Vox Royalty (TSX:VOXR) has entered into a binding agreement to acquire an effective 0.75% net smelter return royalty over the construction-stage Sorby Hills Silver-Lead Project in Western Australia.
The company, through its subsidiary Vox Royalty Australia, is paying a total cash consideration of US$13 million ($18.5 million) to a private seller to secure the uncapped royalty.
Sorby Hills is 100% owned and operated by ASX-listed Boab Metals (ASX:BBM). Located 50km northeast of Kununurra in the East Kimberley region, the project represents Australia’s largest undeveloped, near-surface silver-lead deposit.
Vox CEO Kyle Floyd says the transaction aligns with the company’s focus on acquiring ‘near-term, precious metals revenue’.
“We are excited to add near-term silver-dominant revenue to the Vox portfolio through an uncapped royalty over Sorby Hills, which is on track to become one of Australia’s largest silver mines,” Floyd says.
“Sorby Hills is fully permitted, fully funded, and under construction, with Boab Metals targeting first concentrate production in the second half of 2027 and average annual production of [around] 2.2 million ounces [Moz] of silver and 68 kilotonnes of lead over an initial 8.5-year mine life.”
Boab Metals reached a final investment decision for Sorby Hills in December 2025. The project’s June 2024 front-end engineering and design study outlined pre-production capital of $264 million, an average annual EBITDA of $126 million, and a pre-tax net present value of $411 million with an internal rate of return of 37%.
In April 2026, Boab completed project financing after executing a $236 million equivalent syndicated debt facility. It subsequently signed an engineering, procurement, and construction contract with GR Engineering Services in May 2026 to relocate and refurbish the former DeGrussa processing plant acquired from Sandfire Resources (ASX:SFR).
The mineral resource estimate underpinning the project’s Definitive Feasibility Study comprises measured resources of 12.6 million tonnes (Mt) @ 43 grams per tonne silver (Ag), 3.5% lead (Pb), and 0.4% zinc (Zn); indicated resources of 11Mt @ 34g/t Ag, 3.4% Pb, and 0.4% Zn; and inferred resources of 23.6Mt @ 31g/t Ag, 2.7% Pb, and 0.5% Zn using a 1% lead cut-off grade.
Completion of the transaction remains subject to customary closing conditions and Foreign Investment Review Board approval, with closing anticipated in Q4 2026.
Vox Royalty is a returns-focused mining royalty and streaming company with a portfolio of over 70 royalties and streams across top-tier mining jurisdictions.
Write to Paula Fabe at Mining.com.au
Main image: Vox Royalty
