Mr. Brian Shin reports

VICTORY OPPORTUNITIES 1 CORP. PROVIDES UPDATE ON QUALIFYING TRANSACTION

Further to Victory Opportunities 1 Corp.'s news releases dated Aug. 14, 2024, and Nov. 14, 2024, it has received an extension from the TSX Venture Exchange to complete its previously announced qualifying transaction with Excalibur Metals Corp. and meet all the conditions to seek final exchange acceptance of the qualifying transaction until July 23, 2025.

In addition, the company confirms that Excalibur has received the approval of its shareholders for the qualifying transaction. The company also updates that Excalibur's option agreement for the Silver Rock property has been terminated. The Silver Rock property was not a material property for Excalibur. Excalibur retains the option agreement for its material property, the Bellehelen property in Nye county, Nevada.

The qualifying transaction remains subject to the final approval of the exchange and satisfaction of closing conditions customary for transactions of this nature. The only material condition to the completion of the qualifying transaction that remains outstanding is the completion of the offering (defined below). Assuming all conditions are satisfied, closing of the qualifying transaction is expected to occur on or about May 30, 2025, or such other date as may be determined. The company, upon and subject to completion of the qualifying transaction, will continue under the name Excalibur Metals Corp. and trade through the facilities of the exchange under the symbol EXCL. Final acceptance of the qualifying transaction will occur upon the issuance of a final exchange bulletin, which will disclose the proposed date on which the resulting issuer's common shares will resume trading. Until such time, in accordance with the policies of the exchange, the company's common shares are currently halted from trading and will remain so until such time as required by exchange policies.

In connection with the qualifying transaction, Excalibur intends to complete its previously announced non-brokered private placement of subscription receipts. The offering and the qualifying transaction remain subject to the final approval of the exchange. Further details of the offering and qualifying transaction will follow in future news releases.

Additional information in respect of the qualifying transaction, the company and Excalibur can be found in the filing statement dated Nov. 12, 2024, which is on the company's SEDAR+ profile.

About Victory Opportunities 1 Corp.

The company is a capital pool company (within the meaning of the policy) incorporated under the BCBCA (British Columbia Business Corporations Act). The company has not commenced operations and has no assets other than cash.

We seek Safe Harbor.