Surefire Resources (SRN) has executed a Heads of Agreement (HOA) with HMS Bergbau AG for offtake from its 100%-owned Victory Bore Critical Minerals Project. The agreement encompasses all critical mineral products from the proposed mine and beneficiation plant. HMS Bergbau AG specializes in global marketing and logistics of raw materials and critical minerals across Europe, Africa, Asia, and the Middle East. This agreement is a boost for the Victory Bore Project, complementing funding discussions with Saudi Arabian and European entities. The HOA allows both companies to finalize discussions around product quantities, delivery terms, and pricing. Surefire Resources Managing Director, Mr. Paul Burton, views the agreement as an exciting milestone for the project and a sign of confidence in the development plans to provide a long-term supply of strategic minerals. HMS Bergbau CEO, Mr. Denis Schwindt, stated they look forward to progressing the opportunity to source strategic minerals for the EU and, in particular, the German industry. Germany’s commitment to securing critical mineral supply chains is underscored by its €1 billion Raw Materials Fund managed by KfW, aimed at reducing dependencies on importing critical minerals from high-risk jurisdictions. The Victory Bore project boasts a JORC-compliant resource of 464Mt, including a Probable Ore Reserve of 93.1Mt. Metallurgical test work confirmed high grades of key elements in a premium magnetite concentrate, with 99% of the vanadium contained in the concentrate, enabling high recoveries. A Pre-Feasibility Study (PFS) completed in December 2023 demonstrated positive results, including an NPV of US$1.1 billion and an IRR of 42%. The Company’s strategy includes establishing a mine at Victory Bore, shipping concentrate to Saudi Arabia for downstream processing, and producing high-value end products, reinforcing Surefire’s role in the global critical minerals market.
