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Surefire Resources (ASX: $SRN) signs MOU with Saudi company for Victory Bore Project

Overview of Surefire Resources and the MOU with Ajlan & Bros. Mining and Metals Company


Surefire Resources NL (ASX: $SRN) has signed a non-binding Memorandum of Understanding (MOU) with Ajlan & Bros Mining and Metals Company, a Saudi Arabian company, to collaborate on the development of Surefire's Victory Bore Vanadium Project in Australia and the establishment of a mineral processing facility in Saudi Arabia. The MOU also outlines a framework for an investment into the Victory Bore Project by Ajlan, with the aim of jointly owning the project and the processing facility.

Management Commentary on the MOU with Ajlan & Bros. Mining and Metals Company


Mr Paul Burton, Surefire Resources Managing Director, expressed, 'This is another milestone for the Company in its approach to develop the Victory Bore Project and follows the outstanding Pre-Feasibility Study results that establish Victory Bore as a world class asset with a feasible development plan. We welcome this agreement with Ajlan, a highly regarded and prestigious company in KSA, and thank the Ministry of Investment for the introduction. We look forward to working closely with both to achieve our mutually beneficial development plans'.

Summary of the MOU and Future Outlook


Surefire Resources has executed a non-binding MOU with Ajlan & Bros. Mining and Metals Company to collaborate on the development of the Victory Bore Vanadium Project and the establishment of a mineral processing facility in Saudi Arabia. The MOU outlines a framework for an investment into the Victory Bore Project by Ajlan, with the aim of jointly owning the project and the processing facility. The signing of this agreement follows an MOU with Ministry of Investment Saudi Arabia and the outstanding Pre-Feasibility Study results on the Victory Bore Project. Surefire plans to produce approximately 1.25 million tonnes per year of high-quality vanadium-titanium magnetite concentrate from the Victory Bore Project, with further products to be produced at the processing facility in Saudi Arabia. The Company aims to work towards executing binding agreements relating to the joint venture and investment by July 2024. The MOU with Ajlan is part of the Company's business development plan to have a Saudi partner to jointly progress a feasible development pathway for the project and to take advantage of the incentives available in the Kingdom of Saudi Arabia for resource projects.

Sourcehttps://announcements.asx.com.au/asxpdf/20240115/pdf/05zfc45wjkvpy6.pdf

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