Victory Metals secures mining lease for North Stanmore heavy rare earth project

Victory Metals Limited has secured a mining lease covering almost 2,006 hectares at its North Stanmore Heavy Rare Earth Project in Western Australia, clearing a significant tenure milestone as the company moves from technical studies toward development planning.

Mining Lease M20/564 was granted by the Western Australian Department of Mines, Petroleum and Exploration on September 11, 2026, according to the company’s announcement dated September 14, 2026. Victory said the lease provides greater certainty over the area supporting its proposed North Stanmore operation, while noting that the project still requires further technical, environmental, commercial and financing work before a development decision.

The lease grant follows a series of recent project advances. In August 2026, Victory reported a maiden Probable Ore Reserve of 47.0 million tonnes at 692 parts per million total rare earth oxides, alongside an updated Mineral Resource Estimate and a Pre-Feasibility Study. The study outlined a 20-year development case, initial capital expenditure of approximately A$155 million and a post-tax net present value of about A$1.21 billion, based on the company’s stated assumptions.

Those figures are important because a mining lease alone does not establish that a project is economically viable or ready for construction. The PFS and maiden reserve provide the technical and economic framework against which future investors, lenders, customers and regulators can assess North Stanmore. The mining tenure now adds a legal and operational foundation to that work, but the project remains subject to the normal risks of feasibility refinement, approvals, funding, construction and commissioning.

Victory said the new lease represents a full conversion of several prospecting licences and a partial conversion of other tenements. The company’s announcement stated that its overall footprint in the area has not changed. Instead, the grant converts the relevant tenure into a form that allows the company to progress the next phase of development around the defined mineral resource.

The mining lease follows Victory’s previously announced agreement with the Wajarri Yamaji Aboriginal Corporation. The company said that agreement supported the native title process and land-access pathway underpinning the lease application. In June 2026, Victory described the agreement as securing Traditional Owner consent and land-access arrangements for North Stanmore near Cue.

That sequence is significant in Western Australia, where mining tenure is administered under the Mining Act 1978 and projects must also address native title, environmental and safety requirements. Under Australia’s native title framework, the grant of mining and exploration licences can constitute a future act affecting native title, making consultation, negotiation and agreement-making material parts of the development process.

Victory has acknowledged the importance of its relationship with the Wajarri Yamaji People and said it intends to continue constructive engagement as North Stanmore advances. For the company, the agreement reduces one important source of tenure uncertainty. It does not remove the need for ongoing cultural heritage, environmental and regulatory compliance as the proposed operation is refined.

The company said the mining lease strengthens discussions with potential offtake customers, strategic investors and project financiers. It also pointed to a previously announced non-binding Letter of Interest from the Export-Import Bank of the United States for up to US$190 million in potential project financing.

The wording around that financing is important. The Letter of Interest is not a binding funding commitment, and any financing remains subject to due diligence, EXIM policies, legal and eligibility requirements and final approval. Victory’s own announcement said the lease complements rather than replaces the technical, environmental and commercial diligence required to support investment.

The project’s financing task is therefore likely to extend beyond securing a single source of debt. Victory must continue advancing offtake arrangements, product qualification, detailed engineering, permitting and capital planning while demonstrating that the PFS assumptions can be carried into a more definitive development study. The company has also reported pilot-plant commissioning in Perth and production of rare earth mineral concentrate, which it says provides a basis for further processing evaluation.

For Victory, the immediate benefit is a clearer development platform for North Stanmore. The company now has mining tenure over the core lease area, a recently published reserve and PFS, a Traditional Owner agreement supporting the native title pathway, and a stated basis for continuing commercial and financing discussions.

Chief Executive Officer and Executive Director Brendan Clark said, The grant of our 2,006-hectare Mining Lease is a major milestone for Victory and an important step towards bringing North Stanmore into production. He added that the company’s objective is to establish North Stanmore as a new Australian source of heavy rare earths and that the grant strengthens its position with potential customers, strategic partners and financiers.

The next phase will test whether those milestones can be converted into a financeable and permitted mine. Victory will need to refine the proposed operation, complete remaining approvals, secure commercial arrangements and determine how the project will be funded. The lease is a meaningful step forward, but it is one part of a longer path from resource definition to production.