Australia's Victory Metals on Wednesday announced that it had received a letter of interest (LoI) from the Export-Import Bank of the United States (EXIM) for up to $190-million in project financing to develop its North Stanmore heavy rare earths project in Western Australia.

The non-binding LoI positions the company among a select group of Australian critical minerals developers to attract potential direct support from a major US government agency.

The funding, which will be delivered as debt financing over an indicative 15-year term, comes under the auspices of EXIM’s China and Transformational Exports Programme (CTEP). The initiative is designed to strengthen US supply chain resilience by backing strategic mineral projects that reduce reliance on Chinese sources.

“This is a major milestone for Victory and a clear signal of the strategic importance of our project not only to Australia but to our allies abroad,” said Victory CEO Brendan Clark. 

“Support from EXIM, especially under the CTEP programme, elevates our potential as a secure, non-Chinese supplier of critical minerals.”

The LoI also opens the door for the North Stanmore project to qualify for special treatment under Section 402 of EXIM’s 2019 reauthorisation, which prioritises projects that enhance US leadership in areas vital to national security.

The North Stanmore project, located in the Cue region of Western Australia, hosts heavy rare earth elements, scandium, and hafnium – materials that are increasingly critical to clean energy, aerospace, and defence applications.

While the LoI is non-binding and contingent on standard due diligence and compliance with EXIM policies, Victory sees it as a “clear pathway” to secure long-term, government-backed funding. The company expects the support will strengthen its position in negotiations with downstream partners, original-equipment manufacturers, and defence-aligned industries seeking alternative supply chains.

Victory said it remained focused on advancing the North Stanmore project into production, unlocking the site’s potential to serve global markets with ethically sourced, high-value critical materials.