Victory Metals Limited (ASX: VTM) (“Victory” or “The Company”) has announced the completion of comprehensive baseline environmental and biological studies at its North Stanmore Heavy Rare Earth Project in Cue, Western Australia. The findings confirm that there are no environmental impediments impacting the project’s progress.
No Environmental Barriers Ahead [DiscoveryAlert]
The studies covered flora, fauna, surface water, groundwater, soils, and waste characterisation, and concluded with no threatened flora or ecological communities recorded within the project area. Surface water flows were found to be consistent with regional patterns and manageable through standard practices. Groundwater analysis further confirmed that the project lies outside Cue’s drinking water supply area, with no surplus water generation expected.
Victory’s Chief Executive Officer and Executive Director, Brendan Clark, stated,
“Baseline environmental studies are an important step in de-risking a project, and these results are highly encouraging. To confirm no threatened flora or ecological communities and no major fauna constraints across our project area gives Victory a clear path forward from an approvals perspective.
This reinforces North Stanmore as one of the most strategic and development-ready heavy rare earth clay projects in Australia and we remain focused on progressing the PFS at rapid pace, advancing funding discussions, and ensuring that Victory develops responsibly, sustainably mining practices.”
A Closer Look at the Baseline Study Program
Victory commissioned multiple expert consultancy firms to undertake comprehensive environmental assessments across the North Stanmore Project area. These included detailed studies of biological components, such as flora, fauna, and subterranean ecosystems, as well as biophysical elements like surface water, groundwater, soils, and waste characterisation.
The findings confirmed that the site does not host any Threatened Flora or Ecological Communities, a significant advantage in the permitting process. Surface water flows were consistent with regional hydrological norms, and groundwater studies showed the project’s location outside of Cue’s drinking water zone. Additionally, no surplus water generation was identified, meaning the project will not contribute excess water to the surrounding environment.
Advancing Toward Prefeasibility
With environmental clearance in hand, Victory can now proceed toward completing its Pre-Feasibility Study, a key step in transforming North Stanmore from an exploration project into a near-term development opportunity. The absence of environmental constraints eliminates a major source of uncertainty and provides a strong foundation for regulatory approvals and funding progress.
Victory stated that these outcomes reaffirm North Stanmore as Australia’s most advanced large-scale clay-hosted heavy rare earth project, a distinction that supports its long-term vision to become a world-class supplier of heavy rare earths outside China.
Strengthening North Stanmore’s Development Credentials
The successful completion of environmental studies marks a crucial step in de-risking the North Stanmore Project. It allows Victory to finalise its Pre-Feasibility Study (PFS) and progress toward key approvals and funding discussions.
North Stanmore August 2025 MRE [VictoryMetals]
North Stanmore is already recognised as Australia’s largest clay-hosted heavy rare earth project, with a JORC 2025 Mineral Resource Estimate of 320.6 million tonnes at 510 ppm TREO and exceptional heavy rare earth enrichment in certain zones. The project’s unique profile, featuring high proportions of valuable elements such as dysprosium and terbium, positions it strongly in the global rare earths sector, particularly in the growing market for clean energy technologies, defence, and advanced manufacturing.
Earlier this year, Victory achieved a significant technical milestone by producing a mixed rare earth oxide (MREO) product with 94% total rare earth oxide purity. This was the highest-grade heavy rare earth–enriched MREO produced in Australia from a clay deposit, demonstrating strong metallurgical performance and confirming the project’s processing potential.
These achievements highlight North Stanmore’s progression into the development phase. Together with the environmental green light, they form a strong foundation for Victory’s next steps, completing the PFS and securing regulatory approvals.
Industry Tailwinds and Competitive Landscape
The rare‑earth industry is at an inflexion point. Prices of key heavy rare earth elements like dysprosium and terbium have more than doubled in 2025, driven by China’s export restrictions and rising global demand for magnets.
China’s Dominance in Rare Earth Reserves [Statista]
Governments in the U.S., EU, and Australia are pushing policies to secure non-Chinese supply. Global players are expanding outside China, reflecting a wider shift toward diversified, ethical sourcing. These trends highlight North Stanmore’s potential in meeting Western demand for heavy rare earths.
Investor Outlook & Financials
Victory Metals has shown steady progress in 2025. The latest baseline environmental studies remove an important hurdle for the PFS and signal that the project can advance without significant ecological impediments.
Beyond North Stanmore, the broader market is trending towards diversification and ex‑China supply chains. While rare‑earth projects carry inherent risks related to permitting, funding and market volatility, Victory’s multi‑metal portfolio and Tier‑1 jurisdiction could make it a compelling play amid tightening global supply.
Market Snapshot:
- As of October 6, 2025, Victory Metals Limited (ASX: VTM) is trading at AUD 245 per share, within a 52-week range of AUD 0.310 to 1.915.
- The Company’s current market capitalisation stands at approximately AUD 163 MILLION.
Bottom Line
Victory Metals’ North Stanmore project is gaining momentum. Completed environmental and biological studies confirm no major impediments, clearing the way for development. Backed by a robust scoping study, high‑grade resources, ultra-heavy rare earth focus, a scandium program, and a Sumitomo partnership, Victory is positioning itself as a key supplier outside China.
