Mr. Mark Ireton reports

VICTORY DRILLS 137 FT AT 1023 LI PPM, INCLUDING 85 FT AT 1267 LI PPM WITH A HIGH INTERCEPT OF 1620 LI PPM IN ITS 23-01 DRILL HOLE AT ITS SMOKEY LITHIUM, NEVADA PROPERTY

Victory Battery Metals Corp. has released the drill results from its phase 2 drilling program at its Smokey Lithium Nevada property, which include a strong correlation to its phase 1 2022 drill program confirming a significant area of interest and positive indications for continued exploration.

Highlights

Hole 23-01 - From 264 feet to end of hole 536.5 feet, intersected 695 parts per million ("ppm") lithium in claystone, including 858 ppm Li over 210 feet from 327 feet to 537 feet, 1023 ppm Li over 137 feet from 391 feet to 528 feet, and 1267 ppm Li over 85 feet from 434 feet to 519 feet. Hole 23-01 maximum intercept of 1620 ppm Li occurred over 8 feet from 464 feet to 472 feet.

Hole 23-01 compares favourably to Hole 22-09 from our previous drill program, correlating in lithology but with higher Li ppm values to 22-09, achieving a main objective of this drill program to test the bottom of the claystone, noting that 2022's Hole-09 ended in significant claystone hosted lithium mineralization at 417 feet. See (Figure 1).

Planned for a 3-hole program, the Company expanded to 4 holes as announced on 25 April 2023.1 Hole 23-02 reaching claystone at 11 feet and being terminated at 155 feet due to adverse ground conditions that involved swelling clay and the collapse of the hole. Hole 23-03 was drilled to a depth of 617.5 feet, averaging 218 ppm Li for 64.5 feet from 203.5 feet to 268 feet.

Hole 23-05 intersected claystone at surface and averaging 303 ppm Li from surface to 220 feet, with highest intercepts of 620 ppm Li for 9.5 feet from 77.5 feet to 87 feet, 530 ppm Li for 9.5 feet from 134.5 feet to 144 feet, and 410 ppm Li for 9 feet from 192 feet to 201 feet.

Mr. Mark Ireton, Victory President and CEO notes: "Victory's exploration team is highly encouraged by the correlation between holes 22-09 and 23-01 (see Figure 2), which identifies an extension of the highly mineralized zone identified in the Phase 1 drill program last year. Drill programs provide information on where exploration and future drilling needs to be focused and on where it does not, in this case beyond the information that ppm Li provides, interestingly, the claystone intercepted beginning at surface on hole 23-05 has characteristics that are of high interest to our team and require continued analysis in relation to significant deposits that exist in the region. As noted on 12 June 2023, the Company has expanded the Smokey Lithium property by 100 lode claims in response to preliminary analysis in order to protect the interests of the project going forward."

Analysis and Statement of Qualified Person

Drilling of the property is still at an early stage with 7 holes now completed. Strong lithium mineralization within claystone units of the Esmeralda Formation have been intersected at depth below gravel cover in holes 22-09 and 23-01. Encouragingly, the final hole of the spring 2023 program intersected mineralized claystone at surface in hole 23-05. This hole is a large step out from the mineralized area around 22-09 and 23-01. While the mineralization was hit in the first drill interval in 23-05, thin soil cover obscures the presence of these lithium mineralized claystone units at the ground surface. Hole 23-05 opens a new area for exploration of on the property and within the new extension to property recently staked. This portion of the property has not been a focus area from prospecting previously and when combined with the large extension to the property via the newly staked 2000+ acres of ground, a high priority target area presents itself.

The at surface position of the claystones in 23-05 opens up a new avenue for exploration where, for instance, shallow soil sampling with an auger could be used to quickly map new areas of thinly concealed mineralization over a large area in the southwest portion of the property.

The Company continues to analyze its overall results from all exploration activities, combining two drill programs, field mapping, surface sampling, and Tromino passive seismic studies, to develop the most complete picture for ongoing exploration plans at Smokey Lithium. The project area and surrounding lands show strong lithium mineralization with the Esmeralda Formation at surface. When combined the project area is highly prospective.

The technical information contained in this news release has been reviewed and approved by Bob Marvin (PGeo), who is a Qualified Person as defined under National Instrument 43-101.

About Smokey Lithium, Nevada

Victory's Smokey Lithium project is a clay lithium property that lies approximately 20 miles north of Clayton Valley, to the west of American Lithium's flagship lithium project. Smokey Lithium is located northwest of Cypress' Clayton Valley Lithium Project and to the southwest of American Lithium Corporation's Tonopah Lithium Claims Property in southwest Nevada. Esmeralda County Nevada is a prolific region for lithium clay deposits, (Noram, Cypress, American Lithium, Spearmint, Enertopia, and Jindalee).

About Victory Battery Metals

VICTORY BATTERY METALS (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The Company is also actively seeking other exploration opportunities.

We seek Safe Harbor.