Vimy Resources Limited (ASX:VMY, OTCQB:VMRSF) (Vimy or Company) is pleased to announce the commencement of the resource extension drilling program at its 100%-owned Angularli Deposit in the Northern Territory (see ASX announcement dated 9 May 2022).

The Angularli Deposit is part of the Alligator River Project, which lies approximately 380km by road eastnortheast of Darwin in the Northern Territory of Australia (Figure 1). Vimy holds 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 focus of the Company's exploration effort

The first three holes will target the up-dip extension of the existing Angularli deposit and have the potential to extend the known mineralisation a further ~100m within the Mamadawerre Sandstone Formation. A long section of the Angularli deposit is shown in Figure 4 with the proposed targets up-dip and down plunge of the main deposit. With up to 45 drill holes permitted, Vimy can modify the proposed drill program in real-time to account for the results obtained from downhole wireline gamma logging, to extract maximum value out of the program.

Contact:

Steven Michael

Managing Director and CEO

Tel: +61 8 9389 2700

Forward-Looking Statements

This announcement includes forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like 'will', 'potential', 'progress', 'aim', 'anticipate', 'believe', 'intend', 'estimate', 'expect', 'may', 'plan', 'project', 'should', 'seek' and similar words or expressions containing same. The forward-looking statements reflect the Company's views and assumptions with respect to future events as of the date of this announcement and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to the Company, or any of its affiliates or persons acting on its behalf. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither the Company nor any other person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. To the maximum extent permitted by law, the Company and each of its advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise.

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