Vox Royalty Australia to acquire 2% NSR royalty on White Dam gold mine

Vox Royalty Secures 2% NSR Royalty on Recommissioned White Dam Gold Mine in South Australia, Bolstering Production Portfolio and Exploration Upside

ADELAIDE, SOUTH AUSTRALIA – September 3, 2026 – In a move set to enhance its rapidly growing Australian portfolio, Vox Royalty Australia, a wholly-owned subsidiary of the global royalty and streaming company Vox Royalty Corp., has announced a binding agreement to acquire a 2% net smelter return (NSR) royalty over the White Dam gold mine in South Australia. This acquisition, valued at A$5 million (approximately $3.57 million) in upfront cash consideration, underscores Vox Royalty’s strategy of securing interests in high-quality, producing, and near-term production assets with significant exploration potential.

The White Dam project, located within the prospective Curnamona Province near Broken Hill, is operated by Broken Hill Gold, an Australian-listed company previously known as PacGold. The mine recently achieved a significant milestone, producing its first gold from a recommissioned heap leach operation in April 2026, marking its return to production after an eight-year hiatus. This transaction provides Vox Royalty with an uncapped, non-reducible royalty interest that covers an extensive 400 square kilometers of granted mining and exploration tenure, applying to both gold and copper production for the full duration of the tenements.

Vox Royalty Expands Australian Footprint with White Dam Gold Royalty

The acquisition of the White Dam royalty represents a strategic expansion for Vox Royalty Australia, aligning with the company’s stated objective to diversify and strengthen its portfolio within politically stable and mining-friendly jurisdictions. The binding agreement stipulates an upfront cash payment of A$5 million to an unnamed Australian mining company, with the completion of the transaction subject to customary conditions precedent. Once these conditions are satisfied or waived, the acquisition is expected to finalize within five business days.

Spencer Cole, President and Chief Investment Officer of Vox Royalty, highlighted the strategic rationale behind the acquisition. "We are pleased to expand our Australian royalty portfolio with the producing White Dam gold royalty, a recently recommissioned heap leach operation in South Australia," Cole stated. He emphasized the project's proven track record and future potential, noting, "White Dam previously produced approximately 180,000oz of gold from 2010–18 at extremely low cash costs of less than A$1,000/oz, and Broken Hill Gold poured first gold from the restart in April 2026. Beyond the producing heap leach operation, the royalty covers ~400km² of prospective tenure and also applies to copper, which was also produced in 2021."

This latest acquisition follows another significant move by Vox Royalty Australia just "last month" (August 2026), when it signed a binding agreement to acquire a copper and gold royalty portfolio for up to A$3.4 million in cash. Such consecutive investments demonstrate Vox Royalty’s aggressive pursuit of growth opportunities, particularly in the Australian market, which is rich in mineral resources and offers a robust regulatory environment.

The White Dam Gold Mine: A Recommissioned Asset with Renewed Focus

The White Dam project's operational restart under Broken Hill Gold marks an important chapter for an asset with a solid production history. From 2010 to 2018, the mine successfully produced approximately 180,000 ounces of gold by processing 7.5 million tonnes (mt) of ore at an average grade of 0.94 grams per tonne (g/t) through conventional heap leach methods. This previous operational phase was characterized by notably low cash costs, reported at less than A$1,000 per ounce, indicating the project's inherent economic viability.

The earlier production was primarily sourced from two pits, known as Hannaford and Vertigo. Critically, the White Dam North resource, despite its proximity and known mineralization, remained unmined during this period, leaving significant upside potential. Broken Hill Gold's current strategy involves an initial phase of treating material from the historical heap leach pad, a cost-effective way to generate early cash flow. Looking ahead, the operator plans to restart mining fresh ore in 2027, aiming for an annual gold production target of between 15,000 ounces and 20,000 ounces. This target, while modest for a major producer, represents a significant contribution for a junior miner and provides a strong foundation for the newly acquired royalty.

Broken Hill Gold's Strategic Moves and Exploration Success

Broken Hill Gold has been proactive in ensuring the successful recommissioning and future expansion of White Dam. In July 2026, the company announced a successful A$13 million financing round. This capital infusion is earmarked to support the ongoing production ramp-up, facilitate an expansion of the operational footprint, and fund aggressive near-mine exploration activities. Such financing is crucial for junior miners seeking to transition from recommissioning to full-scale production and growth.

The exploration efforts are already yielding promising results. In the same month of July 2026, Broken Hill Gold reported a significant high-grade gold and copper sulphide discovery at White Dam North. This discovery is particularly impactful as the Vox Royalty agreement entitles it to 2% NSRs from both gold and copper produced at the tenements. Notable drill intercepts from the discovery include:

• 20 meters at 2.5 g/t gold and 0.5% copper
• 10 meters at 3.4 g/t gold and 0.7% copper

These intercepts indicate not only the potential for significant gold resources but also the presence of valuable copper mineralization. Given the global push towards electrification and green energy, copper demand is projected to remain robust, making the copper component of the royalty a valuable long-term asset. The discovery at White Dam North substantially enhances the project's overall resource potential and underscores the forward-looking value of Vox Royalty’s uncapped royalty interest, which extends across the entire 400 km² tenure.

Market Implications and Industry Context

For the broader mining industry, this acquisition highlights the continued attractiveness of the royalty and streaming model as a financing and investment vehicle. Royalty companies like Vox provide upfront capital to miners, allowing them to fund development, exploration, or expansion projects without diluting equity or incurring debt on their balance sheets. In return, the royalty holder receives a percentage of future production or revenue, typically free from operational costs and risks. This model offers diversification and leveraged exposure to commodity prices for investors, without the direct capital expenditures and operational complexities associated with mining.

The timing of this acquisition is also pertinent. Gold prices have demonstrated resilience amidst global economic uncertainties, maintaining its role as a safe-haven asset and a store of value. For Vox, securing a royalty on a producing gold asset offers immediate cash flow potential and exposure to a favorable commodity market. Simultaneously, the discovery of copper at White Dam North adds another layer of value. Copper is a critical metal for the global energy transition, essential for electric vehicles, renewable energy infrastructure, and smart technologies. Diversifying revenue streams to include copper, particularly from a region with known endowment, positions Vox Royalty favorably for future market trends.

South Australia is widely recognized as a tier-one mining jurisdiction, boasting a clear regulatory framework, well-developed infrastructure, and a skilled workforce. Operating in such an environment reduces geopolitical and operational risks, making it an attractive destination for mining investment and royalty acquisitions.

Future Outlook and Transaction Completion

With the transaction's completion anticipated within five business days following the satisfaction or waiver of customary conditions, Vox Royalty is poised to integrate the White Dam royalty swiftly into its portfolio. The immediate impact for Vox will be the addition of cash flow from a producing asset, further strengthening its financial position and capacity for future growth.

For Broken Hill Gold, the immediate focus will remain on optimizing the recommissioned heap leach operation, ramping up production to the targeted 15,000-20,000 ounces annually, and commencing fresh ore mining in 2027. The promising exploration results at White Dam North will undoubtedly drive further drilling and resource definition, potentially leading to an expansion of the mine life and increased production profiles in the medium to long term. The uncapped nature of Vox’s royalty means any future increase in production or discovery will directly benefit the royalty holder, offering significant upside.

This acquisition represents a mutually beneficial arrangement: Vox Royalty gains exposure to a de-risked, cash-flowing asset with substantial exploration potential in a stable jurisdiction, while Broken Hill Gold continues its journey toward becoming a significant gold and copper producer in Australia. The White Dam project, with its historical performance and renewed focus on both conventional mining and exploration for base metals, illustrates the dynamic nature of the Australian mining sector and the strategic value that well-structured royalty agreements can unlock.