This WA rare earths project is worth $1.21bn

Victory Metals is positioning its North Stanmore project as one of Australia’s most economically viable rare earth developments.

This is due to its low capital and operating cost profile. In its March 2025 quarterly report, the company detailed the favourable infrastructure and geological advantages driving down costs at North Stanmore.

The project’s estimated capital expenditure (capex) of $337 million includes a 30 per cent contingency, while a low operating expenditure (opex) of $25.5 per tonne results from North Stanmore’s unique geology.

The project will benefit from existing infrastructure, with no need for haul roads or transient camps, and is situated on crown land, avoiding private land negotiations or royalty burdens.

These features, along with shallow mineralisation and soft geology, allow for simple truck-and-shovel mining and reduce construction and development timelines.

Victory’s location in Western Australia also provides access to skilled labour, world-class logistics, and strong government support for critical minerals projects.

The project’s low capex and opex offer robust economics across a range of pricing scenarios, including a post-tax NPV of $1.212 billion and IRR of 52 per cent.

These attributes make North Stanmore a standout as global demand for heavy rare earths and scandium intensifies amid supply chain diversification efforts.

As Victory progresses towards further feasibility work, its unique blend of scale, simplicity and cost-efficiency could see North Stanmore emerge as one of Australia’s leading rare earth mines.