Victory Metals Limited (ASX:VTM) ("Victory" or "the Company"), an acclaimed Rare Earths exploration company based in Western Australia, proudly announces a financial milestone, reaching an additional $895,227 in funding. This was made possible as the Company's Non-Executive Chairman, Mr Trevor Matthews, along with a consortium of founding shareholders, elected to exercise a total of 4,476,138 unlisted options at $0.20 each.
The conversion of these options to fully paid ordinary shares bolsters Victory's cash position significantly, endorsing the viability of the North Stanmore Rare Earth Element Project ("North Stanmore") located approximately 10km north of the town of Cue, Western Australia. The site is conveniently located with direct access to the Great Northern Highway, approximately 420km by sealed road to Geraldton port.
Victory also successfully completed a heritage survey with the Wajarri Yamaji Aboriginal Corporation across newly granted and acquired tenements E 20/971, P 20/2007, P 20/2468 and P 20/2469, spanning an area of approximately 25km2. The survey's completion paves the way for the next phase of exploration drilling at North Stanmore, aimed at extending the Rare Earth Element mineralisation beyond the currently known anomalous areas and further defining the resource.
Brendan Clark, Victory's Chief Executive Officer and Executive Director, shared his enthusiasm over the recent developments. "I am thrilled to announce that Victory has received commitments of an additional $895,227 via the exercise of options, providing the Company with further funding support for future project exploration activities. This influx of capital is a testament to the confidence that our Non-Executive Chairman, Mr Trevor Matthews and the founding shareholders have in our vision and Company strategy."
Clark further commented on the completion of the heritage survey, "I am pleased to confirm that our heritage survey has been successfully completed over several recently acquired tenements at North Stanmore, adhering to WA’S latest heritage legislation."
Victory remains on course to deliver the maiden JORC Mineral Resource Estimate (MRE) for the North Stanmore project by the end of July. "By prioritising our cultural heritage obligations, we not only demonstrate our respect for the past but also further advance the Company as an ethical explorer, values which we remain strongly committed to," added Clark.
Clark closed by thanking shareholders for their support, expressing optimism about the company's future. "With Victory progressing exceptionally well, I am confident we will continue to create shareholder value."
About us:
Victory is focused upon the exploration and development of its Rare Earth Element (REE) and Scandium Discovery in the Cue Region of Western Australia. Victory’s key assets include a portfolio of assets located in the Midwest region of Western Australia, approximately 665 km from Perth. Victory’s Ionic clay REE discovery is rapidly evolving with the system demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au