Vox Royalty eyes Los Filos restart as Equinox secures land access
Vox Royalty Corp. is positioned to benefit from Equinox Gold's securing of 20-year land access agreements at the Los Filos gold mine. Vox holds a 50% gold offtake-stream with 588,000 ounces remaining, contingent on the mine's restart and ramp-up. Equinox's plans include a phased restart of heap leach operations and studies for potential expansion.
*this image is generated using AI for illustrative purposes only.
Vox Royalty Corp. anticipates potential future gold deliveries following Equinox Gold Corp.'s execution of 20-year land access agreements for the Los Filos gold mine in Guerrero, Mexico. The agreements, signed on June 25, 2026, with the communities of Carrizalillo, Mezcala, and Xochipala, provide the foundation for a phased restart of heap leach operations and the advancement of technical studies. This development is significant for Vox, which holds a gold offtake-stream covering 50% of production from Los Filos, subject to a cap of 1,100,000 delivered ounces.
Kyle Floyd, Chief Executive Officer of Vox, stated that the long-term land access agreements represent a key de-risking milestone for Equinox's phased restart. He noted that a restart in the coming years has the potential to unlock annual deliveries of up to approximately 140,000 ounces under Vox's offtake-stream, based on Equinox's annual production target of 280,000 ounces at Los Filos. The offtake-stream was acquired in September 2025 as part of the Global Gold Portfolio.
Los Filos Resource and Operations
The Los Filos mine contains substantial mineral resources and reserves based on a June 30, 2022, estimate. The site hosts mineral reserves of 5.4 million ounces of gold, alongside measured and indicated mineral resources of 7.9 million ounces and inferred mineral resources of 3.2 million ounces. Equinox has described the project as having "significant exploration upside." Technical and engineering studies are currently underway to assess longer-term development options, including the construction of a carbon-in-leach (CIL) processing facility.
Restart activities will proceed through a phased, de-risking approach. These activities include environmental remediation, permitting, workforce rehiring and retraining, and supplier contract negotiations. The 2022 Technical Report utilized a mineral reserve gold price assumption of US$1,450 per ounce, which Equinox believes presents an opportunity to enhance project economics at current metal prices.
Vox Royalty's Offtake-Stream Exposure
Vox's financial interest in Los Filos is structured through a gold offtake-stream entitling the company to purchase 50% of gold production. The contract has a remaining delivery capacity of approximately 588,000 ounces, as approximately 512,000 ounces had been delivered to prior holders as of December 31, 2024. Deliveries to Vox will resume upon, and scale with, the restart and ramp-up of gold production at Los Filos.
| Metric | Value |
|---|---|
| Total Production Share | 50% |
| Total Cap | 1,100,000 ounces |
| Delivered to Date (Dec 31, 2024) | ~512,000 ounces |
| Remaining Capacity | ~588,000 ounces |
The timing and quantum of future deliveries remain subject to Equinox's restart decisions, permitting, and other operational factors. Timothy J. Strong, FIMMM, of Kangari Consulting LLC, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical disclosure related to the project.
What is the projected timeline for the phased restart of heap leach operations and the commencement of initial gold deliveries?
How might the construction of a potential carbon-in-leach (CIL) facility alter the long-term production profile and economics of the Los Filos mine?
What are the primary risks that could delay the restart process or prevent the mine from reaching the targeted 280,000 ounces of annual production?
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