Mr. Kyle Floyd reports

VOX PROVIDES DEVELOPMENT AND EXPLORATION UPDATES

Vox Royalty Corp. has provided recent development and exploration updates from its royalty operating partners. Key royalty project updates were sourced from Kalamazoo Resources Ltd., Silver Mines Ltd. and Orla Mining Ltd. public disclosures.

Spencer Cole, Chief Investment Officer of Vox stated: "The past few months have seen major development catalysts for key Vox precious metals growth royalties in Australia and the USA, particularly through project ownership options or changes to larger operators (+$1B market cap). These ownership adjustments have the potential to fast-track both the 1.4Moz Ashburton and +300Koz Bruno-Lewis gold projects towards production through consolidated production hubs. In addition to ownership adjustments, meaningful exploration and development work programs have been completed, which underpin Vox management's confidence around near-term construction and mining decisions."

Key Updates

Kalamazoo and De Grey Mining Limited ("De Grey") entered into an option agreement for De Grey to acquire the past-producing Ashburton Gold Project for total consideration of A$33M, with potential to truck a high-grade Ashburton gold concentrate to De Grey's Hemi plant;

Silver Mines completed a A$10M capital raise, and earlier announced key Bowdens catalysts for 2024, which include an optimization study and final investment decision, expected in mid-2024, with potential development commencement in late 2024;

Orla announced a C$20M work program for the South Railroad gold project in Nevada in 2024 and completed the first full year of exploration following its corporate acquisition of Gold Standard Ventures Corp. in August 2022; and

Genesis Minerals Limited ("Genesis") acquired the Bruno-Lewis and Raeside gold deposits from Kin Mining NL ("Kin Mining"), which make up a large portion of the Cardinia Gold Project, as a potential source of supplemental feed for the restart of the idled Laverton mill.

Ashburton (Development - Western Australia) - Option Agreement with De Grey Mining Limited

Vox holds a 1.75% GRR above 250koz of cumulative production.

On February 6, 2024, Kalamazoo announced the following:

Kalamazoo entered into an exclusive 12 - 18 month option agreement (A$3M option fee, plus A$30M option exercise price) with De Grey.

De Grey plans to review all historical exploration data, complete metallurgical and geotechnical drilling and testwork, and carry out open pit optimizations during the option period.

In February of 2023, an updated mineral resource estimate1 was announced post completion of preliminary metallurgical studies and a complete re-interpretation of the geology and mineralization at all deposits within the project area.

Indicated Resources now stand at 911koz Au (9,699kt at 2.9 g/t Au) and Inferred Resources stand at 525koz Au (6,491kt at 2.5g/t Au) for a total of 1.436Moz Au(2)

According to the De Grey Mining RIU Conference investor presentation dated February 2024, the Ashburton project has "Potential to truck a high-grade gold concentrate to the Hemi pressure oxidation plant for processing."Vox Management Summary: This A$33M option on the Ashburton gold development project with +A$2B market capitalization De Grey increases the potential development likelihood for this past-producing, high-grade gold royalty asset. Vox management looks forward to further newsflow as De Grey conducts its project review during the option period.

Bowdens (Development - New South Wales) - Capital Raise and Final Investment Decision in 2024

Vox holds a 0.85% GRR over the resource area, plus a 1% GRR on a regional exploration tenure (Barabolar Surrounds)On February 5, 2024, Silver Mines announced the following:

Launched a A$10M capital raise, subsequent to announcing key catalysts for the Bowdens project.

Further progress on its optimization study, with a final investment decision for Bowdens expected in mid-2024 and subsequent development potentially starting later in 2024.

Additional favourable drilling results at Bowdens, with new intersections to be included in an updated Mineral Resource estimate which is due for completion in 2024.Vox Management Summary: The prior 2018 feasibility study for the Bowdens silver project indicated a potential initial mine life of 16 years, which Vox management expects to increase when the optimization study is released later in 2024 based on recent drilling and resource estimation. The final investment decision in H2 2024 is the key remaining development catalyst for this globally significant silver project.

South Railroad (Development - Nevada) - C$20M work program budgeted for 2024

Vox holds a 0.633% NSR plus advanced payments over part of the South Railroad project.

On January 16, 2024, Orla Mining announced the following:

Orla guided to a C$20M exploration and development project at South Railroad, with half allocated towards exploration, and C$8.5M expected to be spent on advancing the project permitting, engineering and administrative activities.Drilling continued to focus on infill to support upgrading resources and testing pit extensions.

According to the Orla Mining dated January 2024, the South Railroad project "Notice of Intent" is expected in 2024, "Record of Decision (final permits for construction)" is expected in 2025 with an "option for early start" in 2024/2025.

Vox Management Summary: Since acquiring the South Railroad gold project in Nevada in August 2022, Orla Mining has committed significant resources towards resource expansion drilling, engineering and final project permitting. This C$20M work program for 2024 gives Vox management further confidence in a positive construction decision post-receipt of final permits in 2024/2025.

Cardinia (Exploration - Western Australia) - Sale to large-cap producer Genesis Minerals Limited

Vox holds a 1% Gross Value of Sales over the majority of the Lewis deposit area, as well as the Lewis East prospect.

On December 14, 2023, Genesis announced the following:

Kin Mining sold certain deposits comprising the Cardinia Gold Project to Genesis for cash and share consideration.

The divested projects include the Bruno, Lewis, Kyte and Raeside deposits.

According to Genesis' Managing Director, Raleigh Finlayson: "Bruno-Lewis has the potential to supplement the eventual, sustainable re-start of our currently idled Laverton mill."

Vox Management Summary: When Vox acquired the Cardinia gold royalty in November 2022 we referenced Genesis' ongoing regional consolidation in Leonora as a potential development catalyst. This ownership-change catalyst has occurred within 13 months and the royalty-linked Lewis deposit is now being considered as a potential near-term supplemental ore source for the Laverton mill by Genesis.

Other Operator Updates

Bowdens (Development - Australia)

On October 31, 2023, Silver Mines announced progress on an optimization study at Bowdens (scheduled for completion in early 2024):

The company has also been undertaking a Scoping Study for potential underground mining scenarios beneath the planned approved open pit development (currently on hold pending the main optimization program).Silver Mines also completed a native title agreement with the Warrabinga-Wiradjuri #7 native title claim, leading to completion of the "Right to Negotiate" process.

On December 14, 2023, Silver Mines announced drilling results at Bowdens, extending mineralization:

High-grade mineralization intersected at the Southern Gold Zone and Bundarra Zone, with the Bowdens project extents estimated as greater than 1,100m (>650m vertical depth), 1,100m strike and continuing to grow with further drilling down-plunge.

An updated Mineral Resource Estimate is due for completion in 2024.

Sulphur Springs (Feasibility - Australia) - A$2.00/t PR (capped at A$3.7M) and a $0.80/t PR on Kangaroo Caves deposit

On October 26, 2023, Develop Global Limited's quarterly activity report stated the following:

A structural mapping and geochemical sampling program was carried out at the Breakers Prospect.

Rock-chip assay results identified a >1km trend of vein-hosted copper mineralization located 4.5km south of the Sulphur Springs deposit, with results up to 30.5% Cu, 10.8% Pb, 507 g/t silver and 2.8g/t gold on the margin of the Archean Strelly Granite.

Pedra Branca (PEA - Brazil) - 1% NSR

On October 30, 2023, ValOre Metals Corp. ("ValOre") announced final assay results from Trapia 1 for Phase 1 of the Pedra Branca drill program. A total of 1,326m were drilled, with platinum-group-elements intersected in all holes, extending mineralization 400m outside of the 2022 resource pit.

On November 20, 2023, ValOre announced the start of a comprehensive metallurgical testwork program at Pedra Branca, with the aim to develop a flowsheet to treat palladium-platinum bearing material and optimizing other processes.

On December 11, 2023, ValOre announced assay results from the Salvador target, defining nickel-copper mineralization at four drillholes.

Horseshoe Lights (Development - Australia) - 3% NSR

On October 31, 2023, Horseshoe Metals Limited reported the following:

It continued to evaluate historic stockpiles and is pursuing a strategy to generate early cash flow from the sale of existing high-grade surface stockpiles for the development of the project.

Various samples assayed up to 40.3% copper, and offtake negotiations have commenced, including potential offtake agreements.

Otto Bore (Production - Australia) - 2.5% NSR (42Koz - 100Koz)

On November 21, 2023, Northern Star provided a portfolio-wide exploration update stating that Otto Bore is expected to be a source of Thunderbox mill feed for 2024 and 2025.

Abercromby Well (Exploration - Australia) - 2% NSR x 10% interest (payable >910klb U3O8 cum. Production)

On October 3, 2023, Toro Energy Limited announced that the company is starting a study to extend the Lake Maitland uranium project, to increase the value of the Wiluna Uranium project. As part of the study, the Millipede (partly covered by the Vox royalty) and Centipede deposits will be evaluated and potentially included with the aim to increase mine life, production, and revenue.

Brightstar Alpha (Exploration - Australia) - 2% GRR

In October 2023, Brightstar Resources Limited ("Brightstar") announced:

A staged development approach at the Laverton Gold Project; with mining at Alpha (previously mined as an Open Pit in 2010) planned to extract 430kt of ore at 3.03g/t Au over 7 quarters of underground production, utilizing conventional stoping methods and a contractor model.On November 27, 2023, Brightstar announced a A$5M placement to accelerate exploration and the Menzies/Laverton PFS, as well as purchases of CIL tanks and camp rooms.

Beschefer (Exploration - Canada) - 0.6% NSR

In September 2023, Abitibi Metals Corp. ("Abitibi") and announced that 2,500m of drilling was targeted to commence at Beschefer in October 2023, aimed at extending high-metal factor trends and the gold system's strike length.

In December 2023, Abitibi closed two private placement financings, one for C$4.377M, and another for C$10M.

Yamarna (Exploration - Australia) - A$7.50/oz Discovery Payment

On October 26, 2023, Gold Road Resources ("Gold Road") announced that three drill rigs were conduction exploration activities at the Jatz (royalty held by Vox), Hopwood and Gallagher prospects; targeting an underexplored region along strike and to the south of the ~350Koz gold per annum Gruyere Gold Mine.In November 2023, Gold Road stated that Jatz was undergoing definition drilling.

Qualified Person

Timothy J. Strong, MIMMM, of Kangari Consulting LLC and a "Qualified Person" under NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this press release.

About Vox

Vox is a returns focused mining royalty company with a portfolio of 60 royalties spanning seven 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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