Victory Metals (ASX: VTM) has significantly advanced its North Stanmore rare earths project in Western Australia, securing international backing and enhancing its mineral resource estimate. Victory Metals is focused on the exploration and development of critical minerals. The company aims to be a key player in the global supply chain for these essential resources, particularly rare earth elements.
During the June quarter, Victory announced an updated mineral resource estimate for North Stanmore, adding 4,788 tonnes of gallium oxide. The total resource now stands at 247.5 million tonnes at 520 parts per million of total rare earth oxide (inferred and indicated). The inclusion of gallium oxide strengthens Victory’s portfolio, positioning it as an alternative supplier in a market facing supply constraints.
Victory Metals also received a letter of interest from the Export-Import Bank of the United States (EXIM) for up to $292 million in project financing. Additionally, the company secured a US$10 million unsecured loan facility from Sanabil Investments, a subsidiary of Saudi Arabia’s Public Investment Fund. These funds will expedite the pre-feasibility study for North Stanmore.
In May, Victory completed a $4 million capital raising at $0.73 per share. Proceeds from the placement will also be used to accelerate the pre-feasibility study for North Stanmore. As of June 30, Victory held $6.46 million in cash reserves, in addition to $624,000 allocated for pre-feasibility study expenditures.
