Victory Metals cuts costs as North Stanmore study advances

Victory Metals has taken a major step forward in its pre-feasibility study (PFS) for the North Stanmore heavy rare earth project, confirming key technical inputs that are expected to significantly lower both capital and operating costs.

Final metallurgical testwork has been completed, with results highlighting three major improvements in flotation reagent selection, processing temperature and clay handling. These optimisations are expected to streamline operations and enhance the project’s economic viability.

Among the most notable outcomes is a 50 per cent reduction in flotation reagent costs, achieved by switching to a more effective and lower-cost alternative. The process has been shown to perform equally well at ambient temperatures, eliminating the need for heating infrastructure.

This change is expected to simplify plant design while reducing both upfront capital expenditure (CAPEX) and ongoing energy-related operating costs (OPEX).

Victory also reported strong results in clay filtration and dry stacking, addressing a common technical challenge in clay-hosted rare earth deposits. Improved filtration performance is expected to lower tailings management costs and further reduce CAPEX requirements.

Victory Metals chief executive officer Brendan Clark said the findings represent a significant milestone for the company.

“We are extremely pleased with these final testwork outcomes. By identifying a lower cost reagent that actually performs even better, confirming that ambient temperature processing works just as well, and demonstrating excellent filtration characteristics for our clays, we have simplified the entire process flowsheet.”

The PFS remains on track for completion in the second quarter of 2026. Victory believes the latest results position the North Stanmore project as a more competitive and efficient rare earth development, at a time of growing global demand for critical minerals used in clean energy and advanced technologies.