Name of the Project
North Stanmore rare earth project.

Location
Western Australia.

Project Owner/s
ASX-listed rare earth elements and critical minerals explorer Victory Metals.

Project Description
Studies have confirmed that North Stanmore has the potential to be one of the lowest-cost producers of rare earths worldwide.

The current North Stanmore rare-earth elements mineral resource estimate is reported at an economic cutoff grade of more than 330 parts per million (ppm) total rare earth oxide (TREO) and scandium oxide is 247.5-million tonnes at 493 ppm TREO. The estimate includes 176.5-million tonnes at 477 ppm TREO of indicated mineral resources and 70.9-million at 533 ppm TREO of inferred mineral resources.

A total of 13 different rare-earth oxides, plus scandium and hafnium, will be recovered to the saleable concentrate. There will be a focus on heavy rare earths (dysprosium and terbium), which are critical for electric vehicles, wind turbines and defence applications.

Average TREO production over the 31-year life-of-mine (LoM) is estimated at 1.91-million tonnes a year. 

Total production of TREO over the LoM, excluding cerium and lanthanum, is estimated at 59.32-million tonnes. 

Total production of scandium and hafnium is estimated at 3.08-million tonnes.

It is proposed that the eight-million-tonne-a-year processing plant be situated within 1 km from the north-east of the proposed pit.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Based on conservative price forecasts, the scoping study estimates a net present value, at an 8% discount rate, of A$1.2-billion and an internal rate of return of 52%, with a payback of two years.

Capital Expenditure
A$337-million, including a 30% contingency.

Planned Start/End Date
Not stated.

Latest Developments
Victory Metals has finalised key metallurgical testwork inputs for its prefeasibility study (PFS) on the project.

These final results have confirmed substantial opportunities to reduce capital and operating expenditures of the project, including three major positive outcomes in flotation reagent selection, processing temperature and clay handling and filtration.

The company expects to publish the PFS during the second quarter.

Key Contracts, Suppliers and Consultants
Mincore (scoping study).

Contact Details for Project Information
Victory Metals, tel +61 8 6555 2950 or email info@victorymetalsaustralia.com.