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- Last 2026-11-06
- A$1.155
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
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- Upside
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- 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
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Application for quotation of securities - VTMPost Cash Checkpoint Security Event
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- Notification regarding unquoted securities - VTMCorporate Action
- Quarterly Activities and Appendix 5B Cash Flow ReportOperations
- Application for quotation of securities - VTMCorporate Action
- Application for quotation of securities - VTMCorporate Action
- Victory Finalises Key PFS InputsStudy
- Quarterly Activities and Appendix 5B Cash Flow ReportOperations
- Half Yearly Report and AccountsResults
- Quarterly Activities and Appendix 5B Cash Flow ReportOperations
- Quarterly Activities and Appendix 5B Cash Flow ReportOperations
- Annual Report to shareholdersResults
- Investor Presentation - Sydney RIUPresentation
- Outstanding North Stanmore Scoping Study DeliveredStudy
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Near-term workstream in FY2026 annual report and August 2026 PFS; date not committed | Definitive Feasibility Study scope and technical validation | Study | Company Guided | High | A DFS could validate or reset the PFS process, recovery, capex and operating cost assumptions. |
| Near-term workstream in FY2026 annual report and August 2026 PFS; date not committed | Environmental and water approvals pathway | Permitting | Company Guided | High | The mining lease is granted but remaining permits still bind a development decision. |
| Near-term workstream in FY2026 annual report and August 2026 PFS; date not committed | Concentrate qualification and binding offtake negotiations | Economic Arrangement | Company Guided | High | Commercial payability and acceptance remain uncontracted and dominate realized revenue risk. |
| Near-term workstream in FY2026 annual report and August 2026 PFS; date not committed | Committed North Stanmore funding package | Financing | Company Guided | High | The A$155m initial capital requirement dwarfs cash and the non-binding EXIM interest. |
Executive roster
As of 2026-09-26Background checks ▸FY2026 annual report identifies executive director/CEO, Chief Technical Officer and company secretary; no other named executive officer is disclosed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Brendan Clark | Chief Executive Officer · Executive Director | Chief Executive · Executive Director | — | Annual Report to shareholders, year ended 30 June 2026 · Maiden Ore Reserve, Updated Mineral Resource and Pre-Feasibility Study |
| Dean O'Keefe | Chief Technical Officer | Technical · Senior Management | — | Annual Report to shareholders, year ended 30 June 2026 · Maiden Ore Reserve, Updated Mineral Resource and Pre-Feasibility Study |
| Robert Featherby | Company Secretary | Company Secretary | — | Annual Report to shareholders, year ended 30 June 2026 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
North Stanmore Heavy Rare Earth Project
Australia
PFS Developer100% ownedRare EarthsOthers
Victory Cue Pty Ltd, a wholly owned subsidiary, holds North Stanmore. August 2026 PFS is reserve-backed and M20/564 is granted; other environmental, water, heritage and commercial approvals, binding offtake and construction finance remain outstanding.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$1.2B8% discount
IRR52%Published return
Initial capexA$337MPublished capital estimate
Operating cost25.5AUD/ROM tonne
NPVA$711M8% discount
IRR36%Published return
Initial capexA$337MPublished capital estimate
Operating cost25.5AUD/ROM tonne
NPVA$1.2B8% discount
IRR240%Published return
Initial capexA$155MPublished capital estimate
Operating cost28.38AUD/wet tonne processed, processing plus site G&A
Issuer scoping-study low Adamas pricing case, post tax, real NPV; preliminary accuracy plus or minus 35 percent.
Issuer scoping-study sensitivity using stated 26 February 2025 spot NdPr price of US$62/kg, post tax.
PFS post-tax real NPV8, 20-year reserve-backed case; 65% REE and 50% hafnium payability and weighted AUD/USD 0.69 are assumptions, not contracted terms.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 278.8M tonnes | 483 ppm TREO; 70.67 Mt Measured at 535 ppm, 84.09 Mt Indicated at 510 ppm, 124.04 Mt Inferred at 434 ppm | Rare Earths · Others | 2026-08-18 |
| Ore Reserve | Probable | 47M dry tonnes | 692 ppm TREO, 248 ppm HREO and 6.4 ppm HfO2 | Rare Earths · Others | 2026-08-18 |
Tenements13
Milestones6
- Scoping Study completed
Achieved · High materiality
- Continuous pilot plant produced 7.1 wt.% TREO concentrate
Achieved · High materiality
- Potential offtaker product qualification
Pending · High materiality
- Pre-Feasibility Study and maiden reserve delivered
Achieved · High materiality
- M20/564 mining lease granted
Achieved · High materiality
- Definitive Feasibility Study scope and validation
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Native Title Mining Agreement | Western Australia | Granted | — | Yes |
| North Stanmore M20/564 mining lease | Western Australia | Granted | — | Yes |
| Project environmental approvals | Western Australia | Required | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| North Stanmore Scoping Study | Scoping Study | Superseded | 2025-03-12 | Preliminary 8 Mtpa, 31-year development concept with plus-or-minus 35 percent accuracy; subsequent PFS testwork has not yet produced a quantified replacement study. |
| North Stanmore Pre-Feasibility Study | PFS | Current | 2026-08-18 | 20-year reserve-backed flotation concentrate case with 2.4 Mtpa plant, about 10 years mining then 10.5 years stockpile processing. |
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| ASX-quoted ordinary fully paid shares | Ordinary Share | 131.8M | — | — |
| Unquoted performance rights | Performance Right | 3.7M | — | — |
| Unquoted options exercisable at A$1.30 | Option | 1.6M | A$1.3 | 2027-06-06 |
| Unquoted options exercisable at A$2.70 | Option | 1M | A$2.7 | 2028-09-01 |
KPI history
Operating metrics
Operating metric source table2
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Grade | North Stanmore | June 2026 quarter pilot-plant result | Point In Time | 7.1 wt.% TREO concentrate | Reported |
| Other | North Stanmore | June 2026 quarter pilot-plant result | Point In Time | 59 times feed-grade upgrade | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| PFS Plant Throughput | north-stanmore | PFS 20-year development concept | 2,400,000 | 2,400,000 tonnes/year | Current |
| PFS Annual Concentrate Output | north-stanmore | PFS steady-state concept | 29,000 | 29,000 wet tonnes/year approximately | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-26 | Raising | A$95.9K | 73.8K | — | Completed | — |
| 2026-07-13 | Raising | — | 200K | — | Completed | — |
| 2026-05-20 | Raising | A$300K | 172.2K | — | Completed | — |
| 2025-09-01Ann. 2025-08-26 | Raising | A$11.5M | 8.5M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Dated annual reports and a March 2026 issuer announcement add career chronology for the CEO, CTO and company secretary, including technically relevant but issuer-reported project and professional credentials. Leadership biographies still lack complete independent verification, exact prior-role dates and attributable delivery outcomes.
Decision-relevant facts
Material summary
Brendan Clark
Chief Executive Officer / Executive Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 5
- No formal qualification is listed in the FY2024 annual-report biography; no broader academic credential search established whether additional credentials exist.
- Mining ventures in Zambia are unnamed in the reviewed annual report; corporate identities, dates, project outcomes, financing and independent reporting remain unresolved.
- North Stanmore issuer attribution is not an independently documented personal discovery contribution; technical-resource records do not by themselves establish individual causation.
- Humanitarian facility/service claims were not independently corroborated with charity registration, audited service or third-party records.
- No exhaustive criminal, sanctions, litigation, safety, environment or project-enforcement checks were conducted.
Dean O'Keefe
Chief Technical Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Appointment date and specific prior employers/consultancy name were not established in a dated primary chronology.
- Degree and professional status/competent-person sign-off were not independently checked against institution, AusIMM and underlying technical reports.
- No independently corroborated project outcomes or attributable success/failure for prior roles were identified.
- No exhaustive adverse legal, safety, environmental or governance screening for the specific employers/projects was completed.
Robert Featherby
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Start date at Victory, exact previous London employer, education institution and concurrent company-secretarial clients are not identified in reviewed public sources.
- No attributable governance success or adverse outcome was established.
- No independent qualification or professional-body record was located.
- Focused searches did not produce a substantiated personal proceeding; no comprehensive ASIC, court, sanctions or credential check.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-09 · 131,841,358 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 5.01% | 6,603,640 | |
| 2 | 3.11% | 4,100,567 | |
| 3 | 2.59% | 3,420,993 | |
| 4 | 2.34% | 3,079,460 | |
| 5 | 2.28% | 3,004,419 | |
| 6 | 2.01% | 2,653,208 | |
| 7 | 1.99% | 2,626,938 | |
| 8 | 1.98% | 2,611,644 | |
| 9 | 1.81% | 2,384,489 | |
| 10 | 1.75% | 2,305,556 | |
| 11 | 1.63% | 2,147,500 | |
| 12 | 1.48% | 1,950,000 | |
| 13 | 1.42% | 1,867,044 | |
| 14 | 1.33% | 1,759,852 | |
| 15 | 1.28% | 1,683,563 | |
| 16 | 1.19% | 1,566,526 | |
| 17 | 1.18% | 1,550,000 | |
| 18 | 1.14% | 1,500,025 | |
| 19 | 1.03% | 1,363,636 | |
| 20 | 1.03% | 1,356,386 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 5.01%Issued shares | 2026-09-09 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Top-20 account list, not a complete beneficial-owner register.
Sources
- Annual Report to shareholders
ASX announcement / Victory Metals Limited · Published 2026-09-25 · Accessed 2026-10-09
Shareholder data applicable as at 9 September 2026; ordinary shares issued 131,841,358; top-20 and substantial-holder tables.
page 51, Shareholder information and substantial shareholders, local copy downloads/VTM/2026/2026-09-25_Annual Report to shareholders_e5e02a69ce1b2549.pdf
Disclosed activity
Insider transactions
Trading activity2 buys · 1 sell shownNet cash last 12 months −A$176.3kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-03-17 | Kenneth CollersonNulliak Pty Ltd <The Collerson Family Trust>
Details & evidence for Kenneth Collerson on 2026-03-17As disclosed: Off-market sale of 200,000 fully paid ordinary shares for $248,000.
Director · Start not disclosed Xenolith Pty Ltd <Xenolith Super Fund A/C> · related entity; trustee/beneficiary interests disclosed Nulliak Pty Ltd <The Collerson Family Trust> · trustee and beneficiary of holder Change of Director's Interest Notice ↗ | Salefully paid ordinary shares | 200,000 | AUD 248,000.00 | AUD 1.24Calculated average | — |
| 2025-11-21 | Kenneth CollersonXenolith Pty Ltd <Xenolith Super Fund A/C>
Details & evidence for Kenneth Collerson on 2025-11-21As disclosed: 500,000 performance rights issued as approved at the 20 October 2025 AGM.
Director · Start not disclosed Xenolith Pty Ltd <Xenolith Super Fund A/C> · related entity; trustee/beneficiary interests disclosed Nulliak Pty Ltd <The Collerson Family Trust> · trustee and beneficiary of holder Change of Director's Interest Notice x 3 ↗ | Grantperformance rights | 500,000 | —Non Cash | — | — |
| 2025-11-21 | Brendan ClarkBrendan Paul James Richard Clark <Clark Family A/C>
Details & evidence for Brendan Clark on 2025-11-21As disclosed: 1,100,000 performance rights issued as approved at the 20 October 2025 AGM.
Director · Start not disclosed Brendan Paul James Richard Clark <Clark Family A/C> · related entity account Portia Thanjekwayo · spouse; holdings separately disclosed Change of Director's Interest Notice x 3 ↗ | Grantperformance rights | 1,100,000 | —Non Cash | — | — |
| 2025-11-21 | James BahenJames Timothy Bahen <Grajagan A/C>
Details & evidence for James Bahen on 2025-11-21As disclosed: 650,000 performance rights issued as approved at the 20 October 2025 AGM.
Director · Start not disclosed James Timothy Bahen <Grajagan A/C> · related account/entity Change of Director's Interest Notice x 3 ↗ | Grantperformance rights | 650,000 | —Non Cash | — | — |
| 2025-11-19to 2025-11-21 | Brendan ClarkBrendan Paul James Richard Clark <Clark Family A/C>
Details & evidence for Brendan Clark on 2025-11-19As disclosed: 36,530 ordinary shares acquired during 19 and 21 November for $26,667.00.
Director · Start not disclosed Brendan Paul James Richard Clark <Clark Family A/C> · related entity account Portia Thanjekwayo · spouse; holdings separately disclosed Change of Director's Interest Notice x 3 ↗ | Purchasefully paid ordinary shares | 36,530 | AUD 26,667.00 | AUD 0.730003Calculated average | — |
| 2025-11-19to 2025-11-21 | James BahenJames Timothy Bahen <Grajagan A/C>
Details & evidence for James Bahen on 2025-11-19As disclosed: 61,644 ordinary shares acquired during 19 and 21 November for $45,000.00.
Director · Start not disclosed James Timothy Bahen <Grajagan A/C> · related account/entity Change of Director's Interest Notice x 3 ↗ | Purchasefully paid ordinary shares | 61,644 | AUD 45,000.00 | AUD 0.729998Calculated average | — |
| 2025-09-01 | Kenneth CollersonXenolith Pty Ltd <Xenolith Super Fund A/C>
Details & evidence for Kenneth Collerson on 2025-09-01As disclosed: 1,000,000 performance rights converted to ordinary shares upon vesting; non-cash.
Director · Start not disclosed Xenolith Pty Ltd <Xenolith Super Fund A/C> · related entity; trustee/beneficiary interests disclosed Nulliak Pty Ltd <The Collerson Family Trust> · trustee and beneficiary of holder Change of Director's Interest Notice - BC KC JB ↗ | Otherperformance rights converted to ordinary shares | 1,000,000 | —Non Cash | — | — |
| 2025-09-01 | Brendan ClarkBrendan Paul James Richard Clark <Clark Family A/C>
Details & evidence for Brendan Clark on 2025-09-01As disclosed: 2,500,000 performance rights converted to ordinary shares upon vesting; non-cash.
Director · Start not disclosed Brendan Paul James Richard Clark <Clark Family A/C> · related entity account Portia Thanjekwayo · spouse; holdings separately disclosed Change of Director's Interest Notice - BC KC JB ↗ | Otherperformance rights converted to ordinary shares | 2,500,000 | —Non Cash | — | — |
| 2025-09-01 | James BahenJames Timothy Bahen <Grajagan A/C>
Details & evidence for James Bahen on 2025-09-01As disclosed: 1,500,000 performance rights converted to ordinary shares upon vesting; non-cash.
Director · Start not disclosed James Timothy Bahen <Grajagan A/C> · related account/entity Change of Director's Interest Notice - BC KC JB ↗ | Otherperformance rights converted to ordinary shares | 1,500,000 | —Non Cash | — | — |
| 2025-06-26 | Kenneth CollersonXenolith Pty Ltd <Xenolith Super Fund A/C>
Details & evidence for Kenneth Collerson on 2025-06-26As disclosed: 200,000 performance rights converted into 200,000 fully paid ordinary shares.
Director · Start not disclosed Xenolith Pty Ltd <Xenolith Super Fund A/C> · related entity; trustee/beneficiary interests disclosed Nulliak Pty Ltd <The Collerson Family Trust> · trustee and beneficiary of holder Change of Director's Interest Notice - KC ↗ | Otherperformance rights converted to ordinary shares | 200,000 | —Non Cash | — | — |
| 2024-09-19 | Brendan ClarkBrendan Paul James Richard Clark <Clark Family A/C>
Details & evidence for Brendan Clark on 2024-09-19As disclosed: 1,250,000 performance rights converted to ordinary shares upon vesting.
Director · Start not disclosed Brendan Paul James Richard Clark <Clark Family A/C> · related entity account Portia Thanjekwayo · spouse; holdings separately disclosed Change of Director's Interest Notice - BC ↗ | Otherperformance rights converted to ordinary shares | 1,250,000 | —Non Cash | — | — |
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Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory18 documents
Annual Report to shareholders, year ended 30 June 2026Results · HighExtracted
Audited FY2026 report confirms liquidity, securities, management and material royalty; its after-close release can first affect trading on 28 September.
- Document ID
- annual-report-2026
- Published UTC
- 2026-09-25T07:04:00Z
- Projects
- —
- Commodities
- —
VTM ASX ordinary share closing-price observationMarket Data · HighExtracted
Latest eligible local close selected by miners.reference_price for the fixed valuation date.
- Document ID
- market-close-2026-09-25
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Mining Lease Granted for North StanmorePermitting · HighExtracted
Mining lease M20/564 was granted on 11 September, removing one tenure hurdle while other environmental, water and commercial requirements remain.
- Document ID
- mining-lease-2026
- Published UTC
- 2026-09-13T22:40:00Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Maiden Ore Reserve, Updated Mineral Resource and Pre-Feasibility StudyStudy · HighExtracted
PFS establishes a reserve-backed 20-year concentrate case and replaces the scoping economics; pricing, payability, scale-up, approvals and finance remain assumptions.
- Document ID
- pfs-2026
- Published UTC
- 2026-08-18T00:18:00Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Notification regarding unquoted securities - VTMCorporate Action · MediumExtracted
Appendix 3G records 700,000 new performance rights and the latest potential dilution ledger.
- Document ID
- unquoted-securities-august-2026
- Published UTC
- 2026-08-06T07:04:13Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Appendix 5B Cash Flow ReportOperations · HighExtracted
Latest quarterly reports pilot-scale concentrate results, native-title agreement, grant, product qualification and June cash.
- Document ID
- quarterly-june-2026
- Published UTC
- 2026-07-23T22:21:10Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Application for quotation of securities - VTMCorporate Action · MediumExtracted
Appendix 2A records conversion of 200,000 performance rights into ordinary shares.
- Document ID
- quotation-application-july-2026
- Published UTC
- 2026-07-13T07:28:08Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - VTMCorporate Action · MediumExtracted
Appendix 2A records 172,216 shares issued for services and the resulting quoted capital.
- Document ID
- quotation-application-may-2026
- Published UTC
- 2026-05-20T07:25:49Z
- Projects
- —
- Commodities
- —
Victory Finalises Key PFS InputsStudy · HighExtracted
Final PFS testwork inputs indicate potential reagent, heating and tailings savings, but do not quantify revised economics.
- Document ID
- pfs-inputs-2026
- Published UTC
- 2026-05-03T23:12:08Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Quarterly Activities and Appendix 5B Cash Flow ReportOperations · HighExtracted
March 2026 quarterly reports flotation and leach results and an updated cash position.
- Document ID
- quarterly-march-2026
- Published UTC
- 2026-04-28T23:10:07Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Half Yearly Report and AccountsResults · HighExtracted
Half-year accounts reconcile cash, equity, options, performance rights and lease liabilities at December 2025.
- Document ID
- half-year-report-2026
- Published UTC
- 2026-03-16T02:54:35Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Quarterly Activities and Appendix 5B Cash Flow ReportOperations · HighExtracted
December 2025 quarterly records faster leach kinetics, non-binding Sumitomo offtake framework and cash.
- Document ID
- quarterly-december-2025
- Published UTC
- 2026-01-14T22:43:18Z
- Projects
- north-stanmore
- Commodities
- rare_earths
Quarterly Activities and Appendix 5B Cash Flow ReportOperations · HighExtracted
September 2025 quarterly records the updated resource, institutional placement and cash position.
- Document ID
- quarterly-september-2025
- Published UTC
- 2025-10-30T22:41:28Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Victory & Sumitomo Advance Rare Earth PartnershipEconomic Arrangement · HighExtracted
Non-binding Sumitomo LOI supersedes the December 2024 MOU and frames possible product testing and offtake; no binding price or purchase obligation.
- Document ID
- sumitomo-loi-2025
- Published UTC
- 2025-10-01T01:22:00Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Annual Report to shareholdersResults · HighExtracted
FY2025 audited report updates resources, tenure, capital, funding context and financial position.
- Document ID
- annual-report-2025
- Published UTC
- 2025-09-25T07:13:59Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Investor Presentation - Sydney RIUPresentation · MediumExtracted
Investor presentation restates the scoping study and identifies proposed first-five-year production by element.
- Document ID
- riu-presentation-2025
- Published UTC
- 2025-05-05T23:53:12Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
Outstanding North Stanmore Scoping Study DeliveredStudy · HighExtracted
Scoping study sets out preliminary 8 Mtpa economics, a 31-year production target, and explicit funding and technical risks.
- Document ID
- north-stanmore-scoping-study-2025
- Published UTC
- 2025-03-11T22:37:43Z
- Projects
- north-stanmore
- Commodities
- rare_earths · others
North Stanmore Initial Mineral Resource EstimateResource Update · HighExtracted
Initial inferred resource estimate for North Stanmore; subsequently superseded.
- Document ID
- north-stanmore-initial-mre-2023
- Published UTC
- 2023-08-01T23:45:59Z
- Projects
- north-stanmore
- Commodities
- rare_earths
Evidence facts67
250000000 tonnes
2023-08-02520 ppm TREYO
2023-08-021212000000 AUD
2025-03-1252 percent
2025-03-12337000000 AUD
2025-03-1225.5 AUD/ROM tonne
2025-03-1231 years
2025-03-128000000 tonnes/year
2025-03-12247500000 tonnes
2025-01-16711000000 AUD
2025-03-12259 tonnes/year
2025-05-06320640000 tonnes
2025-08-11190000000 USD
2025-04-236462666 AUD
2025-06-3011500000 AUD
2025-09-0115096000 AUD
2025-09-301000 tonnes/year
2025-10-0113563000 AUD
2025-12-31131140685 shares
2025-12-31157958 AUD
2025-12-3112565000 AUD
2026-03-3181.5 percent
2026-03-31320640000 tonnes
2025-08-11510 ppm TREOSc
2025-08-1150 percent
2026-05-04Q2 2026 None
2026-05-04131567558 shares
2026-05-20131767558 shares
2026-07-132966666 rights
2026-07-1311184000 AUD
2026-06-308.1 quarters
2026-06-307.1 weight percent TREO
2026-06-3059 times
2026-06-30True None
2026-06-03350000 AUD
2026-06-29131767558 shares
2026-08-063666666 rights
2026-08-062635750 options
2026-08-06non-binding None
2025-10-011000 tonnes/year
2025-10-0130 percent maximum
2025-10-012028-12-31 None
2025-10-011211000000 AUD
2026-08-181762000000 AUD
2026-08-18155030000 AUD
2026-08-1820 years
2026-08-182400000 tonnes/year
2026-08-186500000000 AUD
2026-08-1847000000 dry tonnes
2026-08-18278800000 tonnes
2026-08-1870670000 tonnes
2026-08-180.69 USD per AUD
2026-08-1865 percent
2026-08-1850 percent
2026-08-182026-09-11 None
2026-09-112006 hectares approximately
2026-09-1111182557 AUD
2026-06-30123029 AUD
2026-06-305109574 AUD
2026-06-30131841358 shares
2026-09-091.4 percent of royalty value
2026-06-30Chief Executive Officer and Executive Director None
2026-09-25Company Secretary None
2026-09-25Chief Technical Officer None
2026-09-25186180 AUD
2026-06-301.49 AUD/share
2026-09-25114054 shares
2026-09-25Conflicts requiring judgment1
- North Stanmore global mineral resource tonnes
The August 2026 PFS MRE of 278.8 Mt at a 300 ppm TREO cutoff supersedes earlier estimates; the 2025 320.6 Mt figure used a different cutoff and included scandium.