Name of the Project
North Stanmore rare earth project.

Location
Western Australia.

Project Owner/s
ASX-listed rare earth elements and critical minerals explorer Victory Metals.

Project Description
Studies have confirmed that North Stanmore has the potential to be one of the lowest-cost producers of rare earths worldwide.

The current North Stanmore rare-earth elements mineral resource estimate is reported at an economic cutoff grade of more than 330 parts per million (ppm) total rare-earth oxide (TREO) and scandium oxide is 247.5-million tonnes at 493ppm TREO. The estimate includes 176.5-million tonnes at 477 ppm TREO of indicated mineral resources and 70.9-million at 533 ppm TREO of inferred mineral resources.

A total of 13 different rare-earth oxides, plus scandium and hafnium, will be recovered to the saleable concentrate. There will be a focus on heavy rare earths (dysprosium and terbium), which are critical for electric vehicles, wind turbines and defence applications.

Average TREO production over the 31-year life-of-mine (LoM) is estimated at 1.91-million tonnes a year. 

Total production of TREO over the LoM, excluding cerium and lanthanum, is estimated at 59.32-million tonnes. 

Total production of scandium and hafnium is estimated at 3.08-million tonnes.

It is proposed that the eight-million-tonne-a-year processing plant be situated within 1 km from the north-east of the proposed pit.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Based on conservative price forecasts, the scoping study estimates a net present value, at an 8% discount rate, of A$1.2-billion and an internal rate of return of 52%, with a payback of two years.

Capital Expenditure
A$337-million, including a 30% contingency.

Planned Start/End Date
Not stated.

Latest Developments
Victory Metals has completed baseline environmental and biological studies. 

The results have reinforced the project’s strong development credentials and provided a high level of confidence for stakeholders, with studies to date confirming no environmental impediments that impact on the advancement of the project. Victory CEO and executive director Brendan Clark has described the studies as an important step in derisking a project, and the results as highly encouraging.

The company has said that these positive findings also demonstrate that North Stanmore can advance responsibly and sustainably. This further strengthens Victory’s position as a future world-class supplier of heavy rare earths outside of China, aligned with Western supply chain security and global demand for ethical, low-impact resources. 

Victory has commissioned multiple expert consultancy firms to provide comprehensive baseline biological – flora, fauna and subterranean – and biophysical – surface water, groundwater, soils and waste characterisation – studies across the North Stanmore project area.

The company has reported that results are highly encouraging with no threatened flora or ecological communities being reported.

Surface water flows have also been identified as being consistent with regional norms and can be successfully managed. Groundwater studies have also indicated no surplus water generation, with the project outside Cue’s town drinking water supply area.

Victory has said that these outcomes have demonstrated that the project has no major environmental impediments and can advance confidently towards development.

Key Contracts, Suppliers and Consultants
Mincore (scoping study).

Contact Details for Project Information
Victory Metals, tel +61 8 6555 2950 or email info@victorymetalsaustralia.com.