Victory Metals (ASX: VTM) has received a letter of interest from the Export-Import Bank of the United States (EXIM) for approximately $292 million in project financing. The funds will support the development of Victory’s North Stanmore heavy rare earth elements (HREE)-scandium-hafnium project in Western Australia. This move underscores the US government’s strategic interest in securing access to critical minerals outside of China, which currently dominates the rare earth market. Rare earths are vital for modern equipment and defense technologies.
The EXIM’s involvement falls under its *China and Transformational Exports Program* (CTEP), designed to assist US exporters facing competition from China. Victory’s CEO, Brendan Clark, emphasized the significance of this support, stating it positions Victory as a secure, non-Chinese supplier of critical minerals. The LOI provides a pathway for long-term, government-backed funding and strengthens Victory’s position in discussions with US and international partners, including original equipment manufacturers and defense industries. The final financing commitment, subject to standard due diligence, would involve a 15-year repayment term. Victory released a scoping study in March 2025 that confirmed the economic and environmental advantages of the project.
