Victory Metals Limited has delivered a pre-feasibility study for its 100%-owned North Stanmore heavy rare earth and critical mineral project in Western Australia, establishing a 20-year development case underpinned by a maiden ore reserve and a substantial increase in project value.

The pre-feasibility study estimates a pre-tax NPV8 of A$1.76 billion, compared with the pre-tax NPV exceeding AUD $1,212 million estimated in the earlier scoping study. On a post-tax basis, the project returns an NPV8 of A$1.21 billion at an 8% real discount rate. The evaluation calculates initial capital expenditure of A$155 million, a post-tax payback period of approximately 1.5 years from first production, and a pre-tax internal rate of return of 338%.

The study is supported by a maiden probable ore reserve of 47.0 million tonnes grading 692 parts per million total rare earth oxides and 248 parts per million heavy rare earth oxides. This reserve sits within an updated mineral resource estimate, while a defined high-grade domain contains 53.3 million tonnes at 1,024 parts per million total rare earth oxides across measured, indicated, and inferred classifications.

The development plan features a base-case plant throughput of 2.4 million tonnes per annum using a flotation processing plant designed to produce approximately 29,000 wet tonnes per annum of heavy rare earth-enriched mineral concentrate. The mine schedule is structured around roughly ten years of mining followed by approximately 10.5 years of processing stockpiled ore, establishing an initial 20-year development case that generates life-of-mine FOB revenue of A$6.5 billion. Projected processing and general and administrative costs stand at A$28.38 per tonne processed.

Victory Metals will focus its definitive feasibility study work on validating and optimising the process for the North Stanmore Project, advancing offtake discussions, progressing the approvals pathway, and refining the funding strategy.

Read the full announcement: MAIDEN ORE RESERVE, UPDATED MRE AND PFS