North Stanmore confirmed as ‘world class’

Victory Metals has completed a scoping study for its North Stanmore project in Western Australia, confirming the project’s potential as one of the largest heavy rare earth and scandium clay deposits globally.

The study highlights North Stanmore’s ability to deliver a long-term, low-cost supply of critical minerals essential for high-growth industries, including renewable energy, electric vehicles, and defense.

“The completion of our scoping study is a defining milestone for Victory Metals, confirming North Stanmore as a world-class heavy rare earth and scandium project with outstanding economics,” Victory Metals chief executive offiver and executive director Brendan Clark said.

“The study delivers an exceptional robust case even based on Adamas Intelligence lower case price forecast, with a net present value (NPV) exceeding $1.212 billion and a very high internal rate of return (IRR), reinforcing the project’s strong financial viability and low-cost advantage.”

The mine has an expected life of 31 years, processing up to eight million tonnes per annum (Mtpa), with 72 per cent of its resources classified as indicated and 28 per cent as inferred.

“Heavy rare earths, particularly dysprosium and terbium, along with emerging defense metals such as scandium and hafnium, are in growing global demand due to their critical importance and emerging supply constraints,” Clark said.

“As industries increasingly look for sustainable, high-performance, and defense materials, the outlook continues to strengthen in these markets, presenting another compelling and diversified offtake opportunity for Victory Metals.”

North Stanmore’s low capital expenditure (CAPEX) of approximately $337 million, supported by existing infrastructure, enhances its economic viability.

Victory Metals signed a non-binding memorandum of understanding with Sumitomo Corporation in December, pertaining to a potential offtake agreement that would further support the project’s global significance.

“We are now focused on advancing towards production while continuing discussions with potential partners to further de-risk development and maximise shareholder value,” Clark said.