VERITY RESOURCES LIMITED — Capital/Financing Update 2025

May 1, 2025

ASX Announcement

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SUCCESSFUL RIGHTS ISSUE RAISED FULL AMOUNT

Verity Resources Limited (ASX: VRL ) ( Verity or the Company ) is pleased to advise that the Company’s pro-rata renounceable rights issue announced on 2 April 2025 ( Rights Issue ) closed on 1 May 2025 ( Closing Date ). The Rights Issue successfully raised the full $1.1 million, being the total amount possible, with $754,325 raised through valid acceptances by existing Verity shareholders, and firm commitments received to place the balance ( Shortfall ) with sophisticated and professional investors and the Underwriter.

The Rights Issue comprised one (1) fully paid ordinary share in the capital of the Company ( Share ) for every two (2) Shares held by eligible shareholders registered at the record date, together with 1 free attaching unlisted option ( New Option ) for every Share subscribed for and issued, exercisable at $0.012 each on or before 19 March 2028.

The Rights Issue was partially underwritten by CAP Holdings Pty Ltd ATF CAP Trust (ACN 139 779 203) an entity associated with Director Patrick Volpe (whom is a director and shareholder of CAP Holdings Pty Ltd and beneficiary of CAP Trust) and substantial shareholder Patrick John Volpe ( Underwriter ).

In accordance with the terms of the Rights Issue, the Company has successfully placed the $351,711 Shortfall Shares with sophisticated and professional investors and the Underwriter.

Details of the results of the Rights Issue are provided in the table below.

Results of Rights Issue	Number	Amount ($)
Valid shareholder acceptances	62,860,392	$754,325
Shortfall Shares subscriptions	29,309,299	$351,711
Total New Shares subscribed for under the Rights Issue(including Shortfall)	92,169,691	$1,106,036

The Board of Directors thanks all shareholders for their continued support and welcomes new investors who participated in the offer.

-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

About Verity Resources

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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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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).

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