EV RESOURCES LTD — Capital/Financing Update 2012

Dec 4, 2012

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311-313 Hay Street Subiaco PO Box 8282 Subiaco East Western Australia 6008 www.victorywest.com.au T: +61 (0) 8 9381 5819 F: +61 (0) 8 9388 3701

ASX ANNOUNCEMENT

5 December 2012

Project Acquisition Advanced as South East Asia Energy Resources (SEAE) Announces Advanced Funding / Off-take Arrangement

Victory West Metals Limited (ASX:VWM) ( Company ) is pleased to provide the following update on the proposed acquisition of South East Asia Energy Resources Pte Ltd ( SEAE ).

SEAE has entered into an Advanced Funding / Off-take Arrangement Term Sheet with Guandong Era Elemen Resources Co. Ltd ( Guandong ), guaranteed by the Company.

Guandong has agreed to provide prepayment finance of US$3 million ( Advance ) to SEAE in exchange for the rights to a minimum thermal coal off-take of 1 million tonnes high quality thermal coal (at least 6,000 ADB and sulphur of less than 0.6%) per annum for a period of 3 years from the group’s projects or coal substitute. The Advance is to be repaid monthly over a period of 2 years. This agreement contemplates that the Advance may be repaid from production.

The sale price will be at a discount of US$3.25 per tonne to the proceeding 3 month average Platts published coal price.

The Advance will satisfy the condition precedent to completion of the acquisition of SEAE that the Company raises $3 million. The Company will now proceed to complete the acquisition of SEAE.

END

Further enquires:

Victory West Metals Luke Martino Company Secretary Phone: (+618) 9381 5819

About Victory West Metals Limited

Victory West Metals Ltd is a resources focused resource exploration company listed on the Australian Securities Exchange (ASX code: VWM) and Frankfurt Stock Exchange (FSE code: R1E), with a vision to find, prove and extract value from world class resource projects in South East Asia. The Company is building a resources portfolio with its cornerstone project Malala Molybdenum Project in the Toli Toli Province in North Sulawesi, Indonesia.

VWM has entered into a Share Purchase Agreement to acquire 100% of South East Asia Energy Resources Pte Ltd (SEAE), which has an interest in the Penajam East Coal Project in Penajam Regency of East Kalimantan, Indonesia. On 25 September 2012, VWM shareholders approved the acquisition of SEAE. Completion of this acquisition is conditional upon a successful capital raising of $3,000,000 and obtaining necessary business licenses, to be completed before 31 December 2012 or a later date agreed between parties. The acquisition will be satisfied by a total of 330 million fully paid shares and 33 million VWM options and a cash payment of $750,000. Agreed milestones are in place for full payment of consideration.

Forward looking statements

This announcement contains forward-looking statements which involve a number of assumptions, risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.