Vimy Resources Limited announced that a major resource extension drilling program at its 100%-owned Angularli Project in the Northern Territory will commence in June 2022. Work completed since the acquisition in 2018 has shown the potential of the Alligator River Project to develop into a Tier 1 global uranium project. The Company is accelerating its resource extension drilling program at Angularli, following the lifting of access restrictions due to the COVID-19 pandemic.

The main Angularli deposit is open at depth and parallel uranium-bearing structures have been identified to the southwest and along strike to the north and south. In addition to the existing Mineral Resource, Angularli has an Exploration Target of between 20-60Mlbs U3O8 for 1.2-1.8Mt of uranium mineralisation at a grade of 0.75% - 1.5% U3O8. The potential quantity and grade of the Exploration Target are conceptual in nature and important to note that there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Angularli Uranium Deposit The Angularli deposit is part of the Alligator River Project, which lies approximately 380km by road east- northeast of Darwin in the Northern Territory of Australia. Vimy has the largest granted exploration tenure package, 1,701 km2, within the Alligator River Uranium Province, and is actively exploring for high-grade unconformity-related uranium deposits similar to those found in the Athabasca Basin. The Alligator River Project has multiple uranium targets with Angularli being the most advanced deposit and the main focus of the Company's exploration effort.

The Angularli deposit is hosted in a high angled shear fault system, which is analogous to the Cigar Lake (Cameco) and Phoenix (Denison) deposits in the Athabasca Basin, Canada. Angularli has an Inferred Mineral Resource estimate of 0.91Mt at a uranium grade of 1.29% U3O8 (12,900ppm U3O8) containing 26Mlbs U3O8. The Mineral Resource Estimate is currently supported by 30 diamond drill holes.

The best drill hole intercept to date at Angularli is WRD0084, consisting of 41.5 metres at 2.93% U3O8, including 22.9m at 4.63% U3O8 (46,300ppm U3O8). Proposed Resource Extension Drilling The drill program proposed for the 2022 field season will test extensions of the Angularli deposit at depth, up-dip and uranium-bearing structures to the north and west of the defined Mineral Resource. Drilling of 19 diamond holes is proposed with the potential for an additional six holes depending on results.

The proposed collar locations, summarised below: · Angularli Up-dip (2 diamond drill holes, average depth of 350m) · Angularli Deeps (5 diamond drill holes down plunge, average depth of 450-550m) · Angularli South (3 diamond drill holes, average depth of 300m) · Angularli West (7 diamond drill holes, average depth of 450m) · Angularli North (2 diamond drill holes, average depth of 200m) The Angularli deposit has a number of targets immediately to the south-southeast and west with the deposit still remaining open up-dip and down plunge (Angularli Deeps). The key diamond drill hole intersections within the existing Angularli Mineral Resource are: · WRD0084 - 22.9m @ 4.63% (46,300ppm) U3O8 from 244.6m, · WRD0085 - 25.4m @ 1.62% (16,200ppm) U3O8 from 235.4m, · WRD0084 - 12.3m @ 1.10% (11,000ppm) U3O8 from 228.0m, · WRD0097 - 25.4m @ 0.40% (4,000ppm) U3O8 from 224.7m, · WRD0081 - 17.4m @ 0.52% (5,200ppm) U3O8 from 209.5m, · WRD0075 - 11.8m @ 0.73% (7,300ppm) U3O8 from 231.0m, and · WRD0073 - 6.5m @ 1.20% (12,000ppm) U3O8 from 208.5m. In 2018, Vimy conducted a wide-spaced reverse circulation drilling program at Angularli focused on a series of newly identified parallel structures to the west of the Angularli deposit.

Reverse circulation holes ARRC003, -004, -006, -007 and -010 were drilled along three traverses to the west of the Angularli deposit, targeting Angularli West. All of those drill holes intersected significant Angularli-style hydrothermal distal alteration with anomalous uranium mineralisation. Peak uranium grades of 0.16% eU3O8 in hole ARRC004 and 0.10% eU3O8 in hole ARRC006 were obtained at the unconformity.

More importantly, ARRC010 displayed very strong proximal alteration and silica flooded breccia at the unconformity, two key features of the main Angularli deposit. Identification of these alteration haloes provided important vectors to unconformity-related uranium mineralisation given the small footprint of these high-grade deposits. Next Steps A diamond drilling contract has been executed and the drill rig is expected to arrive in late May with drilling to commence in early June.

Consent from Traditional Owners was gained at prior on-country meetings, and approval of planned activities is covered by the existing Mining Management Plan Authorisation 984-3, issued by the Northern Territory Department of Industry Tourism and Trade (DITT). Parallel testwork on ore-sorted material is also planned in the latter part of this year, to support a scoping study update for Angularli and justify an infill drilling program to convert the existing Mineral Resource to an Indicated status, as a precursor to a Pre-Feasibility Study.