Victory Metals (ASX:VTM) has received approval by the US Government’s System for Award Management to engage directly with the US Department of Defense (DoD) and the Export-Import Bank of the US (EXIM).
The company has undergone a rigorous and scrutinised vetting process by multiple US Government departments including the Defense Logistics Agency validating its eligibility to participate in strategic procurement, funding, and partnership programs under US federal oversight.
Victory, which has a market capitalisation of $98.97 million, says securing this approval also allows the company access to US Government-backed funding, including a previously reported letter of intent of up to US$190 million ($289.28 million) from EXIM.
CEO Brendan Clark says being approved to engage directly with the US Government is a “significant” outcome for the company.
“It is the result of a highly scrutinised process that confirms our legitimacy, compliance, and strategic alignment with allied supply chain priorities,” Clark says.
“This validation opens the door to long-term partnerships with the world’s most powerful institutions. Victory’s North Stanmore Project in Western Australia is one of the world’s largest clay-hosted heavy rare earth discoveries.”
North Stanmore is ‘uniquely low’ in radioactive elements and hosts high concentrations of heavy rare earths. These heavy rare earths include dysprosium and terbium, along with strategic byproducts scandium, hafnium, and gallium.
The 31-year mine life project has a net present value of $1.212 billion post-tax, with an internal rate of return of 52%. North Stanmore also has capital expenditure of $337 million including a 30% contingency.
Victory Metals is an Australian rare earths and critical minerals explorer based in Perth, Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Victory Metals
