North Stanmore’s strategic competitive advantage includes its safe jurisdiction and its strong Heavy Rare Earth resource base

Victory Metals’ North Stanmore Heavy Rare Earths (REE) Project, located approximately 6km north of Cue, WA, is Australia’s largest indicated clay heavy rare earth resource and is rapidly emerging as one of the most advanced and strategically important clay-hosted heavy rare earth projects globally.

North Stanmore spans a significant 13.5km mineralised corridor and hosts a robust JORC-compliant Mineral Resource Estimate (MRE) of 320.6 million tonnes @ 510ppm TREO + Sc₂O₃ plus Gallium oxide at 26 ppm and Hafnium at 6 ppm.

The Project is unique given it contains a strategic mix of high value critical REEs including Dysprosium and Terbium in addition to strategic by-products Gallium, Scandium and Hafnium.

North Stanmore highlights:

• Australia’s largest indicated clay heavy rare earth resource, underscoring its pivotal role as a future supplier of critical materials 
• MRE updated in August 2025 to 320.6 million tonnes @ 510ppm TREO + Sc₂O₃ plus Gallium oxide at 26 ppm and Hafnium at 6 ppm (≥330ppm TREO + Sc₂O₃ cutoff grade +Hf+Ga₂O₃) (Inferred and Indicated)
• Resource remains open in all directions
• World-class heavy rare earth ratios of up to 83% HREO/TREO, among some of the highest ratios ever reported globally
• Identification of 26 ultra-high HREO zones, majority situated within the Indicated resource
• Victory is advancing the North Stanmore Pre-feasibility Study to incorporate the high value zones for the initial 10-year mine life
• North Stanmore includes seven critical metals that are subject to Chinese export restrictions, all of which have been successfully recovered during testwork in Victory’s Mixed Rare Earth Carbonate (MREC).
  • Heavy Rare Earths (HREEs): Gadolinium (Gd), Terbium (Tb), Dysprosium (Dy), Lutetium (Lu), Yttrium (Y)
  • Light Rare Earths (LREEs): Samarium (Sm)
  • Strategic By-product: Gallium (Ga), Scandium (Sc), Hafnium (Hf), Nickel (Ni), Cobalt (Co) and Copper (Cu)
• Addition of Scandium & Gallium enhances the value and strategic appeal of Victory’s MREC
• Amongst the Highest DyTb Clay-Hosted Rare Earth Results Globally

Victory has received a Letter of Interest from the Export-Import Bank of the United States (EXIM), for up to US$190 million (~A$292 million) in project financing support for the development of its North Stanmore Project.  This was a landmark moment in the Company’s growth, establishing it as one of the few Australian critical minerals developers attracting high-level international government-backed support.

Expansion drilling delivers some of the highest grades of Dysprosium results ever reported from clay-hosted systems globally.

Victory continues to demonstrate that North Stanmore is one of the world’s most significant heavy rare earth clay deposits, offering unparalleled DyTb enrichment critical to global magnet and defence supply chains.

Victory is targeting a 10km strike length with ongoing exploration drilling. Recent drilling confirms exceptional grades of up to 218ppm Dysprosium oxide (Dy2O3) (Hole 25NSTWAC15), placing North Stanmore among the world’s highest-grade Heavy Rare Earth clay deposits.

Mineral Resource Estimate Tables

North Stanmore August 2025 MRE (≥330ppm TREO + Sc₂O₃ cut-off grade)*

North Stanmore August 2025 MRE HREO within the HGMIN domain (≥330ppm TREO + Sc₂O₃ cut-off grade)*

North Stanmore August 2025 MRE HREO within the MIN domain (≥330ppm TREO + Sc₂O₃ cut-off grade)*

North Stanmore August 2025 MRE LREO Grades by Domain and Classification (≥330ppm TREO + Sc₂O₃ cut-off grade)*

North Stanmore August 2025 MRE Hf, Ga2O3 (≥330ppm TREO + Sc₂O₃ cut-off grade)*

*Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding.

Mineral Resources Estimate Area (August 2025)

Victory’s MRE, the largest Indicated clay heavy rare earth Mineral Resource in Australia, has been estimated within the boundary of 12 tenements: E20/0544, E20/0871, E20/971, E20/1016, E20/2468, E20/2469, P20/0543, P20/2007, P20/2153, P20/2331, P20/2352, and P20/2403, all held by Victory Cue Pty Ltd, a wholly owned subsidiary of Victory.

Scoping Study

In March 2025, Victory released its Scoping Study for the North Stanmore HREE Project, highlighting a unique opportunity to establish a long-term, low-cost supply of critical minerals essential for high-growth industries such as renewable energy, electric vehicles and defence. The Scoping Study confirmed North Stanmore’s significant economic and environmental advantages over conventional rare earth projects.

Key highlights of the Scoping Study included:

• Robust estimated net present value (NPV) across multiple pricing scenarios:
  • AUD $1,212m Post Tax 52% IRR (based on Adamas Intelligence downwards forecast)
  • AUD $711m Post Tax 36% IRR (based on Asian Metal Market spot price of NdPr USD $62kg)
  • AUD $868m Post Tax 41% IRR (based on Adamas Intelligence 10-year historical NdPr USD $82kg)
• 8Mtpa throughput due to shallow nature of the mineralisation with favourable weather conditions
• 31-year mine life with 72% of the resource being in the Indicated category and 28% being in the Inferred category
• CAPEX of approximately AUD $337m including a 30% contingency
• Low OPEX of approximately AUD $25.5 per ROM tonne over the life of mine (LOM)
• Victory set to produce a very high value and quality heavy rare earth enriched product
• Outstanding metallurgical recovery of 94% for magnet rare earth oxide (MREO)

Completion of the Scoping Study marked a key step in Victory’s strategy to advance North Stanmore towards production.

Read the full Scoping Study