Victory Metals recently upgraded its mineral resource estimate for its North Stanmore project as the project returned some of the highest grades of dysprosium ever reported from a clay-hosted system.
The company’s aircore drilling campaign boosted the mineral resource estimate by 29.5 per cent.
Victory said its North Stanmore project presents a unique opportunity to establish long-term, low-cost supply of critical minerals. The project is positioned to become a potential producer of heavy rare earth elements and minerals, including dysprosium, terbium and yttrium.
Victory identified multiple ultra-high heavy rare earth oxide (HREO) zones at its North Stanmore project. These discoveries reinforce the company’s unique positioning as one of the world’s most advanced heavy rare earth clay projects. Twenty-six high value zones have been identified, with the majority situated within the indicated resource and each designed to target high-grade heavy rare earth elements (HREE) zones.
The company successfully produced a mixed rare earth oxide (MREO), containing 94 per cent total rare earth oxides (TREO), from its North Stanmore project. This represented the highest grade heavy rare earth enriched MREO produced in Australia directly from an Australian clay-hosted rare earth project.
Victory also entered into a non-binding letter of intent with Sumitomo Corporation to advance offtake and strategic cooperation for the North Stanmore project.
The letter of intent sets the stage for binding offtake negotiations. Victory will supply up to 30 per cent of annual production, including up to 50 tonnes DyTb product for an initial-five-year terms. Sales to Sumitomo from pilot plant operations are expected to commence in 2027 ahead of commercial production.
Meanwhile, Victory received prerequisite approval from the US government’s System for Award Management to engage directly with US federal agencies, including the Department of Defence and the Export-Import Bank of the United States.
The company raised AU$11.5 million in August through an institutional placement of shares. It also received a AU$250,000 research grant from the Minerals Research Institute of Western Australia. The grant was awarded following stringent technical evaluation.