Announcement PDF ASX RELEASE 14 April 2025 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 NORTH STANMORE HEAVY RARE EARTH ELEMENTS PROJECT As one of the largest heavy rare earth and scandium 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 projects1. Victory has also entered into a non-binding memorandum of understanding (MOU) to negotiate an offtake agreement with fortune 500 company Sumitomo Corporation2. 1 https://www.exportfinance.gov.au/newsroom/transforming-australia-s-critical-minerals-sector/ 2 ASX Release 17th December “Strategic Offtake MOU Signed with Fortune Global 500 Leader Sumitomo Corporation” 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 — Cautionary Statement The Scoping Study referred to in this ASX release (the “Study”) has been prepared to assess the potential viability of producing a Mixed Rare Earth Carbonate ('MREC’) and scandium oxide from the North Stanmore Rare Earth Project by constructing a mining and production facility. The Study is based on low-level, preliminary technical and economic assessments, generally to a level of +/- 35% accuracy that is not sufficient to support the estimation of Ore Reserves or to support any financial investment of development decision, or to provide certainty that the conclusions of the Study will be realised. The Study provides an initial evaluation of the Project’s potential development pathway; however, it remains at an early stage and should not be considered a definitive feasibility study. Further exploration and evaluation work, test work and studies are required before VTM will be in a position to estimate any Ore Reserves, to provide any assurance of an economic development case, or to provide certainty that the conclusions of the Study will be realised. To achieve the range of outcomes indicated in the Study, funding in the order of $337 million will likely be required. Investors should note that there is no certainty that Victory will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of VTM’s existing shares. The Study incorporates material assumptions, outlined elsewhere in this announcement, regarding geology, metallurgy, processing, mining, capital and operating costs, and market conditions, and the availability of funding. These assumptions, while developed with due diligence and based on reasonable grounds and available information, remain subject to further refinement through additional exploration, technical studies, and economic assessments. There is no certainty that the conclusions or outcomes presented in this Study will be realised. The Study includes Indicated and Inferred Mineral Resources with 72% of the Study including Indicated category and 28% Inferred category, which are inherently uncertain due to their lower confidence level. The economic viability of these resources has not yet been demonstrated, and there is no guarantee that further exploration work will result in the conversion of Inferred Resources to higher-confidence categories or that a viable mining operation will be established. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Mineral Resource estimates underpinning the production target and forward-looking financial information in the Study and this announcement have been prepared by competent persons in accordance with the requirements of the JORC Code (2012). Investors and stakeholders should be aware that the findings of this Study are subject to various material risks, including but not limited to fluctuations in commodity prices, metallurgical recoveries, permitting and regulatory approvals, infrastructure availability, funding, and operational factors. VTM does not guarantee that the Project will proceed to production, and any future development remains contingent upon further feasibility studies, financing, and regulatory approvals. This announcement contains forward-looking statements that relate to the Company’s expectations, intentions, plans, and beliefs concerning future events and outcomes. These statements may include words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” and similar expressions. VTM has concluded that it has a reasonable basis for providing forward-looking statements included in this announcement and believes that it has a reasonable basis to expect it will be able to fund the development of the North Stanmore Rare Earth Project. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. While VTM has made reasonable efforts to ensure the accuracy of the information contained in this announcement, no representation or warranty, expressed or implied, is made as to its accuracy, reliability, or completeness. Except as required by law, the Company does not undertake to update any forward-looking statements based on new information, future events, or circumstances. Investors are cautioned not to place undue reliance on forward-looking statements or the findings of this Study. VTM will continue to advance the Project through systematic technical and economic evaluations to improve confidence in the Project’s viability and development potential. 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 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 — • Victory aims to be a Western supplier of rare earths elements, scandium and hafnium with strong support from off-takers for security of supply ex-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 • Existing Mineral Resource Estimate (MRE) set to rapidly grow with mineralisation remaining open in all directions and a strong exploration target3 being 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 experience in rare earth clay projects and operates from offices in Melbourne (Head Office), Gold Coast, Tasmania, Fiji, the Philippines, West Africa, and Bolivia. The financial results for the Scoping Study, based on an 8% discount, factor for an estimated NPV of approximately AUD $1,212 million with an IRR of 52%. The material assumptions underlying the results of the Scoping Study are discussed throughout this Quarterly Report. The financial evaluation of the Scoping Study delivers very strong economic results, but with several key uncertainties that could have significant impacts on the final results. These are presented in the sensitivity section of the full scoping study report. The summary results are presented in the following table. 3 ASX Release 25th February “New Exploration Target at North Stanmore Project” ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — Table 1: Summary Financial Results Description Unit LOM Results TREO Mixed Rare Earth Carbonate (MREC) Production excludes Ce & La Scandium & Hafnium Oxide Production Revenue Operating Cost Capital Cost Tax Paid Net Cash Current Mine Life Payback kt AUD$M AUD$M AUD$M AUD$M AUD$M Years Years NPV @ 8% real discount post-tax IRR post-tax Operating Margin AUD$M % % Result kt 59.3 3.08 11,849 6,915 337 1,339 4,591 31 2 Financial Results 1,212 51.8 42 Refer to Victory Metals’ ASX announcement on 12 March 2025 for the full scoping study details. GALLIUM CONFIRMED IN FINAL MREC Victory announced that it is the first Australian company to confirm the successful recovery of Gallium in a final Mixed Rare Earth Carbonate (MREC) product. Rare earth elements were extracted from material taken from samples collected from 13 AC drill holes from North Stanmore, leaching at low temperature and pressure, and with a 4-hour residence time. Impurities, including Aluminium (Al) and Iron (Fe), were first removed from the leach liquor by neutralising with commercial grade sodium carbonate (soda ash) at ambient temperature. Rare earth elements and gallium were precipitated from the impurity removal liquor using commercial grade soda ash at ambient temperature, to produce a mixed rare earth carbonate (MREC) test product. 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 — Figure 1. The MREC produced from bench scale metallurgical test work which contains 358g/t Ga₂O₃. The initial MREC production undertaken by Core (Brisbane) was an ongoing program to determine the highest recoveries of heavy rare earths, particularly Dysprosium (Dy) and Terbium (Tb) and wasn’t designed to recover Gallium (Ga). However, the preliminary results are extremely encouraging and position Victory with the opportunity to become one of the first mining companies to produce a MREC containing Gallium as a high-value by-product, with significant opportunity to further enhance Gallium recovery within the MREC. To advance this potential, Victory appointed ALS Metallurgy in Perth to undertake bulk MREC test work. This next phase will focus on optimising the recovery conditions for Gallium Oxide (Ga₂O₃) while maintaining the high heavy rare earth element (HREE) distribution in the final MREC product. NORTH STANMORE MINERAL RESOURCE ESTIMATE UPDATE Victory commissioned leading geological and mining consultancy, MEC Pty Ltd (MEC) to update the North Stanmore rare earth oxide (REO) Mineral Resource Estimate (MRE), which was completed in January 2025. The January 2025 MRE was estimated within the boundaries of ten tenements: E20/0544, E20/0871, E20/971, E20/1016, E20/2468, E20/2469, P20/0543, P20/2007, P20/2153, and P20/2403, with all tenure held by Victory Cue Pty Ltd, a wholly owned subsidiary of Victory. The Mineral Resources for the North Stanmore REE Deposit, which is reported in accordance with the JORC Code 2012, is estimated to be 247.5 million dry metric tonnes at 520 ppm Total Rare Earth Oxide plus Scandium Oxide (TREO + Sc2O3), using an economic cut-off grade of 330ppm TREO plus Scandium Oxide, inclusive of high-grade domain (≥600 ppm TREO cut-off) of 53 million tonnes @ 1,012 ppm TREO plus Sc2O3 Table 1: North Stanmore January 2025 MRE (≥330ppm TREO + Sc2O3 cut-off grade) 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 — CLASSIFICATI ON ORE TONNES TREO HREO LREO HREO/TREO Sc2O3 (t) (ppm) (ppm) (ppm) (%) (ppm) INDICATED 176,500,000 477 181 296 38% 26 INFERRED 70,900,000 533 164 369 31% 28 TOTAL 247,500,000 493 176 317 36% 27 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. Table 2: North Stanmore January 2025 MRE HREO within the HGMIN domain (≥330ppm TREO + Sc2O3 cut-off grade) CLASSIFICATION MRE TONNES (t) TREO + Sc (ppm) TREO (ppm) HREO (ppm) Eu2O3 (ppm) Gd2O3 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) Ho2O3 (ppm) Er2O3 (ppm) Tm2O 3 (ppm) Yb2O3 (ppm) Lu2O3 (ppm) Y2O3 (ppm) INDICATED 35,400,000 972 941 318 7.5 30.5 5.0 30.9 6.4 19.1 2.7 17.7 2.6 196 INFERRED 16,500,000 1,099 1,072 354 8.6 33.7 5.5 33.6 7.0 20.8 3.0 18.8 2.7 220 TOTAL 51,900,000 1,012 982 329 7.9 31.5 5.1 31.7 6.6 19.7 2.8 18.1 2.7 203 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. Table 3: North Stanmore January 2025 MRE HREO within the MIN domain (≥330ppm TREO + Sc2O3 cut-off grade) MRE TONNES (t) TREO + Sc (ppm) TREO (ppm) HREO (ppm) Eu2O3 (ppm) Gd2O3 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) Ho2O3 (ppm) Er2O3 (ppm) Tm2O3 (ppm) Yb2O3 (ppm) Lu2O3 (ppm) Y2O3 (ppm) INDICATED 141,200,000 386 361 146 2.4 12.0 2.1 13.6 3.0 9.2 1.4 9.2 1.4 92.1 INFERRED 54,500,000 399 370 106 2.6 10.4 1.7 10.1 2.1 6.2 0.9 5.8 0.9 65.2 TOTAL 195,700,000 390 364 135 2.5 11.5 2.0 12.6 2.7 8.4 1.2 8.3 1.2 84.7 CLASSIFICATION Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. The economic cut-off grade for the January 2025 MEC MRE was ≥330ppm TREO +Sc2O3. This cut-off grade was selected based on the evaluation of other like regolith hosted rare earth Mineral Resources. The Exploration Target tonnages are calculated from a series of constructed wireframes passing through favourable geology with sparse drilling coverage. The Exploration Target tonnage range is based on potential thicknesses of the saprolite and saprock units as observed from the North Stanmore January MRE. The Exploration Target grades are based on the distribution of economic TREO plus Sc2O3 grades observed in the January MRE. DRILLING PROGRAM A 6,600m Aircore (AC) drilling program, consisting of 110 AC drill holes at 500m x 200m spacing commenced during the Quarter. The program was designed to test the potential mineralisation of Area 1 south of the existing January MRE. 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 — Figure 3: Proposed & existing drill hole locations, blue represent new drill holes, green represent existing drill holes at North Stanmore. CORPORATE CHINA EXPORT CONTROLS On 4 April 2025, China’s Ministry of Commerce and General Administration of Customs announced the imposition of export licensing requirements on several key heavy rare earths, including dysprosium, terbium, and yttrium with all elements vital to global defence, energy, and high-tech manufacturing industries. Victory is targeting annual production of Mixed Rare Earth Carbonate (MREC) for restricted elements over the first 5 years based on March 2025 Scoping Study 4 4 Refer to ASX announcement dated 12th March 2025 titled “Outstanding North Stanmore Scoping Study Delivered” 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 — RECEIPT OF R&D FUNDS Victory received $751,909 refundable tax offset for eligible research and development (R&D) activities for the 2024 financial year at the Company’s 100% owned North Stanmore Project. CASHFLOWS FOR THE QUARTER Attached to this report is the Appendix 5B containing the Company’s cash flow statement for the quarter. Exploration expenditure of $647k mainly related to exploration activities undertaken at North Stanmore REE Project net of GST refunds received on current and previous exploration expenditure. $300k expenditure net of GST refunds received on current and previous administration expenditure and corporate costs of which $89k were payments made to related parties. These payments relate to the remuneration agreements for Executive and Non-Executive Directors and to SmallCap Corporate Pty Ltd (SmallCap) for providing company secretary, accounting and office services to the Company. Non-Executive Chairman James Bahen is a shareholder and director of SmallCap. Victory had cash inflows of $751K from refundable tax offset for eligible R&D. As at 31 March 2025, the Company had available cash of approximately $4.68M. March 2025 Quarter – ASX Announcements This Quarterly Activities 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 Quarterly Activities Report can be found in the following announcements lodged on the ASX: 08/04/2025 26/03/2025 12/03/2025 25/02/2025 20/02/2025 16/01/2025 Strategic Heavy REE Supplier Amid China Export Controls Gallium Produced in Final MREC Product Outstanding North Stanmore Scoping Study Delivered New Exploration Target at North Stanmore Project Victory Metals Strengthens Cash Position North Stanmore Advances as a Global HREE Deposit 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 — 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. This announcement has been authorised by the Board of Victory Metals Limited. For further information please contact: Brendan Clark CEO and Executive Director b.clark@victorymetalsaustralia.com Ben Creagh Investor and Media Relations benc@nwrcommunications.com.au Victory Metals Limited: Company Profile Victory is focused upon the exploration and development of its North Stanmore Heavy Rare Earth Element (REE) Project in the Cue Region of Western Australia. In January 2025 Victory announced a Mineral Resource Estimate (MRE) for North Stanmore of 247.5 million dry metric tonnes at 520 ppm Total Rare Earth Oxide plus Scandium Oxide (TREO + Sc2O3) (Indicated and inferred) , inclusive of high-grade domain of 53 million tonnes at 1,012 ppm TREO plus Sc2O3 (Indicated and inferred), confirming the Project as Australia’s largest indicated HREE resource. 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 persons findings have not been materially modified from the original announcement. 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 — ASX RELEASE 14 April 2025 Appendix 1 – Interest in Mining Tenements Tenement ID E20/1016 E20/1053 E20/1080 E20/1081 E20/871 E20/971 E51/1939 E51/2102 E51/2104 G20/25 L20/72 M20/128 M20/129 M20/288 M20/305 M20/327 M20/360 M20/455 M20/480 M20/494 M20/543 M20/544 M20/546 M20/550 M20/564 M21/125 M21/143 M21/158 M21/26 M21/86 M21/94 M21/95 P20/2007 P20/2153 P20/2248 P20/2249 P20/2250 Status Location Live Application Application Application Live Live Live Live Live Live Application Live Live Live Live Live Live Live Live Live Live Live Application Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Application Cue Application Live Live Live Live Live Live Live Live Live Live Live Live Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Interest at the beginning of the quarter 100% 100% beneficial 100% beneficial 100% beneficial 100% 100% 100% 100% 100% 100% 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%-conversion interest (P20/2007) 100%-conversion interest(P20/2153) 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Interest acquired or disposed 100% 100% 100% 100% 100% - Interest at the end of the quarter 100% 100% beneficial 100% beneficial 100% beneficial 100% 100% 100% 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% - 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 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 — P20/2331 P20/2333 P20/2334 P20/2345 P20/2346 P20/2352 P20/2353 P20/2354 P20/2355 P20/2356 P20/2357 P20/2358 P20/2359 P20/2360 P20/2383 P20/2397 P20/2398 P20/2402 P20/2403 P20/2409 P20/2410 P20/2468 P20/2469 P20/2486 P21/772 P21/773 P21/774 P21/775 P21/776 P21/793 P20/2534 P46/1975 P46/1976 Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Application Live Live Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Nullagine Nullagine 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% beneficial 100% 100% - 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% beneficial 100% 100% 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 — Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Victory Metals Limited ACN Quarter ended (“current quarter”) 124 279 750 31 March 2025 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (9 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (300) (973) - - 47 110 (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide other details) – R&D Receipt 752 752 1.9 Net cash from / (used in) operating activities 499 (111) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (647) (1,984) (e) investments - - (f) - - (d) exploration & evaluation other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (9 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide other details) – Lease Deposit (30) (30) 2.6 Net cash from / (used in) investing activities (677) (2,014) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 1,500 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - 2,475 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (58) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9a Proceeds from issues of equity securities to be allotted - - 3.9b Repayment of lease liabilities - - 3.10 Net cash from / (used in) financing activities - 3,917 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,858 2,888 4.2 Net cash from / (used in) operating activities (item 1.9 above) 499 (111) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (677) (2,014) ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) - 3,917 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 4,680 4,680 5. Reconciliation of cash and cash equivalents Current quarter $A’000 Previous quarter $A’000 at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 650 608 5.2 Call deposits 4,030 4,250 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,680 4,858 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1* 89 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Current quarter $A'000 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. * Payments in relation to Director’s fees for the period. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 5B Mi