Victory Metals (ASX:VTM) said it is positioned to become a strategic supplier of heavy rare earth elements with its North Stanmore project in Western Australia, according to a Tuesday Australian bourse filing.
It noted that China imposed new export controls on key heavy rare earth elements gadolinium, terbium, dysprosium, lutetium, and yttrium as well as light rare earth element samarium, the filing said.
Its project resulted in some of the highest metallurgical extraction rates reported for export-restricted heavy rare earth elements, with 94% grade of terbium, 87% grade of dysprosium, 71% grade of lutetium, and 72% grade of yttrium. Its March scoping study outlined low capital and operating expenditure.
Its shares jumped 10% in recent trading on Tuesday.
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