Victory Metals has confirmed its North Stanmore project to be a rare earths deposit of global significance after announcing a mineral resource estimate (MRE) upgrade.
The revised MRE, which now totals 247.5 million tonnes (Mt) at 520ppm total rare earth oxide (TREO), sees 71 per cent of North Stanmore’s resource now classified as indicated.
The updated MRE also boasts a high-grade near-surface zone of 53Mt at 1012ppm TREO.
Victory Metals chief executive officer Brendan Clark said this advancement solidifies the project’s critical future in the heavy rare earth sector.
“The expansion of the high-grade zone and an overall mineral resource that has increased to over 247 million tonnes, coupled with a 13.5km strike and consistent high heavy rare earth to total rare earth ratios, demonstrates the North Stanmore project’s potential of becoming one of the largest contiguous clay-hosted heavy rare earth enriched deposits in the world,” Clark said.
The MRE upgrade follows an 5000m infill drilling program that commenced in September 2024. The program focused on areas of the North Stanmore tenure adjacent to the existing MRE, which sat at 235Mt at the time, and up to 9km north.
These developments will inform an advanced scoping study set for release in the first quarter of 2025, which will assess the technical and economic feasibility of the project.
“This update strengthens our strategic position and highlights our ability to deliver sustainable, ethically sourced high-value critical minerals,” Clark said.
In December, Victory signed a non-binding memorandum of understanding with Sumitomo that could involve a long-term offtake partnership for the North Stanmore project.
The agreement outlines Victory’s intention to supply 30 per cent of its annual production of mixed rare earth carbonate to Sumitomo for an initial five-year term, with the option of a five-year extension.
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