Mr. Kyle Floyd reports

RED HILL GOLD PROJECT EXPLORATION AND DEVELOPMENT UPDATE FROM NORTHERN STAR

Vox Royalty Corp. has shared an exploration and development update for the Red Hill gold project in Western Australia from its royalty operating partner Northern Star Resources Ltd. on Nov. 21, 2023. Vox holds a 4-per-cent gross revenue royalty over mining lease M27/57 at Red Hill, which Vox management estimates covers the majority of the inferred resource.

The Red Hill gold deposit is located three kilometres east of Northern Star's Kanowna Belle mine and processing plant and 22 kilometres northeast of Northern Star's Kalgoorlie consolidated gold mines operations (KCGM) and Fimiston processing plant in Western Australia. KCGM is currently the subject of a major expansion project by Northern Star, the $1.5-billion (Australian) KCGM mill expansion project. The Red Hill project was historically mined as an open-pit operation between 2001 and 2007, producing approximately 467,000 ounces of gold.

Kyle Floyd, chief executive officer, stated: "We are excited about the positive developments at Red Hill, with Northern Star now classifying the project as at feasibility stage and as one of the key deposits which could provide open-pit ore feed to the Fimiston processing plant as part of its major $1.5-billion (Australian) capacity expansion. The ongoing exploration drilling as well as planned geotechnical and metallurgical work announced by Northern Star solidifies Red Hill's potential for fast-tracked development with further potential for exploration success."

Exploration and development update

On Nov. 21, 2023, Northern Star announced:

• Drilling at Red Hill continues to improve resource confidence within the open-pit resource.
• Recent drilling has focused on testing the extent of mineralization to the northeast and southwest while improving confidence limits of the current resource.
• The current inferred mineral resource at Red Hill of 32.4 million tonnes at 1.1 grams per tonne for 1.2 million ounces remains open in several directions.
• Significant underground drill results were reported, including:
• • RHDD23064 -- 107.5 metres at 1.4 grams per tonne gold;
  • RHDD23065 -- 136.4 metres at 0.8 gram per tonne gold;
  • RHDD23066 -- 175.3 metres at 1.3 grams per tonne gold;
  • RHDD23061 -- 68.0 metres at 1.2 grams per tonne gold;
  • RHRC23005 -- 99.0 metres at 0.6 gram per tonne gold.
• Two diamond drill rigs are working at improving the understanding of grade and geological continuity as well as supporting geotechnical investigations and metallurgical testing.
• Further drilling will continue to test the current resource area for bulk potential below the Nemesis and Red Hill pits during fiscal 2024.

Northern Star, in addition, has now categorized Red Hill as being at feasibility stage and as one of the deposits that could provide open-pit material to the Fimiston processing plant, located 22 kilometres southwest of Red Hill. Fimiston has a current capacity of 13 million tonnes per year and, following approval of the $1.5-billion (Australian) KCGM mill expansion project (announced on June 22, 2023), is expected to expand to a steady-state capacity of 27 million tonnes per year by fiscal 2029.

Janet Ivy reaches production milestone

On Nov. 13, 2023, Vox received royalty revenue receipts related to Q3 2023 revenue attributable to its Janet Ivy royalty. On receipt of the Q3 2023 royalty revenue, royalty revenue collected to date now surpasses $750,000 (Australian), triggering the milestone payment threshold set out in the royalty sale and purchase agreement (RSPA) with Horizon Minerals Ltd. dated March 27, 2021. In order to satisfy the milestone payment obligation of $3-million (Australian) set out in the RSPA, Vox will issue 948,448 common shares to Horizon on or prior to Nov. 24, 2023. Vox has received conditional approval to issue the Horizon shares from the Toronto Stock Exchange.

Vox management is pleased with the ramp-up in production that is occurring at the Janet Ivy gold mine by its operating partner Norton Gold Fields Pty. Ltd. (a subsidiary of Hong Kong and Shanghai listed Zijin Mining Group Co. Ltd.) and expects additional ramp-up in royalty revenue to continue for Q4 2023 and across fiscal 2024. Vox holds an uncapped 50-Australian-cent-per-tonne production gold royalty over Janet Ivy, which forms the core of Zijin's Binduli North heap leach project.

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 return-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 that 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.

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