Announcement PDF 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 3 High-Demand Heavy Rare Earths Critical materials for a cleaner, safer and more advanced world INVESTOR PRESENTATION | SEPTEMBER 2026 4 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 5 Maiden Ore Reserve, Updated Mineral Resource and Pre-Feasibility Study INVESTOR PRESENTATION | SEPTEMBER 2026 6 Mining Lease Granted for North Stanmore INVESTOR PRESENTATION | SEPTEMBER 2026 7 Global Supply Chain Risks for Heavy Rare Earths Chinese export controls & geopolitical risks need for alternative supply INVESTOR PRESENTATION | SEPTEMBER 2026 8 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 9 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 10 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 11 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 12 USA Pathways Set to Unlock EXIM Opportunity From concentrate to separated rare earth products or MREC production INVESTOR PRESENTATION | SEPTEMBER 2026 13 North Stanmore Unique Mineralogy INVESTOR PRESENTATION | SEPTEMBER 2026 14 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 15 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