Quarterly Activities Report – 30 September 2025

Victory Metals (ASX:VTM) (Victory or the Company) is pleased to report on its activities and the Appendix 5B for the quarter ending 30 September 2025 (Quarter, Reporting Period).

Highlights

• North Stanmore Project Mineral Resource Estimate (MRE) significantly upgraded, incorporating results from an aircore (AC) drilling campaign, delivering a 29.5% increase in contained tonnage
• Infill AC drilling at North Stanmore returned some of the highest grades of Dysprosium ever reported from a clay-hosted system globally
• Production of a Mixed Rare Earth Oxide (MREO) containing 94% Total Rare Earth Oxides (TREO) from North Stanmore, the first known MREO of its kind from an Australian clay-hosted project
• Identification of multiple ultra-high Heavy Rare Earth Oxide (HREO) zones at North Stanmore, with majority situated within Indicated resource
• Victory positioned as one of the few Australian projects with scandium oxide as a by-product from a clay-hosted rare earth system due to unique underlying Alkaline Intrusion
• Post reporting period, Letter of Intent (LOI) signed with Sumitomo Corporation to advance offtake and strategic cooperation for the North Stanmore Project
• Approval received from U.S. Government’s System for Award Management to engage directly with U.S. federal agencies, including Department of Defence (DoD) and Export-Import Bank of the United States (EXIM Bank)
• $11.5 million placement with strong support from institutional, professional and sophisticated investors
• Minerals Research Institute of Western Australia (MRIWA) research grant secured totalling $250,000
• As at 30 September 2025, the Company had available cash of approximately $15.1M.

Victory Engages President Donald Trump’s Former Deputy Chief of Staff

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce the appointment of Emma Doyle as Senior Advisor for U.S. Strategic Engagement, providing the Company with direct insight into U.S. policy and government affairs at a pivotal time for the rare earths sector.

Emma Doyle served as Principal Deputy Chief of Staff to the President of the United States where she directed core West Wing functions and advised the President and his senior leadership team. She also held senior roles at the White House Office of Management and Budget and in the Office of First Lady Melania Trump.

Her engagement comes in the wake of the landmark agreement between President Donald J. Trump and Prime Minister Anthony Albanese, where the U.S. and Australia announced billions of dollars in joint investment to build allied rare earth and critical minerals supply chains. Victory Metals' position as Australia’s largest clay hosted heavy rare earth project aligns directly with this new geopolitical framework.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“I met with Emma earlier this year in Washington and was inspired with her energy, passion and knowledge. Emma’s engagement signals that Victory Metals is not just participating in the critical minerals race, but leading it. With direct White House experience and unparalleled networks across Washington, Emma gives Victory Metals the advantage to ensure our project is front and centre in the U.S. Administration’s critical minerals and defence supply chain agenda.”

About Emma Doyle

Emma Doyle is a former senior Trump White House official with fifteen years of experience at the highest levels of Republican politics and policymaking.

Emma served as White House Principal Deputy Chief of Staff between 2018 and 2020, where she managed key strategic functions of the West Wing, including the Office of Public Liaison, Office of Intergovernmental Affairs, Office of Presidential Personnel, and the Office of Political Affairs. She subsequently served as Deputy Chief of Staff for Policy to First Lady Melania Trump.

Prior to the West Wing, Emma spent two years as Chief of Staff of the Office of Management and Budget, the largest component of the Executive Office of the President with responsibility for coordinating policies, programs, and regulations across the entire federal government. In addition to her role at OMB, Emma was the first political appointee to serve as Chief of Staff of the Consumer Financial Protection Bureau.

Before joining the Administration, she lobbied for Ford Motor Company, worked for Republican Members of Congress in both the House and Senate, and served as a member of the Republican National Committee's Official Proceedings team for multiple Republican party conventions.

Ms. Doyle is engaged through her Washington-based consulting firm, Marble Arch LLC, as an external advisor to Victory.

Click here to view the full ASX announcement

Significant North Stanmore Grade Increases in Heavy Rare Earths Terbium & Dysprosium

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to report that simple, low-cost size-by-fraction separation (-10.8 µm) on ore from the North Stanmore Project located in Western Australia has delivered substantial grade improvements in three critical elements directly linked to China’s latest bans on defence and high-tech supply chains: Terbium (Tb), Dysprosium (Dy) and Scandium (Sc).

HIGHLIGHTS

• Simple beneficiation and straightforward -10.8 µm cyclosizing (no complex reagents or expensive circuits) materially enriches key critical elements
• Terbium (Tb) 53% increase, Dysprosium (Dy) 25% increase & Scandium (Sc) 100% increase
• All three elements are captured by the 1 December 2025 Chinese export ban where military end-use is implicated, underscoring their strategic importance and the need for non-Chinese supply
• Rapidly strengthening ex-China pricing since Victory’s March Scoping Study:
• Terbium US$3,600/kg
• Dysprosium US$850/kg
• Pre-concentrating the -10.8 µm fines stream can reduce downstream tonnage and potentially lower reagent consumption

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“This is an incredible outcome at a time when the world’s understanding of the importance of these critical and strategic minerals is rapidly growing. With a simple and low-cost size fractionation step, we’ve delivered significant grade increases in three of the world’s most strategically important elements, Terbium, Dysprosium and Scandium.

As governments move to secure non-Chinese supply amid China’s proposed export bans on these elements due to their important role in military, projects like North Stanmore become even more critical. Our results show we can concentrate the value upfront, potentially lowering operating costs and boosting payables.”

Click here to view the full ASX announcement

North Stanmore Clears Environmental Milestone

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to advise the completion of baseline environmental and biological studies at the North Stanmore Heavy Rare Earth Project in Cue, Western Australia. The results reinforce the Project’s strong development credentials and provide a high level of confidence for stakeholders, with studies to date confirming no environmental impediments that impact the advancement of the Project.

These positive findings demonstrate that North Stanmore can move forward responsibly and sustainably, further strengthening Victory’s position as a future world-class supplier of heavy rare earths outside of China, aligned with Western supply chain security and global demand for ethical, low-impact resources.

HIGHLIGHTS

• Comprehensive baseline studies completed across flora, fauna, surface water, groundwater, soils, and waste characterisation.
• No Threatened Flora or Ecological Communities recorded within the project area.
• Surface water flows consistent with regional norms and manageable through standard practices.
• Groundwater studies confirm project lies outside Cue’s drinking water supply, with no surplus water generation expected.
• The results confirm North Stanmore as Australia’s most advanced largest clay hosted heavy rare earth project.
• These positive outcomes facilate the completion of the Pre Feasability Study.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “Baseline environmental studies are an important step in de-risking a project, and these results are highly encouraging. To confirm no threatened flora or ecological communities and no major fauna constraints across our project area gives Victory a clear path forward from an approvals perspective.

This reinforces North Stanmore as one of the most strategic and development-ready heavy rare earth clay projects in Australia and we remain focused on progressing the PFS at rapid pace, advancing funding discussions, and ensuring that Victory develops responsibly, sustainably mining practices.

Victory & Sumitomo Advance Rare Earth Partnership

Major Step Forward with Japanese Fortune 500 Company

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce it has entered into a non-binding Letter of Intent (“LOI”) with Sumitomo Corporation (“Sumitomo”), one of Japan’s most powerful and globally recognised trading houses, to advance offtake and strategic cooperation for Victory’s world class North Stanmore Heavy Rare Earth Project.

This LOI marks a transformational step in Victory’s journey, building on the non-binding Memorandum of Understanding (“MOU”) signed in December 2024 and taking the relationship with Sumitomo to a more defined level.

The December 2024 MOU, which expires on 31 October 2025, represented the first stage of engagement. Entering into an LOI is the natural and critical next step in such transactions. Sumitomo’s decision to formalise this LOI instead demonstrates a clear vote of confidence in Victory’s North Stanmore Heavy Rare Earth Project and highlights Sumitomo’s continued interest in working toward long-term strategic cooperation.

HIGHLIGHTS

• Partnership with global powerhouse Sumitomo Corporation strengthening ties beyond the December 2024 MOU
• LOI outlines offtake framework for Victory’s Mixed Rare Earth Product
• Victory to supply up to 30% of annual production, or 1,000 tonnes per year of MREC including up to 50 tonnes DyTb product for an initial 5 year term
• Sales to Sumitomo from pilot plant operations expected to commence in 2027 ahead of commercial production
• The signing of this LOI sets the stage for binding offtake negotiations
• Strong Japanese interest – Other Japanese trading houses join Sumitomo in continued positive discussions with Victory

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“This is a important and exciting milestone for Victory. To be advancing from an MOU into a formal LOI with Sumitomo Corporation, one of the world’s most respected trading giants validates the strategic importance of the North Stanmore Project on the global stage.

Together, we have a shared vision to establish a secure, ethical, Western aligned supply chain of heavy rare earths, critical for renewable energy, defence and advanced technologies.

With Sumitomo’s global marketing reach and Victory’s world-class resource, this partnership positions Victory as a flagship Australian supplier into Japan, a nation leading the world in rare earth processing and innovation outside of China.”

Click here to view the full ASX announcement

Scandium Breakthrough in Sodium-Ion Batteries Highlights Victory’s Strategic By Product

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to provide an update on the growing strategic importance of Scandium within the Company’s portfolio, following recent research highlighting its role in advancing next generation energy storage.

Research from the Tokyo University of Science has demonstrated Scandium’s critical role in improving Sodium-ion battery performance delivering structural stability and enhanced cycle life. With applications already established in aerospace, defence and advanced alloys, this breakthrough underscores Scandium’s potential to become a cornerstone of future energy storage technologies.

HIGHLIGHTS

• Victory positioned as one of the few Australian projects with Scandium Oxide (Sc₂O₃) as a by-product from a clay hosted rare earth system due to the unique underlying Alkaline Intrusion
• Breakthrough global research shows Scandium doping dramatically improves Sodium-ion battery performance retaining 60% capacity after 300 cycles highlighting scandium’s role as a game-changer for next-generation energy storage
• North Stanmore’s JORC resource contains 7.7 million kg of Scandium with a price forecast of US$630/kg, a valuable by-product vital for defence and renewable energy
• The research further highlights the significance of the Prestigious Mineral Research Institute of Western Australia (MRIWA) grant that was recently awarded to advance scandium extraction from the North Stanmore Heavy Rare Earth Project
• Pre-feasability Study to incorporate Scandium oxide in the first 10 years of operations under a low-throughput solution
• Scandium demand outlook strengthening as applications expand across aerospace, defence, lightweight alloys, and now advanced batteries

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“Victory is emerging as one of the very few Australian companies positioned to deliver Scandium oxide as a by-product from a clay hosted heavy rare earth project. Scandium has long been recognised as a critical enabler for aerospace and high strength alloys, but the latest global research confirms its role as a game changer for the next generation of energy storage.

With scandium oxide priced at USD$630 per kilogram and Victory targeting Scandium oxide in the first 10 years of operations under a low-throughput solution, we see this as an incredible revenue stream alongside the heavy rare earths. The support we have received from MRIWA further validates the technical and economic opportunity to unlock scandium from our North Stanmore Project.

As Western markets accelerate the diversification of supply chains away from China and Russia, Victory is uniquely placed to provide secure Scandium oxide supply into aerospace, defence, renewable energy and now advanced battery markets. This is another powerful example of how our North Stanmore Project continues to strengthen as a strategic critical minerals hub and an emerging source”.

Click here to view the full

North Stanmore Among the Highest

DyTb Clay-Hosted Rare Earth Results Globally

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce that recent infill aircore (AC) drilling at its North Stanmore Heavy Rare Earth Element (REE) Project has returned some of the highest grades of Dysprosium results ever reported from clay-hosted systems globally. With recent assay results confirming up to 218ppm Dy₂O₃ North Stanmore is emerging as one of the most unique and strategically important heavy rare earth clay deposits worldwide. By comparison, the average upper continental crustal abundances of Dysprosium and Terbium are 3.5ppm and 0.64ppm respectively. Victory’s Dysprosium (Dy₂O₃) assays are ~54x higher than the Upper Crustal abundances, and represent an extraordinary enrichment rarely documented in natural systems and virtually unprecedented in regolith hosted ionic-clay style mineralisation. This enrichment reflects the unique geochemistry of the underlying source intrusion as well as the effect of oxidation on the mobility of the rare earth elements during intense chemical weathering.

HIGHLIGHTS

• Recent drilling confirms exceptional grades of up to 218ppm Dysprosium oxide (Dy₂O₃) (Hole 25NSTWAC15) placing North Stanmore among the world’s highest-grade Heavy Rare Earth clay deposits.
• Dysprosium oxide (Dy₂O₃) results of 218ppm is ~54x higher than the Upper Continental Crust (UCC) average of 4.02ppm.
• Previous drilling confirmed results of over 550ppm Dysprosium (Hole NSE028), further underscoring the extraordinary mineralisation scale and continuity.
• Terbium (Tb) results from previous drilling of up to 70 ppm (Hole 23NSTRC071) is ~110x higher than the UCC average of 0.64ppm – levels rarely reported globally from clay hosted systems.
• Dysprosium (USD$650/kg) and Terbium (USD$2,300/kg) command prices up to 20x higher than Neodymium & Praseodymium, which have a new U.S. floor price of USD$110/kg.
• Victory continues to demonstrate that North Stanmore is one of the world’s most significant heavy rare earth clay deposits, offering unparalleled DyTb enrichment critical to global magnet and defence supply chains.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“The scale and grade of Dysprosium and Terbium we continue to uncover at North Stanmore is nothing short of extraordinary. To be reporting up to 217ppm Dysprosium and 32ppm Terbium, two of the most critical and valuable rare earths in a clay deposit, that are more than 54 times and 42 times the average upper continental crust levels, confirms the unique nature of this discovery.

These results position North Stanmore as one of the world’s most enriched heavy rare earth clay deposits, and critically, they come without the burden of radioactive elements. This sets Victory apart not only in Australia but on the global stage.

Dysprosium and Terbium are the irreplaceable heavy rare earths essential for permanent magnets, defence technologies and next-generation electrification. The world is desperate for secure, sustainable, Western-aligned supply and Victory is proving that North Stanmore can deliver with producing 94% purity mixed rare earth oxide”.

Figure 1. Bubble size represents Dysprosium (Dy) percentage in Mineral Resource Estimate (MREC) Total Rare Earth Oxide (TREO); horizontal axis shows Heavy Rare Earth Elements (HREE) to TREO ratio (%); vertical axis shows resource size (Million tonnes, Mt) comparing Victory Metals initial MREC with MREC data for peer entities.

Figure 2. Bubble size represents Terbium (Tb) percentage in Mineral Resource Estimate (MREC) Total Rare Earth Oxide (TREO); horizontal axis shows Heavy Rare Earth Elements (HREE) to TREO ratio (%); vertical axis shows resource size (Million tonnes, Mt). comparing Victory Metals initial MREC with MREC data for peer entitities.

Click here to view the full ASX announcement

Victory Targets Accelerated Value from

World Class Heavy Rare Earths

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce the identification of multiple ultra-high heavy rare earth oxide (“HREO”) zones at its flagship North Stanmore project in Western Australia. These discoveries, coupled with surging global heavy rare earth prices, reinforce Victory’s unique positioning as one of the world’s most advanced heavy rare earth clay projects.

HIGHLIGHTS

• European (ex-China) prices for heavy rare earth Yttrium (Y) have recently increased by up to 800% in value from prices used in Victory’s scoping study and more than 100% increase for Dysprosium (Dy) & Terbium (Tb).
• World-class heavy rare earth ratios of up to 83% HREO/TREO, among some of the highest ratios ever reported globally set a new development opportunity for a targeted multi-zone strategy.
• 26 high value zones identified (and growing), majority situated within the Indicated resource and each designed to target high-grade HREE zones.
• Victory’s advancing Pre-feasability Study to incorporate the high value zones for the initial 10 year mine life.
• Victory expects to deliver equivalent oxide output to market with only processing 30% material compared to the previously considered throughput, dramatically reducing both CAPEX and OPEX.
• Placement proceeds to fund a 10,000m aircore exploration drill program targeting a 10km strike length, with existing spaced drilling already identifying grades up to 10,179ppm (Hole NSE028) and HREE ratios up to 80%.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“This is purely what sets North Stanmore apart as a clay hosted rare earth project. Heavy rare earths are what the western world needs to secure, and our extraordinary ratios of heavy rare earths underpin what the North Stanmore project offers. By focusing on these high value zones, we are working to deliver the same volume of critical defence and high-tech metals to market, while processing less than half the material previously envisaged.

With dysprosium, terbium, yttrium, scandium, hafnium, lutetium and thulium all confirmed in meaningful quantities, Victory is emerging as a globally significant heavy rare earth and strategic metal supplier. Our next drilling program will continue to target ultra-high heavy rare earth zones and expand the zone inventory, further unlocking the full potential of North Stanmore.”

Figure 1. Ranked ultra heavy rare zones by basket price. Click here to view the full ASX announcement

$11.5m Institutional Placement to Target Ultrahigh Heavy Rare Earth Zones

Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to announce it has received firm commitments to raise $11.5 million in a strongly supported placement of new fully paid ordinary shares in the Company ("Placement Shares") to institutional, professional and sophisticated investors ("Placement").

Funds raised under the Placement will be used for the following:

• Targeted drilling of ultra-high heavy rare earth zones of up to 83% HREO/TREO within and surrounding the North Stanmore MRE area;
• Scandium oxide production;
• Feasibility study advancement; and
• General working capital and costs of the offer.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “This raise will support the momentum in development of North Stanmore as it emerges as one of the world’s most advanced heavy rare earth clay projects and is already Australia’s leading heavy rare earth project. I thank existing shareholders for their continued support, and we welcome institutional, professional and sophisticated investors.”

Approximately 8.5 million Placement Shares will be issued pursuant to the Placement. The Placement Shares will be issued at a price of $1.35 representing a 15% discount to the 15-day VWAP prior to the Trading Halt on 25 August 2025.

Bell Potter Securities Limited (“Bell Potter”) acted as sole lead manager and book runner to the placement. Bell Potter will be paid a cash fee of up to 6% (plus GST) on the amount raised in the Placement. As part of its fee, Bell Potter will also be issued 1,000,000 unlisted options with an exercise price of $2.70 and a three-year exercise period ("Broker Options").

The Placement Shares will be issued under the Company's existing ASX Listing Rule 7.1A placement capacity and the Broker Options will be issued under the Company's existing ASX Listing Rule 7.1 placement capacity. Settlement of the Placement Shares and Broker Options is expected to occur on Friday, 29 August 2025, with Placement Shares commencing normal trading on the ASX on Monday, 1 September 2025.

The Placement Shares will be listed on ASX and rank equally with existing fully paid ordinary shares in the Company.

Sanabil Loan Offer Update

Victory advises that it will not be proceeding with the loan offer from Sanabil Investments LLC1 . The proposed loan agreement required exclusivity for Sanabil to provide full project funding, which the Company has determined was not in its best interests given other funding options including the potential for direct government funding support. Victory has a US$190 million Letter of Interest from the export import bank of the United States of America (EXIM) 2 and continues to advance funding discussions with strategic and government partners.

Request for Trading Halt

Victory Metals Limited (the Company) hereby requests that its securities be placed in a trading halt and provides the following information in accordance with ASX Listing Rule 17.1.

1. The Company requests a trading halt immediately for the purposes of considering, planning and executing a capital raising.
2. The trading halt is to last until the earlier of the Company releasing an announcement regarding the capital raising or prior to commencement of trading on Wednesday, 27 August 2025.
3. We expect the trading halt will end by the Company making the announcement.
4. The Company is not aware of any reason why the trading halt should not be granted.
5. The Company is not aware of any other information to inform the market about the trading halt.

Yours faithfully,

Robbie Featherby Company Secretary

Victory Metals Limited

Victory Secures Prestigious MRIWA Grant 

Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to advise of the award of the highly regarded Minerals Research Institute of Western Australia (MRIWA) research grant, a significant milestone which validates the Company’s innovative approach to producing high-purity scandium oxide at the North Stanmore Project. 

HIGHLIGHTS

• Victory has secured a grant from MRIWA totalling $250,000 following stringent technical evaluation, affirming the project’s strategic merit
• North Stanmore’s JORC resource contains 7.7 million kg of Scandium with a price forecast of US$630/kg, a valuable by-product vital for defence and renewable energy
• Scandium was added to China’s April 2025 export control list, heightening global supply chain risks amid China and Russia’s 90% control of global scandium oxide supply
• Victory has separated Scandium from its high value Heavy Rare Earth MREC and is set to become a leader in Scandium Oxide production, reinforcing North Stanmore’s strategic significance
• This outcome enhances Western Australia’s critical minerals leadership

Victory’s CEO and Executive Director Brendan Clark commented: “This MRIWA grant has been awarded following a highly competitive process with rigorous technical scrutiny. With China and Russia dominating 90% of global scandium oxide supply and China’s recent export restrictions, North Stanmore’s 7.7 million kg scandium resource is a strategic asset for defence and renewable energy. Scandium oxide, priced at US$630/kg, enables lightweight alloys for fighter jets and fuel cells for clean energy. Building on our MREC separation success, this project positions Victory Metals as a leader in Western Australia’s role in global critical minerals supply chains.” 

Project Importance

The MRIWA grant highlights the urgent need for a secure Scandium supply amid China and Russia’s 90% dominance of global scandium oxide production and China’s inclusion of scandium on its export restriction list (April 2025). North Stanmore’s unique scandium-bearing alkaline intrusion, unparalleled in Western Australia, positions Victory Metals to mitigate global supply. 

Scandium aluminium alloys enhance lightweight components in fighter jets, commercial aircraft, EV vehicles, drones, precision-guided missiles and improve performance and fuel efficiency. Scandium is also crucial for solid oxide fuel cells (SOFCs), such as Bloom Energy’s Bloom Box, which boosts efficiency in clean power for data centres and industrial applications. Awarded through MRIWA’s rigorous technical evaluation, the project aligns with Western Australia’s Research Priority Plan for downstream processing, leveraging Victory Metals’ MREC separation success to enhance North Stanmore’s $1.2 billion Net Present Value (NPV) and 31-year mine life. It addresses geopolitical risks, ensuring supply chain security for Western defence and energy sectors. Click here to view the full ASX announce

UPDATED MRE IDENTIFIES HREO/TREO RATIOS UP TO 83%

Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to announce a significant upgrade to the Mineral Resource Estimate (MRE) at its flagship North Stanmore Heavy Rare Earth Element Project in Western Australia. The upgraded MRE will be used for the 2025 Prefeasibility study planned for release later in 2025. 

The MRE incorporates results from a targeted 79 drillhole 3,221m, air-core drilling campaign, delivering a 29.5% increase in contained tonnage. With leading ratios of heavy rare earth elements, including Dysprosium (Dy) and Terbium (Tb), compared with other Australian clay hosted project at this scale, Victory continues to emerge as the Australian answer as a low-cost heavy rare earth element producer. 

HIGHLIGHTS

• Ultra-high Heavy Rare Earth Ratios zones identified from across the North Stanmore Mineral Resource area including: 83% HREO/TREO @ 1,726ppm (Hole IF159)
• 81% HREO/TREO @ 3,584ppm (Hole IF155)
• 80% HREO/TREO @ 10,179ppm (Hole NSE028)
• 76% HREO/TREO @ 2,890ppm (Hole DD002)
• 75% HREO/TREO @ 4,423ppm (Hole NSTAC180)
• 29.5% increase to the North Stanmore MRE to 320.6 million metric tonnes @ 510 ppm Total Rare Earth Oxide & high HREO/TREO of 39% (TREOSc₂O₃) (Inferred and Indicated)
• A high-grade shallow zone of 50 million metric tonnes has been identified @1,050ppm TREOSc₂O₃ (Inferred and Indicated)
• Mineralisation remaining open with the opportunity to target the Ultra-High Heavy Rare Earth Ratio zones through satellite pits
• Victory’s latest drilling program has proven a low-cost significant resource increase equating to $3,500 all in exploration costs per 1 million tonnes of resource added (inferred & indicated)
• The Updated MRE will assist ongoing funding discussions for the development of North Stanmore and will underpin the Prefeasibility Study (PFS) 

Victory’s CEO and Executive Director Brendan Clark commented: “This resource upgrade reinforces the immense scale and strategic importance of North Stanmore. To deliver a 29.5% increase from a small, low-cost 3,221m air core program, speaks volumes about this deposit.”

“Mineralisation remains open in multiple directions, with consistently thick and high-grade intercepts continuing to be identified. While we see strong potential for further resource growth, the Company’s priority is progressing development, as there is already sufficient material to support a mine life exceeding 30 years.”

“The drill program was intentionally limited out of deep respect for the Traditional Owners, following the unfortunate passing of a respected Wajarri Yamaji Elder. In line with our heritage protocols, we paused drilling as the presence of a heritage monitor is required when clearing new drill lines. We extend our sincere condolences to the Wajarri Yamaji People and thank them for their ongoing guidance and supprt".ASX

U.S. Federal Government Approval to Engage with the Department of Defense Secured

Victory Metals Ltd (ASX: VTM) (“Victory” or “the Company”) is pleased to advise that it has received approval by the U.S. Government’s System for Award Management (“SAM.gov”), a critical prerequisite for engaging directly with U.S. federal agencies, including the Department of Defense (DoD) and the Export-Import Bank of the United States (“EXIM Bank”).

This approval confirms that Victory has passed a rigorous and scrutinised vetting process by multiple U.S. government departments including the Defense Logistics Agency (DLA) validating its eligibility to participate in strategic procurement, funding, and partnership programs under U.S. federal oversight.

Victory’s SAM.gov approval enables:

• Direct engagement with the U.S. Department of Defense, U.S. Government contractors, and affiliated supply chain partners under initiatives such as the Defense Production Act (DPA) Title III
• Access to U.S. Government-backed funding, including the previously announced LOI for up to US$190 million from EXIM Bank 
• Participation in U.S. federal grant and strategic materials programs, aligned with national security and clean energy transition priorities
• Enhanced credibility for global offtake and downstream discussions, particularly with U.S., Japanese, and European partners seeking secure, non-Chinese critical mineral supply chains

Victory Metals CEO and Executive Director Brendan Clark commented: “Being approved to engage directly with the U.S. Government particularly the Department of Defense is a significant outcome for Victory. It is the result of a highly scrutinised process that confirms our legitimacy, compliance, and strategic alignment with allied supply chain priorities.”

This validation opens the door to long term partnerships with the world’s most powerful institutions. It positions Victory as a credible, secure, and ready supplier of the rare earths and critical minerals that underpin defence, energy, and future technologies. 

Victory’s North Stanmore project in Western Australia is one of the world’s largest clay hosted heavy rare earth discoveries. The deposit is uniquely low in radioactive elements and hosts high concentrations of heavy rare earths Dysposium & Terbium along with strategic by products Scandium, Hafnium, and Gallium all considered essential to U.S. national security.

The Company will now accelerate U.S. engagement, including further discussions with the DoD, EXIM, and downstream partners.

Click here to view the full ASX announcement

US$10 Million secured from Saudi Arabia’s Sovereign Wealth Investment Arm 

Victory Metals Ltd (ASX:VTM, "Victory" or the "Company") is pleased to announce it has received board approval and a Letter of Committment from Sanabil Investments LLC (“Sanabil”), a globally respected sovereign investment firm which is wholly owned by the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, to provide a US$10 million loan facility. The funding will not only strengthen Victory’s financial position but it aligns with Saudi Arabia’s Vision 2030 and its push into downstream critical minerals. It marks a major step forward in advancing North Stanmore as a strategic source of rare earths for global supply chains.

HIGHLIGHTS

• Sanabil Investments, a wholly owned investment company of the Public Investment Fund (PIF) of Saudi Arabia
• Unsecured, US$10 million loan facility with a 2-year moratorium on interest payments and a 3.9% interest rate over the remaining term
• Sanabil has requested the first right to provide future funding for A$330 million for the development and construction of the processing plant
• Funds to be used for general corporate purposes, including exploration, capital, operating, and development expenditure to fast-track the North Stanmore Project
• Sanabil deploys US$3 billion annually into high impact companies and projects worldwide
• Funding strongly aligned with Saudi Arabia’s Vision 2030, which prioritises economic diversification and downstream investment in critical minerals and rare earth processing

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “This is a defining milestone for Victory to secure funding from Sanabil, one of the world’s most respected sovereign investment institutions, and speaks volumes about the scale, quality and global relevance of our North Stanmore Project.

Sanabil’s support goes far beyond capital. They bring a funding pathway for North Stanmore to development, deep international networks, geopolitical reach, and alignment with Saudi Arabia’s 2030 vision of becoming a global leader in critical minerals and industrial technology.

We are proud to be one of the very few Australian companies selected for this level of strategic backing, and we look forward to working with Sanabil to realise the full potential of Victory and the broader rare earths opportunity.”ick here to view the ouncem

Request for Trading Halt

Victory Metals Limited (the Company) hereby requests that its securities be placed in a trading halt and provides the following information in accordance with ASX Listing Rule 17.1.

1. The Company requests a trading halt immediately, pending an announcement regarding a strategic alliance in funding facility.
2. The trading halt is to last until the earlier of the Company releasing an announcement regarding the strategic alliance in funding facility or prior to commencement of trading on Tuesday, 24 June 2025.
3. We expect the trading halt will end by the Company making the announcement.
4. The Company is not aware of any reason why the trading halt should not be granted.
5. The Company is not aware of any other information to inform the market about the trading halt.

With all of the talk surrounding the potential upcoming meeting between Albo & Trump at the G7 summit in Canada and possible pawns to trade over tariffs, I thought I'd have a play with ChatGPT to see some risk/reward analysis, after feeding it what I knew.

Victory Metals (ASX: VTM) – Risk/Reward Investment Outlook

Ticker: ASX:VTM

Sector: Critical Minerals – Rare Earths (Clay-hosted)

Project: North Stanmore, Western Australia

Investment Thesis Summary:

Victory Metals offers high-risk, high-reward exposure to the rare earths sector — specifically the rare, clay-hosted heavy REE deposits outside China. Its success depends on proving up its resource, navigating technical and funding milestones, and attracting strategic or government partnerships aligned with US-Australia critical mineral interests.

Reward Drivers (Upside Potential):

1. High-Grade Clay-Hosted HREEs: Rare and highly valued for their heavy magnet REE content (Dy, Tb), essential in defense & EV sectors. Cheaper to extract than hard rock.

2. Tier-1 Jurisdiction: Western Australia is low-risk, mining-friendly, and geopolitically aligned with US/EU.

3. Strategic Supply Chain Value: As China tightens REE exports, VTM's deposit could become part of a new Western supply chain.

4. Government Support Potential: Eligible for grants, loans, and infrastructure support via CMF and DPA-aligned programs.

5. Low Market Cap / Early Entry Point: High leverage to good news: drilling, partnerships, or metallurgical success could trigger a large re-rating.

6. Peer Takeovers & Consolidation Trend: Juniors with clay-hosted or HREE potential are increasingly acquisition targets.

Risk Factors (Downside Considerations):

1. Early Stage / No JORC Resource Yet: VTM is still exploratory. No declared resource = high geological and valuation risk.

2. Metallurgical Uncertainty: Processing ionic clays outside China is still experimental in Australia.

3. No Strategic or Offtake Partner (Yet): Unlike peers, VTM lacks a confirmed end-user or investor.

4. Funding Required: Capital-intensive development path, with potential equity dilution.

5. Market Volatility in REEs: REE prices subject to supply/demand shocks.

6. Execution Risk: Management must deliver results in a competitive field.

Risk/Reward Balance (Score 1–5):

- Geological Potential: 4

- Jurisdiction: 5

- Project Stage: 2

- Funding Position: 2

- Strategic Fit: 4

- Execution Track Record: 2

Investment Outlook:

- Short-term (0–6 months): Neutral-Speculative

- Mid-term (6–18 months): Positive Potential

- Long-term (18m+): High Upside (if de-risked)

Final Assessment:

Victory Metals is best suited for speculative investors or strategic mineral watchers seeking early exposure to a rare, clay-hosted HREE discovery in a top-tier location.

$4M Placement Backed by Leadership, Industry and Top 20 Shareholders

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce it has received firm commitments to raise $4 million before costs in a strongly supported placement of new fully paid ordinary shares in the Company ("Placement Stares") to professional and sophisticated investors, and directors and management of the Company priced at $0.73 per share, representing a 15% discount to last traded price of $0.86 per share prior to the trading halt on 26 May 2025 ("Placement").

HIGHLIGHTS

• Strong support Victory’s Top 20 shareholders reaffirming strong high net worth investor backing
• Participation by Victory's Board and Management reflecting leadership’s belief in the project
• Placement proceeds to provide Victory with capital to accelerate the Pre-Feasibility Study and development of flagship North Stanmore Project

Funds raised under the Placement will be used to accelerate the Pre-Feasibility Study (PFS) and the development of Victory’s flagship North Stanmore Project – Australia’s largest clay-hosted Heavy Rare Earth deposit, strategically located on the Great Northern Highway in Cue, WA, and for general working capital.

The Placement comprises the issue of 5,136,986 Placement Shares to professional and sophisticated investors ("Investor Participation"), and 342,466 Placement Shares to directors and management of the Company, subject to approval by the Company's shareholders ("Director Participation").

The Company will also issue 1,800,000 unlisted options with an exercise price of $1.30 and a two-year exercise period ("Placement Options") to unrelated parties under the Investor Participation. No Placement Options will be issued under the Director Participation.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “This raise will fast track our PFS and marks a pivotal moment for Victory with such strong support. North Stanmore is emerging as one of the world’s most advanced heavy rare earth clay projects and is already Australia’s leading heavy rare earth project. Our MREC test work has successfully recovered seven strategic metals currently under Chinese export restrictions, including gallium and the full suite of critical heavy rare earths. We are building a globally significant critical minerals platform and are proud to be leading the charge. I thank existing shareholders for their continued support, and we welcome our new shareholders.”

Click here to view the full ASX announcement

I'm a bit confused about $VTM requesting the current trading halt for capital raising purposes, when they already had an LOI (previous announcement to market) with US Government for up to $190M to help develop their biggest mine opportunity at North Stratmore.

Anyway, watch this space for market reaction once further information is available and shares are trading again.

Request for Trading Halt

Victory Metals Limited (the Company) hereby requests that its securities be placed in a trading halt and provides the following information in accordance with ASX Listing Rule 17.1.

1. The Company requests a trading halt immediately for the purposes of considering, planning and executing a capital raising.
2. The trading halt is to last until the earlier of the Company releasing an announcement regarding the capital raising or prior to commencement of trading on Wednesday, 28 May 2025.
3. We expect the trading halt will end by the Company making the announcement.
4. The Company is not aware of any reason why the trading halt should not be granted.
5. The Company is not aware of any other information to inform the market about the trading halt.

Got to love it when the share price pops 27% in one day and the ASX sends a please explain notice.

All answered as they always are......sorry, no idea!!

From @Jimmy round up

China to Crack Down on Rare-Earth Materials Ahead of U.S. Trade Talks

China has announced a crackdown on the smuggling of critical minerals, coming just one day before trade talks with the U.S., in which rare earth restrictions could be on the table.

Chinese authorities--including ministries of commerce, public security and state security and customs--convened a meeting in the southern port city of Shenzhen on Friday. According to an official readout, the agencies pledged to step up the enforcement of export controls on strategic mineral resources

Investor Presentation - Sydney RIU

Victory Metals Limited (ASX: VTM) (“Victory” or “the Company”) is pleased to provide the presentation that CEO and Executive Director, Brendan Clark, will deliver at the RIU Resources Round-Up being held in Sydney this week.

Click here to view the full presentation

Quarterly Activities Report – 31 March 2025

Victory Metals (ASX:VTM) (Victory or the Company) is pleased to report on its activities and the Appendix 5B for the quarter ending 31 March 2025 (Quarter, Reporting Period).

Highlights:

• Robust Scoping Study delivered for North Stanmore Project, confirming it as a world-class heavy rare earth and scandium project with outstanding economics
• Upgraded Mineral Resource Estimate (MRE) to 247.5 million tonnes @ 520ppm TREO (Indicated and Inferred) with 71% of the MRE classified in the Indicated JORC category at North Stanmore Project
• Gallium confirmed in final MREC product at 358 g/t Ga2O3, defining North Stanmore as one of the most advanced Gallium projects in Australia
• ~6,600m resource definition Aircore (AC) drilling program underway
• China imposed new export controls on key heavy rare earth elements (HREEs) Gadolinium Terbium, Dysprosium, Lutetium & Yttrium and light rare earth element (LREEs) Samarium.
• $751,909 R&D tax offsets received for the 2024 financial year
• Victory remains well funded with $4.68M in cash at 31 March 2025

WRITTEN BY Adam Orlando

Scoping study forecasts $1.2 billion NPV for Victory Metals’ North Stanmore project

Victory Metals (ASX:VTM) has completed a Scoping Study for the North Stanmore Rare Earth Project in Western Australia, which looks poised to be a “long-term, low-cost” supplier of critical minerals.

With a 31-year mine life and 72% of the resource being in the indicated category and 28% in the inferred category, the project has an estimated net present value (NPV) across multiple pricing scenarios including $1.212 billion (post tax) with 52% internal rate of return (IRR) and $1.777 billion (pre-tax) based on Adamas Intelligence downwards forecast.

https://mining.com.au/victory-metals-engaging-advisors-amid-north-stanmore-scoping-study-completion/

Trading halt announced at opening of trade on Friday 7/03. Like all trading halts, this could go either way (n.b. I've no crystal ball or inside info).

But.... the last trading halt in December 24 was to announce an offtake MOU with Sumitomo.

Just saying!!

Quarterly Activities Report – 30 September 2024

Victory Metals (ASX:VTM) (“Victory” or “the Company”) is pleased to report on its activities and the Appendix 5B for the quarter ending 30 September 2024 (“Quarter”, “Reporting Period”).

Highlights:

• Updated Mineral Resource Estimate (“MRE”) of 235Mt at the North Stanmore Heary Rare Earth Elements (“HREE”) Project, of which 149Mt (63%) resides in the indicated category, representing one of the largest Indicated Mineral Resource of Australian HREE-dominant deposits:
• 79,200t contained Indicated MRE Total Rare Earth Oxides (TREO)
• 28,000t contained Indicated MRE Heavy Rare Earth Oxides (HREO) 
• 3,010t contained Indicated MRE Dy₂O₃ + Tb₄O₇.
• Near surface higher-grade domain of 45.9Mt at 1,050ppm TREO, supports a development strategy designed to rapidly deliver new HREE supply to address global demand
• 2006ha Mining Licence application lodged
• 5,000m AC drilling program at North Stanmore has commenced
• Professor Ken Collerson appointed as Non-executive Director of the Company
• $1.5M placement completed and $1M received from the conversion of $0.30 unlisted options
• The Company remains well funded with $4.45M in cash at 30 September 2024

Announcement of a share swap funding arrangement today attributed to an approx 9% fall in the share price today, but allows $VTM to quickly progress to the next critical drilling phase.

GROWING NORTH STANMORE HEAVY REE RESOURCE

Aircore drilling program set to further expand the world-class North Stanmore HREE deposit

Victory Metals Limited (ASX: VTM) (Victory or the Company) is pleased to announce the planned commencement of an expansion drilling program at its North Stanmore Heavy Rare Earth Elements (HREE) Project (North Stanmore Project or North Stanmore) in Western Australia

Key Highlights:

• Approx. 5,000m aircore drill program set to commence in September; focussed on areas of the North Stanmore tenure adjacent to the existing Mineral Resource Estimate (MRE) and up to 9km North.
• Drill program target area similar in the scale of the existing North Stanmore MRE.
• Significant MRE growth potential exists, with mineralisation open in all directions and 92% of the North Stanmore tenement area unexplored.
• Two separate RC holes to be drilled approx. 8km south of the North Stanmore MRE, with these targets exhibiting similar magnetic characteristics to the North Stanmore alkaline intrusion.
• North Stanmore Project rapidly advancing (based solely on the large-scale existing MRE), with recent submission of ML application and Scoping Study advancing.
• North Stanmore potentially forms a key part of the global drive to identify new, ethically sourced non-Chinese HREE supply options.
• Binding commitments received for $1.5M equity placement to fund these drilling activities.

To support its upcoming drilling activities and working capital (including costs of the offer), Victory has received binding commitments from professional and sophisticated investors for a Placement to raise $1,500,000 (“Placement”) through the issue of 4,545,455 fully paid ordinary shares at $0.33 per share (“Placement Shares”). The Placement shares are to be issued under the Company’s existing Placement capacity in accordance with ASX listing Rule 7.1.

The issue price of $0.33 per Placement share under the Placement represents an 8% discount to the 15-day VWAP prior to 15 August 2024. This equity injection ensures Victory’s ongoing strong financial position, allowing funding of these expansion drilling activities in parallel with rapid advancement of the North Stanmore Project.