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2026-11-06
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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
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1M
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YTD
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1Y
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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

Narrative and provenance

Research & Sources

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Chronological 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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
initial-mre-tonnesInitial inferred mineral resource

250000000 tonnes

2023-08-02
initial-mre-gradeInitial inferred resource TREYO grade

520 ppm TREYO

2023-08-02
scoping-npvScoping study post-tax NPV at 8 percent

1212000000 AUD

2025-03-12
scoping-irrScoping study post-tax IRR

52 percent

2025-03-12
scoping-capexInitial capital including 30 percent contingency

337000000 AUD

2025-03-12
scoping-opexLife-of-mine operating cost per ROM tonne

25.5 AUD/ROM tonne

2025-03-12
scoping-mine-lifeScoping study mine life

31 years

2025-03-12
scoping-throughputScoping study ROM throughput

8000000 tonnes/year

2025-03-12
scoping-mre-tonnesResource underpinning scoping study

247500000 tonnes

2025-01-16
scoping-spot-npvPost-tax NPV using stated February 2025 spot NdPr price

711000000 AUD

2025-03-12
presentation-annual-dytbProposed annual dysprosium plus terbium oxide production in first five years

259 tonnes/year

2025-05-06
annual-mre-totalAugust 2025 total mineral resource

320640000 tonnes

2025-08-11
annual-exim-loiNon-binding US EXIM project financing letter of interest

190000000 USD

2025-04-23
annual-cashCash and cash equivalents

6462666 AUD

2025-06-30
placement-september-2025Institutional placement proceeds before costs

11500000 AUD

2025-09-01
cash-september-2025Cash and cash equivalents

15096000 AUD

2025-09-30
sumitomo-offtake-frameworkMaximum annual MREC volume contemplated under non-binding Sumitomo LOI

1000 tonnes/year

2025-10-01
cash-december-2025Cash and cash equivalents

13563000 AUD

2025-12-31
shares-december-2025Ordinary shares on issue

131140685 shares

2025-12-31
lease-liabilities-december-2025Current and non-current lease liabilities

157958 AUD

2025-12-31
cash-march-2026Cash and cash equivalents

12565000 AUD

2026-03-31
flotation-recovery-march-2026Whole-of-ore rougher flotation TREO recovery

81.5 percent

2026-03-31
current-mre-tonnesCurrent total mineral resource

320640000 tonnes

2025-08-11
current-mre-gradeCurrent total mineral resource TREO plus scandium grade

510 ppm TREOSc

2025-08-11
pfs-reagent-savingApproximate flotation reagent cost saving

50 percent

2026-05-04
pfs-target-dateIssuer target for PFS completion

Q2 2026 None

2026-05-04
shares-may-2026Quoted ordinary shares after issue

131567558 shares

2026-05-20
shares-july-2026Quoted ordinary shares after conversion

131767558 shares

2026-07-13
performance-rights-july-2026Performance rights after conversion

2966666 rights

2026-07-13
cash-june-2026Cash and cash equivalents

11184000 AUD

2026-06-30
runway-june-2026Estimated quarters of funding

8.1 quarters

2026-06-30
pilot-concentrate-gradeContinuous pilot plant concentrate TREO grade

7.1 weight percent TREO

2026-06-30
pilot-upgrade-factorContinuous pilot plant feed upgrade

59 times

2026-06-30
native-title-agreementNative Title Mining Agreement executed

True None

2026-06-03
rtcm-grantRTCM Trailblazer grant

350000 AUD

2026-06-29
shares-august-2026Quoted ordinary shares

131767558 shares

2026-08-06
performance-rights-august-2026Performance rights

3666666 rights

2026-08-06
options-august-2026Unquoted options

2635750 options

2026-08-06
sumitomo-loi-statusNon-binding Sumitomo offtake letter of intent

non-binding None

2025-10-01
sumitomo-loi-volumePotential annual mixed rare earth product volume

1000 tonnes/year

2025-10-01
sumitomo-loi-sharePotential annual production share

30 percent maximum

2025-10-01
sumitomo-loi-expiryLOI expiry

2028-12-31 None

2025-10-01
pfs-posttax-npvPost-tax real NPV8

1211000000 AUD

2026-08-18
pfs-pretax-npvPre-tax real NPV8

1762000000 AUD

2026-08-18
pfs-initial-capexInitial project capital

155030000 AUD

2026-08-18
pfs-lifeInitial project period

20 years

2026-08-18
pfs-throughputPlant throughput

2400000 tonnes/year

2026-08-18
pfs-lom-revenueLife-of-mine FOB revenue

6500000000 AUD

2026-08-18
pfs-ore-reserveProbable ore reserve

47000000 dry tonnes

2026-08-18
pfs-global-mreGlobal mineral resource

278800000 tonnes

2026-08-18
pfs-measuredMeasured mineral resource

70670000 tonnes

2026-08-18
pfs-audusdPFS weighted average AUD/USD

0.69 USD per AUD

2026-08-18
pfs-ree-payabilityPFS rare earth oxide payability

65 percent

2026-08-18
pfs-hf-payabilityPFS hafnium oxide payability

50 percent

2026-08-18
lease-m20-564-grantM20/564 mining lease grant date

2026-09-11 None

2026-09-11
lease-m20-564-areaM20/564 area

2006 hectares approximately

2026-09-11
annual-cash-2026Cash and cash equivalents

11182557 AUD

2026-06-30
annual-lease-liability-2026Lease liabilities

123029 AUD

2026-06-30
annual-loss-2026FY2026 net loss

5109574 AUD

2026-06-30
annual-shares-sep-2026Ordinary shares on 9 September

131841358 shares

2026-09-09
annual-royalty-wajarriWajarri royalty on M20/543 and M20/544

1.4 percent of royalty value

2026-06-30
annual-executive-clarkBrendan Clark executive role

Chief Executive Officer and Executive Director None

2026-09-25
annual-secretary-featherbyRobert Featherby role

Company Secretary None

2026-09-25
annual-cto-okeefeDean O'Keefe role

Chief Technical Officer None

2026-09-25
annual-smallcap-servicesFY2026 SmallCap Corporate service charge

186180 AUD

2026-06-30
reference-closeVTM ordinary share close

1.49 AUD/share

2026-09-25
reference-volumeTrading volume

114054 shares

2026-09-25
Conflicts 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.