VERITY RESOURCES LIMITED — Capital/Financing Update 2025

Jun 15, 2025

ASX Announcement

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REE-GALLIUM-TITANIUM DRILL PROGRAM TO COMMENCE OVER KEY MINERALISED ZONE

HIGHLIGHTS

• Maiden auger drill program set to commence over a 20km mineralised high grade REE-GalliumTitanium zone at the Pimenta Project in Minas Gerais, Brazil

• Previous surface sampling returned consistent and exceptional grade rare earth elements up to 25,817ppm TREO (2.58% TREO) , with average of 25% high value magnet rare earths ( MREO ) over 147 samples

• 20km airborne geophysical signature has been confirmed to align with high grade REE, gallium and titanium values – a highly prospective, large scale follow up area

• Drilling program to test both lateral and depth potential over the strong mineralised surface sampling and radiometric anomalies

• Pimenta Project has demonstrated strong REE-Ga-Ti potential with anomalous samples previously returning

• 89g/t Ga2O3;

• 9.26% TiO2; and

• 8,619ppm ZrO2

• Results to date indicate wide-spread allanite-hosted mineralisation, with a similar geological signature to American Rare Earths Limited (ASX:ARR) 2.63Bt @ 3,292ppm TREO Halleck Creek Project

• This Pimenta Project highlights the exploration upside across Verity’s Brazilian critical minerals assets, with the potential to unlock additional value through systematic exploration advances.

Verity Resources Limited ( ASX:VRL , Verity or the Company ) is pleased to announce the commencement of an auger drilling program at its 70%-owned Pimenta REE-Ga-Ti Project in Minas Gerais, Brazil. The drill program follows recent reconnaissance work which confirmed widespread high-grade rare earth elements ( REE ), gallium ( Ga ), and titanium ( Ti ) mineralisation.

The Verity Board commented,

“ The commencement of auger drilling at Pimenta is an important milestone. Surface results confirm the presence of a widespread and high-grade REE-gallium-titanium system over a confirmed 20km of radiometric strike. This program will give us key insights into mineralisation continuity and depth

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832 High Street Kew East VIC 3102 info@verityresources.com.au

Verity Resources Limited | ASX: VRL ACN 122 995 073

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potential. With excellent surface results and strong geological context, Pimenta has the hallmarks of a significant critical metals discovery.

Whilst our key focus remains on the development of our Resource upgrade and expansion strategy at the Monument Gold Project, we are pleased to be in a position to have a second project of global strategic importance developing in the background with exceptional rare earths, gallium and titanium results to date. ”

The auger program will target two priority zones within a >20km airborne thorium anomaly, where surface sampling identified strong geochemical correlation and high concentrations of TREO, Ga₂O₃ and TiO₂. The campaign will consist of approximately 20 auger holes and is designed to test the vertical and lateral continuity of mineralisation within the saprolite zone.

Geological reconnaissance completed at the Project in early 2025 (refer Verity’s ASX release 29 April 2025) indicates that REE mineralisation is hosted in a medium-to coarse-grained granite basement, rich in allanite, a REE-bearing sorosilicate. Residual soils and saprolites derived from weathered granite show further enrichment, with a saprolite sample returning 2.6% TREO with an average of 25% proportion of high-value magnetic rare earths ( MREO ) across all 147 surface samples.

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RBS-117:
25,817ppm TREO
(25% MREO)
9.26% TiO2
8,619ppm ZrO2
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Figure 1. TREO distribution over Thorium airborne radiometric image at Pimenta Project. Two high grade multi-element target

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832 High Street Kew East VIC 3102 info@verityresources.com.au

Verity Resources Limited | ASX: VRL ACN 122 995 073

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areas identified over anomalous strike zones (Target 1 and Target 2)

The sampling program returned soil samples up to 4,635ppm TREO, with an average of 2,006ppm TREO across 58 samples. Saprolite samples averaged 3,908ppm TREO, including the sample returning 25,817ppm TREO (2.6% TREO ) amd 9.26% TiO2, highlighting strong enrichment. Several rock sample assays also exceeded 3,000ppm TREO, comparable to grades seen in large-scale deposits. The geochemistry signature suggests allanite mineralisation, a REE-rich epidote group mineral resistant to weathering, leading to enrichment in overlying soils and saprolites.

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RBS-117:
25,817ppm TREO
(25% MREO)
9.26% TiO2
8,619ppm ZrO2
----- End of picture text -----

Figure 2. Planned auger drill program at key targets identified over anomalous strike zones (Target 1 and Target 2)

A detailed aerogeophysical survey conducted by CODEMIG in 2011 identified strong thorium and uranium radiometric anomalies throughout the Project area (refer Figure 1 thorium radiometric image). These anomalies are spatially associated with the highest TREO values in soil and rock samples, supporting the hypothesis that allanite-rich granites are the primary source of REE mineralisation.

Across all samples, the proportion of high value magnet rare earth elements averaged 25% MREO/TREO.

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832 High Street Kew East VIC 3102 info@verityresources.com.au

Verity Resources Limited | ASX: VRL ACN 122 995 073

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These results to date confirm a mineralisation style potentially similar to the American Rare Earths Limited (ASX:ARR) Halleck Creek allanite REE deposit with 2.63Bt @ 3,292 ppm TREO Resource (Measured + Indicated + Inferred)[1] .

Importantly, the REE geochemical signature remains consistent between rock and regolith samples, supporting a model of vertical enrichment via residual weathering.

Further updates will be provided as drill results are received and interpreted.

About the Pimenta Project

The Pimenta Project is located in the well-established mining region of northern Minas Gerais, Brazil. The Project targets a large, granite-hosted REE system enriched in rare earth elements (REE) and critical accessory minerals including lithium (Li), zirconium (Zr), niobium (Nb), and titanium (Ti), and gallium (Ga). The Project is centred on the Mesoproterozoic-age Santo Antônio do Jacinto Granite Complex, where allanite—a weathering-resistant REE-bearing mineral—hosts the majority of the rare earth mineralisation.

Early exploration has confirmed widespread, high-grade REE enrichment at surface, with saprolite samples returning up to 25,817 ppm TREO (2.6%) and soils up to 4,635 ppm TREO. The mineralisation is interpreted as residual, with consistent REE geochemistry between fresh granite and overlying regolith indicating limited mobility and favourable metallurgical properties. The geological setting, style of mineralisation, and grade profile are analogous to the Halleck Creek deposit being advanced by American Rare Earths (ASX: ARR). Additionally, widespread gallium has been identified from surface sampling up to 89g/t Ga2O3.

Importantly, the Project benefits from excellent infrastructure, with proximity to sealed roads, hydroelectric power, and an experienced local workforce.

-Ends-

This announcement has been authorised for release by the Board of Verity Resources Limited.

For further information, please contact:

Verity Resources Limited

info@verityresources.com.au

1 ASX:ARR Halleck Creek Project ASX release “Updated Scoping Study”, 24 February 2025.

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832 High Street Kew East VIC 3102 info@verityresources.com.au

Verity Resources Limited | ASX: VRL ACN 122 995 073

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About Verity Resources

Verity Resources owns 100% of the Monument Gold project located near Laverton in Western Australia. This project currently has a JORC-compliant (2012) Inferred resource of 3.257 Mt @ 1.4 g/t for 154,000 ounces Au. (inferred resources calculated by CSA Global in 2021 to JORC 2012 compliance using a 0.5 g/t cut-off grade; see 2 August 2021 ASX announcement “Mineral Resources Estimate declared for Monument Gold Project “for further information).

Verity Resources also holds a supply critical metals portfolio via a joint venture that includes rare earth elements, lithium, gold, base and precious metals in Brazil, including licences in the “Lithium Valley” and Poços de Caldas in the state of Minas Gerais, globally known as prolific lithium and rare earth elements districts respectively. The Company also owns 70% of the Pimenta Project, a potential large-scale REE project in eastern Minas Gerais.

Verity Resources also holds large base and precious metals projects in the Limpopo Mobile Belt in Botswana, a district known for hosting major nickel and copper-producing operations. The Company’s Botswana portfolio contains three flagship projects where high-grade Cu-Ag (Airstrip and Dibete) and a Maiden JORC Inferred Resource (Maibele North) have been discovered. Maibele North currently hosts a JORC (2012) inferred resource of 2.4Mt @ 0.72% Ni and 0.21% Cu + PGE’s + Co + Au and is located within 50km of the Selebi-Phikwe mine recently acquired by TSX-listed Premium Nickel Resources Ltd (TSX-V:PNRL).

Competent Persons Statement (Brazil)

The information in this announcement that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Antonio de Castro, BSc (Hons), MAusIMM, CREA who acts as AXEL´s Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda. Mr. de Castro has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Castro consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Disclaimer

In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above announcement. No material exploration data or results are included in this document that have not previously been released publicly. The source of all data or results have been referenced.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company’s mineral properties, planned exploration program(s) and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may,” "potential," "should," and similar expressions are forward looking statements. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

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832 High Street Kew East VIC 3102 info@verityresources.com.au

Verity Resources Limited | ASX: VRL ACN 122 995 073

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Monument Gold Project, Western Australia, Resource Information

Korong Resource
Deposit	Tonnes	Grade(g/t)	Au(Oz)
Korong	3,034,000	1.4	139,000
Waihi	223,000	2.1	15,000
Total	3,257,000	1.4	154,000

Table 2: JORC-compliant (2012) Inferred Resource was calculated at Korong and Waihi by CSA Global Pty Ltd in 2021 (see Table 2) using a

0.5g/t cut-off grade. See ASX announcement on 2 August 2021 “Mineral Resource Estimate Declared for Monument Gold Project”.

Reference to Previous Announcements

The information in this announcement that relates to exploration results is extracted from the following Company announcement released to the ASX:

• 29 April 2025 “ Significant REE, Gallium And Titanium Anomalies Return From Pimenta Project ”

• 31 January 2025 “ Quarterly Activities Report and Appendix 5B ”

• 23 May 2024 “ Si6 Secures Prospective Rare Earths Project”

• 8 February 2024 “Acquisition of Brazilian Exploration Portfolio Complete”

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832 High Street Kew East VIC 3102 info@verityresources.com.au

Verity Resources Limited | ASX: VRL ACN 122 995 073