OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor VTM ASX

Victory Metals Limited

PFS Developer · Rare Earths · Others · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$1.155
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$152.3M
EV
A$141.2M
Cash
A$11.2M
Debt
A$0
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$11.2M Finite
Debt A$0 Net cash A$11.2M
Basic shares 131.8M 2026-09-09
Runway 8.1 quarters Audited 30 June 2026 cash of A$11.183m divided by the June-quarter Appendix 5B relevant outgoings of A$1.381m; construction capital is excluded.

Liquidity

Financial position

Operating cash is sufficient for near-term studies, but A$155.03m PFS initial capital and additional working capital require committed external finance; the US EXIM LOI is non-binding.

Capital structure

Ownership and dilution

Ordinary shares
131.8M
Fully diluted
138.1M

30 June 2026: 131,567,558 ordinary shares. July conversion added 200,000; 26 August option exercise added 73,800, leaving 131,841,358 as of 9 September. Adding 3,666,666 performance rights and 2,561,950 options gives 138,069,974 fully diluted shares, without exercise proceeds or prospective project-financing dilution.

Security classes4
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share131.8M——
Unquoted performance rightsPerformance Right3.7M——
Unquoted options exercisable at A$1.30Option1.6MA$1.32027-06-06
Unquoted options exercisable at A$2.70Option1MA$2.72028-09-01

KPI history

Operating metrics

1 periods
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
GradeNorth StanmoreJune 2026 quarter pilot-plant resultPoint In Time7.1 wt.% TREO concentrateReported
OtherNorth StanmoreJune 2026 quarter pilot-plant resultPoint In Time59 times feed-grade upgradeReported
Company guidance2
MetricProjectPeriodLowHighStatus
PFS Plant Throughputnorth-stanmorePFS 20-year development concept2,400,0002,400,000 tonnes/yearCurrent
PFS Annual Concentrate Outputnorth-stanmorePFS steady-state concept29,00029,000 wet tonnes/year approximatelyCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-26RaisingA$95.9K73.8K—Completed—
2026-07-13Raising—200K—Completed—
2026-05-20RaisingA$300K172.2K—Completed—
2025-09-01Ann. 2025-08-26RaisingA$11.5M8.5M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2026 annual report, PFS, original Sumitomo LOI and lease announcement reconcile disclosed live material terms; no commodity or FX hedge is disclosed.

Royalty on two project mining leases remains unquantified; PFS explicitly excludes Traditional Owner royalties from its base case.

Royalty · Active
Counterparties
Wajarri Yamaji People
Applies to
North Stanmore Heavy Rare Earth Project · Rare Earths · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty: 1.4 percent of royalty value
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding LOI replaces expired 2024 MOU; 2026 PFS describes continued, confidential offtake discussions, without a binding sale contract.

Offtake · Conditional
Counterparties
Sumitomo Corporation
Applies to
North Stanmore Heavy Rare Earth Project · Rare Earths
Economic direction
Benefit
Period
2025-10-01 to 2028-12-31
Key terms
Potential production share: 30 percent maximum
Potential MREC volume: 1,000 tonnes/year maximum
Initial term: 5 years
Pricing: indexed to prevailing market prices
How it affects our valuation

No valuation treatment is available for this arrangement.

Potential US EXIM project financing is non-binding and does not constitute cash, a committed facility or a debt balance.

Other · Conditional
Counterparties
Export-Import Bank of the United States
Applies to
North Stanmore Heavy Rare Earth Project
Economic direction
Benefit
Period
From 2025-04-23; no end date stated
Key terms
Potential facility: 190,000,000 USD maximum
Indicative repayment term: 15 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Related-party corporate service agreement contributes to ongoing head-office costs; no separate project royalty or financing claim.

Other · Active
Counterparties
SmallCap Corporate Pty Ltd
Applies to
Company-wide
Economic direction
Burden
Period
Dates not stated
Key terms
FY2026 charge: 186,180 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.