Gallium Produced in Final MREC Product (26 March 2025)

Victory Metals Ltd (ASX: VTM, Victory or the Company) is pleased to announce the successful production of Gallium (Ga) in its final Mixed Rare Earth Carbonate (MREC) product from its North Stanmore clay hosted heavy rare earth and critical mineral project in Western Australia.

HIGHLIGHTS

• Gallium confirmed in final MREC product at 358 g/t Ga₂O₃ making Victory one of the most advanced Gallium projects in Australia
• Gallium successfully recovered using low-CAPEX leaching process
• Recovery occurred concurrently with REEs, requiring no additional processing stages
• Offtake discussions underway
• Commencement of upgraded Mineral Resource Estimate to now include Gallium
• Victory’s MREC now contains a strategic mix of high value critical Rare Earth Elements, including Dysprosium and Terbium as well as Gallium
• MREC and metallurgical recoveries based on a total of 57 different drillholes across the North Stanmore project
• During December 2024, China announced a ban on Gallium exports
• Terbium set to also follow Gallium, with China recently restricting its export as well

Victory’s CEO and Executive Director Brendan Clark commented:

“This is a landmark milestone, not just for Victory but for Australia’s position in the global critical minerals landscape. To our knowledge, we are the first Australian company to confirm the successful recovery of Gallium in a final Mixed Rare Earth Carbonate (MREC) product — and that puts us in a league of our own.

Gallium is one of the most strategically important elements of the 21st century. It’s critical to semiconductors, AI chips, defense systems, and next-gen communications. With China’s recent export bans, the world is urgently searching for secure, western-aligned Gallium supply and Victory is a potential solution.

The successful recovery of Gallium in our MREC further strengthens the commercial appeal of the MREC and sets Victory apart globally. 

We’re advancing discussions with downstream partners across technology, defense, and energy sectors who recognise the importance of diversified supply.”

WRITTEN BY Adam Orlando

Scoping study forecasts $1.2 billion NPV for Victory Metals’ North Stanmore project

Victory Metals (ASX:VTM) has completed a Scoping Study for the North Stanmore Rare Earth Project in Western Australia, which looks poised to be a “long-term, low-cost” supplier of critical minerals.

With a 31-year mine life and 72% of the resource being in the indicated category and 28% in the inferred category, the project has an estimated net present value (NPV) across multiple pricing scenarios including $1.212 billion (post tax) with 52% internal rate of return (IRR) and $1.777 billion (pre-tax) based on Adamas Intelligence downwards forecast.

https://mining.com.au/victory-metals-engaging-advisors-amid-north-stanmore-scoping-study-completion/

Outstanding North Stanmore Scoping Study Delivered in Tier 1 Mining Jurisdiction

Victory Metals Ltd (ASX: VTM, Victory or the Company) is pleased to announce the completion of its highly anticipated Scoping Study (Scoping Study) for the North Stanmore Rare Earth Project (North Stanmore Project) in Western Australia.

As one of the largest heavy rare earth and scandium clay projects globally, the North Stanmore Project presents a unique opportunity to establish a long-term, low-cost supply of critical minerals essential for high-growth industries such as renewable energy, electric vehicles and defense. The Scoping Study confirms North Stanmore’s significant economic and environmental advantages over conventional rare earth projects.

North Stanmore is located in the Tier-1 mining jurisdiction of Western Australia where both Federal and State Governments have committed billions of dollars of support for rare earth projects. Victory has also entered into a non-binding memorandum of understanding (MOU) to negotiate an offtake agreement with fortune 500 company Sumitomo Corporation. The Company looks forward to advancing the next steps with Sumitomo, following the release of this exceptional Scoping Study.

This milestone marks a key step in Victory’s strategy to advance North Stanmore towards production, as the company continues discussions with potential partners, funders, government and progresses towards further development.

Victory’s CEO and Executive Director Brendan Clark commented:

“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. The study delivers an exceptional robust case even based on Adamas Intelligence lower case price forecast, with a Net Present Value (NPV) exceeding AUD $1,212m and a very high internal rate of return (IRR), reinforcing the project's strong financial viability and low-cost advantage.

Heavy rare earths, particularly dysprosium and terbium along with emerging defence metals such as scandium and hafnium, are in growing global demand due to their critical importance and emerging supply constraints. As industries increasingly look for sustainable, high-performance and defence materials, the outlook continues to strengthen in these markets, presenting another compelling and diversified off-take opportunity for Victory Metals.

The combination of a globally significant resource, low CAPEX and strong market fundamentals sets North Stanmore apart as a unique and highly strategic project. We are now focused on advancing towards production while continuing discussions with potential partners to further de-risk development and maximise shareholder value.” Figure 1: Location map showing Victory’s proximity to Cue township and the Great Northern Highway

https://victorymetalsaustralia.us1.list-manage.com/track/click?u=d4986cce5c9dfa33e1f456def&id=cd6a9a7a22&e=df470cc950

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

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.

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.

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