Look at it. It is so wholesome. So wobbly. The little sesame eyes, the big custardy belly. The Pantry Story team is known for its standout creations and with its chocolate panna cotta capybara they’ve done it again “People are absolutely loving it,” Pantry Story owner Mutiara Sucipto tells Broadsheet and there are times when we’ve completely sold out within just two hours.” Forming the dark chocolate panna cotta is finicky with the chubby South American creatures losing limbs and heads if they leave their moulds too quickly finding their way onto their golden kouign-amann nests and then the bakery’s round display table travel spots and more – curated by those who know @pantrystory_sydney This One Thing: Andy Bowdy Resurrects His Hartsyard-Era Sundae This One Thing: The Fluffiest Gluten-Free Bread in Sydney This One Thing: A Hefty House-Made Hash Brown in a Marrickville Backstreet This One Thing: Fire-Licked Oysters in a North-Side Dining Room The ‘Art in Transit: Women's Makers Market’ was a trial activation of the Stanmore Station Parcels Office at Douglas Street the underutilised Parcels Office was transformed into a vibrant and inclusive commercial hub The pilot activation featured women artists and makers from the Inner West of Sydney we asked visitors to the market for their feedback The community rated the activation 10/10 with almost 85% of survey respondents agreeing that the Parcels Office activation made Stanmore Station feel more vibrant Transport for NSW recognise and celebrate the diversity of Aboriginal peoples and their ongoing cultures and care of Country We pay respect to traditional custodians and Elders past and present Victory Metals is winning big and aiming for promotion Your standout small cap resources stocks for Wednesday It has been a stellar month for critical metals player Victory Metals rising from 36.5c on April 7 to 51.5c early on Wednesday After securing a letter of intent for US$194m from the Export-Import Bank of the United States to advance development of its North Stanmore rare earths project in WA the company has notched another 17.05% increase on the previous close to 51.5c The potential debt financing support from the US Government bank establishes Victory as one of a few Australian critical minerals developers attracting high-level international support as it vies for supply chain control after China introduced rare earth export restrictions earlier this month The letter of intent also provides a clear pathway for Victory to access long-term government-backed funding from one of the world’s most influential export credit agencies The North Stanmore project in WA’s Murchison region is shaping as a potentially major Western source of rare earths featuring some of the highest metallurgical extraction rates for rare earths on the export restriction list – including 94% terbium The project has moved into the spotlight after China’s export controls sent a clear message that the West cannot rely on it as a stable supplier of rare earth elements critical to economic and national security “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,” VTM CEO Brendan Clark said especially under the China and Transformational Exports Program “It is also a powerful endorsement of the technical and geopolitical strength of our project.”  the company is well-positioned to accelerate discussions with US and international downstream partners major OEMs and defence-aligned industries seeking ethical The EXIM LOI follows Victory Metals last week unveiling a major gallium resource as a by-product to the heavy rare earths at North Stanmore which is set to boost the project’s economics It also comes after the company welcomed a US Executive Order to investigate the national security implications of the United States’ reliance on imported processed critical minerals A critical metals company operating in the graphite space is Green Critical Minerals which has signed a collaboration agreement with Australian data centre operator GreenSquareDC highlighting commercial interest in its very high density (VHD) graphite which is part of an ongoing targeted customer qualification and engagement program the companies will collaborate in the development and provision of thermal management products for GreenSquareDC’s data centres using VHD Graphite Over 24 months both parties will assess the commercial viability of jointly developed specially designed thermal management products and share relevant intellectual property and confidential information for the purpose of the collaboration GCM has been steadily demonstrating the potential of its VHD Graphite technology to meet the needs of industries requiring next-generation advanced engineered graphite and thermal solutions Its technology has consistently manufactured a product with the highest density (2071kg/m3) recorded for VHD blocks while the average density of 2011kg/m3 easily exceeds industry standard densities for nuclear graphite (1700-1900kg/m3) which is used as a high-temperature control-rod material and electrode graphite (1550-1800kg/m3) used in batteries Testing also found that its VHD Graphite blocks had 3x better thermal diffusivity than aluminium and graphite 2.6x better than copper as well as a 25x directional advantage an experienced company with expertise in the design and supply of heat sinks to the high-performance electronics and electrical systems sector progressed to Stage 2 of the qualification process after machining a VHD Graphite heat sink The agreement has been welcomed by investors with GCM shares up to 44.5% above the previous close at 1.3c “This is a truly exciting tangible step forward in our targeted customer qualification program and a strong indication of the rapid progress we’ve made in a short period of time,” managing director Clinton Booth said “This agreement validates the clear and growing market interest in VHD Graphite as a potential solution to thermal management challenges for data centres AI computing and high-performance electronics “Building on the recent successful machining of our first prototype heat sink and with a formal agreement now in place with a forward-looking sustainability focused data centre operator and developer we are demonstrating real capability to deliver a lighter sustainable and commercially viable alternative to traditional heat management materials “Through real-world testing and direct customer engagement we are successfully proving the commercial viability of our innovative technology.” High purity alumina is another critical mineral in the spotlight and Impact Minerals is on track to secure a 50% interest in Alluminous positioning itself as the leading shareholder and accelerating its entry into the HPA market by up to two years Alluminous is a newly formed company that acquired 100% of HiPurA and its HPA processing technology previously developed by ChemX before it went into voluntary administration in January Impact believes the acquisition is complementary to its flagship Lake Hope project in WA which holds a measured resource of 730,000t grading 25.8% alumina providing very high levels of confidence to support a 10,000tpa HPA plant for 15 years It also potentially accelerates IPT’s entry into the $3.8b HPA market by up to two years providing a significant time and cost advantage compared to the current projected timeline the HiPurA technology provides the company with a critical downstream advantage involving a proven modular and scalable processing route that does not depend on any single feedstock The process has demonstrated >99.99% (4N) purity and offers IPT flexibility and optionality enabling the assessment of the most commercially viable path to market through the Lake Hope Project IPT managing director Dr Mike Jones said the acquisition represented a rare and strategic opportunity for Impact and this has been recognised by investors with shares as much as 40% higher to 0.7c “The HiPurA process demonstrated innovation scalability and the proven ability to produce 4N HPA at the micro-plant scale,” he said which is capable of producing at least 25 tonnes of HPA per year is nearing commissioning and has the potential to accelerate the time to commercialisation materially “Impact is now uniquely positioned to become part of a vertically integrated The Siguiri Basin in Guinea is host to numerous multi-million-ounce gold deposits and Traka Resources is the latest company to test the waters through a partnership in the Didi gold project Traka has signed an exclusive earn-in agreement with Guinea-based Alamako Corporation to earn-in a 75% interest in Didi which is between two major gold assets owned by AngloGold Ashanti and just 12km east of its 8.5Moz Siguiri mine The Didi permit hosts high-grade gold mineralisation supported by drilling extensive high-grade surface geochemical anomalies and widespread artisanal activity with compelling evidence for a significant gold system Alamako intersected high-grade gold across the project including 1m at 6.5 g/t gold from 79m; 19m at 2.7 g/t from 31m including 1m at 17.1 g/t from 31m; and 3m at 2.7 g/t from 15m Trenching and geochemical sampling programs also returned high-grade results concentrated within the Didi-1 target These included 24m at 3.66 g/t Au from 0m including 4m at 10.1g/t in a trench “The earn and JV on the Didi Gold Project provides TKL shareholders with a highly compelling advanced entry in one of West Africa’s most prolific and exciting gold belts currently,” Traka CEO Steve Lynn said “With established mineralisation and multiple walk-up drill targets already identified the Didi Gold Project offers a strong platform for near-term exploration success and future resource growth.” Copper Search is targeting world-class copper-gold deposits within prolific resource-rich regions of South Australia and NSW The Peake project is in the Gawler Craton in South Australia a world-class mining district with more than 100Mt of copper and 110Moz of gold The company’s tenements cover more than 5000km2 giving it a strong ground position CUS has the Byrock project which is prospective for large-scale porphyry deposits in the underexplored northern extension of the Macquarie Arc-Lachlan Fold Belt There has been strong recent interest in this area with AngloGold Ashanti committing $195m to a 10-year exploration program This project covers 2265km2 and is 50km north of the Cobar Mining District In February 2025 CUS and privately held Nimrod Resources signed an exclusive binding option farm-in and JV agreement that allows the company to earn up to a 75% interest in Byrock The company is undertaking fieldwork at the project including IP and airborne magnetic surveys Shares have been as much as 21.2% higher to 2.3c This article does not constitute financial product advice You should consider obtaining independent financial advice before making any financial decisions Green Critical Minerals and Impact Minerals are Stockhead advertisers Investor Guide: Critical Minerals 2025 featuring Barry FitzGerald Get the latest breaking news and stocks straight to your inbox company profiles and industry insights from Australia’s best business journalists – all collated and delivered straight to your inbox every day The non-binding LOI has a 15-year indicative repayment term Australian exploration company Victory Metals has secured a letter of interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to $190m in debt financing support to develop its North Stanmore heavy rare earths scandium and hafnium project in Western Australia (WA) The non-binding LOI has an indicative repayment term of 15 years It also opens the possibility for Victory Metals to tap into further US Government financing through the China and Transformational Exports Program The final financing commitment is contingent upon standard due diligence and compliance with EXIM’s policies as well as legal and eligibility requirements Victory Metals CEO Brendan Clark said: “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 especially under the China and Transformational Exports Programme It is also a powerful endorsement of the technical and geopolitical strength of our project.” The LOI may receive special consideration under Section 402 of EXIM’s 2019 reauthorisation EXIM’s 2019 reauthorisation encourages the bank to counteract competitive export support from China and other nations Don’t let policy changes catch you off guard Stay proactive with real-time data and expert analysis This provision aims to bolster US leadership in sectors vital to economic and national security such as rare earths and advanced materials Victory Metals’ North Stanmore project may benefit from this directive Victory Metals is in a stronger position to expedite negotiations with US and international downstream partners including major original equipment manufacturers and defence-aligned industries Clark added: “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.” In January 2025, Victory Metals unveiled a substantial upgrade to the mineral resource estimate for its North Stanmore project Give your business an edge with our leading industry insights View all newsletters from across the GlobalData Media network Victory Metals has received a major vote of confidence from the United States Government for its North Stanmore rare earths project The company secured a letter of interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to $US190 million ($292 million) in project financing support marks a significant milestone in Victory’s development as one of Australia’s few critical minerals developers attracting international interest “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,” Victory chief executive officer Brendan Clark said non-Chinese supplier of critical minerals.” The proposed funding support may also receive special consideration under Section 402 of EXIM’s 2019 reauthorisation which aims to counter China’s dominance in global critical mineral supply chains The North Stanmore project fits squarely into this framework with a resource base that now includes seven critical minerals currently restricted by China scandium and a suite of heavy rare earth elements The company also revealed the addition of 4788 tonnes of gallium oxide to its updated mineral resource estimate positioning the company among the few Australian-based operators with a declared gallium resource “The addition of Gallium to the MRE is an incredible bonus, not a dependency,” Clark said “Our focus remains on developing a world-class heavy rare earth project but the ability to recover Gallium concurrently through our recovery process without additional complexity significantly enhances the value proposition.” The gallium market is experiencing tight global supply North Stanmore now includes seven critical metals that are currently subject to Chinese export restrictions all of these restricted critical metals have been recovered during testwork in Victory’s mixed rare earth carbonate (MREC) Subscribe to Australian Resources & Investment and receive the latest news on commodity prices, resource developments, executive movements and more. 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Something went wrong.The page you are looking for could not be found More news: Shares in Stanmore Resources are down 2.1% to $2.82 after the coal miner reported weaker production and sales in the December quarter The miner said this was a result of significant wet weather and a planned 14-day CHPP shut-down at its South Walker Creek mine in Queensland the company exceeded its full-year production guidance The news: Coal miner Stanmore Resources has hit its full-year guidance despite December quarter production and sales being affected by wet weather and a shutdown at one of its mines The numbers: Saleable coal production for the three months to December 2024 was down to 3.3 million tonnes Coal sales also fell to 3.4 million tonnes from 3.9 million tonnes The company closed the quarter with cash of US$289 million ($459.25 million) The context: Despite the slower fourth quarter Stanmore’s full-year production came in at 13.8 million tonnes ahead of its guidance range of 12.8 to 13.6 million tonnes The company said this came despite significant wet weather throughout December and a planned 14-day CHPP shut-down at its South Walker Creek mine in Queensland What they said: "Queensland export volumes were stable in the December quarter despite the unfavourable weather conditions which together with weakness in domestic China net-back pricing contributed to a short period of pricing pressure late in December," chief executive Marcelo Matos said "This was mostly offset by returning demand from India at that time primarily for prime mid volume coking coals which will remain a key factor to market outlook in early 2025." The source: ASX announcement Error: no decision tree source folder detected The project is set to mine 248Mt of rare earths ore over a 31-year mine life Special Report: Victory Metals has released the scoping study for its North Stanmore rare earths project in WA low cost-supply source of heavy rare earths and scandium The project presents an opportunity to establish Western supply of critical minerals essential for high-growth industries such as renewable energy A 31-year mine life is underpinned by drilling data that places 72% of the 247.5 million dry metric tonnes at 493ppm total rare earth oxide and 26ppm scandium oxide resource in the high confidence indicated category a standard measure reflecting the cost of capital the project economics factor for an estimated net present value of approximately $1.2 billion with an IRR of 52% based on a lower case price forecast from Adamas Intelligence Victory Metals (ASX:VTM) CEO and executive director Brendan Clark said the scoping study confirms North Stanmore as a “world-class heavy rare earth and scandium project with outstanding economics” “The study delivers an exceptional robust case even based on Adamas Intelligence’s lower case price forecast with a net present value (NPV) exceeding AUD $1,212m and a very high internal rate of return (IRR) reinforcing the project’s strong financial viability and low-cost advantage,” he said Capital expenditure is approximately $337m including a 30% contingency with the lower costs mainly due to the terrific existing infrastructure around the project located just a stone’s throw from the well-serviced regional mining town of Cue That means no transient camps or haul roads need to be constructed at around A$25.5 per ROM tonne over the life of mine due to the unique geology of North Stanmore and an extensive weathering event leading to high metallurgical extractions The scoping study confirms that North Stanmore has the potential to be one of the lowest-cost producers of rare earths globally with VTM set to produce a very high value and quality heavy rare earth enriched product This is helped by outstanding metallurgical recoveries of 94% for magnet rare earth oxide (MREO) plus scandium and hafnium have also been successfully separated from the mixed rare earth carbonate The process used by VTM is also an environmentally sustainable process that eliminates the need for a concentrate phase – reducing capital and operating costs free-dig clay mineralisation which allows for low-cost mining without the need for drilling or blasting Already the company has seen significant interest from offtakers with VTM entering into a non-binding memorandum of understanding to negotiate an offtake agreement with Fortune 500 company Sumitomo Corporation which the company entered into in December 2024 particularly dysprosium and terbium along with emerging defence metals such as scandium and hafnium are in growing global demand due to their critical importance and emerging supply constraints,” Clark said “As industries increasingly look for sustainable the outlook continues to strengthen in these markets presenting another compelling and diversified off-take opportunity for Victory Metals.” The project is scheduled for commissioning (all things progressing as planned) by Q3 2028 world-class infrastructure access and increasing demand for heavy rare earths and scandium North Stanmore is well-positioned to become a key global ethical source of critical minerals “The combination of a globally significant resource low CAPEX and strong market fundamentals sets North Stanmore apart as a unique and highly strategic project,” Clark said “We are now focused on advancing towards production while continuing discussions with potential partners to further de-risk development and maximise shareholder value.” The next steps for the company include further resource drilling to expand and upgrade the resource mining strategy and scheduling studies along with metallurgical refinements ahead of a pre-feasibility study This article was developed in collaboration with Victory Metals a Stockhead advertiser at the time of publishing You should consider obtaining independent advice before making any financial decisions Victory Metals (ASX:VTM) has completed a Scoping Study for the North Stanmore Rare Earth Project in Western Australia With a 31-year mine life and 72% of the resource being in the indicated category and 28% in the inferred category the project has an estimated net present value (NPV) across multiple pricing scenarios including $1.212 billion (post tax) with 52% internal rate of return (IRR) and $1.777 billion (pre-tax) based on Adamas Intelligence downwards forecast Victory plans to engage a corporate advisor to finalise and implement an optimal financial structure with the focus on securing government grant funding and forming a strategic partnership with offtake joint venture or partial asset sale type arrangements.  The final funding structure for the project’s execution phase will be influenced by partner participation and prevailing market conditions As one of the largest heavy rare earth and scandium clay projects globally Victory Metals says the North Stanmore Project “presents a unique opportunity to establish a long-term low-cost supply of critical minerals essential for high-growth industries such as renewable energy The company’s suspension from trading on the Australian Securities Exchange (ASX) has now been lifted as a result of the announcement Capital expenditure is about $337 million including a 30% contingency and operating expenditure is $25.5 per ROM tonne over the life of mine due to the unique geology of North Stanmore and an extensive weathering event leading to high metallurgical extractions The capex payback period is expected to be two years Victory is in discussions with potential strategic funding partners with a range of trading and investment companies and various western Export Credit Agencies which CEO Brendan Clark notes backs Victory’s assessment of the availability of funding the project.  Operating costs have been focused on the development of a processing cost for the different alternative flowsheets These costs have been built up from first principles and are presented in the operating cost section of this report The total cost is estimated to be $25.50 per tonne of hydromet feed Clark says the Scoping Study confirms North Stanmore’s economic and environmental advantages over conventional rare earth projects.  “The completion of our Scoping Study is a defining milestone for Victory Metals confirming North Stanmore as a world-class heavy rare earth and scandium project with outstanding economics,” the CEO says.  Victory has now entered into a non-binding memorandum of understanding (MoU) to negotiate an offtake agreement with Japanese trading house Sumitomo Corporation (TYO:8053).  Clark notes the MoU marks a key step in Victory’s strategy to advance North Stanmore towards production as the company continues discussions with potential partners government and progresses towards further development Victory is targeting to be a Western supplier of rare earths elements and hafnium with ‘strong support’ from offtakers for security of supply ex-China led by independent engineering consultants Mincore shows the project could have 8 million tonnes per annum throughput due to the shallow nature of the mineralisation will be recovered to the saleable concentrate from the project Victory has strategically positioned itself to prioritise high-value in-demand rare earth elements by excluding low-value commodities such as cerium and lanthanum.  Clark says this differentiation is critical in understanding the true economic potential of the project adding that North Stanmore is located in the tier-one mining jurisdiction of Western Australia where both federal and state governments have committed billions of dollars of support for rare earth projects.  presenting another compelling and diversified off-take opportunity for Victory Metals,” he continues.  low capex and strong market fundamentals sets North Stanmore apart as a unique and highly strategic project We are now focused on advancing towards production while continuing discussions with potential partners to further de-risk development and maximise shareholder value.” Write to Adam Orlando at Mining.com.au Unico Silver makes ‘multiple new discoveries’ at Cerro Leon Unico Silver (ASX:USL) says the final results from phase-two diamond drilling at.. 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ASX shifts down a gear Stay Informed on up-to-the-minute mining news Get the best articles straight to your inbox ASX ends winning streak as energy sector tumbles05 May Military Metals discusses antimony exploration in Slovakia05 May Unico Silver makes ‘multiple new discoveries’ at Cerro Leon05 May Critica readies to drill satellite rare earths targets    05 May NRW Holdings subsidiary Golding Contractors has signed a mining services agreement with Stanmore Resources and its South Walker Creek (SWC) open-cut coal mine near the Bowen Basin in Queensland Under the five-year contract commencing January 2026 Golding Contractors will operate and maintain eight fleets of heavy mining equipment to remove overburden and mine steelmaking coal consistent with current contractual arrangements The mining services agreement is set to provide employment to approximately 650 personnel mostly residing within the Bowen Basin region and generate around $1.6 billion in revenue The assets deployed by Golding Contractors will consist of those purchased through the mining services contract it finalised with HSE Mining in August “I am delighted to announce that NRW has been awarded this contract with Stanmore, allowing us to build on the successful relationship we have had with Stanmore over a long period,” NRW chief executive officer (CEO) Jules Pemberton said “NRW’s drilling and blasting subsidiary ADB is currently working with Stanmore at SWC and Golding now renews its prior association With the addition of the SWC (mining services agreement) NRW’s order book climbs to a record $7 billion “I look forward to a successful partnership with Stanmore.” The mining services agreement follows Stanmore delivering record coal production for the September 2024 quarter SWC contributed to Stanmore producing 5.8 million tonnes (Mt) of run-of-mine (ROM) coal as well as 3.8Mt of saleable coal production and 3.9Mt in total coal sales The record production results are well above Stanmore’s annualised production rates positioning the company to meet its 2024–25 financial year production guidance “Saleable production for the quarter was strong, supported by numerous production records, and continues to track to guidance,” Stanmore CEO and executive director Marcelo Matos said “We ended the quarter with healthy levels of product and ROM stockpiles across our portfolio which should also support (the company’s December 2024 quarter) sales performance.” Subscribe to Australian Mining and receive the latest news on product announcements Australian Mining has informed the industry on the latest news and technologies from across the mining sector Australian Mining is a leading resource showcasing the latest in mining innovation Stanmore Resources has entered into a binding agreement with Anglo American and Exxaro the participants of the Moranbah South joint venture (MBS JV) and apply for a future mining lease over a designated area on the MBS JV tenements immediately adjacent to Stanmore’s Isaac South project is expected to significantly enhance the economics of Isaac South by adding low-strip-ratio coal thereby extending the life of operations beyond the currently mined Isaac Downs pits The addition of the designated area is projected to contribute approximately 50 per cent of the total mineable resource of the enlarged Isaac South project The strip ratio is expected to start at just 4-5:1 run-of-mine meaning the mine’s development will have a lower capital cost and time to first coal will be faster The designated area is also strategically located near Stanmore’s existing coal handling preparation plants further reducing development costs and timeframes The agreement entails an upfront payment of $US15 million followed by a deferred consideration of $US20 million upon the first coal being mined or approximately 10 years after the grant of a mining lease a capped royalty of up to $US40 million is linked to certain coal price thresholds with plans to submit all required documentation in 2025 “We will now work closely and swiftly with State and Federal Government departments and regulators to progress the environmental impact studies and all associated work and secure all required regulatory approvals to submit an investment case for internal approval to start construction of the new pit and associated infrastructure,” Matos said The company aims to maintain operational continuity at its Isaac Plains Complex potentially adding another 15 years of mining at the current rate of four million tonnes per annum Subscribe to Australian Mining and receive the latest news on product announcements Australia’s Stanmore Resources has agreed with the Queensland Government to build a 20MW gas-to-electricity power station at the South Walker Creek open-cut coal mine Australia’s Stanmore Resources has announced an agreement with the Queensland Government to construct a new 20MW gas-to-electricity power station at the South Walker Creek open-cut coal mine as part of the Low Emissions Investment Partnerships (LEIP) programme The project aims to lower future fugitive mine emissions by capturing coal seam gas at South Walker Creek and converting it into electricity to be reused on-site providing a sustainable and long-term power source for the mine Upon successfully completing regulatory approval processes the company intends to complete the construction of the project by 2027 and then implement coal seam gas drainage and electricity generation at a commercial scale for at least 15 years.  The LEIP funding will be released upon reaching project milestones until the project’s completion.  With the support of the Queensland Government Stanmore plans to establish joint venture agreements for gas extraction power plant construction and ongoing operations.  Stanmore Resources CEO and executive director Marcelo Matos said: “The project will take methane from the coal seam and convert it into a long-term stable power solution to the mine whilst continuing to produce and deliver high-quality metallurgical coal to our customers.”  Deputy Premier, Treasurer and Minister for Trade and Investment, Cameron Dick, said: “Our Government is committed to our 75 by 35 emissions reduction target and to a strong future for the resources sector across Queensland.”  The Queensland Budget for 2023–24 introduced the LEIP programme which aims to accelerate investment in initiatives aimed at cutting emissions in Queensland’s most polluting facilities Decreasing emissions from safeguard mechanism facilities in the metallurgical coal sector is one of its priorities “The LEIP programme is investing in innovations that will reduce emissions that occur through the mining process that supplies the coal we need for steelmaking Queensland’s high-quality metallurgical coal is a vital element in producing the world’s renewable energy infrastructure such as wind turbines and electric vehicles,” Dick added Victory Metals has completed a scoping study for its North Stanmore project in Western Australia confirming the project’s potential as one of the largest heavy rare earth and scandium clay deposits globally The study highlights North Stanmore’s ability to deliver a long-term low-cost supply of critical minerals essential for high-growth industries “The completion of our scoping study is a defining milestone for Victory Metals, confirming North Stanmore as a world-class heavy rare earth and scandium project with outstanding economics,” Victory Metals chief executive offiver and executive director Brendan Clark said “The study delivers an exceptional robust case even based on Adamas Intelligence lower case price forecast with a net present value (NPV) exceeding $1.212 billion and a very high internal rate of return (IRR) reinforcing the project’s strong financial viability and low-cost advantage.” processing up to eight million tonnes per annum (Mtpa) with 72 per cent of its resources classified as indicated and 28 per cent as inferred along with emerging defense metals such as scandium and hafnium presenting another compelling and diversified offtake opportunity for Victory Metals.” North Stanmore’s low capital expenditure (CAPEX) of approximately $337 million Victory Metals signed a non-binding memorandum of understanding with Sumitomo Corporation in December pertaining to a potential offtake agreement that would further support the project’s global significance “We are now focused on advancing towards production while continuing discussions with potential partners to further de-risk development and maximise shareholder value,” Clark said Subscribe to Australian Resources & Investment and receive the latest news on commodity prices Australian Resources & Investment is this country’s premier mining journal dedicated to providing readers with cutting-edge insights into resource developments in Australia and from Australian companies operating around the world © document.write(new Date().getFullYear()) All Rights Reserved Australian Resource and Investment is a registered trademark of Prime Creative Media North Stanmore is noted for a weighty proportion of heavy rare earths Special Report: Victory Metals’ infill drilling campaign has further raised the bar on what was already established as a topflight heavy rare earth resource near the town of Cue in Western Australia Though the Victory Metals (ASX:VTM) program was small it has placed the majority of the resource in the indicated category along with confirming market leading heavy rare earth ratios The July 2024 mineral resource was already enough to place North Stanmore as Australia’s largest contiguous indicated heavy rare earth clay resource and this upgrade takes it to a new level The latest resource highlights a shallow high-grade zone over 53Mt of heavy rare earth enriched material that provides excellent metrics that will flow into the advanced scoping study The resource now stands at an overall 247.5Mt at 520ppm TREO with 71% indicated and a 38% heavy ratio which further establishes VTM’s sector position Victory CEO and executive director Brendan Clark said the updated numbers demonstrate North Stanmore’s potential of becoming one of the world’s largest contiguous clay-hosted heavy rare earth enriched deposits “This updated MRE reinforces North Stanmore’s status as a globally significant rare earth resource,” Clark said “With mineralisation remaining open in all directions the project’s growth potential is significant “This update strengthens our strategic position and highlights our ability to deliver sustainable ethically sourced high-value critical minerals for the global clean energy and defence sectors “Also exciting is the significant scandium resource with scandium having a strong outlook and scandium oxide currently having a price in excess of $1300 per kg.” Clark added the results will now be incorporated into a well-advanced scoping study anticipated for insights into the economic and technical feasibility of North Stanmore in the first quarter of this year A grab bag of rare earth can often be opaque for investors buoyed by elements which are really not rare at all But VTM’s project has an endorsement from the Geological Society of WA as a world-class ionic clay-hosted heavy rare earths and scandium discovery at its back The heavy component of the rare earth suite is valued for a role in the clean energy transition and neodymium notable standouts for use in permanent rare earth magnets That trio represents the bulk of value in VTM’s heavy rare earth basket with scandium and its valued role in solid oxide fuel cell technology an interesting kicker to add to the mix near-surface zone now standing at 53Mt at 1012ppm TREO offers a robust foundation for development at North Stanmore And the Australian government has likewise shown its dedication to building a rare earth industry, with Iluka Resources (ASX:ILU) raking in nearly half a billion in taxpayer cash to develop a rare earth refinery at Eneabba Product from Eneabba is slated to go out through the Port of Geraldton with Victory itself linked to Gero by way of the Great Northern Highway VTM sees heady exploration upside in the 13.5km of strike lying at North Stanmore but the upcoming scoping study should shed some light on developing its resources already in the bag The updated MRE was commissioned by Victory Metals and completed by MEC this month Victory Metals has unveiled a substantial upgrade to the mineral resource estimate (MRE) for its North Stanmore heavy rare earth elements (HREE) project in Western Australia despite being based on minimal infill drilling has resulted in 71% of the resource now being classified as indicated The updated MRE was commissioned by Victory Metals and completed by MEC Mining this month Drilling to support the MRE comprises 755 drill-holes totalling 42,118m completed by Victory Metals from 2022 through 2024 50 reverse circulation drillholes and 11 diamond drill-holes The Indicated JORC category now comprises 71% of the overall MRE totalling 176.5 million tonnes (mt) at 503 parts per million (ppm) total rare earth oxide (TREO) The overall MRE has been upgraded to 247.5mt at 520ppm TREO including both indicated and inferred resources A high-grade near-surface zone has been expanded providing a strong foundation for North Stanmore’s development This zone now totals 53mt at 1,012ppm TREO marking a significant upgrade from the July 2024 MRE The project also boasts consistently high heavy rare earth oxide to TREO ratios of 38% in the Indicated category solidifying North Stanmore’s position in the critical heavy rare earth sector with growing demand anticipated for its use in solid oxide fuel cells and aluminium-scandium alloys in the aerospace and defence industries North Stanmore’s significant strike length of 13.5km establishes it as one of the largest contiguous clay-hosted deposits dominated by heavy rare earths globally with mineralisation still open in all directions offering significant exploration potential Three stages of metallurgical test work have been completed for the North Stanmore project focusing on beneficiation and leach test work to establish potential recoveries and processing options Victory Metals CEO and executive director Brendan Clark said: “This updated MRE reinforces North Stanmore’s status as a globally significant rare earth resource With mineralisation remaining open in all directions “The expansion of the high-grade zone and an overall mineral resource that has increased to over 247mt coupled with a 13.5km strike and consistent high heavy rare earth to total rare earth ratios demonstrates the North Stanmore Project’s potential of becoming one of the largest contiguous clay hosted heavy rare earth enriched deposits in the world.” “The results from this updated MRE will be incorporated into our very advanced Scoping Study which will provide insights into the economic and technical feasibility of North Stanmore,” he added The North Stanmore project is accessible via the Great Northern Highway to Cue and then via an unsealed road approximately 6km north of Cue Parramatta Road’s iconic Olympia Milk Bar in Stanmore may have a second lease of life Local businessman Paul Barone lodged a development application with the Inner West Council in November which details plans for an almost million dollar renovation Described as “a rare largely intact survivor of a 1930s-1960s suburban milk bar” in the heritage impact statement accompanying the development application Olympia was closed by the council in 2017 over safety concerns diligently caring for the last surviving link to Sydney’s Greek-led milk bar culture having run the Olympia for almost six decades Barone appears to be focused on repair over replacement The renovation includes an upmarket four-bedroom residence above the bar including the restoration of the milk bar’s counter “I genuinely want to bring it back to how it was and hopefully show that the milk bar still has a future in Sydney,” he told The Daily Telegraph in 2024 Although it’s been over sixty years since the bar was first purchased the Olympia holds a very special place in many hearts both local and a little further afield A 2014 documentary by Joshua Brogan explores the reverence held by many Inner West locals to whom the Olympia represents a ghost of Sydney as it used to be A Facebook group, the Olympia Milk Bar Fan Club with over seven thousand members sharing memories and news of the site Co-author of Greek Cafés & Milk Bars of Australia and social historian and curator at Macquarie University, Leonard Janiszewski, told the Sydney Morning Herald that the milk bar is still very unique “The Olympia was the last of its kind,” Janiszewski said “There was no other milk bar of its vintage in terms of when it was established and what few changes had taken place The agreement aims to establish a long-term offtake partnership between Victory and Sumitomo Victory Metals has signed a strategic non-binding MOU with Sumitomo Corporation (Sumitomo) The MOU outlines the initial terms for negotiating an offtake of mixed rare earth carbonate (MREC) from Victory’s North Stanmore HREE project in Western Australia (WA) This project is estimated to hold Australia’s largest indicated and inferred HREE clay resource of 235mt enhancing Victory’s position as a future supplier of ethically sourced critical rare earth materials for the technology Key terms of the MOU include a potential long-term offtake partnership with Sumitomo with Victory providing 30% of its annual MREC production from the North Stanmore project Both parties aim to finalise a Binding Term Sheet by 31 October 2025 with pricing indexed to prevailing market prices for MREC and adjusted for TREO content Victory’s North Stanmore project is located approximately 6km north of Cue with road access via the Great Northern Highway Victory announced a mineral resource estimate (MRE) of 235mt for North Stanmore with 149mt (63%) in the indicated category confirming it as Australia’s largest indicated HREE resource Victory has appointed MEC Mining to update the July 2024 MRE for North Stanmore expecting an uplift in resources with additional inferred tonnage and some conversion to indicated resources Victory Metals recently announced the successful completion of its 3,681m air core (AC) drilling programme at the North Stanmore project With around 65% of assay results received so far the data has confirmed the presence of high-grade heavy rare earth oxide and scandium mineralisation across an extensive 13.5km strike These results further enhance the significance of the North Stanmore project VTM's on top of the world with North Stanmore and its high heavy rare earths dominant resource Rare earth projects are increasingly in the eye of the investing public and for a project to be recognised as being world-class by a leading geological agency is a huge tick in its favour That’s exactly where Victory Metals’ (ASX:VTM) North Stanmore project near Cue stands with the Geological Survey of Western Australia  acknowledging that it is a world-class ionic clay-hosted heavy rare earths and scandium discovery which maps the geology of the state that can be fed into regional exploration models – providing explorers with valuable insights noted that ionic clay deposits are increasingly being recognised globally and there is high potential for these types of deposits in WA It added that understanding new discoveries such as North Stanmore helps ensure that GSWA mapping and pre-competitive geoscience data acquisition can support future discoveries of this kind Understanding the endowment of recent discoveries also helps with GSWA’s role in promoting WA as an exploration investment destination of choice Heavy REEs are valued for their role in the clean energy transition with dysprosium and terbium being standouts for their use in permanent rare earths magnets that are used in electric vehicle motors and wind turbines Scandium is also prized for its use in aluminium alloys ionic adsorption clay projects are valued for their high percentages of magnet rare earths and near-surface nature and ease of processing compared to their hard rock counterparts So just what makes North Stanmore standout as a “world-class” discovery We can start with the project hosting a resource of 235Mt about 149Mt or 63% of which sits in the higher confidence indicated category that provides enough certainty for mine planning contained within regolith clay-hosted mineralisation overlying an alkaline intrusion It is also incidentally the largest indicated heavy rare earths dominant deposit in Australia Other reasons why North Stanmore earns its title include heavy REEs making up 35% of the total rare earth oxide mix and a near surface higher grade domain of 45.9Mt at 1050ppm TREO that rather neatly supports a development strategy designed to rapidly deliver new heavy REE supply to address global demand the  heavy REE content makes up 67% of the value of the TREO basket hafnium – a high value product and critical metal with key applications in defence functions and the aerospace industry – has also been confirmed to be present at the project a large resource isn’t enough to be deemed worthy of being world-class on its own It also needs to demonstrate amenability to processing This is again an area when North Stanmore passes with flying colours Leach testing on beneficiated samples – produced using a simple physical screen that resulted in a more than 60% increase in grades – successfully returned recoveries of 93% for critical MREOs such as Dy these high recoveries were achieved with low temperature Scandium recoveries of up to 50% were also achieved North Stanmore is also well situated on the Great Northern Highway – one of Australia’s major arterial road networks It sits just 7km from the town of Cue and is 420km by sealed Cue itself hosts a regional airport with reliable services to all major Australian cities VTM is currently progressing a scoping study for North Stanmore It is also conducting further metallurgical test work to recover by-products such as copper and cobalt North Stanmore remains largely underexplored with 92% of the tenement area still untouched while the deposit itself is open in all directions While Victory Metals is a Stockhead advertiser This follows the finalisation of agreements with South32 and Aquila for their respective shares in the Queensland project Stanmore Resources has closed its acquisition of the Eagle Downs Metallurgical Coal Joint Venture project (Eagle Downs) now owning and controlling 100% of the venture This follows the finalisation of agreements with both South32 and Aquila for their respective shares in the Queensland In February, Stanmore secured a 50% stake in the Eagle Downs Project from South32 for $135m (A$206.5m) The payment included an initial $15m cash payment $20m upon the extraction of the first 100,000 tonnes (t) of coal and a capped royalty of approximately $100m Stanmore also finalised the acquisition of the remaining 50% stake in Eagle Downs and a 100% interest in the Eagle Downs South tenements from Aquila The company paid $15m for Eagle Downs and an additional $2m for the Eagle Downs South tenements at closing with further payments of $20m and $10m due upon the extraction of the first 100,000t of coal from each site Stanmore made the upfront payments for both the Eagle Downs and Eagle Downs South acquisitions using its current liquidity The Eagle Downs deal also includes a capped royalty that could reach up to $150m Stanmore has now confirmed the completion of the acquisitions from South32 and Aquila The company also begun work to review the Eagle Downs Project and is considering the most capital-efficient approach to any future development decisions Stanmore CEO Marcelo Matos said: “Stanmore is excited by the opportunity afforded by completing this acquisition Stanmore will now seek to optimise the development plan and take a capital efficient approach to any development decision.” IT SEEMS THE PAGE YOU'RE LOOKING FOR HAS GONE ASTRAY GO BACK TO THE HOME PAGE The project hosts a 235Mt resource including prized heavy rare earths including dysprosium and terbium Special Report: Victory Metals has signed a memorandum of understanding with Sumitomo for 30% of annual production of mixed rare earth carbonate from the North Stanmore heavy rare earth project for an initial five-year term The WA project already boasts a substantial 235Mt resource, including 79,200t of total rare earth oxides and 28,000t of heavy rare earth oxides, which is regarded by experts at the Geological Survey of WA as a world-class ionic clay-hosted heavy rare earths and scandium discovery Last month the company expanded the range of mineralisation to more than 13.5km of strike reporting assays of prized heavy rare earths including dysprosium and terbium which are used in magnets and virtually solely produced in China and neighbouring Myanmar with an updated estimate on the cards near-term and a scoping study slated for Q1 2025 The project’s potential has clearly caught the eye of Fortune Global 500 company Sumitomo – one of the world’s leading integrated trading and investment enterprises Victory Metals (ASX:VTM) says the agreement demonstrates Sumitomo’s confidence in the quality project development support and technological collaboration The MOU establishes a potential long-term offtake partnership between the two companies which the company says reinforces its global positioning as a future supplier of ethically sourced critical rare earth materials for the technology “We are extremely pleased to be partnering with Sumitomo Corporation a globally recognised powerhouse with extensive industry expertise and a proven track record of securing critical mineral supplies,” CEO and executive director Brendan Clark said “This agreement reflects the strategic value of the North Stanmore Project and confirms the global significance of our unique heavy rare earth element composition within the North Stanmore clay deposit “The agreed terms enable Victory to accelerate project development “This partnership opens exciting new opportunities for Victory to integrate into the global rare earth supply chain and secure our place as a leading supplier in the energy transition and defence sectors.” The parties are aiming to enter into a binding term sheet by October 31 with the pricing indexed to the prevailing market prices for mixed rare earth carbonate product (and rare earth oxide product “Victory looks forward to working with Sumitomo and both parties have agreed in good faith to enter into a binding off-take agreement,” Clark said and commitment to sustainable growth make it the ideal long-term partner for Victory Metals as we continue to progress our North Stanmore project towards development.” Sumitomo is planning to trade the product from Victory internationally building on a cavalcade of inroads it has made into the Aussie critical minerals scene this year Giving a sense of the significance of the MoU SMM’s previous investments in WA mining in 2024 have included a $615m deal to buy a 30% stake in Rio Tinto’s (ASX:RIO) giant Winu copper and gold development and a joint deal with Mitsubishi to complete a $98.5m DFS on Ardea Resources’ (ASX:ARL) Goongarrie nickel project “We plan to utilise our global network to sell the rare earths produced by Victory We look forward to future partnerships,” Sumitomo said of the VTM MoU Stanmore Resources Ltd ( (AU:SMR) ) has provided an update Perpetual Limited and its related bodies corporate have become substantial holders in Stanmore Resources Ltd acquiring a 5.553% voting power with 50,056,970 ordinary shares as of April 23 This acquisition signifies a strategic investment in Stanmore Resources potentially impacting the company’s market positioning and signaling confidence in its operations and future prospects Stanmore Resources Ltd operates in the resources industry focusing primarily on coal mining and production The company is engaged in the exploration and development of coal resources catering to both domestic and international markets See more data about SMR stock on TipRanks’ Stock Analysis page Disclaimer & DisclosureReport an Issue Stanmore Resources Ltd ( (AU:SMR) ) has provided an update Disclaimer & DisclosureReport an Issue Victory Metals (ASX:VTM) has upgraded the North Stanmore Heavy Rare Earth Elements Project’s mineral resource estimate with 71% now in the higher confidence indicated category The indicated resource now totals 176.5 million tonnes @ 503 parts per million (ppm) total rare earth oxide (TREO) which is expected to complement a Scoping Study already underway.  North Stanmore’s overall mineral resource estimate now totals 247.5 million tonnes @ 520ppm TREO up from 235.15 million tonnes @ 520ppm TREO in July 2024.  CEO Brendan Clark says the updated resource reinforces the project’s status as a globally significant rare earth resource.  “With mineralisation remaining open in all directors the project’s growth potential is significant,” Clark says.  which will provide insights into the economic and technical feasibility of North Stanmore.” which has a market capitalisation of $39 million notes the expansion of the high-grade zone provides a robust foundation for the project’s development three stages of metallurgical testwork have been completed at North Stanmore focusing on beneficiation and leach testwork to establish potential recoveries and processing options.  Some of the testwork results include high recoveries of 94% praseodymium with a combined recovery of 93% magnet rare earth elements.  The North Stanmore Project is located in Western Australia and has a 13.5km strike length — ranking it among the largest contiguous heavy rare earth-dominated clay-hosted deposits globally.  Victory Metals is a rare earths and critical minerals explorer based in Perth Write to Aaliyah Rogan at Mining.com.au    DXN has announced the successful factory acceptance test of a prefab data center module for Australian mining firm Stanmore In a recent LinkedIn post DXN said: “This is a major step in delivering a reliable scalable solution tailored to Stanmore Coal’s needs and marks the success of our collaboration with Total Data Centre Services The module will be deployed at the South Walker Creek mine in Queensland DXN was first awarded the $1.2 million contract in February this year with completion initially scheduled for July The company has not provided new timelines for when the module will be deployed Data Centre Dynamics Ltd (DCD), 32-38 Saffron Hill, London, EC1N 8FH Email. [email protected]DCD is a subsidiary of InfraXmedia Victory Metals (ASX:VTM) is quickly moving to undertake further resource drilling after releasing a new exploration target for its North Stanmore Rare Earth Element and Scandium Project which has a market capitalisation of $39.1 million has defined an exploration target of 100 to 230 million tonnes @ 330 to 600 parts per million (ppm) total rare earth oxides (TREO) and scandium.  covers mineralisation outside of the existing indicated and inferred resources of 247.5 million @ 520ppm TREO It is one of four targets that Victory says shows significant potential to deliver further resource growth at the North Stanmore Project CEO Brendan Clark says drilling will focus on expanding the current resource and targeting additional high-grade zones already identified within the existing resource.  “North Stanmore represents a significant opportunity to establish one of the world’s largest clay-hosted projects for heavy rare earth elements “We expect this drilling program to be instrumental in advancing that goal.” Heavy rare earths such as dysprosium and terbium as well as scandium and hafnium are considered critical minerals by several countries due to their short supply and high demand Dysprosium and terbium play a critical role in the heavy duty magnets required to run electric vehicle drivetrains scandium is important to the aerospace industry and hafnium is used in nuclear reactors and electronics.  “With demand for heavy rare earth elements like dysprosium and terbium this program marks another key step in strengthening Victory’s position as a future rare earth and critical mineral supplier to the global market,” Clark says.  The aircore drilling program that will be undertaken at North Stanmore will target an area south of the resource and will comprise 6,600m across 110 holes.  Victory Metals has appointed GPS Drilling to carry out the program which will begin in March and take around four weeks to complete.  Clearing for the drill lines is already underway.  The North Stanmore deposit remains open in all directions with some holes drilled to basement.  Victory Metals also anticipates it will finalise the Scoping Study in the current quarter and is continuing to engage with potential partners and offtakers to capitalise on rising global demand.  North Stanmore is a clay-hosted project located in the Cue region of Western Australia Write to Angela East at Mining.com.au  more than doubled in price since it last sold after fetching $4.01 million at auction in Stanmore on Saturday The four-bedroom, three-bathroom property over four levels at 42 Temple Street was initially guided at $3 million before it was increased to $3.5 million after buyer feedback. Bidding for the 200-square-metre block started at $3.2 million then went to $3.7 million in the second bid in an attempt by one of the eight registered buyers to knock out the competition. Only half of those registered were active as bids increased in $25,000 increments. A family upsizing from a house in Five Dock placed the winning bid of $4.01 million. The underbidders were another upsizing family from Glebe. The reserve was $3.6 million. Bresic Whitney Inner West’s Frederico Fraga-Matos said it was a standout result for the block size in the area, which is considered smaller than most, and the overall weaker market. “The land size is not typical of the area for a home of this size and that many bedrooms,” Fraga-Matos said. NSW treasurer takes time out from housing crisis to buy $4m house Oprah’s favourite Aussie butcher shop Victor Churchill on the block for $10 million Frenchs Forest: The northern beaches suburb in the midst of a transformation “At the moment, the market is still good, but there are patchy results week-to-week. This was well above what we were expecting and the result above most of what the market is doing.” The vendors, who are downsizing in a sea-change move, bought the home for $1,585,000 in 2008, records show. 1 Bath1 ParkingView listing Stanmore’s median house price rose 8.2 per cent to $2.22 million in the year to June on Domain data In Ashfield, a one-bedroom, one-bathroom unit at 38/8 Brunswick Parade attracted four first-timers who registered to bid on the entry-level property. Some had the bank of mum and dad in support as they vied for the keys to a home with a price guide of $575,000. Bidding started at $580,000, rising in $10,000 and $5000 lots in the main. It sold for $636,000, or $16,000 above reserve, to a young first home buyer from Wentworthville with fatherly support. Adrian William’s Norman Tran said it was a well-equipped, entry-level unit for first home buyers. “It’s in a boutique block, renovated, has parking, it’s also the double brick style, which is sought after,” Tran said. “Most of the apartments in this price bracket are the modern ones. So when one of these [units in older blocks] come up, there’s a lot of interest.” He noted that buyers were relieved to hear interest rates were held on Tuesday, rather than hiked. The seller, who is retiring in Port Macquarie, bought the unit for $330,000 in 2011, records show. 1 Bath− .css-12a1b0h{position:absolute;width:1px;height:1px;margin:-1px;padding:0;-webkit-clip:rect(1px,1px,1px,1px);clip:rect(1px,1px,1px,1px);border:0;overflow:hidden;-webkit-clip-path:inset(100%);clip-path:inset(100%);-webkit-clip-path:none;display:none;}ParkingView listing Ashfield’s median unit price rose 9.1 per cent to $780,000 in the year to June In Bellevue Hill, a two-bedroom, one-bathroom unit at 16/51 Bellevue Road drew seven registered bidders, first timers and an investor. The north-facing Art Deco unit had a guide of $1.15 million at the start of the campaign, which was increased to $1.2 million due to buyer feedback. Bidding opened at $1.05 million and went up in varying increments from four bidders, selling for $1,305,000 to a first home buyer couple from Bondi Junction. A rival first-timer had the support of the bank of mum and dad – and grandparents, who nodded in approval to keep bidding during the auction. PPD’s Sean Poche said rate stability may have improved the result for the property, which was on the market earlier this year with another agency. “It was on the market for 100 days and the feedback was $1.2 million. Today, it was a better result for my owners … we’ve had seven registered bidders and sold for over $1.3 million,” Poche said. “It doesn’t seem like anything drastic is changing on the horizon and that probably plays into it.” The vendors sold the investment property as they had relocated to Perth, having bought it for $735,000 in 2013, records show. Bellevue Hill’s median unit price rose 1 per cent to $1,545,000 in the year to June. The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs. where we are privileged to live and operate owner-chef of Stanmore fine-diner Sixpenny will join forces with Alex Kelly from Marrickville’s nostalgia-driven Baba’s Place to open a new restaurant serving “plenty of old-school Hungarian classics” Remove items from your saved list to add more Add articles to your saved list and come back to them anytime ShareA joint-venture Hungarian restaurant involving three-hatted Stanmore fine-diner Sixpenny, and a Woollahra cafe spin-off from the two-hatted Ursula’s in Paddington are among some of left-field projects planned at the pointy end of Sydney dining Talk of the new venues spread faster than Sydney’s 2012 panna cotta plague at Monday’s Sydney Morning Herald Good Food Guide Awards. Sixpenny chef-owner Daniel Puskas confirmed the upcoming Hungarian restaurant project had been green-lit and will launch in early 2025 His team will also open a separate wine bar a couple of doors down from the pub,” Puskas says of the incoming wine bar-restaurant site Sixpenny in Stanmore has two new venues on its horizon.Edwina PicklesKeen to involve key staff as equity partners Puskas and business partner Chris Sharp have long toyed with branching out with new venues Sixpenny head chef Tony Schifilliti and restaurant manager George Papaioannou will be partners in the yet-to-be-named wine bar with Puskas adding that it will lean toward Europe The Hungarian restaurant project is a joint venture between three-hatted Sixpenny and newly anointed one-hat Marrickville restaurant and winner of the Good Food Guide’s inaugural Bill Granger Trailblazer award, Baba’s Place Puskas can’t reveal the location until the new year but a site has been locked in for a February launch and he’s excited to tap into his Hungarian heritage but we’ll be doing a little more seafood.” Baba’s Place co-owner Alex Kelly confirmed Fred’s head of pastry given the strength of pastry in Hungarian culture “One of the things we’re looking at is a cake trolley,” Kelly says While many of its dishes will sit in “tradition alley” the restaurant will also explore the idea of “Australian-Hungarian” “There’ll be a real focus on service,” Kelly says Chef Phil Wood at Ursula’s in Paddington is branching into cafe territory.Edwina PicklesAdvertisementOver in Woollahra, the recently closed Luxe cafe has a promising new tenant. Fresh from claiming two hats at Ursula’s, chef Phil Wood has announced his team has snared the courtyard space at Queens Court Cafe Cressida will launch in summer after a redesign and will open for breakfast and lunch daily (and three dinners) and we are very excited to have the opportunity to be part of the community,” Wood posted on social media Loulou is spinning off into Sydney’s CBD.Edwina PicklesFresh from securing a chef’s hat at Monday’s awards, Loulou Bistro at Milsons Point is another of the award-winning restaurants to join the expansion trail. A spin-off venue will open in February 2025 at 1 Elizabeth Street, part of the precinct around the Martin Place stop on the new Sydney Metro. Loulou Martin Place – a 130-seat bistro and bar spilling out onto Elizabeth Street – will open next to sibling Petit Loulou, a kiosk-style cafe and patisserie selling freshly baked French butter croissants, desserts and cakes, rotisserie chicken baguettes and nicoise salad. Chief executive at Loulou owner Etymon Projects, Adam Petta, says visitors to Loulou Lavender Bay will notice similarities at Loulou Martin Place and Petit Loulou “as well as quite a few distinctly CBD-style touches”. CollectionEverything you need to know from the SMH Good Food Guide 2025 AwardsRestaurant reviews news and the hottest openings served to your inbox Stanmore Resources has made the decision to cease operations at Mavis Underground a coal project part of the wider Millennium Complex in Queensland The news comes after Stanmore completed a comprehensive strategic review of the project and determined that the project has proven to be uneconomic under current market conditions “Discussions with the mining services contractor PIMS and associated consultation with the workforce have started, with production operations at Mavis expected to cease by the end of June followed by closure and sealing of the Mavis pit,” Stanmore said in a statement Stanmore expects that the potential Millennium underground development option will not be affected by the decision to close Mavis but will be subject to capital allocation and prioritisation strategy “We do not expect consolidated guidance metrics provided in our market announcements in February to be impacted as our core operations at South Walker Creek Poitrel and the Isaac Plains complex are expected to continue to perform strongly this year,” Stanmore said Stanmore took full ownership of the Millennium Complex in December 2023 Stanmore and M Resources owned the complex in a 50–50 joint venture after acquiring the asset from Peabody Energy Australia in July 2021 Subscribe to Australian Mining and receive the latest news on product announcements Stanmore Resources (ASX:SMR) has decided to halt operations at its Mavis underground coal mine in Queensland following a review of the economic viability The producer says it undertook a comprehensive strategic review which determined that the Mavis underground project has proven to be uneconomic under current market conditions and coal prices.  This is due to comparatively higher costs driven by the challenging ramp up and lower production volumes achieved to date CEO Marcelo Matos said in April metallurgical coal prices decreased in the March quarter as supply conditions from East Coast Australia improved towards the later part of the quarter dipped below US$300 ($452.35) per tonne in March This was the lowest level since August 2023 as business conditions in China’s steel sector continued to decline for the 13th consecutive month Focus Economics says demand for Australian coal was likely further hurt by strong output in China and rising Mongolian exports Stanmore acquired full ownership of the mine in December 2023 from joint venture partner M Resources The project is located adjacent to the Poitrel mine and shares access to Red Mountain coal handling and preparation plant and coal loading and transport infrastructure Stanmore will cease operations at the end of June followed by closure and sealing of the Mavis underground pit The Millennium Complex as a whole is expected to reach steady state minimum expenditure care and maintenance by the end of Q3 Discussions with mining services contractor PIMS and associated consultation with the workforce are underway.  Stanmore is not expecting the closure to impact its 2024 production guidance of 12.8 to 13.6 million tonnes saying its core operations at South Walker Creek Poitrel and the Isaac Plains complex are expected to continue to perform strongly this year 119,000 tonnes of coal was mined from underground operations at the Millennium Complex with 90,000 tonnes of saleable coal produced and net shipments of 101,000 tonnes Stanmore says the potential Millennium underground development option will not be affected by the decision to close the Mavis mine but it will still be subject to the company’s capital allocation and prioritisation strategy Victory Metals has updated the mineral resource estimate (MRE) for its North Stanmore heavy rare earth elements (HREE) project in Western Australia North Stanmore’s MRE now stands at 247.5 million tonnes (Mt) at 520 parts per million (ppm) of total rare earths oxide (TREO) using an economic cut-off grade of 330ppm TREO and scandium oxide inclusive of high-grade domain of 53Mt at 1012ppm TREO and scandium oxide A total of 176.5Mt at 503ppm of TREO falls under the indicated category representing 71 per cent of the total resource The MRE upgrade follows an 5000m infill drilling program that commenced in September 2024 The program focused on areas of the North Stanmore tenure adjacent to the existing MRE “This updated MRE reinforces North Stanmore’s status as a globally significant rare earth resource,” Victory chief executive officer and executive director Brendan Clark said “The expansion of the high-grade zone and an overall mineral resource that has increased to over 247 million tonnes coupled with a 13.5km strike and consistent high heavy rare earth to total rare earth ratios demonstrates the North Stanmore project’s potential of becoming one of the largest contiguous clay hosted heavy rare earth enriched deposits in the world.” which are essential to produce critical technologies required to support a clean energy transition It also holds substantial scandium resources which will be crucial in developing lightweight and durable aluminium alloys used in automotive It is these qualities that made the Geological Survey of Western Australia declare North Stanmore a ‘world-class’ discovery in August 2024 “This (MRE) update strengthens our strategic position and highlights our ability to deliver sustainable ethically sourced high-value critical minerals for the global clean energy and defence sectors,” Clark said The new MRE will be implemented into Victory’s advanced scoping study which is expected to be released sometime in the first quarter of 2025 Victory anticipates the study will “provide insights into the economic and technical feasibility of North Stanmore” Victory Metals has set a new exploration target for its flagship North Stanmore rare earths project in Western Australia, cementing the deposit’s ‘world-class’ status North Stanmore’s exploration target has been defined as 100–230 million tonnes (Mt) grading 330–600 parts per million (ppm) total rare earths oxide (TREO) plus scandium oxide The new exploration target is located outside of North Stanmore’s current mineral resource estimate of 247.5Mt at 520ppm TREO and is one of four targets Victory believes shows significant potential to deliver further resource growth at North Stanmore After completing a 3681m aircore (AC) drilling program in the December 2024 quarter where the results confirmed high-grade heavy rare earth oxide and scandium mineralisation over an extensive 13.5km strike Victory is set to commence another AC drilling program Comprising 6600m of resource definition drilling across 110 AC drill holes the program is expected to take place over a four-week period “Victory Metals is excited to commence further resource definition drilling at the North Stanmore project in 2025,” Victory chief executive officer and executive director Brendan Clark said “This program will focus on expanding our current resource and targeting additional high-grade zones already identified in the existing MRE North Stanmore represents a significant opportunity to establish one of the world’s largest clay-hosted projects for heavy rare earth elements Victory is also advancing its North Stanmore scoping study which is on-track to be released this quarter Clark said demand for heavy rare earth elements like dysprosium and terbium as well as scandium and hafnium are forecast to increase due being critical components in creating clean energy technology as well as having a role in the defence and automotive industries “(The upcoming drilling) program marks another key step in strengthening Victory’s position as a future rare earth and critical mineral supplier to the global market,” he said The decision is prompted by the project's challenging ramp-up short mine life and lower production volumes Stanmore Resources has announced the cessation of operations at the Mavis Underground coal project part of the Millennium Complex in Queensland The closure process is due to be initiated from the end of June 2024 and concluded by the end of the third quarter (Q3) of 2024 The company’s strategic review concluded that the Mavis Underground project is uneconomical under the current market conditions and coal prices short mine life and lower production volumes have resulted in higher costs prompting the company’s decision to cease operations Production at the Mavis Underground mine is expected to stop by the end of this month followed by the closure and sealing of the pit Stanmore said it has also commenced discussions with the mining services contractor PIMS alongside consultations with the workforce the entire Millennium Complex is expected to enter a steady-state minimum expenditure care and maintenance regime Despite the closure of Mavis Underground coal project the potential development of the Millennium underground mine remains a possibility subject to capital allocation and prioritisation strategy Stanmore said: “We do not expect consolidated guidance metrics provided in our market announcements in February to be impacted Poitrel and the Isaac Plains complex are expected to continue to perform strongly this year.” In April 2024, Stanmore agreed to acquire the remaining 50% stake in the Eagle Downs metallurgical coal project and a 100% interest in the Eagle Downs South tenements in Queensland from Aquila A temporary error has occurred. 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