ASX Release — 14 September 2026
Victory Metals Limited (ASX: VTM) has secured Mining Lease M20/564 for its North Stanmore Heavy Rare Earth Project near Cue in Western Australia, marking another step in the project's path towards development.
The Western Australian Department of Mines, Petroleum and Exploration granted the lease on 11 September 2026. It covers almost 2,006 hectares and secures mining tenure over the lease area.
Why the lease matters
- A key tenure hurdle has been cleared: the grant provides greater certainty over an important part of North Stanmore's proposed development footprint.
- It builds on the PFS and Reserve: Victory recently released its Pre-Feasibility Study, maiden 47Mt Probable Ore Reserve and updated Mineral Resource Estimate.
- It follows the Traditional Owner agreement: Victory's agreement with the Wajarri Yamaji Aboriginal Corporation supported the native-title process and pathway to the lease grant.
- It supports commercial discussions: granted mining tenure adds certainty for potential customers, strategic investors and project financiers assessing North Stanmore.
The new lease fully replaces six prospecting licences and partly replaces four additional licences. Victory said its overall footprint in the area has not changed.
Development and financing pathway
The tenure milestone follows the commissioning of Victory's Perth pilot plant and production of rare earth mineral concentrate. The company plans to continue technical studies, remaining approvals, offtake arrangements and financing work in parallel ahead of any future development decision.
Victory has previously received a non-binding Letter of Interest from the Export-Import Bank of the United States for up to US$190 million in potential project financing. Any commitment remains subject to due diligence, EXIM policies, legal and eligibility requirements, and final approval.
Chief Executive Officer and Executive Director Brendan Clark said the grant removes a key hurdle and strengthens Victory's foundation as it advances the technical, commercial and financing work required to deliver the project.
Development context: the mining lease secures tenure but does not itself constitute project financing, final environmental approval or a decision to mine. North Stanmore remains subject to further technical, environmental, commercial and financing work.