Victory Metals Limited (ASX: VTM) (“Victory” or “the Company”) is rapidly emerging as a significant player in Australia’s critical minerals sector. Led by CEO Brendan Clark, the Company focuses on developing a scalable scandium oxide and mixed rare earth carbonate (MREC) supply.
Figute 1: Victory Metals: Australia’s Largest Indicated Heavy Rare Earth Element Resource
Perth based Victory Metals is focusing on advancing the North Stanmore Rare Earth and Scandium Project near Cue in Western Australia. As global demand for critical elements like scandium and heavy rare earths accelerates, fueled by growth in electric vehicles, renewable infrastructure, and aerospace technologies, Victory is all set to become a key local supplier with a strategic advantage.
Rare Earths and Scandium – A Growing Global Industry
Global demand for rare earths is rapidly increasing due to the rise in the clean energy transition. According to the International Energy Agency, demand for rare earths in clean energy technologies is expected to triple by 2040. Permanent magnets made with praseodymium, neodymium, dysprosium, and terbium are essential for electric vehicle motors and wind turbines.
Scandium remains even rarer. The global supply is estimated at less than 20 tonnes annually. Applications extend from aerospace-grade aluminium alloys to solid oxide fuel cells, which are increasingly relevant to the energy transition.
With 4% of the world’s rare earth reserves, Australia is emerging as a reliable partner in the global effort to diversify supply chains away from China. Victory Metals’ progress at North Stanmore strengthens the country’s potential role as a critical minerals hub.
North Stanmore Rare Earth and Scandium Flagship Project
Figure 2: North Stanmore Project Map
The North Stanmore Project is the centrepiece of Victory Metals’ portfolio. In August 2025, the company announced a JORC Mineral Resource Estimate of 320.64 million tonnes at 510 ppm total rare earth oxides (TREO), with a higher-grade near-surface zone of 53 million tonnes at 1,012 ppm TREO near the surface.
Figure 3: North Stanmore August 2025 MRE (≥330ppm TREO + Sc2O3 cut-off grade)
Notably, the resource includes 7.7 million kilograms of scandium oxide, making it one of the largest scandium deposits reported globally. Scandium’s use in lightweight aluminium alloys has growing applications across aerospace, automotive, and clean energy. Alongside scandium, the project also contains valuable rare earth elements such as praseodymium, neodymium, dysprosium, terbium, and gallium, all essential for technologies in renewable energy, defence, and EV manufacturing.
Projects’s sample metallurgical testwork sets a new benchmark for the whole sector in Australia. The North Stanmore Project has already delivered a 94% TREO mixed rare earth oxide concentrate in—the highest grade from any Australian clay-hosted deposit—using 453 composite samples across the site. The company also succeeded in separating scandium into a refined product, demonstrating clear progress toward downstream processing.
These developments are backed by funding support. The Minerals Research Institute of Western Australia (MRIWA) awarded Victory a $250,000 grant to advance scandium oxide production. Early-stage financing discussions with international institutions in the U.S. and Saudi Arabia also suggest strong commercial interest.
Production Pathway
In March 2025, Victory released its Scoping Study for the North Stanmore HREE Project:
Key findings from the Scoping Study included:
- Robust estimated net present value (NPV) across multiple pricing scenarios:
- AUD $1.212 billion Post Tax 52% IRR (based on Adamas Intelligence downwards forecast)
- AUD $711 million Post Tax 36% IRR (based on Asian Metal Market spot price of NdPr USD $62kg)
- AUD $868 million Post Tax 41% IRR (based on Adamas Intelligence 10-year historical NdPr USD $82kg)
- 8Mtpa throughput due to shallow nature of the mineralisation with favourable weather conditions
- 31-year mine life with 72% of the resource being in the Indicated category and 28% being in the Inferred category
- CAPEX of approximately AUD $337m including a 30% contingency
- Low OPEX of approximately AUD $25.5 per ROM tonne over the life of mine (LOM)
- Victory set to produce a very high value and quality heavy rare earth enriched product
- Outstanding metallurgical recovery of 94% for magnet rare earth oxide (MREO)
The focus ahead remains on completing advanced studies, securing offtake agreements, and developing processing capabilities. The North Stanmore project’s scale and recovery results position Victory Metals well to supply critical minerals into high-demand markets.
Critical Metals and Gallium By-Product
Recent testwork using the company’s Mixed Rare Earth Carbonate (MREC) process has successfully recovered all the critical metals that are currently subject to Chinese export restrictions.
Figure 4: Critical Minerals Contained Within the North Stanmore MREC
The Company has expanded the North Stanmore Project’s Mineral Resource Estimate (MRE) to include Gallium Oxide as a by-product. Gallium is a critical metal widely used in electronics, semiconductors, and high-tech applications, and the global supply is currently concentrated in China.
The addition of Gallium strengthens Victory Metals’ portfolio of critical minerals and enhances the project’s overall value. By producing both scandium and Gallium, the company positions North Stanmore as a diversified and reliable source of essential metals for high-growth sectors such as renewable energy, electric vehicles, and defence.
This development complements the company’s ongoing project assessment studies, highlighting North Stanmore’s potential to become a leading Western Australian supplier in the global critical minerals market.
Recent Milestones and Next Steps
Victory Metals Limited has marked continuous progress through 2025. The Company recently secured a $250,000 research grant from the Minerals Research Institute of Western Australia (MRIWA) to support the production of high-purity scandium oxide at its North Stanmore Project.
Victory’s CEO and Executive Director, Brendan Clark, commented:
“This MRIWA grant has been awarded following a highly competitive process with rigorous technical scrutiny. With China and Russia dominating 90% of global scandium oxide supply and China’s recent export restrictions, North Stanmore’s 7.7 million kg scandium resource is a strategic asset for defence and renewable energy. Scandium oxide, priced at US$630/kg, enables lightweight alloys for fighter jets and fuel cells for clean energy. Building on our MREC separation success, this project positions Victory Metals as a leader in Western Australia’s role in global critical minerals supply chains.”
The funding will accelerate metallurgical studies and resource definition work. The company plans to continue advancing its critical minerals strategy and maintain momentum toward commercial production.
Looking ahead, the company will move toward feasibility studies, while continuing to refine processing flowsheets to maximise value capture from both rare earths and scandium.
Scandium Market Analysis
Figure 5: Scandium Market Size
The global scandium market, valued at USD 0.77 billion in 2025, is projected to nearly double to USD 1.53 billion by 2030, growing at a CAGR of 14.7%. The expansion is largely fuelled by the rapid rise of electric vehicles (EVs) and their demand for lightweight materials and advanced battery technologies. EV sales surged from 310,982 units in 2021 to nearly one million in 2022, and industry forecasts suggest global EV penetration could reach 40% by 2030. With sales expected to hit 26 million units by 2026, long-term demand for scandium-based applications looks strong.
CEO & Executive Brendan Clark – Steering Victory Metals’ Growth
Figure 6: Victory Metals CEO & Executive Brendan Clark
Mr. Brendan Clark serves as Chief Executive Officer of Victory Metals Limited, a position he has held since March 2023, and has been Executive Director since July 2021. He brings extensive experience in capital markets and resource development, having previously served as CEO of Victory Goldfields Pty Ltd and Managing Director of the Capital Group of Companies, overseeing diverse business interests across construction, retail, hospitality, property, and investment.
Mr. Clark is also the founder and chair of Health Hope Zambia, a charitable organisation providing healthcare, mobile clinics, school feeding programs, and community services in rural Zambia. His leadership in this initiative has been recognised by both the Zambian government and local communities.
At Victory Metals, Mr. Clark is committed to the responsible development of North Stanmore’s mineral resources, combining technical expertise with ethical management. His stewardship has earned institutional backing, including government grants and financing discussions abroad.
Investor Outlook & Financials
As of 21 August 2025:
- Victory Metals shares trade at AUD 1.740, with a 52-week range of AUD 0.310 – AUD 1.915.
- The Company’s market capitalisation stands at around AUD 200.25 million.
The company reported a cash balance of $6.46 million as of 30 June 2025, with $624,000 of prepaid expenditure for its Preliminary Feasibility Study (PFS). Earlier in the year, Victory Metals received $751,909 in R&D tax offsets and completed a $4 million placement supported by leadership, industry participants, and top shareholders.
Victory Metals has also secured strong international backing. Sanabil Investments LLC, owned by the Public Investment Fund of Saudi Arabia, committed to a US$10 million loan facility. Additionally, a Letter of Intent from the Export-Import Bank of the United States could provide up to US$190 million (~A$292 million) in project financing for the North Stanmore Project.
The company continues to advance the North Stanmore Project, including metallurgical studies and resource definition, while expanding its portfolio with the inclusion of Gallium Oxide as a by-product.
Closing Thoughts
Victory Metals represents more than a single-project story. It symbolises Australia’s growing role in securing the future of global supply chains for rare earths and scandium. Under the leadership of CEO and Executive Director Brendan Clark, Victory Metals continues to advance Australia’s contribution to global critical minerals supply chains while delivering value to shareholders and supporting high-growth, future-focused industries.
