Victory Metals has announced “breakthrough metallurgical results” from its North Stanmore project in Western Australia – one of the largest heavy rare earth clay projects globally.
Results show approximately 80 per cent of rare earths can be leached within 30 minutes compared to a previously assumed time of almost four hours.
In addition, Victory Metals found significant grade increases delivered in terbium, dysprosium and scandium during the December quarter, further enhancing the project’s capability for producing high-quality key critical minerals.
The project “presents a unique opportunity to establish a long-term, low-cost supply of critical minerals essential for high-growth industries including renewable energy, electric vehicles and defence,” the company said in a statement.
“The project is strategically positioned to become a potential producer of heavy rare earth elements and critical minerals which are subject to export restrictions from China, including dysprosium, terbium and yttrium.”
A pre-feasibility study for the project is scheduled for release later this year.
As well as promising advancements in the production of critical minerals, Victory Metals also noted additional key activities that have taken place, including the advancement of a rare earths partnership.
The partnership with Japanese powerhouse Sumitomo Corporation has solidified an offtake agreement for North Stanmore.
Victory is set to supply up to 30 per cent of annual production, or 1000 tonnes per year of mixed rare earth carbonate, including up to 50 tonnes dysprosium and terbium product for an initial five-year term.
The company also announced in the December quarter the appointment of former US president deputy chief of staff Emma Doyle as senior advisor for US Strategic Engagement.
The move provides the company with “direct insight” into US policy and government affairs at a pivotal time for the rare earths sector.
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