China Dominates Yttrium Supply; Victory Metals Emerges

China and Myanmar currently supply nearly all global yttrium, produced mainly from ion‑adsorption heavy rare‑earth clays, leaving global output concentrated at roughly 10,000–15,000 tonnes per year.
Yttrium’s unique chemistry underpins critical systems-Nd:YAG lasers, YIG microwave components for radar and EW, YSZ thermal barrier coatings for turbines, LED phosphors and high‑temperature alloys-and it has few viable substitutes without significant performance tradeoffs.
That structural dependence has prompted Western industries and governments to accelerate alternative projects. One of the most advanced non‑Chinese prospects is Victory Metals’ North Stanmore deposit near Cue, Western Australia. Public data indicate a resource exceeding 300 million tonnes with enriched zones containing 38–80% heavy rare earth content and abundant yttrium, plus scandium and hafnium credits.
Victory has completed a scoping study (US$300–400M CapEx), started a pre‑feasibility study and pilot design, raised A$11.5M, and received a US$190M EXIM Bank letter of interest while courting Japanese partners-though metallurgical, capital and permitting risks remain.
If successfully developed, North Stanmore could supply Western defense, aerospace and industrial chains with a strategic alternative to Chinese heavy‑REE and yttrium sources.