Victory Metals Limited reported the latest assay results from the AC drill program at the Company's North Stanmore REE project located approximately 10km north from the town of Cue, Western Australia and is bordered to the east by the Great Northern Highway. The latest assays received have confirmed a significant average Total Rare Earth Oxide grade of 1001ppm from 1m samples and up to 5239ppm with a cut-off of 500ppm. The assays confirm a valuable Heavy Rare Earth Elements ratio of 38% HREO/TREO and critical magnet metals NdPr + DyTb ratio of 21% of total REE's. To date the Company has completed approximately 16,000m of air core drilling at the North Stanmore project.

Fusion ICPMS assays have been received showing REE mineralisation (>500ppm total REYO) present in the majority of the drill holes. Assays from the latest AC drilling program completed in December have started to be reported by ALS laboratory together with the remaining assays from the previous AC drilling program. All results are expected to be reported by the end of First Quarter 2023.

Anomalous Y >100ppm (a vector for HREEs) and La and Nd (vectors for LREEs) recorded by p-XRF analysis now cover an area greater than 45km2 across the North Stanmore project. These observations, together with interpretation of the key geochemical ratios, indicate that the North Stanmore Intrusion, is part of a large mantle plume generated alkaline magmatic complex. Orlando Drilling has been engaged to immediately commence an RC infill drilling program of approximately 5,000m, designed for the preparation of a JORC Mineral Resource estimate for the North Stanmore REE project.

Alkaline intrusions are the engine rooms for primary critical metal enrichment. The North Stanmore regolith hosted REE deposit reflects the role of weathering induced mobilisation and enrichment during multiple periods. Variation in REE abundances between samples is best achieved using Chondrite Normalised plots where the concentration in the sample is divided by the REE concentation in chondritic meteorites, the objects from which the Earth formed.

Chondrite normalisation is thus used to smooth out the variable concentrations that arise from the `Oddo- Harkins' effect where elements with even atomic numbers are more concentrated than elements with odd atomic numbers. Chondrite-normalized rare earth element (REE) patterns of most igneous rocks, therefore, show smooth trends in the light REE (LREE) encompassing lanthanum (La), Ce, praseodymium (Pr) and neodymium (Nd). Chondrite-normalised graphs are also useful tools for identifying poor assays.

A large number of the NSTAC samples, with Ce/Ce* <1, have TREYO >1000ppm and lie in the same field as samples from ionic adsorption clay REE deposits. Metallurgical studies to establish REE yields by leaching has been changed to Core Resources ("Core") in Brisbane for logistical reasons given that Victory's technical lead Professor Ken Collerson is also based in Brisbane. Core has vast experience with REE and critical metal recoveries and are world class for metallurgical testwork, process engineering and technology solutions.