The North Stanmore project is estimated to hold Australia’s largest indicated and inferred heavy rare earth elements (HREE) clay resource of 235 million tonnes (mt). Credit: Joaquin Corbalan P/Shutterstock.

Victory Metals has signed a strategic non-binding MOU with Sumitomo Corporation (Sumitomo), a Fortune Global 500 company.

The MOU outlines the initial terms for negotiating an offtake of mixed rare earth carbonate (MREC) from Victory’s North Stanmore HREE project in Western Australia (WA).

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This project is estimated to hold Australia’s largest indicated and inferred HREE clay resource of 235mt.

The agreement aims to establish a long-term offtake partnership between Victory and Sumitomo, enhancing Victory’s position as a future supplier of ethically sourced critical rare earth materials for the technology, defence and renewable energy sectors.

Key terms of the MOU include a potential long-term offtake partnership with Sumitomo, with Victory providing 30% of its annual MREC production from the North Stanmore project.

The initial offtake term is five years, with an option for a five-year extension.

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Both parties aim to finalise a Binding Term Sheet by 31 October 2025, with pricing indexed to prevailing market prices for MREC and adjusted for TREO content.

Victory’s North Stanmore project is located approximately 6km north of Cue, WA, with road access via the Great Northern Highway.

In July 2024, Victory announced a mineral resource estimate (MRE) of 235mt for North Stanmore, with 149mt (63%) in the indicated category, confirming it as Australia’s largest indicated HREE resource.

Victory has appointed MEC Mining to update the July 2024 MRE for North Stanmore, expecting an uplift in resources with additional inferred tonnage and some conversion to indicated resources. The updated MRE is anticipated this month.

Victory Metals recently announced the successful completion of its 3,681m air core (AC) drilling programme at the North Stanmore project.

With around 65% of assay results received so far, the data has confirmed the presence of high-grade heavy rare earth oxide and scandium mineralisation across an extensive 13.5km strike. These results further enhance the significance of the North Stanmore project.