Vox Royalty Enters into Binding Agreement to Acquire a Construction-Stage GOLD Royalty ON the Segilola Project
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES
VOX ROYALTY ENTERS INTO BINDING AGREEMENT TO ACQUIRE A
CONSTRUCTION-STAGE GOLD ROYALTY ON THE SEGILOLA PROJECT
TORONTO, ONTARIO – July 10, 2020 – Vox Royalty Corp . (TSXV: VOX) (“Vox” or the “ Company”) is
pleased to announce that it has entered into a binding agreement pursuant to which Vox will acquire a royalty on Thor
Exploration Limited’s (“Thor”) (TSXV:THX) construction-stage Segilola Gold Project (“Segilola”) for consideration
of C$900,000 comprised of C$650,000 in cash and C$250,000 in Vox shares (the “Transaction”).
Segilola is in the state of Osun in Nigeria, approximately 120km northeast of Lagos. According to the public disclosure
record of Thor, construction commenced in February 2020 and first gold production is scheduled for Q2 2021. The
deposit hosts open pit probable gold reserves of 405,000oz @ 4.2g/t (at 0.77g/t cut-off, resource estimate dated 04
Feb 2019). A 2019 Definitive Feasibility Study completed on 04 Feb 2019 outlines production estimates averaging
80,000oz of gold per annum over an initial 5 -year mine life. For more information on Segilola, please visit the Thor
website at https://www.thorexpl.com/.
Transaction Highlights
• Exposure to a high-grade, open pit gold operation with first gold expected in Q2 2021, according to Thor.
• Additional near-term royalty revenue attributable to Vox from an operation which is expected to produce
approximately 80,000oz of gold per annum over an initial 5-year life of mine.
• Thor announced full funding of the project after signing definitive documents in April 2020 for a total
expected fundraising of US$104,500,000 led by the Africa Finance Corporation.
• Further exposure to the African continent, with this Transaction representing Vox’s second royalty
acquisition in Africa.
Simon Cooper, Vice President of Corporate Development stated: “Vox is excited to add this near -term production
gold royalty over the construction -stage Segilola project in Nigeria. In addition to our existing royalties over
producing assets, this acquisition bolsters our portfolio of royalties across construction and development -stage
properties which we anticipate will add to cash -flow in 2021. We look forward to further updates from Thor as they
continue to build the project and move towards first gold pour.”
Figure 1: Ongoing construction activities at Segilola. (Source: https://www.thorexpl.com/).
Royalty Terms
The royalty is a 1.5% net smelter return royalty in respect of all products mined from the property. Royalty payments
are capped at US$3.5M (~C$4.73 M1) and the royalty is subject to a certain buy -back provision of up to US$3.5M
(~C$4.73M) less any amounts already paid to the royalty holder.
Transaction Closing
Closing of the Transaction is expected to occur before the end of September 2020. Closing of the Transaction will
occur following satisfaction of customary conditions including the approval of the TSX Venture Exchange as well as
execution of standard transaction documentation. Vox will use current cash on hand to fund the payment of t he cash
consideration for the Transaction.
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 growth and precious metals focused mining royalty and streaming company. Vox holds a portfolio of 41
royalties and streaming assets and 1 royalty option. Vox’s interests span eight jurisdictions, including Australia,
Canada, Peru, Brazil, Mexico, the United States, Madagascar and Nigeria. Vox has been the fastest growing royalty
1 As per USD/CAD forex rate of 1.35 on 09 July 2020
& streaming acquisition company since January 2019, announcing 16 separate royalty transactions. Further
information on Vox can be found at www.voxroyalty.com.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press release relating to the Segilola Gold Project is based on
information publicly disclosed by Thor and based on the information and data available in the public domain as at the
date hereof. None of such information or data has been independently verified by Vox . Specifically, as a royalty
investor, Vox has limited, if any, access to the Segilola Gold Project. Although Vox does not have any knowledge
that such information may not be accurate, there can be no assurance that such information from Thor is complete or
accurate.
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”. 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, information
relating to a potential royalty acquisition, the ability of Vox to continue to complete acquisitions and the ability of the
Vox management team to continue to focus on acquisitions. Such statements and information reflect the current view
of Vox. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause Vox’s actual results, performance or achievements or other future events, to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following risks:
• there is no assurance that the Segilola Royalty acquisition will be completed;
• there is no assurance that the required approvals for the Segilola Royalty acquisition, including the approval
of the TSX Venture Exchange will be obtained;
• there is no assurance that Vox will be able to use current cash on hand to fund the acquisition of the Segilola
Royalty;
• there is no assurance that the construction of the Segilola Gold Project will be completed as scheduled;
• there is no assurance that production from the Segilola Gold Project will achieve the quantities of gold
expected pursuant to each development feasibility study and pre-feasibility study completed;
• there is no assurance that Vox will be able to continue to successfully negotiate the purchase of royalties;
and
• new laws or regulations could adversely affect the Company’s business and results of operations; and
• the stock markets have experienced volatility that often has been unrelated to the performance of companies,
and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating
performance.
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, planned, anticipated, believed, estimated or expected. Vox cautions that the foregoing list of
material factors is not exhaustive. When relyi ng on the Company’s forward-looking statements and information to
make decisions, investors and others should carefully consider 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 a ssumptions 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 do so, Vox does not undertake to update this information at any particular time
except as required in accordance with applicable laws.
Not for distribution to United States newswire services or for dissemination in the United States. This press release
does not constitute an offer to sell or a solicitation of an offer to buy any of the securitie s in the United States. The
securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
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.
For further information contact:
Simon Cooper
Vox Royalty Corp., Vice President, Corporate Development
Deborah Honig
Adelaide Capital, Investor Relations