Vox Royalty Corp. provided recent development and exploration updates from royalty operating partners Karora Resources Inc., Jangada Mines plc, Genesis Minerals Limited, Metalicity Limited, and Black Cat Syndicate Limited. Summary of development and exploration updates: processing plant expansion from 1.4Mtpa to 2.5Mtpa at the Higginsville gold mine by Karora; trial mining license granted to Jangada for the Pitombeiras vanadium-iron ore project; kookynie gold projects – continued exploration success at the Puzzle North discovery by Genesis and bonanza drilling grades at the McTavish deposit by Metalicity; and major milestone achievements at Kal East Gold Project by Black Cat, which include Bulong royalty-linked deposits. Higginsville (Producing) – Significant Expansion Plans for Processing Plant: Vox holds a price-linked production royalty that is equal to A$0.60/gram of gold produced at current gold prices (effective 0.85% net smelter return royalty economics) on part of the Higginsville gold mine held by Karora, covering part of the Hidden Secret, Mousehollow and Paleochannels deposits; and on June 28, 2021, Karora announced: phase 1 expansion plans of the Higginsville mill from 1.4 million tonnes per annum (Mtpa) to 1.6Mtpa, for a modest capital expenditure of approximately A$3 million; phase 2 expansion plans to increase the throughput rate to 2.5Mtpa by 2024, with a total capital expenditure of A$50 million; and once completed, the mill expansion would provide optionality to blend Paleochannel material with material from Karora's other operating mines. Vox Management Summary: This processing plant expansion presents volume upside for ongoing Higginsville royalty revenues from the Hidden Secret and Mousehollow deposits and unlocks future value through mine life extension from blending of royalty-linked ore from the Paleochannels deposits. Pitombeiras (PEA Stage) – trial mining license granted: Vox holds a 1% net smelter return royalty over the Pitombeiras vanadium-iron ore project; and on June 28, 2021, Jangada announced that the Brazilian National Mining Agency has granted a trial mining license for the Pitombeiras project. The trial mining license allows for the extraction of up to 300,000 tonnes of Ferrovanadium bearing material per year from Jangada's exploration licenses with the purpose of continuing to evaluate the technical aspects and economic benefits of the project. Vox Management Summary: The granting of the trial mining license for Pitombeiras is a material pre-production permitting milestone. An updated Pitombeiras PEA (expected in Third Quarter 2021) will provide guidance for potential royalty revenue that could commence as early as first quarter of 2022, based on prior guidance from Jangada. Kookynie (Pre-Feasibility) – outstanding exploration results and expanded drilling program: Vox holds a A$1/t production royalty on part of the Kookynie gold project; on July 1, 2021, Genesis announced that: reverse circulation drilling continues to confirm the potential to grow all key deposits which form the Ulysses Gold Project, including the royalty-linked Puzzle North deposit; further outstanding results received from the Puzzle North discovery includes significant new shallow results; 69m @ 2.59g/t Au from 21m (21USRC919); 8m @ 6.30g/t Au from 139m (21USRC913); 27m @ 1.33g/t Au from 83m (21USRC922). A 7,500m drill program is planned at Puzzle North and Puzzle (both royalty-linked) over the next three months to in-fill and extend the known mineralization. Vox Management Summary: The consistency of the drilling success at Puzzle North is very exciting. This exploration royalty is being fast-tracked up the development curve towards production, with an initial resource estimate for Puzzle North being aggressively prioritised. These royalty-linked Puzzle North deposits have strong potential to be included in Genesis' Ulysses feasibility study over the coming ~12 months. Kookynie (Advanced Exploration) – high grade drill results: Vox holds a A$1/t ore production royalty (with gold grade escalator) on part of the Kookynie gold project held by Metalicity; on July 8, 2021, Metalicity announced that: final assays from recent drilling at the McTavish prospect has returned some of the best high-grade results at the project to date, including: 5m @ 25.9 g/t from 28m (McTRC0049) including: 3m @ 41.5 g/t from 30m, and 1m @ 91.2g/t from 30m; 6m @ 20.6 g/t from 19m (McTRC0064) including 4m @ 29.1 g/t from 20m; 3m @ 19.1 g/t from 88m (McTRC0044) including 1m @ 52.8 g/t from 89m; 4m @ 3.5 g/t from 8m (McTRC0051) including 1m @ 11.4 g/t from 10m; Metalicity is planning to prioritise McTavish and the 2km of untested strike between McTavish and Leipold in its next exploration efforts and a further 38 holes remain outstanding from Champion and Cosmopolitan; and once all holes are received and reported, Metalicity intends to release, in due course, its Maiden JORC 2012 Mineral Resource Estimate for the Leipold, McTavish and Champion Prospects, which are all situated on mining leases. Vox Management Summary: These bonanza-grade shallow drilling results of up to 91g/t gold are some of the highest grades drilled in Australia in 2021, where most open pit mines are mining grades of 1g/t – 2g/t. The company look forward to the initial resource estimate being released for the McTavish deposit, particularly since royalty has a grade-linked escalator clause, providing revenue upside for high grades. Bulong (Pre-Construction) – major milestones achieved at Kal East Gold Project (incl. Bulong deposits): Vox holds a 1% net smelter return royalty over part of the Bulong gold project; on July 8, 2021, Black Cat announced: two recently acquired Outokumpu ball mills were safely relocated to Kalgoorlie for servicing during the June 2021 quarter, ahead of installation expected in 2022; approval to develop the underground mine at Majestic has now been received. This means that the two initial mines (Myhree open cut and Majestic underground) are on schedule for initial development in mid-2022; approval received for the construction of the processing facility at the Majestic Mining Centre; drilling activities are continuing with two RC rigs and one diamond drill rig on site; and 10,000m of drilling is planned for the royalty-linked Myhree deposit in the second half of 2021, as announced by Black Cat on July 14, 2021. Vox Management Summary: These permitting approvals and the relocation of the key processing infrastructure indicate strong potential for first royalty revenue from Bulong in 2022. The expanded drilling program at Myhree and regionally around Bulong also indicate upside to the current royalty-linked resource. The next 12 months are likely to be transformational for this Bulong royalty asset.