Announcement PDF ASX RELEASE 26 August 2025 Not for release to US wire services or distribution in the United States $11.5M INSTITUTIONAL PLACEMENT TO TARGET ULTRAHIGH HEAVY RARE EARTH ZONES Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce it has received firm commitments to raise $11.5 million in a strongly supported placement of new fully paid ordinary shares in the Company ("Placement Shares") to institutional, professional and sophisticated investors ("Placement"). Funds raised under the Placement will be used for the following: • • • • Targeted drilling of ultra-high heavy rare earth zones of up to 83% HREO/TREO within and surrounding the North Stanmore MRE area; Scandium oxide production; Feasibility study advancement; and General working capital and costs of the offer. Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “This raise will support the momentum in development of North Stanmore as it emerges as one of the world’s most advanced heavy rare earth clay projects and is already Australia’s leading heavy rare earth project. I thank existing shareholders for their continued support, and we welcome institutional, professional and sophisticated investors.” Approximately 8.5 million Placement Shares will be issued pursuant to the Placement. The Placement Shares will be issued at a price of $1.35 representing a 15% discount to the 15-day VWAP prior to the Trading Halt on 25 August 2025. Bell Potter Securities Limited (“Bell Potter”) acted as sole lead manager and book runner to the placement. Bell Potter will be paid a cash fee of up to 6% (plus GST) on the amount raised in the Placement. As part of its fee, Bell Potter will also be issued 1,000,000 unlisted options with an exercise price of $2.70 and a three-year exercise period ("Broker Options"). The Placement Shares will be issued under the Company's existing ASX Listing Rule 7.1A placement capacity and the Broker Options will be issued under the Company's existing ASX Listing Rule 7.1 placement capacity. Settlement of the Placement Shares and Broker Options is expected to occur on Friday, 29 August 2025, with Placement Shares commencing normal trading on the ASX on Monday, 1 September 2025. The Placement Shares will be listed on ASX and rank equally with existing fully paid ordinary shares in the Company. 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 — Sanabil Loan Offer Update Victory advises that it will not be proceeding with the loan offer from Sanabil Investments LLC 1. The proposed loan agreement required exclusivity for Sanabil to provide full project funding, which the Company has determined was not in its best interests given other funding options including the potential for direct government funding support. Victory has a US$190 million Letter of Interest from the export import bank of the United States of America (EXIM)2 and continues to advance funding discussions with strategic and government partners. 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 Andrew Willis Investor and Media Relations awillis@nwrcommunications.com.au Victory Metals Limited Victory is dedicated to the exploration and development of its flagship North Stanmore Heavy Rare Earth Elements (HREE), Scandium, Hafnium and Gallium Project located in the Cue Region of Western Australia. The Company is committed to advancing this world-class project to unlock its significant potential. In August 2025, Victory Metals announced a robust Mineral Resource Estimate (MRE) for North Stanmore, totalling 320.6 million tonnes, with the majority of the resource, classified in the indicated category. This positions the North Stanmore Project as Australia's largest indicated clay heavy rare earth resource, underscoring its pivotal role as a future supplier of critical materials for the future. North Stanmore Mineral Resource Estimate 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 TOTAL 320,640,000 510 486 179 307 38 24 26 CLASSIFICATION Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. 1 Refer to Company announcement “US$10 Million Secured from Saudi Arabia’s Sovereign Wealth Investment Arm” on 24 June 2025 2 Refer to Company announcement “US Government Funding Loi US$190m To Advance HREE Project” on 23 April 2025 Forward-looking statements This announcement contains “forward-looking statements”. All statements other than those of historical facts included in this announcement are forward looking statements. Where a company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. Neither company undertakes any obligation to release publicly any revisions to any “forward-looking” statement. Competent Person Statement Statements contained in this report relating to exploration results, Mineral Resource Estimate, metallurgy results, scientific evaluation, and potential, are based on information compiled and evaluated by Emeritus Professor Ken Collerson. Professor Collerson (PhD) Principal of KDC Consulting and Director of Victory Metals Limited, and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM No. 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. No New Information – Mineral Resources Information in this report relates to Mineral Resource Estimates and exploration results for the North Stanmore Project and is available to view on www.asx.com.au. Victory Metals Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed