Sorby Hills Feasibility Study: A$411M NPV, 37% IRR
Vox Royalty Corp.'s Sorby Hills in Western Australia, Australia has a Feasibility Study outlining a pre-tax NPV of A$411M, a pre-tax IRR of 37%, and initial capital of A$264M. The mine plan runs 8.5 years at about 2.2 Moz Ag, 68kt Pb per year.
Vox Royalty Corp.'s Sorby Hills has reported Feasibility Study results for the silver & lead project in Western Australia, Australia. The study headlines a pre-tax net present value of A$411M. It reflects Vox Royalty Corp.'s (VOXR.TO) latest disclosed economics for the asset.
Economics. The pre-tax NPV is A$411M. Pre-tax IRR is 37%. Initial capital expenditure is estimated at A$264M. Economics are based on FEED economics are pre-tax, 100% project basis, at US$27.4/oz Ag and US$2,255/t Pb.
Production and mine plan. The project envisions an open pit operation. Life of mine is 8.5 years. Average annual production is approximately 2.2 Moz Ag, 68kt Pb.
Resources and ownership. Royalties and streams: Uncapped 0.75% NSR royalty; acquired for US$13M; first concentrate targeted H2 2027.
These figures are extracted from Vox Royalty Corp.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Ore Reserve | 15.2 Mt | 3.5% Pb, 39 g/t Ag | 19.1 Moz Ag |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Total | 47.3 Mt | — | 53.0 Moz Ag |
Our Analysis
- IRR pre-tax
- 37%
higher than 64% of 373 projects we track
- NPV pre-tax
- A$411M
higher than 40% of 521 projects we track
- Initial capex
- A$264M
64% of NPV
costlier than 49% of 495 projects we track
- Mine life
- 8.5yrs
- Study price assumption
- FEED economics are pre-tax, 100% project basis, at US$27.4/oz Ag and US$2,255/t Pb
- Spot silver today
- $60.41/oz
The project sits in the upper half of the 373 projects we track on pre-tax IRR, at 37%, ahead of roughly two-thirds of that universe. That rank is the honest headline: respectable, not exceptional. Against the practical financing hurdle developers face, around 15% after-tax to attract project finance, a 37% pre-tax return carries real headroom, and the peer position confirms this is a genuinely financeable proposition rather than a marginal one. The NPV tells a quieter story, at A$411M ranking higher than only 40% of the 521 projects we track, so the returns here are driven more by pace of capital recovery than by absolute scale of value.
The constraint that decides this one is the build. Initial capex of A$264M is 64% of NPV and about half the company's entire US$365M market cap. That is not a fatal ratio, but it is a large fraction of equity for a small-cap, and it is the sharpest funding-risk signal in the file. The mitigating factor is context: this is one of 24 projects the company carries, so the financing conversation is portfolio-level, not a single-asset scramble. Capex intensity itself ranks lower than 51% of the 495 projects we track, so the build is moderate by the standards of the peer set, not extreme.
Two things sharpen the read. This is a feasibility study, the build-ready estimate with a typical plus or minus 15% band, so these figures deserve more weight than a scoping-level PEA would. And the study's silver assumption of US$27.4/oz sits well below today's live spot of $60.41/oz, which means the economics carry meaningful upside if spot holds. The question that settles it: can the company fund A$264M, roughly half its market cap, without diluting shareholders to the point where the 37% return never reaches them?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.