Agree with @chinaplate this is really bizarre that they get...

Agree with @chinaplate this is really bizarre that they get equity instead of cash from a streaming company. It makes the original transaction almost pointless when you think about the cycle......HRZ will be paying Vox Royalty a % from the smelter and then Vox Royalty gives it back to HRZ in dividend stream!

I guess there is one big upside that HRZ are banking on and that is that VOX Royalty shares increase in value, which given the state of global economies & government debt blow outs I think there is a high possibility of some kind of economic turmoil in the not to distant future and then a big run up in gold prices. VOX Royalty has just come off a 2yr low in price but are generating royalty streams and just turned profitable in 2022. They've had solid YOY revenue growth since inception a few years back and having a quick look at announcements it says they have penned quite a few deals so I'd imagine there are more royalty payments coming online still which should further help push earnings and price up along with economic tailwind from flight to Gold safe haven.

As long as HRZ can manage their treasury and not crash the company then I would haphazard a guess that the VOX shares will be worth a fair amount more than AUD3 mil in a few years time. Fingers crossed that management don't stuff this up!