Vox Royalty Corp. provided recent development and exploration updates from its royalty operating partners. Key royalty project updates were sourced from Kalamazoo Resources Limited ("Kalamazoo"), Silver Mines Limited and Orla Mining Ltd. 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 AUD 33 Million, with potential to truck a high-grade Ashburton gold concentrate to De Grey's Hemi plant; Silver Mines completed a AUD 10 Million capital raise, and earlier announced key Bowdens catalysts for 2024, which include an optimisation study and final investment decision, expected in mid-2024, with potential development commencement in late 2024; Orla announced a CAD 20 million 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 (AUD 3M option fee, plus AUD 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 optimisations 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 mineralisation 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 AUD 33M option on the Ashburton gold development project with +AUD 2 billion market capitalisation 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 AUD 10M capital raise, subsequent to announcing key catalysts for the Bowdens project. Further progress on its optimisation 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 optimisation 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 CAD 20 Million 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 2022we 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.