TheCompany has two criticaldiscoveries in close proximity: • ionic rare earth clay hosted system; and • an alkalineigneous intrusion.

Victory’s technical team believe that theCompany’s ionic clay rare earth discovery to the south is likely to be relatedto the alkaline intrusionas geochemical data from the initial diamond hole has confirmed similar ratiosof HREE/TREE.

In addition, both systems have similarelevated Nb/Ta ratios typical of mantle plume magmas.

Toassess the extent of country rock alteration adjacent to the intrusion, angleddrill holes are planned to recover samples of the fenite that are altered rocksoccurring adjacent to alkaline intrusions which commonly also host REE andcritical metal mineralisation.

Groundgravity and low flying aerial magnetic data was supplied to Southern GeoscienceConsultants (SGS) for processing, image generation and 3D inversion. Followingthe review, a follow up diamond drilling program consisting of three holes witha combined depth of approximately 980m has been designed and will commenceshortly at the alkaline intrusion. Orlando Drilling Pty Ltd (part of DynamicGroup Holdings Limited, ASX: DDB) have been appointed to undertake the diamonddrilling program.