Metallurgical tests at Victory Metals (ASX:VTM) North Stanmore Project in Western Australia confirmed leaching efficiency with 80% of rare earths extracted in 30 minutes.
The company says this “exceptional” results represents an eightfold improvement over earlier projections and “positions the project well ahead of global peers, where leaching can take 24 to 36 hours”.
Leaching is a crucial process in mining that involves extracting valuable minerals from ore using chemical solutions. Efficient leaching rates result in significantly reduced capex and opex and environmental benefits.
Victory Metals CEO Brendan Clark says this data strongly indicates North Stanmore’s potential to enable faster, cleaner, and more efficient processing than had initially been forecast, which has a “massive upside in terms of reducing opex and capex”.
“But the smaller circuits and lower chemical use also strongly indicate we can reduce the environmental impact of our processing, and quickly rehabilitate the site, while delivering cost savings,” the CEO says.
“Shorter processing times translate directly into lower capital and operating costs, making Victory’s rare earths more competitive on the global stage.”
The CEO notes achieving near-complete recovery in minutes, not hours, highlights the unique advantages of North Stanmore and strengthens Australia’s position as a global leader in rare earth supply.
As reported by Mining.com.au yesterday (1 December), global supply chains for rare earths are under pressure as major producers tighten export controls. China’s restrictions on rare earth exports and continued uncertainty around Brazil’s development of its rare earth deposits have created volatility, uncertainty and cost pressures for industries that depend on these resources, such as defence.
Clark says the global situation further highlights the strategic importance of Australia’s rare earth projects as a dependable and sustainable source for global markets.
North Stanmore has significant quantities of dysprosium (Dy), terbium (Tb), and yttrium (Y) – resources critical for electric vehicles, wind turbines and other advanced technologies.
Yttrium alone represents over 35.9 million kilograms in the ground, with global prices surging to US$270 per kilogram amid rising demand, as reported by this news service. Magnet rare earth prices also remain high, with Benchmark reporting Dy oxide (DDP China) at over US$200/kg and Tb oxide (DDP China) at almost US$1,000/kg.
Clark adds that unlike China, whose geo-politically-driven export policies continue to create significant risk to the supply chains of national defence industries around the world, Australia offers stability, transparent regulations, and a commitment to governance and sustainability.
Victory is advancing discussions with multiple strategic partners across the defence, aerospace, automotive, and semiconductor sectors seeking secure non-Chinese heavy rare earth supply.
The CEO says the surge in yttrium pricing materially enhances Victory’s Prefeasibility Study (PFS), with the company continuing to integrate high value heavy rare earths including yttrium, dysprosium, terbium, and recently confirmed gallium into its economic modelling.
Victory expects the PFS will define the processing pathway, costs, and production strategy for North Stanmore, and demonstrate how the underlying resources can be turned into a commercial, scalable operation.
Write to Adam Orlando at Mining.com.au
Images: Mining.com.au
