Victory to fill rare earths void

Victory Metals is positioning itself to be a key supplier of critical minerals following China’s decision to impose new export controls on rare earths.

This includes restrictions on critical heavy rare earth elements (HREEs), including dysprosium, terbium, lutetium and yttrium.

The new export licensing requirements from China’s Ministry of Commerce and General Administration of Customs come at a time when global trade tensions are high, particularly after the US Government’s announcement of wide-ranging tariffs.

“China’s move to restrict exports of key heavy rare earths like dysprosium, terbium, and yttrium is not a surprise, it’s a clear reminder that the West cannot rely on a single nation for critical minerals that underpin defence, energy, and technology,” Victory chief executive and executive director Brendan Clark said.

“This development represents a direct threat to both national security and the global energy transition.

“Victory recognised this risk early and has strategically built the North Stanmore project around its unique geochemical strengths, particularly its high ratios of heavy rare earth elements.”

Located in Western Australia, Victory’s North Stanmore project is considered the country’s largest clay-hosted heavy rare earth resource, underscoring its role as a pivotal supplier of critical minerals in the future.

The project boasts high metallurgical extraction rates, including terbium (94 per cent), dysprosium (87 per cent), lutetium (71 per cent) and yttrium (72 per cent).

A March 2025 scoping study outlined low capital expenditure and operational expenditure due to the project’s geology and proximity to existing infrastructure.

“The metallurgical performance and heavy rare earth recoveries we’ve achieved are exceptional and position Victory at the forefront of becoming a reliable, large-scale, non-Chinese source of critical materials,” Clark said.