Victory Metals Limited
Developing Australia's largest and most advanced clay-hosted heavy rare earth project in Western Australia, strategically positioned to supply defence-critical and energy-transition minerals to Western-aligned markets.
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Investor Insight
Why this opportunity matters now
Victory Metals Limited (ASX: VTM) sits at the intersection of critical mineral security, defence, and the global energy transition. Its flagship North Stanmore Heavy Rare Earth Project in Western Australia hosts a JORC-compliant resource of 320.6 million tonnes, making it Australia's largest and most advanced clay-hosted heavy rare earth (HREE) deposit. With China imposing export controls on key heavy rare earths including dysprosium, terbium, yttrium, gadolinium and lutetium, North Stanmore's ability to produce all seven restricted elements positions Victory as one of a small number of Western-aligned alternative sources globally.
The project's strategic importance has attracted binding-level interest from two of the world's most significant capital sources: a Letter of Intent from Japan's Sumitomo Corporation for offtake of up to 1,000 tpa of mixed rare earth carbonate product, and a Letter of Interest from the US Export-Import Bank (EXIM) for up to US$190 million in debt financing support over a 15-year term — potentially qualifying under the China and Transformational Exports Program. Victory has also received US Government System for Award Management approval, enabling direct engagement with US federal agencies including the Department of Defence and US EXIM Bank. A March 2025 Scoping Study confirmed a post-tax NPV of A$711 million to A$1.2 billion and an internal rate of return of 36–52%, with estimated project capital expenditure of A$337 million.
Company Overview
Who Victory Metals Limited is and what they do
Victory Metals Limited (ASX: VTM) is an Australian critical minerals exploration and development company focused on the North Stanmore Heavy Rare Earth Element (HREE) Project in the Cue Region of Western Australia. The company was formerly known as Victory Goldfields Limited and changed its name to Victory Metals Limited in November 2022 to reflect its strategic pivot toward rare earth and critical mineral development. Victory is headquartered in Subiaco, Western Australia.
North Stanmore is a clay-hosted ionic regolith deposit located approximately 6 kilometres north of Cue, Western Australia, with sealed road access via the Great Northern Highway. The project is 100% owned by Victory Metals and covers approximately 2,006 hectares. The deposit's heavy rare earth oxide to total rare earth oxide (HREO/TREO) ratio averages 39% and reaches up to 83%, making it one of the most heavy rare earth-enriched clay deposits globally. Three stages of metallurgical test work have been completed, including a breakthrough production of a 94% total rare earth oxide (TREO) mixed rare earth oxide — a first in Australia — using a low-capital-expenditure leaching process. Gallium has also been confirmed in the final mixed rare earth carbonate product at 358 g/t Ga₂O₃. The company has lodged a Mining Licence application with the Western Australian Department of Energy, Mines, Industry Regulation and Safety and has commenced environmental baseline studies.
Company Highlights
Key competitive advantages at a glance
Key Assets
The flagship project driving value
North Stanmore Heavy Rare Earth Project
The North Stanmore Heavy Rare Earth Project is Victory Metals' flagship and sole-focus asset, situated approximately 6 kilometres north of Cue in the Midwest Region of Western Australia, approximately 665 kilometres from Perth. The project is 100% owned by Victory Metals and covers approximately 2,006 hectares of contiguous tenements. North Stanmore is a clay-hosted ionic regolith deposit that benefits from near-surface mineralisation, sealed road access, and a straightforward extraction process requiring no complex processing circuits or expensive reagents. The August 2025 Mineral Resource Estimate of 320.6 million tonnes at 510 ppm TREO + Sc₂O₃, combined with a 13.5 kilometre strike length and mineralisation open in all directions, establishes North Stanmore as Australia's largest indicated clay-hosted heavy rare earth resource and one of the most significant such deposits outside of China. An additional exploration target of 100–230 million tonnes at 330–600 ppm TREO has been defined outside the existing MRE, signalling material further upside.
Management Team
Experienced leadership driving results
Led by an experienced team combining entrepreneurial leadership, capital markets expertise, world-class geoscience and rare earth technical knowledge.
Brendan Clark
Western Australian-born entrepreneur and philanthropist, Brendan Clark commenced his career in real estate and property development before relocating to Zambia in 2013 to found Health Hope Zambia, developing the country's largest malnutrition hospital and not-for-profit ambulance network. He co-founded and led several mining exploration and development companies in Zambia focused on copper-cobalt tailings reprocessing and base metals exploration before joining Victory. Brendan was appointed CEO and Executive Director of Victory Metals on a full-time basis in March 2023 and has been instrumental in advancing North Stanmore from an early-stage discovery to a globally recognised heavy rare earth project.
ProfileJames Bahen
James Bahen is a director and equity partner of SmallCap Corporate and a chartered secretary who commenced his career in audit and assurance with an international chartered accounting firm. He has extensive corporate governance and capital markets experience, having been involved in public company listings, mergers and acquisitions, and capital raisings for ASX-listed resources companies. Mr Bahen is a member of the Governance Institute of Australia and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree majoring in accounting and finance. He was appointed Chairman following the resignation of Trevor Matthews in July 2024.
ProfileProf. Ken Collerson
Professor Ken Collerson (PhD, FAusIMM) is Emeritus Professor of Earth Sciences at the University of Queensland and an internationally recognised and highly cited geologist and geochemist. He has expert knowledge of rare earth and critical metal mineral systems, trace element and isotope analytical techniques, and was instrumental in the discovery of the North Stanmore heavy rare earth deposit during his earlier consultancy with Victory. In the 1980s, as a consultant to Union Oil, Ken demonstrated that the Mount Weld carbonatite — now operated by Lynas Rare Earths — was post-Archaean in age. He was appointed Technical Director of Victory Metals in July 2024.
ProfileDean O'Keefe
Dean O'Keefe is a Geologist, Geostatistician, and Quarry Manager with over 35 years of experience in exploration and mining in Australia and internationally, including ten years in open pit daily mine operations for gold, copper and manganese. He provides critical technical oversight across exploration, resource estimation and project development at North Stanmore.
ProfileRobbie Featherby
Robbie Featherby is a Corporate Advisory Executive holding a Bachelor of Commerce degree majoring in Finance and Economics. He has extensive experience in the financial services industry, including four years in London working at a leading investment research provider in the private equity sector. Mr Featherby serves as the sole Company Secretary of Victory Metals, overseeing all ASX listing rule communications.
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