Rare earths momentum builds in March quarter as Victory Metals and ABx hit key milestones

Australian miners pushed ahead on rare earths projects during the March quarter, delivering technical milestones and development steps aimed at shoring up future supply of critical minerals. Companies reported progress from laboratory testwork to customer engagement, positioning assets for Western supply chains.

Victory Metals highlighted a series of breakthroughs at its North Stanmore project in Western Australia, pointing to the asset’s potential as a globally significant heavy rare earth development. The company reported strong leaching outcomes from North Stanmore flotation concentrate, returning high-value heavy rare earth elements including 70.9 per cent dysprosium, 70.2 per cent terbium and 75.1 per cent yttrium.

Exploration results were underpinned by the highest total rare earth oxide (TREO) grade recorded at the project to date: 11,565 parts per million from 15 metres depth. Metallurgical work also advanced, with first-pass sighter flotation upgrading a representative composite to a peak concentrate grade of 5.9 per cent TREO.

Further testwork delivered a 2600 per cent upgrade in hafnium oxide, increasing from 4 parts per million to 108 parts per million in zircon and baddeleyite-bearing concentrate. Victory moved its development pathway forward by partnering with Curtin University to support studies required to advance North Stanmore toward commercial production, including co-development of a pilot plant.

The company strengthened its technical capability with appointments to its leadership team: Ken Baxter, Scott Atkinson, Dr Ludovic Dumée and Peter Hedley joined Technical Director Professor Ken Collerson and Chief Technical Officer Dean O’Keefe. Victory ended the March quarter with approximately $12.56 million in cash.

Located in Western Australia, North Stanmore is positioned as one of the largest clay-hosted heavy rare earth projects globally, with potential to supply dysprosium, terbium and yttrium. ABx Group progressed multiple workstreams across rare earths, fluorine chemicals and bauxite, with a focus on advancing its northern Tasmania rare earths program.

The company reported strong progress in customer engagement, particularly in North America, as it seeks to position its Deep Leads resource within Western supply chains. Initial feedback on ABx’s mixed rare earth carbonate (MREC) from Rare Earth Technologies (RETi) said the product was of exceptional purity and an ideal feedstock for its process.

A second MREC sample was produced by ANSTO from the Deep Leads resource for assessment by prospective customers, while in-house leaching tests identified several new areas of ionic adsorption clay rare earths with high extraction potential.

ABx continued discussions with potential partners and customers, including Ucore Rare Metals, with which it has a memorandum of understanding to develop a supply pathway for mixed rare earth carbonates.

Managing director Dr Mark Cooksey joined an Australian critical minerals delegation to Canada and the United States during the quarter, presenting the Deep Leads project at the PDAC Convention in Toronto and meeting potential investors in New York.

Beyond rare earths, ABx advanced its ALCORE fluorine chemicals project, with design and construction of a continuous pilot plant proceeding on schedule at the ALCORE Technology Centre in Bell Bay. An Environmental Effects Report was submitted to EPA Tasmania, with feedback expected in April, and two senior process engineers commenced in late April.

The quarter’s activity reflects a broader push to build capacity across Australia’s rare earths sector. Next steps include Victory’s pilot plant studies with Curtin University and ABx’s anticipated regulatory feedback in Tasmania, alongside continued customer engagement aimed at integrating Australian supply into Western markets.