Wedoany.com Report-Apr. 25, Australian exploration company Victory Metals has obtained a non-binding letter of interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to $190 million in debt financing to support the development of its North Stanmore project in Western Australia. The project focuses on heavy rare earths, scandium, and hafnium, critical materials for advanced industries.

The final financing commitment is contingent upon standard due diligence and compliance with EXIM’s policies.

The LOI outlines a potential repayment term of 15 years and provides Victory Metals with the opportunity to access additional U.S. government funding through the China and Transformational Exports Program. The final financing commitment depends on completing standard due diligence and meeting EXIM’s legal and eligibility criteria.

Victory Metals CEO Brendan Clark stated: “This is a major milestone for Victory and a clear signal of the strategic importance of our project not only to Australia but to our allies abroad. Support from EXIM elevates our potential as a secure supplier of critical minerals. It is also a powerful endorsement of the technical strength of our project.” The LOI may receive priority consideration under Section 402 of EXIM’s 2019 reauthorization, which encourages support for projects that promote ethical sources of critical materials.

The North Stanmore project is positioned to benefit from EXIM’s directive to strengthen U.S. leadership in sectors vital to economic and industrial security, such as rare earths and advanced materials. With EXIM’s backing, Victory Metals is better equipped to advance discussions with U.S. and international partners, including major original equipment manufacturers and industries aligned with defense applications.

Clark further noted: “This EXIM Letter of Interest provides a clear pathway for Victory to access long-term, government-backed funding from one of the most influential export credit agencies in the world. We look forward to continuing to collaborate with EXIM as we move towards full project funding.” This support enhances the company’s ability to expedite the development of the North Stanmore project.

In January 2025, Victory Metals announced a significant upgrade to the mineral resource estimate for North Stanmore, reinforcing the project’s potential as a key supplier of critical minerals. The EXIM financing strengthens the company’s capacity to contribute to global supply chains for materials essential to clean energy and advanced technology sectors.

By securing this LOI, Victory Metals is advancing its role in the critical minerals market, leveraging international partnerships to develop a strategically important resource in Western Australia. The project is expected to support sustainable industrial growth while meeting global demand for rare earths and related materials.