Resources Top 5: North Stanmore critical minerals project scores another Victory

• A letter of intent from the EXIM Bank in the US will potentially provide US$194m for the North Stanmore REE project in WA 
• Green Critical Minerals has signed a collaboration agreement with an Australian data centre operator
• Impact Minerals is on track to secure HPA tech

Your standout small cap resources stocks for Wednesday, April 23, 2025.

Victory Metals (ASX:VTM)

It has been a stellar month for critical metals player Victory Metals, rising from 36.5c on April 7 to 51.5c early on Wednesday, April 23, on the back of a string of positive news.

After securing a letter of intent for US$194m from the Export-Import Bank of the United States to advance development of its North Stanmore rare earths project in WA, the company has notched another 17.05% increase on the previous close to 51.5c. It closed up 8% at 47.5c.

The potential debt financing support from the US Government bank establishes Victory as one of a few Australian critical minerals developers attracting high-level international support as it vies for supply chain control after China introduced rare earth export restrictions earlier this month.

The letter of intent also provides a clear pathway for Victory to access long-term, government-backed funding from one of the world’s most influential export credit agencies. 

The North Stanmore project in WA’s Murchison region is shaping as a potentially major Western source of rare earths, featuring some of the highest metallurgical extraction rates for rare earths on the export restriction list – including 94% terbium, 87% dysprosium, 71% lutetium and 72% yttrium. 

The project has moved into the spotlight after China’s export controls sent a clear message that the West cannot rely on it as a stable supplier of rare earth elements critical to economic and national security. 

“This is a major milestone for Victory and a clear signal of the strategic importance of our project not only to Australia but to our allies abroad,” VTM CEO Brendan Clark said. 

“Support from EXIM, especially under the China and Transformational Exports Program, elevates our potential as a secure, non-Chinese supplier of critical minerals. 

“It is also a powerful endorsement of the technical and geopolitical strength of our project.” 

With EXIM’s backing, the company is well-positioned to accelerate discussions with US and international downstream partners, major OEMs and defence-aligned industries seeking ethical, non-Chinese sources of critical materials.

The EXIM LOI follows Victory Metals last week unveiling a major gallium resource as a by-product to the heavy rare earths at North Stanmore, which is set to boost the project’s economics.

It also comes after the company welcomed a US Executive Order to investigate the national security implications of the United States’ reliance on imported processed critical minerals.

Green Critical Minerals (ASX:GCM)

A critical metals company operating in the graphite space is Green Critical Minerals which has signed a collaboration agreement with Australian data centre operator GreenSquareDC highlighting commercial interest in its very high density (VHD) graphite

Under the agreement, which is part of an ongoing targeted customer qualification and engagement program, the companies will collaborate in the development and provision of thermal management products for GreenSquareDC’s data centres using VHD Graphite.

Over 24 months both parties will assess the commercial viability of jointly developed, specially designed thermal management products and share relevant intellectual property and confidential information for the purpose of the collaboration.

GCM has been steadily demonstrating the potential of its VHD Graphite technology to meet the needs of industries requiring next-generation advanced engineered graphite and thermal solutions.

Its technology has consistently manufactured a product with the highest density (2071kg/m3) recorded for VHD blocks while the average density of 2011kg/m3 easily exceeds industry standard densities for nuclear graphite (1700-1900kg/m3), which is used as a high-temperature control-rod material, and electrode graphite (1550-1800kg/m3) used in batteries.

Testing also found that its VHD Graphite blocks had 3x better thermal diffusivity than aluminium and graphite, 2.6x better than copper as well as a 25x directional advantage.

More recently, an experienced company with expertise in the design and supply of heat sinks to the high-performance electronics and electrical systems sector progressed to Stage 2 of the qualification process after machining a VHD Graphite heat sink.

The agreement has been welcomed by investors with GCM shares up to 44.5% above the previous close at 1.3c.

“This is a truly exciting tangible step forward in our targeted customer qualification program and a strong indication of the rapid progress we’ve made in a short period of time,” managing director Clinton Booth said. 

“This agreement validates the clear and growing market interest in VHD Graphite as a potential solution to thermal management challenges for data centres, AI computing and high-performance electronics.

“Building on the recent successful machining of our first prototype heat sink, and with a formal agreement now in place with a forward-looking, sustainability focused data centre operator and developer, we are demonstrating real capability to deliver a lighter, more efficient, sustainable and commercially viable alternative to traditional heat management materials. 

“Through real-world testing and direct customer engagement, we are successfully proving the commercial viability of our innovative technology.”

Impact Minerals (ASX:IPT)

High purity alumina is another critical mineral in the spotlight and Impact Minerals is on track to secure a 50% interest in Alluminous, positioning itself as the leading shareholder and accelerating its entry into the HPA market by up to two years.

Alluminous is a newly formed company that acquired 100% of HiPurA and its HPA processing technology previously developed by ChemX before it went into voluntary administration in January.

Impact believes the acquisition is complementary to its flagship Lake Hope project in WA, which holds a measured resource of 730,000t grading 25.8% alumina, or 189,000t of contained alumina, providing very high levels of confidence to support a 10,000tpa HPA plant for 15 years, planned to be operational by mid-2025. 

It also potentially accelerates IPT’s entry into the $3.8b HPA market by up to two years, providing a significant time and cost advantage compared to the current projected timeline.

According to IPT, the HiPurA technology provides the company with a critical downstream advantage involving a proven, modular and scalable processing route that does not depend on any single feedstock.

The process has demonstrated >99.99% (4N) purity and offers IPT flexibility and optionality, enabling the assessment of the most commercially viable path to market through the Lake Hope Project, chemical feedstocks, or a combination of both.

IPT managing director Dr Mike Jones said the acquisition represented a rare and strategic opportunity for Impact and this has been recognised by investors with shares as much as 40% higher to 0.7c, settling up 20% at 0.6c.

“The HiPurA process demonstrated innovation, scalability and the proven ability to produce 4N HPA at the micro-plant scale,” he said.

“The associated pilot plant, which is capable of producing at least 25 tonnes of HPA per year, is nearing commissioning and has the potential to accelerate the time to commercialisation materially. 

“Impact is now uniquely positioned to become part of a vertically integrated, globally competitive supplier of HPA.”

Traka Resources (ASX:TKL)

The Siguiri Basin in Guinea is host to numerous multi-million-ounce gold deposits and Traka Resources is the latest company to test the waters through a partnership in the Didi gold project.

Traka has signed an exclusive earn-in agreement with Guinea-based Alamako Corporation to earn-in a 75% interest in Didi, which is between two major gold assets owned by AngloGold Ashanti and just 12km east of its 8.5Moz Siguiri mine.

The Didi permit hosts high-grade gold mineralisation supported by drilling, extensive high-grade surface geochemical anomalies and widespread artisanal activity with compelling evidence for a significant gold system.

Alamako intersected high-grade gold across the project, including 1m at 6.5 g/t gold from 79m; 19m at 2.7 g/t from 31m, including 1m at 17.1 g/t from 31m; and 3m at 2.7 g/t from 15m.

Trenching and geochemical sampling programs also returned high-grade results concentrated within the Didi-1 target. These included 24m at 3.66 g/t Au from 0m including 4m at 10.1g/t in a trench.

“The earn and JV on the Didi Gold Project provides TKL shareholders with a highly compelling advanced entry in one of West Africa’s most prolific and exciting gold belts currently,” Traka CEO Steve Lynn said.

“With established mineralisation and multiple walk-up drill targets already identified, the Didi Gold Project offers a strong platform for near-term exploration success and future resource growth.”

Copper Search (ASX:CUS)

(Up on no news)

Copper Search is targeting world-class copper-gold deposits within prolific resource-rich regions of South Australia and NSW.

The Peake project is in the Gawler Craton in South Australia, a world-class mining district with more than 100Mt of copper and 110Moz of gold.

The company’s tenements cover more than 5000km2 giving it a strong ground position.

In northwest NSW, CUS has the Byrock project which is prospective for large-scale porphyry deposits in the underexplored northern extension of the Macquarie Arc-Lachlan Fold Belt. 

There has been strong recent interest in this area with AngloGold Ashanti committing $195m to a 10-year exploration program.

This project covers 2265km2 and is 50km north of the Cobar Mining District.

In February 2025 CUS and privately held Nimrod Resources signed an exclusive binding option, farm-in and JV agreement that allows the company to earn up to a 75% interest in Byrock.

The company is undertaking fieldwork at the project, including IP and airborne magnetic surveys.

Shares have been as much as 21.2% higher to 2.3c.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Victory Metals, Green Critical Minerals and Impact Minerals are Stockhead advertisers, they did not sponsor this article.