Victory Metals Limited has been granted Mining Lease M20/564 for its North Stanmore Heavy Rare Earth Project in Western Australia, securing mining tenure over almost 2,006 hectares to advance commercialisation and project development.

The Western Australian Department of Mines, Petroleum and Exploration granted the lease on 11 September 2026. The new tenure represents a full and partial conversion of existing prospecting and exploration licences, meaning the company’s physical operating footprint in the area remains unchanged while establishing the formal legal framework required for future production.

The tenure milestone builds on an agreement executed with the Wajarri Yamaji Aboriginal Corporation in June 2026 to support the native title process and clear the pathway for the licence application. It also follows the delivery of a Pre-Feasibility Study in August 2026, which established a 20-year development case for the flagship asset underpinned by a maiden ore reserve and an estimated pre-tax NPV8 of A$1.76 billion.

In parallel with tenure and technical progress, Victory previously commissioned a Perth-based flotation pilot plant and commenced dispatching heavy rare earth mineral concentrate to potential offtake partners in Australia, Japan, and the United States.

"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."

"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."

— Brendan Clark, CEO and Executive Director

The granted lease strengthens the company’s platform for ongoing commercial discussions, including advancing final approvals for 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. Victory is continuing to progress technical studies, approvals, and offtake arrangements in parallel to support a future development decision.

Read the full announcement: MINING LEASE GRANTED FOR NORTH STANMORE