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I N V E S T O R P R E S E N T A T I O N | S E P T E MB E R 2 0 2 6 | A S X : V T M
The Future of Australian Heavy Rare Earths
INVESTOR PRESENTATION | SEPTEMBER 2026
2
Not a disclosure document. The purpose of this presentation is to provide general information about the Company only. This presentation is
not a disclosure document for the purpose of Chapter 6D of the Corporations Act 2001 (Cth) (Corporations Act) and does not purport to
include the information required of such a disclosure document. It has not been lodged with or approved by any regulatory authority, such as
the Australian Securities and Investments Commission or the Australian Securities Exchange.
No New Information or Data. This document contains exploration results and historic exploration results as originally reported in fuller
context in Victory Metals Ltd ASX Announcements as published on the Company’s website. Victory confirms that it is not aware of any new
information or data that materially affects the information included in the relevant market announcements. In the case of Mineral Resource
estimates, Ore Reserve estimates, production targets and forecast financial information derived from the production targets, all material
assumptions and technical parameters underpinning the estimates, production targets and forecast financial information derived from the
production targets contained in the relevant market announcement continue to apply and have not materially changed in the knowledge of
Victory. The recent Company ASX new releases referred to in this presentation include:
• “Mining Lease Granted For North Stanmore "dated 14th September 2026".
• “Maiden Ore Reserve, Updated Mineral Resource And Pre-Feasibility Study "dated 18th August 2026".
• “Globally Significant Secondary Heavy & Magnet Rare Earth Minerals Confirmed "dated 4th August 2026".
• “Victory Commissions Pilot Plant That Delivers 7.1% TREO Concentrate and 40% HREE Ratio ”dated 17th June 2026".
• “Victory Metals Delivers Global Outstanding Leach Results ”dated 1st December 2025".
No other material authorised
The Company has not authorised any person to give any information or make any representation in connection with any proposed offer of
securities. A prospective investor cannot rely upon any information or representations not contained in this presentation.
Nature of mineral exploration risks
This presentation does not purport to be all-inclusive or to contain all the information that you or any other party may require to evaluate the
prospects of the Company. The mineral tenements of the Company as described in this presentation are at various stages of exploration,
and potential investors should understand that mineral exploration and development are high-risk undertakings.
Some of the tenements are in the application stage only and there is no guarantee the applications will be granted by the responsible
minister or governmental decision maker having jurisdiction. There can be no assurance that exploration of the tenements, or any other
tenements that may be acquired in the future, will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is
identified, there is no guarantee that it can be economically exploited.
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 re 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.
Reliance on presentation
A recipient of this presentation must make their own assessment of the matters contained herein and rely on their own investigations and
judgment in making an investment in the Company. This presentation does not purport to contain all of the information a recipient of this
presentation requires to make an informed decision whether to invest in the Company. Specifically, this presentation does not purport to
contain all the information that investors and their professional advisers would reasonably require to make an informed assessment of the
Company’s assets and liabilities, financial position and performance, profits, losses and prospects.
Not a recommendation or financial advice
The information in this presentation is not a recommendation to subscribe for securities in the Company and does not constitute financial
advice. Any person who intends to subscribe for securities must conduct their own investigations, assessment and analysis of the Company
and its operations and prospects and must base their investment decision solely on those investigations and that assessment and analysis.
Prospective investors should consult their own legal, accounting and financial advisers about an investment in the Company.
Competent Person Statement
Professor Ken Collerson Statements contained in this report relating to exploration results, scientific evaluation, and potential, are based on
information compiled and evaluated by Professor Ken Collerson. Professor Collerson, BSc (Hons.), PhD is Principal of KDC Geo Consulting,
and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), membership number #100125. He is a geochemist and
geologist membership number #100125. He is a geochemist / geologist with sufficient relevant experience in relation to rare earth element
geochemistry, critical metal mineralisation and REE systematics given in Core metallurgical data summaries 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.
Disclaimer
INVESTOR PRESENTATION | SEPTEMBER 2026
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High-Demand Heavy Rare Earths
Critical materials for a cleaner, safer and more advanced world
INVESTOR PRESENTATION | SEPTEMBER 2026
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North Stanmore: Distinctive Mineralogy
Simple mining reduces operating costs and unique mineralogy enables capital
light pathway to upgrade ore to a high value and heavy rich 7.1% TREO.
INVESTOR PRESENTATION | SEPTEMBER 2026
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Maiden Ore Reserve, Updated Mineral Resource
and Pre-Feasibility Study
INVESTOR PRESENTATION | SEPTEMBER 2026
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Mining Lease Granted for North Stanmore
INVESTOR PRESENTATION | SEPTEMBER 2026
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Global Supply Chain Risks for Heavy Rare Earths
Chinese export controls & geopolitical risks need for alternative supply
INVESTOR PRESENTATION | SEPTEMBER 2026
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Artist impression of Victory’s Heavy Rare plant to be constructed at North Stanmore, Cue Western Australia.
Low-cost 2.4 Mtpa Flotation Processing Plant
Proven mining district adjacent to existing operating mines
INVESTOR PRESENTATION | SEPTEMBER 2026
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Financials & Scheduled Annual
Mineral Concentrate Production
Measure Unit PFS working value
Plant throughput Mtpa 2.4
Ore processed Mt 48.4
Initial project period Years 20
LOM revenue – FOB A$B 6.5
Initial process/infrastructure capital A$M 155
Processing plus sitewide General &
Admin (G&A) A$/t processed 28.38
All in sustaining costs (AISC) A$/wt ore 79.77
Pre-tax NPV8 (8% real) A$M 1,762
Pre-tax IRR % 338
Pre-tax payback Years 1.5
Post-tax NPV8 (8% real) A$M 1,211
Post-tax IRR % 240
Post-tax payback Years 1.5
Table 1:
1. Tonnages are reported on a wet basis as this is reflective of an as-handled material
2. The financial model assumes a forward AUD/USD exchange rate at a weighted averaged of 0.69.
The basis for this assumption and the Project’s sensitivity to alternative exchange rates are presented in the Sensitivity and Material Economic Assumptions section.
3. Australian corporate tax rate of 30% is applied.
4. Applicable Western Australian State mineral royalty of 5% is applied.
Production - Contained Oxide Unit Initial 10 Years
Avera
ge
LoM
Production - TREO dt 1,868 19,155
Production - TREO Hf dt 1,881 19,281
Production - Neodymium Praseodymium (NdPr) dt 362 3,711
Production - Terbium dt 9 97
Production - Dysprosium dt 58 598
Production - Samarium dt 60 616
Production - Gadolinium dt 59 603
Production - Yttrium dt 364 3,736
Production - Lutetium dt 5 50
Production - Hafnium dt 12 126
INVESTOR PRESENTATION | SEPTEMBER 2026
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Project Location
Processing
Plant and
Starter Pit
Location
Cue Township
• About 6 km north of Cue, in the Murchison.
• Mining will be shallow — the rare earths sit in soft clay near the surface.
• One of Australia's biggest heavy rare earth deposits, with a very long mine life.
• Exploration and Heritage Agreements; agreement to mine to be developed.
Beringarra-Cue Road
Great Northern Highway
INVESTOR PRESENTATION | SEPTEMBER 2026
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Established infrastructure critical for mining, with
100% of the project residing on crown land, eliminating
landowner access and resettlement considerations
Established Infrastructure
N
N
NORTH
STANMORE
RARE EARTH
DISCOVERY
Approximately 7km from the township of Cue and
approximately 420km to the Geraldton Port via
sealed, well-maintained roads
Cue hosts a regional airport, with reliable
commercial airline servicing all major
Australian cities
Westgold Resources (ASX: WGX) recently
commissioned a hybrid power station in
Cue, highlighting the region’s sustainable
energy potential
Superbly situated on the Great Northern Highway,
one of Australia’s major arterial road networks for
comprehensive road access
INVESTOR PRESENTATION | SEPTEMBER 2026
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USA Pathways Set to Unlock EXIM Opportunity
From concentrate to separated rare earth products or MREC production
INVESTOR PRESENTATION | SEPTEMBER 2026
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North Stanmore Unique Mineralogy
INVESTOR PRESENTATION | SEPTEMBER 2026
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Key Development Milestones
UPGRADE TO
EXISTING
MINERAL
RESOURCE
ESTIMATE
DRILLING
EXPLORATION
8.8KM NORTH
OF THE
RESOURCE
AREA
ADVANCED
MET. TESTING
BENEFICIATION
STUDIES
SCOPING STUDY
CURTIN
UNIVERSITY
PARTNERSHIP
PILOT
FLOTATION
PLANT
COMMISSIONING
PRE
FEASABILITY
STUDY
DEFINITIVE FEASIBILITY STUDY
MINING
LICENCE CONVERSION
PILOT PLANT EXPANSION
INCORPORATING AI TECHNOLOGIES
FINANCING
OFF TAKE DISCUSSIONS
GOVERNMENT ENGAGEMENT
PROJECT CONSTRUCTION
TARGET 2028
INVESTOR PRESENTATION | SEPTEMBER 2026
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Corporate Overview
BOARD OF DIRECTORS & VICTORY TEAM
Brendan Clark Chief Executive Officer and Executive Director
James Bahen Non-Executive Chairman
Professor Ken Collerson Technical Director
Dean O'Keefe Chief Technical Officer & Exploration Manager
Andrew Bell General Manager – Growth and Strategy
Scott Atkinson Principal Process Engineer
Professor Ludovic Dumée Water Process Engineer & Waste Stream Manager
Philipa Opoku Flotation Specialist
Alannah MacTiernan Strategic Relations Advisor
Emma Doyle Senior Advisor for US Strategic Engagement
Robbie Featherby Company Secretary
CAPITAL STRUCTURE
Share price at 10 September 2026 A$1.38
Shares on issue* 131,841,358
Market capitalisation A$181M
Cash balance at 30 June 2026 A$11.18M
TOP 20 SHAREHOLDERS
COMPRISE MORE THAN 40% OF THE REGISTER
* 6,226,616 options and performance rights on issue
A S X : V T M
KEY DETAILS
T: +61 8 6555 2950
W: www.victorymetalsaustralia.com
A: Suite 1, 295 Rokeby Rd, Subiaco WA 6008
BRENDAN CLARK
CEO AND EXECUTIVE DIRECTOR
E: admin@victorymetalsaustralia.com
JIM CARDON
Investor and Media Relations
E: jimc@bastionagency.com
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