Trading halt announced at opening of trade on Friday 7/03. Like all trading halts, this could go either way (n.b. I've no crystal ball or inside info).

But.... the last trading halt in December 24 was to announce an offtake MOU with Sumitomo.

Just saying!!

 Victory Metals Strengthens Cash Position 

Highlights:

• $751,909 R&D tax offsets received for the 2024 financial year
• Funds received are from an eligible rebate for research and development (“R&D”) activities conducted at the Company’s North Stanmore Heavy Rare Earth Element (“REE”) Project

Victory Metals Limited (ASX:VTM) (“Victory” or “the Company”) is pleased to advise that it has received $751,909 refundable tax offset for eligible research and development (“R&D”) activities for the 2024 financial year at the Company’s 100% owned North Stanmore REE and critical minerals Project in Western Australia (“North Stanmore” or the “Project”).

The receipt of the funds maintains the Company’s cash position and provides flexibility to further progress North Stanmore development activities.

North Stanmore Advances as a Global Heavy Rare Earth Clay Deposit 

Significant Indicated JORC resource upgrade 

Victory Metals Limited (ASX: VTM, Victory or the Company) is pleased to announce a transformative update to the Mineral Resource Estimate (MRE) for its North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia.

• Despite being a minimal infill drilling program, this phase has delivered a significant upgrade, with 71% of the resource now classified as Indicated, highlighting the robust nature and continuity of mineralisation. Highlights:Indicated JORC category upgraded to 71% of the overall Mineral Resource Estimate (MRE) now totalling 176.5 million tonnes @ 503ppm (TREO), that is expected to complement the advanced Scoping Study.
• Overall MRE upgraded to 247.5 million tonnes @ 520ppm TREO (Indicated and Inferred).
• High-grade near surface zone expansion provides a robust foundation for North Stanmore’s development now totalling 53 million tonnes @ 1,012ppm TREO (Indicated and Inferred), representing a significant upgrade from the July 2024 MRE.
• Consistently high Heavy Rare Earth Oxide (HREO) to TREO ratios of 38% in the (MIN) Indicated category which firmly establishes North Stanmore’s position in the critical Heavy Rare Earth sector.
• Scandium (Sc) resource increased with Scandium set to see increasing demand for its use in solid oxide fuel cells (SOFCS) and aluminum-scandium alloys in the aerospace and defence industry.
• Significant strike length of 13.5km confirms North Stanmore as one of the largest contiguous heavy rare earth-dominated clay-hosted deposits globally with mineralisation remaining open in all directions, with significant exploration upside.

Victory’s CEO and Executive Director Brendan Clark commented:

“This updated MRE reinforces North Stanmore’s status as a globally significant rare earth resource. With mineralisation remaining open in all directions, the Project’s growth potential is significant.

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.

This update strengthens our strategic position and highlights our ability to deliver sustainable, ethically sourced high-value critical minerals for the global clean energy and defense sectors.

Also exciting is the significant Scandium resource, with Scandium having a strong outlook and Scandium oxide currently having a price in excess of $1,300 per kg.

The results from this updated MRE will be incorporated into our very advanced Scoping Study, which we anticipate releasing in Q1 2025, which will provide insights into the economic and technical feasibility of North Stanmore.”

January 2025 MRE

Victory commissioned leading geological and mining consultancy, MEC Pty Ltd (MEC) to update the North Stanmore rare earth oxide (REO) Mineral Resource Estimate (MRE) in October of 2024, the MRE update was completed by MEC in January of 2025. The North Stanmore project is in Western Australia with sealed road access via the Great Northern Highway to Cue, and then via unsealed road approximately 6km north of Cue to the project.

The January 2025 MRE has been estimated within the boundaries of ten tenements; E20/0544, E20/0871, E20/971, E20/1016, E20/2468, E20/2469, P20/0543, P20/2007, P20/2153, and P20/2403, with all tenure held by Victory Cue Pty Ltd, a wholly owned subsidiary of Victory.

The Mineral Resources for the North Stanmore REE Deposit, which is being reported in accordance with the JORC Code 2012, is estimated to be 247.5 million dry metric tonnes at 520 ppm Total Rare Earth Oxide plus Scandium Oxide (TREO + Sc₂O₃), using an economic cut-off grade of 330ppm TREO plus Scandium Oxide, inclusive of high-grade domain (≥600 ppm TREO cut-off) of 53 million tonnes @ 1,012 ppm TREO plus Sc₂O₃. Figure 1: North Stanmore MRE by ResCat

Strategic Offtake MOU Signed with Fortune Global 500 Leader Sumitomo Corporation

Victory Metals Limited (ASX: VTM, Victory or the Company) is pleased to advise it has signed a strategic non-binding Memorandum of Understanding (MOU) with Sumitomo Corporation (Sumitomo), one of the world’s leading integrated trading and investment enterprises and a Fortune Global 500 company. 

Key Highlights:

•  Potential long-term offtake partnership established with world-leading Sumitomo Corporation
• Target for Victory to provide Sumitomo 30% of its annual production of Mixed Rare Earth Carbonate (MREC) from Victory’s North Stanmore Heavy Rare Earth Project
• Initial 5 Year Offtake Term with 5 Year Extension 
• Sumitomo and Victory to act in good faith to enter into a Binding Term Sheet by 31 October 2025
• Pricing for the supply of product will be determined during the negotiation of the Binding Term Sheet, indexed to the prevailing market prices for MREC Product (and REO Product, if applicable), and adjusted for TREO content
• Other material terms will be determined during the negotiation of the Binding Term Sheet

The Sumitomo MOU outlines the proposed initial terms on which Victory and Sumitomo will negotiate an offtake of Mixed Rare Earth Carbonate (MREC) from the Company’s flagship North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia, which contains Australia’s largest indicated and inferred HREE clay resource of 235 million tonnes. 

The MOU establishes a potential long-term offtake partnership between the two companies, reinforcing Victory’s global positioning as a future supplier of ethically sourced critical rare earth materials for the technology, defence, and renewable energy sectors. 

This agreement demonstrates Sumitomo’s confidence in the quality, scalability, and sustainability of Victory's North Stanmore Rare Earths Project, setting the stage for future investment, project development support and technological collaboration.

Victory’s CEO and Executive Director Brendan Clark commented:

"We are extremely pleased to be partnering with Sumitomo Corporation, a globally recognised powerhouse with extensive industry expertise and a proven track record of securing critical mineral supplies. This agreement reflects the strategic value of the North Stanmore Project and confirms the global significance of our unique heavy rare earth element composition within the North Stanmore clay deposit”.

"The agreed terms enable Victory to accelerate project development, enhance financing options, and expand future processing capabilities. This partnership opens exciting new opportunities for Victory to integrate into the global rare earth supply chain and secure our place as a leading supplier in the energy transition and defence sectors”.

"Victory looks forward to working with Sumitomo and both parties have agreed in good faith to enter into a binding off-take agreement. Sumitomo’s financial strength, global logistics expertise, and commitment to sustainable growth make it the ideal long-term partner for Victory Metals as we continue to progress our North Stanmore Project towards development”.

Sumitomo commented: “We plan to utilize our global network to sell the rare earths produced by Victory. We look forward to future partnerships”.

Sumitomo Corporation

Sumitomo Corporation is a Fortune Global 500 company, operating in over 66 countries and regions, with more than 900 subsidiaries and affiliates worldwide. With 400+ years of business history, Sumitomo has built a reputation as a global leader in resource development, metals and minerals trading, advanced technology investment, and supply chain management. Its Metals and Mineral Resources division plays a crucial role in securing ethical global supply chains for rare earth elements, strategic metals and critical minerals used in clean energy, automotive, defence and industrial technologies.

Might be an interesting week for $VTM this coming week with a trading halt announced on Friday.

Watch this space!!

Quarterly Activities Report – 30 September 2024

Victory Metals (ASX:VTM) (“Victory” or “the Company”) is pleased to report on its activities and the Appendix 5B for the quarter ending 30 September 2024 (“Quarter”, “Reporting Period”).

Highlights:

• Updated Mineral Resource Estimate (“MRE”) of 235Mt at the North Stanmore Heary Rare Earth Elements (“HREE”) Project, of which 149Mt (63%) resides in the indicated category, representing one of the largest Indicated Mineral Resource of Australian HREE-dominant deposits:
• 79,200t contained Indicated MRE Total Rare Earth Oxides (TREO)
• 28,000t contained Indicated MRE Heavy Rare Earth Oxides (HREO) 
• 3,010t contained Indicated MRE Dy₂O₃ + Tb₄O₇.
• Near surface higher-grade domain of 45.9Mt at 1,050ppm TREO, supports a development strategy designed to rapidly deliver new HREE supply to address global demand
• 2006ha Mining Licence application lodged
• 5,000m AC drilling program at North Stanmore has commenced
• Professor Ken Collerson appointed as Non-executive Director of the Company
• $1.5M placement completed and $1M received from the conversion of $0.30 unlisted options
• The Company remains well funded with $4.45M in cash at 30 September 2024

North Stanmore Drilling Update

Victory Metals Limited (ASX: VTM) is pleased provide an update on its current Aircore (“AC”) drill program at the Company’s 100% owned North Stanmore Heavy Rare Earth and Critical Defence Metal Project. To date, over 2,239m have been successfully completed in the current drill program.

Key Highlights:

• Portable x-ray fluorescence (“P-XRF”) Heavy Rare Earth Yttrium analyses recorded in clay regolith 2.6km south of the existing Mineral Resource Estimate (“MRE”) area 
• These positive Yttrium analyses are a useful HREE vector that show the potential extension of rare earth mineralisation defined in the MRE. The Company cautions that P-XRF analyses should never be considered a proxy or substitution for laboratory analyses where concentrations or grades are the factor principal economic interest. P-XRF analyses also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
• Shallow clay horizons consistent with previous drilling analyses have also been identified in this latest drilling program
• Drilling to the south of the MRE is now complete with drilling focused and commenced 9km to the north of the MRE area
• QA/QC data assessed during preparation of the MRE confirmed that P-XRF analyses provided reliable vectors to discriminate HREE mineralised zones that were subsequently confirmed by ICPMS analytical results

Victory’s CEO and Executive Director Brendan Clark, commented:

“The positive XRF analyses 2.6km south of our existing MRE indicate the potential for mineralisation beyond what we have already identified and provides an exciting opportunity for resource expansion."

“Drilling has now commenced 9km north of the current MRE. Shallow saprolitic clay horizons similar to those observed in previous drilling campaigns have been identified, supporting the prospect of further rare earth element (REE) mineralisation. This drilling program is part of the Company's ongoing strategy to expand its resource base and strengthen its position as a leader in the heavy rare earths sector globally and an important producer of critical defence metals such as Scandium (Sc) and Hafnium (Hf).”

I have no idea why $VTM jumped almost 15% today. There seems to be no new market announcements or click bait that i can see. No complaining of course, just curious as to what caused the sudden rush and price spike.

Drilling Commenced at World Class Heavy Rare Earth Project

Victory Metals Limited (ASX: VTM) is pleased to advise that drilling has commenced at the North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia.1

Key Highlights:

• 5,000m AC drilling program at North Stanmore has commenced with drilling scheduled to be completed by the end of September 2024
• Drill targets range up to 9km north of the existing Mineral Resource Estimate (“MRE”) giving Victory potential to become one of the largest heavy rare earth discoveries globally
• Drilling of two further RC holes 8km south of the existing MRE area with the target displaying similar magnetic characteristics to the North Stanmore alkaline intrusion is advancing with the progression of regulatory approvals
• The project boasts a substantial combined MRE of 235 million tonnes, including 79,200 tonnes of Total Rare Earth Oxides (“TREO”) and 28,000 tonnes of Heavy Rare Earth Oxides (“HREO”) (refer to Annexure A – MRE for category tonnes and grades)

Announcement of a share swap funding arrangement today attributed to an approx 9% fall in the share price today, but allows $VTM to quickly progress to the next critical drilling phase.

GROWING NORTH STANMORE HEAVY REE RESOURCE

Aircore drilling program set to further expand the world-class North Stanmore HREE deposit

Victory Metals Limited (ASX: VTM) (Victory or the Company) is pleased to announce the planned commencement of an expansion drilling program at its North Stanmore Heavy Rare Earth Elements (HREE) Project (North Stanmore Project or North Stanmore) in Western Australia

Key Highlights:

• Approx. 5,000m aircore drill program set to commence in September; focussed on areas of the North Stanmore tenure adjacent to the existing Mineral Resource Estimate (MRE) and up to 9km North.
• Drill program target area similar in the scale of the existing North Stanmore MRE.
• Significant MRE growth potential exists, with mineralisation open in all directions and 92% of the North Stanmore tenement area unexplored.
• Two separate RC holes to be drilled approx. 8km south of the North Stanmore MRE, with these targets exhibiting similar magnetic characteristics to the North Stanmore alkaline intrusion.
• North Stanmore Project rapidly advancing (based solely on the large-scale existing MRE), with recent submission of ML application and Scoping Study advancing.
• North Stanmore potentially forms a key part of the global drive to identify new, ethically sourced non-Chinese HREE supply options.
• Binding commitments received for $1.5M equity placement to fund these drilling activities.

To support its upcoming drilling activities and working capital (including costs of the offer), Victory has received binding commitments from professional and sophisticated investors for a Placement to raise $1,500,000 (“Placement”) through the issue of 4,545,455 fully paid ordinary shares at $0.33 per share (“Placement Shares”). The Placement shares are to be issued under the Company’s existing Placement capacity in accordance with ASX listing Rule 7.1.

The issue price of $0.33 per Placement share under the Placement represents an 8% discount to the 15-day VWAP prior to 15 August 2024. This equity injection ensures Victory’s ongoing strong financial position, allowing funding of these expansion drilling activities in parallel with rapid advancement of the North Stanmore Project.

North Stanmore Heavy Rare Earth Project Advances

Mining Licence Application Lodged

Victory Metals Limited (ASX:VTM) (Victory or the Company) is pleased to announce the submission of a Mining Licence application with Department of Energy, Mines, Industry Regulation and Safety over its 100% owned North Stanmore Heavy Rare Earth Element (HREE) project located in Western Australia, approximately 6km north of Cue, with sealed road access via the Great Northern Highway. The Mining Licence application area covers approximately 2006 hectare (ha).

Key Highlights: 

• Mining Licence application lodged for the North Stanmore Heavy Rare Earth Elements (HREE) Project, the largest ionic regolith clay hosted indicated heavy rare earth element resource in Australia.
• The Mining Licence application underpins the Company's strategic development plans, including advancing discussions for partnership and offtake agreements.
• The project boasts a substantial Mineral Resource Estimate (MRE) of 235 million tonnes, including 79,200 tonnes of Total Rare Earth Oxides (TREO) and 28,000 tonnes of Heavy Rare Earth Oxides (HREO).
• The near-surface high-grade domain of 45.9 million tonnes at 1,050 ppm TREO supports rapid development for the global supply of critical materials.
• 92% of Victory’s tenement area contiguous with North Stanmore deposit hosting exploration potential with mineralisation open in all directions.

Victory’s CEO and Executive Director Brendan Clark, commented: “Lodging the Mining Licence application for our North Stanmore heavy rare earth project marks a pivotal moment in Victory Metals journey. This step not only confirms our commitment to advancing this world-class resource but also positions us strategically to contribute significantly to the global supply of critical materials essential for the energy transition and national defence. Our focus now is on finalising the scoping study and accelerating partnerships that will potentially bring this project to fruition, ensuring a steady supply of ethically sourced rare earths."

Oversubscribed $2.5M Placement to rapidly advance our 100% owned Heavy Rare Earth Element Project

Highlights

• •
• Successful oversubscribed placement to raise an amount of $2,500,000
• •
• Proceeds to be utilised to further advance North Stanmore, Australia’s largest Heavy Rare Earth project situated adjacent to the Great Northern Highway in Cue, Western Australia

ADDITIONAL FUNDING, HERITAGE SURVEY & JORC RESOURCE

Highlights:

• Victory to receive $895,227 following the conversion of unlisted options by the Non-Executive Chairman and founding shareholders of the Company.
• Heritage survey over an area of approximately 25km² across newly granted tenements was recently completed for the next phase of exploration drilling at North Stanmore.
• The maiden JORC Mineral Resource Estimate (MRE) is on track to be delivered this month.

RARE EARTH FEED GRADES INCREASED BY UP TO 148% 

• Metallurgical beneficiation testwork shows North Stanmore clay samples are highly 

amenable to upstream beneficiation, which has the potential to significantly reduce 

downstream processing costs and capital costs per product tonne.

• Average TREYO head grade across 31 samples increased from 1308 ppm to 2192 ppm

through rejecting +20 µm coarse material.

• Size by assay analysis shows that up to 70% of rare earths are hosted in the fine -20 

µm size fraction, in as low as 28% of the total mass.

• Beneficiation testwork on a composite of 31 samples from within the pending initial 

JORC Mineral Resource Estimate area shows rejecting the +20 µm coarse fraction 

results in an average REE upgrade of 68%, with corresponding REE recovery of 58%

and mass rejection of 66%.

• Stage 2 metallurgical testwork program is well underway which includes flow sheet 

design to produce a mixed rare earth carbonate (MREC) as the end product.

HIGH GRADE RARE EARTH EXTENSION CONFIRMED BY ASSAYS

Highlights

• A further 113 samples across 27 AC holes report high grade Rare Earth Element (REE) ionic clay-hosted mineralisation
• Total Rare Earth Oxide (TREO) grades up to 5239ppm (NSE013) from the latest drilling program which is situated over 6.25km North of Victory’s initial REE Discovery
• Latest assays confirm a valuable Heavy Rare Earth Elements ratio of 38% HREO/TREO and critical magnet metals NdPr + DyTb ratio of 21% of total REE’s
• Mineralisation open in all directions
• Highest REE grade at North Stanmore 9746ppm TREO (NSTAC032)
• Average grade from assays is 1001ppm TREO from 1m samples received by the Company (cut-off greater than 500ppm TREO)
• A majority of the samples report negative Ce anomalies, confirming similarity with global ion adsorption REE regolith deposits
• Notable intersections from North Stanmore including latest assays results:
• 32m at 1047ppm TREO from 36m (NSTAC004) including,
• 12m at 2038ppm TREO, and
• 8m at 2467ppm TREO from 48m
• 16m at 2155ppm TREO from 21m (NSTAC032) including,
• 6m at 4683ppm TREO, and
• 2m at 9681ppm TREO
• 12m at 1316ppm TREO from 24m (MAFAC019)
• 10m at 1012ppm TREO from 29m (NSTAC028)
• 9m at 1151ppm TREO from 21m (NSTAC098)
• 7m at 1381ppm TREO from 49m (NSE012)
• 5m at 2050ppm TREO from 51m (NSTAC131)
• 2m at 3976ppm TREO from 52m(NSE013) including 1m at 5239ppm
• Extensive continuation of high grade and valuable Scandium (Sc2O3) up to 123ppm (NSTAC028) and 6m at 71ppm from 17m (NSTAC024)
• Scandium is essential for manufacturing Al-Sc alloys in fighter jets and hydrogen fuel cells with demand growing due to geo-political instability
• Latest assays continue to confirm very low contents of radioactive elements of Thorium (Th) 6ppm and Uranium (U) 2ppm
• An RC infill drilling program of approximately 5,000m is to commence immediately and is designed for the preparation of a JORC Mineral Resource estimate
• Samples dispatched for the commencement of metallurgical studies