Victory Metals Limited (ASX: VTM) ("Victory" or the "Company"), a leading innovator in the rare earth elements (REE) industry, is thrilled to share the exceptional outcomes of its recent metallurgical testwork conducted on the North Stanmore Rare Earth Element Project, situated just 10km north of Cue, Western Australia. This groundbreaking research has not only demonstrated a significant enhancement in the recovery of critical REEs but also positions the North Stanmore Project as a unique and low-cost source of Heavy Rare Earths (HREs) on a global scale.
The optimized mixed rare earth carbonate metallurgy concentrate from North Stanmore has shown remarkable proportions of Dysprosium (Dy) and Terbium (Tb), with Dy constituting 73.6% and Tb 10% of the concentrate. This composition starkly contrasts with the figures from the commissioning Serra Verde, Pela Ema Project mixed REE concentrate product, which contains Dy and Tb at 9.4% and 1.6%, respectively. Such a significant increase underscores the North Stanmore Project's potential to become a leading supplier of these critical materials, which are essential for high-tech and green energy applications.
In addition to its rich REE content, the North Stanmore Project has demonstrated the potential for low-cost recovery of REEs. Metallurgical testwork on a representative set of 23 samples from the project's Heavy Rare Earth-Rich Ionic Clay-Regolith has confirmed the feasibility of extracting REEs at low cost, with key unit operating costs being notably competitive. The consumption rate of Sulphuric Acid (H2SO4), a primary reagent in the extraction process, averages at 25kg/t, equivalent to $5.77/t. Furthermore, the forecast reagent costs for the removal of gangue materials such as aluminium and iron are $4.32/t and $2.64/t, respectively.
An additional advantage of the North Stanmore Project is its low levels of deleterious radioactive elements, such as Uranium (U) and Thorium (Th), which simplifies processing and product transport management, thereby reducing operational expenses (OPEX).
The unique character of the North Stanmore REE project is attributed to the effect of multiple tropical weathering events experienced by the approximately 2 billion-year-old alkaline source intrusion. This weathering history has enriched the project with a high average HREO/TREO ratio of 33%, and significant percentages of combined Dysprosium and Terbium (DyTb) and Neodymium and Praseodymium (NdPr), totaling 3.6% and 21.5% TREYO respectively.
To further the project's development and ensure its success on the global stage, Victory has appointed a Head of Strategic Relations. This role is dedicated to cultivating and maintaining relations with local, federal, and international governments, industry, and key stakeholders, highlighting the company's commitment to sustainable and responsible development.
Victory Metals Limited is proud to be at the forefront of the REE industry, demonstrating the viability of the Serra Verde project outside of Asia and showcasing the global potential of Heavy Rare Earth enriched clay projects. The North Stanmore Project not only represents a significant step forward in the company's growth but also contributes to the diversification and security of the global supply chain for critical rare earth elements.
Victory’s Chief Executive Officer and Executive Director Brendan Clark commented:
“The increasing global demand for heavy rare earth elements including Dysprosium (“Dy”) and Terbium (“Tb”) coupled with Victory's high ratios of heavy rare earth oxide to total rare earth oxide, exceptional metallurgical recoveries with low processing unit costs for key reagents, enhances the commercial viability of the North Stanmore Project.
“These positive metallurgical test results, and the fact that Victory has already produced a mixed rare earth element carbonate test product, are expected to work towards an upgrade of the Company's JORC Mineral Resource Estimate (“MRE”) from inferred to the higher confidence indicated category.”
“The MRE upgrade is advancing with drill assays being reported on time, further progressing Victory’s activities towards the Company’s vision of becoming a low-cost producer of the Heavy Rare Earths in particular Dysprosium (“Dy”) and Terbium (“Tb”) that are critical elements for both the renewable energy transition and defence sector, and which have a restricted supply chain, currently dominated by China.”
“I am also excited of the advancement in the rare earth sector with the commissioning of the Serra Verde processing plant, this shows great potential for clay rare earth projects benefiting from high ratios of critical and valuable heavy rare earth elements Dysprosium and Terbium to become operational.
“North Stanmore also benefits from far higher levels of these valuable elements Dy and Tb, being situated in Western Australia, voted as one of the best mining jurisdictions in the world by the Frasers Institute, being located on Crown land with few stakeholders, and in a region with favourable weather conditions, giving Victory excellent confidence in progressing North Stanmore key global supplier of Heavy Rare Earth Elements.”
“It is also my pleasure to welcome Alannah MacTiernan to the Victory team. Alannah has an array of outstanding achievements and will be a strategic addition to introduce Victory’s world class Heavy Rare Earth Project to governments and industry groups both locally and internationally.”
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