Victory Mines Limited ('Victory') or ('the Company') is pleased to announce it has received firm commitments to raise $2.0 million (before costs) via a share placement to institutional, sophisticated and professional investors.

Shaw & Partners acted as Lead Manager to the Placement.

Victory Mines Limited's Director, Mr Matthew Blake commented, 'It is pleasing to see the strong demand from institutional and sophisticated investors along with our substantial shareholder Ramelius Resources and affiliates of Serena Minerals Limited. The company is now well funded to continue exploration on the Coogee Gold Project and the other assets within the Company.'

PLACEMENT

VIC has received firm commitments to complete a capital raising of $2.0 million through the issue of 800,000,000 fully paid ordinary shares at $0.0025 each. The shares are to be issued at $0.0025 per share ('Placement') representing a 16.67% discount to Victory's last closing price, and a 18.19% discount to Victory's 15day VWAP.

750,000,000 fully paid shares will be issued under the Company's existing placement capacity in accordance with ASX Listing Rules 7.1 (338,367,851 Shares) and ASX Listing Rule 7.1A (441,632,149 Shares).

Ramelius Resources Limited will participate in the placement to maintain their shareholding percentage of 6.79%.

Strike Drilling Pty Ltd who are currently providing drilling services at the Coogee Gold Project will subscribe for $250,000 in the placement.

Affiliates of Serena Minerals Limited have also committed to $200,000 in the placement.

VIC will also seek shareholder approval pursuant to Listing Rule 7.1 to issue 200,000,000 unlisted options exercisable at $0.003 per share on or before 31 December 2024 to subscribers to the placement on a 1 for 4 basis.

VIC's directors have agreed to subscribe for a further 50,000,000 fully paid shares and 12,500,000 options subject to shareholder approval.

Shaw & Partners will receive a 6% selling fee on the majority of the funds raised.

In addition Shaw & Partners will receive 125,000,000 unlisted option exercisable at $0.003 per share on or before 31 December 2024, subject to shareholder approval.

Contact:

Matthew Bake

Tel: +61 419 944 396

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