Victory Metals is pedalling along a clear path, having secured traditional owner consent and land access arrangements for North Stanmore. Pic: Getty Images
- Victory Metals signs key agreement with Wajarri Yamaji Aboriginal Corporation for North Stanmore
- The agreement secures traditional owner consent and land access arrangements
- The deal is a key step in the native title process and supports progress of the pre-feasibility study
Special Report: Victory Metals now has a clear path towards securing a mining licence for its North Stanmore heavy rare earths project in WA, after signing a key agreement with the Wajarri Yamaji Aboriginal Corporation (WYAC).
The agreement was authorised by the Minangu Land Committee Common Law holders. It means Victory Metals (ASX:VTM) has secured traditional owner consent and land access, a key step in the native title process that paves the way to a mining licence.
The compact reflects the ongoing constructive relationship between and the Wajarri Yamaji People and reflects the company’s commitment to engaging respectfully and responsibly with traditional owners.
The deal supports progress of the pre-feasibility study, which is on track to complete this month. The project is further backed by US$190 million letter of intent from the Export-Import Bank of the United States (EXIM).
“Reaching agreement with the Wajarri Yamaji People is a significant milestone for North Stanmore and one we have approached with diligence, care and respect,” CEO Brendan Clark said.
“This agreement secures the land access foundation the project needs and clears an important step on the path to grant of our mining licence.”
He said the company was grateful to the Minangu Land Committee Common Law holders and to WYAC for their constructive engagement.
“We look forward to continuing to work together as we advance North Stanmore through the pre-feasibility study towards development.”
Watch: US defence doors swing open for Victory after DIBC nod
North Stanmore project
Near Cue in WA’s mid-west, North Stanmore is one of Australia’s largest and most advanced clay-hosted heavy rare earths deposits.
Given that, it is positioned to be a strategic, Western-aligned source of critical minerals for the defence and clean energy sectors.
Metallurgical testing showed the project’s ability to deliver a unique 5.8% TREO product, strongly enriched in heavy rare earths and including about 38% of the total rare earths basket.
The company recently was accepted into the US Defense Industrial Base Consortium, which provides a direct pathway into US defence procurement organisations.
Given the US is moving to secure non-Chinese supply of heavy rare earths, this validates the worth and potential of the North Stanmore project.
This article was developed in collaboration with Victory Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
