Vox Royalty Notes Development Decision at The Horseshoe Lights Project and Provides Western Australia Gold Market Update

Vox Royalty Corp. announced that Melody Gold Pty Ltd has exercised its option to process up to 500,000 tonnes per annum of gold-bearing surface materials at the Horseshoe Lights copper-gold project in Western Australia, where Vox holds a 3.0% Net Smelter Return royalty. This development is expected to fast-track the project towards initial gold production by late 2025, generating meaningful annual royalty revenues for Vox and supporting the de-risking of the larger copper-gold asset. The move highlights Western Australia's efficient mining environment and positions Horseshoe Lights as the seventh of nine Vox-linked WA gold deposits projected to commence production between mid-2024 and mid-2026 amid robust gold prices.

Analysis

The activation of the Horseshoe Lights gold stockpile processing represents a significant de-risking event and a clear catalyst for near-term revenue generation for Vox Royalty Corp. Through an agreement with Melody Gold, the project operator, Horseshoe Metals, will fast-track the processing of up to 500,000 tonnes of gold-bearing surface materials per annum, on which Vox holds an uncapped 3.0% Net Smelter Return royalty. This development accelerates the timeline for initial cash flow, with first production now anticipated in late 2025, and is expected to generate meaningful annual royalty revenues. The deal underscores the strategic advantage of Vox's concentration in Western Australia, a jurisdiction with efficient permitting and robust infrastructure, which is enabling a rapid ramp-up of multiple assets. This project is the seventh of nine royalty-linked gold deposits in the region scheduled to commence production between mid-2024 and mid-2026, highlighting sustained momentum in Vox's portfolio, supported by a strong local gold price of A$5,228 per ounce. Furthermore, the cash flow from this gold operation is earmarked by the operator to expedite the development of the larger Horseshoe Lights copper asset, suggesting potential for longer-term royalty expansion from the same project.

Key Decisions for Investors

• Investors should view this development as a material de-risking of a key asset, providing a clearer path to revenue and validating Vox's strategy of acquiring royalties on near-production assets in premier jurisdictions.
• Consider the cumulative impact of Vox's Western Australian portfolio, as the Horseshoe Lights project is part of a broader pipeline of nine assets expected to enter production by mid-2026, which could lead to a significant, phased ramp-up in company-wide royalty receipts.
• It is prudent to monitor operational announcements from both Melody Gold and Horseshoe Metals for confirmation of the processing ramp-up towards the 500,000 tonnes per annum target, as achieving this rate is critical to realizing the full revenue potential of this royalty.