Victory Metals Secures Mining Lease for North Stanmore Project

Victory Metals Ltd has secured Mining Lease M20/564, covering 2,006 hectares in the Cue district of Western Australia. Granted by the Western Australian Department of Mines, Petroleum and Exploration on September 11, 2026, this tenure solidifies the company’s legal position over the North Stanmore Heavy Rare Earth Project.

The lease represents a full conversion of six existing exploration tenements and a partial conversion of four others, maintaining the company’s total land footprint while upgrading its status to a mining tenure. This regulatory shift removes a key hurdle in the development pathway, providing the necessary certainty to advance technical, commercial, and financing efforts.

Regulatory Tenure Converts Exploration Ground

The granted lease consolidates Victory’s holdings in the North Stanmore area, allowing the company to proceed with the next phase of mineral resource development. Chief Executive Officer Brendan Clark noted that securing this tenure strengthens the foundation for the project, enabling the team to move forward with the operational planning required for production.

This regulatory milestone follows the completion of the project’s Pre-Feasibility Study, the establishment of a Maiden Ore Reserve, and an updated Mineral Resource Estimate. It also complements the commissioning of Victory’s Perth pilot plant, which has successfully produced rare earth mineral concentrate, demonstrating the company’s processing capabilities.

Financing and Commercial Partnerships Advance

Victory Metals views the mining lease as a critical component in its discussions with potential offtake customers, strategic investors, and project financiers. The tenure provides an additional layer of certainty for parties assessing the project’s development pathway, supporting the due diligence required for long-term supply commitments and investment.

The company has previously announced a non-binding Letter of Interest from the Export-Import Bank of the United States for up to US$190 million in potential project financing. While any final commitment remains subject to due diligence, legal eligibility, and policy requirements, the lease grant strengthens the project’s position in these commercial negotiations.

Strategic Pathway for Heavy Rare Earths

The grant follows a significant agreement with the Wajarri Yamaji Aboriginal Corporation, a key step in the native title process that supported the lease application. Victory Metals continues to engage constructively with the Wajarri Yamaji People as the project progresses toward its goal of becoming a new Australian source of heavy rare earths.

With tenure secured, the company is now focused on refining the proposed operation, progressing remaining approvals, and finalizing commercial arrangements. These steps are essential to delivering the project into production, aligning with the broader objective of establishing a secure supply chain for critical minerals in the region.