Mr. Kyle Floyd reports

VOX PROVIDES GOLD ROYALTY PORTFOLIO DEVELOPMENT UPDATES AND CONFIRMS INITIAL ROYALTY REVENUE FROM KOOKYNIE

Vox Royalty Corp. has provided recent development and exploration updates from royalty operating partners Genesis Minerals Ltd., Alamos Gold Inc., Black Cat Syndicate Ltd., Northern Star Resources Ltd. and Strickland Metals Ltd.

Riaan Esterhuizen, executive vice-president of Australia, stated: "We are very excited to share recent gold operator developments and initial royalty revenue from the Kookynie royalty, linked to the release of maiden reserves at the Puzzle North gold deposit. This initial royalty revenue of approximately $2-million (Australian) represents an approximate 15-times return on the $150,000 (Australian) invested in the Kookynie (Consolidated Gold) royalty back in 2020, with further revenue expected postcommencement of mining by Genesis. Further engineering study progress at Lynn Lake and Bulong continue to underpin Vox management confidence in medium-term growth prospects for our royalty portfolio."

Key updates:

• Genesis released prefeasibility study (PFS)-level assumptions and maiden reserves for the Puzzle Group gold deposits in Western Australia, triggering maiden royalty revenue of approximately $2-million (Australian), to be recorded as Q3 2023 royalty revenue and payable within 45 days of quarter-end;
• Alamos released an updated feasibility study on the Lynn Lake gold project in Manitoba, Canada;
• Black Cat released an updated engineering study for the Kal East project, which includes the Bulong gold royalty;
• Northern Star acquired the Millrose exploration-stage gold project from Strickland for $67-million (Australian).

Kookynie (development -- Western Australia) -- Puzzle PFS outcomes and maiden reserves:

• Vox holds a $1 (Australian)/tonne production royalty on part of the Kookynie gold project in Western Australia (which includes the Puzzle Group), of which, the Kookynie (Consolidated Gold) royalty was acquired in 2020 for less than $150,000 (Australian) as part of a larger royalty portfolio acquisition.
• On July 3, 2023, Genesis announced that:
  • Maiden probable reserves for the Puzzle Group declared of 2.7 million tonnes (Mt) at 1.3 grams per tonne (g/t) for 110,000 ounces (oz), at a gold price of $2,300 (Australian)/ounce and cut-off grade of 0.7 g/t. Management anticipates approximately 2.1 Mt are covered by the Kookynie (Consolidated Gold) royalty and 600,000 tonnes are covered by the Kookynie (Melita) royalty.
  • Puzzle Group resource estimate:
    • A mineral resource update for the Puzzle and Puzzle North deposits (collectively referred to as the Puzzle Group) has been completed to incorporate the results of the drilling program carried out by Genesis during 2021 and 2022, with indicated resources now at 6.7 Mt at 1.1 g/t for 230,000 oz gold and inferred resources at two Mt at 0.9 g/t for 57,000 oz gold.
    • The additional drilling and resource update has provided increased confidence in the grade and continuity of the extremities of the Puzzle mineralization, and defined the limits of mineralization at Puzzle North.
    • Open-pit mining was carried out at Puzzle between 1995 and 1997 by previous operators. Production of 500,000 tonnes at two g/t Au (31,000 oz) was reported. No previous mining has occurred at Puzzle North, which was discovered by Genesis in 2021.
  • Metallurgical assumptions:
    • Metallurgical test work has been carried out as part of the prefeasibility study at the Puzzle Group, confirming that the ore is amenable to conventional cyanide leaching. Continuing test work by Genesis has confirmed gold recoveries from primary ore to be approximately 90 per cent to 95 per cent.
• Vox management summary: It is excited to share this Puzzle North maiden reserves milestone that triggers initial royalty revenue of approximately $2-million (Australian) for Q3 2023 at the Kookynie (Consolidated Gold) royalty. Given the Kookynie (Consolidated Gold) royalty purchase price of less than $150,000 (Australian) in 2020, this initial royalty revenue represents an approximate 15-times return, with further revenue expected once the Puzzle Group deposits commence mining.

Lynn Lake (feasibility -- Manitoba, Canada) -- optimized feasibility study released:

• Vox holds a 2-per-cent gross revenue royalty (postinitial capital recovery) on part of the MacLellan deposit at the Lynn Lake gold project.
• On Aug. 2, 2023, Alamos announced the following outcomes of an optimized feasibility study at Lynn Lake:
  • Higher production: Average annual gold production of 207,000 ounces over the first five years and 176,000 ounces over the initial 10 years. The 10-year average represents a 23-per-cent increase over the annual average of 143,000 ounces in the 2017 study.
  • Low-cost profile: Average mine-site all-in sustaining costs (AISC) of $699/oz over the first 10 years and $814 per ounce over the life of mine. Average mine site all-in sustaining costs decreased 6 per cent from the 2017 Lynn Lake feasibility study over the initial 10 years, with economies of scale provided by the larger operation and higher average grades, more than offsetting cost inflation.
  • Longer proposed mine life: 17-year mine life, up from 10 years in the 2017 study.
  • Project derisked, given advanced level of engineering and approvals: Detailed engineering 55-per-cent complete, basic engineering 100 per cent complete, and EIS approval and provincial licences received in March, 2023, with requirements outlined through the permitting process incorporated into the 2023 study.
  • Attractive economics, with significant long-term exploration upside potential:
    • After-tax NPV (net present value) (5-per-cent) of $428-million (base case gold price assumption of $1,675 (U.S.) per ounce) with an after-tax internal rate of return (IRR) of 17 per cent;
    • After-tax NPV (5-per-cent) of $670-million and an after-tax IRR of 22 per cent, at current gold prices of approximately $1,950 (U.S.) per ounce.
• Vox management summary: The expanded 17-year mine life Lynn Lake feasibility study is fundamentally larger and more robust than the prior 2017 study, which included a proposed 10-year mine life. Vox looks forward to further developments from Alamos, as Vox anticipates further expansions to the Lynn Lake mineral resource and derisking of the development profile.

Bulong (preconstruction -- Western Australia) -- Kal East study update:

• Vox holds an uncapped 1-per-cent net smelter royalty over part of the Bulong gold project in Western Australia.
• On July 14, 2023, Black Cat announced that:
  • The board of Black Cat is pleased to present the outcomes of an update to the Kal East gold project PFS, first released on June 3, 2022, to reflect current market conditions. Kal East has approvals in place and the primary processing facility equipment has already been acquired. Once constructed, the processing facility would have significant strategic value for Black Cat in the mill-constrained area east of Kalgoorlie.
  • Open-pit mining is scheduled over 68 months, commencing at the Myhree (royalty-linked) and Boundary open pits, which form part of the Bulong mining centre.
  • The Kal East gold project is fully approved to commence, with the mains power study completed and consideration of owner-operator underground mining.
  • A final investment decision for Kal East will occur when construction and accommodation conditions around Kalgoorlie improve.
• Vox management summary: Vox is pleased to note continuing engineering activity at the Kal EastBulong royalty project, and looks forward to Black Cat progressing the project to a final investment decision when construction and labour availability conditions improve.

Millrose (exploration -- Australia) -- project acquired by Northern Star Resources for $67-million (Australian):

• Vox holds a 1-per-cent net smelter return royalty over a portion of the Millrose gold project in Western Australia.
• On June 26, 2023, Northern Star announced that:
  • It has entered into agreements to purchase the advanced gold exploration asset, the Millrose gold project, from Strickland for $67-million (Australian).
  • Adjacent to Vox's royalty tenure (but not royalty-linked), the Millrose gold project has a published mineral resource of 4.3 Mt at 1.9 g/t for 264,000 oz gold indicated and 1.7 Mt at 1.5 g/t for 82,000 oz gold inferred.
  • Commenting on the acquisition, Stuart Tonkin, Northern Star managing director, said, "The acquisition of the Millrose gold project presents a very compelling development opportunity that is accretive to the Jundee life of asset plan, as it should deliver us a sizeable low-cost, high-grade supplementary resource feed."
• Vox management summary: The Millrose gold royalty has all of the optionality and characteristics that Vox seeks in a gold royalty -- a top global operator in Northern Star, a project located within 40-kilometre trucking distance of the Jundee gold operation and, based on management expectations, substantial discovery potential through proximity to, and being along strike from, the Millrose gold resource.

Qualified person

Timothy J. Strong, MIMMM, of Kangari Consulting LLC, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this press release.

About Vox Royalty Corp.

Vox is a returns-focused mining royalty company with a portfolio of over 60 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 target the highest returns on royalty acquisitions in the mining royalty sector. Since the beginning of 2020, Vox has announced over 25 separate transactions to acquire over 50 royalties.

We seek Safe Harbor.