Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) (Vimy or Company) is pleased to announce the third and fourth diamond drill holes have intercepted new uranium mineralisation and anomalism at its 100% owned Angularli Deposit in the Northern Territory (see ASX announcements dated 9 May 2022, 12 July 2022, and 19 July 2022). The first three diamond drill holes (ARDD0003, ARDD0004 and ARDD0005) have successfully extended the Angularli Deposit in an up-dip direction, above the unconformity between the basement and sandstone cover.

The width and uranium grade intercepted in the two previous reported holes (ARDD0003 and ARDD0004, see ASX announcement dated 19 July 2022) warrant additional drilling further up-dip. ARDD0005 has shown mineralisation continues in a north-northwest direction up-dip and along strike with the best intercept of 11.75m at 1.13% eU3O8 from 201m. A further three holes are being drilled at the up-dip extension, with drilling now at ARDD0007 now complete (see Figure 2). These holes will extend the known mineralisation within the Mamadawerre Sandstone Formation and allow a mineral resource update to be completed in late 2022. Details of the diamond drill holes completed to date are provided in the following section, with a full suite of intercepts provided in Appendix 1. The JORC Table 1 is provided in Appendix 2.

Vimy's Managing Director and CEO, Steven Michael, said: 'The new up-dip drilling results at Angularli continue to highlight the high-grade nature of this deposit as we move further away from the unconformity. Drilling of an additional three further up-dip holes further west of those already completed will help characterise the extent of sandstone-hosted mineralisation at Angularli, followed by the commencement of drilling the down-plunge extension. Drilling at Angularli will continue for the next three months, followed by a potential resource upgrade in late 2022. This should provide some exciting news to Vimy shareholders following completion of the merger with Deep Yellow, which is expected to be implemented on Thursday, 4 August 2022.

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 and is hosted in a high-angle shear fault system, with an Inferred Mineral Resource estimate of 0.91Mt at a uranium grade of 1.29% U3O8 containing 25.9Mlbs U3O8 (see ASX announcement of 20 March 2018 and Table 1). The Mineral Resource Estimate is supported by 30 diamond drill holes to date, with the best intercept at Angularli recorded in hole WRD0084, consisting of 41.5 metres at 2.93% U3O8, (inc. 22.9m at 4.63% U3O8).

Contact:

Steven Michael

Managing Director and CEO

Tel: +61 8 9389 2700

About Vimy Resources

Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) is a Perth-based resource development company. Vimy's flagship project is the Mulga Rock Project (100%), one of Australia's largest undeveloped uranium resources, which is located 290km by road ENE of Kalgoorlie in the Great Victoria Desert of Western Australia. Vimy also owns and operates the largest granted uranium exploration package in the world-class Alligator River uranium district, located in the Northern Territory. Vimy is exploring for large high-grade uranium unconformity deposits identical to those found in the Athabasca Basin in Canada. Vimy acknowledges the Traditional Custodians of the country on which we work and travel, throughout Australia, and respects their associated connections.

Contact:

T: +61 8 9389 2700

F: +61 8 9389 2722

E: info@vimyresources.com.au

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