Victory Metals Limited (ASX: VTM) (“Victory Metals” or “the Company”) has announced a significant update on the growing role of Scandium within its portfolio, emphasising its potential as both a by-product from the North Stanmore Heavy Rare Earth Project and a cornerstone of next-generation energy storage.
Recent research from the Tokyo University of Science demonstrated Scandium’s ability to dramatically improve Sodium-ion battery performance, providing greater structural stability and enhanced cycle life. This builds on Scandium’s established uses in aerospace, defence, and lightweight alloys, extending its importance into emerging clean energy technologies.
Figure 1: North Stanmore Heavy Rare Earth Project
Brendan Clark, Chief Executive Officer and Executive Director, stated: “Victory is emerging as one of the very few Australian companies positioned to deliver Scandium oxide as a by-product from a clay hosted heavy rare earth project. Scandium has long been recognised as a critical enabler for aerospace and high strength alloys, but the latest global research confirms its role as a game changer for the next generation of energy storage.”
Breakthrough in Sodium-Ion Battery Research
The Tokyo University of Science study revealed that doping sodium manganese oxide (P′2-Na₂/₃[Mn₁−xScₓ]O₂) cathodes with Scandium significantly improves long-term stability. By reducing Jahn-Teller distortions, suppressing electrolyte side reactions, and resisting moisture degradation, Scandium-doped cathodes retained approximately 60% of their capacity after 300 charge-discharge cycles.
While sodium-ion technology is still emerging, the findings highlight Scandium’s potential to close the performance gap with lithium-ion batteries. This positions Scandium as a critical enabler for grid-scale energy storage, renewable integration, and affordable electric mobility solutions.
Figure 2: Conceptual graphic of Scandium’s role in sodium-ion batteries compared to lithium-ion.
Mr. Clark added: “With Scandium oxide priced at USD$630 per kilogram and Victory targeting Scandium oxide in the first 10 years of operations under a low-throughput solution, we see this as an incredible revenue stream alongside the heavy rare earths. The support we have received from MRIWA further validates the technical and economic opportunity to unlock Scandium from our North Stanmore Project.”
Market Outlook for Scandium
According to Mordor Intelligence, the Scandium market is valued at USD 0.77 billion in 2025 and is projected to reach USD 1.53 billion by 2030, growing at a CAGR of 14.7%. This rapid expansion is driven by the rise of electric vehicles (EVs) and other advanced technologies.
Global EV sales surged from 310,982 units in 2021 to 997,909 in 2022, more than tripling in a single year. Forecasts suggest EV penetration could reach 40% by 2030, with sales of 26 million units expected by 2026. These trends open new opportunities for Scandium applications in lightweight alloys, structural components, and energy storage technologies.
Figure 3: Scandium Market Outlook – Size, Growth Trends and Forecast (2025–2030) [Source: Mordor Intelligence]
North Stanmore: A World-Class Resource
The Company’s North Stanmore Project, located in the Cue Region of Western Australia, is positioned as Australia’s largest indicated clay-hosted heavy rare earth resource. The August 2025 Mineral Resource Estimate (MRE) confirmed 320.6 million tonnes with significant Scandium content:
- 7 million kg of Scandium within the resource.
- JORC-classified with the majority in the Indicated category.
- Net Present Value (NPV) of $1.2 billion and a 31-year mine life from Scoping Study results.
Mr. Clark emphasised the project’s strategic role: “As Western markets accelerate the diversification of supply chains away from China and Russia, Victory is uniquely placed to provide secure Scandium oxide supply into aerospace, defence, renewable energy and now advanced battery markets. This is another powerful example of how our North Stanmore Project continues to strengthen as a strategic critical minerals hub and an emerging source.”
MRIWA Grant and Strategic Alignment
The significance of Scandium’s role was underscored by the Mineral Research Institute of Western Australia (MRIWA) awarding Victory a prestigious grant to advance Scandium extraction from North Stanmore.
This funding aligns with Western Australia’s Research Priority Plan, which emphasises downstream processing of critical minerals. It also reinforces the Project’s potential to address supply chain vulnerabilities, given that China and Russia currently dominate 90% of global Scandium oxide production, with China imposing export restrictions in April 2025.
Global Relevance of Scandium Supply
The breakthrough in sodium-ion batteries further strengthens Scandium’s profile as a strategic technology metal. With pricing at USD $630–$1,000/kg and constrained supply, demand from aerospace, defence, renewable energy, and battery markets is expected to rise sharply.
The Company’s strategy to incorporate Scandium oxide into the first decade of North Stanmore’s operations represents an additional high-value revenue stream alongside heavy rare earths. This dual production pathway enhances project economics while securing a foothold in multiple strategic industries.
Market Reaction
Victory Metals’ ASX performance reflects rising investor interest in Scandium and rare earths. At the time of the announcement, the Company traded at $1.395, with a market capitalisation of $185.07 million.
Performance highlights:
- +243.83% year-to-date.
- +216.48% over one year, significantly outperforming the ASX 200.
Investor Outlook
Victory Metals is well-positioned to capture the growing Scandium opportunity. With one of the few Australian projects capable of producing Scandium oxide as a by-product, the Company is strategically aligned to meet demand in aerospace, defence, clean energy, and advanced battery sectors.
Near-term investor catalysts include:
- Integration of Scandium oxide into the Pre-Feasibility Study.
- Progress on MRIWA-funded extraction research.
- Ongoing breakthroughs in sodium-ion battery applications.
- Strengthening EV adoption driving global Scandium demand.
Victory’s dual exposure to heavy rare earths and Scandium places it among a small group of companies positioned to benefit from global supply chain diversification and clean technology growth. As Clark noted, the North Stanmore Project is strengthening as “a strategic critical minerals hub and an emerging source”.
