Small-cap recipient of gold mining royalties raises its outlook for the year. What about the stock?

Vox Royalty, whose business model is based on receiving royalties from gold miners, jumped 4.3% in extended trading on Ma 13, but then lost almost all of its gains. The company reported "exceptional results" for the first quarter and raised its outlook for the full year 2026.

Vox shares were up 4.3% to $6.55 in extended trading on May 13. But at the pre-market on May 14 they added only 0.2%.

Vox Royalty on May 13 disclosed results for the first quarter of 2026 that it called "exceptional." Its royalty income and net income from precious metals sales increased almost sixfold year-on-year to a record $16 million. One of the reasons for this is the rise in precious metals prices: while in the fourth quarter the average price per ounce was $93.71, in January-March it was $179.4.

Net income for the same period was $24.5 million or $0.36 per share compared to a loss of $0.4 million or $0.01 per share in the first quarter of 2025.

The dynamics of net income is due in particular to the revaluation of $16.5 million of the gold portfolio, which Vox acquired in September 2025, the company explains. The purchase included ten new assets from Deterra Royalties. These assets are expected to generate about $7 million annually in royalties starting in 2026, Freedom Broker noted.

Operating cash flow in the reporting period increased 15.2 times year-on-year to $15.2 mln. This allowed the company to repay the $6.7 mln loan facility balance.

The company also raised its forecast for royalty and precious metals revenue to $32-37 million. In March, it expected that figure to be $28-32 million, which would represent a 70-90% increase to 2025 levels.

Vox targets royalties in the mining sector. It allows investors to gain access to the sector without the risks associated with direct investments in mining companies, as it receives a royalty - a percentage of revenue - rather than an equity stake, according to the issuer's website. Once an alternative financial instrument, it has now become one of the main ones, Vox writes.

The company now has a portfolio of more than 70 projects from which it receives royalties, the bulk of which are located in North America and Australia.

Since the beginning of the year, Vox quotes have risen more than 30%; over the past 12 months, they have risen nearly 104%.

The company's securities have five ratings from Wall Street analysts and all of them are "buy". The average target price is $6.96, which implies a potential upside of almost 11% to the stock's closing price on May 13.