Victory Metals Limited (ASX: VTM) (“Victory Metals” or “the Company”) has released a pivotal update on its flagship North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia, confirming the discovery of multiple ultra-high-grade heavy rare earth oxide (HREO) zones. These results, coupled with surging international demand and price rises for strategic metals, reinforce the Company’s unique positioning as one of the world’s most advanced clay-hosted rare earth projects.
Figure 1: Map showing the North Stanmore Project location in the Cue Region, WA.
Ultra-High Heavy Rare Earth Zones Confirmed
The new study, commissioned in August 2025, identified 26 high-value HREE zones across North Stanmore, with many situated within the existing Indicated Resource. These zones demonstrate some of the highest HREO/TREO ratios reported globally – up to 83%, underscoring the world-class nature of the deposit.
Highlights include:
- HREE ratios up to 83% of TREO, well above typical averages for clay-hosted deposits.
- Exceptional grades, with assays returning up to 10,179 ppm TREO and HREE ratios above 80%.
- Identification of multi-zone development potential, enhancing flexibility for mine planning.
Victory confirmed that its Pre-Feasibility Study (PFS) will now incorporate these high-value zones into mine scheduling, ensuring the first decade of operations targets the richest mineralisation.
Figure 2: Figure of ranked HREE zones by basket price contribution.
Economic Advantages of Targeting HREE-Rich Zones
By focusing on ultra-high-grade HREE areas, Victory expects to deliver the same marketable oxide output while processing just 30% of the material previously considered. This dramatically reduces both capital expenditure (CAPEX) and operating expenditure (OPEX), improving the project’s overall economics.
This efficiency, coupled with the recent price surge in critical HREEs, including yttrium (up 800%), dysprosium, and terbium (both up more than 100% from values used in Victory’s scoping study), underscores the project’s financial attractiveness.
Management Commentary
Victory’s Chief Executive Officer and Executive Director, Brendan Clark, highlighted the breakthrough:
“This is purely what sets North Stanmore apart as a clay-hosted rare earth project. Heavy rare earths are what the Western world needs to secure, and our extraordinary ratios underpin what the Project offers. By focusing on these high-value zones, we are working to deliver the same volume of critical defence and high-tech metals to market, while processing less than half the material previously envisaged.”
He added: “With dysprosium, terbium, yttrium, scandium, hafnium, lutetium, and thulium all confirmed in meaningful quantities, Victory is emerging as a globally significant supplier of heavy rare earths and strategic metals.”
North Stanmore Mineral Resource: Australia’s Largest Indicated Clay HREE Resource
In August 2025, Victory announced a Mineral Resource Estimate (MRE) of 320.6 million tonnes, with:
- 5Mt Indicated Resource and 144.1Mt Inferred Resource.
- TREO + Sc₂O₃ averaging 510ppm.
- HREEs representing up to 38–39% of TREO, a globally competitive ratio.
This positions North Stanmore as Australia’s largest indicated clay HREE resource and a critical project for Western supply chains.
Figure 4: Table summarising August 2025 MRE with TREO, HREO, and Sc₂O₃ values.
Planned 10,000m Drilling Program
To further build on these results, Victory has designed a 10,000m aircore drilling program targeting a 10km strike length north of the Indicated Resource. Early RC drilling has already identified zones with TREO grades close to 1% and HREE/TREO ratios above 80%.
Perth-based BOSTECH Drilling has been appointed to conduct the program using low-impact rigs that rehabilitate drill sites immediately, aligning with Victory’s ESG commitments.
Strategic Context: Heavy Rare Earth Market Growth
The North Stanmore update comes at a time when global heavy rare earth markets are experiencing significant growth.
- The HREE market was valued at USD 2.5 billion in 2023 and is forecast to reach USD 4.8 billion by 2032, at a CAGR of 7.5%.
- Key growth drivers include surging demand for electric vehicles, renewable energy infrastructure (especially wind turbines), and strategic defence applications.
- The unique importance of HREEs such as dysprosium and terbium in high-strength permanent magnets positions deposits like North Stanmore as critical global assets.
With Chinese export restrictions driving regional price divergence, Western governments are prioritising domestic HREE supply chains. Victory’s safe jurisdiction in Western Australia strengthens its role as a future tier-one supplier.
Strategic Competitive Advantage
While Lynas Rare Earths (ASX: LYC) is expected to remain a dominant supplier of light rare earths, there is projected to be a deficit in heavy rare earth oxide supply. Victory’s North Stanmore, with its extraordinary HREE ratios, safe jurisdiction, and established infrastructure, is well placed to fill this gap.
The Company’s strategy of targeting HREE-rich zones not only boosts revenue potential but also ensures resilience against supply chain risks and market fluctuations.
Investor Outlook: Strong Market Re-Rating Potential
Victory Metals’ share price has reflected growing investor confidence in 2025, supported by resource growth, high-grade discoveries, and strategic positioning in the critical minerals sector.
ASX Share Performance (as of 11:33 am, 8 September 2025):
- Last Price: $1.375 (+1.102%)
- 1 Week: +3.38%
- 2025 YTD: +231.33%
- 52 week range: $0.310 – $1.915
- Market Cap: $177.88 million
The Company’s consistent gains highlight market recognition of North Stanmore’s global significance and the strong outlook for heavy rare earth demand.
Conclusion
Victory Metals’ September 2025 announcement confirms the world-class scale and quality of the North Stanmore HREE Project, with 26 high-value zones identified and ratios among the best reported globally. By prioritising ultra-high HREE areas, the Company is set to optimise economics, reduce costs, and maximise returns.
Backed by rising global demand, strategic government interest, and a robust exploration program, Victory is emerging as a leading heavy rare earths and strategic metals supplier, poised to play a central role in the clean energy transition and advanced technology industries.
