Vox to Acquire Royalties ON Sibanye Stillwater 18 Million Ounce Limpopo PGM Project
VOX TO ACQUIRE ROYALTIES ON SIBANYE STILLWATER
18 MILLION OUNCE LIMPOPO PGM PROJECT
TORONTO, CANADA – January 18, 2022 – Vox Royalty Corp. (TSXV: VOX) (OTCQX: VOXCF) (“Vox” or
the “Company”), a high growth precious metals focused royalty company, is pleased to announce that it has
executed a binding agreement with a private South African registered company, to acquire two platinum group
metals (“PGM”) royalties for total consideration of up to C$10,400,000.
Pursuant to the terms of the purchase and sale agreement , Vox will issue C$1,500,000 of Vox common shares (the
“Vox Shares”) upon closing and make additional cash payments or issue additional Vox Shares (at Vox’s sole
election) upon achievement of certain production milestones (the “Transaction”). Closing of the Transaction remains
conditional upon customary approval by the TSX Venture Exchange for the issue.
The royalties include a 1.0% gross receipts royalty over the Dwaalkop Project (“Dwaalkop”) and a 0.704% gross
receipts royalty over the Messina Project (“Messina”, and together with Dwaalkop, the “Royalties”), which
collectively cover the full extent of the Limpopo PGM Project (“Limpopo”), operated by Sibanye Stillwater Ltd.
(“Sibanye”) (JSE: SSW / NYSE: SBSW). Limpopo was last mined in 2009 via the existing Baobab shaft and
concentrator (“Baobab Operation”), which are both in place and subject to ongoing re-opening feasibility studies by
Sibanye.
Transaction Highlights(1)(2)(4)
• Provides exposure to a substantial 18 million ounce 4E (platinum, palladium, rhodium, gold) Measured and
Indicated PGM resource and a further 18 million ounce 4E Inferred PGM resource over past-producing mine
on prolific Bushveld Igneous Complex (“BIC”);
• Full surface and underground infrastructure in place at the Baobab Operation, including a vertical shaft to
450m depth and a 90,000tpm concentrator which is currently on short -term lease to Anglo American
Platinum;
• Detailed feasibility study completed by Sibanye in 2017 and in 2020 the feasibility study was reviewed and
a conceptual level re -opening study for the Baobab Operation was completed, which demonstrated the
financial viability of the project;
• High-quality operating partner in Sibanye (current market capitalization US$10 billion), who currently
manages 5 PGM and 5 gold operations in Sub-Saharan Africa as well as 2 PGM operations in Montana;
• Significantly increase s Vox’s exposure to ‘battery metals’ such as rhodium, copper and nickel contained
within the resource – in 2007, Lonmin plc produced 73,600 ounces of PGMs, along with 752MT of nickel
and 513MT of copper, at the Limpopo Project; and
• Near-term development potential with existing infrastructure in place and categorised in Sibanye’s South
Africa 2 – 5 year project development pipeline.
Riaan Esterhuizen, Executive Vice President of Australia stated: “We are very excited to be adding exposure to a fully
constructed world-class 18 million ounce PGM resource with near-term restart potential from a US$10B operator.
With mine infrastructure already in place, feasibility studies underway and a financially strong operating partner in
Sibanye-Stillwater, we see tremendous upside for these assets. Based on the existing resource alone and not
considering the upside from the fact that the resource is open at depth, we see this asset as holding potential to become
a high-tonnage, multi-decade operation.”
Kyle Floyd, Chief Executive Officer stated: “Vox continues to successfully execute its strategy of finding world-class
royalties on de-risked operations with meaningful near-term catalysts. This is an extraordinary acquisition that we
expect will provide significant value to Vox shareholders for decades to come.”
Figure 1: Baobab Mining Area and surrounding royalty-linked royalty properties
(Source: https://www.sibanyestillwater.com/business/reserves-and-resources/)
Asset Overview – Limpopo Project(1)(2)(4)
The Limpopo Project is located on the northern sector of the Eastern Limb of the Bushveld Igneous Complex (“BIC”)
in the Limpopo Province, approximately 250km northeast of Johannesburg and 50km south of Polokwane (Figure 1).
The larger project area consists of three contiguous mineral t itle areas, Voor spoed, Dwaalkop and Doornvlei (all
royalty-linked), which are centered around the Baobab Operation on the Voorspoed mining right. The Royalties cover
the full project area, with the 0.704% gross receipts Messina royalty applicable over the Voorspoed and Doornvlei
properties and the 1.0% gross receipts Dwaalkop royalty applicable over the Dwaalkop property.
The Baobab Operation currently has full surface and underground infrastructure to support a designed mining rate of
90,000tpm, including a vertical shaft to 450m depth as well as 90,000tpm haulage capacity. Furthermore, the Baobab
Operation has a fully operational 90,000tpm concentrator which is currently being leased to Anglo American Platinum,
preserving optionality for a potential Sibanye re-opening of the Baobab Operation.
The Baobab Operation was a producing operation between 2002(3) and 2009 and reached a maximum extraction rate
of 75,000tpm. The mine was placed on care and maintenance in 2009. The mining method applied during this period
was conventional down -dip stoping, conventional apparent dip raise, long -hole stoping and mechanised, long -hole
stoping.
The recent focus has been on comprehensive studies to deliver an integrated development strategy for Limpopo, which
includes not only the Baobab mine but instead incorporates all three properties. A detailed feasibility study was
completed by DRA Global Limited in 2017, which proposed a phased approach, starting with the re -opening of the
Baobab Operation and then incorporating production from the Dwaalkop and Voorspoed areas via a series of decline
portals. Sibanye completed a feasibility study in 2020 and compl eted a conceptual re -opening study for the Baobab
mine, based on a mechanised long -hole stoping methodology. The steep -dipping nature of the Merensky and UG2
Reefs are considered amenable to further mechanisation which fits well with Sibanye’s started stra tegic goals.
Figure 2: Limpopo Project – Key Developments and Intentions from 2020 Feasibility Review
(Source: https://www.sibanyestillwater.com/business/reserves-and-resources/)
Limpopo Resource Estimate as at 31 December 2020(1)(4)
Sibanye holds an attributable interest of 95.3% in the Baobab (Voorspoed) and Doornvlei properties and 45.3% in the
Dwaalkop property (a joint venture with Northam Platinum Limited (“Northam”)). Northam holds a 50% interest in
the Dwaalkop property with minority partners holding the remaining 4.7% interest in each of the properties. The
Voorspoed and Doornvlei mining rights were granted on 26 February 2014 and are valid to 25 February 2044, whilst
the Dwaalkop mining right was granted in Q3 2021 with final execution of the grant in progress.
Resources outlined in Table 1 reflect the attributable ounces reported by Sibanye and Northam, whilst the resources
attributable to minority shareholders was calculated by Vox using the Sibanye resource numbers. Accounting for the
4.7% interest held by minorities and grossing up the resource to a 100% attributable basis, delivers a total resource of
approximately 36.4 million 4E PGM ounces on an aggregated Measured, Indicated and Inferred basis.
Table 1: Limpopo 4E PGM Mineral Resource estimate as at 31 December 2020 attributable to royalty
(Source: https://www.sibanyestillwater.com/business/reserves-and-resources/ & https://www.northam.co.za/)
For more information on the Limpopo Project, please visit the Sibanye website at https://www.sibanyestillwater.com/
as well as the Northam website at https://www.northam.co.za/.
Transaction Closing
Closing of the Transaction is expected to occur in Q1 2022. Closing of the Transaction will occur following
satisfaction of customary conditions.
Qualified Person
Timothy J. Strong, MIMMM, of Kangari Consulting LLC 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.
Sibanye Share Northam Share Minority Shareholders
Tonnes
(Mt)
Grade
(g/t)
4E PGM
(Moz)
Tonnes
(Mt)
Grade
(g/t)
4E PGM
(Moz)
Tonnes
(Mt)
Grade
(g/t)
4E PGM
(Moz)
Merensky Reef
Measured
Baobab Shaft 1.0 3.9 0.1 0.00 0.00 0.00 0.05 3.9 0.01
Indicated
Baobab Shaft 5.1 3.9 0.6 0.00 0.00 0.00 0.25 3.9 0.03
Baobab East 0.6 4.0 0.1 0.00 0.00 0.00 0.03 4.0 0.00
Dwaalkop JV 19.8 2.9 1.8 21.83 2.88 2.02 2.05 2.9 0.19
Doornvlei 7.6 3.7 0.9 0.00 0.00 0.00 0.37 3.7 0.05
Inferred
Baobab Shaft 12.0 4.0 1.5 0.00 0.00 0.00 0.59 4.0 0.08
Baobab East 2.5 3.9 0.3 0.00 0.00 0.00 0.12 3.9 0.02
Dwaalkop JV 14.7 3.1 1.5 16.22 3.11 1.62 1.53 3.1 0.15
Doornvlei 10.8 3.9 1.4 0.00 0.00 0.00 0.53 3.9 0.07
UG2 Reef
Measured
Baobab Shaft 1.1 4.4 0.2 0.00 0.00 0.00 0.05 4.4 0.01
Indicated
Baobab Shaft 13.2 4.0 1.7 0.00 0.00 0.00 0.65 4.0 0.08
Baobab East 1.0 4.1 0.1 0.00 0.00 0.00 0.05 4.1 0.01
Dwaalkop JV 18.9 4.4 2.6 20.85 4.36 2.92 1.96 4.4 0.27
Doornvlei 28.8 4.6 4.3 0.00 0.00 0.00 1.42 4.6 0.21
Inferred
Baobab Shaft 21.0 3.8 2.6 0.00 0.00 0.00 1.04 3.8 0.13
Baobab East 3.6 4.1 0.5 0.00 0.00 0.00 0.18 4.1 0.02
Dwaalkop JV 15.1 4.3 2.1 16.71 4.34 2.33 1.57 4.3 0.22
Doornvlei 22.5 4.9 3.5 0.00 0.00 0.00 1.11 4.9 0.17
Total
Measured 2.1 4.2 0.3 0.00 0.00 0.00 0.10 4.2 0.01
Indicated 95.1 4.0 12.2 42.68 3.60 4.94 6.79 4.0 0.85
Measured & Indicated 97.2 4.0 12.5 42.68 3.60 4.94 6.9 0.86
Inferred 102.3 4.1 13.3 32.93 3.73 3.95 6.7 4.1 0.85
Total Underground 199.5 4.0 25.9 75.61 3.66 8.89 13.56 4.0 1.71
About Vox
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams
spanning eight 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 20 separate transactions
to acquire over 45 royalties.
Further information on Vox can be found at www.voxroyalty.com.
For further information contact:
Riaan Esterhuizen
Executive Vice President, Australia
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 futur e 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, statements
regarding the royalties and projects related thereto (including expectations for production from the underlying
projects and estimates of project success) and the ability of Vox to continue to complete the acquisit ion. 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 result s, performance or achievements
expressed or implied by such forward-looking statements.
Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the
forward-looking information or statement prove inco rrect, 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 relying 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 c ause 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 actu al
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 un due 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.
Technical References & Notes:
(1) Asset Overview - https://www.sibanyestillwater.com/business/reserves-and-resources/. The mineral resource estimate is
dated 31 December 2020 and published under consent of Lead Competent Person Andrew Brown, Vice President: Mine
Technical Services; a Competent Person under the rules and requirements of the Southern African Institute of Mining
and Metallurgy (SAIMM) and an employee of Sibanye. Resources are reported in compliance with the South African
Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC) and the South African
Code for the Reporting of Mineral Asset Valuation (SAMVAL) (2016 Editions).
(2) Sibanye-Stillwater : SA PGM operations – Investor day (session 3), 23 September 2021 -
https://thevault.exchange/?get_group_doc=245/1633518765-ssw-investor-days-session-3-SA-PGM-operations-
23sep2021.pdf
(3) Lonmin Platinum Limpopo Division – Baobab TSF – Investor Information.
https://thevault.exchange/?get_group_doc=245/1561379071-lonmin-platinum-limpopo-division-baobab-TSF-
07062019.pdf
(4) Northam Platinum Mineral Resources and Mineral Reserves statement as at 30 June 2021-https://www.northam.co.za/.
The mineral resource estimate is dated 30 June 2021 and published under consent of Lead Competent Person Andrew
Brown, Vice President: Mine Technical Services; a Competent Person under the rules and requirements of the Southern
African Institute of Mining and Metallurgy (SAIMM) and an employee of Sibanye. Resources are reported in
compliance with the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral
Reserves (SAMREC) and the South African Code for the Reporting of Mineral Asset Valuation (SAMVAL) (2016
Editions).