Victory Metals' Beneficiation Test Work Program Results

Victory Metals Limited (ASX: $VTM) has reported significant increases in Rare Earth Oxide grades through its ongoing beneficiation test work program. The program, aimed at the North Stanmore Rare Earth Element Project, has resulted in grade increases of up to 187% with an average Total Rare Earth Oxide (TREO) grade increase of 63% across samples. The company's Inferred Mineral Resource at North Stanmore currently stands at 250Mt with 130,000T of TREO, located approximately 10km north from the town of Cue, Western Australia.

Executive Commentary on Beneficiation Test Work Results

These results not only exceed expectations but also underscore the exceptional potential of North Stanmore. They demonstrate the important role of basic geochemical research and metallurgical testwork to improve our understanding the influence of oxidation on Rare Earth Element systematics in ionic clay-regolith Rare Earth systems. The adoption of upstream beneficiation is proving to be strategically sound. This approach involves initially separating optimised Rare Earth regolith-clay fractions to improve leaching efficiency. It sets a strong foundation for subsequent processing stages whilst further reducing impurities like aluminium and iron and substantially reducing reagent consumption. With the overall Rare Earth Oxide average head grade jumping from 904ppm to 1527ppm from the samples selected post-screening, it illustrates a substantial enhancement in the concentration of valuable Rare Earth Elements at North Stanmore.

Summary of Beneficiation Test Work Program and Future Outlook

Victory Metals' ongoing beneficiation test work program has yielded remarkable results, showcasing substantial increases in Rare Earth Oxide grades and the potential for operational expenditure (OPEX) savings. The company's CEO and Executive Director, Brendan Clark, emphasized the strategic soundness of the upstream beneficiation approach, highlighting the significant enhancement in the concentration of valuable Rare Earth Elements at North Stanmore. With the potential to significantly benefit the upgraded Mineral Resource Estimate (MRE) and the production of a further Mixed Rare Earth Carbonate (MREC) test product, Victory Metals is poised for further advancements. The company's focus on exploration and development of Rare Earth Element and Scandium Discovery in the Cue Region of Western Australia positions it as a significant player in the heavy rare earth elements sector, with the potential to meet the predicted growth in demand for Scandium recovery, further increasing the value of the Rare Earth basket extracted from the North Stanmore deposit.