Victory Metals Rare Earth Project Secures $190mn U.S. Financing Backing

Victory Metals

Victory Metals has received a $190 million Letter of Interest from the U.S. EXIM Bank to advance its rare earth project in Western Australia. The funding commitment marks a major milestone for the Victory Metals rare earth project, positioning it as a critical player in global heavy rare earth supply diversification.

U.S. Strategic Funding Strengthens Australia’s Critical Minerals Push

The EXIM Bank's support, issued under the China and Transformational Exports Program, signals growing U.S. interest in non-Chinese rare earth supply chains. Victory’s North Stanmore project, located near Cue in Western Australia, contains 247.5 million metric tonnes of resource at 493ppm total rare earth oxides. Notably, heavy rare earths account for 36% of the total content—significantly higher than most global peers.

The project’s high heavy rare earth ratio aligns with global efforts to reduce reliance on Chinese supply, especially for magnet-grade oxides critical to defense, electric vehicles, and renewable energy sectors.

Project Throughput and Recovery Metrics Boost Investment Appeal

Victory is targeting 8 million tonnes per year of mine throughput, supported by a strong projected recovery rate of 94% for magnet rare earth oxides. These metrics enhance the economic viability of the project and support long-term supply security for strategic industries.

The LOI from EXIM could unlock further funding pathways, enabling Victory to advance toward production with U.S.-aligned financing that supports clean energy and critical minerals independence.

The Metalnomist Commentary

The Victory Metals rare earth project exemplifies the intersection of geopolitics, resource strategy, and clean technology. Backing from the U.S. EXIM Bank not only supports project development but also underscores Australia’s growing role in reshaping the rare earths supply chain.