Victory Metals has successfully raised $4 million to fast-track the pre-feasibility study (PFS) and development of its North Stanmore heavy rare earths project in Western Australia.
The placement, priced at $0.73 per share, is a 15 per cent discount to the last traded price of $0.86 prior to the company’s trading halt on May 26.
This attracted strong backing from Victory’s top 20 shareholders, along with participation from the company’s board and management, highlighting deep investor confidence in the project’s potential.
“This raise will fast track our PFS and marks a pivotal moment for Victory with such strong support,” Victory chief executive officer and executive director Brendan Clark said.
“North Stanmore is emerging as one of the world’s most advanced heavy rare earth clay projects and is already Australia’s leading heavy rare earth project.”
The placement includes the issue of 5.1 million shares to professional and sophisticated investors and 342,466 shares to Victory directors and management, subject to shareholder approval.
Additionally, 1.8 million unlisted options, with an exercisable price of $1.30 over two years, will be issued to participating investors.
Clark said the company’s metallurgical rare earth concentrate (MREC) testwork has successfully recovered seven strategic metals currently under Chinese export restrictions, including gallium and the full suite of critical heavy rare earths.
“We are building a globally significant critical minerals platform and are proud to be leading the charge,” Clark said.
Placement settlement is expected on June 5, 2025, with shares set to begin trading on the ASX from June 6.
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