Mr. Mark Ireton reports

VICTORY PLANS FOLLOW-UP EXPLORATION ON HIGH-GRADE LITHIUM ASSAY RESULTS FOR SMOKEY LITHIUM PROJECT

Victory Battery Metals Corp. has provided additional information from its phase 2 drilling program at its Smokey lithium Nevada property, demonstrating high-grade Li claystone mineralization over significant widths, comparing favourably with American Lithium's previously reported high-grade infill drilling results for its TLC claystone Li deposit.

Victory is currently planning a follow-up exploration and drilling program on its 100-per-cent-owned Smokey lithium project in Nevada, where a thick sequence of high-grade claystone lithium mineralization was reported in diamond drill hole 23-01, shown herein.

The results of this hole, using a 600 ppm (parts per million) Li cut-off, compare well with high-grade infill resource holes reported by American Lithium on April 3, 2019, at its TLC lithium claystone project in the same richly mineralized Esmeralda lithium belt in Nevada, as shown herein.

Highly attractive high-grade Li claystone deposits of the rich Esmerelda lithium belt in mining-friendly Nevada are represented by large volumes of open-pittable, near-surface, relatively flat-laying, free-digging lithium mineralization amenable to low-cost, sustainable mining methods. The current January, 2023, mineral resource estimate and technical report published recently by Stantec Consulting Services Inc. for American Lithium's TLC deposit reported a measured resource of 4.2 Mt (million tonnes) lithium carbonate equivalent (LCE) (860 Mt at 924 ppm Li), an indicated resource of 4.63 Mt LCE (1,192 Mt at 727 ppm Li) and an inferred resource of 1.86 Mt LCE (486 Mt at 713 ppm Li) using a cut-off grade of 500 ppm Li to an open-pittable vertical depth limit of 274 metres.

Victory is now planning to define the subsurface extensions of the thick claystone interval discovered in DDH 23-01. A geophysical approach will be taken to map basement faults and potentially conductive claystone units to outline the depth and continuity of favourable thick high-grade lithium claystone units present on the property prior to the next phase of drilling.

Mark Ireton, Victory president and chief executive officer, noted: "Victory's Geology team has is very encouraged by these preliminary results, noting that these types of deposits do not exist in isolation. As noted on June 12, our team has expanded the Smokey lithium ground in response to the drill program findings and analysis. Going forward our team is focused on defining the main body of this deposit."

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's Clayton Valley lithium project and to the southwest of American Lithium'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 Corp.

Victory is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.

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