Victory Metals Limited reported the final assay results from the air core (AC) drill program at the company's North Stanmore REE project located approximately 10km north from the town of Cue, Western Australia and bordered to the east by the Great Northern Highway. The final assay results have extended the Total Rare Earth Oxides (TREO) area to 34km2 with mineralisation open in all directions. The average grade from an impressive data set of 1m samples across 192 holes received by the Company (cut-off greater than 500ppm TREO) across the mineralised area is 992ppm TREO with a valuable Heavy Rare Earth Oxide (HREO) ratio of 34% and a very valuable NdPr + DyTb ratio of 24.02% of TREO.

North Stanmore: Assays from the latest AC drilling program are now 100% reported with the recent RC drilling program results anticpated to be reported in late April 2023. The data will be incorporated into the mineral resource estimate (JORC 2012) work by RSC Mineral Exploration. The key geochemical ratios indicate that the North Stanmore Intrusion.

This interpretation is supported by the definitive elevated mean Nb/Ta ratio of 15.2 from samples with >500ppm TREO which is identical to the ratio of plume generated alkaline igneous intrusions and volcanics. The company recently announced an additional part of the North Stanmore discovery that identified high grade rare earth mineralization at depth in the bedrock (saprock) below the clay component of the system totalling 1.01% (10,100ppm) Total Rare Earth Oxides (TREO) with a significant Heavy Rare Earth Oxide (HREO) to TREO ratio of 79%. Highlights: All air core (AC) drilling assay results now reported and have extended the Total Rare Earth Oxides (TREO) discovery area to 34km2 with mineralisation open in all directions; Assays across the mineralised area confirmed an average grade of 992ppm TREO with a valuable Heavy Rare Earth Oxide HREO/TREO ratio of 34%; Highest grade up to 1.08% (10,829ppm) Total Rare Earth Oxides (TREO) with 59% Valuable Heavy Rare Earth Oxide (HREO) ratio; 87% of drill holes returned anomalous Rare Earth Element (REE) mineralisation; Impressive data set of 1m samples across 192 holes received by the Company confirm valuable NdPr + DyTb ratio of 24.02% of total REE's; Notable intersections from North Stanmore including latest assays results: 32m at 1047ppm TREO from 36m (NSTAC004) including, 12m at 2038ppm TREO, and 8m at 2467ppm TREO;16m at 2155ppm TREO from 21m (NSTAC032) including, 6m at 4683ppm TREO, and 2m at 9681ppm TREO; 12m at 1316ppm TREO from 24m (MAFAC019); 11m at 958ppm TREO from 17m (NSTAC097); 10m at 1490ppm TREO from 32m (NSTAC181); 5m at 2130ppm TREO; 10m at 1012ppm TREO from 29m (NSTAC028); 10m at 1130ppm TREO from 28m (NSTAC170); 10m at 1658ppm TREO from 32m (NSTRC071) including, 1m at 1.08% TREO; 9m at 1151ppm TREO from 21m (NSTAC098); 7m at 1381ppm TREO from 49m (NSE012); 6m at 1203ppm TREO from 27m (NSTAC320); 5m at 2050ppm TREO from 51m (NSTAC131); 2m at 3976ppm TREO from 52m(NSE013); Extensive continuation of high grade and valuable Scandium (Sc2O3); Anomalous REE assays continue to confirm very low contents of radioactive elements; Metallurgical testwork has advanced and to be reported during second quarter 2023; Maiden REE Mineral Resource Estimate (JORC 2012) to be reported during second quarter 2023.