First GOLD Royalty Revenues Received from Castle Hill and Bulong Royalties IN Western Australia
FIRST GOLD ROYALTY REVENUES RECEIVED FROM CASTLE
HILL AND BULONG ROYALTIES IN WESTERN AUSTRALIA
TORONTO, CANADA – December 4, 2024 – Vox Royalty Corp . (TSX: VOXR) (NASDAQ: VOXR) (“Vox” or the
“Company”), a returns focused mining royalty company, is excited to announce the receipt of its first royalty revenues from its
Castle Hill and Bulong gold royalties in Western Australia, from operating partners Evolution Mining Limited (“Evolution”) and
Black Cat Syndicate Limited (“Black Cat”). Additionally, the Company anticipates inaugural royalty revenues from its Otto Bore
gold royalty in Q4 2024 or Q1 2025 from Northern Star Resources Limited (“Northern Star”).
Riaan Esterhuizen , Executive Vice President – Australia stated: “We are excited to share the receipt of first royalty revenue
milestones from each of the Castle Hill and Bulong gold projects, both ahead of Vox management expectations. In addition, we
expect first royalty revenues to be recognized from the Otto Bore gold royalty within the next six months. These three gold royalties
are expected to contribute approximately $3M – $4M in gold-related royalty revenue1 for Vox in 2025. Near-record gold prices of
approximately A$4,000/ounce continue to support Vox’s well-capitalised operating partners in Western Australia to accelerate
their project development and gold production – to the benefit of Vox shareholders.”
Figure 1: Myhree open pit (looking north) – multiple dig fleets plus drill & blast activities
Source: https://api.investi.com.au/api/announcements/bc8/202d77f5-c14.pdf
• Castle Hill – Rayjax Deposit (Western Australia)
o On Castle Hill, Vox holds a A$40/oz gold royalty (payable up to 75 ,000oz gold production ), plus a net
milestone payment of A$2,000,000, triggered at 140,000oz of cumulative gold production. Vox also holds an
uncapped 2% realised production royalty over the Kunanalling tenure which surrounds Castle Hill , payable
post 75,000oz of gold production from the Castle Hill royalty tenure.
o On November 22, 2024, Vox received inaugural royalty revenue from Evolution related to gold production
from the Rayjax gold deposit on mining lease M15/1831. Ore from Rayjax is processed via the Mungari mill,
which is undergoing a capacity expansion from 2Mtpa to 4.2Mtpa as part the ongoing A$250M Mungari 4.2
Project expansion project.
o Vox acquired the Castle Hill royalty as part of a larger portfolio of four Australian royalties on May 14, 2024.
• Bulong – Myhree Deposit (Western Australia)
o Vox holds an uncapped 1% net smelter royalty (“NSR”) over key areas of the Bulong Mining Centre (part of
Black Cat’s Kal East Gold Project), including the high-grade Myhree and Boundary gold deposits.
o On December 3, 2024, Vox received first royalty revenue from Black Cat related to gold produced for Q3 2024
from the Myhree gold deposit and processed via a tolling arrangement at the Nortons Gold Fields Paddington
Mill.
o Black Cat has progressed Myhree from discovery in 2018 to first gold doré production in 2024 , over an
accelerated 6-year timeline.
• Otto Bore (Western Australia)
o Vox holds a 2.5% NSR on cumulative production between 42,000 – 100,000 ounces at Otto Bore.
o Based on operator correspondence, Vox expects receipt of first royalty revenue from Otto Bore in Q4 2024 or
Q1 2025, based on cumulative production to date relative to the 42,000-ounce royalty payability hurdle.
o According to Northern Star, Otto Bore is a satellite open pit operation located ~10km north of Northern Star’s
6Mtpa capacity Thunderbox Mill, mined by way of conventional truck and shovel operations.
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 mining royalty company with a portfolio of over 60 royalties spanning six 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 30 separate transactions to acquire over 60 royalties.
Further information on Vox can be found at www.voxroyalty.com.
For further information contact:
Riaan Esterhuizen Kyle Floyd
EVP – Australia Chief Executive Officer
+1-345-815-3939
+1-345-815-3939
Cautionary Statements to U.S. Securityholders
This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with
Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current
standards of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral
reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,”
“measured mineral resources” and “mineral resources” used or referenced herein and the documents incorporated by reference
herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with NI 43-101 and the Canadian Institute
of Mining, Metallurgy and Petroleum (the “ CIM”) — CIM Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended (the “CIM Definition Standards”).
For U.S. reporting purposes, the U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments to its disclosure
rules (the “ SEC Modernization Rules”) to modernize the mining property disclosure requirements for issuers whose securities
are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended, which became effective February 25,
2019. The SEC Modernization Rules more closely align the SEC’s disclosure requirements and policies for mining properties with
current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure
requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC
Modernization Rules in their first fiscal year beginning on or after January 1, 2021. As a foreign private issuer that is eligible to
file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure
on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM
Definition Standards. Accordingly, mineral reserve and mineral resource information contained or incorporated by reference
herein may not be comparable to similar information disclosed by companies domiciled in the U.S. subject to U.S. federal securities
laws and the rules and regulations thereunder.
As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of “proven
mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM Definition Standards
that are required under NI 43 -101. While the SEC will now recognize “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources”, U.S. investors should not assume that all or any part of the mineralization in these
categories will be converted into a higher category of mineral resources or into mineral reserves without further work and analysis.
Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than
mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that all or a ny
measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be
economically or legally mineable without further work and analysis. Further, “inferred mineral resources” have a greater amount
of uncertainty and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to
assume that all or any part of inferred mineral resources will be upgraded to a higher category without further work and analysis.
Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre -feasibility
studies, except in rare cases. While the above terms are “substantially similar” to CIM Definitions, there are differences in the
definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral
reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”,
“measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43 -101 would be the
same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization
Rules or under the prior standards of SEC Industry Guide 7.
Cautionary Note Regarding Forward-Looking Statements and Forward-Looking Information
This press release contains “forward-looking statements”, within the meaning of the U.S. Securities Act of 1933, as amended, the
U.S. Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and “forward -looking
information” within the meaning of applicable Canadian securities legislation. Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does n ot
anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-
looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ
from those reflected in the forward-looking statements.
The forward-looking statements and information in this press release include, but are not limited to, summaries of operator updates
provided by management and the potential impact on the Company of such operator updates, statements regarding expectations
for the timing of commencement of development, construction at and /or resource production from various mining projects,
expectations regarding the size, quality and exploitability of the resources at various mining projects, future operations an d work
programs of Vox’s mining operator partners, the receipt of expected and potential royalty payments derived from various royalty
assets of Vox, anticipated future cash flows and future financial reporting by Vox..
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to
materially differ from those reflected in the forward-looking statements, including but not limited to: the impact of general business
and economic conditions; the absence of control over mining operations from which Vox will pu rchase precious metals or from
which it will receive royalty or stream payments, and risks related to those mining operations, including risks related to
international operations, government and environmental regulation, delays in mine construction and operations, actual results of
mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are
refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price
fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementatio n of
new tax laws; the volatility of the stock market; competition; risks related to Vox’s dividend policy; epidemics, pandemics or other
public health crises, including the global outbreak of the novel coronavirus, geopolitical events and other uncertainties, su ch as
the conflict in Ukraine, as well as those factors discussed in the section entitled “Risk Factors” in Vox’s annual information form
for the financial year ended December 31, 2023 available at www.sedarplus.ca and the SEC’s website at www.sec.gov (as part of
Vox’s Form 40-F).
Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking
information or statement prove incorrect, actual results may vary materially from those described herein as intended, planne d,
anticipated, believed, estimated or expected. Vox cautions that the foregoing list of material factors is not exhaustive. When relying
on the Company’s forward-looking statements and information to make decisions, investors and others should carefully c onsider
the foregoing factors and other uncertainties and potential events.
Vox has assumed that the material factors referred to in the previous paragraph will not cause such forward looking statements
and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The
forward-looking information contained in this press release represents the expectations of Vox as of the date of this press release
and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information
and should not rely upon this information as of any other date. While Vox may elect to, it does not undertake to update this
information at any particular time except as required in accordance with applicable laws.
None of the TSX, its Regulation Services Provider (as that term is defined in policies of the TSX) or The Nasdaq Stock Market LLC
accepts responsibility for the adequacy or accuracy of this press release.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press release is based on information publicly disclosed by project ope rators
based on the information/data available in the public domain as at the date hereof and none of this information has been
independently verified by Vox. Specifically, as a royalty investor, Vox has limited, if any, access to the royalty operations. Although
Vox does not have any knowledge that such information may not be accurate, there can be no assurance that such information from
the project operators is complete or accurate. Some information publicly reported by the project operators may relate to a larger
property than the area covered by Vox’s royalty interests. Vox’s royalty interests often cover less than 100% and sometimes o nly
a portion of the publicly reported mineral reserves, mineral resources and production from a property.
References & Notes:
(1) Illustrative revenue estimate of $3M – $4M based on the following Vox management assumptions:
a. Bulong – 30,000 to 35,000 recovered ounces at 1% NSR and US$2,500/ounce gold price for $750k to $875k
potential revenue
b. Otto Bore – 25,000 to 30,000 recovered ounces at 2.5% NSR and US$2,500/ounce gold price for $1. 6M to
$1.9M potential revenue
c. Castle Hill – 25,000 to 50,000 recovered ounces, at A$40/ounce royalty rate (US$26/oz at 0.65 AUD:USD) for
$650k to $1.3M potential revenue
(2) Black Cat Syndicate – Kal East 4,100oz Mined & Counting – dated 11 November 2024 (Figure 1 image):
https://api.investi.com.au/api/announcements/bc8/202d77f5-c14.pdf