TH_Analysis

Vox Royalty Exploration Partner Update

ASX:NWM   NORWEST MINERALS LIMITED
Riaan Esterhuizen, Executive Vice President – Australia stated, “Since April 1, 2021, our royalty operating partners
have announced more than 80,000m of drilling planned for 2021 and that multiple resource updates and new
engineering studies are expected to be released – all of which continue to de-risk future royalty revenue for Vox
shareholders. We are particularly excited to share bonanza- and high-grade gold drilling results across multiple,
separate projects, including 3m @ 30g/t at Bulgera and 3m @ 19g/t at Kookynie/McTavish. These drilling results
indicate strong potential for royalty-linked economic mineralisation at relatively shallow depths.”


Bulgera (Exploration) – High Grade Drilling Results
• Vox holds a 1% net smelter royalty over the Bulgera gold project, acquired in February 2021;
• On April 30, 2021, Norwest announced that it had completed 5,000m of Reverse Circulation (“RC”) drilling
during the first quarter of 2021, which was designed to test for high-grade gold mineralisation extending
below the historical Bulgera and Mercuri open pits;
• On May 11, 2021, Norwest announced that final gold assay results from the first quarter drilling resulted in
new high-grade gold intersections reporting as follows:
o 16m @ 7.3g/t Au (including 3m @ 30.3g/t Au) from 194m in BRC21015 with hole finishing in
18.5g/t gold mineralisation at 210m; and
o 6m @ 11.8g/t Au (including 3m @ 22.4g/t Au) from 218m in BRC21013

Kookynie ( Advanced Exploration) – High Grade Drilling Results and Maiden McTavish Resource
• Vox holds a A$1/t ore production royalty (with gold grade escalator1
) on part of the Kookynie gold project
held by Metalicity;
• On May 24, 2021 Metalicity announced first drilling results from the 2021 Drilling Program at the royaltylinked McTavish Prospect which comprised 1,758m drilled across 28 holes year to date:
o McTRC0044 included 3m @ 19.1g/t Au from 88m (including 1m @ 52.8g/t Au from 89m)
o Intercept is directly down plunge of previous high-grade hits of:
▪ McTRC0005 of 5m @ 17.9g/t Au from 48m (including 1m @ 80.2g/t Au)
▪ McTRC0001 of 4m @ 6.4g/t Au from 67m (including 1m @ 15.47g/t Au)
• According to Metalicity, the McTavish Prospect is now thought to extend along strike for 2km to the south
of the Leipold Prospect creating a significant mineralisation opportunity; and
• A maiden initial JORC Resource Estimate is underway for the McTavish Prospect, which is situated on a
mining lease.

Pitombeiras (PEA Stage) – PEA Update and Drilling update
• Vox holds a 1% net smelter royalty over the Pitombeiras vanadium-iron ore project;
• On May 4, 2021, Jangada announced additional drilling results and an updated mineral resource and PEA
timing:
o 22 drill holes for 1,466m completed with 18 holes intersecting vanadiferous titanomagnetite
mineralisation;
o Upgraded and expanded Mineral Resource Estimate and revised PEA scheduled for completion in
Q3 2021; and
o PEA focus is on evaluating a Direct Shipping Ore operation for the export of a saleable magnetite
concentrate containing a minimum of 62% Fe and additional credit from 25% contained V2O5.

Kookynie (Pre-Feasibility) – Equity Raising for Feasibility and 65,000m Drilling
• Vox holds a A$1/t production royalty (>650Kt cumulative ore mined and treated) on part of the Kookynie
gold project;
• On April 22, 2021, Genesis announced that:
o It has received firm commitments for a A$10M equity raise plus an additional A$1M to be raised
under a Share Purchase Plan. The funds raised will be used to advance exploration activities, finalise
a Feasibility Study and progress Genesis’ Ulysses Project towards a development decision in Q4
2021;
o A planned 40 ,000m RC and diamond drilling program, focussed on resource growth, across
Genesis’ multiple projects, including the royalty-linked Puzzle North deposit; and
o A 25,000m AC drilling program will also commence in the June quarter to focus on the 15km of
strike of the Ulysses-Orient Well corridor and the 6km strike of the royalty-linked Puzzle granitegreenstone contact.

Ashburton (Exploration) – 12,000m Resource Expansion Drilling
• Vox holds a 1.75% gross revenue gold royalty (>250koz cumulative production) on the Ashburton gold
project; and
• On May 3, 2021, Kalamazoo announced that its Phase 2 drilling program at Ashburton is underway, which
the program consists of a combination of RC and Aircore drilling. The approximate 12,000m drill program
will focus on increasing the resource base.

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