ADDITIONAL FUNDING, HERITAGE SURVEY & JORC RESOURCE

Highlights:

• Victory to receive $895,227 following the conversion of unlisted options by the Non-Executive Chairman and founding shareholders of the Company.
• Heritage survey over an area of approximately 25km² across newly granted tenements was recently completed for the next phase of exploration drilling at North Stanmore.
• The maiden JORC Mineral Resource Estimate (MRE) is on track to be delivered this month.

RARE EARTH FEED GRADES INCREASED BY UP TO 148% 

• Metallurgical beneficiation testwork shows North Stanmore clay samples are highly 

amenable to upstream beneficiation, which has the potential to significantly reduce 

downstream processing costs and capital costs per product tonne.

• Average TREYO head grade across 31 samples increased from 1308 ppm to 2192 ppm

through rejecting +20 µm coarse material.

• Size by assay analysis shows that up to 70% of rare earths are hosted in the fine -20 

µm size fraction, in as low as 28% of the total mass.

• Beneficiation testwork on a composite of 31 samples from within the pending initial 

JORC Mineral Resource Estimate area shows rejecting the +20 µm coarse fraction 

results in an average REE upgrade of 68%, with corresponding REE recovery of 58%

and mass rejection of 66%.

• Stage 2 metallurgical testwork program is well underway which includes flow sheet 

design to produce a mixed rare earth carbonate (MREC) as the end product.

HIGH GRADE RARE EARTH EXTENSION CONFIRMED BY ASSAYS

Highlights

• A further 113 samples across 27 AC holes report high grade Rare Earth Element (REE) ionic clay-hosted mineralisation
• Total Rare Earth Oxide (TREO) grades up to 5239ppm (NSE013) from the latest drilling program which is situated over 6.25km North of Victory’s initial REE Discovery
• Latest assays confirm a valuable Heavy Rare Earth Elements ratio of 38% HREO/TREO and critical magnet metals NdPr + DyTb ratio of 21% of total REE’s
• Mineralisation open in all directions
• Highest REE grade at North Stanmore 9746ppm TREO (NSTAC032)
• Average grade from assays is 1001ppm TREO from 1m samples received by the Company (cut-off greater than 500ppm TREO)
• A majority of the samples report negative Ce anomalies, confirming similarity with global ion adsorption REE regolith deposits
• 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 from 48m
• 16m at 2155ppm TREO from 21m (NSTAC032) including,
• 6m at 4683ppm TREO, and
• 2m at 9681ppm TREO
• 12m at 1316ppm TREO from 24m (MAFAC019)
• 10m at 1012ppm TREO from 29m (NSTAC028)
• 9m at 1151ppm TREO from 21m (NSTAC098)
• 7m at 1381ppm TREO from 49m (NSE012)
• 5m at 2050ppm TREO from 51m (NSTAC131)
• 2m at 3976ppm TREO from 52m(NSE013) including 1m at 5239ppm
• Extensive continuation of high grade and valuable Scandium (Sc2O3) up to 123ppm (NSTAC028) and 6m at 71ppm from 17m (NSTAC024)
• Scandium is essential for manufacturing Al-Sc alloys in fighter jets and hydrogen fuel cells with demand growing due to geo-political instability
• Latest assays continue to confirm very low contents of radioactive elements of Thorium (Th) 6ppm and Uranium (U) 2ppm
• An RC infill drilling program of approximately 5,000m is to commence immediately and is designed for the preparation of a JORC Mineral Resource estimate
• Samples dispatched for the commencement of metallurgical studies