Victory Metals has reported a standout September quarter, with a major resource upgrade at its North Stanmore heavy rare earth project.
The company’s aircore drilling campaign boosted the mineral resource estimate by 29.5 per cent, with infill drilling returning “some of the highest grades of dysprosium ever reported from a clay-hosted system globally.”
Multiple ultra-high heavy rare earth oxide (HREO) zones were also identified, mostly within the indicated resource. Victory produced a mixed rare earth oxide (MREO) containing 94 per cent total rare earth oxides (TREO), the first known MREO of its kind from an Australian clay-hosted project.
On the commercial side, Victory signed a letter of intent with Sumitomo Corporation to advance offtake and strategic cooperation for North Stanmore.
It also received approval from the US Government’s System for Award Management, enabling direct engagement with federal agencies including the Department of Defence and the Export-Import Bank.
The quarter included an $11.5 million capital raise supported by institutional, professional, and sophisticated investors, alongside a $250,000 research grant from the Minerals Research Institute of Western Australia. As at September 30, 2025, Victory held approximately $15.1 million in cash.
Exploration expenditure for the quarter was $1.7 million, mainly on exploration and pre-feasibility study activities at North Stanmore.
Administration and corporate costs were $641,000, including $127,000 in related-party payments covering director remuneration and services from SmallCap Corporate, partly owned by non-executive chair James Bahen.
Victory continues to position North Stanmore as a long-term, low-cost supplier of critical minerals vital for renewable energy, electric vehicles, and defence industries.
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