** Shares of Victory Metals VTM.AX rise as much as 15% to A$0.460, their highest levels since Nov 5

** Co has signed a Memorandum of Understanding with Sumitomo Corp 8053.T to provide the diversified Japanese firm with 30% of its yearly production of Mixed Rare Earth Carbonate (MREC) from the Australian critical minerals explorer's North Stanmore Heavy Rare Earth Project

** Stock posts its biggest intraday percentage gain since Nov 19

** About 1.3 million shares change hands, compared with the 30-day average volume of 200,922 (6.0 times)

** Stock has risen 90.5% this year, as of last close

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))