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Surefire Resources NL (ASX:SRN) has today reached a significant milestone for development of its Victory Bore critical mineral project in Western Australia’s midwest, signing a Heads of Agreement with HMS Bergbau AG for offtake of all minerals associated with its planned mine and beneficiation plant.
Founded in 1955, HMS Bergbau is a German company which specialises in the marketing and logistics of raw materials, critical mineral, and dry bulk materials.
It’s been in discussions with Surefire following an initial overture in November, expressing an interest in Victory Bore’s vanadium and titanium. The project holds a mineral resource estimate of 464 million tonnes at 0.3% vanadium oxide, 5.12% titanium dioxide, and 17.7% iron.
The latter includes a JORC probable ore reserve of 93.1Mt at 0.35% vanadium oxide, 5.2% titanium dioxide, and 19.8% iron, per a PFS published in December 2023.
Managing director Paul Burton said the agreement was an indication of the project’s strategic value and deeper investment in Germany following the formation of the German-Australian Critical Minerals Alliance, and Germany’s introduction of a €1 billion (A$1.61 billion) Raw Materials Fund in September.
“This agreement is an exciting milestone for Victory Bore,” he said. “It represents a vote of confidence in, and an underpinning of, the project as we advance development plans to provide a long-term supply of strategic and critical minerals to a rapidly emerging energy and new technologies market.”
Surefires hares have been trading flat at 0.3 cents today.
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