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Victory Metals Ships Heavy Rare Earth Concentrate to Potential Offtake Partners, Updates North Stanmore PFS

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Victory Metals (ASX:VTM) said its flotation pilot plant in Western Australia continues to produce heavy rare earth-enriched concentrate under continuous operating conditions, and has started dispatching concentrate to potential offtake partners in Australia, Japan, and the US for independent product examination, according to a Thursday Australian bourse filing.

The company said that during pilot plant operations and a concurrent review of geological data, it identified that a substantial volume of material at its North Stanmore project previously logged as saprock is in fact saprolite.

The correction of this classification means a substantial volume of additional saprolite may now be included in the ore reserve pre-feasibility study (PFS), the filing added.

Its inclusion is expected to provide additional economic benefits to the project, including the potential to support an expanded ore reserve, per the filing.

The company's shares rose 2% in recent Thursday trade.

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