Victory Metals (ASX:VTM) said on Tuesday (July 29) that its flagship North Stanmore heavy rare earth project has produced a mixed rare earth oxide (MREO) containing 94 percent total rare earth oxides (TREO).
For this result, a total of 453 samples averaging 525 parts per million TREO were taken from the project area to highlight the project’s true potential and value.
“To the company's knowledge, this represents the highest grade heavy rare earth enriched MREO produced in Australia directly from an Australian clay-hosted rare earth project,” the press release noted.
North Stanmore is located approximately 6 kilometres north of Cue, Western Australia, and has a January 2025 mineral resource estimate of 247.5 million tonnes (Mt), including 176.5 Mt, or 72 percent, in the indicated category.
“This is one of the most significant technical and commercial breakthroughs in Victory's journey so far,” said Victory CEO and Executive Director Brendan Clark, adding that the production record is “a first in Australia and sets a new benchmark for the whole sector.”
“(We are) now sitting at the most advanced downstream processing point, prior to rare earth separation and metallisation. This milestone was successfully achieved at the ALS metallurgy laboratory in Western Australia, in conjunction with Victory's own technical team.”
The company added that it is expecting to experience increased offtake interest following this, especially from companies seeking Chinese rare earths independence.
Victory said that it is strategically progressing offtake conversations and that further metallurgical work at North Stanmore is in progress.
On July 14, the company also shared that it has received approval from the US Government’s System for Award Management, a prerequisite to engage with US federal agencies such as the Department of Defence (DoD) and the Export-Import Bank of the United States.
This means that the company can now participate in strategic procurement, funding and partnership programs under U.S. federal oversight.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
