Victory Goldfields : DRILLING PROGRAM COMMENCES

ASX RELEASE | 27 April 2022 | ASX:1VG

DRILLING PROGRAM COMMENCES

For personal use only

Pegmatites Identified

Highlights:

• ● 3,400m aircore drilling program at Victory's North Stanmore project has commenced to test gold in soil anomalies and historical aircore intersections over an area measuring approximately 500m X 300m

• ● Drilling intersects pegmatite in aircore drilling

• ● Priority assay program planned to test for lithium and pathfinder minerals

• ● Diamond drill rig mobilising to site this week to drill 270m to test Victory's potential IOCG target

• ● 650m RC drilling program at Victory's Coodardy project to commence in May

• ● Drilling will target high-priority regional exploration targets with potential to complement the Coodardy Mineral Resource Estimate 'MRE' due to commence in May 2022

Victory Goldfields (ASX:1VG) ("Victory" or "the Company") is pleased to announce the commencement of aircore, RC and diamond drilling programs testing gold and IOCG targets across three projects in the Cue region. The Company's Chief Geologist has identified pegmatite in aircore drill chips in early drilling on the Company's North Stanmore project which is situated approximately 15km north from the Cue township.

Victory's Executive Director Brendan Clark commented: "It's great that our exploration team are back on site and it's very exciting that we have so far identified pegmatite in drilling across a 200m section at our North Stanmore project.

This is the first potential lithium anomaly the Company has identified across our large, underexplored tenement package, and we are now accelerating an assay program to test for lithium and pathfinder minerals from these pegmatite occurrences."

A 600m RC drilling program will also commence soon on Victory's more advanced Coodardy project which is designed to search for a supergene enriched orebody near surface. Additionally, a diamond hole will be completed in early May at Victory's potential IOCG target."

VICTORY GOLDFIELDS

ACN: 124 279 750

E:[e-mail] D: [phone] A: Level 25, 108 St Georges Terrace, Perth, WA 6000

VICTORYGOLD.COM.AU

ASX RELEASE | 27 April 2022 | ASX:1VG

Aircore Drilling Program at North Stanmore - E20/871

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The summary aerial image in Figure 1 illustrates a large exciting max gold in drilling anomaly at Mafeking Bore measuring approximately 500m in length and 300m in width. Historical aircore drilling intersected 2m @ 8.85 g/t Au and 3m @ 2.5 g/t Au within this anomaly without follow-up drilling1. It is unusual to have such a large area of Au_dhmx > 119 ppb Au (red dots), as illustrated in Figure 1.

A total of 3,400m aircore drilling has commenced to investigate the target.

The first 200m line of aircore drilling has intersected pegmatite in drill chips and a priority assay program has now been planned by the Company to test for lithium and pathfinder minerals from these pegmatite occurrences.

Details of completed aircore holes is located in Appendix 1.

Figure 1. Summary aerial image showing the historical aircore drilling at Mafeking Bore and North Stanmore along with the maximum gold intersected in each hole (Au_dhmx). Also shown are soil geochemistry contours (ppb Au) derived from Victory's auger drilling in 20212.

• 1 Refer to ASX announcement titled "Prospectus" dated 20 July 2021

• 2 Refer to ASX announcement titled "Quarterly Activities Report" dated 30 September 2021.

VICTORY GOLDFIELDS

ACN: 124 279 750

E:[e-mail] D: [phone] A: Level 25, 108 St Georges Terrace, Perth, WA 6000

VICTORYGOLD.COM.AU

ASX RELEASE | 27 April 2022 | ASX:1VG

For personal use only

Photo 1. Aircore drilling at North Stanmore E20/871

Diamond Drilling at North Stanmore - E20/8713

Upon further review of historical data, the Company identified a significant bullseye magnetic anomaly which is situated within the North Stanmore E20/871 tenement area located approximately 15km north of Cue4.

Victory commissioned Southern Geoscience Consultants (SGC) to complete 3D magnetic modelling to assess the depth to top and the body parameters of the source of the anomaly.

Results from the 3D modelling show that a compact body is predicted beneath the anomaly with a depth to top of 140-170m from surface.

Frontline Drilling have been commissioned to diamond drill to a depth of 270m below surface.

Figure 2 below displays the magnetic anomaly at Olympic Dam and Victory's anomaly. Olympic Dam was discovered in 1975 and is an unusually large IOCG system

3 Refer to ASX announcement titled "Compelling Iron-Oxide-Copper-Gold (IOCG) Target Identified" dated 05 April 2022

4 Refer to ASX announcement titled "Prospectus" dated 20 July 2021.

VICTORY GOLDFIELDS

ACN: 124 279 750

E:[e-mail] D: [phone] A: Level 25, 108 St Georges Terrace, Perth, WA 6000

VICTORYGOLD.COM.AU

ASX RELEASE | 27 April 2022 | ASX:1VG

For personal use only

with the magnetic anomaly approximately 4 kms in diameter. Victory's target has a diameter of 800m and is a compelling target for the Company.

Figure 2. Magnetic anomaly comparison of Victory's anomaly and the Olympic Dam anomaly.

Figure 3 below outlines the targeted magnetic anomaly within the context of the regional area. This image highlights the unique and intense 'bullseye' properties of the target compared with the regional 'background' magnetic imagery.

VICTORY GOLDFIELDS

ACN: 124 279 750

E:[e-mail] D: [phone] A: Level 25, 108 St Georges Terrace, Perth, WA 6000

VICTORYGOLD.COM.AU

ASX RELEASE | 27 April 2022 | ASX:1VG

For personal use only

Figure 3. Total magnetic intensity image of the modelled magnetic feature. Also illustrated are the outlines of part of Victory's tenement package in the Cue region.

VICTORY GOLDFIELDS

ACN: 124 279 750

E:[e-mail] D: [phone] A: Level 25, 108 St Georges Terrace, Perth, WA 6000

VICTORYGOLD.COM.AU