Victory Metals Ltd (ASX:VTM) has announced it has received board approval and a Letter of Commitment from Sanabil Investments LLC for a US$10 million loan facility. Victory Metals is an Australian-based exploration company focused on discovering and developing rare earth resources. Its primary focus is the North Stanmore rare earth project in Western Australia. The funding from Sanabil, a wholly-owned investment company of Saudi Arabia’s Public Investment Fund (PIF), will be used for general corporate purposes, including exploration and development expenditure to fast-track the North Stanmore Project.
The unsecured loan facility includes a two-year moratorium on interest payments, followed by a 3.9% interest rate over the remaining term. Sanabil has also indicated it will have the first right to provide future funding of A$330 million for the development and construction of the processing plant. This investment is strongly aligned with Saudi Arabia’s Vision 2030, which prioritises economic diversification and downstream investment in critical minerals and rare earth processing.
Brendan Clark, Victory’s Chief Executive Officer and Executive Director, said the funding marks a defining milestone for the company. He said that securing funding from Sanabil, a globally respected sovereign investment institution, highlights the scale, quality, and global relevance of the North Stanmore Project. Clark added that Sanabil’s support extends beyond capital, providing a pathway for North Stanmore’s development and alignment with Saudi Arabia’s vision to become a leader in critical minerals and industrial technology.
