Name of the Project
North Stanmore rare earth project.

Location
Western Australia.

Project Owner/s
ASX-listed rare earth elements and critical minerals explorer Victory Metals.

Project Description
Studies have confirmed that North Stanmore has the potential to be one of the lowest-cost producers of rare earths worldwide.

The current North Stanmore rare-earth elements mineral resource estimate is reported at an economic cutoff grade of more than 330 parts per million (ppm) total rare earth oxide (TREO) and scandium oxide is 247.5-million tonnes at 493 ppm TREO. The estimate includes 176.5-million tonnes at 477 ppm TREO of indicated mineral resources and 70.9-million at 533 ppm TREO of inferred mineral resources.

A total of 13 different rare-earth oxides, plus scandium and hafnium, will be recovered to the saleable concentrate. There will be a focus on heavy rare earths (dysprosium and terbium), which are critical for electric vehicles, wind turbines and defence applications.

Average TREO production over the 31-year life-of-mine (LoM) is estimated at 1.91-million tonnes a year. 

Total production of TREO over the LoM, excluding cerium and lanthanum, is estimated at 59.32-million tonnes. 

Total production of scandium and hafnium is estimated at 3.08-million tonnes.

It is proposed that the eight-million-tonne-a-year processing plant be situated within 1 km from the north-east of the proposed pit.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Based on conservative price forecasts, the scoping study estimates a net present value, at an 8% discount rate, of A$1.2-billion and an internal rate of return of 52%, with a payback of two years.

Capital Expenditure
A$337-million, including a 30% contingency.

Planned Start/End Date
Not stated.

Latest Developments
Victory Metals has signed an agreement with the Wajarri Yamaji Aboriginal Corporation that helps facilitate the granting of a mining licence.

The Wajarri Yamaji People are the traditional owners and native title holders of a large and significant area of the Mid West of Western Australia, spanning the Murchison and Gascoyne regions, including the land on which North Stanmore is situated.

The agreement establishes clear consent and shared commitment to progressing activities across the North Stanmore tenement package. This represents a key step in the native title process that supports the pathway towards granting the mining licence, Victory has explained.

The company has noted that the execution of this agreement reflects the ongoing constructive relationship between Victory and the Wajarri Yamaji People, and the company’s commitment to engaging respectfully and responsibly with traditional owners as it continues timely progress in developing North Stanmore.

Victory is advancing a prefeasibility study. The latest mineral resource estimate on the project totals 320-million tonnes grading 38% total rare earths oxide, including heavy rare-earths scandium, hafnium and gallium.

Key Contracts, Suppliers and Consultants
Mincore (scoping study).

Contact Details for Project Information
Victory Metals, tel +61 8 6555 2950 or email info@victorymetalsaustralia.com.