 I want to welcome everyone back to the Independent Investor Channel for a follow-on here with one of our favorite companies, it is Box Royalty. It's Kyle Floyd, the CEO. He's come in to give us an update on the company after an absolutely barn burner 2022 and high hopes in 2023. Kyle, welcome back to the program. Please give our viewers kind of a run down of what I considered an across-the-board home run for 2022 for Box Royalty. Yeah, thanks, Ryan. It's always a privilege to be with you and you're right, 2022 was a fantastic year for our business. In the backdrop of very challenging times in the equity markets, rising rates, outflows out of equities, and really compressing margins with inflationary pressures, Vox withstood all of that. We had immense margin expansion, immense revenue growth, and with all of that, last year we announced a dividend, we commenced trading on the NASDAQ, and then as you noted, just this week we announced record revenues that exceeded our guidance, went beyond what we expected, the high end of what we expected to deliver, and exceeded analyst expectations as well. In a market where I think there's a lot of companies struggling, facing higher costs, margin contraction, we're really the opposite right now, and these market dynamics are wind at the back for Vox and our business, and what I think will be also reflective for our shareholders. Fantastic, and mentioned shareholders, I just want to understand or disclose to the viewing audience, I've become a share owner in Vox, I've actually owned the shares now for a couple of months now, and proud, I'm actually a long share owner, I will be disclosing that in the description below. The whole purpose of these profiling is to update the viewing audience firsthand from the CEO, and all the information is going to be provided there, VoxWorldt.com, and like Kyle mentioned here, the uplifting fall of last year to the NASDAQ, the ticker symbol there is noted for your viewing pleasure. Fantastic, I just want to double down on the 2022, you guys had some massive improvements with your guys as operating partners as well, so I do want to really footstomp how great of a year it was, I couldn't find a weak spot, Kyle, and you talked about exceeding expectations, that's what I saw across the board, and I think coming into 2023, I think it sets up very, very well to carry that momentum forward once we get a little bit more conducive markets here going into 2023. Yeah, absolutely, I mean we increased our producing asset count significantly, obviously revenue has followed in line with that, we're expecting additional assets to come online this year as well, so we'll continue to bump that producing asset count, that ultimately leads to revenue growth, because recall, and for all your viewers out there, we're a loyalty company, so we take a percentage of the revenue that mining operations generate all over the world without any exposure to the cost that it takes to get that metal out of the ground and deliver that metal, so we get a pure revenue base, basically profit to Vox when we buy these royalties, and so it's been a tremendously productive 2022 with more assets coming online, more ounces being discovered and de-risked, so across the portfolio we had almost 200,000 meters drilled last year that we paid nothing for, so those meters means more ounces, more tons, and more future royalty revenue for Vox, Royalty Corp, and our shareholders, and again we didn't have to pay anything for that, so when we saw a market climate where costs were going up significantly on the mining companies, that wasn't impacting Vox, and that being said, we have royalties over some of the best projects, a lot of those in Australia where the operators have continued to execute at a very high level, and we're seeing that play out within the portfolio where the assets that we cherry picked that had great royalties over them are outperforming our expectations, and therefore also delivering revenue and excess of our expectations, and so a really fantastic 2022 for us, excited about the dividend, that was a new development since I think we were last on air with you, Ryan, and we were excited to be able to start delivering tangible cash back to our shareholders, we always said we believe our business is going to be able to produce a dividend for investors, and when we do that's going to be sustainable, and something we also believe is capable of growing, so I expect some positive developments around our cash generation for shareholders to continue. Well, you know, there's a lot of value attraction for me, the dividend was part of it for me, but you guys on the back half of 2022 have experienced some significant stock appreciation as well, six months up 20%, the last month you guys are up 11%, just coming into 2023, we talked a little bit off air, Kyle, about this kind of renewed sense of coming into 2023, coming off of a very poor 2022, and to your admission, kind of just weather in that storm and just digging your heels in, focusing on the business, to set yourself up for coming into 2023, can you give us kind of set the stage as a share owner in the company, what to kind of expect as we unfold 2023, as we grow the portfolio, we embolden those relationships that you've got with your operating partners, just kind of set the stage for us going forward as we look to get on a little bit more stable footing in what has been very, very volatile markets in the last couple of years. Yeah, absolutely, and you touched on my shareholding and management shareholding in totality is approximately 15% of this company. So one of the reasons why I would attribute a lot of success for the business is that management looks out for its shareholders, it has the right people with the right capabilities and the right expertise, working hard and working disciplined to bring value to our shareholders. And so we've made some very good strategic long-term decisions for this business that were designed to maximize long-term shareholder value. And so a lot of those decisions were made years ago and are producing value now and that will continue to be the case. So for your viewers that are out there looking for a management team that they can trust in the commodity sector that has the right capabilities and expertise to go out and create value. Yeah, I would encourage you to look at Box and look at our company because we're out there working hard for you every single day and it's a privilege to do so. But as we look forward to 2023, in our time as a public company we have not had this type of wind at our back. The commodity prices that we have exposure to, gold, iron ore, copper, you name it, it's one of the most I would say productive metal price environments that I've seen in my career. And that is huge wind at our back. And what I'm also seeing is with the NASDAQ listing, with equities generally feeling a little better, with the expectation that rates are going to taper off here in the relatively near future, I'm seeing a lot more interest in commodities in general. And that is starting to also flow into Box because I do believe we're one of the best, if not the best play in commodities right now. We're trading it less than our net asset value synonymous with intrinsic value or a meaningful discount to that valuation. And so I think 2023 is the year that our stock price and our market valuation starts to more closely reflect the fundamental valuation that we know we have. You cannot be ignored forever, I agree with you. It's got to be frustrating to be doing everything that you can possibly do generating those exceeding expectations. I mean, you guys exceeded your year over year from 2021 to 2022 by 160%. How does that go unnoticed? It's got to be frustrating for you guys. But you know, I give you credit. It's been tough markets, especially in the microcap space. You touched on something really interesting to me as a share owner. You guys are the experts, you guys. I mean, you personally have over 10 years in royalty experience. You guys have got over a billion dollars of transaction experience within your team. Kyle, I'm busy doing other things with my time. And my commodities exposure as small as it is in the, you know, half a million dollar portfolio that I manage myself is with you guys. It's with box royalty. It's not with the high cap X commodity space that I do cover and I'm intrigued by, but it just seems the right fit for me in that I let you guys do the hard work and I benefit as a share owner. It's easy to own your company and I'm absolutely long your company. So if you guys want more on that current position, I will be looking to add to the position for full disclaimer because this is the company that like Kyle's talking about with the 1.7 nav right now, it's on the low end of net asset value and it cannot be ignored forever. Switch gears a little bit. Kyle, I think this is going to bring home for our share owners and perspective stewards of your company came across the Segolola project, which the payback has just completed, took you guys six months to pay back a $900,000 initial investment. Frame that for a would be stake owner in your company and what that means in how you guys can get in so quick and provide value like that with now zero overhead commit. There's nothing maintaining that except for just having that provide value to the share owners now for, I don't know how long that value is going forward, but it's paid off. And now as the portfolio, it's just one of many of your generating portfolio values. Can you speak a little bit about that on the specific Segolola payback? Yeah, I mean, that was a fantastic acquisition for us. That was a royalty we acquired for about 900,000 Canadian around 600,000 US. Ultimately, we're going to generate close to five times our invested capital amount on that. That royalty was unique in that there was a seller that needed liquidity to go and use funds for another purpose. That one, unfortunately, is capped. So we'll be capped out at about five times our invested capital amount on that. That'll happen this year. But we are able to find royalties that have those types of properties embedded them in them in terms of return expectations. For example, we also bought a graphite royalty a few years back. We're able to sell that for almost 10 times what we purchased it for. We see a tremendous amount of uplift in the value of our portfolio that's not reflected. These royalties that we bought that we on average are buying at 0.1, 0.2, 0.3 times their NPV as they stand now are increasing in value. So when I talk about the intrinsic value of our portfolio, I think if we went to go liquidate all the royalties, it would come in a much, much higher premium than anything close to where we're trading today. There is a tremendous amount of value in the royalties that we're acquiring. We have a track record that's been validated that we are buying royalties at a fraction of their value because our mining engineers and our geologists are underpinned by our advantage with the third party royalty database that we've talked about extensively with you, Ryan. Those two things compounding in the favor of our investors is what's allowing us to drive this kind of growth. We're finding value that others can't. We're systematic. We're disciplined, and that continues to compound in the favor of the business and our shareholders. Does absolutely. And I'll ask you, Kyle, and this might be a question that Pascal might give us a little different answer on, but the financial position of the company here in 2023, how is it looking with regard to the debt posture, what your strategic goal? I mean, you guys were able to book top-end year over years, I mean, $10 million, massive improvement. So what is the capital allocation strategy as you roll out? Are you quick to jump on new opportunities? Are you looking to grow? How on that with the capital structure? Well, the great news is we're free cash flow positive, obviously paying the dividend, something sustainable. The cash flow is growing, I expect over the medium and long-term, the dividend also grows. But we're also still allocating a meaningful amount of that free cash flow to new asset acquisition opportunities, new royalty acquisition opportunities. But we have zero debt on the balance sheet, a very good cash position. And so one of the things you have to worry about in the mining industry, and it's just an unfortunate reality, it's so capital intensive that when you own mining companies, they have to raise capital almost like clockwork in a lot of ways that is deleterious overall to shareholders and they're obviously deluded and sometimes it's the wrong times. The cash flow that we're generating now, the no-debt position of the business gives us tremendous flexibility in terms of just continuing to build the business without dilution or if more capital is needed to do it at the right terms with cost of capital that's attractive. So we're just in a very strong position, probably the strongest position that we've ever been in as a company. And that's just a product of the fundamentals continuing to get better every single day. That kind of news, a rhetorical question. I knew the answer you were going to give me. I know how strong you guys are financially, but I tell you what, when I do my due diligence on companies that I own, I fail to find a dark spot with you guys. You guys are hitting it on a lot of different areas of the business, and I just want to congratulate you on that success. It's been fantastic. 2022, you guys have updated your investor slide presentation to talk about 2022 as a year of acquisitions. And it was a year of acquisitions that is worth noting. Can I just get your thoughts on what you think that means for the industry as a whole and what we can expect maybe going into 2023 if we can assume that there's going to be more acquisitions or what your thought is on those acquisitions in 2022? Sure. And Ryan, you're referencing the extensive M&A activity that's happened within the Royalty sector. Five Royalty companies were acquired or merged last year alone. And overall, I think it's very healthy for the industry. There's a lot of Royalty companies out there that don't present anything unique for investors, nor do they have competitive advantages. And meanwhile, there are some very good Royalty companies like Fox and like others that are operating that know their niche, they add value to the good teams. But there was a lot of reason to start to have consolidation in this sector take hold. I think that will continue. But from a Vox perspective, we're focused on building this business for the long term. I have been consistent in that if selling was the right thing to do, there are companies with lower cost of capital out there that that would be something we would consider as shareholders and for shareholders. So that's ever the right thing to do. There's no entrenchment of management at Vox. We would do the right thing for shareholders. We always built the company to in all ways and all facets of this business to be looking out for our shareholders and do what's right there. But with what we're trading now, there is this huge disconnect between our real valuation and where we're trading at in the market. And I think that's got it. I'm working hard to correct that. I think 2023 is the year that you see Vox trade at a range that makes sense for what the value is in the business. You see that the fundamentals are delivering the market that the tailwinds are really kicking in at a macro level. So all that combines and just the continued productivity of what our team is generating, I think this is the year that you see Vox be much more trading in line with where it should be, which is a premium on where the stock price is to date for sure and probably a very significant premium on that. Does the macro commodity market from a macro perspective need to be strong for a Vox to survive? And the follow on question is that there's discussions in 2023 to be in an elevated higher interest rate environment, perhaps maybe even entering into a mild recession. Can you talk from a macro perspective on how you see that influencing the business? Obviously, the positive commodities market, I know gold and uranium right now, lithium in the EV space is a real hot ticket. So that's going to be obviously a tailwind for you. But can you talk about, as 2023 unfolds, if we do keep these higher interest rate environment and maybe even do enter into a recession a little bit or a light recession, what that could potentially mean for Vox royalty and your performance? Well, I think you got to look back at history a little bit. And one of the things that we modeled out and what we've done some research on is coming out of heavy inflationary environments and inflationary environments and in recessionary environments, when those all seem to be overlapping, metal prices have been one of the shining stars in terms of price appreciation and price performance. So it's really more of a tailwind for us than anything. And again, the start of the year, commodities are up significantly and the Goldman Sachs has predicted is just one of the many analysts that commodities, metal commodities will be up by around 42%. So while a lot of the markets forecasting deleterious returns for equities, commodities seem to be one of the consensus picks for price appreciation. So really, I'm feeling tailwinds in our backs from a macro perspective, which might seem crazy to say while we might be on the cusp of a recession. And that's what I think makes Vox so unique. I believe we're a somewhat uncorrelated asset or contrarian asset in many respects in that we're able to find value, find great assets, great royalties that are producing immense value for our shareholders day in and day out. Whether commodities are up, commodities are down, we've always forecasted in backwardation. So that means metal prices going down. So metal prices go up. That's just leverage and icing on the cake for our business and for our shareholders. So I really view us as a somewhat uncorrelated investment, if you will. But there's no doubt about it. Rising metal prices is huge when they're back. Do we need that? No, we don't need that to be successful for our shareholders. But it certainly provides an immense amount of leverage and upside that's certainly far from captured into our stock price. Fantastic. The dividend yield and the NASDAQ uplisting happened fall of last year. So really kind of a double shot of good information for you. For the viewing audience that's new to it, the dividend from my perspective is fantastic. I'm a value investor as well as a growth investor. I get both with Vox. I really can't differentiate. I mean, up 11% already just this month here. We've started out of the year from a cannon. It's been fantastic. But being on the NASDAQ now, this is a big accomplishment. Can you speak to shareholders a little bit from your perspective, Kyle, about how the environment is different, how making it off of the OTCQB, which does incur some scrutiny, how this changes the game, perhaps maybe even from a visibility perspective, more eyes on the company is going to mean more notoriety, which is really what you guys need for Vox Royalty. Yeah, it certainly helps on the investor awareness and investor relations for our business. I think that's one area for improvement that we can certainly make as a corporation is to make sure that we're getting the word out that we think we're a great investment opportunity for investors out there. Ryan, one of the things you noted is you've got a lot on your plate. We built this company for investors like yourself and the viewers that you have, which is you want commodity exposure, but you want to know that you have the right people doing the job, getting that exposure in the right ways. I believe royalties are the best exposure you can get within the hard rock mining commodities basket of assets. We built a business around capturing that value. It was always really with the investors that want to be investing in NASDAQ listed and US listed securities. It was really exciting for us to finally be able to offer ourselves as an investment opportunity to the investors that I built the company for. It's very hard to redrill results and understand them. It's hard to read metallurgical results and understand mining engineering and know the background in assets when you've got a thousand other things pulling at you. I always wanted to be in a position where we could offer investors exposure to commodities and what we thought was the best asset for exposure with a team that was disciplined in creating value around that for investors and doing it the right ways and built competitive advantages to do so, not just now, but for years to come. We're building competitive advantages now that are going to serve our investors for three years, five years, and 10 years down the road that while most of the space is essentially waiting for bankers to shop them the next group of royalties, we're out there creating proprietary deal flow that will be available to us for another decade and excited to do that, but it was always for really the generalist investor that doesn't have the capacity nor do they want to have the capacity to go in and understand the details of this very esoteric industry, which is hard rock mining. Yeah, and I've been studying your company now for a better part of a year and it's been intriguing and it wasn't until last fall where I was like, okay, I'm out of reasons, I have to invest, I just have to finish my due diligence and really kind of understood a lot more about the royal business, but really getting to know you and your team, you guys are amazing. I'm really good at my job day to day and I trust that you guys are and the results really speak for themselves. Kind of getting to the end of the interview, Kyle, but coming into 2023, any highlights on any projects that you've got that you can speak about now that we can potentially put on the horizon and maybe expect to talk about next time you're on the channel, Kyle, as we kind of look to close this out and send you on your way with your evening? Well, I'll leave you with one that's really exciting for us. You have some assets coming online that we've noted we expect to be in production this year. One asset that's not expected to be in production this year, but is in a relatively near-term time horizon. It's called the Bowden Silver Project. It's the largest primary silver project in all of Australia. They came out with some very good preliminary news around permitting and we expect them to essentially receive that final checkbox or box to be checked in the first quarter this year based on the operator guidance. That's the largest primary silver project in all of Australia. We have a great royalty over that asset and as that asset kind of clears that hurdle, it's really going to be successful for that business, that mine, and ultimately us as royalty holders as well. So that's something we're keeping our eye on. We've guided to that in based on operator guidance that came out already this year, but excited for what happens there. We have a lot of exposure to great assets, not just what it's producing now, but what's going to be coming online over 2020, the back half of this year, 2024, 2025. We've got a business that is very strong and growing stronger by the day. So that's just one exciting asset that we're watching. And I think that if your viewers look at, they'd be pretty excited to have some exposure to. Yeah, fantastic. Kyle, I'm going to give you the last word. It's always a pleasure. I'm going to leave every video that I've done in the description for the viewing audience to go back and kind of help themselves chronicle the story, the Vox royalty story. I am intimate in this story. It's fantastic to watch these guys. And when they got uplisted last fall, I just about fell off the couch, man. They got a fist pump from me. I'm just super stoked. And Kyle, I just want to give you the last word here for your closing remarks for the shareholder base, please. Well, Ryan, thanks first of all for having me back on the air with you. It's always a privilege. We're working very hard for our shareholders like you. We appreciate the opportunity to do so. This is an interesting climate to be investing in, but Vox from the seat that I have, we have an amazing amount of tailwinds at our back. The momentum is with us. We are growing this business for the long term. We have unique capabilities in terms of creating value in this sector. So I would encourage investors, if you're looking for an avenue to get commodity exposure, do some research on our business. We're very excited about 2023, the momentum that we have, and excited to continue working hard. So appreciate everyone's time and worrying about our business. We're equally excited to keep building value every single day. Fantastic. On behalf of the channel here, I want to thank Kyle Floyd, CEO of Vox Royalty, traded on the NASDAQ. Vox are, and you can find more information at VoxRoyalty.com. Kyle, be well. Thanks Ryan, you too.