INVESTOR PRESENTATIONAPRIL 2020INVESTOR PRESENTATIONMAY 2020

2

DISCLAIMERDISCLAIMER

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 MATERIAL 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 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 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 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 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.

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: 12 ROYALTY

TRANSACTIONS SINCE JANUARY-2019, BRINGING IN 33

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 38 ROYALTIES & STREAMS

» UNIQUE SOURCING NETWORKS AND INTELLECTUAL

PROPERTY DRIVING INDUSTRY LEADING TRANSACTIONAL

VOLUME – FOCUS ON PRODUCTION & GOLD

3

Spot Gold Price

Royalty Companies

GDXS&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 BENEFITSONE OF THE BEST WAYS TO INVEST IN THE MINING SPACE

1

1) Market capital ization-weighted Index year over year increase. Index includes Franco -Nevada, Wheaton Precious Metals, Royal Gold,Sandstorm Gold, Osisko Gold Royalties, Abit ibi Royalties, EMX Royalt ies, E ly Gold Royalt ies, Maverix Metals, Metal la

» 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.

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MANAGEMENTTECHNICALLY 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 DEVELOPMENTGeologist, 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

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EXTRAORDINARY GROWTH SET TO CONTINUEREADY 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

12 Transactions & 33 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

Royalt

ies

Acquir

ed

Transactions

Sources: press releases, company f i l ings, Vox management

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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

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PORTFOLIO OVERVIEWA 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

Sulphur Springs, Kangaroo Caves, Thaduna

Ashburton, Merlin

Glen, Anthiby Well

Precious63%

Battery16%

Base13%

Bulk8%

Precious

Battery

Base

Bulk

Asset Stage Current 20213

Producing 2 6

Development 8 5

Exploration 28 27

1) Pie chart shown by royalty count

2) Development assets include the fol lowing stages: feasibi l ity study completed, care & maintenance and tol l -treatment targeted to commence within the next 12 months (based on publ ic f i l ings)

3) Number of royalt ies expected to be producing in 2021 based on public f i l ings and guidance of operating partners

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EXPONENTIAL EMBEDDED GROWTHSIGNIFICANT NEAR-TERM CATALYSTS EXPECTED TO RE-RATE PORTFOLIO VALUE

2KOOLYANOBBINGGRAPHMADA

6

DRY CREEKMT IDABRITISH KINGTORRECILLAS

CURRENT 2021 2022 – 2024

>6

PEDRA BRANCA

SULPHUR SPRINGS

BOWDENS

ASHBURTON (TOLL-TREAT)

YELLOW GIANT (C&M RESTART)

PRODUCING ASSETS

Additional organic growth and production potential from 27 exploration-stage royalties

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STRONG OPERATING PARTNERSROYALTIES 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

PORTFOLIO HIGHLIGHTSSIGNIFICANT 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 TechnicalReport. Jangada Mines Plc, 18 June 2018, Pedra Branca PEA Report.

An Inferred Mineral Resource has a lower level of confidence than thatapply ing to an Indicated Mineral Resource and must not be converted toa Mineral Reserve. It is reasonably expected that the majority ofInferred Mineral Resources could be upgraded to Indicated MineralResources 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 Feasibil ity Study –Bowdens Silver Project, ASX announcement. Dri l l ing programASX referenced by Si lver Mines Ltd on 30-Jan-2020

The Company is treating the Bowdens Feasibil i ty Study and themineral resource and reserve estimates therein as historical innature and notes that a qual if ied person has not donesuff icient work to class ify the historical est imates as currentmineral resources or current mineral reserves. See sl ide 4 formore information.

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PORTFOLIO HIGHLIGHTSROYALTIES COVER >2 MILLION GOLD OUNCES, POTENTIAL $2M - $5M INCREMENTAL REVENUE

Dry Creek

Source: RNC Minerals NI43-101 Technical Report, 6 February 2020(Higginsvi l le mil l shown)

Source: Northern Star Resources ASX announcement 12 Feb 2013, JORCresource restated by Northern Star on 1 Aug 2019 (Paulsens mil l 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

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

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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 38 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 38 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?

Appendix

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FULL PORTFOLIOALL 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 royaltyNickel, Copper, Cobalt, PGM’s,

ChromeExploration(PEA 2018)

Brazil ValOre Metals

Bowdens 0.85% gross revenue royalty Silver-lead-zinc Development Australia Silver Mines Limited

Graphmada2.5% 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

Torrecillas2.0% net smelter royalty & settlement payments

GoldExploration

(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) GoldExploration

(toll-treatment potential)Australia Northern Star Resources

Merlin 0.75% gross revenue royalty (>250koz) Gold Exploration Australia Northern Star Resources

Yellow GiantStream on 100% of silver produced on first

6,667 oz monthly, then 50% of monthly silver produced in excess

SilverDevelopment

(Care & Maintenance)Canada

MCC Canadian Gold Ventures

British King1.5% 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

16

FULL PORTFOLIO - CONTINUEDALL ROYALTY AND STREAMING INTERESTS

Asset Interest Commodity Stage Jurisdiction Operator

Sulphur SpringsA$2/t ore production royalty

(A$3.7M royalty cap)Copper-Zinc

Development(Feasibility)

Australia Venturex Resources

Kangaroo CavesA$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

BarabolarSurrounds

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 royaltyBase Metals

and SilverDevelopment

(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

FULL PORTFOLIO - CONTINUEDALL ROYALTY AND STREAMING INTERESTS

Asset Interest Commodity Stage Jurisdiction Operator

West KundanaSliding 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 Well10% free carry (converts to 1% net

smelter royalty)Gold Exploration Australia Dacian Gold

New Bore10% 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 AustraliaSQM (Sociedad Quimica y

Minera de Chile)

Pilgangoora North 1% net smelter royalty Lithium Exploration AustraliaSQM (Sociedad Quimica y

Minera de Chile)

Pilgangoora South 1% net smelter royalty Lithium Exploration AustraliaSQM (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

FULL PORTFOLIO - CONTINUEDALL 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 CopperExploration

(toll-treatment potential)

Australia Novel Mining

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 HISTORICAL 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.

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