Vox Royalty Announces Major Expansion Approval at Binduli North GOLD Project
VOX ROYALTY ANNOUNCES MAJOR EXPANSION
APPROVAL AT BINDULI NORTH GOLD PROJECT
DENVER, CO – July 23, 2025 – Vox Royalty Corp. (TSX: VOXR) (NASDAQ: VOXR) (“Vox” or the “Company”), a returns
focused mining royalty company, is pleased to announce a significant development at the producing, gold royalty-linked Binduli
North gold project in Western Australia. Norton Gold Fields Pty Ltd (“ Norton”), a wholly-owned subsidiary of Hong Kong and
Shanghai-listed, Zijin Mining Group Co., Ltd., has received regulatory approval for a new Mining Proposal (defined below) that
includes a planned major expansion to processing throughput and infrastructure.
Spencer Cole, Chief Investment Officer stated: “The approval of an expanded Mining Proposal marks a major milestone for our
producing Janet Ivy gold royalty at Binduli North. With a 40% increase in crushing and grinding capacity up to 7Mtpa, and a life-
of-mine plan of up to 8Mtpa over approximately nine year s with mineralization open along strike and at depth , this update
significantly enhances royalty revenue potential on our uncapped production royalty. At this expanded 7Mtpa run -rate Vox
management expects this royalty to potentially generate over US$2M in annual revenue1, which equates to an annual 50% cash
return1 on its initial purchase price. The addition of (i) a mobile crushing circuit, (ii) expanded stockpiles, and (iii) processing
flexibility between heap leach and the Paddington Mill further de-risk this long-life gold operation. We are encouraged by Norton’s
continued investment in and operational momentum at one of Vox’s key producing Australian gold royalty assets.”
Figure 1 – Binduli Gold Heap Leach Operations and 2.4MW Solar Farm (background)
(Source: https://nortongoldfields.com.au/our-assets/)
Binduli North Expansion Highlights2:
• Vox holds an uncapped A$0.50/tonne production gold royalty interest over the Janet Ivy mining leases M26/446 and
M26/833, which cover the majority of the Mining Proposal mine design tonnage results.
• The updated Mining Proposal (Version 7.2) (“Mining Proposal”) was approved on July 16, 2025, by the Western
Australian Department of Mines, Industry Regulation and Safety ( “DMIRS”). The Mining Proposal included the
following key updates:
o 40% Throughput Increase Approved: Overall crushing and grinding circuit capacity has been expanded from
5Mtpa to 7Mtpa, enabled by the addition of a new mobile crushing and feeding circuit.
o Operation and Life of Mine: Tonnes treated per annum expected to be up to 8Mtpa for an approximate life of
operation of nine years. Total design volume for the Binduli North Heap Leach Facility is 58.1Mt.
o Enhanced Processing Flexibility: Low-grade waste material is expected to be crushed and screened at the new
mobile facility, with material either stacked on the heap leach facility or transported to the Paddington Mill for
processing.
o Infrastructure Expansion: Approval to develop additional stockpiles, process ponds, and heap leach circuit
upgrades to support increased volumes.
o Approvals Timeline: According to MINEDEX, the Mining Proposal was submitted to DMIRS on May 1, 2025,
and approved approximately ten weeks later on July 16, 2025, highlighting the speed of approval potential for certain
Western Australian brownfields expansions.
Background on Binduli Gold Project3:
The Binduli Gold Operation is centrally located approximately 10km west of the City of Kalgoorlie-Boulder, Western Australia,
and is a large-tonnage heap leach and open‑pit mining hub comprising Binduli North (royalty-linked) and Binduli South (not royalty
linked, undeveloped). The Binduli North tenements include the Fort William, Fort Scott, Karen Louise open pit gold deposits and
the large royalty-linked Janet Ivy gold deposit.
The Janet Ivy gold mineralisation extends over a 1.3km strike extent, and to an average vertical depth of 130 – 150m from surface.
Mineralisation remains open along strike and at depth.
Binduli North began ore processing in September 2022, marking the official commencement of production in mid‑2022. In 2024,
the mine produced approximately 51,450 ounces of gold in its second full year of production.
For more information on Janet Ivy, please visit the Norton website at https://nortongoldfields.com.au/binduli-gold-operation-
centre/.
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:
Spencer Cole
Chief Investment Officer
(720) 602-4223
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 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”. 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 at Binduli North , expectations
regarding the size, quality and exploitability of the resources at Binduli North, future operations and work programs of Vox’s
mining operator partners and 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, including international trade and tariffs; the absence of control over mining operations from which Vox
will purchase precious metals or from which it will receive royalty payments, and risks related to those mining operations, including
risks related to international operations, government and environmental regulation, delays in mine construction and operation s,
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, includi ng
commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of ta x laws or the
implementation of new tax laws; the volatility of the stock market; competition; risks related to Vox’s dividend policy; epid emics,
pandemics or other public health crises, including the global outbreak of the novel coronavirus, geopolitical events and other
uncertainties, such as the changes to United States tariff and import/export regulations , 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, 2024 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 statement s
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 r elease
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 Vox management potential royalty revenue & cash return calculations:
a. Illustrative revenue: 7,000,000 tonnes x A$0.50/tonne x 0.65 AUD:USD exchange rate as of 21 July 2025 =
US$2.275M
b. Royalty purchase price allocation: US$4.5M
c. Illustrative cash return: US$2.275M / US$4.5M = 50.55%
2. Binduli North Mining Proposal V7, DMIRS Mines and Mineral Deposits (MINEDEX) database:
https://minedex.dmirs.wa.gov.au/Web/environment-registrations/details/500544
3. Binduli Mine History & Background, Norton Goldfields website, July 2025:
https://nortongoldfields.com.au/binduli-gold-operation-centre/