Announcement PDF VICTORY METALS LIMITED ABN 12 124 279 750 ANNUAL REPORT 30 June 2025 VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 Contents Page Corporate Directory 1 Directors’ Report 2 Financial report • Consolidated statement of profit or loss and other comprehensive income 20 • Consolidated statement of financial position 21 • Consolidated statement of changes in equity 22 • Consolidated statement of cash flows 23 • Notes to the consolidated financial statements 24 Directors’ declaration 42 Auditors’ declaration of independence 43 Independent Auditor’s Report 44 Shareholder information 49 Listing of Mining Tenements 51 VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 Corporate Directory Directors Prof. Kenneth Collerson Mr Brendan James Clark Mr James Timothy Bahen Non-Executive Director Executive Director Non-Executive Chair Company Secretary Mr Robert Featherby Principal Place of Business Suite 1 295 Rokeby Road Subiaco WA 6008 Registered Office Suite 1 295 Rokeby Road Subiaco WA 6008 Telephone: +61 6555 2950 Share Registry XCEND Yarra Falls Level 1, 139 Macquarie Street SYDNEY NSW 2000 Auditors Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco WA 6008 Page 1 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — Your directors present their report on Victory Metals Limited (the Company) and its controlled entities (the Group) for the year ended 30 June 2025. Directors The following persons were directors of the Company during the whole of the financial year and up to the date of this report unless otherwise stated: Mr Trevor Matthews Mr Brendan Clark Mr James Bahen Prof. Kenneth Collerson Non-Executive Chairman (resigned 30 July 2024) Executive Director Non-Executive Chairman (appointed Chair 30 July 2024) Non-Executive Director (appointed 30 July 2024) Principal Activities During the financial year, the principal activity of the Company is focused upon the exploration and development of its North Stanmore Heavy Rare Earth Element Project within the portfolio of underexplored and contiguous tenements in the Cue goldfields of Western Australia, being the Victory Tenements. Dividend Paid No dividend from current year operations has been paid or is proposed to be paid in relation to the year ended 30 June 2025 (Nil:2024). Review of Operations The loss for the consolidated entity after providing for income tax amounted to $3,700,431 (30 June 2024: $1,909,804). North Stanmore Heavy Rare Earth Element Project Throughout FY25, Victory significantly advanced its North Stanmore Project via extensive drilling, metallurgical test work, a Scoping Study and multiple strategic partnerships. Highlights include: • MRE Update: In August 2025, the MRE was upgraded to 320.6 million metric tonnes @ 510 ppm Total Rare Earth Oxide & high HREO/TREO of 39% (TREOSc2O3) (Inferred and Indicated) • Gallium Resource: Victory declared a 4,788t Gallium Oxide resource, making it one of few Australian companies with a Gallium MRE. • Scoping Study (March 2025): Delivered robust economics with a post-tax NPV of A$1.2B, 52% IRR, and a 31-year mine life based on 8Mtpa throughput. • Metallurgical Recoveries: Demonstrated high extraction rates for strategic HREEs – Tb (94%), Dy (87%), Lu (71%), Y (72%). • Offtake & Strategic Partners: • o Signed a non-binding offtake MOU with Sumitomo Corporation for 30% of annual MREC production. o Received a Letter of Interest from the US Export-Import Bank for up to US$190M in project financing. Drilling: Over 6,600m AC drilling undertaken to support MRE growth, with mineralisation remaining open in all directions. Page 2 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com 1, T295 Road, Subiaco, WA, 6008 — T H E F U T U R E O F AD: U +61 S T R(08) A L 6555 I A N 2950 R A RA:E Suite E A R H S Rokeby — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 North Stanmore Heavy Rare Earth Elements Project As one of the largest heavy rare earth clay projects globally, the North Stanmore Project (North Stanmore or the Project) presents a unique opportunity to establish a long-term, low-cost supply of critical minerals essential for high-growth industries including renewable energy, electric vehicles and defence. North Stanmore is located in the Tier-1 mining jurisdiction of Western Australia, where both Federal and State Governments have committed billions of dollars of support for rare earth projects. The Project is strategically positioned to become a potential producer of heavy rare earth elements and critical minerals currently subject to export restrictions from China, including dysprosium, terbium and yttrium. Figure 1. Location of Victory Metals’ North Stanmore Project Major enhancement of MRE with the inclusion of Gallium as a by-product In April, Victory unveiled a significant enhancement to its North Stanmore Project’s Mineral Resource Estimate (MRE), with the inclusion of Gallium Oxide (Ga₂O₃). The addition of Gallium further strengthens the Company’s diversified critical minerals portfolio, positioning the Company as a potential dependable Western supplier of metals currently under tight global supply due to Chinese export restrictions. Victory added 4,788 tonnes of Gallium Oxide to its updated North Stanmore MRE. The inclusion of Gallium in the MRE makes Victory is one of the few companies in Australia with a declared Gallium Oxide Mineral Resource, further positioning the Company as a globally relevant and potential diversified critical minerals supplier. At North Stanmore, Gallium is recovered concurrently with Victory’s Mixed Rare Earth Carbonate (MREC) with no additional processing required, making it a cost-effective by-product. The addition of Gallium enhances the value and strategic appeal of Victory’s MREC, although the Company remains firmly focused on its high ratios of heavy rare earths as its core revenue drivers. Page 3 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 Gallium is a critical technology metal used in AI chips, semiconductors, quantum computing, defence systems, LEDs, and solar panels – with global supply tightly controlled, particularly by China. North Stanmore includes several critical metals that are currently subject to Chinese export restrictions, all of these restricted critical metals have been recovered during test work in Victory’s MREC. Figure 2. Critical Minerals contained within the North Stanmore MREC Following Victory’s announcement on 26 March 20251 regarding the successful production of Gallium in its final MREC product from North Stanmore, the Company commissioned MEC Pty Ltd (MEC) in August 2025 to update MRE The August 2025 MRE has been estimated by MEC Mining Group Pty Ltd (MEC) within the boundaries of twelve tenements; E20/0544, E20/0871, E20/971, E20/1016, E20/2468, E20/2469, P20/0543, P20/2007, P20/2153, P20/2331, P20/2352, and P20/2403, with all tenure held by Victory Cue Pty Ltd, a wholly owned subsidiary of Victory. Figure 3. North Stanmore MRE by ResCat Page 4 1 Refer to ASX Announcement dated 26th March 2025 titled “Gallium Produced in Final MREC Product” ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 August 2025 MRE includes a Mineral Resource estimate is shown in Table 1. Table 1: North Stanmore August 2025 MRE (≥330ppm TREO + Sc2O3 cut-off grade) MRE TONNES (t) TREOSc (ppm) TREO (ppm) HREO (ppm) LREO (ppm) HREO/TREO (%) Sc2O3 (ppm) Ga2O3 (ppm) INDICATED 176,522,000 532 505 190 316 39 26 26 INFERRED 144,118,000 484 463 166 297 37 21 25 320,640,000 510 486 179 307 38 24 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. 26 CLASSIFICATION TOTAL The economic cut-off grade for the August 2025 MRE update completed by MEC (Table 1) was ≥330ppm TREO + Sc2O3. This cut-off grade was selected based on the evaluation of other similar regolith-hosted rare earth Mineral Resources. SCOPING STUDY EXECUTIVE SUMMARY • Robust estimated net present value (NPV) across multiple pricing scenarios: o AUD $1,212m Post Tax 52% IRR ▪ AUD $1,777m Pre Tax ▪ based on Adamas Intelligence downwards forecast o AUD $711m Post Tax 36% IRR ▪ AUD $1,060m Pre Tax ▪ based on Asian Metal Market spot price of NdPr USD $62kg o AUD $868m Post Tax 41% IRR ▪ AUD $1,285m Pre Tax ▪ based on Adamas Intelligence 10-year historical NdPr USD $82kg • Victory aims to become a Western supplier of rare earths elements, scandium and hafnium, supported by off-take partners seeking to secure supply outside of China • 8Mtpa throughput due to shallow nature of the mineralisation with favourable weather conditions • 31-year mine life with 72% of the resource being in the Indicated category and 28% in the Inferred category • Current MRE set to grow rapidly with mineralisation remaining open in all directions and a strong exploration target 2 recently identified outside of this resource • Capital expenditure (CAPEX) of approximately AUD$337m including a 30% contingency with costs being calculated to a class 5 estimate type, Association for the Advancement of Cost Engineering (AACE) classification • Lower CAPEX costs due to access to existing infrastructure and no requirement for transient camps, haul roads etc • Low OPEX of approximately AUD $25.5 per ROM tonne over the life of mine (LOM) due to the unique geology of North Stanmore and an extensive weathering event leading to high metallurgical extractions • Significant project savings due to North Stanmore being a contiguous package, situated on crown land with no private landowners and no existing royalties • Victory set to produce a very high value and quality heavy rare earth enriched product • Outstanding metallurgical recovery of 94% for magnet rare earth oxide (MREO) • Scandium and hafnium successfully separated from the MREC with both metals critical for defence, aerospace and decarbonisation The North Stanmore Scoping Study, led by independent engineering consultants Mincore, demonstrates the Project’s strong economic potential, low capital intensity and strategic advantages as a future supplier of critical minerals. Mincore has extensive Page 5Fiji, the experience in rare earth clay projects and operates from offices in Melbourne (Head Office), Gold Coast, Tasmania, Philippines, West Africa, and Bolivia. 2 ASX Release 25th February “New Exploration Target at North Stanmore Project” ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 The financial results for the Scoping Study, based on an 8% discount, factor for an estimated NPV of approximately AUD $1,212 million with an IRR of 52%. The material assumptions underlying the results of the Scoping Study are discussed throughout this Review of Operations. The financial evaluation of the Scoping Study delivers very strong economic results, but with several key uncertainties that could significantly impact the final results. These are presented in the sensitivity section of the full Scoping Study report. The summary results are presented in the following table. Table 6: Summary Financial Results Description LOM Results TREO Mixed Rare Earth Carbonate (MREC) Production excludes Ce & La Scandium & Hafnium Oxide Production Revenue Operating Cost Capital Cost Tax Paid Net Cash Current Mine Life Payback Financial Results NPV @ 8% real discount post-tax IRR post-tax Operating Margin Unit Result kt kt AUD$M AUD$M AUD$M AUD$M AUD$M Years Years 59.3 3.08 11,849 6,915 337 1,339 4,591 31 2 AUD$M % % 1,212 51.8 42 Refer to Victory Metals’ ASX announcement on 12 March 2025 for the full scoping study details. MIXED RARE EARTH OXIDE Subsequent to the end of the year, Victory produced a Mixed Rare Earth Oxide (MREO) containing 94% Total Rare Earth Oxides (TREO) from its North Stanmore Heavy Rare Earth Project. To the Company’s knowledge, this represents the highest grade heavy rare earth enriched MREO produced in Australia directly from an Australian clay-hosted rare earth project. It further demonstrates the technical viability of Victory’s proprietary processing flowsheet and its ability to produce market ready, high value MREO product without the need for additional CAPEX concentration and cracking processes. Figure 4. A Photo of Victory’s high purity heavy rare earth enriched MREO product Page 6 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 Corporate $4M Placement Victory raised $4 million (before costs) via a placement of new shares at $0.73 each, representing a 15% discount to the last traded price of $0.86 on 26 May 2025. The raise included 5,136,986 shares to professional investors and 342,466 shares to directors and management (subject to shareholder approval). In addition, 1.8 million unlisted options (exercise price $1.30, twoyear term) issued to unrelated parties under the Investor Participation. U.S. Government Funding LOI for US$190M to advance North Stanmore In April, Victory advised that it had received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM), for up to US$190 million (~A$292 million) in project financing support for the development of the North Stanmore Project. This marked a significant milestone in the Company’s growth and established Victory as one of the few Australian critical minerals developers attracting high-level, government-backed international support. Highlights of the LOI include: • Up to US$190 million (~A$292 million) in potential debt financing support • Non-binding LOI with a 15-year indicative repayment term • Opportunity to access further U.S. government financing through China and Transformational Exports Program (CTEP) • Final financing commitment is subject to standard due diligence and must be compliant with EXIM policies, as well as program, legal and eligibility requirements. The LOI received from EXIM may also be eligible for special consideration under Section 402 of EXIM's 2019 re-authorisation (P.L. 116-94), which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People's Republic of China and other covered countries for opportunities aimed at enhancing U.S. leadership in areas deemed critical to economic and national security, including rare earths and advanced materials. Annual Report – ASX Announcements The Annual Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Report can be found in the following announcements lodged on the ASX: 26/08/2025 18/08/2025 11/08/2025 29/07/2025 14/07/2025 10/07/2025 24/06/2025 6/06/2025 28/05/2025 6/05/2025 23/04/2025 17/04/2025 16/04/2025 14/04/2025 8/04/2025 26/03/2025 12/03/2025 10/03/2025 25/02/2025 $11.5M Insto Placement to Target Ultra-High HREO Zones Victory Secures Prestigious MRIWA Grant Updated MRE Identifies HREO/TREO Rations up to 83% Breakthrough for VTM with MREO Produced at North Stanmore Victory Secures U.S. Gov Approval for Engagement Quarterly Activities/Appendix 5B Cash Flow Report US$10M Secured from KSA Sovereign Wealth Investment Arm Prospectus $4M PLACEMENT BACKED BY LEADERSHIP, INDUSTRY AND TOP 20 Investor Presentation - Sydney RIU US GOVERNMENT FUNDING LOI US$190M TO ADVANCE HREE PROJECT VTM Unveils Major Gallium Resource as By-Product to HREEs US Executive Order Highlights Strategic Opportunity for VTM Quarterly Activities/Appendix 5B Cash Flow Report Strategic Heavy REE Supplier Amid China Export Controls Gallium Produced in Final MREC Product Outstanding North Stanmore Scoping Study Delivered Half Yearly Report and Accounts New Exploration Target at North Stanmore Project Page 7 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 20/02/2025 29/01/2025 16/01/2025 17/12/2024 14/11/2024 6/11/2024 15/10/2024 20/09/2024 19/09/2024 17/09/2024 6/09/2024 16/08/2024 15/08/2024 14/08/2024 30/07/2024 18/07/2024 17/07/2024 16/07/2024 8/07/2024 Victory Metals Strengthens Cash Position Quarterly Activities/Appendix 5B Cash Flow Report NORTH STANMORE ADVANCES AS A GLOBAL HREE DEPOSIT Strategic Offtake MOU signed with Sumitomo Results of Meeting NORTH STANMORE GROWS TO 13.5KM IN STRIKE Quarterly Activities/Appendix 5B Cash Flow Report Change of Share Registry North Stanmore Drilling Update Annual Report to shareholders Drilling Commenced at Heavy Rare Earth Project GROWING NORTH STANMORE HEAVY REE RESOURCE Additional Information - North Stanmore Advances North Stanmore Heavy Rare Earth Project Advances Renowned Geoscientist Prof Collerson appointed as Director Amended - Investor Presentation MRE Investor Presentation LARGEST AUSTRALIAN INDICATED HEAVY REE RESOURCE CONFIRMED Quarterly Activities/Appendix 5B Cash Flow Report These announcements are available for viewing on the Company’s website www.victorymetalsaustralia.com. Victory confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement. Competent Person Statement - Professor Ken Collerson Statements contained in this report relating to exploration results, Mineral Resource Estimate, scientific evaluation, and potential, are based on information compiled and evaluated by Professor Ken Collerson. Professor Collerson (PhD) Principal of KDC Consulting, and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM - membership number 100125), is a geochemist/geologist with sufficient relevant experience in relation to rare earth element and critical metal mineralisation being reported on, to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral resources and Ore reserves (JORC Code 2012). Professor Collerson consents to the use of this information in this report in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements in relation to the exploration results. The Company confirms that the form and context in which the competent person’s findings have not been materially modified from the original announcement Page 8 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 Directors Report Significant Changes in State of Affairs Other than as described in the Review of Operations above, there were no significant changes in the state of affairs of the Group during the financial year. Material business risks The proposed future activities of the Consolidated Entity are subject to a number of risks and other factors which may impact its future performance. Some of these risks can be mitigated by the use of safeguards and appropriate controls. However, many of the risks are outside the control of the directors and management of the Company and cannot be mitigated. An investment in the Company is not risk free and should be considered speculative. This section provides a non-exhaustive list of the risks faced by the Consolidated Entity or by investors in the Company. The risks should be considered in connection with forward looking statements in this Annual Report. Actual events may be materially different to those described and may therefore affect the Consolidated Entity in a different way. Investors should be aware that the performance of the Consolidated Entity may be affected by these risk factors, and the value of its Shares may rise or fall over any given period. None of the directors or any person associated with the Consolidated Entity guarantee the Consolidated Entity’s performance. Business risks Exploration and evaluation Geological, exploration and development: The exploration, development and mining of mineral resources is a high risk, high-cost exercise with no certainty of confirming economic viability of projects with high risk of project delays and unforeseen geological challenges. Market Volatility, there are risks associated with fluctuations in rare earth element prices, market demand and global economic conditions. These factors could impact the Company’s financial performance and stability. Human Resources and Occupational Health and Safety New operational commodity and lack of experience: The exploration and development of clay-hosted REE minerals is an emerging industry in Australia and there may be a lack of suitably trained professionals to conduct such activities. Hazardous activities: The Company’s exploration and evaluation activities may be hazardous, with potential to cause illness or injury. Mitigating actions - - - - - The Company has announced a large inferred and indicated HREE MRE and significantly larger exploration target. Further exploration to increase the resource grade, higher confidence resource categories and increased MRE tonnes is planned. Following MRE updates, further metallurgical testwork and understanding of the REE concentrate product grade and marketability, the Company will undertake studies and target the North Stanmore project to be in the lowest cost quartile/highest margin quartile for REE producers based on its simple mining and low strip ratio, metallurgical performance including simple processing flowsheet, locational and logistics benefits, high value REE mix and scale. Low cost and high margin projects survive through low prices and difficult macroeconomic conditions. Strong human resources and employee relations framework. Competitive remuneration structure focused on attracting diverse, engaged and suitably qualified employees and consultants. Retention of staff through contemporary HR practices and performance management systems that make the Company a first-choice employer. The nascent industry is advancing and progressively developing Australian-based knowledge and skills. Industry standard safety management system. Embedded safety culture. Regular review of safety management system. Finance Page 9 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 Directors Report Business risks - - The need to fund exploration and evaluation activities. Future funding risk: Continued exploration and evaluation is dependent on the Company being able to secure future funding from equity markets. The successful development of a mining project will depend on the capacity to raise funds from equity and debt markets. Due to rare earth elements typically being traded in USD, there are risks associated with currency fluctuations and foreign exchange rate exposure. This could potentially have impact on revenues, costs or probability. Mitigating actions - The Company will need to source equity funding for continued exploration and evaluation prior to accessing equity and debt markets to undertake development funding. Any additional equity financing may be dilutive to Shareholders, as pricing of the Company’s shares are dependent on endogenous and exogenous outcomes. - There can be no assurance that such funding will be available on satisfactory terms or at all at the relevant time. Any inability to obtain sufficient financing for the Company’s activities and future projects may result in the delay or cancellation of certain activities or projects, which would likely adversely affect the potential growth of the Company. - The Company will engage expert consultants to undertake required baseline environmental assessments and to prepare major approval application documents to ensure it meets regulatory requirements. The North Stanmore Project benefits from low levels of radioactive elements relative to most other REE projects. Regulatory Approvals and Social Licence to Operate - The Company’s exploration activities and major projects depend on receipt of regulatory approvals (e.g. tenure, environmental licences and permits, heritage approvals, etc). There is a risk that required approvals may be delayed or declined. - Maintenance of positive relationships with stakeholders and the community, particularly traditional owners, is important in ensuring The Company retains its social license to operate. - Potential risks arising from changes in government regulations, policies, or environmental standards that may affect the extraction, processing or export of rare earth elements. Such changes may impact the Company’s operations, costs or market access. Changes in Federal and State Regulations Changes in Federal or State Government policies or legislation may impact royalties, tenure, land access and labour relations. Climate Risk The emergence of new or expanded regulations associated with the transitioning to a lower carbon economy and market changes related to climate change mitigation. The Company may be impacted by changes to local or international compliance regulations related to climate change mitigation efforts, or by specific taxation or penalties for carbon emissions or environmental damage. The Company considers potential environmental impacts as a key factor in its project design and evaluation and will ensure impacts are reduced to as low as reasonably practicable. - The Company has engaged legal support and specialised services for the negotiation and preparation of Land Access Agreements with Traditional Owners, to ensure we obtain prior and informed consent for our activities. - The Company will develop and implement a Stakeholder Engagement Plan to enable positive engagement with our stakeholders to ensure we retain our social licence to operate. - The Board regularly assesses developments in State and Federal legislation and policies and regularly engages with Government Departments. - Whilst the Company will seek to manage such risk as and when they arise, there can be no guarantee that the Company will be able to do so in a cost-effective manner, if at all. Page 10 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — VICTORY METALS LIMITED ACN 124 279 750 Annual Report for the Year Ended 30 June 2025 Directors Report Events After the Reporting Date Subsequent to year end, the following events occurred: • On 22 July 2025, the Company issued 400,000 performance rights. • On 18 August 2025, the Company secured a prestigious MRIWA grant. • On 1 September, the Company conducted a plac