Mr. Kyle Floyd reports

VOX COMPLETES STRATEGIC AUSTRALIAN ROYALTY PORTFOLIO ACQUISITION

Vox Royalty Corp. has completed the strategic acquisition of a portfolio of nine advanced development and exploration-stage royalties in Australia from an Australian company (the seller), as announced on July 31, 2023. All amounts are in United States dollars unless otherwise indicated.

Spencer Cole, chief investment officer, stated: "We believe that this portfolio acquisition is one of the most exceptional transactions in Vox's corporate history. It provides Vox with exposure to approximately 50,000 gold equivalent ounces (GEOs) under royalty coverage at a cost of approximately $100/ounce with annual revenue potential from Red Hill of $5-million-plus for a period of up to 10 years and Horseshoe Lights of $1-million to $2-million for a period of up to six years, with further exploration opportunity. The Red Hill royalty generated over $7-million (Australian) in historical royalty revenue at much lower gold prices. We are excited about increasing our sector-leading portfolio weighting to Western Australia, enhancing our exposure to gold and copper and leverage to Tier One operators such as Northern Star Resources. This acquisition represents the initial accretive deployment of funds raised during Vox's public offering that was completed in June, 2023."

Kyle Floyd, chief executive officer, added: "I am very excited to announce the closing of this portfolio of Australian royalties. I am grateful for the significant efforts of our team, over many years and countless hours, that resulted in this success. This acquisition further elucidates Vox's differentiated capabilities in finding, researching and procuring high-quality royalty assets. We believe our competitive advantages and discipline will continue to deliver sector leading returns on invested capital complimented with immense long-term optionality. I am grateful for our supportive shareholders that understand our long-term vision and supported us with the capital needed to secure assets such as these. We have completed what I believe is a transformational acquisition that dramatically increases our value for all of our shareholders."

Transaction highlights

• Addition of nine Australian royalties in Western Australia and Northern Territory, heavily weighted to gold and copper;
• Potential for near-term production from the Red Hill brownfields gold discovery (inferred resource of 32.4 million tonnes at 1.1 grams per tonne for 1.2 Moz gold) via the Kanowna Belle mill three kilometres west of Red Hill or the Fimiston mill 22 km to the southwest at the Kalgoorlie Superpit operated by Northern Star Resources Ltd.;
• Further production potential from the past-producing Horseshoe Lights copper-gold project, with evaluation of historic Direct Ship Ore copper stockpiles to unlock early cash flow opportunities continuing;
• Strengthens Vox's proportion of royalty assets located in lower risk political jurisdictions of Australia, Canada and the United States, totalling more than 80 per cent of all royalty assets, with a total of 46 royalties located in Australia;
• The Red Hill gold royalty historically generated $7,064,196 (Australian) of royalty revenue for the seller from past production between 2003 and 2008, when gold prices were approximately $400/ounce to $700/oz, with peak annual royalty revenue of $2,633,510 (Australian) in fiscal 2007 from production by previous operator Barrick Gold Corp. (TSX: ABX) of 1,445,293 tonnes at 1.86 g/t for 81,159 ounces recovered;
• Based on Vox management estimates driven by the resource estimates of Red Hill and Horseshoe Lights referenced herein, the acquisition provides exposure to approximately 50,000 royalty-linked GEOs, using long-term broker consensus commodity prices.

Investor webcast

An investor webcast will be held on Wednesday, Sept. 13, 2023, starting at 10 a.m. ET, where management will discuss the transaction. The presentation will be followed by a question-and-answer session where participants will be able to ask questions they may have regarding the transaction.

The aggregate purchase price for the portfolio consists of cash and non-cash consideration. The cash consideration of $6.75-million (Australian) was delivered on Sept. 12, 2023, from cash on hand, and the non-cash consideration comprises Vox providing continuing royalty-related services to the vendor from Vox's proprietary database of royalties, to identify additional historical legacy royalties owned by the seller.

Based on a number of expected near-term catalysts for a number of the royalty assets in the portfolio, Vox management expects this acquisition will add near-term revenue for Vox, and result in significant additional medium- to long-term revenue for many years to come.

Key assets

Kanowna Belle/Red Hill -- 4 per cent GRR

The Red Hill deposit is located three km east of Northern Star's Kanowna Belle mine and processing plant and 22 km northeast of Northern Star's Kalgoorlie consolidated gold mines operations (KCGM) and Fimiston processing plant in Western Australia. The project was historically mined as an open pit operation between 2001 and 2007, producing approximately 467,000 oz of gold.

At Red Hill, gold mineralization is present in quartz stockwork vein arrays hosted within a large porphyry intrusion. Mineralized veins typically dip shallowly to the north and may contain sulphides and visible gold.

Surface drilling recommenced at Red Hill in 2021 to outline the full extent of the mineralized porphyry intrusion below the current pit floor and along strike in both directions. The program to date has successfully outlined significant broad zones of gold mineralization to a vertical depth of 400 m. Recent drilling results highlight the significant scale of the Red Hill mineralized system, which remains open in all directions.

Recent exploration drilling in 2022 and 2023 returned broad intersections of gold mineralization which is amenable to bulk mining scenarios. Exploration drilling has delivered exceptional results over the past 12 months resulting in a significant increase in the inferred mineral resource to 32.4 Mt at 1.1 g/t for 1.2 Moz. Red Hill is a free-milling ore source with high historical metallurgical recoveries of 95 per cent.

The royalty covers mining lease M27/57, which is located over the centre of the deposit and which Vox management estimates covers the majority of the inferred resource.

Upcoming expected catalysts for Red Hill royalty:

• Future drilling focusing on upgrading the resource classification;
• Potential resource expansion along strike and down dip;
• Red Hill bulk mining scenarios and future development options for both Kanowna Belle two Mtpa mill and KCGM Fimiston mill (13 Mtpa expanding to 27 Mtpa).

Horseshoe Lights copper-gold project -- 3 per cent NSR

The Horseshoe Lights copper-gold project is located 60 km west of Sandfire Resources Ltd.'s DeGrussa copper-gold mine in Western Australia. The historic open pit Horseshoe Lights mine operated up until 1994 and produced 316,000 ounces of gold and 55,000 tonnes of contained copper including over 110,000 tonnes of direct shipping ore, which graded between 20 to 30 per cent copper.

The Horseshoe Lights orebody is interpreted as a deformed volcanogenic hosted massive sulphide (VMS) copper-gold deposit that has undergone supergene alteration to generate the gold-enriched and copper-depleted cap that was the target of initial mining. Past mining was focused on the Main zone, a series of lensoid ore zones, which transitioned with depth from a gold-rich oxide zone through zones of high-grade chalcocite mineralization into massive pyrite-chalcopyrite.

A previous scoping study completed by Horseshoe Metals in December, 2014, targeted a one Mtpa open pit mining operation producing up to 47,375 t recovered copper, 12,730 oz gold and 271,101 oz silver in total over a potential six-year mine life. Drilling carried out in 2022 and 2023 has highlighted multiple zones of high-grade copper mineralization at the Main and Matters zones -- outside of the existing resource. This includes intercepts of 55 m at 0.88 per cent Cu from 22 m and 19 m at 1.49 per cent Cu from 269 m. The royalty covers mining lease M52/743, which covers the full resource, stockpiles and exploration areas targeted for further drilling and resource expansion.

The attached table summarizes the total measured, indicated and inferred mineral resources for the Horseshoe Lights project as of June 30, 2023.

Upcoming expected 2023 catalysts for Horseshoe Lights royalty:

• Continued evaluation of historic direct ship ore stockpiles to unlock early cash flow opportunities -- sampling of surface stockpiles completed during Q2 2023 and presented to potential offtake partners for review;
• Discussions with an experienced group regarding potential oxide heap leach trials at Horseshoe Lights are progressing (subject to relevant approvals);
• Completion of the divestment of the nearby 1.6 Mtpa DeGrussa copper-gold mine by Sandfire Resources;
• Follow-up drilling in the latter part of 2023, focused on growing the resource at the Main and Matters zones.

Qualified person

Timothy J. Strong, MIMMM, of Kangari Consulting LLC and 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 60 royalties.

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