Victory Metals has received regulatory approval for its North Stanmore heavy rare earth project, bringing the deposit another step closer to commercial development.
Covering nearly 2,006 hectares in the Cue mining district, the lease secures long-term mining tenure and removes a hurdle in the project’s development pathway.
The newly granted tenure represents a full conversion of six existing prospecting licences and a partial conversion of four other exploration titles, meaning Victory’s overall operational footprint remains unchanged while establishing a clear legal framework to extract minerals.
Victory CEO Brendan Clark described the grant as a pivotal moment for the business as it works to position North Stanmore as a fresh domestic supplier of heavy rare earths.
“Securing mining tenure removes a key hurdle from the development pathway,” Clark said.
“It gives us a stronger foundation as we advance the technical, commercial and financing work required to deliver the project.
“Our objective is to establish North Stanmore as a new Australian source of heavy rare earths.”
The tenure landmark builds on a series of technical milestones for North Stanmore, including a recent pre-feasibility study, the declaration of a maiden ore reserve, and an updated mineral resource estimate. Victory has also recently commissioned a pilot plant in Perth, producing rare earth mineral concentrate for further technical evaluation.
Progress on the project has been underpinned by an agreement with the Wajarri Yamaji Aboriginal Corporation, which supported the native title process leading up to the lease grant.
Victory affirmed its commitment to maintaining constructive long-term engagement with the Wajarri Yamaji People.
The grant is expected to strengthen Victory’s position as it advances discussions with potential offtake partners, investors, and project financiers.
The project previously secured a non-binding letter of interest from the Export-Import Bank of the United States for up to US$190 million (AU$266.2 million) in potential funding, which remains subject to ongoing due diligence and formal approvals.
