Victory Metals

Exceptional Infrastructure

22 miles from Town of Winnemuca, where skilled mining personnel and suppliers are available.
Primary target area two kilometers north of Interstate 80.
High voltage transmission line runs through property.
Railroad line on northern property boundary.
Ample water supply in the area.

Maiden Drilling

Vanadium mineralization starts from surface and extends to a depth of 175 meters.
Two flat lying high grade zones identified, with each zone averaging 40 meters in thickness.

Preliminary metallurgy was conducted on a composite from 6 dispersed core holes at atmospheric pressure, achieving recoveries up to 94.3%
Phase I and Phase II drilling have been completed.

Current Drilling at iron Point

Iron Point Drilling Summary

Drill Season 2018 2019 Current Total

# RC Holes 68 42 110

RC Meters 7,934m 8,070m 16,004m

# Core Holes 4 11 15

Core Meters 526m 1,675m 2,201m

Total Meters 8,460m 9,745m 18,205m

Maiden Drill Results

Drilling at Iron Point has found two high grade zones, referred to as the Upper High Grade and New High Grade Zones, key intercepts include:

44m

grading 0.48% V₂O₅ in VM-02.

20m

grading 0.60% V₂O₅ in VM-09.

23m

grading 0.63% V₂O₅ in VM-23.

37m

grading 0.55% V₂O₅ in VM-26i.

High grade intercepts occur within a broad envelope of lower grade vanadium mineralization that extends from surface down to a depth of 175 meters, key intercepts include:

152m

grading 0.23% V₂O₅ in VM-01.

175m

grading 0.25% V₂O₅ in VM-02. (from surface)

174m

grading 0.23% V₂O₅ in VM-67.

162m

grading 0.22% V₂O₅ in VM-74.

Phase II Drilling

In September 2019, Victory announced the successful completion of its Phase II, 9,745 meter drill program at its Iron Point Vanadium Project in Nevada.
Mine Development Associates of Sparks, NV designed the program to infill zones of vanadium mineralization defined in Victory’s initial drill campaign, as well as to test lateral and downward extensions of these zones.
11 PQ core holes were planned throughout the entire drill pattern in order to test overall metallurgical characteristics as well as any spatial variability in these characteristics.

*Image(Drill Hole Map) Drill map at Iron Point outlining the holes drilled during Phase I (in dark grey) and new holes being drilled in Phase II (in green and blue). Diamond drill holes are shown as squares, whereas the reverse circulation holes are shown as stars. Historical holes drilled by Newmont and Aur are represented by light grey diamonds and circles, respectively.

East - West Drilling

North - South Drilling

Preliminary Metallurgy

Metallurgical test work is underway, and initial Design of Experiment (DOE) results have demonstrated the viability of a hydrometallurgical process at ambient pressure.
A master composite sample was created from drill samples taken from 6 holes dispersed throughout the historical vanadium mineralized zone.
16 preliminary tests were completed (4 are highlighted below) utilizing the Master Composite and varying 4 test factors: temperature, slurry solid density and concentrations of hydrofluoric and sulphuric acid.
Vanadium recoveries of up to 94.3% were achieved at atmospheric pressure.
Additional metallurgical testing including variability work is pending.

Test ID DOE-9 DOE-10 DOE-12 DOE-16

Factor 1
Temp., ⁰C Hi Hi Hi Hi

Factor 2
Density, %
solids Hi Lo Lo Lo

Factor 3
HF g/L Hi Lo Hi Hi

Factor 4
H2SO4, g/L Hi Hi Lo Hi

Leach Time,
hr 8 8 8 8

V Recovery,
% 90.6 89.0 92.8 94.3

H₂SO₄ Consumption
kg/mt 142 103 88 101

A Carlin Style Gold Deposit At Iron Point?

Iron Point is located at the intersection of the Battle Mountain and Getchell Gold Trends, and is on trend with several high-grade, world-class gold mines including Twin Creeks, Getchell/Turquoise Ridge, and Marigold.

In May of 2019, Victory announced an option agreement with Ethos Gold (TSX-V:ECC), whereby Ethos can earn a 50% interest in the gold and silver rights at Iron Point by spending C$5M over three years.
Ethos Gold conducted a phase I 2504 meter drill program at Iron Point which concluded September 2019; results of the program are encouraging and found significant anomalous gold at depth.
Dr. Quinton Hennigh is leading Ethos' drill program to test his theory on the presence of a deep Carlin style gold deposit; this Phase I program represents the first ever deep drilling at Iron Point.
Victory receives special mining treatment in the agreement. Victory is given veto and priority over all precious metals mining rights that could in anyway interfere with the development of vanadium.

Free Lottery Ticket At Iron Point

Iron Point has been the focus of considerable historic gold exploration by operators such as Newmont, Chevron Resources, Santa Fe, Kennecott, and Newcrest.
Recent fossil analysis has established that the Comus formation at Iron Point previously mapped as Upper Plate is definitively Lower Plate and correlatable with Roberts Mountain and Popovich formations, units highly prospective for large Carlin style deposits.
Ethos has now completed the first deep holes at Iron Point; according to Ethos, drill hole EG-5 penetrated through the Roberts Mountain Thrust (“RMT”) at a depth of approximately 422 m and intersected a wide interval of highly altered Lower Plate (“LP”) stratigraphy with significant intervals of anomalous Au (up to 0.22 g/t).
Importantly, the bottom 6 m of this hole grades 0.17 g/t Au suggesting the system may be intensifying at depth. LP rocks display variable degrees of decalcification, sooty black sulfides, and silicification with bedding varying from near horizontal to near vertical, indicating a high degree of folding. Pathfinder elements including As, Sb, Hg and Tl also occur at elevated levels.
Ethos is planning study work including detailed three-dimensional modelling to target areas of higher-grade gold mineralization, followed by a Phase 2 drill program.
The potential presence of a gold deposit at Iron Point can provide considerable upside for shareholders with zero exploration risk for Victory.

Intrusive

Victory’s 100% owned
Vanadim Zone

Ethos/Victory 50/50
Gold Target

North looking cross section, which illustrates the deeper geological interpretation at Iron Point, including the conceptual Carlin style gold target.

Iron Point Vanadium ProjectHumboldt County, NVMarch 2019

Cross section C-C’ showing distribution of vanadium mineralization in relation to the current geologic interpretation.

Cross section D-D’ showing distribution of vanadium mineralization in relation to the current geologic interpretation.

Cross section E-E’ showing distribution of vanadium mineralization in relation to the current geologic interpretation.

Cross section F-F’ showing distribution of vanadium mineralization in relation to the current geologic interpretation.

Cross section G-G’ showing distribution of vanadium mineralization in relation to the current geologic interpretation.

Iron Point Vanadium ProjectHumboldt County, NVMarch 2019

Historical Exploration

1960’s

Initially evaluated for vanadium by Newmont Mining in the 1960s.

1996

In 1996, Aur Resources conducted a drill program, but also assaying for vanadium.

Historic drill results revealed a roughly circular mineralized zone approximately 1,000 meters in diameter.

2018

In July 2018, Casino sampled a number of historical trenches that exposed mineralization over a 230m length. Casino's best trench returned 0.86% V₂O₅ over 29m of continuous cut, with individual 1.5m samples ranging from 0.31% to 1.51% V₂O₅.