Victory Metals (ASX:VTM) has received $751,909 in research and development tax offsets for the 2024 financial year for research and development activities conducted at the North Stanmore Heavy Rare Earth Element Project in Western Australia.
Victory Metals, which has a market capitalisation of $39 million, says the funds maintain its cash position, as well as provide flexibility to further progress North Stanmore’s development activities.
As of 31 December 2024, the company had $4.85 million cash and cash equivalents at hand, according to its latest quarterly report.
The North Stanmore Project lies in the Cue region of Western Australia and contains a resource of 247.65 million tonnes @ 520 parts per million total rare earth oxide plus scandium oxide.
Rare earths are considered key ingredients for glass, lights, magnets, batteries, and catalytic converters. The minerals are used in many everyday products such as cellphones and cars.
Victory Metals is a mineral explorer and developer focused on rare earths and critical minerals in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Victory Metals
