Victory Metals (ASX:VTM) said that metallurgical test work results reduced the size, capital cost, and operating expenses of any future hafnium processing plant at its North Stanmore heavy rare earth, scandium, and hafnium project in Western Australia, according to a Monday filing with the Australian bourse.

Gravity separation at the project recovered 66% of the hafnium into just 3.5% of the original ore mass, rejecting 96.5% of the material, the filing said.

Shares of the company rose 5% in recent Monday trade.