Victory Metals has received a letter of interest (LoI) from the Export-Import Bank of the United States (EXIM) for potential project financing of up to $190m to support the development of its North Stanmore Heavy Rare Earth Element (HREE) Project.
The project, situated approximately 6km north of Cue in Western Australia, is entirely owned by the company.
The proposed funding aligns with efforts to diversify the global supply chain for critical minerals used in advanced technologies.
While non-binding, the LoI, indicates a potential 15-year debt financing term subject to standard due diligence and compliance with EXIM’s policies.
The development may also qualify for special support under the China and Transformational Exports Program, part of the US’ 2019 EXIM Bank reauthorisation, which encourages financing for strategic minerals projects that reduce dependence on Chinese supply chains.
Victory Metals stated that it expects the financial support from EXIM will aid in accelerating its engagement with global original equipment manufacturers, downstream processing partners, and industries aligned with national security objectives.
Victory Metals CEO Brendan Clark said: “This is a major milestone for Victory and a clear signal of the strategic importance of our project not only to Australia but to our allies abroad.
“Support from EXIM, especially under the China and Transformational Exports Program, elevates our potential as a secure, non-Chinese supplier of critical minerals. It is also a powerful endorsement of the technical and geopolitical strength of our project.
“This EXIM Letter of Interest provides a clear pathway for Victory to access long-term, government-backed funding from one of the most influential export credit agencies in the world. We look forward to continuing to collaborate with EXIM as we move towards full project funding.”
The North Stanmore project site has road access via the Great Northern Highway and hosts one of Australia’s largest indicated heavy rare earth element deposits. It includes scandium and hafnium resources, positioning it within a critical minerals framework that supports defence, electric vehicle, and renewable energy industries.
In March 2025, Victory Metals released a scoping study that outlined the economic and strategic viability of the North Stanmore project. The study projected a mine life of 31 years, with 72% of the 247.5 million tonne mineral resource falling within the Indicated category and 28% classified as Inferred.
The deposit also includes a 53 million tonne near-surface zone with an average total rare earth oxide concentration of 1,012 parts per million, highlighting the resource’s grade consistency and extraction potential.
Based on varying pricing models, the scoping study outlined post-tax net present value estimates ranging from A$711m ($453.5m) to A$1.2bn ($770m), with internal rates of return between 36% and 52%.
Project capital expenditure was estimated at A$337m ($215m), including a 30% contingency, while operating costs were projected at A$25.5 ($16.3) per tonne of run-of-mine ore across the life of the mine. The study also recorded a high metallurgical recovery rate of 94% for magnet rare earth oxide.
