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Victory Metals Cashed Up For Rare Earth Resource

21 July 2023 11:55
Funding 2

Victory Metals has received a well-timed cash injection of $895,227 to fund ongoing work at its North Stanmore Rare Earth Element Project as the Company approaches the next stage of exploration.

Funding the Future

Funds were secured through the conversation of unlisted options held by the Company’s Non-Executive Chairman Mr Trevor Matthew and founding shareholders of the Company, exercising a total of 4,476,138 unlisted options at a price of $0.20, contributing $895,227 in funding.

Alongside being used as general working capital, proceeds from the conversion will be put towards future exploration and study activities at North Stanmore, with the Company now looking to commence the next exploration drilling program at North Stanmore focused on approximately 25 square kilometres of newly granted and acquired tenements.

Victory has now completed a heritage study over this area and plans to fire up the rig over the new tenements after the heritage survey report has been received, with the objective of drilling being to extend the rare earth element mineralisation past the Project’s known anomalous areas and further define its resource.

Prime Time

This cash injection couldn’t have come at a better time for the Company as it stands on the precipice of delivering a maiden JORC Mineral Resource Estimate for its flagship North Stanmore Rare Earth Element Project in Western Australia, with Victory remaining on track to deliver this MRE by the end of the month.

The currently ongoing estimate draws from an extensive database of high-grade drill results and compelling metallurgical testwork, with the Project showing drill intersections grading up to 9681ppm TREO and demonstrating REE upgrades up to 68 per cent in benefaction testwork completed on samples taken from the MRE area.

Most recently, the Project has been demonstrating its potential for high-value heavy rare earth elements, with a recent intersection showing a grade of 10,829ppm TREO comprised of 59% valuable heavy rare earth oxides and recent testwork showing recoveries up to 79% dysprosium and 80% terbium.

Looking Ahead

The Company said that this new influx of capital represents the confidence that Mr Matthews and the founding shareholders have in the Company’s vision and strategy.

“I am thrilled to announce that Victory has received commitments of an additional $895,227 via the exercise of options, providing the Company with further funding support for future project exploration activities,” Chief Executive and Executive Director Brendan Clarke said.

“Victory remains on track to report the maiden Mineral Resource Estimate for the North Stanmore project by the end of July, and by prioritising our cultural heritage obligations, we not only demonstrate our respect for the past but also further advance the Company as an ethical explorer, values which we remain strongly committed too.”

VTM’s Australian Stock Exchange-listed share price has risen 5.14 per cent today and is currently trading at 35.7c (10:08 am UTC+ 8 hours).

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