Victory Metals Secures Key Mining Lease for North Stanmore Project

SYDNEY, Sept. 15, 2026 /CourierPR/ -- Victory Metals Limited, an Australian company developing the North Stanmore Heavy Rare Earth Project in Western Australia, has secured a significant mining lease that could accelerate its plans for the site. On September 11, the company was granted Mining Lease M20/564, covering nearly 2,006 hectares near Cue. This lease is seen as a key milestone in the project’s development, as it was one of three critical milestones identified by Cashu Research in its August report.

According to Cashu Research, the grant of the mining lease is a positive development for Victory Metals. The research firm had previously highlighted the lease as a key factor in de-risking the North Stanmore project, placing it in a 2026-27 window for significant progress. The early arrival of the lease is seen as a positive sign for the project’s future.

The North Stanmore project is focused on extracting dysprosium and terbium, rare earth elements that are crucial for various high-tech applications, including electric vehicles and renewable energy technologies. The Chinese government’s April 2025 export controls on these elements have not been suspended, making the project’s strategic importance even more pronounced.

Victory Metals has already made significant progress on the project. A pre-feasibility study released on August 18, alongside a maiden Ore Reserve report, revealed that the project could be built for approximately A$155 million, including a 30% contingency. This is a substantial reduction from the initial scoping estimate of A$337 million. The study also projected a post-tax net present value (NPV) of A$1.21 billion and a pre-tax NPV of A$1.76 billion. The project is expected to have a 240% post-tax internal rate of return (IRR) and a payback period of approximately 1.5 years from the first production.

The project’s financial viability is further bolstered by a non-binding EXIM letter of interest, which offers up to US$190 million. This financial support is approximately 1.8 times the entire build cost, indicating strong investor interest in the project.

Victory Metals operates a pilot plant in Perth, producing rare earth mineral concentrate. The company is also a member of the US Defense Industrial Base Consortium, highlighting its strategic importance in the defense sector. With a 20-year operational life at a production rate of 2.4 million tonnes per annum (Mtpa), the project is expected to generate A$6.5 billion in revenue over its lifetime.

The grant of the mining lease is seen as a significant step forward for Victory Metals, positioning the company to capitalize on the growing demand for rare earth elements. The project’s potential to contribute to the global supply chain and its alignment with strategic interests in the defense and renewable energy sectors make it a noteworthy development in the mining industry.