The lease Cashu named as a key de-risking milestone is now granted
Cashu Research Victory Metals (ASX: VTM)
SYDNEY, Sept. 15, 2026 (GLOBE NEWSWIRE) — Victory Metals Limited (ASX: VTM) announced on 14 September that Mining Lease M20/564, covering almost 2,006 hectares near Cue, Western Australia, was granted on 11 September. In its 19 August report, Cashu Research named the mining licence as one of three milestones that would most materially de-risk North Stanmore, and placed it in a 2026-27 window. It arrived early.
See full report: Cashu Research Report
From the Pre-Feasibility Study, released 18 August alongside a maiden Ore Reserve:
- A$155 million to build, including 30% contingency, down 54% from A$337 million at scoping
- A$1.21 billion post-tax NPV8; A$1.76 billion pre-tax
- 240% post-tax IRR; ~1.5 years payback from first production
- 20 years at 2.4Mtpa, ~29,000 wet tonnes a year of concentrate, A$6.5 billion life-of-mine revenue
The non-binding EXIM letter of interest already on the table, for up to US$190 million, is roughly 1.8 times the entire build cost.
Victory Metals CEO Brendan Clark described North Stanmore on release of the study as “one of the lowest cost heavy rare earth projects in a geopolitically safe region.”
North Stanmore’s value is carried by dysprosium and terbium, both inside China’s April 2025 export controls, which were never suspended. The broader October 2025 package expires from suspension on 10 November 2026.
Victory operates a pilot plant in Perth producing rare earth mineral concentrate and is a member of the US Defense Industrial Base Consortium.
Mining Lease Article
Cashu Research Report
About Victory Metals (ASX: VTM). Developing the 100%-owned North Stanmore Heavy Rare Earth Project, Cue, Western Australia.
About Cashu Research. Equity research on ASX-listed small and mid-caps. Part of Cashu Technology Pty Ltd, authorised representative (AR No. 001318029) of Adviser Solutions Group Pty Ltd (AFSL 485946).
Disclosures. This report was commissioned and paid for by Victory Metals. Cashu Research and its associates hold VTM shares. General advice only: it does not consider your objectives or circumstances, and you should seek advice before acting. Valuation basis and full risks are in the linked report.
Media contact. Fox Slotemaker, Cashu Research. [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7926473b-564f-4884-a928-29f49005e07d
