Surefire Resources has signed a new agreement designed to assist in the development and investment of its Victory Bore vanadium project in Western Australia.

Surefire Resources has signed a second non-binding MOU with a Saudia Arabia-based entity in relation to investment and participation in the development of its Victory Bore vanadium project. 

The non-binding agreement with Saudi-based RASI Investment allows both parties to explore a JV or “co-developer” structure to assist in potential downstream processing facilities for offtake from the project.

RASI is based in the Kingdom of Saudi Arabia and invests in companies that have effective projects with high revenue. They have established a new fund specifically for investing in overseas projects.

Surefire has a development plan to mine and beneficiate the ore to produce a magnetite concentrate and to then process this in Saudi Arabia taking advantage of the lower operating and capital costs, and other incentives.

The signing of the MOU with RASI develops Surefire Resources’ business plan to engage with Saudi partners to develop the Victory Bore vanadium project and follows the signing of the MOU with Ajlan (a processing operation in the Kingdom of Saudi Arabia) earlier this year. Meanwhile, the KSA entities are engaging to help realize the goals of Saudi Vision 2030, which focuses on transforming the Kingdom into a major mining hub.

The Victory Bore project is about 450km east of Geraldton in WA. Surefire published a PFS for Victory Bore in December 2023 which envisaged a mining rate of 4Mtpy of ore to produce approximately 1.25Mtpy of high-grade magnetite concentrate to be processed into six products. CAPEX is put at US$1,110M for a 24-year LOM operation producing 2,580tpy of high-purity vanadium, as well as 5,760tpy FeV and 192,880tpy of titanium slag.