Key facts about Surefire Resources NL and the Victory Bore Project

Surefire Resources NL (ASX:$SRN) is pleased to announce the completion of the Pre-Feasibility Study (PFS) for its flagship Victory Bore Project, located in Western Australia. The PFS, undertaken by METS Engineers, Snowden Optiro, and other specialist groups, has been completed on time and on budget, providing robust financial results and outlining the company's offshore processing strategy. The study reports an updated Mineral Resource of 465 Mt @ 0.30% V2O5, 5.1% TiO2, and 17.7% Fe, along with a maiden probable Ore Reserve of 93 Mt @ 0.35% V2O5, 5.2% TiO2, and 19.8% Fe. The operation will involve an optimal mining rate of 4 Mt/a of ore to produce approximately 1.25 Mt/a of high-grade magnetite concentrate to be processed into six end products. Surefire Resources NL is arranging meetings at the forthcoming Future Minerals Forum in Riyahd, KSA, and is in discussions with interested Saudi companies as partners in the KSA processing operation.

Executive commentary on the pre-feasibility study

Mr Paul Burton, Surefire Resources Managing Director, expressed his satisfaction with the outstanding results of the Pre-Feasibility Study, stating, 'This is an outstanding result for our world-class critical minerals project and shows that in the current economic environment, offshore processing is the right approach to getting this project into development and production. We look forward to taking this project forward, completing the next significant milestones, and engaging with KSA companies interested in being part of our project and development.'

Summary of the pre-feasibility study and outlook

The completion of the Pre-Feasibility Study for the Victory Bore Project marks a significant milestone for Surefire Resources NL. The study has delivered robust financial results, outlining the company's offshore processing strategy and the potential for downstream processing in the Kingdom of Saudi Arabia (KSA). With an updated Mineral Resource and a maiden probable Ore Reserve, the project is considered to have positive economic potential. The company is actively pursuing funding initiatives, engaging with potential joint venture partners, and progressing negotiations for the process plant location in KSA. The completion of a Definitive Feasibility Study (DFS) is scheduled to commence by Q2, 2024, and the company is optimistic about the project's profitability and the potential for long-term success in the critical minerals market.