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Highlights

  • Deterra to sell non-core gold offtakes and royalties to Vox for US$60 million (AUD 91 million).

  • Transaction delivers a pre-tax IRR of 25% since acquisition of the offtake assets.

  • Completion follows earlier La Preciosa silver asset divestment, bringing total proceeds to AUD 124 million.

Deterra Royalties Limited (ASX:DRR) saw its share price rise 5.12% to AUD 4.31 on 24 September 2025 after announcing the sale of its non-core gold offtake assets, along with its St Ives and Dandoko gold royalties. The total consideration amounts to USD 60 million (approximately AUD 91 million), with Vox Royalty Corp (NASDAQ/TSX: VOXR) acquiring the assets.

Details of the Transaction

The agreement includes the sale of Deterra’s gold offtake contracts for USD 56 million, payable in cash upon completion. The company will also divest its royalty interests in the St Ives gold mine in Western Australia and the Dandoko gold project in Mali for USD 4 million. Of this, USD 1.5 million will be paid in cash at completion, while Vox will assume contingent payment obligations of USD 2.5 million linked to the Dandoko project.

The transactions are expected to complete in the coming days following satisfaction of conditions precedent. Until then, Deterra will continue to record revenue and earnings from the assets under the terms of each agreement.

Performance of the Offtake Assets

Deterra acquired the gold offtake contracts through Trident Royalties Plc (Trident) in September 2024 at a fair value of USD 58.9 million. Since acquisition, the assets have generated net realised margins of USD 16.3 million. Together with the current sale price, this represents a pre-tax internal rate of return of 25%.

The offtake agreements span six operators and ten mining operations. Under the contracts, Deterra received delivery of gold ounces priced against a minimum index price, with sales made during a defined pricing period. 

St Ives and Dandoko Royalties

The St Ives gold mine, operated by Gold Fields Limited, is located near Kalgoorlie in Western Australia’s Eastern Goldfields region. Deterra holds a 3% gross revenue royalty over certain non-producing tenements, though no public updates have been made on these assets in the past two years.

The Dandoko royalty covers an advanced exploration project in Mali acquired by B2Gold Corporation in 2022. Deterra’s holding included a 1.0% net smelter return royalty over the project, as well as contingent obligations of US$2.5 million tied to production milestones. These obligations will now be assumed by Vox.

Completion of Divestment Strategy

This divestment, along with the recent sale of the La Preciosa silver assets, concludes Deterra’s exit from non-core assets acquired through the Trident portfolio. In total, these transactions have generated USD 82 million (around AUD 124 million). The company has confirmed that after-tax proceeds will be used to reduce net debt.