Victory Metals granted mining lease for North Stanmore Project

• Victory Metals secured a mining lease covering almost 2,006 hectares for its Western Australian heavy rare earth project.
• The regulatory approval eliminates key development hurdles, strengthening future offtake and project financing discussions.
• The grant builds on recent pre-feasibility work and non-binding funding interest of up to US$190 million from the US EXIM Bank.

Victory Metals (ASX:VTM) received a mining lease covering 2,006 hectares from the Western Australian government for its North Stanmore heavy rare earth project on Sept. 11.

The regulatory approval provides full tenure over the lease area and follows a native title agreement reached with the Wajarri Yamaji Aboriginal Corporation in June.

Victory Metals CEO and Executive Director Brendan Clark commented, "Securing mining tenure removes a key hurdle from the development pathway. It gives us a stronger foundation as we advance the technical, commercial and financing work required to deliver the project."

The secondary milestone strengthens the project's platform as the company negotiates commercial contracts, following a non-binding letter of interest for up to US$190 million in financing from the EXIM Bank.

Following the announcement the Victory Metals share price was unchanged at $1.42.

The business continues to progress technical studies after recently releasing a maiden ore reserve and updated mineral resource estimate.

The exploration company maintains a focused operational footprint in Western Australia aimed at commercialising heavy rare earth deposits.