Vox Royalty Corp. provided recent development and exploration updates from royalty operating partners Gold Standard Ventures Corp., Genesis Minerals Limited, Develop Global Limited, Norwest Minerals Limited, and Alamos Gold Inc. Key Development Updates: Robust feasibility study released for the South Railroad gold project in Nevada by Gold Standard Ventures; Exceptional drilling results set to underpin growth at Puzzle North gold project by Genesis; Strong drilling results at the Sulphur Springs copper-zinc project by Develop are likely to result in a significant resource upgrade; Positive drilling results at the Bulgera gold project by Norwest; and Significant capital budget planned in 2022 by Alamos for the Lynn Lake (MacLellan) gold project. South Railroad (Pre-Feasibility) ­ Robust Feasibility Study Released: 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 the prolific Carlin Trend of Nevada; Vox has been receiving advance minimum royalty payments from Gold Standard Ventures since October 2021; On February 23, 2022, Gold Standard Ventures announced the following feasibility study results: After-tax IRR of 62% and NPV5 of USD 487 million at Spot Gold Price (USD 1,899.20 per ounce) and after-tax IRR of 44% and NPV5 of USD 315 million at USD 1,650 per ounce gold (Base Case Gold Price); Payback of 1.6 years at Spot Gold Price and 1.9 years at Base Case Gold Price; 29% increase in Mineral Reserves to 1.6 million gold ounces; 10.5-year operating life with total gold production of over 1 million ounces, with an average gold production of 152,000 ounces over the first four years; Launch of construction financing process, targeting 75% from non-equity sources, to be completed this year in advance of final construction permits; and Orion Mine Finance to provide Gold Standard Ventures with a term sheet of up to $200 million to support the construction of the South Railroad Project.

Vox Management Summary: These compelling feasibility study results closely match Vox management's estimates formed during due diligence for the South Railroad rancher royalty. This high-return project is being fast-tracked towards a first production target in 2024, based on Gold Standard Ventures management guidance. Kookynie (Pre-Feasibility) ­ Exceptional Drilling Results at Puzzle North Discovery: Vox holds a AUD 1/t production royalty on part of the Kookynie gold project; On February 3, 2022, Genesis announced: Outstanding new results from reverse circulation ("RC") drilling across multiple areas, confirming potential to expand the mineral resource at the Ulysses Gold Project near Leonora in Western Australia; Broad, high-grade zones of gold mineralisation intersected from shallow depths in RC drilling at the Puzzle North Discovery, including: 21USRC1186: 27m @ 8.18g/t Au from 30m; 21USRC1190: 34m @ 13.36 Au from 42m, including 1m @ 382.6g/t Au from 68m; and 21USRC1192: 29m @ 2.91g/t Au from 52m; Drilling at Puzzle North has now defined mineralisation over 600m of strike and up to 100m width, with the mineralisation remaining open both at depth and along strike; Mineralisation at the southern end of the Puzzle pit extended over 200m south with results including: 21USRC1114: 11m @ 2.20g/t Au from 82m; 21USRC1119: 4m @ 9.07g/t Au from 92m; 21USRC1123: 5m @ 5.98g/t Au from 79m; and 21USRC1127: 47m @ 1.07g/t Au from 95m; A large drilling program is currently being planned for the Puzzle North to Puzzle corridor.

Vox Management Summary: This exciting gold exploration royalty that Vox acquired for less than AUD 150,000 in 2020 is being rapidly drilled to include the royalty-linked Puzzle North discovery in an expanded feasibility study at the Ulysses gold project. The potential development timeline for this project from exploration to development continues to exceed Vox management expectations. Sulphur Springs (Pre-Construction) ­ Strong Drilling Results Point to Significant Resource Upgrade: Vox holds a A$2/tonne production royalty (capped at AUD 3.7 million) on the Sulphur Springs copper-zinc deposit and an uncapped AUD 0.80/tonne production royalty on the Kangaroo Caves deposit, which is part of the combined Sulphur Springs project; On February 10, 2022, Develop announced: It has now received ~60% of the assays from the A$10M resource infill and exploration drilling program at Sulphur Springs; The drilling has been highly successful, with numerous high-grade mineralisation intersections of more than 50m, significantly thicker than anticipated and with two of the intercepts being the thickest intersections achieved in the project's history; The results point to a substantial conversion of Inferred Resources to the higher confidence Indicated Resource classification; The upgrade in Indicated Resource classification will pave the way for Develop to update reserves, mine development plans, project costings and to finalise funding options; Exploration drilling has also returned outstanding results, paving the way for an increase to the total resource; A resource update is scheduled for mid-2022; and Preparations for construction of the exploration decline are proceeding rapidly with the approval request submitted.

This will be pivotal because it will enable drilling to be conducted faster, and cheaper and brings forward capital/access to the underground deposit. Vox Management Summary: Under the new leadership of Northern Star Resources founder Bill Beament, the Sulphur Springs project is on track to be expanded in resource size and fast-tracked into underground decline development within the next 12 months. This drilling success indicates that the potential economics of this high-grade copper project are improving month to month.

Bulgera (Exploration) ­ New High-Grade Drilling Results: Vox holds a 1% net smelter return royalty over the Bulgera gold project; On February 3, 2022, Norwest announced: The first three of seven diamond drill holes extend new high-grade gold lode to beyond 400m down dip of the shallow Bulgera open pit; Drill results included: BDD21003: 11.3m @ 3.25g/t gold from 260m (downhole), including 4m @ 4.5g/t Au from 260m and 3.3m @ 5.3g/t Au from 268m; BDD21001: 16.5m @ 1.20g/t gold from 128m and 3m @ 4.10g/t gold from 166m; BDD21002: 6m @ 2.07g/t gold from 195m; It is sourcing a drill rig to undertake the Phase 2 diamond drill program (targeting March/April 2022) which will test mineralisation to ~700m down-dip of the Bulgera open-pit; Vox Management Summary: Norwest management are now guiding towards a remodelled and expanded resource estimate for the past-producing Bulgera gold project which would increase the value of Vox's royalty. Oxide ore from Bulgera was last processed at the nearby Plutonic gold mine in 2004 and given the haul road remains in place, credible near-term development options are available for Bulgera.