VTM applies for North Stanmore mining licence

Victory Metals has applied for a mining licence over its North Stanmore project
The application underpins the company’s strategic development plans
VTM is focused on finalising the scoping study and accelerating partnerships

Special report: The lodging of the mining licence for Victory Metals’ North Stanmore heavy rare earths project marks a pivotal moment in the company’s journey as it puts the finishing touches on a landmark scoping study.

Victory Metals’ (ASX:VTM) North Stanmore project near Cue in WA is the largest indicated heavy rare earths dominant deposit in Australia with a resource of 235Mt – about 149Mt or 63% of which sits in the higher confidence indicated category.

Indicated resources provide companies with enough certainty on geology and grade continuity to support mine planning.

Included in that resource is a near-surface high-grade domain of 45.9Mt at 1050ppm total rare earth oxides, further backing rapid development for the global supply of critical materials.

For context, the heavy REE content makes up 67% of the value of the TREO basket.

More recently, hafnium – a high value product and critical metal with key applications in defence functions and the aerospace industry – has also been confirmed to be present at the project.

While Australia is a major source of rare earths outside China, few deposits contain such a high proportion of heavies such as terbium and dysprosium, with major Lynas (ASX:LYC) recognising the importance of that end of the rare earths market by commissioning a retrofit of its Malaysian refinery to produce the magnet metals from next year.

That earmarks North Stanmore, recognised as a world-class resource recently by the Geological Society of WA, as a strategically important asset for Australia and the West.

Perfectly positioned to supply critical materials

Another critical step in North Stanmore’s development story has been undertaken with the lodgement of a mining licence application with the Department of Energy, Mines, Industry Regulation and Safety.

The mining licence application area covers approximately 2006 hectares (20.6km2) and confirms VTM’s commitment to advancing the world-class resource.

“It also positions us strategically to contribute significantly to the global supply of critical materials essential for the energy transition and national defence,” VTM executive director and CEO Brendan Clark says.

“Our focus now is on finalising the scoping study and accelerating partnerships that will potentially bring this project to fruition, ensuring a steady supply of ethically sourced rare earths.”

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.