Victory Metals Limited has announced a maiden Ore Reserve and updated Mineral Resource Estimate for the North Stanmore Project, outlining a 20-year development case with a pre-tax NPV8 of approximately $1.76 billion. The project benefits from low levels of radioactive elements relative to most other rare earth element (REE) projects, and the company has engaged expert consultants to undertake required baseline environmental assessments and prepare major approval application documents to ensure regulatory compliance.
Material actions and disclosures
The company has outlined a 20-year development case for the North Stanmore Project, including a maiden Probable Ore Reserve of approximately 47 million tonnes, initial capital expenditure of approximately $155 million, and a pre-tax NPV8 of approximately $1.76 billion. The project is designed to consider potential environmental impacts as a key factor and ensure these impacts are reduced to as low as reasonably practicable.
The company has also engaged legal support and specialised services for the negotiation and preparation of Land Access Agreements with Traditional Owners to obtain prior and informed consent for its activities. Additionally, Victory Metals has developed and implemented a Stakeholder Engagement Plan to enable positive engagement with stakeholders to ensure the company retains its social license to operate.
Forward commitments
The company aims to manage regulatory and social licence risks by engaging expert consultants to undertake baseline environmental assessments and prepare major approval application documents. It also plans to develop and implement a Stakeholder Engagement Plan to ensure positive relationships with stakeholders and the community, particularly traditional owners.
The company will continue to assess developments in State and Federal legislation and policies and regularly engage with Government Departments to mitigate risks arising from changes in regulations, policies, or environmental standards.