Announcement PDF ASX RELEASE 8 September 2025 Victory Targets Accelerated Value from World Class Heavy Rare Earths Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce the identification of multiple ultra-high heavy rare earth oxide (“HREO”) zones at its flagship North Stanmore project in Western Australia. These discoveries, coupled with surging global heavy rare earth prices, reinforce Victory’s unique positioning as one of the world’s most advanced heavy rare earth clay projects. HIGHLIGHTS • European (ex-China) prices for heavy rare earth Yttrium (Y) have recently increased by up to 800% in value from prices used in Victory’s scoping study and more than 100% increase for Dysprosium (Dy) & Terbium (Tb).1,2 • World-class heavy rare earth ratios of up to 83% HREO/TREO3, among some of the highest ratios ever reported globally set a new development opportunity for a targeted multi-zone strategy4. • 26 high value zones identified (and growing), majority situated within the Indicated resource and each designed to target high-grade HREE zones. • Victory’s advancing Pre-feasability Study to incorporate the high value zones for the initial 10 year mine life. • Victory expects to deliver equivalent oxide output to market with only processing 30% material compared to the previously considered throughput, dramatically reducing both CAPEX and OPEX. • Placement proceeds5 to fund a 10,000m aircore exploration drill program targeting a 10km strike length, with existing spaced drilling already identifying grades up to 10,179ppm (Hole NSE028) and HREE ratios up to 80%.6 1 https://ktla.com/business/press-releases/cision/20250724DA35980/argus-expands-critical-rare-earths-coverage-for-europe/ https://source.benchmarkminerals.com/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china 2 Refer to Company announcement “Outstanding North Stanmore Scoping Study Delivered” on 12 March 2025 33 The are earth elements are designate by atomic number as the light rare earth elements (LREEs) and the heavy rare earth elements (HREEs). However, this division is rather arbitrary. Some entities with LREE dominated resources defining the HREEs as Sm to Lu, while others include Eu to Lu or Gd to Lu as HREEs. Yttrium with atomic number 39 falls between Ho and Er in chemically similarity and thus is included with the HREEs when calculating HREE/Total REE ratios. Victory uses Eu to Lu plus Y for calculating HRE/TRE ratios (Collerson et al., 2025 Ore Geol. Rev.180. 106582) 4 Refer to Company announcement “Updated MRE Identifies HREO/TREO Ratios Up To 83%” on 11 August 2025 5 Refer to Company announcement “$11.5M Insto Placement to Target Ultra-High HREO Zones” on 26 August 2025 6 Refer to Company announcement “Updated MRE Identifies HREO/TREO Ratios Up To 83%” on 11 August 2025 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’s Chief Executive Officer and Executive Director Brendan Clark commented: “This is purely what sets North Stanmore apart as a clay hosted rare earth project. Heavy rare earths are what the western world needs to secure, and our extraordinary ratios of heavy rare earths underpin what the North Stanmore project offers. By focusing on these high value zones, we are working to deliver the same volume of critical defence and high-tech metals to market, while processing less than half the material previously envisaged. With dysprosium, terbium, yttrium, scandium, hafnium, lutetium and thulium all confirmed in meaningful quantities, Victory is emerging as a globally significant heavy rare earth and strategic metal supplier. Our next drilling program will continue to target ultra-high heavy rare earth zones and expand the zone inventory, further unlocking the full potential of North Stanmore.” High Value, High Heavy Rare Earth Zones MEC was commissioned by Victory in August of 2025 to delineate and rank by revenue, zones of heavy rare earth oxide concentrations at the North Stanmore deposit. The purpose of this study was to highlight the distribution of the HREOs. As this ore contains the highest content HREO, it will produce a more valuable, and in demand, post-processing concentrate, potentially from a smaller plant throughput with corresponding lower capital costs. Geopolitical divisions have resulted in a requirement for western world supply of rare earth elements. Suppliers such as Lynas Rare Earths Limited (ASX: LYC) will likely dominate the light rare earth market but there will be a deficit of heavy rare earth oxide supply. North Stanmore's strategic competitive advantage comprises its safe jurisdiction and its strong Heavy Rare Earth resource base. The Ore Block Model was used to display Total Rare Earth Scandium Oxide TREOSc and HREO from within the August 2025 MRE area and HREO and the limits of zones were digitised in plan view. The ratio of HREO to TREO was also displayed. Each zone was then reported for tonnes and grade of individual REO. Figure 1. Ranked ultra heavy rare zones by basket price. Proposed 10,000m Drilling Program A 10,000m drill program (see Figure 2 below) has been designed by MEC to target further high value, high heavy rare earth zones. Areas to the north of the indicated resource include domains that contain RC drill holes that are spaced 750m apart containing world class assays with TREO concentrations up to ~1 wt.% (10,000 ppm) and HREO/TREO ratios up to 80% (Figure 3). With high mineralisation at each zone within the exisiting spaced drilling, it is promising that the high levels of HREO/TREO could continue in the unexplored areas. BOSTECH drilling from Perth Western Australia who operate state of the art drill rigs (Figure 4) have been appointed for the aircore (AC) drilling program and Victory will utilize BOSTECH mimimal impact trailer which rehabilates each drill location at the time of drilling. Figure 2. Figure showing the indicated August 2025 MRE area and the planned stage 1 and 2 drill hole locations targeting further heavy rare earth zones. Figure 3. Figure showing covariation between TREYO and %HREO/TREO in metre interval samples with %HREO/TREO >58% from different drill holes and with TREYO concentrations ranging up to ~%HREO/TREO1 wt%7. Figure 4. Victory’s team visiting BOSTECH drill rig at North Stanmore during the July 2025 drilling program with Mr Baba from Sumitomo Corporation. 7 Refer to Company announcement “Updated MRE Identifies HREO/TREO Ratios Up To 83%” on 11 August 2025 This announcement has been authorised by the Board of Victory Metals Limited. For further information please contact: Brendan Clark CEO and Executive Director admin@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. 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