Victory Metals Announces Closing of $15.2 Million First Tranche of Private Placement and Announces $1.5 Million Second Tranche Lead Order from Crescat Capital

VANCOUVER, BC, December 23, 2020 – Victory Metals Inc. (TSX-V: VMX) (“Victory” or the “Company”) is pleased to announce that, further to its news release dated December 4, 2020 and December 22, 2020, it has closed, subject to final approval of the TSX Venture Exchange (“TSX-V”), the first tranche of its non-brokered private placement financing (the “Private Placement”) of subscription receipts of Victory (“Subscription Receipts”). Pursuant to the Private Placement, Victory issued 27,569,702 Subscription Receipts at a price of $0.55 per Subscription Receipt (the “Subscription Price”) for aggregate gross proceeds of $ 15,163,336 million.

Highlights:

• Victory originally announced that it intended to complete the Private Placement for a minimum of $8 million. On December 22, 2020 Victory announced an increase in the size of the Private Placement to approximately $17.5 million to accommodate significant excess demand.
• The first tranche of $15.2 million in gross proceeds has now closed.
• Crescat Capital LLC, a Denver based hedge fund, has provided a $1.5 million lead order towards a second tranche of the Private Placement which will close on or about January 15, 2021. The Company may accept additional subscriptions in this second tranche.

Collin Kettell, CEO of Victory, commented: “The completion of the proposed merger with Nevada King will create a new leading Nevada focused gold explorer. The newly formed company will hold the fourth largest land position in Nevada, with only Barrick, Newmont and Kinross having larger land holdings. Of particular note and materiality, all projects are held along the prolific Battle Mountain Gold Trend, with a compelling portfolio of gold targets a number of which the Company intends to move to the drill stage in 2021. Our team looks forward to embarking on a focused and fruitful 2021.”

Financing Summary:

The proceeds of the Private Placement will be used to advance Victory’s development and exploration stage
assets and for other general corporate purposes.

Cautionary Statements Regarding Forward Looking Information

The proceeds of the Private Placement will be used to advance Victory’s development and exploration stage
assets and for other general corporate purposes.

Cautionary Statements Regarding Forward Looking Information