Victory Metals secures mining lease for North Stanmore heavy rare earth project
Cashu Finance·5 min read
This article is disseminated on behalf of VTM.AX
TL;DR
- Victory Metals has secured Mining Lease M20/564 covering almost 2,006 hectares at North Stanmore in Western Australia.
- The grant follows the project’s August 2026 maiden Ore Reserve, updated resource estimate and Pre-Feasibility Study.
- The lease supports ongoing offtake and financing discussions but does not replace further approvals, due diligence or funding requirements.
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.
A tenure milestone after a stronger technical case
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.