Victory Metals (ASX:VTM) is set to raise $4 million to expedite the Prefeasibility Study of its North Stanmore Project in Western Australia. The company will issue 5.137 million shares at $0.73 each, alongside shares and options for directors, management, and unrelated parties. The issue price reflects a 15% discount from the previous trading price. Funds raised will support the advancement of North Stanmore, a heavy rare earth clay project.
CEO Brendan Clark emphasized the significance of the funding, noting North Stanmore’s potential as a leading heavy rare earth project. Recent tests at the project successfully recovered seven strategic metals, including gallium and a suite of critical heavy rare earths, now subject to Chinese export restrictions. Gallium, a crucial metal in AI chips, semiconductors, and other high-tech applications, is currently priced at US$239.77 per kilogram.
