Victory CEO shows support with $219,000 options exercise
Victory chief executive officer Brendan Clark has demonstrated his confidence in the company’s North Stanmore rare earths project by investing about $219,000.
Clark has exercised about 1.09 million options at $0.20 each, which adds to the existing cash position of about $3.14 million, and ensures that the company is funded into 2024 for the maiden JORC resource estimate, the advanced metallurgical test work program that is currently in progress and further exploration and resource drilling.
The resource estimate is nearing completion while the test work includes flow sheet design and will produce a mixed REE carbonate (MREC) as the end product.
Victory Metals (ASX:VTM) had noted earlier this month that diagnostic test work had successfully achieved 8% neodymium recoveries, 76% praseodymium and 79% and 80% recoveries respectively for heavy rare earths dysprosium and terbium using commonly used acid bake leaching.
In a positive sign for the project’s potential economics, this was achieved using low cost sulphuric acid at low temperatures of 200 degrees Celsius and a low leach time of just two hours.
“I have been with the company since inception and I am pleased to contribute additional funding for further activities at the rapidly advancing North Stanmore rare earth element project through the conversion of these options,” Clark noted.
“The company is entering a monumental stage with the maiden JORC Mineral Resource estimate, which is soon to be reported along with the continued metallurgical test work program that has already demonstrated outstanding metallurgical recoveries, with the current program set to produce Victory’s Mixed Rare Earth Carbonate (MREC) product.”
North Stanmore covers 34km2 near Cue, Western Australia, and has seen recent reverse circulation drilling return an average grade of 987ppm total rare earth oxide (TREO) from 219 holes .
Stand-out hits include up to 1.08% or 10,829ppm, TREO with 59% valuable heavy rare earth oxide.
This article was developed in collaboration with Victory Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.