Vox Royalty Corp. provided recent development and exploration updates from royalty operating partners Northern Star Resources Limited, Jangada Mines plc, Black Cat Syndicate Limited, and Gold Standard Ventures Corp. Key Development Updates: Pre-stripping and open pit mining preparation commencement at the Otto Bore gold project by Northern Star; Updated feasibility-level engineering technical report for the Pitombeiras vanadium project by Jangada; Acquisition of Paulsens gold mine by Black Cat, reprioritizing Vox's Merlin and Electric Dingo gold royalty projects and an update on Bulong development timing; and 5,700m drilling planned by Gold Standard Ventures at Railroad Pinion gold project in Nevada from May 2022 onwards, with a second stage exploration program to be completed in the Fall and Winter of 2022.

Otto Bore (Development – Australia) – Pre-Stripping and Open Pit Mining Preparation Commencement: Vox holds a 2.5% net smelter return royalty (between 42koz – 100koz cumulative production) over the Otto Bore gold project in Western Australia, acquired in conjunction with the producing Janet Ivy /Binduli North gold royalty in March 2021; On April 27, 2022 and May 3, 2022, Northern Star announced that: Preparation for open pit mining operations at the Otto Bore deposit have commenced, confirmed by open pit pre-stripping observed by Vox management via satellite imagery; All required environment studies have been completed and relevant vegetation clearance and a dewatering permit has been granted. The Mining Proposal has been approved, however it will be revised and resubmitted to accommodate extension of the new reserve pit; An average gold recovery for the Otto Bore deposit is estimated at 94% based on met testwork and ongoing long term actual average recovery data collected at the Thunderbox plant. Metallurgical testwork has been carried out on samples from the Otto Bore deposit by processing and test lab, with suggested recoveries could go as high as 97% hence the estimated recovery is in line with expectation; and Northern Star is currently exploring proximal to the Otto Bore deposit and is working on an exploration program which will test the lateral and down dip extents of the Otto Bore mineral resource.

Pitombeiras (Pre-Feasibility – Brazil) – Technical Report and Feasibility update: Vox holds a 1% net smelter return royalty over the Pitombeiras vanadium-titanium-iron ore project in Brazil; On April 21, 2022, Jangada announced that: It has updated the Pitombeiras technical report, which supersedes the Preliminary Economic Assessment published in 2021; The updated technical report includes the titanium component at the project and provides for the following updated results: 100.3% post-tax IRR; USD 96.5 million post-tax NPV at an 8% discount rate; All-in capital expenditure totalling USD 18.5 million; Post-tax payback period of 13 months; Life of Mine ("LOM") approximately 9 years based on the current estimated minable resource of 5.5Mt, producing total forecast tonnages produced of 1.74Mt Fe /V2O5 and 66kt TiO2; USD 415 million total gross revenue, applicable to the 1% net smelter royalty; and Exploration potential to increase LOM remains open. Finalisation of the Pitombeiras feasibility study is subject to completion of the titanium by-product credit analysis, which is expected to improve the overall project economics. Bulong (Pre-Construction – Australia) – Production Timing Guidance and Royalty Project Acquisition: Vox holds a 1% net smelter return royalty over part of the Bulong gold project in Western Australia; On April 19, 2022, Black Cat announced that: It has entered into binding agreements to acquire 100% of the high-grade Coyote and Paulsens gold operations from Northern Star for total consideration of up to AUD 44.5 million (cash, stock and contingent deferred cash); Vox holds a 0.75% gross revenue royalty (>250koz cumulative production) over the Merlin gold deposit, and a 1.75% gross revenue royalty (>250koz cumulative production hurdle that is combined with the Ashburton gold royalty) over the Electric Dingo gold deposit.

Both royalties form part of the Paulsens gold operation purchased by Black Cat; and Highlights of the transaction include: Commencement of a substantial exploration program over near-mine & regional targets; and Target decision to mine at Paulsens within 18 – 24 months. In its April 21, 2022, investor presentation, Black Cat highlighted that: As a result of Black Cat's acquisition of the Coyote and Paulsens gold operations, it is now intended that the Bulong project will be mined by Black Cat and toll-treated at an existing gold mill near Kalgoorlie; Black Cat is currently undertaking a tender to mine and toll-treat the fully approved royalty-linked Myhree open pit with interested toll milling parties around Kalgoorlie; and If acceptable toll milling terms are agreed, Black Cat will mine Myhree during 2022/23. South Railroad (Feasibility – Nevada, USA) – 2022 Exploration Program & Resource Update Timing: Vox holds a 0.633% net smelter return royalty with advance minimum royalty payments over key portions of the South Railroad gold project, which is located in Nevada's prolific Carlin Trend; On April 18, 2022, Gold Standard Venturesannounced that: The first stage exploration program for 2022 includes approximately 5,700m of reverse-circulation and core drilling over 20 holes with drilling scheduled to start in May 2022; The first stage drilling includes 3,050m targeting the royalty-linked Pinion SB Zone Target, with the objectives of testing the continuity and limits of the SB Zoneand a goal to include certain areas of the Pinion SB Zone into an updated Pinion Mineral Resource near year-end 2022.

Based on the results of the first stage exploration program, Gold Standard Ventures intends to develop a second stage exploration program to be completed in the Fall and Winter of 2022.