GEORGE TOWN, Cayman Islands--(BUSINESS WIRE)--SilverStream SEZC, dba Vox Royalty (“VOX”), is pleased to announce it has entered into a preliminary purchase agreement to acquire a 2.0% FOB royalty (the “Royalty”) over a portion of the Deception pit, part of the producing Koolyanobbing Iron Ore mine located within the Yilgarn of Western Australia (“Koolyanobbing”). Koolyanobbing is owned and operated by ASX-listed Mineral Resources Limited (“MinRes”). SilverStream has entered into the agreement to acquire the royalty from ASX-listed Vonex Limited, a full service, multi-award-winning telecommunications company.
The royalty applies to tenement M77/1258 which covers a portion of the Deception and Altair deposits, part of the greater Koolyanobbing operation. MinRes has recently announced plans to increase iron ore production from 7.5Mtpa to 11.5Mtpa across their Yilgarn business units. An initial pre-payment of the royalty in the sum of A$3,000,000 was previously made and as such the royalty will not be payable until this amount has been exhausted.
Kyle Floyd, CEO of Vox Royalty, commented, “The Vox acquisition of the Koolyanobbing royalty from Vonex, represents our first in the iron ore space, and a continued diversification of our existing royalty and streaming portfolio. The Koolyanobbing asset is a large Western Australian iron ore deposit owned by a proven operator and quality counterparty. This acquisition significantly increases the exposure of Vox to producing assets and adds to an exciting portfolio of royalties and streams.”
Matthew Fahey, MD of Vonex, commented, “We are pleased to monetise Vonex's mining royalties through this transaction with SilverStream. This completes our disposal of assets outside our core business and significantly strengthens the Company's balance sheet. As a pure-play telecommunications company with increasingly strong cash flow dynamics, we are excited by the scope this transaction provides to accelerate our growth.”
About Vox Royalty
Vox is a mining-focused royalty and streaming company building a portfolio of royalties and streams across a diverse commodity base. We have a basket of royalties covering precious, base, battery & specialty metals and with this acquisition, industrial metals. Our portfolio consists of >20 royalties and streams globally, with both cash-flowing and longer-term growth-oriented assets.
Vonex is a full service, award-winning telecommunications service provider selling mobile, internet, traditional fixed lines, and hosted PBX and VoIP services - predominately to the small to medium enterprise ("SME") customer under the Vonex brand. The Company also provides wholesale customers, such as internet service providers, access to the core Vonex PBX and call termination services at wholesale rates via a white label model.
Vonex also develops new technologies in the telecommunications industry, including a feature-rich cloud-hosted PBX system. Vonex is also developing the Oper8tor App, a multi-platform real-time voice, messaging and social media app that allows users to connect with all social media friends, followers and contacts across different social medias, all consolidated into one app.
This news release contains certain information which constitutes ‘forward-looking statements’ and ‘forward-looking information.’ Forward-looking statements involve known and unknown risks, most of which are beyond SilverStream's control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.