Victory Metals Limited announces updated Mineral Resource Estimate for North Stanmore Project

Victory Metals Limited (ASX: $VTM) is pleased to announce the confirmation of the largest Indicated Mineral Resource of Australian Heavy Rare Earth Elements (HREE) dominant deposits at its North Stanmore Project. The updated Mineral Resource Estimate (MRE) reveals a total of 235Mt, with 149Mt (63%) residing in the indicated category. The project is strategically positioned to rapidly deliver new HREE supply to address global demand, with a near surface higher-grade domain supporting this development strategy. Additionally, the project is set to contribute to the global drive for new, ethically sourced non-Chinese heavy rare earth supply options.

Executive Commentary on North Stanmore Project

Victory's CEO and Executive Director Brendan Clark highlighted the significance of the July 2024 MRE, emphasizing the project's potential to deliver high-value, critical materials required for the energy transition, national defense, and beyond. The project's location in Western Australia, along with its established infrastructure, is expected to provide significant potential economic benefits and opportunities for future mine development. The project's regolith clay-hosted mineralization is anticipated to allow for highly efficient mixed rare earth carbonate production, making it significantly more valuable than other REE projects globally. The successful exploration and advancement efforts are expected to be supported by the completion of a Scoping Study during Q3 2024, highlighting the clear potential for Victory to become a future supplier of choice for HREE, scandium, and hafnium, as well as an important and preferred partner for the global defense industry.

Summary of North Stanmore Project Announcement

The updated Mineral Resource Estimate for Victory Metals' North Stanmore Project confirms its position as the largest Australian indicated heavy REE resource. The project's strategic location, near surface higher-grade domain, and premium HREE ratio of 35% HREO/TREO for the Resource, indicate its potential to rapidly deliver new HREE supply to address global demand. With significant additional resource growth potential and successful initial process test work, the project is poised to contribute to the global drive for new, ethically sourced non-Chinese heavy rare earth supply options. The completion of a Scoping Study in Q3 2024 is expected to highlight the project's potential to become a future supplier of choice for HREE, scandium, and hafnium, as well as an important and preferred partner for the global defense industry.