Ann: Cobalt and scandium mineralisation potential for NSW assets, page-2

1. Non-Executive Chairman Dr James Ellingford commented: “The Board is delighted with the findings from the comparative analysis in the desktop reviews for the Husky and Malamute projects. Implicitly, with similar geological sequences to key peers CLQ, AUZ and PGM that have already proven cobalt and scandium mineralisation, it delivers VIC significant exploration upside. Importantly, the region is rapidly becoming an emerging future supply chain hub for cobalt and scandium, against a backdrop of strong global demand for both speciality metals. Moving forward, the Board has undertaken a strategic review and decided the priority will be on the newly acquired cobalt and scandium assets. Plans to optimise VIC’s legacy assets will be announced in due course.”
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   Victory Mines Limited (ASX: VIC) (“Victory” or “the Company”) has received the finalised desktop review on the newly acquired NSW assets – Husky and Malamute projects. A comparative analysis with close peers (CLQ, AUZ and PGM) suggests similar geophysical signatures that verifies both projects are highly prospective for cobalt and scandium mineralisation.

• At the Husky project, evidence of ultramafic igneous intrusives in peer drill-hole records confirm the presence of a source rock that suggests its geophysical signature is similar to PGM, AUZ and CLQ’s deposits which have proven cobalt-scandium laterite mineralisation
•  Due to the encouraging comparative findings, the Board has requested the geology team expedite the NSW asset review, so an inaugural drilling program can be formalised and rolled out.