectation that comes back online in the near future when it does. I think this asset is essentially worth what our market cap is right now just as a single asset. So it's a very material asset it is it will be when it's back online it already is in our opinion a world class royalty and when it's back online. It's a royalty that the largest players in the industry would love to have in their portfolio so yeah very exciting transaction for us a game changer in a lot of respects. But that is just what we're doing kind of every single day is scanning for these opportunities around the world. That was a tough one to repeat but systematically repeatedly we're finding great value and and we'll continue to do so and we'll continue to do that for years and years and years. And when it's all said and done Vox has the capability to be a much larger company a much more valuable company that is today. And so for investors looking for that growth opportunity but growth at disciplined prices and at reasonable value in the commodity sector. I think you struggle to find another company as well positioned as Vox. I do know I agree I think the limpo was a home run for you guys. Let's talk about the singles and doubles a little bit. Let's talk about some significant operator developments that you've got on the horizon through some of the catalysts that I'm going to share with my investor community through your investor slide deck. If you'd like to highlight some of those anticipated catalysts improvements in the portfolio that doesn't necessarily mean for short term cash flow for the portfolio but definitely a step in the right direction. Yeah and investors out there can kind of look at Vox at least our US investors as playing I would call the best analogy in the sports world moneyball. We're looking for opportunities to find really good value then in a portfolio can win a World Series if you want to call it that. So as opposed to just trying to pay top dollar for everything you possibly can and not not being able to find value which is a lot of companies in our sector. Our ability to go find value and see things that others can't really sets us apart. And so when you look at some of the catalysts in our portfolio that producing asset count growth is really significant. So auto bore is a Western Australian Gold producer operator guidance is that that's in production this year. Boulang is another Western Australia Gold opportunity or Gold project that's expected to be in production this year. There's a Faro Vanadium project again based on operator guidance expected to be in production this year. And then you have another three to four that we expect to hit in 2023. And for investors is important to understand that's the crystallization at its most tangible form in terms of value. And so when we have that sort of growth and we haven't paid premiums to bring in what's already cash flowing. We're finding assets royalties at really good value pre that cash falling event. And that's based on our money engineers and our geologists being able to look at these assets understand them. And then spec out what they're going to look like over the coming six months year 18 months and find assets that we believe will be in production and will be tremendously productive for our shareholders. And so we've continued to be able to do that and execute on that. One of the reasons why you buy royalty companies is you buy it for the the unpaid for an unseen and called the optionality of upside. So one of the things I'm really excited about and one of the developments is the largest developing primary silver projects in all of Australia. We have a royalty over all of it. And it really exemplifies why you buy royalties. When we bought it, it was very interesting project. We believe that there was a lot of exploration potential. That exploration potential is being realized day by day. It's got over 25,000 meters annually being drilled on it. But what happened was they started hitting mineralization at depth. And so what was going to be just a very large open pit has now become really their scoping for an underground mine as well. That would contribute high grade or in the early days of this mine plant and really boost the economics as a royalty company. That's an absolutely huge win. That extends what should already be a decades plus long mine life into the generational type of count. That's what we're looking for. That's upside that we didn't have to pay for when we bought the royalty, but that exists within our portfolio. So that's the bound and silver project. So it's things like that. I could go on and on and on. There's a slide in our current investor presentation that outlines just some of the catalysts and milestones that these operating partners are going to be realizing. And it's important as an investor to understand for each one of those companies, every single one of those boxes would be a full page of bullets and development. And that's hundreds and hundreds of millions of dollars being spent on these assets. We're not contributing any money to that effort. We're not diluted. We're not contributing manpower to that effort. We get all the benefit without having to put in the costs or take on any of the risks and we're not diluted. And then we get the compounding benefit when metal prices are running of more resources coming into the mine plan, which in turn turn into reserves increases in production all compounded by a higher metal price and essentially lower risk when the metal prices are higher as well. So it's a very, very powerful business model to get your arms around. And for a company like Vox, I can't imagine a more productive environment with the tailwinds that are behind us. So to that end, does Vox royalty, is there a distinct correlation between the commodities prices improving drastically over the last six months? Specifically, everything's accelerated. Is there a kind of a correlation between the commodities prices now and the benefit to you guys? There should be. Frankly, there should be. Our share price has been over the last three, four, five months. Relatively flat. Certainly we were the best performing royalty company in 2021, but there's a little bit of a flat stretch here in the stock price. But I would tell you that that should be reflected. And the compounding value of higher metal prices in our portfolio is very, very significant. And it does a couple of things. It de-risks what you have in your portfolio already. It increases the odds and the probability that assets that maybe would not have been in production now come into production. So again, we've been exceeding expectations every single quarter almost every single year. And then when you have that height metal price environment, that really starts to just be the momentum that we generate from that because our operating partners are well financed, well capitalized. Projects that were marginal become highly productive at higher metal prices. So the compounding nature of a rising metal price should be very, very reflected in a royalty company like Vox. It has not. It's hard to put a finger on why that is. I think that's coming. And that's part of what we're doing generally is trying to increase the awareness around our business and the value that it presents for investors because that metal price improvement that we've seen definitely has a dramatic impact on our valuation at the end of the day. Absolutely. And for what Kyle is referring to here, since we've shot the video back in fall of last year, the stock is actually up on a six month basis. And it's run up as high as 371. The last three months on just a short term chart, I think everybody can agree 2022 has been a roller coaster in and of itself. So I think unrelated in the equities market probably has a lot to do with the sentiment shifting here in 2022 to much more of a defensive posture and a lot less to do with what you guys are doing internally at Vox Royalty. Kyle talked about the portfolio makeup. I'm going to share the link to Vox Royalty dot com. You're going to find all of the information there at that website. Absolutely fabulous newest investor slide deck and all the information used in this interview want to share with you as well as Kyle's last interview and also Spencer Coles last interview that I did profiling this absolutely fantastic company. We'll take it out Kyle. Give you the last word here. Anything that we've missed in the interview that you'd like to share with the investor audience here on the floor is yours. Look, we've covered a lot of ground Ryan and appreciate the interest from your investor audience. We're extremely well positioned and I think it's critical for investors to really understand what a royalty company offers. It's a very little known I think hack in the investment industry right now in terms of those investors that are looking for getting commodity exposure that haven't been in the space historically for the last 20 years. You don't have to be the mining engineer. You don't have to have to be the jealous. You're getting leverage exposure to commodity prices and the growth in commodity prices with a lot less risk but just as much if not more upside than you would and say owning a basket of mining companies. So I think it's just really important to understand this model has been proven for 25, 30 years now and it's outperformed as you touched on at the start of the segment. The royalty companies have outperformed every commodity based benchmark you can pair them to and now we're in this type of environment where commodities have outperformed in the last nine inflationary regimes. Fox is extremely well positioned. We're in the right sector which is commodities. We're in the right general sub-sector that which is royalties and we're doing it in such a way that it's creating outsized value and I think it's relatively unprecedented in our space. So excited for what we have in front of us that Nasdaq listing is going to be very, very significant for our business, our valuation, our shareholders and just tremendously excited to continue executing our business plan and growing value for shareholders. I think you guys have proven that over the last two years. I think the better question is where you guys are going to be into the future. Kyle Floyd, CEO of Fox Royalty, thank you so much for your time, sir. My pleasure. Thanks, Ryan. You bet.