Victory Metals (ASX:VTM) may have legacy exposure to the gold sector but CEO Brendan Clark remains adamant that “rare earths is where our future is”.
Speaking today (7 May) at the RIU Sydney Resources Round-Up being held from 6-8 May, CEO Brendan Clark says the company is “sitting on one of the most critical rare earths projects in the world”.
Victory Metals has now produced gallium in its final mixed rare earth carbonate (MREC) product from its North Stanmore clay-hosted heavy rare earth and critical mineral project in Western Australia.
The initial MREC production undertaken by Core (Brisbane) was an ongoing program to determine the highest recoveries of heavy rare earths especially dysprosium and terbium and was not designed to recover gallium.
Clark outlines how important and strategic North Stanmore is, noting “rare earths aren’t just a commodity anymore – they are the foundation of our modern civilisation and our national security depends on them”.
The CEO says every fighter jet, electric vehicle, and wind turbine for example all run on metals that “we can barely pronounce but we can’t live without”.
“There’s been a lot of noise of late from government on rare earths – specifically heavy rare earths. While we have been building Teslas and iPhones China has been building an absolute empire of rare earths and they have created a stranglehold over the West,” Clark continues.
“In fact they control close to 100% of the heavy rare earth market – and made it official recently with their export controls. They did this to Japan in 2010.”
Clark says not only does Victory Metals have “huge amounts of the metals on China’s export restrictions list” within its North Stanmore deposit – the company has also proven it can recover them and can do that economically as well.
On 4 April 2025, China’s Ministry of Commerce and General Administration of Customs announced the imposition of export licensing requirements on several key heavy rare earths, including dysprosium, terbium, and yttrium with all elements vital to global defence, energy, and high-tech manufacturing industries.
Victory Metals recently added 4,788 tonnes of gallium oxide (Ga₂O₃) to its updated mineral resource estimate (MRE) at North Stanmore, which now stands at 247.5 million dry metric tonnes at 520ppm total rare earth oxide plus gallium oxide at 26 ppm inferred and indicated.
Clark notes that mineralisation is open in all directions.
“You get to a certain point with these clay-hosted projects where you do not need billions of tonnes – need a project with the right ratios of heavy rare earths and get into development and that is our goal,” the CEO adds.
On 23 April, Victory Metals received a letter of interest from the Export-Import Bank of the United States for up to US$190 million in project financing support for the development of the North Stanmore Heavy Rare Earths, Scandium and Hafnium Project in Western Australia.
Clark says this marks a landmark moment in the company’s growth and establishes Victory Metals as one of the few Australian critical minerals developers attracting high-level international government-backed support.
The company presented today (7 May) at the RIU Sydney Resources Round-Up being held from 6-8 May. Mining.com.au is an official media partner at this year’s event.
Write to Adam Orlando at Mining.com.au
Images: Victory
