Vimy Resources : Drilling commenced at Alligator River Project

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ASX Announcement

12 July 2022

Drilling Commenced at World-Class Angularli Deposit

Alligator River Project - Northern Territory

Vimy Resources Limited (ASX:VMY, OTCQB:VMRSF) (Vimy or Company) is pleased to announce the commencement of the resource extension drilling program at its 100%-owned Angularli Deposit in the Northern Territory (see ASX announcement dated 9 May 2022).

The Angularli Deposit is part of the Alligator River Project, which lies approximately 380km by road east- northeast of Darwin in the Northern Territory of Australia (Figure 1).

Vimy holds the largest granted exploration tenure package, 1,701 km2, within the Alligator River Uranium Province, and is actively exploring for high-gradeunconformity-related uranium deposits similar to those found in the Athabasca Basin. The Alligator River Project has multiple uranium targets with Angularli being the most advanced deposit and the focus of the Company's exploration effort.

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The drill program will test extensions of the Angularli deposit at depth, up-dip and uranium-bearing structures to the north and west of the defined Mineral Resource. Drilling of 19 diamond holes is proposed with the potential for an additional six holes depending on results. The drill program is expected to be completed over the next 4 months. Figure 3 shows the proposed collar locations, summarised below:

• Angularli Up-dip (3 diamond drill holes, average depth of 350m)
• Angularli Deeps (4 diamond drill holes down plunge, average depth of 450-550m)
• Angularli South (3 diamond drill holes, average depth of 300m)
• Angularli West (7 diamond drill holes, average depth of 450m)
• Angularli North (2 diamond drill holes, average depth of 200m)

Figure 3: Angularli Deposit Collar Map (Depth Slice at -280m RL)

The first three holes will target the up-dip extension of the existing Angularli deposit and have the potential to extend the known mineralisation a further ~100m within the Mamadawerre Sandstone Formation. A long section of the Angularli deposit is shown in Figure 4 with the proposed targets up-dip and down plunge of the main deposit.

With up to 45 drill holes permitted, Vimy can modify the proposed drill program in real-time to account for the results obtained from downhole wireline gamma logging, to extract maximum value out of the program.

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Figure 4: NNW-SSE Long Section of the Angularli Deposit

Angularli Uranium Deposit

The Angularli deposit is hosted in a high angled shear fault system, which has an Inferred Mineral Resource estimate of 0.91Mt at a uranium grade of 1.29% U3O8 (12,900ppm U3O8) containing 26Mlbs U3O8 (see ASX announcement of 20 March 2018and Table 1).

The Mineral Resource Estimate is currently supported by 30 diamond drill holes. The best drill hole intercept to date at Angularli is WRD0084, consisting of 41.5 metres at 2.93% U3O8, including 22.9m at 4.63% U3O8 (see Figure 4).

1. t = metric dry tonnes; appropriate rounding has been applied and rounding errors may occur.
2. Using chemical U3O8 composites from drill core.

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Unaudited 30 June 2022 Cash Balance

As at 30 June 2022, Vimy's unaudited cash balance was $23.6 million, comprising:

• $8.2 million in savings accounts
• $15.0 million in term deposits, maturing in July 2022
• $0.4 million in security deposits against exploration licences and leases

Steven Michael

Managing Director and CEO

Tel: +61 8 9389 2700

Released for and on behalf of the Board of Vimy Resources Limited