North Stanmore Heavy Rare Earth Project, WA

Victory Metals Limited (VTM) | Pre-Feasibility Study and maiden Ore Reserve | Released 18 Aug 2026

Mine life

~20 years

Project period; ~10 years of mining

Strip ratio

~6.4:1

As stated with the mining cost estimate

NPV

A$1.21 billion

Post-tax, 8% real

Capex

A$155 million

Initial, incl. 30% contingency

Inferred share: Reserve-based, no Inferred

Figures are as the company states them, in its currency and on its basis. "Not disclosed" means the release doesn't state the figure.

Planning inputs

Reserve-based, no Inferred | Batter 35°, overall 30° | Dilution 5% (as grade reduction), mining recovery 100% | Contractor mining | Ore Reserve and mine plan by MEC Mining

Also in the release

Free-dig saprolite; Probable Ore Reserve 47.0 Mt at 692 ppm TREO feeds a 2.4Mt pa flotation plant. AISC A$79.77/wt ore. Capex excludes the mining fleet under the contract-mining model.

Read the release on the company's siteAdded to the tracker; released before the first issue of The Study Sheet.

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