Victory finalises key PFS inputs delivering significant CAPEX and OPEX reductions

Victory Metals Limited is pleased to announce that it has finalised key metallurgical testwork inputs for its Pre-Feasibility Study (PFS) on the North Stanmore Heavy Rare Earth Project. These final results confirm substantial opportunities to reduce both capital expenditure (CAPEX) and operating expenditure (OPEX), keeping the PFS firmly on track for delivery in Q2 2026.

The optimised testwork has delivered three major positive outcomes in flotation reagent selection, processing temperature, and clay handling/filtration.

Victory Metals Chief Executive Officer and Executive Director Brendan Clark commented: “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 and significantly lowered both CAPEX and OPEX. These improvements further enhance the already compelling economics of our large clay hosted heavy rare earth and strategic metal project. We look forward to delivering the PFS in the coming quarter.”

Flotation Reagent Optimisation Initial flotation testwork utilised a standard, commonly available reagent. Follow up testing on bulk composite samples demonstrated that an alternative reagent costing approximately half the price achieved superior metallurgical results. This optimisation delivers an approximate 50% reduction in reagent consumption costs for the flotation circuit.

Processing Temperature Optimisation Early testwork was conducted at 50 degrees Celsius. However, subsequent testing has confirmed that equivalent performance is achieved at ambient temperature. This eliminates the need for heating systems in the process plant, resulting in lower and simpler CAPEX as well as reduced ongoing energy OPEX.

Clay Filtration and Tailings Management Clay hosted projects commonly present challenges with filtration and tailings disposal. Testwork to date on North Stanmore material has produced excellent results, with the clay residue proving to be highly amenable to filtration and dry stacking. This will allow for a more cost-effective tailings storage solution with lower CAPEX requirements compared to traditional wet tailings storage methods.

Further details of the testwork will be incorporated into the PFS, which remains on schedule for Q2 2026 delivery.