Vox Royalty notes development decision on Horseshoe Lights project

Vox Royalty (VOXR) providef an update on the Horseshoe Lights copper-gold project in Western Australia, from royalty operator, Horseshoe Metals Limited, and recent gold industry developments in Western Australia. Spencer Cole, Chief Investment Officer stated: “We’re encouraged by the fast-tracking of the Horseshoe Lights gold stockpiles towards production through Melody Gold’s toll treatment agreement. This development highlights the unique qualities of Western Australia as a top global mining jurisdiction, where mining operators can leverage efficient permitting, skilled mining labor, available capital and underutilized processing plants to potentially bring mineral deposits into production within three to five years. Horseshoe Lights is expected to be the seventh of nine royalty-linked Western Australian gold deposits to enter production between mid-2024 and mid-2026 – underscoring the sustained momentum in our Australian gold royalty portfolio.” Horseshoe Lights Option Exercised for Gold Surface Materials Processing Vox holds an uncapped 3.0% Net Smelter Return royalty over the Horseshoe Lights copper-gold project in Western Australia, operated by Horseshoe Metals. On June 12, 2025, Horseshoe Metals announced that Melody Gold has exercised its option to secure an exclusive licence to process up to 500,000 tonnes per annum of gold-bearing surface materials at the Horseshoe Lights copper-gold Project. The initial term is three years, with an option to extend. In addition: The Horseshoe Lights accommodation camp recently recommissioned to support Melody’s planned activities and Horseshoe Metals’ Direct Shipping Operation copper start-up; Cash flow from gold processing to support Horseshoe Metals’ near-term acceleration of copper exploration, development and DSO start-up at Horseshoe Lights; Melody has advised it intends to treat up to 500,000 tonnes per annum in its proposed retreatment of the Gold Surface Materials, utilising gravity recovery to produce a gold-copper-silver concentrate; Vox Management Summary: The Horseshoe Lights royalty project is being fast-tracked towards potential first production in late 2025, with the commencement of gold surface materials processing expected to commence by Melody in the coming months. This toll processing licence deal with Melody is a great example of how Western Australian mining projects are able to be fast-tracked into production, relative to other jurisdictions. Once ramped up to the expected 500,000 tonnes per annum gold processing rate, Vox anticipates that the gold stockpile operation will generate meaningful annual royalty revenues and de-risk the development of the larger Horseshoe Lights copper-gold project.