Vimy Resources Limited - Drilling to Commence at World-Class Angularli Deposit Alligator River Project, Northern Territory

Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) (Vimy) is pleased to announce that a major resource extension drilling program at its 100%-owned Angularli Project in the Northern Territory will commence in June 2022.

Work completed since the acquisition in 2018 has shown the potential of the Alligator River Project to develop into a Tier 1 global uranium project.

The Company is accelerating its resource extension drilling program at Angularli, following the lifting of access restrictions due to the COVID-19 pandemic. The main Angularli deposit is open at depth and parallel uranium-bearing structures have been identified to the southwest and along strike to the north and south.

In addition to the existing Mineral Resource, Angularli has an Exploration Target of between 20-60Mlbs U3O8 for 1.2-1.8Mt of uranium mineralisation at a grade of 0.75% - 1.5% U3O8. The potential quantity and grade of the Exploration Target are conceptual in nature and important to note that there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Vimy's Managing Director and CEO, Steven Michael, said: 'Vimy has been focused on achieving key milestones at our flagship Mulga Rock Project in Western Australia. However, with the easing of access restrictions due to COVID 19 at the Alligator River Project in the Northern Territory, we will now commence the first drilling program at the world-class Angularli deposit since 2018. The 19-hole diamond drilling program will target extensions to the existing resource and potential new deposits at Angularli North, South and West.

Western Arnhem land is one of the premier uranium addresses in Australia. Our large landholding and the high-grade nature of mineralisation at Angularli make it extremely valuable. We are excited about the potential of this project as, coupled with the results of ore sorting trials in 2020, the economic viability of this project at all reasonable uranium price scenarios now comes into close focus.'

Angularli Uranium Deposit

The Angularli deposit is part of the Alligator River Project, which lies approximately 380km by road eastnortheast of Darwin in the Northern Territory of Australia. Vimy has the largest granted exploration tenure package, 1,701 km2, within the Alligator River Uranium Province, and is actively exploring for high-grade unconformity-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 main focus of the Company's exploration effort. The Angularli deposit is hosted in a high angled shear fault system, which is analogous to the Cigar Lake (Cameco) and Phoenix (Denison) deposits in the Athabasca Basin, Canada. Angularli has an Inferred Mineral Resource estimate of 0.91Mt at a uranium grade of 1.29% U3O8 (12,900ppm U3O8) containing 26Mlbs U3O8. 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 (46,300ppm U3O8).

Reverse circulation holes ARRC003, -004, -006, -007 and -010 were drilled along three traverses to the west of the Angularli deposit, targeting Angularli West. All of those drill holes intersected significant Angularli-style hydrothermal distal alteration with anomalous uranium mineralisation. Peak uranium grades of 0.16% eU3O8 in hole ARRC004 and 0.10% eU3O8 in hole ARRC006 were obtained at the unconformity. More importantly, ARRC010 displayed very strong proximal alteration and silica flooded breccia at the unconformity, two key features of the main Angularli deposit.

Identification of these alteration haloes provided important vectors to unconformity-related uranium mineralisation given the small footprint of these high-grade deposits. Vimy intends to drill three more traverses along Angularli West to properly test the multiple structures.

Steven Michael Managing Director and CEO Tel: +61 8 9389 2700 Released for and on behalf of the Board of Vimy Resources Limited

Forward-Looking Statements

This announcement includes forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like 'will', 'potential', 'progress', 'aim', 'anticipate', 'believe', 'intend', 'estimate', 'expect', 'may', 'plan', 'project', 'should', 'seek' and similar words or expressions containing same. The forward-looking statements reflect the Company's views and assumptions with respect to future events as of the date of this announcement and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict.

Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to the Company, or any of its affiliates or persons acting on its behalf. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. To the maximum extent permitted by law, the Company and each of its advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise.