The document is an investor presentation for Vox Royalty Corp from July 2020. It provides an overview of Vox Royalty as a growth-focused mining royalty company, discusses the benefits of the royalty and streaming model for investors, and introduces the management team which has extensive experience in royalty transactions totaling over $1.5 billion. It notes Vox has established a portfolio of 41 royalties and streams, with significant near-term growth potential from assets largely located in Australia, focused on precious metals and production-stage projects.

1. INVESTOR PRESENTATION
APRIL 2020
INVESTOR PRESENTATION
JULY 2020

2. 2
DISCLAIMER
DISCLAIMER
THE INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE. VOX ROYALTY CORP. (THE “COMPANY”) DOES NOT GUARANTEE THE ACCURACY OR
COMPLETENESS OF SUCH INFORMATION. STATEMENTS IN THIS DOCUMENT ARE MADE AS OF THE DATE OF THIS DOCUMENT UNLESS STATED OTHERWISE, AND NEITHER THE DELIVERY OF THIS DOCUMENT AT
ANY TIME, NOR ANY SALE HEREUNDER, SHALL UNDER ANY CIRCUMSTANCES CREATE AN IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY SUBSEQUENT DATE.
THIS DOCUMENT, WHICH HAS NOT BEEN VERIFIED AND IS SUBJECT TO UPDATING, IS PROVIDED FOR INFORMATION ONLY AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR INVITATION
TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN ANY JURISDICTION. THIS DOCUMENT SHOULD NOT BE CONSIDERED AS A RECOMMENDATION BY ANY
PARTY TO ENTER INTO ANY TRANSACTION.
RESPONSIBILITY OR LIABILITY IS ACCEPTED FOR THE ACCURACY OF THIS DOCUMENT, OR FOR ANY ERRORS, OMISSIONS OR MISSTATEMENTS IN THIS DOCUMENT. IN SO FAR AS SUCH LIABILITY MAY BE
EXCLUDED BY LAW, NONE OF ANY PARTY MENTIONED IN THIS DOCUMENT, OR ANY OF THEIR RELATED BODIES CORPORATE OR AFFILIATES, OR ANY DIRECTORS, OFFICERS, EMPLOYEES OR ADVISERS OF ANY
OF THE FOREGOING, OR ANY OTHER PERSON, ACCEPTS ANY RESPONSIBILITY OR LIABILITY FOR ANY DIRECT, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE SUFFERED BY ANY PERSON AS A RESULT OF
RELYING ON ANY STATEMENT IN OR OMISSION FROM THIS DOCUMENT.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
THIS PRESENTATION CONTAINS FORWARD-LOOKING INFORMATION AND FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF APPLICABLE CANADIAN SECURITIES LAWS. ANY STATEMENTS THAT EXPRESS
OR INVOLVE DISCUSSIONS WITH RESPECT TO PREDICTIONS, EXPECTATIONS, BELIEFS, PLANS, PROJECTIONS, OBJECTIVES, ASSUMPTIONS OR FUTURE EVENTS OR PERFORMANCE (OFTEN, BUT NOT ALWAYS,
IDENTIFIED BY WORDS OR PHRASES SUCH AS “EXPECTS”, “IS EXPECTED”, “ANTICIPATES”, “BELIEVES”, “PLANS”, “PROJECTS”, “ESTIMATES”, “ASSUMES”, “INTENDS”, “STRATEGY”, “GOALS”,
“OBJECTIVES”, “POTENTIAL”, “POSSIBLE” OR VARIATIONS THEREOF OR STATING THAT CERTAIN ACTIONS, EVENTS, CONDITIONS OR RESULTS “MAY”, “COULD”, “WOULD”, “SHOULD”, “MIGHT” OR “WILL”
BE TAKEN, OCCUR OR BE ACHIEVED, OR THE NEGATIVE OF ANY OF THESE TERMS AND SIMILAR EXPRESSIONS) ARE NOT STATEMENTS OF HISTORICAL FACT AND MAY BE FORWARD-LOOKING STATEMENTS.
FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS REGARDING TARGETED ANNUAL PRODUCTION AT THE PEDRA BRANCA PROJECT, THE
LIFE OF MINE ESTIMATE FOR THE BOWDENS PROJECT, THE ABILITY OF THE COMPANY TO MAINTAIN RAPID GROWTH AND OTHER STATEMENTS THAT ARE NOT STATEMENTS OF FACT. THESE STATEMENTS
RELATE TO ANALYSES AND OTHER INFORMATION THAT ARE BASED ON FORECASTS OF FUTURE RESULTS, ESTIMATES OF AMOUNTS NOT YET DETERMINABLE AND ASSUMPTIONS OF MANAGEMENT.
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND ARE BASED UPON A NUMBER OF ESTIMATES AND ASSUMPTIONS OF
MANAGEMENT AT THE DATE SUCH STATEMENTS ARE MADE, WHICH MANAGEMENT BELIEVES TO BE REASONABLE, INCLUDING WITHOUT LIMITATION, ASSUMPTIONS ABOUT: FUTURE PRICES OF GOLD AND OTHER
METALS; THE ONGOING OPERATION OF THE PROPERTIES IN WHICH THE COMPANY HOLDS A STREAM/ROYALTY BY THE OWNER OR OPERATOR OF SUCH PROPERTIES IN A MANNER CONSISTENT WITH PAST
PRACTICES; THE ACCURACY OF PUBLIC STATEMENTS AND DISCLOSURES MADE BY THE OWNERS OR OPERATORS OF SUCH UNDERLYING PROPERTIES; NO MATERIAL CHANGES TO EXISTING TAX TREATMENT; NO
ADVERSE DEVELOPMENT IN RESPECT OF ANY SIGNIFICANT PROPERTY IN WHICH THE COMPANY HOLDS A ROYALTY; INTEGRATION OF ACQUIRED ASSETS; PERFORMANCE OF CONTRACTUAL OBLIGATIONS BY
COUNTERPARTIES; FINANCIAL VIABILITY OF THIRD PARTY OWNERS AND OPERATORS; FINANCIAL PROJECTIONS AND BUDGETS; ACCURACY OF ANY MINERAL RESOURCES, ANTICIPATED COSTS AND
EXPENDITURES; FUTURE CONSENSUS ROYALTY PRICE-TO-CASH-FLOW VALUATIONS ARE ACCURATE. MANY ASSUMPTIONS ARE BASED ON FACTORS AND EVENTS THAT ARE NOT WITHIN THE CONTROL OF THE
COMPANY AND THERE IS NO ASSURANCE THEY WILL PROVE TO BE CORRECT.
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION ARE STATEMENTS ABOUT THE FUTURE, WHICH ARE INHERENTLY UNCERTAIN AND WHICH ARE SUBJECT TO A VARIETY OF KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL PERFORMANCE, ACHIEVEMENTS, ACTIONS, EVENTS, RESULTS OR CONDITIONS TO DIFFER MATERIALLY FROM THOSE
REFLECTED IN THE FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION, INCLUDING, WITHOUT LIMITATION: THE COMPANY’S LACK OF CONTROL OVER THE MINING OPERATIONS IN WHICH
IT HOLDS ONLY ROYALTY INTERESTS; THE COMPANY’S DEPENDENCY ON THE FINANCIAL VIABILITY AND OPERATIONAL EFFECTIVENESS OF THIRD PARTY OWNERS AND OPERATORS; THE COMPANY’S RELIANCE
ON THIRD PARTY REPORTING AND POTENTIALLY LIMITED ACCESS TO DATA; CHANGES OR DISRUPTIONS IN THE SECURITIES MARKETS; FLUCTUATION IN THE PRICE OF GOLD AND BASE METALS AND FUTURE
COMMODITY PRICES; PRICE VOLATILITY OF THE COMPANY’S SECURITIES; RISKS FROM THE NEED FOR ADDITIONAL CAPITAL AND THE COMPANY’S ABILITY TO RAISE ADDITIONAL FUNDS; ADEQUACY OF
FINANCIAL RESOURCES; THE INTRODUCTION OF NEW TAXES OR CHANGES IN TAX LAWS AND INTERPRETATIONS; THE PROPERTIES ON WHICH THE COMPANY HOLDS ROYALTY AND OTHER INTERESTS WILL BE
SUBJECT TO EXPLORATION, DEVELOPMENT AND MINING RISKS (INCLUDING, AMONG OTHERS, THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, RISKS RELATING TO MINING
OPERATIONS AND DEVELOPMENT, THE RESULTS OF CURRENT EXPLORATION, DEVELOPMENT AND MINING ACTIVITIES, LAND TITLE ISSUES AND RISKS, DEPENDENCE ON KEY PERSONNEL; FUTURE CONSENSUS;
AND ROYALTY PRICE-TO-NAV VALUATIONS WILL NOT BE ACCURATE. SHOULD ONE OR MORE OF THESE RISKS AND UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT,
ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE CORPORATION, OR INDUSTRY RESULTS, MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION.
THE FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED IN THIS PRESENTATION ARE MADE OR GIVEN AS AT THE DATE OF THIS PRESENTATION AND THE COMPANY DISCLAIMS ANY INTENTION OR
OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED UNDER
APPLICABLE SECURITIES LAW. THE READER IS CAUTIONED NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS OR FORWARD-LOOKING INFORMATION.

3. GROWTH FOCUSED
MINING ROYALTY
COMPANY
VOX ROYALTY
» HIGH GROWTH MINING ROYALTY COMPANY
» CRITICAL MASS OF 41 ROYALTIES & STREAMS, WITH
SIGNIFICANT NEAR TERM ORGANIC GROWTH CATALYSTS
» ESTABLISHED IN 2014, PATIENTLY BUILT UNIQUE
INTELLECTUAL PROPERTY, TECHNICAL TEAM AND GLOBAL
SOURCING NETWORK
» INDUSTRY-LEADING EXPONENTIAL GROWTH PROFILE:
15 ROYALTY TRANSACTIONS SINCE JANUARY-2019,
BRINGING IN 36 ROYALTIES
» LOW GEOPOLITICAL RISK, 75%+ OF ASSETS IN AUSTRALIA
» FOCUSSED ON PRECIOUS METALS & PRODUCTION STAGE
» DEEP PIPELINE OF NAV ACCRETIVE ROYALTY ACQUISITIONS
3

4. Spot Gold Price
Royalty Companies
GDX
S&P/TSX Global Mining
0
50
100
150
200
250
300
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ü
4
Exploration & mine expansion
upside at no additional cost
Fixed operating & cash costs,
strong margins
No capex or cost overrun
exposure
Leverage to commodity prices
No Dilution
10-Year Indexed Price Performance
ü
ü
ü
ü
Royalty companies have consistently outperformed other mining equities over the past 10 years
No limit to growth as execution
risk does not rise with each
acquisition
ü
ROYALTY & STREAMING MODEL BENEFITS
ONE OF THE BEST WAYS TO INVEST IN THE MINING INDUSTRY
1
1) Market capitalization-weighted Index year over year increase. Index includes Franco-Nevada, Wheaton Precious Metals, Royal Gold,
Sandstorm Gold, Osisko Gold Royalties, Abitibi Royalties, EMX Royalties, Ely Gold Royalties, Maverix Metals, Metalla

5. ROYALTY COMPANY INDEXED SHARE PRICE APPRECIATION
SIGNIFICANTLY OUTPERFORMED THE MARKET AND UNDERLYING COMMODITIES
Source: Factset
~900% Increase Since Inception ~1000% Increase in last 15 Years ~2500% Increase in last 20 Years
Average of ~365% Share Price Appreciation In First 3 Years
5

6. » Royalty-specific deal expertise with >$1.5B of royalty
transactions globally over a combined >30 years
» Investment industry professionals with financing and
advisory experience on an additional $1B of metals &
mining transactions
» Local experts strategically located across the globe:
o Western Australia
o Toronto
o Denver
o Grand Cayman
» Full time CFO and General Counsel enable efficient
tax & legal due diligence for rapid deal completion
» Management team of six all focussed on business
development – one of the largest deal sourcing teams
of any royalty company <$1B market capitalisation
» The most experienced team of royalty experts of any
emerging royalty company
6
MANAGEMENT
TECHNICALLY FOCUSED TEAM WITH >$1.5B ROYALTY TRANSACTION EXPERIENCE >30 YEARS
Founded Vox Royalty; 10+ years of streaming and royalty acquisition
experience; instrumental in financing and advising approximately $1B
in transactions; Studied MSc Mineral Economics (Colorado School of
Mines) & BBus in Corporate Finance (University of Washington)
SIMON COOPER, EVP CORPORATE DEVELOPMENT
Geologist, Mining Engineer and Investment Professional; corporate
roles in evaluation, M&A and project finance; base and precious metals
experience across five continents; MSc Mining Engineering (Camborne
School of Mines) & BSc Geology (University of New South Wales).
SPENCER COLE, EVP NORTH AMERICA
Co-Founder of MRO, Mining Engineer and former Investment Banker;
+10 years’ experience with BHP (M&A, Feasibility Studies), South32
(Hermosa/Taylor Project, Boddington Bauxite Mine, Corporate) and
UBS Investment Bank; historically involved in >$1B of royalty
transactions; BComm (Finance) and MEng (Mining Engineering).
RIAAN ESTERHUIZEN, EVP AUSTRALIA
Co-Founder of MRO, Geologist; 20 years' experience in multi-
commodity exploration and commercial management roles with BHP,
Rio Tinto, Randgold and Goldfields; including significant exposure to
royalty transactions, due diligence and M&A; BComm (Economics) and
BSc (Hons) Geology.
KYLE FLOYD, CEO TEAM HIGHLIGHTS

7. 7
EXTRAORDINARY GROWTH SET TO CONTINUE
CRITICAL MASS ACHIEVED, EXECUTING ON A FULL PIPELINE OF OPPORTUNITIES
Highly accretive transaction history
» Unique sourcing capability resulting in
royalties acquired at attractive values
» Producing and near-term development
royalties consistently acquired for attractive
P/NAV
Pipeline fuller than ever
» Significant transactional momentum expected
to continue for the foreseeable future
» Currently evaluating more than $500M worth of
additional royalty transactions
» Targeting 80% of capital allocation to
production or near-production stage royalties
» Pipeline driven by proprietary database of
>7,000 royalties and global team with reach
into multiple local markets
15 Transactions & 36 Royalties Contracted Since January 2019
Vox Royalty
Metalla
Maverix
Ely Gold Royalties
EMX
Altius Minerals
Anglo Pacific
Abitibi
Morien
Nomad
Trident
0
5
10
15
20
25
30
35
40
45
0 2 4 6 8 10 12 14 16 18
RoyaltiesAcquired
Transactions
Sources: press releases, company filings, Vox management

8. 8
PROPRIETARY ROYALTY DATABASE
INHERENT COMPETITIVE ADVANTAGE FROM UNIQUE INTELLECTUAL PROPERTY
Vox entered into an agreement to acquire Mineral
Royalties Online (“MRO”) in March 2019
» Acquisition included a proprietary database of >7,000 global
royalties and >500 historical royalty transactions
» MRO founders elected to join the Vox management team, adding
expertise and involvement in >$1B in royalty transactions
Acquisition yields wider transactional opportunities
» Provides Vox the first-mover advantage to execute bilateral,
non-brokered royalty deals – the majority of 2019/2020 deals
have been completed on this basis
» Database of historical transactions benchmarked over a 40-year
period enables Vox to price royalties faster and more effectively
than competitors
Royalty Database example – Kalgoorlie, Australia
» Visually integrates global mining royalties (green below) with
mineral deposits (red below) and mining claims (black lines)
» Enables VOX management to evaluate and prioritize thousands of
royalty opportunities in a fraction of the time

9. 9
PORTFOLIO OVERVIEW
A GLOBAL FOOTPRINT, WITH A STRONG AUSTRALIAN WEIGHTING
41%
British KingGraphmada
Yellow Giant
Montana Royalties
Mexican Royalties
Torrecillas
Pedra Branca
Ptombeiras
Dry Creek, West Kundana, Kelly Well,
New Bore, Millrose, Kookynie
Greenbushes North,
Pilgangoora North &
Wodgina South
Koolyanobbing
Bowdens
Barabolar
Mt Ida
Forest Reefs
Mt Moss
Alce
Las Antas
Volga
Holleton, Yalbra,
Yamarna, Green Dam,
Bulong
Sulphur Springs, Kangaroo
Caves, Thaduna
Ashburton, Merlin
Glen, Anthiby
Well
Precious
64%
Battery
17%
Base
12%
Bulk
7%
Precious
Battery
Base
Bulk
Asset Stage Current 20213
Producing 2 6
Development 9 7
Exploration 30 28
1) Pie chart shown by royalty count
2) Development assets include the following stages: feasibility study completed, care & maintenance and toll-treatment targeted to
commence within the next 12 months (based on public filings)
3) Number of royalties expected to be producing in 2021 based on public filings and guidance of operating partners
Uley
Saxby

10. 10
EXPONENTIAL EMBEDDED GROWTH
SIGNIFICANT NEAR-TERM CATALYSTS EXPECTED TO RE-RATE PORTFOLIO VALUE
2
KOOLYANOBBING
GRAPHMADA
6
DRY CREEK
MT IDA
BRITISH KING
TORRECILLAS
CURRENT 2021 2022 – 2024
>6
PEDRA BRANCA
SULPHUR SPRINGS
BOWDENS
ASHBURTON
(TOLL-TREAT)
YELLOW GIANT
(C&M RESTART)
ULEY
BULONG
PRODUCING
ASSETS
Additional organic growth and production potential from 28 exploration-stage royalties

11. 11
STRONG OPERATING PARTNERS
ROYALTIES OVER PROPERTIES HELD BY SEVERAL GLOBAL TIER 1 MINING COMPANIES
P A R T O F T H E
SENIOR
PRODUCERS
>$1B Market Cap
INTERMEDIATE
PRODUCERS
$100M-$1B Market Cap
EXPLORERS &
DEVELOPERS
<$100M Market Cap
11
1) Private or state-owned companies, company size is estimated

12. 12
PORTFOLIO HIGHLIGHTS
SIGNIFICANT EMBEDDED ORGANIC GROWTH AND NEAR-TERM CATALYSTS EXPECTED
Pedra Branca
Brazil, Platinum Group Metals
1.0% NSR
» Mineral resource of 1.1Moz @ 1.22 g/t
PGE+Au Inferred (3PGE+Au cutoff of 0.65gpt)
» PEA highlighted NPV7 US$192M, IRR of 67%,
1.6 year payback with capex of US$64.4M
» Target annual production of 64Koz PGM+Au
(2.2Mlb Ni, 1.2Mlb Cu, 44Klb Co, 30Kt Cr)
over 13 year mine life
Development
Bowdens
Australia, Silver
0.85% GRR
» Feasibility stage project, with forecast 16
year life of mine (LOM) and total forecast
LOM production of 52.9Moz Ag, 108Kt Zn and
79Kt Pb (recovered metal in concentrate)
» Tenement package covers 963km2
» 4,000m deep drilling program at Bowdens
underway in 2020
Development
Koolyanobbing
Australia, Iron Ore
2.0% FOB revenue
» Mineral Resource for Deception/Altair
deposit of 15.6Mt @ 60.1% Fe Indicated
and 3.9Mt @ 59.3% Fe Inferred
(50% Fe cut-off grade)
» Deception is part of 11Mtpa Yilgarn Iron Ore
Business
» Operator completed study to expand Yilgarn
Iron Ore Business to 15Mtpa by end-2020
Producing
Source: ValOre Metals Corp, 28 May 2019 Resource Estimate Technical
Report. Jangada Mines Plc, 18 June 2018, Pedra Branca PEA Report.
An Inferred Mineral Resource has a lower level of confidence than that
applying to an Indicated Mineral Resource and must not be converted to
a Mineral Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
Source: Mineral Resources Ltd, 20 November 2019 JORC Resource &
Reserve Statements. 15Mtpa expansion ASX referenced on 25-Feb-2020
Source: Silver Mines Ltd, 14 June 2018 Feasibility Study –
Bowdens Silver Project, ASX announcement. Drilling program
ASX referenced by Silver Mines Ltd on 30-Jan-2020
The Company is treating the Bowdens Feasibility Study and the
mineral resource and reserve estimates therein as historical in
nature and notes that a qualified person has not done
sufficient work to classify the historical estimates as current
mineral resources or current mineral reserves. See slide 4 for
more information.

13. 13
PORTFOLIO HIGHLIGHTS
ROYALTIES COVER >2 MILLION GOLD OUNCES, POTENTIAL $2M - $5M INCREMENTAL REVENUE
Dry Creek
Source: RNC Minerals NI43-101 Technical Report, 6 February 2020
(Higginsville mill shown)
Source: Northern Star Resources ASX announcement 12 Feb 2013, JORC
resource restated by Northern Star on 1 Aug 2019 (Paulsens mill shown)
Source: Alt Resources Ltd ASX announcement 29 Jul 2019
(Scoping Study), Alt Resources Ltd ASX quarterly 30 Apr 2020
(Tim’s Find update)
Ashburton
Australia, Gold
1.75% GRR
» Mineral Resource of 1.7Moz Au @ 2.4g/t Au
» Potential trucking & toll-treatment of high
grade ore via regional Paulsens mill
» Comprises 961km2 tenement package
» Historical production included 3.2Mt @
3.3g/t for 340Koz between 1998 – 2004
» Copper intersections at depth of 6m @ 2.3%
Exploration (toll-treat potential)
Mt Ida
Australia, Gold
1.5% NSR
» Operator targeting toll-treatment mining
from royalty-linked Tim’s Find deposit
in Q3 2020
» Royalty linked resource 120Koz @ 2.3g/t Au
» Scoping study for larger 500Ktpa CIL
operation completed in July-2019
» Extensive regional drilling campaign ongoing
Pre-Production
Australia, Gold
A$0.73/gram gold ore milled
» Part of Higginsville 2020/2021 mine plan
» Royalty covers three deposits: Hidden Secret
(19Koz @ 2.3g/t), Mousehollow (22Koz @
1.6g/t) and Paleochannels (116Koz @ 2.2g/t)
» Over 17,500m drilled at Higginsville Gold
Operations in past 12 months
» RNC planning 45k – 50km drilling in 2020
Development

14. 14
WHY VOX?
OPPORTUNITY TO PARTICIPATE IN EXPONENTIAL GROWTH – THE TIP OF THE ICEBERG
Unmatched team of experts
building the business since 2014
» Management team collectively has >30
years royalty & streaming experience
across >$1.5B of global transactions
» Management holds ~15% of share register,
all investment decisions made as owners
Critical Mass Achieved with
Significant deal pipeline
» Extensive proprietary database provides
Vox with access to over 7,000 royalties
» Current growth pipeline is largest in Vox’s
history
Industry-leading transactional
growth acquiring quality royalties
at disciplined prices
» Technically-focussed management team
(2 geologists, 1 mining engineer) fixated
on risk-adjusted returns
Vox offers attractive valuation
with tangible near term catalysts
» Vox expects to continue to close
significant, highly accretive royalty
transactions in 2020 and beyond
» Significant Cash Flow and Producing
Asset Growth
» Portfolio of 41 royalties & streams have
numerous organic near-term
development catalysts to re-rate value
May-2020 TSX-V listing provides
catalyst for known royalty sellers
who want VOX listed stock
» Deep pipeline where royalty sellers have
expressed interest to take stock in a
high growth established royalty company
» Unique value proposition to sellers of
existing portfolios
» Most significant growth expected over
the next twelve months
WHY VOX? WHY NOW?

15. Appendix

16. 16
FULL PORTFOLIO
ALL ROYALTY AND STREAMING INTERESTS
Asset Interest Commodity Stage Jurisdiction Operator
Koolyanobbing 2.0% FOB revenue Iron Ore Producing Australia Mineral Resources Ltd
Pedra Branca 1.0% net smelter royalty
Nickel, Copper, Cobalt, PGM’s,
Chrome
Exploration
(PEA 2018)
Brazil ValOre Metals
Bowdens 0.85% gross revenue royalty Silver-lead-zinc Development Australia Silver Mines Limited
Graphmada
2.5% gross sales royalty
(A$5M or Jan-2029 cap)
Graphite Producing Madagascar Bass Metals
Dry Creek A$0.73/g gold ore milled1 Gold Development Australia RNC Minerals
Torrecillas
2.0% net smelter royalty
& settlement payments
Gold
Exploration
(past producer)
Peru Titan Minerals
Mt Ida South
/ Quinns Gold
1.5% net smelter royalty
(>10Koz gold production)
Gold Pre-production Australia Alt Resources
Ashburton 1.75% gross revenue royalty (>250koz) Gold
Exploration
(toll-treatment potential)
Australia
Northern Star Resources
(Kalamazoo Resources
acquiring project)
Merlin 0.75% gross revenue royalty (>250koz) Gold Exploration Australia Northern Star Resources
Yellow Giant
Stream on 100% of silver produced on first
6,667 oz monthly, then 50% of monthly
silver produced in excess
Silver
Development
(Care & Maintenance)
Canada
MCC Canadian Gold
Ventures
British King
1.5% NSR first 10,000oz;
5.25% stream after
Gold
Development
(Toll-treatment potential)
Australia BK Gold Mines
1) A$0.12/gram per tonne ore treated multiplied by (Spot Gold at Perth Mint / A$14.00), which equates to A$0.73/g gold ore milled
as at 25 May 2020

17. 17
FULL PORTFOLIO - CONTINUED
ALL ROYALTY AND STREAMING INTERESTS
Asset Interest Commodity Stage Jurisdiction Operator
Sulphur Springs
A$2/t ore production royalty
(A$3.7M royalty cap)
Copper-Zinc
Development
(Feasibility)
Australia Venturex Resources
Kangaroo Caves
A$2/t ore production royalty (40%
interest)
Copper-Zinc
Development
(Feasibility)
Australia Venturex Resources
Uley 1.5% GRR Graphite
Development
(Feasibility)
Australia Quantum Graphite
Anthiby Well 0.25% GRR Iron Ore Exploration Australia Hancock Prospecting
Forest Reefs 1.5% net smelter royalty Gold and Copper Exploration Australia Newcrest Mining
Barabolar
Surrounds
1.0% gross revenue royalty Silver-lead-zinc Exploration Australia Silver Mines Limited
Kookynie
(Consolidated Gold)
A$1/t ore production royalty
(with gold grade escalator1)
Gold Exploration Australia Metalicity Limited
Mt Moss 1.5% net smelter royalty
Base Metals
and Silver
Development
(Care & Maintenance)
Australia Curtain Bros Qld
Green Dam 2.0% net smelter royalty Gold Exploration Australia St Barbara
Holleton 1.0% net smelter royalty Gold Exploration Australia Ramelius Resources
Yalbra 0.75% gross revenue royalty Graphite Exploration Australia Buxton Resources
Yamarna A$7.50/oz discovery payment Gold Exploration Australia Gold Road Resources
Thaduna 1.0% NSR Copper Exploration Australia Sandfire Resources
1) $1 per tonne royalty for each ore reserve with a gold grade of at or less than 5 grams per Tonne, with a grade-linked escalator
above 5 grams per Tonne of (Grade – 5 x 0.5)

18. 18
FULL PORTFOLIO - CONTINUED
ALL ROYALTY AND STREAMING INTERESTS
Asset Interest Commodity Stage Jurisdiction Operator
West Kundana
Sliding scale 1.5% to 2.5% net
smelter royalty (based on gold
price1)
Gold Exploration Australia
Northern Star Resources and
Tribune Resources
Glen 0.2% FOB revenue Iron Ore Exploration Australia Sinosteel Midwest Corporation
Ptombeiras West 1.0% net smelter royalty Vanadium, Titanium, Iron Exploration Brazil Jangada Mines
Kelly Well
10% free carry (converts to 1% net
smelter royalty)
Gold Exploration Australia Dacian Gold
New Bore
10% free carry (converts to 1% net
smelter royalty)
Gold Exploration Australia Dacian Gold
Millrose 1% gross revenue royalty Gold Exploration Australia Jindalee Resources
Kookynie (Melita)
A$1/t ore production royalty
(>650Kt ore mined & treated)
Gold Exploration Australia Nex Metals Exploration
Montana Assets 1.5% net smelter royalty Copper, Gold Exploration USA Privately held
Mexican Assets 1% net smelter royalty Lead, Zinc, Silver Exploration Mexico Privately held
Greenbushes North 1% net smelter royalty Lithium Exploration Australia
SQM (Sociedad Quimica y
Minera de Chile)
Pilgangoora North 1% net smelter royalty Lithium Exploration Australia
SQM (Sociedad Quimica y
Minera de Chile)
Pilgangoora South 1% net smelter royalty Lithium Exploration Australia
SQM (Sociedad Quimica y
Minera de Chile)
1) If the gold price is less than or equal to A$450 per ounce, the royalty is 1.5% NSR, if the gold price is A$451 – A$500 per ounce,
then the royalty is calculated on a sliding scale between 1.5% – 2.5% NSR and if the gold price is greater than A$500 per ounce
then the royalty is equal to 2.5% NSR

19. 19
FULL PORTFOLIO - CONTINUED
ALL ROYALTY AND STREAMING INTERESTS
Asset Interest Commodity Stage Jurisdiction Operator
Bulong 1.0% net smelter royalty Gold Exploration Australia Black Cat Syndicate
Saxby 1.5% net smelter royalty Gold Exploration Australia Strategic Energy Resources
Alce 3% gross revenue royalty Base Metals Exploration Peru Titan Minerals
Las Antas 2% gross revenue royalty Base Metals Exploration Peru Titan Minerals
Volga 2% gross revenue royalty Copper
Exploration
(toll-treatment
potential)
Australia Novel Mining

20. TECHNICAL AND THIRD PARTY INFORMATION
TECHNICAL AND THIRD PARTY INFORMATION
THIS PRESENTATION INCLUDES MARKET, INDUSTRY AND ECONOMIC DATA WHICH WAS OBTAINED FROM VARIOUS PUBLICLY AVAILABLE SOURCES AND OTHER SOURCES BELIEVED BY THE
COMPANY TO BE TRUE. ALTHOUGH THE COMPANY BELIEVES IT TO BE RELIABLE, IT HAS INDEPENDENTLY VERIFIED ANY OF THE DATA FROM THIRD PARTY SOURCES REFERRED TO IN THIS
PRESENTATION, OR ANALYZED OR VERIFIED THE UNDERLYING REPORTS RELIED UPON OR REFERRED TO BY SUCH SOURCES, OR ASCERTAINED THE UNDERLYING ECONOMIC AND OTHER
ASSUMPTIONS RELIED UPON BY SUCH SOURCES. THE COMPANY BELIEVES THAT ITS MARKET, INDUSTRY AND ECONOMIC DATA IS ACCURATE AND THAT ITS ESTIMATES AND ASSUMPTIONS
ARE REASONABLE, BUT THERE CAN BE NO ASSURANCE AS TO THE ACCURACY OR COMPLETENESS THEREOF. THE ACCURACY AND COMPLETENESS OF THE MARKET, INDUSTRY AND
ECONOMIC DATA USED THROUGHOUT THIS PRESENTATION ARE NOT GUARANTEED AND SAILFISH DOES NOT MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF
SUCH INFORMATION.
IN ADDITION, THE DISCLOSURE IN THIS PRESENTATION RELATING TO PROPERTIES AND OPERATIONS ON THE PROPERTIES IN WHICH THE COMPANY HOLDS (OR MAY ACQUIRE) ROYALTY,
STREAM OR OTHER INTERESTS IS BASED ON INFORMATION PUBLICLY DISCLOSED BY THE OWNERS OR OPERATORS OF THESE PROPERTIES, INCLUDING BY MINERAL RESOURCES LIMITED
(“MINERAL RESOURCES") WITH RESPECT TO THE KOOLYANOBBING PROPERTY, BY VALORE METALS CORP (“VALORE METALS") WITH RESPECT TO THE PEDRA BRANCA PROPERTY, BY SILVER
MINES LIMITED (“SILVER MINES”) WITH RESPECT TO THE BOWDENS PROPERTY AND INFORMATION/DATA AVAILABLE IN THE PUBLIC DOMAIN AS AT THE DATE HEREOF. NONE OF THIS
INFORMATION HAS BEEN INDEPENDENTLY VERIFIED BY THE COMPANY. SPECIFICALLY, AS A ROYALTY OR STREAM HOLDER (OR ACQUIRER), THE COMPANY HAS LIMITED, IF ANY, ACCESS TO
PROPERTIES INCLUDED IN ITS ASSET PORTFOLIO. ADDITIONALLY, THE COMPANY MAY FROM TIME TO TIME RECEIVE OPERATING INFORMATION FROM THE OWNERS AND OPERATORS OF
THE PROPERTIES, WHICH IT IS NOT PERMITTED TO DISCLOSE TO THE PUBLIC. THE COMPANY IS DEPENDENT ON, (I) THE OPERATORS OF THE PROPERTIES AND THEIR QUALIFIED PERSONS
TO PROVIDE INFORMATION TO THE COMPANY, OR (II) ON PUBLICLY AVAILABLE INFORMATION TO PREPARE DISCLOSURE PERTAINING TO PROPERTIES AND OPERATIONS ON THE
PROPERTIES ON WHICH THE COMPANY HOLDS ROYALTY OR OTHER INTERESTS, AND GENERALLY HAS LIMITED OR NO ABILITY TO INDEPENDENTLY VERIFY SUCH INFORMATION. ALTHOUGH
THE COMPANY DOES NOT HAVE ANY KNOWLEDGE THAT SUCH INFORMATION MAY NOT BE ACCURATE, THERE CAN BE NO ASSURANCE THAT SUCH THIRD PARTY INFORMATION IS COMPLETE
OR ACCURATE. SOME INFORMATION PUBLICLY REPORTED BY OPERATORS MAY RELATE TO A LARGER PROPERTY THAN THE AREA COVERED BY THE COMPANY’S ROYALTY OR OTHER
INTEREST. THE COMPANY’S ROYALTY OR OTHER INTERESTS MAY COVER LESS THAN 100% AND SOMETIMES ONLY A PORTION OF THE PUBLICLY REPORTED MINERAL RESERVES, MINERAL
RESOURCES AND PRODUCTION.
q ADDITIONAL INFORMATION ON THE KOOLYANOBBING PROPERTY IS AVAILABLE IN MINERAL RESOURCES LIMITED’S ASX ANNOUNCEMENTS DATED NOVEMBER 20, 2019 (“MINERAL
RESOURCE STATEMENT – KOOLYANOBBING, MT DIMER & PARKER RANGE” AND “YILGARN – ORE RESERVE STATEMENT”) AND MINERAL RESOURCES LIMITED’S ASX ANNOUNCEMENT DATED
FEBRUARY 25, 2020 (“JP MORGAN HIGH YIELD CONFERENCE - PRESENTATION”) AND IN SUCH OTHER DOCUMENTS AS MAY BE REFERENCED HEREIN.
q ADDITIONAL INFORMATION ON THE PEDRA BRANCA PROPERTY IS AVAILABLE IN THE “PEDRA BRANCA PROJECT MAY 2019 RESOURCE ESTIMATE TECHNICAL REPORT” AUTHORED BY
SUSAN LOMAS, P. GEO, AND ALI SHAHKAR, P. ENG. OF LIONS GATE GEOLOGICAL CONSULTING INC. AND BERT HULS, P. ENG, OF HULS CONSULTING INC. WITH AN EFFECTIVE DATE OF
MAY 28, 2019 AND IN SUCH OTHER DOCUMENTS AS MAY BE REFERENCED HEREIN.
q ADDITIONAL INFORMATION ON THE BOWDENS PROPERTY IS AVAILABLE IN ASX ANNOUNCEMENT DATED JUNE 14, 2018 (FEASIBILITY STUDY – BOWDENS SILVER PROJECT) AND SILVER
MINES’ ASX ANNOUNCEMENT DATED MAY 30, 2018 (MAIDEN ORE RESERVE – BOWDENS SILVER PROJECT) AND IN SUCH OTHER DOCUMENTS AS MAY BE REFERENCED HEREIN.
NOTE THAT THE COMPANY IS TREATING THE BOWDENS FEASIBILITY STUDY AND THE MINERAL RESOURCE AND RESERVE ESTIMATES THEREIN AS HISTORICAL IN NATURE AND NOTES THAT
A QUALIFIED PERSON HAS NOT DONE SUFFICIENT WORK TO CLASSIFY THE HISTORICAL ESTIMATES AS CURRENT MINERAL RESOURCES OR CURRENT MINERAL RESERVES. THE COMPANY IS
DISCLOSING THE BOWDENS FEASIBILITY STUDY AND THE ESTIMATES CONTAINED THEREIN FOR ILLUSTRATIVE PURPOSES, AS THE COMPANY BELIEVES IT PROVIDES READERS WITH
RELEVANT INFORMATION REGARDING THE BOWDENS PROJECT. THERE ARE NUMEROUS UNCERTAINTIES INHERENT IN THE HISTORICAL RESOURCE AND RESERVE ESTIMATES, WHICH ARE
SUBJECT TO ALL OF THE ASSUMPTIONS, PARAMETERS AND METHODS USED TO PREPARE SUCH HISTORICAL ESTIMATES.
MINERAL RESOURCES THAT ARE NOT MINERAL RESERVES DO NOT HAVE DEMONSTRATED ECONOMIC VIABILITY. MINERAL RESOURCE ESTIMATES DO NOT ACCOUNT FOR MINEABILITY,
SELECTIVITY, MINING LOSS AND DILUTION. THESE MINERAL RESOURCE ESTIMATES INCLUDE INFERRED MINERAL RESOURCES THAT ARE CONSIDERED TOO SPECULATIVE GEOLOGICALLY
TO HAVE ECONOMIC CONSIDERATIONS APPLIED TO THEM THAT WOULD ENABLE THEM TO BE CATEGORIZED AS MINERAL RESERVES. HOWEVER, IT IS REASONABLY EXPECTED THAT THE
MAJORITY OF INFERRED MINERAL RESOURCES COULD BE UPGRADED TO INDICATED MINERAL RESOURCES WITH CONTINUED EXPLORATION.
QUALIFIED PERSON
TIMOTHY J. STRONG, MIMMM, OF KANGARI CONSULTING LIMITED AND A QUALIFIED PERSON UNDER NATIONAL INSTRUMENT 43-101 – STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS, HAS REVIEWED AND
APPROVED THE SCIENTIFIC AND TECHNICAL DISCLOSURE CONTAINED IN THIS PRESENTATION.
20

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