Victory Metals (ASX:VTM) is raising $4 million to accelerate a Prefeasibility Study of its flagship North Stanmore Project, located along the Great Northern Highway in Cue in Western Australia.
The company will issue 5.137 million shares to investors at a price of $0.73 per share, and a further 342,466 shares to directors and management for the same price.
The issue price represents a 15% discount from the previous trading price of $0.86 per share, closing 26 May 2025.
Victory will also issue 1.8 million options at $1.30 and a two-year exercise period, offered to unrelated parties involved in the shares.
CEO Brendan Clark says the support for this raise marks a “pivotal” moment for the company.
“North Stanmore is emerging as one of the world’s most advanced heavy rare earth clay projects and is already Australia’s leading heavy rare earth project,” Clark says.
The company recently produced gallium in its final mixed rare earth carbonate (MREC) product from the North Stanmore Project, as reported by Mining.com.au.
“Our MREC test work has successfully recovered seven strategic metals currently under Chinese export restrictions, including gallium and the full suite of critical heavy rare earths.”
Gallium is a critical metal used in artificial intelligence chips, semiconductors, quantum computing, defence systems, LEDs, and solar panels. As of yesterday (27 May), the gallium price sits at US$239.77 per kilogram following a drop over November to March.
Victory Metals is an exploration company focused on developing its portfolio of projects in the rare earths and critical minerals space in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: iStock
