Mr. Mark Ireton reports

VICTORY BATTERY METALS DELIVERS LETTER TO SHAREHOLDERS OUTLINING ACTIVE EXPLORATION PROGRAMS AND PLANS

Victory Battery Metals Corp. has provided its shareholders with an update on the company's recent exploration highlights, led by its high-grade discovery at Smokey Lithium, Nevada.

Dear shareholders:

Victory's exploration team is fully deployed, advancing the company's strong portfolio of strategic battery metal properties, featuring Smokey lithium in Nevada on the Esmeralda foundation, a prolific region for lithium clay deposits, including those held by American Lithium Corp., Noram and Century Lithium, and adjacent to Jindalee's Clayton North property, its Stingray property array in the James Bay lithium district, and adjacent to Patriot Battery Metals Corvette Lithium discoveries, as outlined below.

Smokey Lithium, Esmeralda county, Nevada

Victory's Smokey Lithium project is a 5,691-acre clay lithium property that lies approximately 15 miles north-northwest of Clayton Valley, and 25 miles to the southwest of American Lithium's flagship lithium project. Smokey Lithium is located northwest of the Cypress Clayton Valley lithium project and to the southwest of American Lithium's Tonopah lithium claims property in southwest Nevada.

Exploration advances -- spring/summer 2023 (active):

• On June 26, 2023, Victory's geology team confirmed outstanding assay results on its 23-01 hole, verifying 2022's discovery, comparing favourably to American Lithium's infill drilling results at the TLC Li (lithium) claystone deposit.
• Victory is now planning to define the subsurface extensions of the thick claystone interval reported in diamond drill hole (DDH) 23-01 at Smokey Lithium, which is 22 miles southwest of American Lithium's TLC deposit.
• 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.

Stingray properties, James Bay lithium district, Quebec

Victory's holdings represent a large ground position in an underexplored area within an emerging lithium district. The Stingray property array is currently 17,813 hectares, south of Patriot Battery Metals Corvette property. The Stingray claim blocks range from adjacent to the Corvette to several kilometres away, and span over 65 kilometres of east-to-west strike length. Based on regional geology, these intrusive rocks abut the volcanic sequence of the James Bay greenstone belt.

Victory's newest claim blocks include an eastern extension of major regional fault structure which represents the contact between the Archean metavolcanics and Archean granodiorites. The Lac block surrounds and covers unexplored extension from Infinity Stone Ventures' Hellcat project, where they have identified five pegmatites within the greenstones, and a block adjacent to major east-west-trending regional structure and geological contact zone between tonalite/granodiorite and metavolcanic/metasedimentary units.

Exploration advances -- summer 2023 (active):

• An initial geological reconnaissance program is planned for this summer. The main focus will be on Victory's claims underlain by a belt of greenstone, which parallels the greenstone belt underlying the Corvette property to the north.

Tahlo Lake, Babine coper-gold porphyry district, British Columbia

Victory's Tahlo Lake property in British Columbia's prolific Babine copper-gold porphyry district consists of 1,688 hectares, eight km northwest of American Eagle Gold's NAK property and 16 km northwest of the Morrison deposit. The Tahlo Lake property is adjacent to the same north-northwest-trending fault as the Morrison deposit and underlain by Jurassic Hazelton group rocks.

Babine porphyry deposits, such as NAK, Morrison, Bell and Granisle, are hosted by Jurassic strata and associated with major north-northwest-trending faults. The property overlies a significant north-northwest-trending magnetometer high within the Hazelton group rocks. Porphyry Cu-Au (copper-gold) mineralization in the Babine camp is often associated with magnetic highs.

Exploration advances -- summer 2023 (active):

• An airborne magnetometer survey was completed earlier in the spring, providing higher-resolution mapping of the regional magnetic highs seen in the government survey. Babine Cu-Au porphyry deposits are commonly associated with regional magnetic highs.
• Recent logging has opened new access to the Tahlo Lake property and exposed a significant new copper showing (the Roadcut showing).
• The Roadcut showing consists of disseminated chalcopyrite and bornite in altered volcanic rocks of the Jurassic Hazelton group. The nearby NAK property is also underlain by Jurassic volcanics.
• Till samples were taken across the trend of the magnetic highs shown in the airborne survey and perpendicular to the regional ice flow direction.

Georgia Lake lithium project, Thunder Bay lithium district, Ontario

The Georgia Lake lithium project is located in the Thunder Bay district, Ontario. The property is easily accessible, ranging anywhere from one km to three km from Trans-Canada Highway, midway between Nipigon and Beardmore, Ont., 14 km from Beardmore, which is a hub for the mining industry in Northern Ontario. Victory's Georgia Lake property is two km east of Rock Tech Resources' advanced lithium project within the Georgia Lake lithium district. In addition to external access, much of the project area is accessible through a recently developed network of logging roads, which will benefit Victory in terms of lower exploration costs.

Exploration advances -- summer 2023 (active):

• Much of the property appears to be underlain by relatively thin overburden that should be amenable to till/soil sampling.
• A previously unmapped intrusive was encountered at the southeast corner of the property, indicating that the property has not been thoroughly evaluated.
• Regional mapping indicates the prospective intrusive rocks trend toward the property from both the east and the west. These rocks are often recessive or covered by diabase, so could easily have been missed during previous mapping.

Victory's efforts this spring and summer have resulted in a series of wins, from its most advanced property with the high-grade discovery at Smokey Lithium to its newest showing at Tahlo Lake. The company is excited to continue to advance its exploration of this key group of quality properties, putting Victory's shareholders in position to benefit from the company's efforts throughout the portfolio, including the upcoming initiation of work at the company's Stingray array adjacent to Patriot Battery Metal's Corvette property.

Best regards,

Mark Ireton

President, Victory Battery Metals

The technical information contained in this news release in relation to the Stingray, Georgia Lake and Tahlo Lake properties have been reviewed and approved by Helgi Sigurgeirson, Victory geologist, who is a qualified person as defined under National Instrument 43-101.

The technical information contained in this news release related to Smokey Lithium, Nevada, has been reviewed and approved by Bob Marvin, PGeo, who is a qualified person as defined under National Instrument 43-101.

About Victory Battery Metals Corp.

Victory Battery 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.