Latest news with #SunriseEnergyMetals
News.com.au
11 hours ago
- Business
- News.com.au
Resources Top 5: Positive signs that lithium is waking from slumber
Argosy Minerals has executed a spot sales contract for the sale of 60 tonnes of battery quality lithium carbonate from its Rincon project Core Lithium is optimistic about a restart of the Finniss project in the NT Sunrise Energy Metals has received high-grade scandium assays from Syerston project Your standout small cap resources stocks for Friday, June 27, 2025 Argosy Minerals (ASX:AGY) Lithium has been trading at cyclical lows for months but leading mining journalist Kristie Batten says positive signs are emerging and analysts are beginning to focus on when the price recovery would start. In a Stockhead article ' Smart money bets on a lithium turnaround ' she wrote that a global survey of 90 institutional investors by London-based mining industry advisory firm Harbour found that roughly half were looking for upside exposure to the energy transition above anything else from equities in the natural resources space. Investors were asked which commodities were the most likely to see increased investment, with more than 80% across Australia, Canada, the US, UK and Europe citing gold as their top pick. While that isn't the least bit surprising, given where the price has gone, what jumped out was an enthusiasm for lithium, the price of which has gone in the opposite direction. The research found that lithium edged out copper as the second most likely commodity to attract investment in Australia (65%), Canada (59%), US (61%) and UK/Europe (63%). A report on the lithium sector from Argonaut last week pointed to positive demand drivers, Batten wrote, with electric vehicles being the early driver and battery energy storage systems growing in importance. Optimism surrounding lithium has resulted in some stocks running hot including bellwether Pilbara Minerals, which hit a two-week high of $1.41. Argosy Minerals (ASX:AGY) rose 53.9% to a daily high of 2.3c and closed at 1.8c after executing a spot sales contract with a Hong Kong-based chemical company for the sale of 60 tonnes of battery quality >99.5% lithium carbonate from its Rincon project in the 'Lithium Triangle' in Argentina. Argosy managing director Jerko Zuvela said 'We were pleased to receive such strong interest for the sale of our battery quality lithium carbonate product. "With our positive project fundamentals, we will be strong beneficiaries of the EV/lithium sector resurgence noting the significant development milestones achieved to date at our Rincon "We are delighted to be part of an exclusive group of battery quality lithium carbonate product exporters, given the challenges encountered by many of our peers attempting to achieve this feat.' Core Lithium (ASX:CXO) A lithium price slump victim has been Core Lithium and its Finniss hard-rock lithium project in the Northern Territory, 88km southwest from the Darwin Port. Early works at the BP33 deposit were suspended in late 2023, mining at Grants was suspended in January 2024 and processing in mid-2024, with all infrastructure placed on care and maintenance for any potential restart. A restart study completed in mid-May 2025 has repositioned Finniss as a highly attractive low-cost operation with a 20-year life of lean underground operations. The study outlines a high confidence production plan with 94% of the first 10 years backed by ore reserves and includes: Mining costs reduced by 40% to $63–$72/t (from $120/t); Processing costs cut by 33% to $40–$46/t(from $69/t); Unit operating costs of $690–$785/t (FOB, SC6 eq ex-royalties), placing Finniss among the most competitive global spodumene operations; and Concentrate production lifted 7% to ~205ktpa SC6 equivalent. 'The plan we've outlined capitalises on the project's strengths, including established infrastructure, high-grade ore bodies well-suited to low-cost underground mining and a process plant with proven recoveries and further scope for optimisation,' Core Lithium (ASX:CXO) CEO Paul Brown said. 'We've undertaken a rigorous, bottom-up review of every aspect of the operation. The study brings together our operating experience to deliver a plan that is more robust, more efficient and built for the long term. 'At BP33, we are developing a large-scale underground mine. Grants will shift to underground mining, cutting costs and doubling its mine life. Carlton will use Grants' surface infrastructure, supporting a 20 year mine life. Blackbeard offers further potential to extend mine life and expand operations. 'Our plant upgrades will improve recovery and reduce contaminants, whilst keeping capital costs low. These improvements include enhanced screening with more affordable crushing and the addition of a gravity circuit. 'The study outlines a lower-cost, longer-life and scalable operating plan that generates free cash flow of $1.2 billion, representing a six-fold return on pre-production capital.' A Final Investment Decision for the restart remains subject to board approval and is contingent on market conditions and securing a suitable funding pathway. Optimism surrounding the Finniss restart and the lithium industry's future has seen shares as much as 18% higher to 10.5c. CXO closed at 9.9c with more than 61 million shares changing hands. Sunrise Energy Metals (ASX:SRL) It has been a big week for Sunrise Energy Metals - a $6 million placement finalised, $1.5m share purchase plan launched with strong initial uptake and high-grade scandium assays returned from its flagship Syerston project in Central West NSW. The assays saw shares increase to a 12-month high of $1.205, a lift of 34.64% on the previous close. From 65c on June 23, SRL has risen 85.4% in five days. A 125 hole RC drilling campaign totalling 3,589 drill metres in April and May 2025 had the aim of expanding the zones of higher-grade scandium at the Syerston deposit. More than half of the total 3,574 assays have been received from 49 drill holes, indicating multiple new areas of continuous, high-grade mineralisation. Significant intersections include: 7m at 884ppm Sc from 1m, including 3m at 1123ppm from 4m; 6m at 788ppm from 4m; 13m at 743ppm from 6m; 5m at 714ppm from 3m; and 7m at 666ppm from 4m. Once complete and released, all results from the drilling will be incorporated into an update to the Syerston resource estimate, which will underpin a feasibility study update. 'Recent drill results have identified further zones of continuous, high-grade scandium mineralisation within our Sunrise Mining Lease and they remain open in multiple directions,' Sunrise Energy Metals managing director Sam Riggall said 'These zones will form the basis of an initial multi-decade mine plan for our Syerston Scandium Project Feasibility Study, targeting rapid, low-cost development and production options, supported by one of the largest and highest-grade scandium resources in the world.' Red Mountain Mining (ASX:RMX) Australia's antimony hotspot is the New England region of northern NSW and one of the juniors looking to start producing the in-demand critical mineral is Red Mountain Mining, which hit a high of 1.5c, a lift of 67% on the previous close, with more than 110m shares changing hands. The boost came after the company returned high-grade antimony results from rock chip samples at Oaky Creek prospect in the Armidale project. Results from samples collected up to 500m along strike from historical workings include 28.34%, 28.33% and 16.38% Sb, which suggest potential for a large orogenic antimony mineral system. Shallow costeaning is planned to expose the bedrock beneath strong soil antimony anomalies with no visible outcrop while RMX also plans to undertake soil and rock chip sampling over the East Hills antimony and Horsley Station gold prospects in the southern portion of the project. Similar systems, such as Larvotto's (ASX:LRV) Hillgrove deposit, also in the Southern New England Orogen, typically also contain high-grade gold mineralisation. RMX has submitted a subset of the Oaky Creek rock chip samples for gold analysis by lead fire assay, with results expected in July. D3 Energy (ASX:D3E) South Africa is hungry for new energy sources and D3 Energy is taking steps to feed the demand with gas from its ER315 licence at Bloemskraal in the Free State with shares reaching 15c, a lift of 36.36% on the June 26 close, before closing at 14.5c This followed the company achieving increased flow rates at RBD03 following a well clean out. RBD03 flowed at an average gas flow rate of 201 Mscfd over the initial 7-day period, which was 35% higher than the previous flow rate measured before the well clean out. Total gas produced over the initial 7-day testing period was 1,396 Mscf and testing will continue for another seven days before the well will be shut in to analyse the pressure buildup data. The company undertook a multi-well production testing program at Bloemskraal last year which included RBD03, a gold exploration borehole drilled in 1982. Analysis of the initial production test in July and August last year showed indications that there may have been some obstructions or debris in the wellbore. A work over to clean out any obstructions was performed at RBD03 on May 7, 2025, and some issues were encountered with an historical undocumented hole size change curtailing operations. The well was nonetheless partially cleaned out and shut in to allow the reservoir pressure to build back up prior to retesting. This flow testing commenced on June 13, 2025, following the build-up period and the 7-day results demonstrate a 35% increase in the stabilised flow rate.
Courier-Mail
3 days ago
- Business
- Courier-Mail
OLY observes gold in first Bousquet hole
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Visible gold was observed in the very first drill hole at the Bousquet gold project in Quebec, Canada A reinvigoration of GBM Resources, including a recapitalisation and board restructure, has been welcomed Sunrise Energy Metals has finalised a placement at 30c per share for funds of $6m Your standout small cap resources stocks for Tuesday, June 24, 2025 Olympio Metals has sprinted away from the starting blocks in its maiden drilling program at the Bousquet gold project in Canada with visible gold observed in the very first drill hole. This fast start saw shares double to a daily high of 8.6c, a new 12-month high, before closing 86.05% higher at 8c. The visible gold was in the first hole of the maiden drill program at Paquin gold prospect and occurred within a 9m zone of quartz veining, sulphides and alteration from 183m which extended mineralisation to the west. It is hosted within a smoky quartz vein (blackish, micro-fractured with arsenopyrite, fracture controlled). Smoky quartz has historically been identified as the primary gold host across the Bousquet project. The 9m zone contains 25% discordant smoky quartz veins in a strong carbonate-chlorite alteration, with 5-7% porphyroblastic sulphides and an arsenopyrite halo. Logging has indicated numerous additional smoky quartz veined zones with associated sulphides and alteration in the hole down to 286m. The hole, BO-25-27, will be logged and sampled with priority and submitted for assay with assay results expected to be available by mid-July. Bousquet project is in Quebec, Canada, on the Cadillac Break, a regional structure associated with world-class gold mineralisation which has seen more than 110Moz of gold produced. Setting of the Bousquet Gold Project relative to working mines and resources. Image: OLY Paquin gold prospect has returned numerous high-grade historical intercepts, including 9m at 16.96g/t Au. Drilling is proceeding on further holes at the western extension target at Paquin. The company is confident that Bouquet can be another contributor of gold in the Cadillac Break. 'We are delighted to see visible gold in our very first hole at Paquin, which has extended the gold mineralisation to the west. This is a great start and confirms for us that there is great potential in the Bousquet gold project,' Olympio's managing director Sean Delaney said. 'The Bousquet project is perfectly positioned for gold exploration success, having multi-million-ounce gold deposits to the east and west along the Cadillac Break with year-round access for drilling. Investors have welcomed a reinvigoration of GBM Resources, including a recapitalisation and board restructure, that will enable it to focus on unlocking the district-scale gold potential in Queensland's Drummond Basin. As well as new and existing institutional and sophisticated investors supporting a placement to the tune of $13 million, shares hit a new 12-month high of 1.5c, a lift of 150% on the previous close. The company closed at 1.4c, a 133.33% increase, with more than 93m changing hands. Firm commitments have been received by GBZ to raise A$13m in a two-tranche placement at 0.6c per share. New major shareholder Ian Middlemas has subscribed for shares valued at A$1.2 million under the placement and will become non-executive chairman of GBM. The placement forms part of a broader recapitalisation of GBM, which includes: Full repayment of Collins St Asset Management Pty Ltd's Convertible Notes of $6.2 million; Termination of the proposed farm-in agreement over the Twin Hills gold project with Wise Walkers Ltd (WWL); and Board restructure. At completion, GBM will be well-funded and debt free to undertake an accelerated exploration program across its 100%-owned Drummond Basin portfolio, including Twin Hills and Yandan projects, which collectively host JORC mineral resources of 1.84Moz of gold The recapitalisation has seen GBM reach an agreement with WWL to terminate the proposed Twin Hills farm-in agreement, reconsolidating full ownership of its highly prospective Twin Hills asset WWL has committed to subscribe for $2 million under the placement and will also convert the $2 million previously spent under the farm-In into equity, resulting in a 19.99% shareholding in GBM. As well as the appointment of Middlemas, the board restructure sees Robert Behets and Peter Fox appointed as non-executive directors. Andrew Krelle will remain as executive director, Sunny Loh transitions from chairman to non- executive director and Peter Rohner will step down as managing director but remain as CEO until his contract expires on 31 July 2025, and then transition as a consultant to the company. Middlemas worked for a large international chartered accounting firm before joining the Normandy Mining Group, which subsequently became Australia's largest gold miner. He was a senior group executive at Normandy for about 10 years and has had extensive corporate and management experience, including as chairman of ASX, LSE, Nasdaq and European listed resource companies. 'On behalf of GBM, I thank Peter Rohner for his vision and efforts to consolidate and secure some of the most prospective gold ground in Australia and welcome the support from Ian Middlemas, GBM's executive director Andrew Krelle said. 'With a strong debt-free balance sheet, GBM now has a great opportunity to deliver value to shareholders through an accelerated exploration program across Twin Hills and Yandan. 'GBM's exploration plan for the next 12 months is designed to expand the significant gold resource base at Twin Hills and Yandan by systematically exploring for epithermal gold mineralisation across GBM's Drummond Basin projects.' After finalising a placement to institutional and sophisticated investors at $0.30c per share for funds of $6m and launching a share purchase plan (SPP) to raise up to $1.5m before costs, Sunrise Energy Metals was up as much as 49.24% to 97c, a new 12-month high, and closed at 91c. There has been a strong uptake for the SPP offered to shareholders on the same terms as the placement The placement and SPP includes one option for every SPP share subscribed issued at nil consideration and exercisable at a price of 40 cents before May 31, 2027. The SPP is expected to close on June 24, 2025, with results to be announced on June 30, 2025. Funds from both initiatives will support: A drilling campaign aimed at further expanding high-grade scandium zones at Syerston scandium project; Completion of the updated Syerston scandium feasibility study, targeted for Q3 2025; and Continued engagement with potential scandium customers and end-users. The Syerston project near Fifield in Central West NSW, hosts one of the world's largest and highest-grade scandium deposits. 'I would like to thank our major shareholders for their continued support in this placement which allows us to fast-track the Syerston scandium project at a time when the impact of China's export restrictions on scandium is being felt across technology markets,' Sunrise Energy Metals CEO Sam Riggall said. 'We are also pleased to note that to date the support for the SPP has been extremely strong. 'We continue to work with scandium end users to build a more resilient and flexible supply chain that can scale through the introduction of new and expandable primary mine supply.' (Up on no news) Resolution Minerals climbed to a new 12-month high of 5.4c, 35% higher than Monday's close and ended the day up 25% at 5c. This comes as the company continues to progress its US critical minerals strategy encompassing antimony and tungsten supported by gold and silver. RML recently appointed Washington DC external affairs adviser Todd Clewett to support engagement with US federal agencies as it seeks to expedite approvals for the Horse Heaven antimony-gold-silver-tungsten project under the FAST-41 framework. The company also intends to explore funding opportunities through the US Department of Defense's strategic materials programs. The FAST-41 program, established by Title 41 of the Fixing America's Surface Transportation Act (FAST Act), is a program designed to improve the timeliness, predictability and transparency of the federal environmental review and permitting process. It facilitates a more efficient permitting process for major infrastructure and mining projects of national importance. FAST-41 can also offer benefits to project developers, including increased predictability and faster decision-making. The US government has prioritised domestic and allied sources of key minerals such as antimony, tungsten and gallium recognising their importance to defence applications and renewable technologies. The company is also nearing completion of an OTCQB Markets listing, which is expected to boost RML's profile and trading accessibility for North American investors. On scoring a US10 million loan facility from Saudi Arabia to advance the North Stanmore rare earths project in WA, Victory Metals reached $1.02, 22.89% up on the previous close before closing 2.41% higher at 85c. The facility is from Sanabil Investments – a sovereign investment firm owned by the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia – and incorporates a two-year moratorium on interest payments and a 3.9% interest rate over the remaining term. In a Letter of Commitment, Sanabil also requested the first right to provide future funding for A$330m for the development and construction of the project's processing plant. The Sanabil initiative is a major step forward in fast-tracking the development of North Stanmore as a strategic source of rare earths for global supply chains. It follows a letter of interest from the Export-Import Bank of the US in April for up to US$190m in project financing. This new funding strengthens Victory's financial position and the company is now on the fast-track to accelerate a pre-feasibility study and develop Australia's largest clay-hosted heavy rare earth deposit. It also aligns with Saudi Arabia's Vision 2030 and its push into downstream critical minerals. Vision 2030 is a national transformation initiative aimed at diversifying the Kingdom's economy beyond oil and gas by investing in high-impact sectors such as mining, advanced manufacturing and renewable technologies. A key pillar of this strategy is the development of downstream processing capabilities for critical minerals and rare earth elements, which are essential for defence, semiconductors, clean energy, and electric mobility. Sanabil Investments LLC, as a major arm of the Public Investment Fund (PIF), plays a central role in deploying capital into projects that align with this national vision. This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Victory Metals is a Stockhead advertiser, it did not sponsor this article. Originally published as Resources Top 5: Olympio Metals surges out of starting blocks with gold observed in first hole
News.com.au
3 days ago
- Business
- News.com.au
Resources Top 5: Olympio Metals surges out of starting blocks with gold observed in first hole
Visible gold was observed in the very first drill hole at the Bousquet gold project in Quebec, Canada A reinvigoration of GBM Resources, including a recapitalisation and board restructure, has been welcomed Sunrise Energy Metals has finalised a placement at 30c per share for funds of $6m Your standout small cap resources stocks for Tuesday, June 24, 2025 Olympio Metals (ASX:OLY) Olympio Metals has sprinted away from the starting blocks in its maiden drilling program at the Bousquet gold project in Canada with visible gold observed in the very first drill hole. This fast start saw shares double to a daily high of 8.6c, a new 12-month high, before closing 86.05% higher at 8c. The visible gold was in the first hole of the maiden drill program at Paquin gold prospect and occurred within a 9m zone of quartz veining, sulphides and alteration from 183m which extended mineralisation to the west. It is hosted within a smoky quartz vein (blackish, micro-fractured with arsenopyrite, fracture controlled). Smoky quartz has historically been identified as the primary gold host across the Bousquet project. The 9m zone contains 25% discordant smoky quartz veins in a strong carbonate-chlorite alteration, with 5-7% porphyroblastic sulphides and an arsenopyrite halo. Logging has indicated numerous additional smoky quartz veined zones with associated sulphides and alteration in the hole down to 286m. The hole, BO-25-27, will be logged and sampled with priority and submitted for assay with assay results expected to be available by mid-July. Bousquet project is in Quebec, Canada, on the Cadillac Break, a regional structure associated with world-class gold mineralisation which has seen more than 110Moz of gold produced. Paquin gold prospect has returned numerous high-grade historical intercepts, including 9m at 16.96g/t Au. Drilling is proceeding on further holes at the western extension target at Paquin. The company is confident that Bouquet can be another contributor of gold in the Cadillac Break. 'We are delighted to see visible gold in our very first hole at Paquin, which has extended the gold mineralisation to the west. This is a great start and confirms for us that there is great potential in the Bousquet gold project,' Olympio's managing director Sean Delaney said. 'The Bousquet project is perfectly positioned for gold exploration success, having multi-million-ounce gold deposits to the east and west along the Cadillac Break with year-round access for drilling. GBM Resources (ASX:GBZ) Investors have welcomed a reinvigoration of GBM Resources, including a recapitalisation and board restructure, that will enable it to focus on unlocking the district-scale gold potential in Queensland's Drummond Basin. As well as new and existing institutional and sophisticated investors supporting a placement to the tune of $13 million, shares hit a new 12-month high of 1.5c, a lift of 150% on the previous close. The company closed at 1.4c, a 133.33% increase, with more than 93m changing hands. Firm commitments have been received by GBZ to raise A$13m in a two-tranche placement at 0.6c per share. New major shareholder Ian Middlemas has subscribed for shares valued at A$1.2 million under the placement and will become non-executive chairman of GBM. The placement forms part of a broader recapitalisation of GBM, which includes: Full repayment of Collins St Asset Management Pty Ltd's Convertible Notes of $6.2 million; Termination of the proposed farm-in agreement over the Twin Hills gold project with Wise Walkers Ltd (WWL); and Board restructure. At completion, GBM will be well-funded and debt free to undertake an accelerated exploration program across its 100%-owned Drummond Basin portfolio, including Twin Hills and Yandan projects, which collectively host JORC mineral resources of 1.84Moz of gold The recapitalisation has seen GBM reach an agreement with WWL to terminate the proposed Twin Hills farm-in agreement, reconsolidating full ownership of its highly prospective Twin Hills asset WWL has committed to subscribe for $2 million under the placement and will also convert the $2 million previously spent under the farm-In into equity, resulting in a 19.99% shareholding in GBM. As well as the appointment of Middlemas, the board restructure sees Robert Behets and Peter Fox appointed as non-executive directors. Andrew Krelle will remain as executive director, Sunny Loh transitions from chairman to non- executive director and Peter Rohner will step down as managing director but remain as CEO until his contract expires on 31 July 2025, and then transition as a consultant to the company. Middlemas worked for a large international chartered accounting firm before joining the Normandy Mining Group, which subsequently became Australia's largest gold miner. He was a senior group executive at Normandy for about 10 years and has had extensive corporate and management experience, including as chairman of ASX, LSE, Nasdaq and European listed resource companies. 'On behalf of GBM, I thank Peter Rohner for his vision and efforts to consolidate and secure some of the most prospective gold ground in Australia and welcome the support from Ian Middlemas, GBM's executive director Andrew Krelle said. 'With a strong debt-free balance sheet, GBM now has a great opportunity to deliver value to shareholders through an accelerated exploration program across Twin Hills and Yandan. 'GBM's exploration plan for the next 12 months is designed to expand the significant gold resource base at Twin Hills and Yandan by systematically exploring for epithermal gold mineralisation across GBM's Drummond Basin projects.' Sunrise Energy Metals (ASX:SRL) After finalising a placement to institutional and sophisticated investors at $0.30c per share for funds of $6m and launching a share purchase plan (SPP) to raise up to $1.5m before costs, Sunrise Energy Metals was up as much as 49.24% to 97c, a new 12-month high, and closed at 91c. There has been a strong uptake for the SPP offered to shareholders on the same terms as the placement The placement and SPP includes one option for every SPP share subscribed issued at nil consideration and exercisable at a price of 40 cents before May 31, 2027. The SPP is expected to close on June 24, 2025, with results to be announced on June 30, 2025. Funds from both initiatives will support: A drilling campaign aimed at further expanding high-grade scandium zones at Syerston scandium project; Completion of the updated Syerston scandium feasibility study, targeted for Q3 2025; and Continued engagement with potential scandium customers and end-users. The Syerston project near Fifield in Central West NSW, hosts one of the world's largest and highest-grade scandium deposits. 'I would like to thank our major shareholders for their continued support in this placement which allows us to fast-track the Syerston scandium project at a time when the impact of China's export restrictions on scandium is being felt across technology markets,' Sunrise Energy Metals CEO Sam Riggall said. 'We are also pleased to note that to date the support for the SPP has been extremely strong. 'We continue to work with scandium end users to build a more resilient and flexible supply chain that can scale through the introduction of new and expandable primary mine supply.' Resolution Minerals (ASX:RML) Resolution Minerals climbed to a new 12-month high of 5.4c, 35% higher than Monday's close and ended the day up 25% at 5c. This comes as the company continues to progress its US critical minerals strategy encompassing antimony and tungsten supported by gold and silver. RML recently appointed Washington DC external affairs adviser Todd Clewett to support engagement with US federal agencies as it seeks to expedite approvals for the Horse Heaven antimony-gold-silver-tungsten project under the FAST-41 framework. The company also intends to explore funding opportunities through the US Department of Defense's strategic materials programs. The FAST-41 program, established by Title 41 of the Fixing America's Surface Transportation Act (FAST Act), is a program designed to improve the timeliness, predictability and transparency of the federal environmental review and permitting process. It facilitates a more efficient permitting process for major infrastructure and mining projects of national importance. FAST-41 can also offer benefits to project developers, including increased predictability and faster decision-making. The US government has prioritised domestic and allied sources of key minerals such as antimony, tungsten and gallium recognising their importance to defence applications and renewable technologies. The company is also nearing completion of an OTCQB Markets listing, which is expected to boost RML's profile and trading accessibility for North American investors. Victory Metals (ASX:VTM) On scoring a US10 million loan facility from Saudi Arabia to advance the North Stanmore rare earths project in WA, Victory Metals reached $1.02, 22.89% up on the previous close before closing 2.41% higher at 85c. The facility is from Sanabil Investments – a sovereign investment firm owned by the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia – and incorporates a two-year moratorium on interest payments and a 3.9% interest rate over the remaining term. In a Letter of Commitment, Sanabil also requested the first right to provide future funding for A$330m for the development and construction of the project's processing plant. The Sanabil initiative is a major step forward in fast-tracking the development of North Stanmore as a strategic source of rare earths for global supply chains. It follows a letter of interest from the Export-Import Bank of the US in April for up to US$190m in project financing. This new funding strengthens Victory's financial position and the company is now on the fast-track to accelerate a pre-feasibility study and develop Australia's largest clay-hosted heavy rare earth deposit. It also aligns with Saudi Arabia's Vision 2030 and its push into downstream critical minerals. Vision 2030 is a national transformation initiative aimed at diversifying the Kingdom's economy beyond oil and gas by investing in high-impact sectors such as mining, advanced manufacturing and renewable technologies. A key pillar of this strategy is the development of downstream processing capabilities for critical minerals and rare earth elements, which are essential for defence, semiconductors, clean energy, and electric mobility. Sanabil Investments LLC, as a major arm of the Public Investment Fund (PIF), plays a central role in deploying capital into projects that align with this national vision.
