Announcement PDF ASX RELEASE 16 January 2025 NORTH STANMORE ADVANCES AS A GLOBAL HEAVY RARE EARTH CLAY DEPOSIT Significant Indicated JORC resource upgrade Victory Metals Limited (ASX: VTM, Victory or the Company) is pleased to announce a transformative update to the Mineral Resource Estimate (MRE) for its North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia. Despite being a minimal infill drilling program, this phase has delivered a significant upgrade, with 71% of the resource now classified as Indicated, highlighting the robust nature and continuity of mineralisation. Highlights: • Indicated JORC category upgraded to 71% of the overall Mineral Resource Estimate (MRE) now totalling 176.5 million tonnes @ 503ppm (TREO)1 2, that is expected to compliment the advanced Scoping Study. • Overall MRE upgraded to 247.5 million tonnes @ 520ppm TREO2 (Indicated and Inferred). • High-grade near surface zone expansion (see figure 2) provides a robust foundation for North Stanmore’s development now totalling 53 million tonnes @ 1,012ppm TREO3 (Indicated and Inferred), representing a significant upgrade from the July 2024 MRE 4. • Consistently high Heavy Rare Earth Oxide (HREO) 5 to TREO ratios of 38% in the (MIN) Indicated category which firmly establishes North Stanmore’s position in the critical Heavy Rare Earth sector. • Scandium (Sc) resource increased with Scandium set to see increasing demand for its use in solid oxide fuel cells (SOFCS) and aluminum-scandium alloys in the aerospace and defence industry. • Significant strike length of 13.5km confirms North Stanmore as one of the largest contiguous heavy rare earth-dominated clay-hosted deposits globally with mineralisation remaining open in all directions, with significant exploration upside 6. 1 TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 + Sc2O3. 2 >330ppm cut-off 3 >600ppm cut-off 4 Refer to ASX release dated 16th July 2024 titled “LARGEST AUSTRALIAN INDICATED HEAVY REE RESOURCE CONFIRMED”. 5 HREO (Heavy Rare Earth Oxide) = Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3. 6 Refer to ASX release dated 6th November 2024 titled “NORTH STANMORE GROWS TO 13.5KM IN STRIKE” 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 — Victory’s CEO and Executive Director Brendan Clark commented: “This updated MRE reinforces North Stanmore’s status as a globally significant rare earth resource. With mineralisation remaining open in all directions, the Project’s growth potential is significant. The expansion of the high-grade zone and an overall mineral resource that has increased to over 247 million tonnes, coupled with a 13.5km strike and consistent high heavy rare earth to total rare earth ratios demonstrates the North Stanmore Project’s potential of becoming one of the largest contiguous clay hosted heavy rare earth enriched deposits in the world. This update strengthens our strategic position and highlights our ability to deliver sustainable, ethically sourced high-value critical minerals for the global clean energy and defense sectors. Also exciting is the significant Scandium resource, with Scandium having a strong outlook and Scandium oxide currently having a price in excess of $1,300 per kg7. The results from this updated MRE will be incorporated into our very advanced Scoping Study, which we anticipate releasing in Q1 2025, which will provide insights into the economic and technical feasibility of North Stanmore.” January 2025 MRE Victory commissioned leading geological and mining consultancy, MEC Pty Ltd (MEC) to update the North Stanmore rare earth oxide (REO) Mineral Resource Estimate (MRE) in October of 2024, the MRE update was completed by MEC in January of 2025. The North Stanmore project is in Western Australia with sealed road access via the Great Northern Highway to Cue, and then via unsealed road approximately 6km north of Cue to the project. The January 2025 MRE has been estimated within the boundaries of ten tenements; E20/0544, E20/0871, E20/971, E20/1016, E20/2468, E20/2469, P20/0543, P20/2007, P20/2153, and P20/2403, with all tenure held by Victory Cue Pty Ltd, a wholly owned subsidiary of Victory (Figure 1). The Mineral Resources for the North Stanmore REE Deposit, which is being reported in accordance with the JORC Code 2012, is estimated to be 247.5 million dry metric tonnes at 520 ppm Total Rare Earth Oxide plus Scandium Oxide (TREO + Sc2O3), using an economic cut-off grade of 330ppm TREO plus Scandium Oxide, inclusive of high-grade domain (≥600 ppm TREO cut-off) of 53 million tonnes @ 1,012 ppm TREO plus Sc2O3 (Figure 2). 7 Refer to https://www.statista.com/statistics/280038/chinese-domestic-and-export-prices-for-rare-earth-oxides/ 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 1: North Stanmore MRE by ResCat Figure 2: Cross section 6,973,900mN, looking north, 5x vertical exaggeration and showing the High-Grade intercept. 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 — 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 Exploration Site Supervisor, Mr Savvas Hagiantoniou. Dean O’Keefe is 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 has occurred at the North Stanmore site. The North Stanmore MRE occurs in regolith above an alkaline intrusion. Despite its magnetic signature, the North Stanmore intrusion had not been recognised previously on regional geological maps. Petrological data for samples of diamond core 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. 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 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 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 is enriched throughout the regolith profile due to the breakdown of pyroxene in the North Stanmore source lithologies. Scandium 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. 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 — 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. A high grade domain was required to separate mixed populations of grade for estimation. An economic cutoff grade of ≥330ppm TREO +Sc2O3was then applied for Mineral Resource reporting. Logging was completed for 90% of the sample intervals and used to produce surfaces to delineate the colluvium, saprolite, and basement. Drilling at North Stanmore to support the January 2025 MRE includes 755 drillholes for 42,118.9m, inclusive of 694 Air-core (AC) drillholes for 38,188m, 50 Reverse Circulation (RC) drillholes for 3,166m, and 11 diamond drillholes for 764.9m. Drillhole depths range from 10m to 222m. All drillholes were completed by Victory from 2022 to 2024. The drillhole spacing at North Stanmore (MRE area) ranges from 50m x 50m to 250m x 100m. Eleven percussion (air core and RC) drillholes have been 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 percussion and diamond assays for the twin drilling. The use of the handheld XRF tool is a reasonable indicator of zones of mineralisation within the percussion drillholes. 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. Ore Block Model validation functions were used to check for overlapping blocks, there were no incidence of overlapping blocks. The 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 drillhole 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 and lode geometry • Data quality • Drill hole spacing An Indicated Mineral Resource classification was based on drillhole spacing (250m x 100m, closing to 50m x 50m), 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. 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 — Approximately 71% by tonnage of the January 2025 MRE is classified as Indicated Mineral Resources and approximately 29% 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) 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 trialed 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 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 Sc 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). The January 2025 Updated MRE (Table 1) is stated at an economic cut-off grade of ≥330ppm TREO + Sc2O3, with no top cuts (as no extreme values that could bias the estimation were apparent). 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 1: North Stanmore January 2025 MRE (≥330ppm TREO + Sc2O3 cut-off grade) ORE TONNES TREO HREO LREO HREO/TREO Sc2O3 (t) (ppm) (ppm) (ppm) (%) (ppm) INDICATED 176,500,000 477 181 296 38% 26 INFERRED 70,900,000 533 164 369 31% 28 TOTAL 247,500,000 493 176 317 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. 36% 27 CLASSIFICATION The sensitivity of the Mineral Resource to the reporting cut-off grade is shown in Figure 3. 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 — Error! Not a valid bookmark self-reference. shows the HREO within the high-grade mineralisation (HGMIN) domain by classification above 330ppm TREO + Sc2O3, and Table 3 shows the HREO within the mineralisation (MIN) domain by classification above 330ppm TREO + Sc 2O3. Table 2: North Stanmore January 2025 MRE HREO within the HGMIN domain (≥330ppm TREO + Sc2O3 cut-off grade) CLASSIFICATION MRE TONNES (t) TREO + Sc (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 35,400,000 972 941 318 7.5 30.5 5.0 30.9 6.4 19.1 2.7 17.7 2.6 196 INFERRED 16,500,000 1,099 1,072 354 8.6 33.7 5.5 33.6 7.0 20.8 3.0 18.8 2.7 220 TOTAL 52,800,000 1,012 982 6.6 19.7 2.8 18.1 2.7 203 329 7.9 31.5 5.1 31.7 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. Table 3: North Stanmore January 2025 MRE HREO within the MIN domain (≥330ppm TREO + Sc2O3 cut-off grade) MRE TONNES (t) TREO + Sc (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 141,200,000 386 361 146 2.4 12.0 2.1 13.6 3.0 9.2 1.4 9.2 1.4 92.1 INFERRED 54,500,000 399 370 106 2.6 10.4 1.7 10.1 2.1 6.2 0.9 5.8 0.9 65.2 TOTAL 195,700,000 390 364 135 2.5 11.5 2.0 12.6 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. 2.7 8.4 1.2 8.3 1.2 84.7 CLASSIFICATION The economic cut-off grade for the January 2025 MEC MRE 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 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 base metals and hafnium grades above 330ppm TREO + Sc2O3. Table 4: North Stanmore January 2025 MRE LREO Grades by Domain and Classification (≥330ppm TREO + Sc2O3 cut-off grade) DOMAIN CLASSIFICATION TONNES (t) TREO + Sc2O3 (ppm) LREO (ppm) HGMIN INDICATED 35,400,000 972 623 HGMIN INFERRED 16,500,000 1,099 718 HGMIN TOTAL 51,900,000 1,012 653 MIN INDICATED 141,200,000 386 215 MIN INFERRED 54,500,000 399 264 MIN TOTAL 195,700,000 390 229 Total TOTAL 247,500,000 520 317 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. Table 5: North Stanmore January 2025 MRE Ni, Co, Cu, Hf, (≥330ppm TREO + Sc2O3 cut-off grade) DOMAIN CLASSIFICATION Tonnes (Mt) Ni Co Cu Hf (ppm) (ppm) (ppm) (ppm) HGMIN INDICATED 35,400,000 36 29 43 6 HGMIN INFERRED 16,500,000 44 26 55 5 HGMIN TOTAL 51,900,000 39 28 47 6 LGMIN INDICATED 141,200,000 23 14 25 7 LGMIN INFERRED 54,500,000 45 21 47 5 LGMIN TOTAL 195,700,000 29 16 31 6 TOTAL 247,500,000 31 19 34 6 Total Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. MRE Composition Pie Charts Figure 4: North Stanmore January 2025 updated MRE composition by percentage in 52.8Mt and 195.7Mt resource domains 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 high HREYO/TREYO ratios shown in Figure indicates that the North Stanmore resource contains a significant percentage of the rare, and valuable, HREE’s dysprosium (Dy) and terbium (Tb). Figure 5: North Stanmore Project plan overview Regional Geology Victory’s tenements lie 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, 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 faulting. The greenstone belts were 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 DalgarangaMount Farmer gabbroic complex in the southwest, and the layered Windimurra gabbroic complex in the southeast. Project Geology Victory’s REE 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 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 — previously on regional geological maps. Petrological data8 for samples of diamond core indicate that the intrusion is post-tectonic and hence post-Archean in age. The North Stanmore Intrusion is a large (approximately 16 km by 5 km) 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 31% 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 Cue9. 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 lithologies10. 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 June 2024 updated MRE in the Indicated category is 0.86 (Tables 1 to 4). 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*systematics11 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 clay lattices or attaches to the surface of Mn oxides12. Sc is enriched throughout the regolith profile. 8 Refer VTM ASX release dated 10 August 2022, Major Alkaline Igneous Complex Discovered 9 Fiorentini et al., (2020) Nature Sci. Repts. 10:19729 10 Cornelius et al, (2005) Geochemistry: Exploration, Environment, Analysis, Vol. 5, 291–310; Zhukova et al., (2021) Ore Geology Reviews 139, 104539 Ce/Ce* = (2*(CeN)/(LaN+PrN)), where CeN, LaN and PrN are chondrite normalised values; LaN = La concentration /0.237, CeN =Ce concentration /0.613 and PrN =Pr concentration/0.0928; Ce/Ce* ratios >1 reflect the gain of Ce4+ at shallower regolith depths while Ce/Ce* ratios <1 reflect the loss of mobile Ce4+ from deeper parts of weathering profiles that contain Ce3+. 12 Zhang et al., (2024) Am. Mineralogist 11 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 — REO 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. REE 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.13 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. • 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. • The quality of the assays is shown in Figure by the smooth inter-element profiles in chondrite normalised plots for the 197.2 Mt and 53 Mt resource compositions. 13 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 — Figure 6: Chondrite normalised plots showing smooth inter-element profiles for the resource compositions with Y plotting between Ho and Er Sampling and sub-sampling techniques Air-core drilling samples were collected as 1m samples from the rig cyclone. Each sample was placed into large green drill bags (900mmx600mm) for temporary storage onsite. Each sample was then split using a 3-tier (87.5% - 12.5%) splitter and the split sample was placed into calico sample bags for transport to Perth. Sample weights and recoveries were recorded on site and weighed 1.5 - 2.5kg depending on the sample recovery from the drill hole. The mean bulk sample weight was 8.45kg. A handheld pXRF analyzer (Olympus Vanta) was used to determine anomalous REO (Rare earth element) geochemistry (La, Ce, Pr, Nd and Y) from the 1m sample piles. pXRF reading times were 45 secs over 3 cycles for multielement and REO assays. These results are not considered dependable without calibration using chemical analysis from an accredited laboratory. However, their integrity was checked using Certified REO -bearing geochemical standards. The handheld pXRF is used as a guide to the relative presence or absence of certain elements, including REOs vectors (La, Ce, Pr, Nd and Y) to help direct the sampling program. Anomalous 1m samples were then transported to the assay lab for analysis by Victory personnel. REO anomalism thresholds are determined by VTM technical lead based on historical data analysis Victory attended North Stanmore to collect the green sample bag which was transported by Victory to Victory’s secure warehouse in Perth. Measures taken to ensure sample representivity included regular cleaning of the rig between drill holes using compressed air and weighing the bulk sample to ensure reasonable sample return against an expected target weight. 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 — Drilling techniques Drilling at North Stanmore to support the January 2025 MRE includes 755 drill holes for 42,118.9m, inclusive of 694 Air-core (AC) drillholes for 38,188m, 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 2024. The drillhole spacing at North Stanmore ranges from 50 x 50m to 250 x 100m. Mineral Resource Classification A range of criteria has been considered in determining this classification including: •