Vox Royalty Corp. announced an update on the producing Wonmunna Iron Ore Mine ("Wonmunna") in Western Australia, controlled by ASX-listed Mineral Resources Limited ("MinRes"). Vox holds an uncapped 1.25% - 1.50% gross revenue royalty over Wonmunna, which forms a key part of MinRes' 11Mtpa Utah Point Hub operations in the Pilbara region.

In February 2022, MinRes submitted an amended Mining Proposal to the Western Australian Environmental Protection Authority seeking approval to expand the annual production rate at Wonmunna from 10Mtpa to 13.5Mtpa, representing a significant increase from the current ~5Mtpa production rate (the "Feb 2022Mining Proposal"). Vox announced that the Feb. 2022 Mining Proposal was approved by the Department of Mines, Industry Regulation and Safety (DMIRS) on June 29, 2022.

Wonmunna is located approximately 70km west-northwest of Newman in the Pilbara region of Western Australia. The mine is located within the Hamersley Ranges which has a long mining history. The mine is located within 25 kilometres of operating mines; Hope Downs (Rio Tinto/Hancock JV), Area C (BHP) and West Angelas (Rio Tinto).

The northern boundary of royalty-linked tenement M47/1425 abuts the Great Northern Highway. Current mining at Wonmunna involves the extraction of iron ore from three Marra Mamba Iron Formation-hosted deposits across multiple shallow open pits ranging from 20m to 50m in depth. The mine plan and throughputs are based on an average grade of 57.5% iron and production of 3Mtpa of ore, which Vox management believes was achieved in 2021.

Based on MinRes' March 2021 Mining Proposal2, Vox management expects that production throughput will further increase to +5Mtpa in 2022. Leveraging MinRes' integrated miner/contractor model, the mine was developed ahead of schedule and under budget over a 5-month development period at a total capital and project acquisition cost of AUD 126 million. Drilling and blasting is used in the mining of the ore and overburden, with conventional mining excavators and mine trucks hauling the ore from the pits to the crushing and screening plant.

Onsite processing is limited to dry crushing and blending according to market requirements. The mine has been developed for the export iron ore market, although some mine gate sales may be considered in the future. Export product is hauled via road trains on the Great Northern Highway to the MinRes operated Utah Point bulk port facility at Port Hedland.

There are no pastoral leases over the mining tenements. The proposed initial mine life included in the March 2021 Mining Proposal was "30Mt over 4 years to 2025" with a "potential increase in total inventory of 50 – 60Mt up to 2028", which underpinned Vox management's expectations of a mine life to 2028 and potentially beyond. MinRes reported in April 2021 that they were carrying out 12,000m of resource definition drilling at Wonmunna, supporting resource to reserve conversion and submission of the Feb.

2022 Mining Proposal.