Vox Royalty Corp. (TSX-V: VOX) (OTCQX: VOXCF), a returns focused precious metals royalty company, is pleased to provide recent development and exploration updates from royalty operating partners Zijin Mining Group Co., Ltd. (HKSE: 2899), Develop Global Limited (ASX: DVP), Black Cat Syndicate Limited (ASX: BC8), and Tartisan Nickel Corp. (CSE: TN).

Spencer Cole, Chief Investment Officer stated: “The past month has seen strong progress by operating partners on a number of Vox’s gold and base metal royalty properties, including a 33% ore tonnage upgrade at the Binduli North gold project. Demonstrating the depth of Vox’s royalty portfolio, a number of exploration-stage royalties are being actively progressed towards development ahead of Vox management expectations, such as the Merlin/Electric Dingo gold deposits near the Paulsens mill and the Kenbridge nickel-copper project commencing construction on an all-season access road.”

Key Updates

• Significant increase in forecasted royalty ore tonnages at the Binduli North gold expansion project covered by the Janet Ivy royalty and construction plans for an 8MW solar farm to power the Binduli heap leach project, released by Zijin Mining’s subsidiary Norton Gold Fields Pty Ltd;
• Exceptional drilling results at the Sulphur Springs copper-zinc project by Develop, which are expected to result in a significant resource upgrade based on Develop management guidance;
• JORC 2012 resource estimate filed for the Paulsens Gold mine by Black Cat, which include Vox’s Merlin and Electric Dingo gold royalty assets; and
• Construction commencement of an all-season access road at the Kenbridge nickel-copper project by Tartisan, demonstrating a significant next step in preparation for a mining operation.

Janet Ivy (Producing – Western Australia) – Increased Royalty Ore Tonnages¹ and Solar Power Plans

• Vox holds a A$0.50/tonne production royalty over the Janet Ivy gold mine in Western Australia;
• In March 2022, Zijin Mining filed a mining proposal for the Binduli North heap leach gold project, which included:
  • 33% increase in forecast ore tonnages from the previously filed December 2020 Mining Proposal report (and Janet Ivy Technical Report¹ dated October 5, 2021), with total Binduli North life of mine ore tonnages increased from 41Mt @ 0.6g/t Au for 787Koz¹ to 55Mt @ 0.6g/t Au for 1,103Koz²;
  • Significant increase in gold royalty tonnages covered by the Vox royalty expected over the project over the +10 year mine life of the expansion project; and
  • Plans to install up to 8MW of single axis tracking solar PV, reducing reliance on diesel generated power.

• Vox Management Summary: This 33% increase in forecast ore tonnages at the Binduli North gold expansion project has directly unlocked value for Vox shareholders by providing potential for production upside and mine life extension beyond 10 years. We look forward to commencement of production from the Binduli North expansion in the second half of 2022.

Sulphur Springs (Pre-Construction – Western Australia) – Exceptional Drilling Results & Upcoming Resource Upgrade

• Vox holds a A$2.00/tonne production royalty (capped at A$3.7M) on the Sulphur Springs copper-zinc deposit and an uncapped A$0.80/tonne production royalty on the Kangaroo Caves deposit, which is part of the combined Sulphur Springs project in Western Australia;
• On May 16, 2022, Develop announced:
  • Exceptional final results from the A$10M drilling program;
  • Thick high-grade copper-zinc mineralisation intersected in resource drilling:

• • • 65.1m @ 3.5% copper-equivalent grade³ Western lens open pit infill;
    • 50.0m @ 2.9% CuEq³ Eastern lens underground infill;
    • 33.0m @ 4.6% CuEq³ Eastern lens underground infill;
    • 27.8m @ 6.7% CuEq³ Western lens open pit infill;
    • 23.0m @ 5.2% CuEq³ Western lens underground infill;
  • High-grade hangingwall zinc mineralisation expanded further with results including:

• • • 11.7m @ 26.7% Zn & 148 g/t, including 3.7m @ 51.9% Zn & 385g/t Ag;
    • 25.0m @ 8.9% Zn & 39.6 g/t Ag;
  • Exploration drilling continues to intersect thick zones of high-grade mineralisation:
    • 23.0m @ 2.6% Cu; and
  • A resource update for Sulphur Springs is scheduled for release in the September 2022 quarter.

• Vox Management Summary: These copper and zinc drilling results are some of the highest-grade intersections in the history of the feasibility-stage Sulphur Springs project. Vox management is confident that the upcoming resource update in the September 2022 quarter is likely to further support a near-term construction decision.

Merlin and Electric Dingo (Exploration – Western Australia) – JORC Resource Release & Open Pit Potential

• Vox holds a 0.75% gross revenue royalty (>250koz cumulative production) over the Merlin gold deposit, and a 1.75% gross revenue royalty (>250koz cumulative production hurdle that is combined with the Ashburton gold royalty) over the Electric Dingo gold deposit. Both royalties form part of the Paulsens gold operation in Western Australia;
• On May 25, 2022, Black Cat announced:
  • Total high-grade JORC 2012-compliant resources at Paulsens have been confirmed as expected;
  • Due diligence expectations were met at Paulsens where Mt Clements, Merlin and Electric Dingo deposits were converted to JORC 2012-compliant resources;
  • These three deposits all have the potential to provide open pit material into the Paulsens processing facility; and
  • There is high potential to grow all resources.

• Vox Management Summary: Since acquiring the Paulsens mine in April 2022, new operator Black Cat has reprioritised the royalty-linked Merlin and Electric Dingo gold deposits as potential sources of open pit material for the existing Paulsens processing facility. We look forward to future updates from Black Cat on these deposits with potential for them to be fast-tracked into production via the existing processing facility.

Kenbridge (PEA – Canada) – Construction Commencement for All-Season Access Road

• Vox holds a 1% net smelter return royalty on part of the Kenbridge nickel-copper project in Canada, which is subject to a full buyback right for C$1.5M in favour of Tartisan;
• On May 25, 2022, Tartisan announced that:
  • It has commenced construction on an all-season road into the project;
  • It has received the necessary work permit from the Ministry of Northern Development, Mines, Natural Resources and Forestry to conduct the road maintenance and all necessary upgrades, including brushing, ditching, graveling and installing culverts; and
  • CEO Mark Appleby commented: “All-season access for the Kenbridge Nickel Project is a significant next step in preparation for a mining operation and we are pleased to have a full team engaged in road construction. The ability to have fuel, utility and construction vehicles able to drive into the Kenbridge mining camp via the Kenbridge Nickel Project access road is game changing. Construction completion is anticipated by September 2022.”

• Vox Management Summary: The commencement of construction of an all-season road is a key long-lead item towards preparing for a mining operation at the Kenbridge nickel-copper project. Recent strength in nickel prices have increased the potential for this Canadian project to be advanced forward into development.

Transaction Update

El Molino (Peru)

Originally announced on April 26, 2022

Vox is pleased to announce that it has completed the acquisition of Terrace Gold Pty Ltd’s rights and interests in an agreement with Lumina Copper S.A.C, which includes the right to receive the El Molino 0.5% NSR royalty in Peru. On April 26, 2022, Vox entered into a sale and purchase agreement with Terrace Gold, a subsidiary of hearing aid technology company Nuheara Limited. The April 26, 2022 agreement was subsequently amended and restated on June 7, 2022. The upfront consideration issued to Terrace Gold was 17,959 common shares of the Company. A further payment of US$450,000 is payable in cash following the registration of the El Molino royalty rights on the applicable mining title in Peru and the satisfaction of other customary conditions.

Qualified Person

Timothy J. Strong, MIMMM, of Kangari Consulting LLC and a “Qualified Person” under NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this press release.

About Vox

Vox is a returns focused precious metals royalty company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to target the highest risk-adjusted returns in the mining royalty sector. Since the beginning of 2020, Vox has announced over 20 separate transactions to acquire over 45 royalties.