Victory Metals Limited (ASX:VTM) has reported a 48-fold upgrade in total rare earth oxide (TREO) concentration following first-pass sighter flotation test work at its 100%-owned North Stanmore Heavy Rare Earth Element Project in Western Australia.
The company said the test work upgraded a representative 1,251 parts per million (ppm) TREO head grade to a peak concentrate grade of 5.9% TREO, while maintaining a premium 38% heavy rare earth oxide (HREO) to TREO ratio.
Rougher flotation achieved 81.5% TREO recovery, with cleaner flotation on a high-grade fraction delivering an 83.6% stage recovery and concentrate grades up to 5.9% TREO.
To evaluate the upgrade potential, two distinct sighter tests were conducted
Victory said the simple, conventional flotation circuit achieved these results without the need for front-end desliming, preserving valuable fines and enabling the rejection of more than 95% of the ore mass upstream. The company flagged potential to significantly reduce plant size and capital expenditure in its upcoming pre-feasibility study, targeted for release in the second quarter of 2026.
Chief executive officer Brendan Clark described the flotation results as a “genuine game changer for North Stanmore and for Western heavy rare earth supply”, saying the work confirms the rare earths are hosted in simple, floatable secondary phosphate minerals rather than refractory primary minerals.
Victory’s August 2025 mineral resource estimate for North Stanmore totals 320.6 million tonnes at 510ppm TREO plus scandium oxide, positioning it as one of Australia’s largest indicated clay-hosted heavy rare earth resources.
North Stanmore August 2025 MRE (≥330ppm TREO + Sc2O3 cut-off grade)
Next steps include flotation optimisation, bulk concentrate production, further hydrometallurgical studies and integration of the results into the pre-feasibility study.