Victory Metals Limited reported the latest assay results from the air core (AC) drill program at the Company's North Stanmore REE project located
approximately 10km north from the town of Cue, Western Australia and bordered to the east by the Great Northern Highway. The latest assay result of 1.01% (10,100ppm) TREO from hole NSE028 is at a depth of 58m with significant valuable Heavy Rare Earth HREO to TREO ratio of 79% and expands Victory's footprint by almost 3km to the East of the existing REE discovery and remains open in all directions (Figure 1). The significance of this result is that the assays, are located in the basement rock (saprock) at depth of 57m to 60m below surface and importantly below the clay rich regolith hosted mineralisation previously reported at the North Stanmore REE project. Provisional technical interpretation suggests that the saprock (slightly weathered bedrock) hosted REE assays may be part of a hydrothermal system derived from a deeper intrusion. If confirmed as a hydrothermal system, it may potentially be associated with the intrusive primary critical metal source and will warrant further exploration. Additional samples taken from hole NSE028 occurring below the significant assay result are being expedited to the laboratory for analytical assessment. The Company has now received approximately 58% of the assays from the AC drilling programs with the remaining assays from the AC, reverse circulation and the diamond drilling program at the Company's North Stanmore Alkaline Intrusion expected to be reported in batches through first quarter 2023.