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Highlights
- Victory Metals gains strategic backing from the US EXIM Bank
- Project financing LOI valued up to $292 million for North Stanmore
- North Stanmore seen as key non-Chinese rare earths supply source
Victory Metals (ASX:VTM) has captured the attention of the United States government through a significant step forward in international support for its North Stanmore project in Western Australia. The Export-Import Bank of the United States (EXIM) has issued a Letter of Interest (LOI) indicating potential support of up to approximately $292 million (US$190 million) for the development of Victory’s heavy rare earth elements (HREE), scandium, and hafnium project.
This development underscores growing global demand for critical minerals—key inputs for defence systems, renewable technologies, and advanced electronics. With global supply chains heavily reliant on China for rare earths, the US is actively pursuing alternate sources to secure access to these essential materials. Victory’s project stands out as a potential pillar in this strategy.
The EXIM support aligns with the bank’s China and Transformational Exports Program (CTEP), which aims to strengthen non-Chinese critical mineral supply chains. This program mandates the bank to back projects that help US exporters remain competitive against Chinese influence in strategic sectors. As such, the LOI serves not only as a financial stepping stone but also as a geopolitical endorsement.
Victory Metals’ leadership emphasized the broader implications of the LOI, calling it a “major milestone” for the company and a strong indicator of the project’s strategic relevance to Australia and its allied partners. The backing from EXIM marks Victory as one of the few Australian developers to receive such recognition from a prominent US export credit agency.
The LOI opens the door for potential long-term funding, with an indicative repayment period of 15 years. This could enable Victory to ramp up development activities and deepen engagement with key players across the defence and manufacturing sectors globally.
In March 2025, the company published a scoping study on the North Stanmore project, highlighting both its economic potential and environmental efficiencies relative to traditional rare earth operations. The technical merits of the project, paired with the emerging geopolitical interest, place it in a strong position to play a pivotal role in future supply chains for high-tech and defence industries.
With discussions accelerating and international partnerships likely to follow, the North Stanmore initiative appears poised for transformative growth, aligning both strategic intent and economic opportunity.
