Quarterly Activities Report – 30 September 2025

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 2025 (Quarter, Reporting Period).

Highlights

• North Stanmore Project Mineral Resource Estimate (MRE) significantly upgraded, incorporating results from an aircore (AC) drilling campaign, delivering a 29.5% increase in contained tonnage
• Infill AC drilling at North Stanmore returned some of the highest grades of Dysprosium ever reported from a clay-hosted system globally
• Production of a Mixed Rare Earth Oxide (MREO) containing 94% Total Rare Earth Oxides (TREO) from North Stanmore, the first known MREO of its kind from an Australian clay-hosted project
• Identification of multiple ultra-high Heavy Rare Earth Oxide (HREO) zones at North Stanmore, with majority situated within Indicated resource
• Victory positioned as one of the few Australian projects with scandium oxide as a by-product from a clay-hosted rare earth system due to unique underlying Alkaline Intrusion
• Post reporting period, Letter of Intent (LOI) signed with Sumitomo Corporation to advance offtake and strategic cooperation for the North Stanmore Project
• Approval received from U.S. Government’s System for Award Management to engage directly with U.S. federal agencies, including Department of Defence (DoD) and Export-Import Bank of the United States (EXIM Bank)
• $11.5 million placement with strong support from institutional, professional and sophisticated investors
• Minerals Research Institute of Western Australia (MRIWA) research grant secured totalling $250,000
• As at 30 September 2025, the Company had available cash of approximately $15.1M.

Victory Engages President Donald Trump’s Former Deputy Chief of Staff

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce the appointment of Emma Doyle as Senior Advisor for U.S. Strategic Engagement, providing the Company with direct insight into U.S. policy and government affairs at a pivotal time for the rare earths sector.

Emma Doyle served as Principal Deputy Chief of Staff to the President of the United States where she directed core West Wing functions and advised the President and his senior leadership team. She also held senior roles at the White House Office of Management and Budget and in the Office of First Lady Melania Trump.

Her engagement comes in the wake of the landmark agreement between President Donald J. Trump and Prime Minister Anthony Albanese, where the U.S. and Australia announced billions of dollars in joint investment to build allied rare earth and critical minerals supply chains. Victory Metals' position as Australia’s largest clay hosted heavy rare earth project aligns directly with this new geopolitical framework.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“I met with Emma earlier this year in Washington and was inspired with her energy, passion and knowledge. Emma’s engagement signals that Victory Metals is not just participating in the critical minerals race, but leading it. With direct White House experience and unparalleled networks across Washington, Emma gives Victory Metals the advantage to ensure our project is front and centre in the U.S. Administration’s critical minerals and defence supply chain agenda.”

About Emma Doyle

Emma Doyle is a former senior Trump White House official with fifteen years of experience at the highest levels of Republican politics and policymaking.

Emma served as White House Principal Deputy Chief of Staff between 2018 and 2020, where she managed key strategic functions of the West Wing, including the Office of Public Liaison, Office of Intergovernmental Affairs, Office of Presidential Personnel, and the Office of Political Affairs. She subsequently served as Deputy Chief of Staff for Policy to First Lady Melania Trump.

Prior to the West Wing, Emma spent two years as Chief of Staff of the Office of Management and Budget, the largest component of the Executive Office of the President with responsibility for coordinating policies, programs, and regulations across the entire federal government. In addition to her role at OMB, Emma was the first political appointee to serve as Chief of Staff of the Consumer Financial Protection Bureau.

Before joining the Administration, she lobbied for Ford Motor Company, worked for Republican Members of Congress in both the House and Senate, and served as a member of the Republican National Committee's Official Proceedings team for multiple Republican party conventions.

Ms. Doyle is engaged through her Washington-based consulting firm, Marble Arch LLC, as an external advisor to Victory.

Click here to view the full ASX announcement

Significant North Stanmore Grade Increases in Heavy Rare Earths Terbium & Dysprosium

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to report that simple, low-cost size-by-fraction separation (-10.8 µm) on ore from the North Stanmore Project located in Western Australia has delivered substantial grade improvements in three critical elements directly linked to China’s latest bans on defence and high-tech supply chains: Terbium (Tb), Dysprosium (Dy) and Scandium (Sc).

HIGHLIGHTS

• Simple beneficiation and straightforward -10.8 µm cyclosizing (no complex reagents or expensive circuits) materially enriches key critical elements
• Terbium (Tb) 53% increase, Dysprosium (Dy) 25% increase & Scandium (Sc) 100% increase
• All three elements are captured by the 1 December 2025 Chinese export ban where military end-use is implicated, underscoring their strategic importance and the need for non-Chinese supply
• Rapidly strengthening ex-China pricing since Victory’s March Scoping Study:
• Terbium US$3,600/kg
• Dysprosium US$850/kg
• Pre-concentrating the -10.8 µm fines stream can reduce downstream tonnage and potentially lower reagent consumption

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“This is an incredible outcome at a time when the world’s understanding of the importance of these critical and strategic minerals is rapidly growing. With a simple and low-cost size fractionation step, we’ve delivered significant grade increases in three of the world’s most strategically important elements, Terbium, Dysprosium and Scandium.

As governments move to secure non-Chinese supply amid China’s proposed export bans on these elements due to their important role in military, projects like North Stanmore become even more critical. Our results show we can concentrate the value upfront, potentially lowering operating costs and boosting payables.”

Click here to view the full ASX announcement

North Stanmore Clears Environmental Milestone

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to advise the completion of baseline environmental and biological studies at the North Stanmore Heavy Rare Earth Project in Cue, Western Australia. The results reinforce the Project’s strong development credentials and provide a high level of confidence for stakeholders, with studies to date confirming no environmental impediments that impact the advancement of the Project.

These positive findings demonstrate that North Stanmore can move forward responsibly and sustainably, further strengthening Victory’s position as a future world-class supplier of heavy rare earths outside of China, aligned with Western supply chain security and global demand for ethical, low-impact resources.

HIGHLIGHTS

• Comprehensive baseline studies completed across flora, fauna, surface water, groundwater, soils, and waste characterisation.
• No Threatened Flora or Ecological Communities recorded within the project area.
• Surface water flows consistent with regional norms and manageable through standard practices.
• Groundwater studies confirm project lies outside Cue’s drinking water supply, with no surplus water generation expected.
• The results confirm North Stanmore as Australia’s most advanced largest clay hosted heavy rare earth project.
• These positive outcomes facilate the completion of the Pre Feasability Study.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “Baseline environmental studies are an important step in de-risking a project, and these results are highly encouraging. To confirm no threatened flora or ecological communities and no major fauna constraints across our project area gives Victory a clear path forward from an approvals perspective.

This reinforces North Stanmore as one of the most strategic and development-ready heavy rare earth clay projects in Australia and we remain focused on progressing the PFS at rapid pace, advancing funding discussions, and ensuring that Victory develops responsibly, sustainably mining practices.

Victory & Sumitomo Advance Rare Earth Partnership

Major Step Forward with Japanese Fortune 500 Company

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce it has entered into a non-binding Letter of Intent (“LOI”) with Sumitomo Corporation (“Sumitomo”), one of Japan’s most powerful and globally recognised trading houses, to advance offtake and strategic cooperation for Victory’s world class North Stanmore Heavy Rare Earth Project.

This LOI marks a transformational step in Victory’s journey, building on the non-binding Memorandum of Understanding (“MOU”) signed in December 2024 and taking the relationship with Sumitomo to a more defined level.

The December 2024 MOU, which expires on 31 October 2025, represented the first stage of engagement. Entering into an LOI is the natural and critical next step in such transactions. Sumitomo’s decision to formalise this LOI instead demonstrates a clear vote of confidence in Victory’s North Stanmore Heavy Rare Earth Project and highlights Sumitomo’s continued interest in working toward long-term strategic cooperation.

HIGHLIGHTS

• Partnership with global powerhouse Sumitomo Corporation strengthening ties beyond the December 2024 MOU
• LOI outlines offtake framework for Victory’s Mixed Rare Earth Product
• Victory to supply up to 30% of annual production, or 1,000 tonnes per year of MREC including up to 50 tonnes DyTb product for an initial 5 year term
• Sales to Sumitomo from pilot plant operations expected to commence in 2027 ahead of commercial production
• The signing of this LOI sets the stage for binding offtake negotiations
• Strong Japanese interest – Other Japanese trading houses join Sumitomo in continued positive discussions with Victory

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“This is a important and exciting milestone for Victory. To be advancing from an MOU into a formal LOI with Sumitomo Corporation, one of the world’s most respected trading giants validates the strategic importance of the North Stanmore Project on the global stage.

Together, we have a shared vision to establish a secure, ethical, Western aligned supply chain of heavy rare earths, critical for renewable energy, defence and advanced technologies.

With Sumitomo’s global marketing reach and Victory’s world-class resource, this partnership positions Victory as a flagship Australian supplier into Japan, a nation leading the world in rare earth processing and innovation outside of China.”

Click here to view the full ASX announcement

Scandium Breakthrough in Sodium-Ion Batteries Highlights Victory’s Strategic By Product

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to provide an update on the growing strategic importance of Scandium within the Company’s portfolio, following recent research highlighting its role in advancing next generation energy storage.

Research from the Tokyo University of Science has demonstrated Scandium’s critical role in improving Sodium-ion battery performance delivering structural stability and enhanced cycle life. With applications already established in aerospace, defence and advanced alloys, this breakthrough underscores Scandium’s potential to become a cornerstone of future energy storage technologies.

HIGHLIGHTS

• Victory positioned as one of the few Australian projects with Scandium Oxide (Sc₂O₃) as a by-product from a clay hosted rare earth system due to the unique underlying Alkaline Intrusion
• Breakthrough global research shows Scandium doping dramatically improves Sodium-ion battery performance retaining 60% capacity after 300 cycles highlighting scandium’s role as a game-changer for next-generation energy storage
• North Stanmore’s JORC resource contains 7.7 million kg of Scandium with a price forecast of US$630/kg, a valuable by-product vital for defence and renewable energy
• The research further highlights the significance of the Prestigious Mineral Research Institute of Western Australia (MRIWA) grant that was recently awarded to advance scandium extraction from the North Stanmore Heavy Rare Earth Project
• Pre-feasability Study to incorporate Scandium oxide in the first 10 years of operations under a low-throughput solution
• Scandium demand outlook strengthening as applications expand across aerospace, defence, lightweight alloys, and now advanced batteries

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“Victory is emerging as one of the very few Australian companies positioned to deliver Scandium oxide as a by-product from a clay hosted heavy rare earth project. Scandium has long been recognised as a critical enabler for aerospace and high strength alloys, but the latest global research confirms its role as a game changer for the next generation of energy storage.

With scandium oxide priced at USD$630 per kilogram and Victory targeting Scandium oxide in the first 10 years of operations under a low-throughput solution, we see this as an incredible revenue stream alongside the heavy rare earths. The support we have received from MRIWA further validates the technical and economic opportunity to unlock scandium from our North Stanmore Project.

As Western markets accelerate the diversification of supply chains away from China and Russia, Victory is uniquely placed to provide secure Scandium oxide supply into aerospace, defence, renewable energy and now advanced battery markets. This is another powerful example of how our North Stanmore Project continues to strengthen as a strategic critical minerals hub and an emerging source”.

Click here to view the full

North Stanmore Among the Highest

DyTb Clay-Hosted Rare Earth Results Globally

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce that recent infill aircore (AC) drilling at its North Stanmore Heavy Rare Earth Element (REE) Project has returned some of the highest grades of Dysprosium results ever reported from clay-hosted systems globally. With recent assay results confirming up to 218ppm Dy₂O₃ North Stanmore is emerging as one of the most unique and strategically important heavy rare earth clay deposits worldwide. By comparison, the average upper continental crustal abundances of Dysprosium and Terbium are 3.5ppm and 0.64ppm respectively. Victory’s Dysprosium (Dy₂O₃) assays are ~54x higher than the Upper Crustal abundances, and represent an extraordinary enrichment rarely documented in natural systems and virtually unprecedented in regolith hosted ionic-clay style mineralisation. This enrichment reflects the unique geochemistry of the underlying source intrusion as well as the effect of oxidation on the mobility of the rare earth elements during intense chemical weathering.

HIGHLIGHTS

• Recent drilling confirms exceptional grades of up to 218ppm Dysprosium oxide (Dy₂O₃) (Hole 25NSTWAC15) placing North Stanmore among the world’s highest-grade Heavy Rare Earth clay deposits.
• Dysprosium oxide (Dy₂O₃) results of 218ppm is ~54x higher than the Upper Continental Crust (UCC) average of 4.02ppm.
• Previous drilling confirmed results of over 550ppm Dysprosium (Hole NSE028), further underscoring the extraordinary mineralisation scale and continuity.
• Terbium (Tb) results from previous drilling of up to 70 ppm (Hole 23NSTRC071) is ~110x higher than the UCC average of 0.64ppm – levels rarely reported globally from clay hosted systems.
• Dysprosium (USD$650/kg) and Terbium (USD$2,300/kg) command prices up to 20x higher than Neodymium & Praseodymium, which have a new U.S. floor price of USD$110/kg.
• Victory continues to demonstrate that North Stanmore is one of the world’s most significant heavy rare earth clay deposits, offering unparalleled DyTb enrichment critical to global magnet and defence supply chains.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“The scale and grade of Dysprosium and Terbium we continue to uncover at North Stanmore is nothing short of extraordinary. To be reporting up to 217ppm Dysprosium and 32ppm Terbium, two of the most critical and valuable rare earths in a clay deposit, that are more than 54 times and 42 times the average upper continental crust levels, confirms the unique nature of this discovery.

These results position North Stanmore as one of the world’s most enriched heavy rare earth clay deposits, and critically, they come without the burden of radioactive elements. This sets Victory apart not only in Australia but on the global stage.

Dysprosium and Terbium are the irreplaceable heavy rare earths essential for permanent magnets, defence technologies and next-generation electrification. The world is desperate for secure, sustainable, Western-aligned supply and Victory is proving that North Stanmore can deliver with producing 94% purity mixed rare earth oxide”.

Figure 1. Bubble size represents Dysprosium (Dy) percentage in Mineral Resource Estimate (MREC) Total Rare Earth Oxide (TREO); horizontal axis shows Heavy Rare Earth Elements (HREE) to TREO ratio (%); vertical axis shows resource size (Million tonnes, Mt) comparing Victory Metals initial MREC with MREC data for peer entities.

Figure 2. Bubble size represents Terbium (Tb) percentage in Mineral Resource Estimate (MREC) Total Rare Earth Oxide (TREO); horizontal axis shows Heavy Rare Earth Elements (HREE) to TREO ratio (%); vertical axis shows resource size (Million tonnes, Mt). comparing Victory Metals initial MREC with MREC data for peer entitities.

Click here to view the full ASX announcement

Victory Targets Accelerated Value from

World Class Heavy Rare Earths

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce the identification of multiple ultra-high heavy rare earth oxide (“HREO”) zones at its flagship North Stanmore project in Western Australia. These discoveries, coupled with surging global heavy rare earth prices, reinforce Victory’s unique positioning as one of the world’s most advanced heavy rare earth clay projects.

HIGHLIGHTS

• European (ex-China) prices for heavy rare earth Yttrium (Y) have recently increased by up to 800% in value from prices used in Victory’s scoping study and more than 100% increase for Dysprosium (Dy) & Terbium (Tb).
• World-class heavy rare earth ratios of up to 83% HREO/TREO, among some of the highest ratios ever reported globally set a new development opportunity for a targeted multi-zone strategy.
• 26 high value zones identified (and growing), majority situated within the Indicated resource and each designed to target high-grade HREE zones.
• Victory’s advancing Pre-feasability Study to incorporate the high value zones for the initial 10 year mine life.
• Victory expects to deliver equivalent oxide output to market with only processing 30% material compared to the previously considered throughput, dramatically reducing both CAPEX and OPEX.
• Placement proceeds to fund a 10,000m aircore exploration drill program targeting a 10km strike length, with existing spaced drilling already identifying grades up to 10,179ppm (Hole NSE028) and HREE ratios up to 80%.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:

“This is purely what sets North Stanmore apart as a clay hosted rare earth project. Heavy rare earths are what the western world needs to secure, and our extraordinary ratios of heavy rare earths underpin what the North Stanmore project offers. By focusing on these high value zones, we are working to deliver the same volume of critical defence and high-tech metals to market, while processing less than half the material previously envisaged.

With dysprosium, terbium, yttrium, scandium, hafnium, lutetium and thulium all confirmed in meaningful quantities, Victory is emerging as a globally significant heavy rare earth and strategic metal supplier. Our next drilling program will continue to target ultra-high heavy rare earth zones and expand the zone inventory, further unlocking the full potential of North Stanmore.”

Figure 1. Ranked ultra heavy rare zones by basket price. Click here to view the full ASX announcement

$11.5m Institutional Placement to Target Ultrahigh Heavy Rare Earth Zones

Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to announce it has received firm commitments to raise $11.5 million in a strongly supported placement of new fully paid ordinary shares in the Company ("Placement Shares") to institutional, professional and sophisticated investors ("Placement").

Funds raised under the Placement will be used for the following:

• Targeted drilling of ultra-high heavy rare earth zones of up to 83% HREO/TREO within and surrounding the North Stanmore MRE area;
• Scandium oxide production;
• Feasibility study advancement; and
• General working capital and costs of the offer.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “This raise will support the momentum in development of North Stanmore as it emerges as one of the world’s most advanced heavy rare earth clay projects and is already Australia’s leading heavy rare earth project. I thank existing shareholders for their continued support, and we welcome institutional, professional and sophisticated investors.”

Approximately 8.5 million Placement Shares will be issued pursuant to the Placement. The Placement Shares will be issued at a price of $1.35 representing a 15% discount to the 15-day VWAP prior to the Trading Halt on 25 August 2025.

Bell Potter Securities Limited (“Bell Potter”) acted as sole lead manager and book runner to the placement. Bell Potter will be paid a cash fee of up to 6% (plus GST) on the amount raised in the Placement. As part of its fee, Bell Potter will also be issued 1,000,000 unlisted options with an exercise price of $2.70 and a three-year exercise period ("Broker Options").

The Placement Shares will be issued under the Company's existing ASX Listing Rule 7.1A placement capacity and the Broker Options will be issued under the Company's existing ASX Listing Rule 7.1 placement capacity. Settlement of the Placement Shares and Broker Options is expected to occur on Friday, 29 August 2025, with Placement Shares commencing normal trading on the ASX on Monday, 1 September 2025.

The Placement Shares will be listed on ASX and rank equally with existing fully paid ordinary shares in the Company.

Sanabil Loan Offer Update

Victory advises that it will not be proceeding with the loan offer from Sanabil Investments LLC1 . The proposed loan agreement required exclusivity for Sanabil to provide full project funding, which the Company has determined was not in its best interests given other funding options including the potential for direct government funding support. Victory has a US$190 million Letter of Interest from the export import bank of the United States of America (EXIM) 2 and continues to advance funding discussions with strategic and government partners.

Request for Trading Halt

Victory Metals Limited (the Company) hereby requests that its securities be placed in a trading halt and provides the following information in accordance with ASX Listing Rule 17.1.

1. The Company requests a trading halt immediately for the purposes of considering, planning and executing a capital raising.
2. The trading halt is to last until the earlier of the Company releasing an announcement regarding the capital raising or prior to commencement of trading on Wednesday, 27 August 2025.
3. We expect the trading halt will end by the Company making the announcement.
4. The Company is not aware of any reason why the trading halt should not be granted.
5. The Company is not aware of any other information to inform the market about the trading halt.

Yours faithfully,

Robbie Featherby Company Secretary

Victory Metals Limited

Victory Secures Prestigious MRIWA Grant 

Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to advise of the award of the highly regarded Minerals Research Institute of Western Australia (MRIWA) research grant, a significant milestone which validates the Company’s innovative approach to producing high-purity scandium oxide at the North Stanmore Project. 

HIGHLIGHTS

• Victory has secured a grant from MRIWA totalling $250,000 following stringent technical evaluation, affirming the project’s strategic merit
• North Stanmore’s JORC resource contains 7.7 million kg of Scandium with a price forecast of US$630/kg, a valuable by-product vital for defence and renewable energy
• Scandium was added to China’s April 2025 export control list, heightening global supply chain risks amid China and Russia’s 90% control of global scandium oxide supply
• Victory has separated Scandium from its high value Heavy Rare Earth MREC and is set to become a leader in Scandium Oxide production, reinforcing North Stanmore’s strategic significance
• This outcome enhances Western Australia’s critical minerals leadership

Victory’s CEO and Executive Director Brendan Clark commented: “This MRIWA grant has been awarded following a highly competitive process with rigorous technical scrutiny. With China and Russia dominating 90% of global scandium oxide supply and China’s recent export restrictions, North Stanmore’s 7.7 million kg scandium resource is a strategic asset for defence and renewable energy. Scandium oxide, priced at US$630/kg, enables lightweight alloys for fighter jets and fuel cells for clean energy. Building on our MREC separation success, this project positions Victory Metals as a leader in Western Australia’s role in global critical minerals supply chains.” 

Project Importance

The MRIWA grant highlights the urgent need for a secure Scandium supply amid China and Russia’s 90% dominance of global scandium oxide production and China’s inclusion of scandium on its export restriction list (April 2025). North Stanmore’s unique scandium-bearing alkaline intrusion, unparalleled in Western Australia, positions Victory Metals to mitigate global supply. 

Scandium aluminium alloys enhance lightweight components in fighter jets, commercial aircraft, EV vehicles, drones, precision-guided missiles and improve performance and fuel efficiency. Scandium is also crucial for solid oxide fuel cells (SOFCs), such as Bloom Energy’s Bloom Box, which boosts efficiency in clean power for data centres and industrial applications. Awarded through MRIWA’s rigorous technical evaluation, the project aligns with Western Australia’s Research Priority Plan for downstream processing, leveraging Victory Metals’ MREC separation success to enhance North Stanmore’s $1.2 billion Net Present Value (NPV) and 31-year mine life. It addresses geopolitical risks, ensuring supply chain security for Western defence and energy sectors. Click here to view the full ASX announce

UPDATED MRE IDENTIFIES HREO/TREO RATIOS UP TO 83%

Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to announce a significant upgrade to the Mineral Resource Estimate (MRE) at its flagship North Stanmore Heavy Rare Earth Element Project in Western Australia. The upgraded MRE will be used for the 2025 Prefeasibility study planned for release later in 2025. 

The MRE incorporates results from a targeted 79 drillhole 3,221m, air-core drilling campaign, delivering a 29.5% increase in contained tonnage. With leading ratios of heavy rare earth elements, including Dysprosium (Dy) and Terbium (Tb), compared with other Australian clay hosted project at this scale, Victory continues to emerge as the Australian answer as a low-cost heavy rare earth element producer. 

HIGHLIGHTS

• Ultra-high Heavy Rare Earth Ratios zones identified from across the North Stanmore Mineral Resource area including: 83% HREO/TREO @ 1,726ppm (Hole IF159)
• 81% HREO/TREO @ 3,584ppm (Hole IF155)
• 80% HREO/TREO @ 10,179ppm (Hole NSE028)
• 76% HREO/TREO @ 2,890ppm (Hole DD002)
• 75% HREO/TREO @ 4,423ppm (Hole NSTAC180)
• 29.5% increase to the North Stanmore MRE to 320.6 million metric tonnes @ 510 ppm Total Rare Earth Oxide & high HREO/TREO of 39% (TREOSc₂O₃) (Inferred and Indicated)
• A high-grade shallow zone of 50 million metric tonnes has been identified @1,050ppm TREOSc₂O₃ (Inferred and Indicated)
• Mineralisation remaining open with the opportunity to target the Ultra-High Heavy Rare Earth Ratio zones through satellite pits
• Victory’s latest drilling program has proven a low-cost significant resource increase equating to $3,500 all in exploration costs per 1 million tonnes of resource added (inferred & indicated)
• The Updated MRE will assist ongoing funding discussions for the development of North Stanmore and will underpin the Prefeasibility Study (PFS) 

Victory’s CEO and Executive Director Brendan Clark commented: “This resource upgrade reinforces the immense scale and strategic importance of North Stanmore. To deliver a 29.5% increase from a small, low-cost 3,221m air core program, speaks volumes about this deposit.”

“Mineralisation remains open in multiple directions, with consistently thick and high-grade intercepts continuing to be identified. While we see strong potential for further resource growth, the Company’s priority is progressing development, as there is already sufficient material to support a mine life exceeding 30 years.”

“The drill program was intentionally limited out of deep respect for the Traditional Owners, following the unfortunate passing of a respected Wajarri Yamaji Elder. In line with our heritage protocols, we paused drilling as the presence of a heritage monitor is required when clearing new drill lines. We extend our sincere condolences to the Wajarri Yamaji People and thank them for their ongoing guidance and supprt".ASX

U.S. Federal Government Approval to Engage with the Department of Defense Secured

Victory Metals Ltd (ASX: VTM) (“Victory” or “the Company”) is pleased to advise that it has received approval by the U.S. Government’s System for Award Management (“SAM.gov”), a critical prerequisite for engaging directly with U.S. federal agencies, including the Department of Defense (DoD) and the Export-Import Bank of the United States (“EXIM Bank”).

This approval confirms that Victory has passed a rigorous and scrutinised vetting process by multiple U.S. government departments including the Defense Logistics Agency (DLA) validating its eligibility to participate in strategic procurement, funding, and partnership programs under U.S. federal oversight.

Victory’s SAM.gov approval enables:

• Direct engagement with the U.S. Department of Defense, U.S. Government contractors, and affiliated supply chain partners under initiatives such as the Defense Production Act (DPA) Title III
• Access to U.S. Government-backed funding, including the previously announced LOI for up to US$190 million from EXIM Bank 
• Participation in U.S. federal grant and strategic materials programs, aligned with national security and clean energy transition priorities
• Enhanced credibility for global offtake and downstream discussions, particularly with U.S., Japanese, and European partners seeking secure, non-Chinese critical mineral supply chains

Victory Metals CEO and Executive Director Brendan Clark commented: “Being approved to engage directly with the U.S. Government particularly the Department of Defense is a significant outcome for Victory. It is the result of a highly scrutinised process that confirms our legitimacy, compliance, and strategic alignment with allied supply chain priorities.”

This validation opens the door to long term partnerships with the world’s most powerful institutions. It positions Victory as a credible, secure, and ready supplier of the rare earths and critical minerals that underpin defence, energy, and future technologies. 

Victory’s North Stanmore project in Western Australia is one of the world’s largest clay hosted heavy rare earth discoveries. The deposit is uniquely low in radioactive elements and hosts high concentrations of heavy rare earths Dysposium & Terbium along with strategic by products Scandium, Hafnium, and Gallium all considered essential to U.S. national security.

The Company will now accelerate U.S. engagement, including further discussions with the DoD, EXIM, and downstream partners.

Click here to view the full ASX announcement

US$10 Million secured from Saudi Arabia’s Sovereign Wealth Investment Arm 

Victory Metals Ltd (ASX:VTM, "Victory" or the "Company") is pleased to announce it has received board approval and a Letter of Committment from Sanabil Investments LLC (“Sanabil”), a globally respected sovereign investment firm which is wholly owned by the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, to provide a US$10 million loan facility. The funding will not only strengthen Victory’s financial position but it aligns with Saudi Arabia’s Vision 2030 and its push into downstream critical minerals. It marks a major step forward in advancing North Stanmore as a strategic source of rare earths for global supply chains.

HIGHLIGHTS

• Sanabil Investments, a wholly owned investment company of the Public Investment Fund (PIF) of Saudi Arabia
• Unsecured, US$10 million loan facility with a 2-year moratorium on interest payments and a 3.9% interest rate over the remaining term
• Sanabil has requested the first right to provide future funding for A$330 million for the development and construction of the processing plant
• Funds to be used for general corporate purposes, including exploration, capital, operating, and development expenditure to fast-track the North Stanmore Project
• Sanabil deploys US$3 billion annually into high impact companies and projects worldwide
• Funding strongly aligned with Saudi Arabia’s Vision 2030, which prioritises economic diversification and downstream investment in critical minerals and rare earth processing

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “This is a defining milestone for Victory to secure funding from Sanabil, one of the world’s most respected sovereign investment institutions, and speaks volumes about the scale, quality and global relevance of our North Stanmore Project.

Sanabil’s support goes far beyond capital. They bring a funding pathway for North Stanmore to development, deep international networks, geopolitical reach, and alignment with Saudi Arabia’s 2030 vision of becoming a global leader in critical minerals and industrial technology.

We are proud to be one of the very few Australian companies selected for this level of strategic backing, and we look forward to working with Sanabil to realise the full potential of Victory and the broader rare earths opportunity.”ick here to view the ouncem

Request for Trading Halt

Victory Metals Limited (the Company) hereby requests that its securities be placed in a trading halt and provides the following information in accordance with ASX Listing Rule 17.1.

1. The Company requests a trading halt immediately, pending an announcement regarding a strategic alliance in funding facility.
2. The trading halt is to last until the earlier of the Company releasing an announcement regarding the strategic alliance in funding facility or prior to commencement of trading on Tuesday, 24 June 2025.
3. We expect the trading halt will end by the Company making the announcement.
4. The Company is not aware of any reason why the trading halt should not be granted.
5. The Company is not aware of any other information to inform the market about the trading halt.

With all of the talk surrounding the potential upcoming meeting between Albo & Trump at the G7 summit in Canada and possible pawns to trade over tariffs, I thought I'd have a play with ChatGPT to see some risk/reward analysis, after feeding it what I knew.

Victory Metals (ASX: VTM) – Risk/Reward Investment Outlook

Ticker: ASX:VTM

Sector: Critical Minerals – Rare Earths (Clay-hosted)

Project: North Stanmore, Western Australia

Investment Thesis Summary:

Victory Metals offers high-risk, high-reward exposure to the rare earths sector — specifically the rare, clay-hosted heavy REE deposits outside China. Its success depends on proving up its resource, navigating technical and funding milestones, and attracting strategic or government partnerships aligned with US-Australia critical mineral interests.

Reward Drivers (Upside Potential):

1. High-Grade Clay-Hosted HREEs: Rare and highly valued for their heavy magnet REE content (Dy, Tb), essential in defense & EV sectors. Cheaper to extract than hard rock.

2. Tier-1 Jurisdiction: Western Australia is low-risk, mining-friendly, and geopolitically aligned with US/EU.

3. Strategic Supply Chain Value: As China tightens REE exports, VTM's deposit could become part of a new Western supply chain.

4. Government Support Potential: Eligible for grants, loans, and infrastructure support via CMF and DPA-aligned programs.

5. Low Market Cap / Early Entry Point: High leverage to good news: drilling, partnerships, or metallurgical success could trigger a large re-rating.

6. Peer Takeovers & Consolidation Trend: Juniors with clay-hosted or HREE potential are increasingly acquisition targets.

Risk Factors (Downside Considerations):

1. Early Stage / No JORC Resource Yet: VTM is still exploratory. No declared resource = high geological and valuation risk.

2. Metallurgical Uncertainty: Processing ionic clays outside China is still experimental in Australia.

3. No Strategic or Offtake Partner (Yet): Unlike peers, VTM lacks a confirmed end-user or investor.

4. Funding Required: Capital-intensive development path, with potential equity dilution.

5. Market Volatility in REEs: REE prices subject to supply/demand shocks.

6. Execution Risk: Management must deliver results in a competitive field.

Risk/Reward Balance (Score 1–5):

- Geological Potential: 4

- Jurisdiction: 5

- Project Stage: 2

- Funding Position: 2

- Strategic Fit: 4

- Execution Track Record: 2

Investment Outlook:

- Short-term (0–6 months): Neutral-Speculative

- Mid-term (6–18 months): Positive Potential

- Long-term (18m+): High Upside (if de-risked)

Final Assessment:

Victory Metals is best suited for speculative investors or strategic mineral watchers seeking early exposure to a rare, clay-hosted HREE discovery in a top-tier location.

$4M Placement Backed by Leadership, Industry and Top 20 Shareholders

Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce it has received firm commitments to raise $4 million before costs in a strongly supported placement of new fully paid ordinary shares in the Company ("Placement Stares") to professional and sophisticated investors, and directors and management of the Company priced at $0.73 per share, representing a 15% discount to last traded price of $0.86 per share prior to the trading halt on 26 May 2025 ("Placement").

HIGHLIGHTS

• Strong support Victory’s Top 20 shareholders reaffirming strong high net worth investor backing
• Participation by Victory's Board and Management reflecting leadership’s belief in the project
• Placement proceeds to provide Victory with capital to accelerate the Pre-Feasibility Study and development of flagship North Stanmore Project

Funds raised under the Placement will be used to accelerate the Pre-Feasibility Study (PFS) and the development of Victory’s flagship North Stanmore Project – Australia’s largest clay-hosted Heavy Rare Earth deposit, strategically located on the Great Northern Highway in Cue, WA, and for general working capital.

The Placement comprises the issue of 5,136,986 Placement Shares to professional and sophisticated investors ("Investor Participation"), and 342,466 Placement Shares to directors and management of the Company, subject to approval by the Company's shareholders ("Director Participation").

The Company will also issue 1,800,000 unlisted options with an exercise price of $1.30 and a two-year exercise period ("Placement Options") to unrelated parties under the Investor Participation. No Placement Options will be issued under the Director Participation.

Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “This raise will fast track our PFS and marks a pivotal moment for Victory with such strong support. 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. Our MREC test work 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. I thank existing shareholders for their continued support, and we welcome our new shareholders.”

Click here to view the full ASX announcement

I'm a bit confused about $VTM requesting the current trading halt for capital raising purposes, when they already had an LOI (previous announcement to market) with US Government for up to $190M to help develop their biggest mine opportunity at North Stratmore.

Anyway, watch this space for market reaction once further information is available and shares are trading again.

Request for Trading Halt

Victory Metals Limited (the Company) hereby requests that its securities be placed in a trading halt and provides the following information in accordance with ASX Listing Rule 17.1.

1. The Company requests a trading halt immediately for the purposes of considering, planning and executing a capital raising.
2. The trading halt is to last until the earlier of the Company releasing an announcement regarding the capital raising or prior to commencement of trading on Wednesday, 28 May 2025.
3. We expect the trading halt will end by the Company making the announcement.
4. The Company is not aware of any reason why the trading halt should not be granted.
5. The Company is not aware of any other information to inform the market about the trading halt.

Got to love it when the share price pops 27% in one day and the ASX sends a please explain notice.

All answered as they always are......sorry, no idea!!

From @Jimmy round up

China to Crack Down on Rare-Earth Materials Ahead of U.S. Trade Talks

China has announced a crackdown on the smuggling of critical minerals, coming just one day before trade talks with the U.S., in which rare earth restrictions could be on the table.

Chinese authorities--including ministries of commerce, public security and state security and customs--convened a meeting in the southern port city of Shenzhen on Friday. According to an official readout, the agencies pledged to step up the enforcement of export controls on strategic mineral resources

Investor Presentation - Sydney RIU

Victory Metals Limited (ASX: VTM) (“Victory” or “the Company”) is pleased to provide the presentation that CEO and Executive Director, Brendan Clark, will deliver at the RIU Resources Round-Up being held in Sydney this week.

Click here to view the full presentation

US Government Funding LOI for US$190M to Advance North Stanmore Heavy Rare Earth Project

Victory Metals Limited (ASX: VTM) (“Victory” or “the Company”) is pleased to announce it has received a Letter of Interest (“LOI”) from the Export-Import Bank of the United States (“EXIM”), for up to US$190 million (~A$292 million) in project financing support for the development of Victory’s North Stanmore Heavy Rare Earths, Scandium and Hafnium Project in Western Australia.

This marks a landmark moment in the Company’s growth and establishes Victory as one of the few Australian critical minerals developers attracting high-level international government-backed support.

KEY HIGHLIGHTS

• Up to US$190 million (~A$292 million) in potential debt financing support
• Non-binding Letter of Interest with a 15-year indicative repayment term
• Opportunity to access further U.S. government financing through China and Transformational Exports Program (“CTEP”)
• Final financing commitment is subject to standard due diligence and be in compliance with EXIM policies as well as program, legal and eligibility requirements.

The Letter of Interest received from EXIM for Victory’s North Stanmore project may also be eligible for special consideration under Section 402 of EXIM's 2019 reauthorization (P.L. 116-94), which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People's Republic of China and other covered countries for opportunities aimed at enhancing U.S. leadership in areas deemed critical to economic and national security, including rare earths and advanced materials.

Victory Metals CEO Brendan Clark commented: “This is a major milestone for Victory and a clear signal of the strategic importance of our project not only to Australia but to our allies abroad. Support from EXIM, especially under the China and Transformational Exports Program, elevates our potential as a secure, non-Chinese supplier of critical minerals. It is also a powerful endorsement of the technical and geopolitical strength of our project.”

This EXIM Letter of Interest provides a clear pathway for Victory to access long-term, government-backed funding from one of the most influential export credit agencies in the world. We look forward to continuing to collaborate with EXIM as we move towards full project funding.”

With EXIM’s backing, Victory is well-positioned to accelerate discussions with U.S. and international downstream partners, major OEMs, and defence-aligned industries seeking ethical, non-Chinese sources of critical materials.

Click here to view the full ASX announcement

Victory Unveils Major Gallium Resource as By-Product to HREEs

Victory Metals Ltd (ASX:VTM, Victory or the Company) is pleased to announce a significant enhancement to its Mineral Resource Estimate (MRE) at the North Stanmore project, with the inclusion of Gallium Oxide (Ga₂O₃).

This strategic addition further strengthens the Company’s diversified critical minerals portfolio and positions Victory as a potential dependable Western supplier of metals currently under tight global supply due to Chinese export restrictions.

HIGHLIGHTS

• Victory has added 4,788 tonnes of Gallium Oxide (Ga₂O₃) to its updated Mineral Resource Estimate (MRE) at the North Stanmore project, which now stands at 247.5 million dry metric tonnes at 520 ppm Total Rare Earth Oxide plus Gallium Oxide at 26 ppm (TREOSc₂O₃ + Ga₂O₃) (Inferred and Indicated)
• Gallium oxide has a current market price of approximately AUD $770/kg
• North Stanmore now includes several critical metals that are currently subject to Chinese export restrictions, all of these restricted critical metals have been recovered during testwork in Victory’s Mixed Rare Earth Carbonate (MREC). These include:Heavy Rare Earths (HREEs): Gadolinium (Gd), Terbium (Tb), Dysprosium (Dy), Lutetium (Lu), Yttrium (Y)
• Light Rare Earths (LREEs): Samarium (Sm)
• Strategic By-product: Gallium (Ga), Scandium (Sc)
• Gallium is a critical technology metal used in AI chips, semiconductors, quantum computing, defence systems, LEDs, and solar panels – with global supply tightly controlled, particularly by China
• Gallium is recovered concurrently with Victory’s Mixed Rare Earth Carbonate (MREC) no additional processing required, making it a cost-effective by-product
• Addition of Gallium enhances the value and strategic appeal of Victory’s Mixed Rare Earth Carbonate (MREC), although the Company remains firmly focused on its high ratios of heavy rare earths as the core revenue drivers
• Victory is now one of the few companies in Australia with a declared Gallium Oxide Mineral Resource, further positioning the Company as a globally relevant and potential diversified critical minerals supplier
• Downstream engagement and offtake discussions are being expanded to reflect this new opportunity, with Gallium now included as a bonus value stream in strategic planning

Victory’s CEO and Executive Director Brendan Clark commented:

“The addition of Gallium to the MRE is an incredible bonus, not a dependency. Our focus remains on developing a world class heavy rare earth project, but the ability to recover Gallium concurrently through our recovery process without additional complexity significantly enhances the value proposition.

Gallium is a strategic technology metal with growing global demand, and its inclusion as a by-product positions Victory as an even more attractive partner for downstream and offtake discussions.” 

Figure 1: North Stanmore MRE by ResCat

Cick here to view the full ASX announce

U.S. Executive Order Highlights Strategic Opportunity for Victory’s Critical Minerals Project

Victory Metals Ltd (ASX:VTM, Victory or the Company) welcomes the recent Executive Order issued by the President of the United States, which directs the initiation of a Section 232 investigation into the national security implications of America’s reliance on imported processed critical minerals and derivative products.

The Executive Order highlights the urgency for the development of secure, transparent, and sovereign-aligned supply chains for critical minerals vital to defence, energy transition, and advanced manufacturing.

Victory’s North Stanmore project in Western Australia – the largest clay-hosted heavy rare earth discovery in the country – is uniquely positioned to benefit from this shift. The Company has demonstrated successful recovery of a suite of strategic and critical minerals targeted in the Order, including Dysprosium (Dy), Terbium (Tb), and Yttrium (Y), along with high-value by-products Gallium (Ga) and Scandium (Sc).

This development is expected to not only strengthen commercial and geopolitical interest in Victory’s project but also support access to future funding opportunities through international critical minerals initiatives and aligned capital sources.

Victory will monitor the developments of the Section 232 investigation and engage with relevant stakeholders to align the Company with emerging opportunities to advance development plans and commercial discussions in parallel with growing global recognition of the need to diversify supply away from dominant jurisdictions. Click here to view the full ASX announcement

Quarterly Activities Report – 31 March 2025

Victory Metals (ASX:VTM) (Victory or the Company) is pleased to report on its activities and the Appendix 5B for the quarter ending 31 March 2025 (Quarter, Reporting Period).

Highlights:

• Robust Scoping Study delivered for North Stanmore Project, confirming it as a world-class heavy rare earth and scandium project with outstanding economics
• Upgraded Mineral Resource Estimate (MRE) to 247.5 million tonnes @ 520ppm TREO (Indicated and Inferred) with 71% of the MRE classified in the Indicated JORC category at North Stanmore Project
• Gallium confirmed in final MREC product at 358 g/t Ga2O3, defining North Stanmore as one of the most advanced Gallium projects in Australia
• ~6,600m resource definition Aircore (AC) drilling program underway
• China imposed new export controls on key heavy rare earth elements (HREEs) Gadolinium Terbium, Dysprosium, Lutetium & Yttrium and light rare earth element (LREEs) Samarium.
• $751,909 R&D tax offsets received for the 2024 financial year
• Victory remains well funded with $4.68M in cash at 31 March 2025

Victory Positioned as Strategic Heavy Rare Earth Supplier Amid China Export Controls 

Victory Metals Ltd (ASX: VTM, Victory or the Company) is pleased to highlight its strategic position to become a potential producer of critical heavy rare earth elements (HREEs) which are now subject to new export restrictions from China.

• On 4 April 2025, China’s Ministry of Commerce and General Administration of Customs announced the imposition of export licensing requirements on several key heavy rare earths, including dysprosium, terbium, and yttrium with all elements vital to global defence, energy, and high-tech manufacturing industries.  HIGHLIGHTSChina has imposed new export controls on key heavy rare earth elements (HREEs) Gadolinium Terbium, Dysprosium, Lutetium & Yttrium and light rare earth element (LREEs) Samarium.
• Escalating geopolitical tensions reinforce the urgent need for secure, Western-aligned ethically sourced supply chains for critical and strategic minerals, particularly HREE’s
• Victory is developing Australia’s largest and most advanced clay hosted HREE project at North Stanmore
• North Stanmore features some of the highest metallurgical extraction rates reported for export restricted HREE’s Tb 94%, Dy 87%, Lu 71% and Y 72%1
• The March 2025 Scoping Study outlined low CAPEX and OPEX due to North Stanmore’s excellent geology and access to existing infrastructure
• Targeted annual production of Mixed Rare Earth Carbonate (MREC) for restricted elements over the first 5 years based on March 2025 Scoping Study

Victory’s CEO and Executive Director Brendan Clark commented: 

“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.

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.

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.”  Click here to view the full ASX Announcement

 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

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