The Export-Import Bank of the United States (EXIM), the official export credit agency of the U.S., has sent a letter of interest (LOI) to Victory Metals offering up to $190 million in project financing support for the development of Victory Metals’ North Stanmore Heavy Rare Earths, Scandium and Hafnium Project in Western Australia.
Victory Metals may also be eligible for further U.S. government financing through the China and Transformational Exports Program (CTEP), a mandate for EXIM to help U.S. exporters facing competition from the People’s Republic of China (PRC) and ensure the U.S. continues to lead in the 10 ‘Transformational Export Areas’ including AI, renewable energy, and semiconductors.
In 2024, EXIM and Export Finance Australia (EFA), Australia’s export credit agency, established a streamlined pathway for Australian and U.S. critical minerals businesses to receive financing support from both the agencies.
Brendan Clark, CEO, Victory Metals, commented: “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, especially under the China and Transformational Exports Program, elevates our potential as a secure, non-Chinese supplier of critical minerals. It is also a powerful endorsement of the technical and geopolitical strength of our project. The 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.”