Victory Metals (ASX:VTM) has been awarded a $250,000 research grant from the Minerals Research Institute of Western Australia (MRIWA), as part of the company’s strategy to produce high-purity scandium oxide at the North Stanmore Project.
CEO Brendan Clark says the grant comes after a highly competitive process with technical scrutiny.
“With China and Russia dominating 90% of global scandium oxide supply and China’s recent export restrictions, North Stanmore’s 7.7 million kilogram scandium resource is a strategic asset for defence and renewable energy,” Clark says.
“Scandium oxide, priced at US$630 per kg, enables lightweight alloys for fighter jets and fuel cells for clean energy.
“Building on our mixed rare earth carbonate separation success, this project positions Victory Metals as a leader in Western Australia’s role in global critical minerals supply chains.”
Victory, which has a market capitalisation of $204.28 million, says North Stanmore’s unique scandium-bearing alkaline intrusion, unparalleled in Western Australia, positions the company to mitigate global supply.
Scandium aluminium alloys enhance lightweight components in fighter jets, commercial aircraft, electric vehicles, drones, precision-guided missiles, and improve performance and fuel efficiency.
The North Stanmore Project contains an indicated and inferred resource totalling 247.5 million tonnes @ 493 parts per million total rare earth oxide.
Victory Metals is a rare earths and critical minerals explorer based in Perth, Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Victory Metals
