Vox Provides 2021 Outlook, Building ON a Transformational 2020 Year
VOX PROVIDES 2021 OUTLOOK,
BUILDING ON A TRANSFORMATIONAL 2020 YEAR
GEORGE TOWN, CAYMAN ISLANDS – February 10, 2021 – Vox Royalty Corp . (TSXV: VOX) (“Vox” or
the “Company”), a high growth precious metals focused royalty company, is pleased to provide an initial outlook for
fiscal 2021, following a transformational 2020 year which saw Vox go public in May and subsequently acquired over
30 royalties.
2021 Outlook – Production Stage Assets
• Recent material production-related operator guidance highlighted during the Q4 2020 quarter included:
o Black Cat Syndicate Ltd. (ASX: BC8) (“ Black Cat”), operator of the Company’s Bulong 1% net
smelter royalty, announced on November 26, 2020, their plans to construct a 500,000tpa processing
facility, targeting commencement of Stage 1 open pit mining at the Myhree deposit (royalty-linked)
in the December 2021 quarter and full production in the March 2022 quarter; and
o Thor Explorations Ltd. (TSXV: THX) (“ Thor”), operator of the Company’s Segilola 1.5% net
smelter royalty, capped at US$3.5M, announced on December 10, 2020, a final set of encouraging
drill results from Thor’s in-pit and extensional diamond core drilling program at its Segilola Gold
Project in Nigeria, “which is scheduled to pour first gold in Q2 2021”.
• Based on operator guidance, Vox expects to increase its producing royalty asset count within its existing
portfolio from four to six, including:
o Segilola – 1.5% net smelter royalty in Nigeria, capped at US$3.5M, with Thor targeting first gold
pour in Q2 2021;
o Bulong – 1% net smelter royalty in Western Australia, with Black Cat targeting commencement of
production in Q4 2021;
o Koolyanobbing (Deception Pit) – producing 2% Free On Board (“FOB”) revenue iron ore royalty
over part of the Deception Pit in Western Australia;
o Higginsville (Dry Creek) – producing grade-linked tonnage royalty in Western Australia, covering
part of the Hidden Secret, Mousehollow and Paleochannels deposits;
o Brauna – producing 0.5% gross sales royalty interest in Brazil , South America’s largest operating
diamond mine, currently mining 1 of 21 kimberlite occurrences on the property; and
o Graphmada – 2.5% Gross Concentrate Sales care & maintenance stage graphite royalty in
Madagascar, with the operator targeting updates to its Mineral Resource estimate to support plans
for a Stage 2 expansion of production and targeting an increased production profile at Graphmada
capitalising on the achievements of Stage 1, as discussed on 29 January 2021 .
2021 Outlook – Development Assets
• Based on operator guidance, Vox anticipates the following catalysts for development and exploration stage
royalties in 2021:
o Bowdens (0.85% gross revenue royalty) : Silver Mines Limited (ASX: SVL) responding to
submissions received in relation to the Bowdens Silver Project Environmental Impact Statement
(“EIS”) eight week public exhibition, which successfully concluded during Q3 2020, as discussed
on 28 January 2021.
o Sulfur Springs (A$2/t ore production royalty, capped at A$3.7M ): updates from Venturex
Resources Limited (ASX: VXR) secondary approvals and development permits , regulatory
engagement, project implementation and development strategies through engagement with potential
contractors for site works, including short -listing and tender preparation , value optimisation
opportunities and recommencement of the 2020 drilling program in late Q1 2021, following the end
of the current wet season, as discussed on 29 January 2021.
o Lynn Lake – MacLellan (2% Gross Proceeds post initial capital): 17,000m drilling program
budgeted by Alamos Gold Inc. (TSX: AGI) for 2021, partially on royalty claims covering part of
the MacLellan deposit, ongoing environmental baseline work to support permitting of the project,
community engagement, and other engineering and geotechnical work, which Vox hopes will
support a construction decision in 2022, as discussed on 9 December 2020 .
o Pitombeiras (1% NSR royalty) : completion by Jangada Mine s plc (AIM: JAN) of a maiden
National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”)
Technical Report and a Preliminary Economic Assessment on the Pitombeiras Vanadium Project in
Brazil, as discussed on 25 January 2021.
o Montanore (US$0.20/t production payments): finalisation of a supplemental EIS statement that
is being prepared by the US Forest Service focusing on the evaluation phase, and a Record of
Decision that is expected in mid -2021 in response to litigation completed in 2017, as discu ssed by
Hecla Mining Company (NYSE: HL) in their December 2020 corporate presentation.
o Kookynie (tonnage royalty): completion by Genesis Minerals Limited (ASX: GMD) of an updated
resource estimate in Q1 2021 and completion of a feasibility study on the Kookynie project , as
discussed on 8 February 2021.
• Continued organic news flow f rom our operating partners , targeting an approximate average of 30,000m
partner-funded drilling on royalty projects each quarter.
Corporate 2021 Growth Targets
• To continue to be one of the fastest growing royalty companies in the industry, closing out calendar 2020
with the completion of 13 transactions to acquire 30 royalties, including the acquisition of its Brits vanadium
royalty and the Breakwater Resources Limited royalty portfolio in Q4 2020 and Q1 2021, respectively;
• To continue to grow and acquire additional NAV -accretive royalties, leveraging Vox’s proprietary royalty
database and continuing discussions already underway with potential royalty vendors ;
• To increase analyst coverage of V ox beyond the current 3 independent firms providing coverage – Cantor
Fitzgerald, Paradigm Capital Inc., and Red Cloud Securities; and
• To conduct a review of secondary exchange listing options.
Kyle Floyd, Chief Executive Officer stated, “The Company’s Q4 achievements rounded out a transformational 2020
year for Vox and promises a catalyst-rich 2021 year. We started 2020 with one producing royalty, being Graphmada,
and added Koolyanobbing in Q2, Brauna in Q3 and Higginsville in Q4 to our growing list of producing royalties. We
look forward to the organic news flow from our existing operators in 2021 as we see the number of producing royalties
within our existing portfolio continue to grow.”
Qualified Person
Timothy J. Strong, MIMMM, of Kangari Consulting Limited 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 high growth precious metals royalty and streaming company with a portfolio of over 40 royalties and streams
spanning nine 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 become the fastest
growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 15 separate transactions
to acquire over 40 royalties.
Further information on Vox can be found at www.voxroyalty.com.
For further information contact:
Kyle Floyd
Chief Executive Officer
Cautionary Note Regarding Forward Looking Information
This news release contains certain forward- looking statements. 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 not 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”.
The forward -looking statements and information in this press release include, but are not limited to, statements
regarding expectations for the timing of commencement of resource production from various mining projects,
expectations regarding the size, quality and exploitability of the resources at various mining projects, future
operations and work programs of Vox’s mining operator partners and f uture royalty payments derived from various
royalty assets of Vox.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet
determinable and assumptions that, while believed by management to be reas onable, are inherently subject to
significant business, economic and competitive uncertainties and contingencies. Forward- looking statements and
information are subject to various known and unknown risks and uncertainties, many of which are beyond the abil ity
of Vox to control or predict, that may cause Vox’s actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are developed based on assumptions about such risks,
uncertainties and other factors set out herein, including but not limited to: the requirement for regulatory approvals
and third party consents, the impact of general business and economic conditions, the absence of control over the
mining operations from which Vox will receive royalties, including risks related to international operations,
government relations and environmental regulation, the inherent risks involved in the exploration and development
of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in
exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-
19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Vox’s
expectations; accidents, equipment breakdowns, ti tle matters, labor disputes or other unanticipated difficulties or
interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory
restrictions, including environmental regulatory restrictions; liability, competition, loss o f key employees and other
related risks and uncertainties.
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. H owever, 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 repre sents 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press release is based on information publicly disclosed by project
operators 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 only a portion of the publicly reported
mineral reserves, mineral resources and production of a property.