This document provides an investor presentation for Vox Royalty Corp. It begins with disclaimers regarding the reliability of the information and that no responsibility is accepted. It then discusses that Vox is a high-growth mining royalty company that has completed 11 royalty transactions since 2019, giving it 32 royalties. It has a deep pipeline of future acquisitions and over 50% of its portfolio value is in precious metals assets, mainly in Australia. The presentation outlines benefits of the royalty model such as leverage to commodity prices without capital expenditures or dilution.

1. INVESTOR PRESENTATION
APRIL 2020
INVESTOR PRESENTATION
MAY 2020

2. 2
DISCLAIMER
DISCLAIMER
THE INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN COMPILED FRO M SOURCES BELIEVED TO BE RELIABLE. VOX ROYALTY CORP. (THE “COMPANY”) DOES NOT GUARANTEE THE ACCURACY OR
COMPLETENESS OF SUCH INFORMATION. STATEMENTS IN THIS DOCUMENT AR E 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 C ORRECT AS OF ANY SUBSEQUENT DATE.
THIS DOCUMENT, WHICH HAS NOT BEEN VERIFIED AND IS SUBJECT TO UPD ATING, 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 O R SUBSCRIBE FOR SECURITIES IN ANY JURISDICTION. THIS DOCUMENT SH OULD 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, O R ANY OF THEIR RELATED BODIES CORPORATE OR AFFILIATES, OR ANY DI RECTORS, OFFICERS, EMPLOYEES OR ADVISERS OF ANY
OF THE FOREGOING, OR ANY OTHER PERSON, ACCEPTS ANY RESPONSIBILIT Y 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 S TATING 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 INCLUD E, 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 AN D OTHER STATEMENTS THAT ARE NOT STATEMENTS OF FACT. THESE STATEM ENTS
RELATE TO ANALYSES AND OTHER INFORMATION THAT ARE BASED ON FOREC ASTS OF FUTURE RESULTS, ESTIMATES OF AMOUNTS NOT YET DETERMINABL E 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 MANAGEMEN T BELIEVES TO BE REASONABLE, INCLUDING WITHOUT LIMITATION, ASSUM PTIONS ABOUT: FUTURE PRICES OF GOLD AND OTHER
METALS; THE ONGOING OPERATION OF THE PROPERTIES IN WHICH THE COM PANY HOLDS A STREAM/ROYALTY BY THE OWNER OR OPERATOR OF SUCH PRO PERTIES IN A MANNER CONSISTENT WITH PAST
PRACTICES; THE ACCURACY OF PUBLIC STATEMENTS AND DISCLOSURES MAD E BY THE OWNERS OR OPERATORS OF SUCH UNDERLYING PROPERTIES; NO M ATERIAL CHANGES TO EXISTING TAX TREATMENT; NO
ADVERSE DEVELOPMENT IN RESPECT OF ANY SIGNIFICANT PROPERTY IN WH ICH THE COMPANY HOLDS A ROYALTY; INTEGRATION OF ACQUIRED ASSETS; PERFORMANCE OF CONTRACTUAL OBLIGATIONS BY
COUNTERPARTIES; FINANCIAL VIABILITY OF THIRD PARTY OWNERS AND OP ERATORS; FINANCIAL PROJECTIONS AND BUDGETS; ACCURACY OF ANY MINE RAL RESOURCES, ANTICIPATED COSTS AND
EXPENDITURES; FUTURE CONSENSUS ROYALTY PRICE-TO-CASH-FLOW VALUATIONS ARE ACCURATE. MANY ASSUMPTIONS ARE BASED ON FACTORS AND EVE NTS 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 W HICH ARE SUBJECT TO A VARIETY OF KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL PERFORMANCE, ACHIEVEMENTS, ACTIONS, EVENTS, RESULTS OR CO NDITIONS TO DIFFER MATERIALLY FROM THOSE
REFLECTED IN THE FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION, INCLUDING, WITHOUT LIMITATION: THE COMPANY’S LACK O F 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 PART Y 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 I N 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 ABI LITY 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 COMPA NY 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 SH OULD 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 PRESENTAT ION 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 EVE NTS 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
» ESTABLISHED IN 2014, PATIENTLY BUILT UNIQUE IP,
TECHNICAL TEAM AND GLOBAL SOURCING NETWORK
» INDUSTRY-LEADING GROWTH PROFILE: 11 ROYALTY
TRANSACTIONS SINCE JANUARY-2019, BRINGING IN 32
ROYALTIES
» DEEP PIPELINE OF NEAR-TERM NAV ACCRETIVE ROYALTY
ACQUISITIONS
» PRECIOUS METALS ASSETS MAKE UP OVER 50% OF
PORTFOLIO BY NAV – REMAINING EXPOSURE ACROSS
PRECIOUS, BASE, BATTERY, AND BULK METALS
» LOW GEOPOLITICAL RISK WITH 75%+ OF ASSETS IN
AUSTRALIA
» SIGNIFICANT EMBEDDED ORGANIC GROWTH & NEAR TERM
CATALYSTS ACROSS EXISTING 37 ROYALTIES & STREAMS
» UNIQUE SOURCING NETWORKS AND INTELLECTUAL
PROPERTY DRIVING INDUSTRY LEADING TRANSACTIONAL
VOLUME – FOCUS ON PRODUCTION & GOLD
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
✓
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
✓
✓
✓
✓
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
✓
ROYALTY & STREAMING MODEL BENEFITS
ONE OF THE BEST WAYS TO INVEST IN THE MINING SPACE
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-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
» Four senior executives focussed on business
development – one of the largest investment teams of
any royalty company <$1B market capitalisation
» Luis Azevedo (LLB, BGeol, PgD); >30 years’ industry
experience, Managing Partner at FFA Legal Ltd in Rio
de Janeiro, formerly with Talon Ferrous, Harvest
Minerals, Jangada Mines, Avanco Resources, Five Star,
Western Mining Corporation and Barrick Gold.
5
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
ADVISORY BOARD

6. 6
EXTRAORDINARY GROWTH SET TO CONTINUE
READY TO EXECUTE 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 stage royalty assets
» Pipeline driven by proprietary database of
>7,000 royalties and global team with reach
into multiple local markets
11 Transactions & 32 Royalties Contracted Since January 2019
Vox Royalty
Metalla
Maverix
Ely Gold Royalties
EMX
Altius Minerals
Anglo Pacific
Abitibi
Morien
0
5
10
15
20
25
30
35
40
0 2 4 6 8 10 12 14
RoyaltiesAcquired
Transactions
Sources: press releases, company filings, Vox management

7. 7
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

8. 8
PORTFOLIO OVERVIEW
A GLOBAL FOOTPRINT, WITH A STRONG AUSTRALIAN WEIGHTING
41%
British KingGraphmada
Yellow Giant
Montana Royalties
Mexican Royalties
Torrecillas
Pedra Branca
Ptombeiras
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
Sulphur Springs, Kangaroo
Caves, Thaduna
Ashburton, Merlin
Glen, Anthiby
Well
Precious
63%
Battery
16%
Base
13%
Bulk
8%
Precious
Battery
Base
Bulk
Asset Stage Current 20213
Producing 2 5
Development 7 5
Exploration 28 27
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

9. 9
EXPONENTIAL EMBEDDED GROWTH
SIGNIFICANT NEAR-TERM CATALYSTS EXPECTED TO RE-RATE PORTFOLIO VALUE
2
KOOLYANOBBING
GRAPHMADA
5
MT IDA
BRITISH KING
TORRECILLAS
CURRENT 2021 2022 – 2024
>5
PEDRA BRANCA
SULPHUR SPRINGS
BOWDENS
ASHBURTON
(TOLL-TREAT)
YELLOW GIANT
(C&M RESTART)
PRODUCING
ASSETS
Additional organic growth and production potential from 28 exploration-stage royalties

10. 10
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

11. 11
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.

12. 12
PORTFOLIO HIGHLIGHTS
ROYALTIES COVER >2 MILLION GOLD OUNCES, POTENTIAL $2M - $5M INCREMENTAL REVENUE
Torrecillas
Source: Titan Minerals ASX prospectus 31 Oct 2017Source: 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
» Planned trucking & toll-treatment for
Northern Star’s 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
Peru, Gold
2.0% NSR & Settlement Payments
» Historical average grades mined >16g/t Au
» Over US$20M capital spent on underground
development and exploration since 2008
» Ore able to be treated through nearby San
Santiago CIP plant (owned by same operator)
» Exploration land package of >130km2 with
20 vein systems mapped
Exploration (past producer)

13. 13
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
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 close significant, highly
accretive royalty transactions in 2020
» Portfolio of 37 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 of dealflow where royalty
sellers have expressed interest to take
stock in recently-listed established
royalty company
» Unique value proposition to sellers of
existing portfolio of 37 royalties &
streams and decades of combined
royalty experience transacting with
royalty sellers
COVID-19 highlights benefits of
royalty portfolio risk mitigation
WHY VOX? WHY NOW?

14. Appendix

15. 15
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
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
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

16. 16
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
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
Glen 0.2% FOB revenue Iron Ore Exploration Australia Sinosteel Midwest Corporation
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)

17. 17
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
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

18. 18
FULL PORTFOLIO - CONTINUED
ALL ROYALTY AND STREAMING INTERESTS
Asset Interest Commodity Stage Jurisdiction Operator
Alce 3% gross revenue royalty Base Metals Exploration Peru Titan Metals
Las Antas 2% gross revenue royalty Base Metals Exploration Peru Titan Metals
Volga 2% gross revenue royalty Copper
Exploration
(toll-treatment
potential)
Australia Novel Mining

19. TECHNICAL AND THIRD PARTY INFORMATION
TECHNICAL AND THIRD PARTY INFORMATION
THIS PRESENTATION INCLUDES MARKET, INDUSTRY AND ECONOMIC DATA WH ICH WAS OBTAINED FROM VARIOUS PUBLICLY AVAILABLE SOURCES AND OTH ER SOURCES BELIEVED BY THE
COMPANY TO BE TRUE. ALTHOUGH THE COMPANY BELIEVES IT TO BE RELIA BLE, IT HAS INDEPENDENTLY VERIFIED ANY OF THE DATA FROM THIRD PA RTY SOURCES REFERRED TO IN THIS
PRESENTATION, OR ANALYZED OR VERIFIED THE UNDERLYING REPORTS REL IED UPON OR REFERRED TO BY SUCH SOURCES, OR ASCERTAINED THE UNDE RLYING ECONOMIC AND OTHER
ASSUMPTIONS RELIED UPON BY SUCH SOURCES. THE COMPANY BELIEVES TH AT ITS MARKET, INDUSTRY AND ECONOMIC DATA IS ACCURATE AND THAT I TS ESTIMATES AND ASSUMPTIONS
ARE REASONABLE, BUT THERE CAN BE NO ASSURANCE AS TO THE ACCURACY OR COMPLETENESS THEREOF. THE ACCURACY AND COMPLETENESS OF THE M ARKET, INDUSTRY AND
ECONOMIC DATA USED THROUGHOUT THIS PRESENTATION ARE NOT GUARANTE ED AND SAILFISH DOES NOT MAKE ANY REPRESENTATION AS TO THE ACCUR ACY OR COMPLETENESS OF
SUCH INFORMATION.
IN ADDITION, THE DISCLOSURE IN THIS PRESENTATION RELATING TO PRO PERTIES AND OPERATIONS ON THE PROPERTIES IN WHICH THE COMPANY HO LDS (OR MAY ACQUIRE) ROYALTY,
STREAM OR OTHER INTERESTS IS BASED ON INFORMATION PUBLICLY DISCL OSED BY THE OWNERS OR OPERATORS OF THESE PROPERTIES, INCLUDING B Y 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. SPEC IFICALLY, AS A ROYALTY OR STREAM HOLDER (OR ACQUIRER), THE COMPA NY HAS LIMITED, IF ANY, ACCESS TO
PROPERTIES INCLUDED IN ITS ASSET PORTFOLIO. ADDITIONALLY, THE CO MPANY MAY FROM TIME TO TIME RECEIVE OPERATING INFORMATION FROM T HE OWNERS AND OPERATORS OF
THE PROPERTIES, WHICH IT IS NOT PERMITTED TO DISCLOSE TO THE PUB LIC. 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 AVAIL ABLE 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 VERIF Y SUCH INFORMATION. ALTHOUGH
THE COMPANY DOES NOT HAVE ANY KNOWLEDGE THAT SUCH INFORMATION MA Y NOT BE ACCURATE, THERE CAN BE NO ASSURANCE THAT SUCH THIRD PAR TY 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 SOMETIME S ONLY A PORTION OF THE PUBLICLY REPORTED MINERAL RESERVES, MINE RAL
RESOURCES AND PRODUCTION.
❑ ADDITIONAL INFORMATION ON THE KOOLYANOBBING PROPERTY IS AVAILABL E 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.
❑ 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.
❑ 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 REFERENCE D HEREIN.
NOTE THAT THE COMPANY IS TREATING THE BOWDENS FEASIBILITY STUDY AND THE MINERAL RESOURCE AND RESERVE ESTIMATE S 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 MIN ERAL RESERVES. THE COMPANY IS
DISCLOSING THE BOWDENS FEASIBILITY STUDY AND THE ESTIMATES CONTAINED THEREIN FOR ILLUS TRATIVE PURPOSES, AS THE COMPANY BELIEVES IT PROVIDES READERS WI TH
RELEVANT INFORMATION REGARDING THE BOWDENS PROJECT. THERE ARE NUMEROUS UNCERTAINTIES INHERENT IN THE HISTO RICAL RESOURCE AND RESERVE ESTIMATES, WHICH ARE
SUBJECT TO ALL OF THE ASSUMPTIONS, PARAMETERS AND METHODS USED T O PREPARE SUCH HISTORICAL ESTIMATES.
MINERAL RESOURCES THAT ARE NOT MINERAL RESERVES DO NOT HAVE DEMO NSTRATED ECONOMIC VIABILITY. MINERAL RESOURCE ESTIMATES DO NOT ACCOUNT FOR MINEABILITY,
SELECTIVITY, MINING LOSS AND DILUTION. THESE MINERAL RESOURCE E STIMATES INCLUDE INFERRED MINERAL RESOURCES THAT ARE CONSIDERED TOO SPECULATIVE GEOLOGICALLY
TO HAVE ECONOMIC CONSIDERATIONS APPLIED TO THEM THAT WOULD ENABL E THEM TO BE CATEGORIZED AS MINERAL RESERVES. HOWEVER, IT IS REA SONABLY EXPECTED THAT THE
MAJORITY OF INFERRED MINERAL RESOURCES COULD BE UPGRADED TO INDI CATED 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 TH IS PRESENTATION.
19

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