Victory Metals Ltd Confirms Largest Australian Indicated Heavy Rare Earth Element Resource

Victory Metals Limited is pleased to announce a significant milestone with the updated Mineral Resource Estimate (MRE) for its North Stanmore Heavy Rare Earth Elements (HREE) dominant Project, confirming it as the largest Indicated Mineral Resource of Australian HREE-dominant deposits. 

Key Highlights: 

• Total Updated MRE: 235Mt, with 149Mt (63 %) in the indicated category. 

  • Contained Indicated MRE: 79,200t of Total Rare Earth Oxides (TREO) and 28,000t of Heavy Rare Earth Oxides (HREO). 
  • Contained Indicated MRE Dy2O3 + Tb4O7: 3,010t. 

• Near Surface High-Grade Domain: 45.9Mt at 1,050ppm TREO, supporting a rapid development strategy for new HREE supply.

  • Premium HREE Ratio: 35 % HREO/TREO for the Resource.
  • High-Value By-Product Hafnium (Hf): Confirmed, crucial for defence and aerospace applications.
  • Beneficiation Amenability: +60 % feed grade uplift, potentially upgrading higher-grade domain material to an average of 1,662ppm TREO.

• Additional Resource Growth Potential: Mineralisation remains open in all directions, with 92 % of the tenement area unexplored.

• Initial Process Test Work: Achieved high REE recoveries with low temperature, short leach time, low acid consumption, and low impurities.

• Strategic Contribution: Set to enhance the global supply of ethically sourced, non-Chinese heavy rare earths.

• Supportive Government Initiatives: Benefiting from political stability and numerous attractive funding initiatives.

• Scoping Study and Future Plans: The updated MRE will underpin the completion of a Scoping Study (expected Q3 2024), support a Mining Licence application, and accelerate strategic partnerships and offtake discussions.

Victory’s CEO and Executive Director Brendan Clark commented: “Our July 2024 MRE serves as confirmation of our superb mineral endowment and spotlights our significant potential to deliver future Australian production of high-value, critical materials required for the energy transition, national defence and beyond..."