Victory Metals has received a major boost for its North Stanmore critical minerals project in Western Australia, securing a non-binding Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to US$190 million in debt financing support.
The LOI, which carries an indicative 15-year repayment term, is designed to support the development of the North Stanmore project’s heavy rare earths, scandium, and hafnium resources.
It also opens the door for Victory Metals to access further US government financing under the China and Transformational Exports Program, a strategic initiative aimed at supporting projects that reduce reliance on Chinese mineral supply chains.
Final approval of the financing is subject to standard due diligence and compliance with EXIM’s policies, as well as legal and eligibility requirements.
“This is a major milestone for Victory and a clear signal of the strategic importance of our project not only to Australia but to our allies abroad,” said Victory Metals CEO Brendan Clark.
“Support from EXIM, especially under the China and Transformational Exports Programme, elevates our potential as a secure, non-Chinese supplier of critical minerals.
“It is also a powerful endorsement of the technical and geopolitical strength of our project.”
The LOI may receive special consideration under Section 402 of EXIM’s 2019 reauthorisation, a provision that encourages the bank to counteract competitive export support from China and other nations by bolstering US leadership in sectors vital to economic and national security, such as rare earths and advanced materials.
Victory Metals’ North Stanmore project, which now includes seven critical minerals currently restricted by China, stands to benefit from this directive.
With EXIM’s backing, Victory Metals is in a stronger position to expedite negotiations with US and international downstream partners, including major original equipment manufacturers and defence-aligned industries.
Clark added: “This EXIM Letter of Interest provides a clear pathway for Victory to access long-term, government-backed funding from one of the most influential export credit agencies in the world.
“We look forward to continuing to collaborate with EXIM as we move towards full project funding.”
In January 2025, Victory Metals announced a substantial upgrade to the mineral resource estimate for North Stanmore, further cementing its status as one of Australia’s most promising critical minerals developments.
The project’s robust economics, low capital and operating costs, and strategic location position it as a key player in diversifying global supply chains for rare earths and related materials.
