Vox Royalty Corp. (TSX-V: VOX) (NASDAQ: VOXR) a returns focused mining royalty company, is pleased to announce that it has executed a binding royalty sale and purchase agreement dated November 21, 2022 with Gloucester Coal Ltd and acquired Gloucester’s Cardinia development-stage gold royalty in Western Australia for A$450,000 (approximately US$300,000) cash. The Company is also pleased to announce that it has completed the acquisition of First Quantum Minerals Ltd.’s (TSX: FM) Canadian royalty portfolio, previously announced on November 10, 2022, which closed on November 21, 2022.

The acquired royalty, previously produced on a bulk sampling basis, is a 1% Gross Value of Sales royalty above 10,000oz cumulative gold production (~9,100oz remaining hurdle) on mining lease M37/86, which is operated by Kin Mining Ltd (ASX: KIN), and is part of Kin’s flagship Cardinia Gold Project, which is located 30km east of Leonora in Western Australia. The Cardinia Royalty was created in 1993 pursuant to an Option Agreement between Sons of Gwalia Ltd and Centenary International Mining Ltd, the latter of which became CIM Resources Ltd, and eventually, Gloucester.

Riaan Esterhuizen, Executive Vice President – Australia stated: “This overlooked 1993 vintage gold royalty is Vox’s ideal low-cost acquisition – a fully-permitted and shovel-ready gold project, located in the prolific Leonora district of Western Australia within trucking distance of 4 existing mills with over 10Mtpa processing capacity. This transaction was originated using Vox’s proprietary royalty database of over 8,500 royalties, to identify an overlooked gold royalty inherited through a broader 2012 corporate acquisition. Regional consolidation within the Leonora region is underway with Genesis Minerals’ acquisition of Dacian Gold and merger talks ongoing between Genesis and St Barbara, all of which bodes well for Kin Mining’s prospects at the Cardinia Gold Project.”

Transaction Highlights⁽¹⁾⁽²⁾

• Provides exposure to the pre-feasibility-stage 1.4Moz (34.5Mt @ 1.27g/t) resource⁽¹⁾ Cardinia Gold Project that is strategically located within 100km of 4 existing gold mills (with total processing capacity of over 10Mtpa) in the prolific Leonora gold region of Western Australia;
• The Cardinia Royalty covers the majority of the Lewis deposit, which forms a key part of the Bruno-Lewis JORC-compliant gold resource estimate⁽¹⁾ of 12.1Mt @ 1.0g/t for 388,000oz (September 2022, 0.4g/t Au cut-off) and the Lewis East Prospect, which hosts recent drilling intersections⁽²⁾ of 11m @ 3.85g/t Au, 44m @ 0.47g/t Au and 6m @ 3.63g/t Au;
• A mining proposal for the Lewis open pit deposit was approved by the Department of Mines, Industry Regulation and Safety (DMIRS) on November 10, 2021, which Vox believes could pave the way for potential toll-treatment production from one of the regional mills;
• In 2016, trial mining was conducted at the East Pit of the Lewis Deposit via a Toll Milling Agreement with Golden Mile Milling’s (now owned by Karora Resources Inc. (TSX: KRR)) Lakewood CIL processing facility in Kalgoorlie, which processed a parcel of ore totalling approximately 14,779 tonnes that produced 908oz at an average recovery rate of 94%; and
• Existing infrastructure and related key hardware such as mills, a crusher, conveyors and structural steel are already owned by Kin, which Vox believes could create potential for fast-track development of a standalone Cardinia operation.

Asset Overview – Cardinia Gold Project⁽³⁾

The CGP covers a 656km² land package located 30km from Leonora within the North Eastern Goldfields, the easternmost subdivision of the Archaean Yilgarn Block. The combined 1.4Moz JORC Resource Estimate is hosted in oxide-dominant ore zones at three centres – Cardinia, Mertondale and Raeside.

The CGP sits upon greenstone rocks from the Minara Group, which is composed of the basal Welcome Well Formation, followed by the Minerie Formation and overlain by the Murrin Murrin Formation. Cardinia Mineralisation is shallow crustal with the understanding of a low sulphidation epithermal system developing. Gold mineralisation is very strongly associated with Silver, Arsenic, Bismuth, Antimony, Zinc and Tungsten and is within a large, disseminated pyrite – silica – potassic alteration envelope.

The CGP is strategically located within 100km of four existing gold mills; the 4.0Mtpa King of The Hills mill (Red 5 Limited), the 3.0Mtpa Thunderbox mill currently undergoing a major expansion to 6.0Mtpa (Northern Star Resources Ltd), the 3.0Mtpa Mt Morgans mill (Dacian Gold Ltd) and the Gwalia 1.4Mtpa mill (St Barbara Limited) – as shown in Figure 2 below.

The Cardinia Royalty covers mining lease M37/86, which is located centrally within the Cardinia mining centre and covers the majority of the Lewis deposit, the Lewis South Deposit and the emerging Lewis East prospect – as shown in Figure 3 below.

In 2016, trial mining was conducted at the East Pit of the Lewis Deposit via a Toll Milling Agreement with Golden Mile Milling’s (now, Karora) Lakewood CIL processing facility in Kalgoorlie and a Cartage Agreement with MLG Oz Pty Ltd for load and haul to the processing facility. This Lewis Deposit trial mining resulted in processing a parcel of ore totalling approximately 14,779 tonnes that produced 908oz at a 94% recovery. Refer to Figure 1 for a 2016 snapshot of the extraction of remaining ore at the final bench of the Lewis Stage 1 East Pit.

Bruno-Lewis Resource Estimate as at 21 September 2022⁽¹⁾

Table 1: Bruno-Lewis Mineral Resource Estimate
(Source: Kin resource update announcement dated 21 September 2022)

For more information on the CGP, please visit the Kin website at https://kinmining.com.au/

Transaction Closings

Closings of the Transaction and the acquisition of the FQM royalty portfolio occurred on November 21, 2022, with Vox using cash on hand to fund the payment of the Transaction.

Qualified Person

Timothy J. Strong, MIMMM, of Kangari Consulting LLC and a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

About Vox

Vox is a returns focused mining royalty company with a portfolio of over 60 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 returns on royalty acquisitions in the mining royalty sector. Since the beginning of 2020, Vox has announced over 25 separate transactions to acquire over 50 royalties.

Figure 1: Trial Mining in 2016 at royalty-linked Lewis Deposit – (Source: Kin Mining NL announcement “Kin Mining Update” dated 29 July 2016) (CNW Group/Vox Royalty Corp.)

Figure 2: Cardinia Project Location – (Source: Kin Investor Presentation – 7 June 2022) (CNW Group/Vox Royalty Corp.)

Figure 3: Royalty Area and Mineral Resource Coverage (Source: https://www.kinmining.com.au/wp-content/uploads/2020/02/DFS-Confirms-a-High-Margin-Gold-Mine-for-Kin-at-The-LGP.pdf) (CNW Group/Vox Royalty Corp.)