Vox Royalty Notes Development Decision at the Horseshoe Lights Project and Provides Western Australia GOLD Market Update
VOX ROYALTY NOTES DEVELOPMENT DECISION
AT THE HORSESHOE LIGHTS PROJECT AND PROVIDES
WESTERN AUSTRALIA GOLD MARKET UPDATE
DENVER, CO – June 23, 2025 – Vox Royalty Corp. (TSX: VOXR) (NASDAQ: VOXR) (“Vox” or the “Company”), a returns
focused mining royalty company, is pleased to provide an update on the Horseshoe Lights copper-gold project in Western Australia,
from royalty operator , Horseshoe Metals Limited (“Horseshoe Metals ”), and recent gold industry developments in Western
Australia.
Spencer Cole, Chief Investment Officer stated: "We’re encouraged by the fast -tracking of the Horseshoe Lights gold stockpiles
towards production through Melody Gold’s toll treatment agreement. This development highlights the unique qualities of Western
Australia as a top global mining jurisdiction, where mining operators can leverage efficient permitting, skilled mining labor,
available capital and underutili zed processing plants to potentially bring mineral deposits into production within three to five
years. Horseshoe Lights is expected to be the seventh of nine royalty-linked Western Australian gold deposits to enter production
between mid-2024 and mid-2026 – underscoring the sustained momentum in our Australian gold royalty portfolio.”
Figure 1 – Gold Surface Materials covered by Option Agreement (colored yellow and green)
(Source: https://horseshoemetals.com.au/wp-content/uploads/2025/06/Option-Exercised-Gold-Surface-Materials-Processing-Rights.pdf)
Horseshoe Lights Option Exercised for Gold Surface Materials Processing
• Vox holds an uncapped 3.0% Net Smelter Return royalty over the Horseshoe Lights copper -gold project in Western
Australia, operated by Horseshoe Metals.
• On June 12, 2025, Horseshoe Metals announced that Melody Gold Pty Ltd (“Melody”) has exercised its option to secure
an exclusive licence to process up to 500,000 tonnes per annum of gold-bearing surface materials at the Horseshoe Lights
copper-gold Project. The initial term is three years, with an option to extend. In addition:
o The Horseshoe Lights accommodation camp recently recommissioned to support Melody’s planned activities
and Horseshoe Metals’ Direct Shipping Operation (“DSO”) copper start-up;
o Cash flow from gold processing to support Horseshoe Metals’ near-term acceleration of copper exploration,
development and DSO start-up at Horseshoe Lights;
o Melody has advised it intends to treat up to 500,000 tonnes per annum in its proposed retreatment of the Gold
Surface Materials, utilising gravity recovery to produce a gold-copper-silver concentrate; and
o Horseshoe Metals’ Director, Kate Stoney, commented:
▪ “This is a strategic step forward for the business, as we look to unlock the value of our gold surface
materials and capture early cash flow opportunities that will help expedite the re-development of the
Horseshoe Lights Copper asset in Western Australia. We look forward to working with Melody and
reporting on further operational progress as activity ramps up at Horseshoe Lights over the coming
months.”
• Vox Management Summary: The Horseshoe Lights royalty project is being fast -tracked towards potential first
production in late 2025, with the commencement of gold surface materials processing expected to commence by
Melody in the coming months . This toll processing licence deal with Melody is a great example of how Western
Australian mining projects are able to be fast -tracked into production, relative to other jurisdictions. Once
ramped up to the expected 500,000 tonnes per annum gold processing rate, Vox anticipates that the gold stockpile
operation will generate meaningful annual royalty revenues and de-risk the development of the larger Horseshoe
Lights copper-gold project.
Figure 2 – Horseshoe Lights Project Infrastructure
(Source: https://horseshoemetals.com.au/wp-content/uploads/2025/05/Infrastructure-Recommissioning-Well-Advanced-at-HSL.pdf)
Western Australia (“WA”) Gold Mining Market Update
• The market for Australian gold developers and producers remains very robust with the spot gold price at A$5,228/ounce
as of June 19th, 2025. As of May 2025, the WA resources sector hit a new peak in employment, including:
o 135,693 on-site full-time-equivalent (“FTE”) mining positions, plus
o 4,263 on-site FTE positions in exploration roles, with
o Gold mining accounting for ~31,884 FTE positions, up by ~1,800 job growth YoY 2.
• There are 107 major national projects , including gold -related initiatives , which were categorized as committed or
advanced in feasibility and expected to proceed by 20293.
• Specifically, in WA, there are approximately 48 advanced/in-pipeline projects, which are forecasted to demand ~11,065
new workers by 20293.
• High gold prices have accelerated the development of several WA gold royalty projects in 2024 and 2025 , and this is
expected to continue over the coming year. From mid-2024 to mid -2026, Vox management expects nine royalty -
linked gold deposits to commence production, as summarised below:
Gold Deposit
(Royalty-linked) Operator
Year Royalty
Acquired
(by Vox)
Mining Commenced
/ Expected to
Commence
Processing Plant
Myhree Black Cat Syndicate 2020 Q3 2024 Paddington
(tolling)
Rayjax Evolution Mining 2024 Q3 2024 Mungari
Plutonic East UG Catalyst Metals 2023 Q1 2025 Plutonic
Boundary Black Cat Syndicate 2020 Q1 2025 Lakewood
Castle Hill Evolution Mining 2024 Q2 2025 Mungari
Horseshoe Lights
(gold stockpiles)
Horseshoe Metals 2023 Q4 2025 Melody Gold
(tolling)
Bruno-Lewis Genesis Minerals 2022 Q4 2025 Laverton
Myhree UG Black Cat Syndicate 2020 H1 2026 Lakewood
Mt Ida Aurenne Group 2020 H2 2026 Mt Ida
Table 1 – Mining Commencement Timing at Royalty-linked WA Gold Deposits
(Source: Vox management, based on operator guidance & filings )
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:
Kyle Floyd
Chief Executive 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, expectations for Vox’s
inclusion in various Russell indexes and impacts resulting from such inclusion , 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 and 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 and requirements for and operator ability to receive regulatory
approvals.
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 e nvironmental 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, includi ng
commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax 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, 202 4 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 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 inf ormation 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. Horseshoe Metals Limited – Horseshoe Lights Gold Processing Update – Dated June 12, 2025:
https://horseshoemetals.com.au/wp-content/uploads/2025/06/Option-Exercised-Gold-Surface-Materials-Processing-
Rights.pdf
2. Government of Western Australia – WA resources sector powers ahead with record jobs growth – Dated May 25, 2025:
https://www.wa.gov.au/government/media-statements/Cook%20Labor%20Government/WA-resources-sector-powers-
ahead-with-record-jobs-growth-20250525
3. MiningMagazine.com.au – Thousands needed to drive WA resources – Dated September 16, 2024:
https://miningmagazine.com.au/thousands-needed-to-drive-wa-resources/