Announcement PDF ASX RELEASE 11 August 2025 UPDATED MRE IDENTIFIES HREO/TREO RATIOS UP TO 83% Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to announce a significant upgrade to the Mineral Resource Estimate (MRE) at its flagship North Stanmore Heavy Rare Earth Element Project in Western Australia. The upgraded MRE will be used for the 2025 Prefeasibility study planned for release later in 2025. The MRE incorporates results from a targeted 79 drillhole 3,221m, air-core drilling campaign, delivering a 29.5% increase in contained tonnage. With leading ratios of heavy rare earth elements, including Dysprosium (Dy) and Terbium (Tb), compared with other Australian clay hosted project at this scale, Victory continues to emerge as the Australian answer as a low-cost heavy rare earth element producer. HIGHLIGHTS • Ultra-high Heavy Rare Earth Ratios zones identified from across the North Stanmore Mineral Resource area including: o o o o o 83% HREO/TREO @ 1,726ppm (Hole IF159) 81% HREO/TREO @ 3,584ppm (Hole IF155) 80% HREO/TREO @ 10,179ppm (Hole NSE028) 76% HREO/TREO @ 2,890ppm (Hole DD002) 75% HREO/TREO @ 4,423ppm (Hole NSTAC180) • 29.5% increase to the North Stanmore MRE to 320.6 million metric tonnes @ 510 ppm Total Rare Earth Oxide & high HREO/TREO of 39% (TREOSc2O3) (Inferred and Indicated) • A high-grade shallow zone of 50 million metric tonnes has been identified @1,050ppm TREOSc2O3 (Inferred and Indicated) • Mineralisation remaining open with the opportunity to target the Ultra-High Heavy Rare Earth Ratio zones through satellite pits • Victory’s latest drilling program has proven a low-cost significant resource increase equating to $3,500 all in exploration costs per 1 million tonnes of resource added (inferred & indicated) • The Updated MRE will assist ongoing funding discussions for the development of North Stanmore and will underpin the Prefeasibility Study (PFS) Victory’s CEO and Executive Director Brendan Clark commented: “This resource upgrade reinforces the immense scale and strategic importance of North Stanmore. To deliver a 29.5% increase from a small, low-cost 3,221m air core program, speaks volumes about this deposit.” “Mineralisation remains open in multiple directions, with consistently thick and high-grade intercepts continuing to be identified. While we see strong potential for further resource growth, the Company’s 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 H E A V Y R A R E E A R T H S — priority is progressing development, as there is already sufficient material to support a mine life exceeding 30 years.” “The drill program was intentionally limited out of deep respect for the Traditional Owners, following the unfortunate passing of a respected Wajarri Yamaji Elder. In line with our heritage protocols, we paused drilling as the presence of a heritage monitor is required when clearing new drill lines. We extend our sincere condolences to the Wajarri Yamaji People and thank them for their ongoing guidance and support.” Updated August MRE Information 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 1). Figure 1: North Stanmore MRE by Resource category 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 H E A V Y R A R E E A R T H S — Figure 2: Cross section 6,973,900mN, looking north, 5x vertical exaggeration and showing the High-Grade intercept. A site visit was conducted on May 30, 2024, by MEC Manager of Resources, Mr Dean O’Keefe and MEC Resource Geologist, Mr Issam Digais, accompanied by Victory Metals personnel including Mr Savvas Hagiantoniou, Exploration Site Supervisor. Dean O’Keefe is an MEC Competent Person for the North Stanmore MRE. During the site visit the general layout of the area and project location was checked. MEC also conducted a check survey of drillhole collar locations, the surveyed locations were confirmed as being in close proximity, to the planned drillhole locations, all within 3m. No production had occurred at North Stanmore at the time of the site visit. The North Stanmore MRE occurs in regolith above an alkaline intrusion (Figure 2). Despite its magnetic signature, the North Stanmore intrusion had not been recognised previously on regional geological maps. Petrological data for samples of diamond core confirm its alkaline character and indicate that the intrusion is post-tectonic and hence, post-Archean in age. The North Stanmore Intrusion is a large (approximately 16km by 5km) differentiated ultramafic to felsic intrusion. Lithologies identified in thin section include kaersutite- and carbonate-bearing peridotite, orthopyroxenite, clinopyroxenite, leuco- and leuco-gabbro (ijolite), diorite, monzonite and syenite. Some regolith samples are strongly LREE enriched indicating that the intrusion also contains carbonatite. However, the uniformly high HREO/TREO of the regolith (of approximately 34% to 38%) indicates that carbonatite represents a subordinate phase in the intrusion. 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 H E A V Y R A R E E A R T H S — The North Stanmore Intrusion is interpreted to be associated with an early Proterozoic plume track that was responsible for alkaline magmatism extending in a broad belt from Mt Weld carbonatite near Laverton through Leonora to Cue. The rare earth element mineralisation occurs in a relatively flat-laying saprolite-rich clay horizon beneath a veneer of unconsolidated colluvium that ranges in thickness from 0–36m. The uniformity of Nb/Ta ratios (Nb/Ta 16±4) in the regolith above the North Stanmore Intrusion indicates that the regolith developed in situ. Importantly, studies indicate that Nb/Ta ratio of regolith over carbonatites and other alkaline intrusions closely resembles the Nb/Ta ratio of their source plume generated lithologies. REEs are adsorbed onto kaolinite or form secondary REE phosphates, rhabdophane (after monazite), churchite (after xenotime), and florencite. QEMSCAN mineralogical studies show that the REEs are mainly hosted by <20µm particles. Scandium oxide (Sc2O3) is enriched throughout the regolith profile due to the breakdown of pyroxene in the North Stanmore source lithologies. Scandium oxide is generally considered to behave differently to the REEs, which are adsorbed as outer-sphere complexes on clay surfaces, found in Al(OH)2SiO sites, or occur as hydrated REE bearing phosphates. However, Sc3+ behaves like the transition metals (Ni2+, Co2+, Cu2+) and, due to its smaller ionic radius, it adsorbs onto vacancy sites in clay lattices or attaches to the surface of Mn oxides. Scandium is a highly valuable critical element occurring in the same Group of the Periodic Table (Gp. 3B) as the lanthanides. It occurs predominantly in HREE bearing ultramafic and mafic igneous rocks like the North Stanmore Intrusion. By contrast, felsic alkaline rocks and granitoids are more LREE enriched and contain negligible amounts of Scandium. The chemical properties of Scandium are distinct from the other REO’s and Scandium has recently been recognised to have superconducting properties. Scandium has been deemed a critical mineral due to current Chinese and Russian control of the supply chain. Yttrium is classified as a REO because of its similar ionic radius to the lanthanides, and similar chemical properties to the HREEs. A geological cut-off grade of 150ppm TREO + Sc2O3 was used to separate mineralised material (MIN) from weakly mineralised material (WMM). A high-grade mineralisation (HGMIN) domain was additionally modelled above a geological cut-off grade of 600ppm TREO + Sc2O3. Ordinary block kriging with no top-cut was used for estimation separately of lodes within the high-grade zone and then lodes within the mineralised zone. Logging was completed for 90% of the sample intervals and used to produce surfaces to delineate the colluvium, upper saprolite, saprolite, sap rock, slightly weathered fresh, and fresh rock. The North Stanmore database used for the August 2025 MRE includes eight hundred and thirty-four (834) drillholes for 45,339.9m, inclusive of 773 Air-core (AC) drillholes for 41,409m, 50 Reverse Circulation (RC) drillholes for 3,166m, and 11 diamond drill holes for 764.9m. Drillhole depths range from 10m to 222m. All drillholes were completed by Victory from 2022 to 2025. The drillhole spacing at North Stanmore (MRE area) ranges from 50m x 50m to 250m x 100m. 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 H E A V Y R A R E E A R T H S — Eleven percussion (air core and RC) drillholes were twinned with diamond drilling (DD001 to DD011). Samples were submitted to the laboratory for analysis only where the initial screening by handheld XRF generated a mineralised value, whereas the diamond drilling was sampled and assayed along the entire length of the drillhole. There is good spatial correlation between the air core and diamond assays for the twin drilling. Yttrium (Y) values obtained by handheld XRF (pXRF) is an excellent indicator of zones of mineralisation within the percussion holes. Local validation was completed by comparing the composite grades used to estimate the block values against the estimated block values. There was close correlation between composite assays and estimated block grades, with some small differences resulting from the smoothing effect of ordinary kriging. Min/max checks were utilised to ensure all blocks were populated. OBM validation functions were used to check for overlapping blocks, there were no incidence of overlapping blocks. The Mineral Resource has been classified as Indicated and Inferred categories, in accordance with the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Unclassified material based on sparse exploration data has not been reported as part of the Mineral Resource. A range of criteria has been considered in determining this classification including: • • • Geological continuity Data quality Drill hole spacing An Indicated Mineral Resource classification was based on drillhole spacing (250m x 100m, closing to 50m x 50m), in addition to acceptable underlying QAQC, and an RTK/DGPS survey of drillhole collars. An Inferred Mineral Resource classification was based on a drill spacing of ~500m x 100m. Approximately 55% by tonnage of the August 2025 MRE is classified as Indicated Mineral Resources and approximately 45% is classified as Inferred Mineral Resources. Three stages of metallurgical test work have been completed for the North Stanmore Project, focusing on beneficiation, and leach test work to establish potential recoveries and processing options. Core Resources (Core) located in Brisbane completed the third stage of test work including beneficiation test work in March of 2024 and reported that the REE feed grade increased by 63% by rejecting the +53µm feed material from across all samples. Core also completed leach test work on the beneficiated material. The leach test work program involved diagnostic metallurgical testing on a composite blend of the beneficiated samples with a head grade of 1,283 ppm TREO. This was sourced from 23 samples and 13 drillholes from North Stanmore. The initial atmospheric leach test work program was trialled at elevated temperatures and variable leaching conditions compared to previous work. These test conditions yielded high recoveries of Pr (94%), Nd (94%) and heavy rare earth elements Tb (91%), and Dy (92%) with a combined recovery of 93% Magnet Rare Earth Elements (“MREE”). Scandium oxide (Sc2O3) recoveries of 50% had previously been achieved, with optimisation work occurring in parallel. These assays were conducted by Australian Laboratory Services, Brisbane. The objective of the diagnostic test work was to recover REE and Scandium oxide from the beneficiated sample using alternative conditions to previous metallurgical programs, that successfully demonstrated increased extractions at higher temperature (from 25°C to 100°C). 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 H E A V Y R A R E E A R T H S — The 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 sensitivity of the Mineral Resource estimate to the reporting cut-off grade is shown in Figure 3. 1,600 700 1,400 600 1,200 500 1,000 400 800 300 600 200 400 100 200 0 0 TREO+Sc2O3 (ppm) Tonnes Millions North Stanmore Grade Tonnage Curve - August 2025 MRE 800 COG TREO+Sc2O3 (ppm) INDICATED INFERRED TREOSC_ppm Figure 3: Grade tonnage curve for the North Stanmore TREO + Sc2O3 MRE (Indicated and Inferred) 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 H E A V Y R A R E E A R T H S — Table 2 shows the HREO within the HGMIN domain by classification, and Table 3 shows the HREO within the MIN domain by classification. Table 2: North Stanmore August 2025 MRE HREO within the HGMIN domain (≥330ppm TREO + Sc2O3 cut-off grade) CLASSIFICATION MRE TONNES (t) TREO + Sc2O3 (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 35,500,000 1,039 1,008 338 8.0 32.5 5.3 32.5 6.8 20.1 2.9 18.6 2.7 209 INFERRED 19,600,000 1,093 1,067 347 8.2 33.1 5.4 32.5 6.8 20.3 2.9 18.4 2.7 217 TOTAL 55,025,000 1,059 1,029 6.8 20.2 2.9 18.6 2.7 212 341 8.1 32.7 5.3 32.5 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. Table 3: North Stanmore August 2025 MRE HREO within the MIN domain (≥330ppm TREO + Sc2O3 cut-off grade) CLASSIFICATION MRE TONNES (t) TREO + Sc2O3 (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 141,000,000 404 379 152 2.6 12.6 2.2 14.2 3.1 9.5 1.4 9.4 1.4 95.5 INFERRED 124,600,000 389 368 138 2.4 11.5 2.0 12.8 2.8 8.7 1.3 8.7 1.3 86.5 TOTAL 265,615,000 397 374 3.0 9.1 1.4 9.1 1.4 91.3 145 2.5 12.1 2.1 13.6 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. The economic cut-off grade for the AugustAugust 2025 MEC MRE (Table 1) was ≥330ppm TREO + Sc2O3. This cut-off grade was selected based on the evaluation of other like regolith hosted rare earth Mineral Resources. The MIN domain grade and tonnage is exclusive of the HG grade and tonnage (Table 3). Table 4 shows the LREO by domain and classification above 330ppm TREO + Sc2O3. Table 5 shows gallium, and hafnium grades above 330ppm TREO + Sc2O3. 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 H E A V Y R A R E E A R T H S — Table 4: North Stanmore August 2025 MRE LREO Grades by Domain and Classification (≥330ppm TREO + Sc2O3 cut-off grade) INDICATED TONNES (t) 35,485,000 TREO+Sc2O3 (ppm) 1,039 LREO (ppm) 669 La2O3 (ppm) 162.3 CeO2 (ppm) 281.8 Pr6O11 (ppm) 39.5 Nd2O3 (ppm) 153.0 Sm2O3 (ppm) 32.8 HGMIN INFERRED 19,540,000 1,093 720 182.3 300.2 42.4 161.8 33.7 HGMIN TOTAL 55,025,000 1,059 688 169.4 288.3 40.6 156.2 33.1 MIN INDICATED 141,037,000 404 227 50.9 102.2 12.5 49.9 11.5 MIN INFERRED 124,578,000 389 230 53.8 102.5 12.9 49.8 11.1 MIN TOTAL 265,615,000 397 228 52.2 102.4 12.7 49.8 11.3 Total TOTAL 320,640,000 510 307 72.3 134.3 17.5 68.1 15.1 DOMAIN CLASSIFICATION HGMIN Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. Table 5: North Stanmore August 2025 MRE Hf, Ga2O3 (≥330ppm TREO + Sc2O3 cut-off grade) Hf Ga2O3 35,485,000 (ppm) 6 (ppm) 26 INFERRED 19,540,000 5 25 HGMIN TOTAL 55,025,000 6 26 MIN INDICATED 141,037,000 7 26 MIN INFERRED 124,578,000 6 26 MIN TOTAL 265,615,000 6 26 Total TOTAL 320,640,000 6 26 DOMAIN CLASSIFICATION Tonnes (t) HGMIN INDICATED HGMIN Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. The January 2025 MRE compared to the August 2025 MRE has the same Indicated Mineral Resources tonnage of 176.5Mt, however, the TREOSc ppm grade has increased from 503 to 532 ppm. The January 2025 Inferred Mineral Resources tonnage has increased from 70.9Mt to 144.1Mt for the August 2025 MRE. The Inferred Mineral Resources TREOSc ppm grade has decreased from 561 to 484 ppm. The January 2025 Mineral Resources tonnage has increased from 274.5Mt to 320.6Mt for the August 2025 MRE. The Total Mineral Resources TREOSc ppm grade has changed from 520 to 510 ppm. 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 H E A V Y R A R E E A R T H S — Figure 4: North Stanmore August August updated MRE composition by percentage in 55Mt and 265Mt resource domains The high HREYO/TREYO ratios indicate that the North Stanmore Mineral Resource contains a significant percentage of the rare, and valuable, HREE’s Dysprosium (Dy) and Terbium (Tb) (Figure 4). Regional Geology Victory’s tenements lie north of Cue, within the centre of the Murchison Province, which comprises the Archaean gneiss-granitoid-greenstone north-western Yilgarn Block. The Archean greenstone belts in the Murchison Province, the Warda Warra and Dalgaranga greenstone belts, and the southern parts of the Meekatharra-Mount Magnet and Weld Range belts are dominated by metamorphosed supracrustal mafic volcanic rocks, as well as sedimentary and intrusive rocks. Thermo-tectonism resulted in development of large-scale fold structures that were subsequently disrupted by late-stage faults. The greenstone belts are intruded by two suites of granitoids. The first, most voluminous suite, comprises granitoids that are recrystallised with foliated margins and massive cores, typically containing large enclaves of gneiss. The second suite consists of relatively small, post tectonic intrusions. Two large Archaean gabbroic intrusions occur south of Cue. These are the Dalgaranga-Mount Farmer gabbroid complex in the southwest, and the layered Windimurra gabbroic complex in the southeast. Project Geology Victory’s REE, Sc and Ga discovery occurs in regolith above the North Stanmore alkaline intrusion, discovered north of Cue. Despite its magnetic signature, the North Stanmore intrusion had not been recognised previously on regional geological maps. Petrological data1 for samples of diamond core indicate that the intrusion is post-tectonic and hence postArchean in age. 1 Refer VTM ASX release dated 10 August 2022, Major Alkaline Igneous Complex Discovered 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 H E A V Y R A R E E A R T H S — The North Stanmore Intrusion is a large (approximately 16km by 5km) differentiated ultramafic to felsic intrusion. Lithologies identified in thin section include kaersutite and carbonate-bearing peridotite, orthopyroxenite, clinopyroxenite, leuco- and leuco-gabbro, ijolite, diorite, monzonite and syenite. Some regolith samples are strongly LREE enriched indicating that the intrusion also contains carbonatite. However, the uniformly high HREO/TREO of the regolith (of approximately 34% to 38%) indicates that carbonatite represents a subordinate phase in the intrusion. The North Stanmore Intrusion is interpreted to be associated with an early Proterozoic plume track that was responsible for alkaline magmatism extending in a broad belt from Mt Weld carbonatite near Laverton through Leonora to Cue2. Deposit Type The rare earth element mineralisation occurs in a relatively flat-laying saprolite-rich clay horizon beneath a veneer of unconsolidated colluvium that ranges in thickness from 0m to 36m. The uniformity of Nb/Ta ratios (Nb/Ta 16±4) in the regolith above the North Stanmore Intrusion indicates that the regolith developed in situ. Importantly, studies have shown that Nb/Ta ratio of regolith over carbonatites and other alkaline intrusions closely resembles the Nb/Ta ratio of their source plume generated lithologies3. Mineralised REE saprolite horizons above the North Stanmore Intrusion occur at depths between 12m and 77m. Ce/Ce* tracks regolith oxidation, and the upper parts of regolith enrichment zones have Ce/Ce* >1 reflecting gain of mobile Ce4+, while the lower parts of enrichment zones have Ce/Ce* <1. Leachable clay REE deposits all have Ce/Ce* <1. The Ce/Ce* of the MRE in the Indicated category is 0.86. REEs are complexed with carbonate ions [CO32-] and bicarbonate ions [HCO3-] or occur as REE3+ ions in soil as groundwater migrates downwards during tropical weathering. Based on Ce/Ce*systematics4 and TREO concentrations, there appear to be four zones of REE enrichment at North Stanmore. These are 15m to 25m, 28m to 37m, 41m to 46m and a deeper zone between 53m and 77m. The regolith is complex and importantly some cores exhibit two zones of REE enrichment. REEs are adsorbed onto kaolinite or form secondary REE phosphates, rhabdophane (after monazite), churchite (after xenotime), and florencite. QEMSCAN mineralogical studies show that the REEs are mainly hosted by <20-µm particles. Scandium is enriched throughout the regolith profile due to the breakdown of pyroxene in the North Stanmore source lithologies. Sc is generally considered to behave differently to the REEs, which are adsorbed as outer-sphere complexes on clay surfaces, found in Al(OH)2SiO sites, or occur as hydrated REE bearing phosphates. However, Sc3+ behaves like the transition metals (Ni2+, Co2+, Cu2+) and, due to its smaller ionic radius, it adsorbs onto vacancy sites in 2 Fiorentini et al., (2020) Nature Sci. Repts. 10:19729 3 Cornelius et al, (2005) Geochemistry: Exploration, Environment, Analysis, Vol. 5, 291–310; Zhukova et al., (2021) Ore Geology Reviews 139, 104539 4 Ce/Ce* = (2*(Ce )/(La +Pr )), where Ce , La and Pr are chondrite normalised values; La = La concentration /0.237, N N N N N N N CeN =Ce concentration /0.613 and PrN =Pr concentration/0.0928; Ce/Ce* ratios >1 reflect the gain of Ce4+ at shallower regolith depths 4+ 3+ while Ce/Ce* ratios <1 reflect the loss of mobile Ce from deeper parts of weathering profiles that contain Ce . 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 H E A V Y R A R E E A R T H S — clay lattices or attaches to the surface of Mn oxides5. Sc is enriched throughout the regolith profile. REO and Gallium Terminology Yttrium is included as a REE because of its similar ionic radius to the lanthanides and has similar chemical properties to the HREEs [holmium (Ho) and erbium (Er)]. Scandium, a highly valuable critical element occurs in the same Group of the Periodic Table (Gp. 3) as the lanthanides. It occurs predominantly in HREE bearing ultramafic and mafic igneous like the North Stanmore Intrusion. By contrast, felsic alkaline rocks and granitoids are more LREE enriched and contain negligible amounts of Sc contents. The chemical properties of Sc are distinct from the other REEs, and Sc has recently been recognised to have superconducting properties. Sc has been deemed a critical mineral due to current Chinese and Russian control of the supply chain. Gallium is a chemical element with the symbol Ga and atomic number 31. It is a soft, silvery metal that is solid at room temperature but melts just above it, making it unique among metals. Gallium is primarily used in the production of semiconductors, particularly in devices like light-emitting diodes (LEDs) and solar panels. It forms important compounds such as gallium arsenide (GaAs), which is widely used in electronics due to its excellent semiconductor properties. Additionally, gallium is known for its ability to form binary compounds with elements like phosphorus and arsenic, which are crucial in various technological applications. Analytical data was determined by ALS using the ME-MS81 technique of fusion digestion followed by ICPMS analysis. Results were returned in elemental form and were converted to oxides. TREO (Total Rare Earth Oxides), LREO (Light Rare Earth Oxides), HREO (Heavy Rare Earth Oxides), MREO (Magnet Rare Earth Oxides), and the ratio of HREO/TREO were calculated as follows: • TREO is the sum of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3,. This follows the protocol recommended by the International Union of Pure and Applied Chemistry.6 Yttrium and Scandium are included as they share Group IIIA properties in the Periodic Table with the lanthanides. Importantly, yttrium exhibits similar geochemical properties to the HREOs. • TREOS is the sum of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7,Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3, and Sc2O3. • HREO is the sum of Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3. 5 Zhang et al., (2024) Am. Mineralogist 6 Williams Jones and Vasyukova (2018) Economic Geology 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 H E A V Y R A R E E A R T H S — • LREO is the sum of La2O3, CeO2, Pr6O11, Nd2O3, and Sm2O3. • MREO (Magnet Rare Earth Oxides) are the rare earths used in the production of magnets predominantly, Nd2O3, Pr6O11 (NdPr) and Dy2O3, Tb4O7 (DyTb). • HREO/TREOS is the ratio of the sum of Eu2O3, Gd2O3, Tb4O7,Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3/sum of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7,Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3, and Sc2O3. Mineralisation controls Paleoplate tectonics The small disparity between the equator and polar temperature gradients during the North Stanmore deposit formation was the absence of polar ice caps during the deposit formation period. Australia was geographically located further south, proximate to the current position of Antarctica. Continental drift resulted in the migration of Australia over 50 million years to its current latitude. The North Stanmore regolith formed 40-50 Ma ago when WA was located close to the South Pole. This coincided with the Eocene Thermal maximum, a period of global warming when tropical and sub-tropical forests occurred from pole to pole. The Eocene thermal maxima also coincided with a massive increase in global chemical weathering. This unique period of global climate and intense chemical weathering led to the formation of a thick saprolite-rich regolith at North Stanmore, up to ~80 metres deep. The REO mineralisation is situated higher in the regolith profile at North Stanmore and is generally contained within the saprolite and to a lesser extent the sap rock. This is favourable for economic development as it potentially allows for free dig of the saprolite and assists with process recovery, with easier classification to obtain the fine fractions. Source Intrusion The basement geology map was compiled from logging of slightly weathered rock that retained some rock fabric and from fresh rock where some drillholes were drilled to basement (Figure 5). Most drillholes were air core and were drilled to refusal which was often at top of fresh or sometimes in slightly weathered fresh. The geochemistry of the regolith preserves inherited signatures from the underlying alkaline igneous protoliths. The western alkaline mafic rocks represent a different mineralised system to the alkaline felsic rocks of the central and eastern zones. The mafic schist are interpreted to have been derived from Archean meta basaltic protoliths. The host rock is a strong control of mineralization, with higher grade located within the weathered alkaline felsic rock (Figure 6). 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 H E A V Y R A R E E A R T H S — Figure 5: Plan view Basement geological map Figure 6: Plan view High grade lodes (Red) and geological map Paleo water tables and ground water Sub-horizontal higher-grade lodes are accompanied or contained within lower grade mineralised lodes that occur in larger haloes ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: