Vox Royalty (TSX-V:VOX) – “Exponential Growth” by the End of 2021? (Transcript)

Vox Royalty Corp
  • TSX-V:VOX
  • Shares Outstanding: 32.14M
  • Share price CAD$2.80 (28.07.2020)
  • Market Cap: CAD$89.9M

Interview with Kyle Floyd, CEO of Vox Royalty (TSX-V:VOX)

We’re big fans of royalty and streaming companies, but what sets this one apart? Vox Royalty recently went public in May. It had been operating as a private royalty company for several years, but now it is targeting the start of a growth phase by the end of 2021. Intriguing.

The company has leverage intellectual property to strengthen its connections in the royalty sector. Vox Royalty is churning out the transactions with no sign of slowing down, and they believe its 7,000 strong royalty database will give the company a strategic advantage over its peers.

Vox Royalty is hoping that by continuing to make transactions with a combination of shares and capital and maintaining an extremely tight G&A/share structure, it can eventually drive costs down without relying on dilutive raises. Vox Royalty’s projects are mainly in Australia : 64% precious metals, with the rest featuring battery metals, base metals and bulk metals.

We Discuss:

  1. 3:27 – Company Overview
  2. 4:13 – CEO’s Experience
  3. 5:37 – Foundation and the Business Model: Lessons Learned and Options Available
  4. 12:29 – Database of Royalties: Buying the Higginsville Gold Mine Royalty
  5. 16:25 – Business Plan: Focus on Australia
  6. 18:25 – Profiling and Assessing Companies: Vox Criteria
  7. 22:28 – Commodity Breakdown: Only 64% of Precious?
  8. 24:55 – Exponential Growth to Come, But When?
  9. 26:12 – Managing a Low Capital Structure: Mindful Allocation of $8M
  10. 29:17 – Higher Cost of Money for a Smaller Company: Addressing Competition, Costs and Remuneration

CLICK HERE to watch the full interview.

Matthew Gordon: Kyle, how are you doing, sir?

Kyle Ford: I’m fantastic, Matthew, how are you?

Matthew Gordon: All good here. I see you are tucked up in Denver at home. How have things been?

Kyle Ford: Yes, it has been really good. It is obviously interesting times we live in, but I can’t complain. I think there is enough semblance of normal life at this stage that yes, it also feels good out there, the weather is better. All is good in Denver.

Matthew Gordon: See, we are getting this picture, and maybe it is in the media, so there is in Denver, rioting, looting? You are all just coming down with COVID. Is that right? Is it like that?

Kyle Ford: No, I mean, to some degree there’s some of that, but I’m a little bit in the suburbs and also a little bit removed, but all in I think life is pretty good. And, we’re in pretty good shape.

Matthew Gordon: And you were telling me before we kicked off here, so, you have got that shirt in the background, proudly displayed with your number, lucky number 13 on it. What’s that about?

Kyle Ford: Well, it is a little bit embarrassing because I get that question a couple of times and, , they expect that you were, , this famous pro hockey player, but what really turns out is we did win a Gold medal from my time in Cayman with the Cayman ball hockey team. But yes, I’m not a pro hockey player, but we did have our 15 minutes of fame in the sun, which was quite fun.

Matthew Gordon: Take it when you can get it. That’s what I say, take it when you can get it. Hey, well, why don’t we kick off, give people that 1-minute overview of the business and then we’ll pick it up from there.

Kyle Ford: Yes, thanks, Matthew. We’re really excited about our business. We have built what is a company dead set focused on building a very significant Royalty portfolio at great value. We are precious metals focused. We have 42 Royalties now in the portfolio, and we’ve really gone back to basics. It is building a Royalty portfolio with long-term significant cashflow that investors can count on being bought at rational values and not verging into other businesses or JVs or equity positions. We are really dead set focused on creating the next very significant Royalty portfolio enrolment company.

Matthew Gordon: Tell me a bit about you first of all, because I do want to get into the business plan. I always want to make sure that there is a business plan, and how you are going to deliver it, but what’s your background?

Kyle Ford: My background is I was an investment banker running the mining division for an investment banking firm, and I was approached by a group of investors that said, really, we like the returns in good markets that mining companies can generate, but we don’t feel our risk-adjusted returns have been adequate really for the risk that we were taking on. And how can we get that exposure in a better format and in a better form? And can you help us with that? And so really, in 2012, the concept was starting to be built and was formerly incorporated in 2014 as a Royalty and Streaming business, but it was built around the model of giving investors better risk-adjusted returns in the commodity space. And I think we’ve done that.

Matthew Gordon: So, you learned on the job, since 2012/2014, what Royalties was about, because there weren’t too many players back then, but now there are.

Kyle Ford: No, and at that point I had been advising some of the companies in the space, I won’t name who they were, and then also helping mining companies sell Royalties to some of these Royalty holders, it was probably originally six at that point in time. And now there are obviously much more, but so there was a depth of knowledge in the Royalty space that we built around, and we can get more into detail on what differentiates the Vox story and how we built this business, but that was the origins of it.

Matthew Gordon: Well, let’s start first of all with what it was you set out to build. So what did know back then? How did you construct it? What did you think you were going to create?

Kyle Ford: Yes, back then it was really about creating a very, very high margin cashflow. It was about finding projects that were going to be in production in the next 12 to 18-months, and finding projects where we could generate, , 30 to 40% returns on cash. Reality was, if you’re getting 30 to 40% returns on cash, there’s probably something wrong with either the underlying asset of the company. And, being very candid with you, there were a lot of learnings in terms of reaching for immediate cashflow, that we were able to build upon and actually work out and into a very favourable format for our investors and return for our investors. But to be honest, there’s a long game to this and there’s a right way of building the right exposure that I don’t think we fully appreciated back in 2013, 2014, that when we started building up what is now Vox, we fully understood, fully grasped, and what really yields much better long-term results for shareholders.

Matthew Gordon: Let’s talk about that. That’s interesting because we’ve been speaking to a lot of Royalty companies recently, they have each got their own nuanced difference. They tell us about how they are going about it, and you’ve obviously got yours. Okay. You’ve been going, what would you say? 6, 7-years. When are we going to – 2014? Six years?

Kyle Ford: We were incorporated in 2014.

Matthew Gordon: You’ve been at this awhile, and you talked about those learnings and those learnings could be right. We can get quick revenue, but I think you’re indicating that that’s probably not the right way to do it, as far as you’re concerned, or you can get long-term value. Talk to us about which model you selected and why you rejected the other one?

Kyle Ford: Yes, the original model was to make a real big push for cashflow. We also invested in something that I think really adds a lot of value to our shareholders and our investors is, we were investing in the downturn of a cycle. And we saw what it looked like in the upturn, and we saw what it looked like in the downturn, compared to a lot of the new entrants that hadn’t really gone through, a real true bear cycle there. They are seeing the bull cycle, and that’s great, but understanding what wins in the long-term, having gone through these cycles, made a big difference. And it really refocused us on real quality of asset, having people that really understood the quality of those assets, which means they are very technical in background and expertise. And so while there is no right or wrong answer in the Royalty space, I think you will find there are people and the companies at either end of the spectrum, what we found is by good value on good projects in a Royalty format, if you do that, you are going to win. And the companies that have done that like Franco and Royal and Wheaton, consistently have outperformed and delivered exceptional returns for their shareholders, both in good cycles and bad cycles. But I think, to their credit, they really focused on quality of project, and that has carried weight for them in terms of delivering returns for their shareholders.

Matthew Gordon: But what is the impact of that on your bottom line? Because again, you’ve got to weigh up, , getting cash in, which then gives you optionality to do different things, or waiting for the cash to come in, because you believe in the fundamentals of the transaction that you’ve done and the Royalties that you have picked up. What were the things that you guys are having to weigh up, or was it a case of actually, we learnt the right way to do it as we were doing it, because there was early days, you guys were a lot younger?

Kyle Ford: Yes, no, no fair point. Some of it was absolute learnings, some absolute learnings from a deal that didn’t work out or deals that didn’t work out that we made work out. And then also understanding, taking those learnings and applying them, getting smarter, getting better, and also being students of what has worked in the Royalty space and being disciplined to really facilitate that model for our shareholders. And, when we say we’re creating long-term value, long-term growth in our cashflow we are right now at that inflection point; we are essentially treading water for, say, the next 12-months on a cashflow basis. That’s just organic. When we hit 2022 is where we really hit our legs in terms of exponential growth in cashflow. And there will be accretive opportunities that come to us before that. But what we have done is, we have built our portfolio around maybe assets that were 12, 24, maybe even 36-months out from production that we could buy at great value because they were also great assets. That made sense to bring in, instead of say, reaching for a transaction that might provide very short mining, very short-term cash flow or a very marginal asset that you then have that risk of that asset coming offline or not producing as expected.

We have been able to really lower the risk of our overall portfolio while still giving investors what they should expect with any small cap company: exponential level growth and exponential growth in all the categories that matter, and especially cashflow I’m producing assets in the case of Vox.

Matthew Gordon: We are going to come back to “exponential”, which you mentioned four times in a few seconds, but let’s get back to the model, okay. Because you’ve described, you’re in precious metals and a very basic summary, but let’s get into, because you have got a theory, or a thesis around which geographies you prefer. You are predominantly precious metal, about 65%, because you’ve got base metal and you got EV, and you have got some bulk in there too. You’re mixing it up a bit. You are hedging your bets. So why don’t you tell us and break down, what is the thesis behind your Royalty company? What do you believe in?

Kyle Ford: One of the really key things in Vox, and we might get into this in more detail in a little bit, Matthew, but we went out and acquired intellectual property in the form of a Royalty database of 7,000 proprietary Royalties that many of the comps and peers, those assets and those opportunities, they are completely blind to. It is under the radar screen. And what that has allowed us to do is really drive competitive advantages in terms of sourcing opportunities.

Now, Australia happens to be where 3 of our 4 key business development executives are Australian citizens and have deep backgrounds in Australia, but we also have significant intellectual property there and then deal sourcing relationships. You overlay that IP, that existing history and just know how in the market with Australia and Western Australia, it is the best mining jurisdiction on the planet. And in terms of Gold endowment, you have got more Gold opportunities than you do really anything else in that marketplace for Royalties. So, really, Australia has been a burgeoning opportunity of exposure royalties for us, at great value, and that will continue. That being said, our intellectual property goes beyond Australia. Our sourcing networks go far beyond Australia. But right now, we find such great value with such great assets that, that competitive advantage continues to be at the forefront of everything that we are doing.

Matthew Gordon: You have got a database; I get it. Who did you acquire that from? When was this?

Kyle Ford:  This was a company called Metalla Royalties Online, and they developed this proprietary database of 7,000 Royalties, and they had been working on it for the better part of a decade, really under the radar, behind the scenes. And we crossed paths, Spencer Cole and Riian Esterhuizen who, not only have they built this database, but they were two of the really under the radar, very influential people in the world of Royalties. And we had the opportunity to buy the database and also bring them into the team. And that’s where you started to really see our growth; the synergies of bringing in that database with our experience in the space, building our sourcing relationships and our own intellectual property across the Royalty sector, in conjunction with what they had built and their relationships and their track record and their expertise was very significant. And so those synergies really started to build, and those seeds that we had sowed for the better part of 5, 6-years, started to bear fruit, really in the start of 2019. And then since that point, we have been the fastest growing Royalty company on the planet.

Matthew Gordon: We still haven’t answered the question about your thesis. So, but just finish up on the database thing. It is not an exclusive list that only you have your eyes on, it is just that these guys have amalgamated all of these Royalties and put them in one place in a database, which allows you to very quickly access what’s out there. That is what you’re saying?

Kyle Ford: Yes. To some degree, the data that we have accumulated, it would be very hard to bring that under one roof. That would take years. It is going into mining ministries and exploration offices and pulling physical data, taking that down, bringing that into a format that’s usable. So very, very significant resources were spent on that. And could it be duplicated at some date? Possibly, but it would take years.

Matthew Gordon: You are saying you have got a competitive advantage, and it is not a barrier to entry, but you are first to market in a way. And one of the things that you spotted on this data base was Higginsville Gold operation in Australia, how did you get that? I thought those guys, I thought Karora Resources was buying?

Kyle Ford: They are, and they are great operators. And I know that they are not big fans of royalties, but it is our business to buy Royalties, when we find great value in great assets and they have that, and credit to them. This was a Royalty created in 1992, and we got some intelligence that they were applying for mining leases on the neighbouring ground that they are already producing from. And so, quickly we went into the database with that local knowledge that we received from our local partner on the ground there, Rayon, we took that information. One of the databases we quickly looked for is, are there reserves and resources over these tenements? Is there a Royalty over it? And then who is the owner. And we were able to very quickly secure this 1992 Royalty, that was also, essentially, under the radar screen of RNC and their team and everybody else in the market. And with that, we were able to transact at fair value on a great asset and bring that into our portfolio. And clearly, they have proven to be very good operators with very perspective ground. And it is one of the Royalties that we are very, very pleased to have in our portfolio.

Matthew Gordon: Given their buying mood, because I think JP Morgan and Maverix can attest to that, would you rather have cash up front or sit on a long Royalty stream?

Kyle Ford: Our businesses to acquire Royalties. I’m not saying that we would never look at those situations, but to be honest, it is not our interest. I think our investors want to have that exposure for the life of those operations and the life of our business. It is not in our business to go buy a Royalty and then look to trade out of it.

Matthew Gordon: Thanks for that. To come back to your thesis, because you got distracted with the database component, which is a very important part of how you go about doing business, but tell me, what it is that you do? Because we have talked about Australia there, but what do you like about Australia in terms of jurisdiction? I know you’ve got lots of Royalties all around the world, but you are heavily weighted – 60, well, whatever it is, a very large portion of it is Australian. Why?

Kyle Ford: Well, our thesis is Gold. We are a precious metals focus Royalty company, and we will get into this in more detail, but when you look at what we will derive in revenue in 2022, there will be about 80% related to Gold. And that puts us at the highest end of the spectrum in terms of Gold exposure of the Royalty companies that we follow, and that would be the majors. And our thesis is precious. Our thesis is good value. And we go wherever we can get that. And we utilise the resources that we have built and the competitive advantages that we have built now over a very long period of time to source those opportunities and close those opportunities. And our thesis is Gold. Our thesis is good value. Our thesis looks like it is over-weighted to Australia, which we’re fine with; it is the best mining jurisdiction on the planet as far as we’re concerned, but we will continue to branch out from that wherever we find good value. And good value, when you dig down into that thesis, good value starts with fundamentally good projects.

And we have a technical team, three of our key four business development executives, despite my brief stint at Colorado School of Mines, I wouldn’t put myself in that bucket, but Spencer, Riaan, Simon; very distinguished technical experts. They are the front lines of our business. They are ascertaining quality of projects first, holding the Royalty over that, because you can have some Royalties that are not worth their salt, even if they are over a great project, and then value is that third part of the equation, with each leg of that stool being, entirely important to the overall value of that Royalty and whether we purchase it or not.

Matthew Gordon: What does the profile of the company needs to look like? I’m always fascinated about how you put these deals together, because you are going to have to go and assess; is this management team capable of doing a number of things. One is developing this asset through to being a mine and producing, being able to get that thing financed, right, enough to be able to, and continually have enough cash to keep the thing going through to a free cash-flow position. You don’t need just a geologist assessing this, you need a finance guy assessing this and saying, is this thing fundable when it gets to the point when the trigger needs to be pulled?

Kyle Ford: That’s a very good point, Matthew, and we have great breadth of experience. I have an abundance of finance experience. Also, Spencer Cole on our team spent some very significant time at the Majors and their finance houses and then also in an investment banking capacity along with being a mining engineer. We are very well rounded in that regard. But, one of the things that buying, we primarily buy already existing Royalties, I think that’s an important point of clarification for your audience; we are not as much going out and giving a mining company money to go develop their project, we’re finding 3rd parties that already hold these Royalties. And what that’s allowing us to do is get Royalties and get an interest in these projects where they would never…RNC would never ever at this stage go and sell a Royalty to bring in cash. That would never happen. It is just not attractive for them to do that. They would not give up that perpetuity interest in the project. By buying third party Royalties, it allows us to get exposure to great projects that we wouldn’t otherwise have exposure to. A lot of those have been so significantly de-risked that some of those risks that you bring up are not relevant.

For example, on the deal that we that we did on the Dry Creek Royalty, that was part of the RNC Higginsville complex, they are funded, they are a great operator. They don’t really need cash. They are just going to continue doing what they are doing. We’re exposed to that revenue as they go into our tenements and start producing from those operations, which we expect in late 2021, 2022. Then if you look at something that, , we purchased back about a year ago now, a producing iron ore Royalty, held by Mineral Resources, that Royalty kicks in and starts giving us cashflow once it has hit a USD$3M revenue threshold, which was prepaid when the Royalty restructured. They are already producing, it is actually a USD$4Bn company now. They don’t need cash. There’s not a huge concern that they run out of cash and stop producing from that asset. Some of these types of opportunities also, you look at, we just acquired a Royalty from RTG over the second **Thor asset, and they are fully financed into production. It is a really great open pit, high-grade asset that should be highly successful. That will be in production certainly within the next 12-months. And if those opportunities we are able to get by buying Royalties from third parties versus originating and having to take on a little bit more risk in terms of trying to generate that exposure.

Matthew Gordon: But you have got 2 current producing assets. I know next year you’re talking about having 7, but I’m just trying to work out where on the curve you sit. Because the further down the curve, the bigger the risk. You talk about buying existing Royalties, but you have 2 current producing assets. You have got 10 in development, at various stages of development, some fully-funded, some may need some financing. And, in the current environment, one would suspect that it’s going to be easy to get financing, long may it last. So, it just helps me get a picture of where your risk tolerance is. And you have got to go that balance between getting value, not paying too much for this Royalty and having line of sight through to production. That is what you are looking at?

Kyle Ford: Right.

Matthew Gordon: I got it. So, it is existing royalties, you’re not constructing these from exploration businesses or early stage development companies. I got it. You are only 64% precious metals. You talk about being a precious metals company. I had E.B. Tucker on recently, and he was telling me that companies get marked down if they are not 100% precious metals, and they are going to be spinning out some of their Copper and Nickel assets that are currently sitting in their Royalty company, to just be clear about what they are. You’re not overly concerned with that. I don’t think EMX is overly concerned with that. But why that weighting? Why 64%, 65% precious metal, then you’ve got bulk, EV and battery?

Kyle Ford: Yes. That actual breakdown is a little dated now. And when we really look at it, that’s on a NAV basis. When we start looking at 2022 cashflow, we’re about 81% Gold. The predominant is bulk, and if you look at the last four or five deals we’ve done, they have been Gold. We are Gold focused. It is more organic. There’s just more of those opportunities in the markets where we have hedges that we continue to bring those through organically. It is also a focus. But when you look at where Vox is going, we are predominantly precious. You can leave that to the investors to say that that’s better or worse, or somewhere in between. The fact of the matter is we’re precious focused. 81% of our revenue in 2022 will be tied to Gold. That stacks us up. If you look at it, I think Osisko published this data, they are also 81% Gold revenue across the spectrum. You have Sandstorm at 53% and Franco is somewhere in between on that number. We are as precious focussed really as any Royalty business out there.

Matthew Gordon: Well, you will be in 2-years or 1.5-years. What do you do with the current battery and EV stuff? Do you spin it out or do you just let it run? Let it ride?

Kyle Ford: I mean, if you’ve looked at the really successful case studies in the Royalty space, and we have, and we give full credit to them, someone like Franco has established themselves as really, probably the preeminent player. They have exposure far beyond just Gold and just precious that they’ve been able to purchase at great value. When we find great value that is highly accretive to our shareholders, while we will never be the overweight or even close to it, a portion of our Royalty portfolio, we’re not going to pass up on bringing that value in for our shareholders.

Matthew Gordon: You talked about, well, you used the word ‘exponential’ four times earlier, so it is obviously, that’s a very emotive word, exponential growth, , is what you’re trying to say. Right now, cash position, you said you were  floating around at the moment waiting for things to  kick in next year. When do things start getting exponential? What does the cash position look like next year or 2022?

Kyle Ford: So, good question, Matthew. We raised USD$14M as part of our IPO on May 25th. We have USD$8M of that left to deploy. We’re in a very strong cash position. No debt, very clean capital structure. We will see 2020, late 2021 is really when you start to see the organic growth in terms of cashflow and producing assets coming online, driving very significant cashflow for our business. Between now and then we basically tread water. We cover our GNA and there’s a lot of opportunity for accretive acquisitions between now and then that will increase that cashflow profile. I think it is something investors can expect from us, but in terms of what’s organically in our portfolio that we’ve already acquired, you’ll start to see a lot of the fruits of those seeds that we acquired a while ago now kicking in late 2021.

Matthew Gordon: What do you do with USD$8M between now and this organic growth happening? Because I’m looking at your capital structure, it is really tight. Given that you’ve been around since 2014, it is really tight and it is impressive. How have you managed that? It has been a while, and take this the right way, it has been a slow, deliberate growth versus exponential, to use your words, getting around to raising a lot of money, doing big deals real quick, but how have you managed to keep it, there’s like 32M shares there? Or is that data old as well?

Kyle Ford: No, that’s correct. Matthew, really the heart of that question is, we’ve been around since 2014. Most of the new entrants in this space, you’ve spoken to a lot of them, are relatively new in the sector. And as a private company, I can tell you, we’ve had to be very, very disciplined with our capital allocation. And that means raising equity, deploying into assets that are going to return for our shareholders. And, where we’ve really been successful is we that we have probably bought nav, net asset value, so value of the Royalty at a cheaper rate than most others. And we’ll come out with that full study on that data. What that means is we’ve really driven accretive growth for our shareholders without having to overly dilute our shareholders. And that business model, when you ask, what are we about? We continue to be about that. We are not reaching on transaction. There have been a lot of companies that have come out, they reach on transactions, they pay whatever it takes to bring those transactions into the portfolio. Most of the growth in the industry, it really has been by buying portfolios or assets that have been shot by investment banks and being the winning better in those processes. That’s very opposite to how we go about growing our business, where 15 of our 16 deals have been done on a bilateral basis, meaning it is just us and the Royalty seller at the table, transacting at fair value. And so that’s really the key of it. If we didn’t do that, we’d have a lot more shares outstanding. We would have, frankly not the accretive growth that we realised for our shareholders to date and that we will continue to deliver for our shareholders with our model.

Matthew Gordon: And what do you spend your USD$8M bucks on between now and the organic growth kicking off?

Kyle Ford: A lot of really good Royalties in the portfolio of, or pipeline rather, that what we’ve guided the market to is you can expect about a deal per month from us. And it is not just growth for the sake of growth. We’ve done yes, more deals than anybody in the last 18-months in the Royalty space. It is unprecedented growth, but it is growth at great value. We’re finding great assets, not just for where they stand today, but where they are going to stand in three months, six months, 12-months, 18-months down the road. We are buying assets that are organically creating a lot of value in the portfolio. And we will continue to use the balance sheet that we have. Now we will use a combination of cash and shares to buy really attractive Royalties. And, that growth profile and the acquisition costs remains the same really for the foreseeable future.

Matthew Gordon: At USD$100M, which is not insignificant, but for Royalty companies, it is not a lot either. The cost of you raising money going forward must be relatively expensive compared to some of your competitors. Is it?

Kyle Ford: Certainly, compared to the majors. They have the advantage of very low cost of capital. And it is a great question in that we are always focused on how do we mitigate cost of capital? Or at least lower cost of capital to the lowest point that we can get it?  And so that’s a combination of using our equity, using our shares. Currently there are very little transactional costs when we use our shares to transact some of the mining companies or some of the non-core sellers. And we bought Royalties from hearing aid companies, from technology companies. Some of those will want more cash, but some of the companies that are in more of the mining sector, or know the space, have seen the success that some of the precedents and they really want our equity. We’ll continue to do the combination, bring that cost of capital down and deliver that cash into great Royalties and then form great Royalty purchases.

Matthew Gordon: We talked about a tight capital structure. I mean, impressive, really impressive. Your G&A, how are you genuinely keeping costs down, because you’ve been at this a while you must be dying to pay yourself a decent salary, how do you remunerate the team?

Kyle Ford: Management owns about 15% of the business, and we have all come together to create, mid-tier is obviously the first goal, we have goals beyond that, and we’re very equity incentivised. We all participated in the IPO, very material dollar amounts for us. And we are long-term shareholders. I would tell you, our G&A is at the very low end of the spectrum. And that’s with, we have 6 full time employees. We have a General Council, CFO, four key business development executives, including myself, that build this portfolio for growth and this foundation and platform for growth. That being said, we have very, very low GNA – about USD$2M in terms of cash cost per year, which puts us at the very low end of the spectrum. Meanwhile, if you look at a lot of the emerging entrants, they have that same or higher G&A, and they’ve got 2 or 3 people that they use on a fulltime basis. We’ve really been diligent about our G&A costs. That will continue to be the case. Equity incentivisation is really how we are aligned.

Matthew Gordon: What are you paying yourself then?

Kyle Ford: $350,000 per year.

Matthew Gordon: And you buy stock in the open market?

Kyle Ford: I will be. And bought stock in our IPO.

Matthew Gordon: Kyle, great story. Really enjoyed this. You’ve got something going. I’d like to say it is really starting to motor now, and you’re telling me the organic component does kick in soon. Keep running a tight ship and stay in touch.

Kyle Ford: Will do, Matthew, appreciate your time, appreciate the opportunity. We’re excited about what we’re building, and I appreciate the opportunity to speak with you and your audience.

Company Website: https://www.voxroyalty.com/

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