Surefire Resources (ASX: SRN) ends Dec quarter with ‘outstanding’ Victory Bore PFS - Kalkine Media

January 30, 2024 11:51 AM AEDT | By Sonal Goyal
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp


  • In the December 2023 quarter, Surefire Resources raised AU$3.4 million.
  • Pre-feasibility study for Victory Bore vanadium project delivered outstanding outcomes.
  • The mineral resource was converted into an ore reserve - 93 Mt @ 0.35% V2O5, 5.2% TiO2 and 19.8% Fe.
  • An MOU was executed with the Ministry of Investment Saudi Arabia for developing a downstream processing facility at the Kingdom of Saudi Arabia.
  • Subsequent to the quarter, SRN executed an MoU with a Saudi Arabian company and made a breakthrough in vanadium extraction.

Perth-based mineral exploration firm Surefire Resources NL (ASX: SRN) has a diversified project portfolio in highly prospective terrains in Australia.

The company has released its quarterly report for the period ended 31 December 2023. The three-month report details significant updates for the quarter, highlighting notable progress at its 100%-owned flagship Victory Bore Vanadium Project in Western Australia.

During the quarter, an amount of AU$3.4 million was raised by the company through a placement and a non-renounceable rights offer (NRRI).

Outstanding pre-feasibility study for Victory Bore

In December 2023, the company completed a pre-feasibility study (PFS) for the Victory Bore Vanadium Project with encouraging results. The company described the study outcomes as outstanding.

The study highlighted a pre-tax net present value (NPV10%) of AU$1.708 billion, with an internal rate of return of 42.22% and a life of mine of 24 years. The pre-tax payback period is 2.4 years, based on a capital cost of AU$767 million and operation expenditure of US$254 per tonne of concentrate.

PFS outcomes (Image source: Company update)

The PFS comprised a mineral resource estimate (MRE) for the project from the previous MRE. The resource model remains the same and the reporting has been changed to consider a lower cut-off grade to 0.15% from 0.26% based on marginal cut-off grades ascertained at while conducting the PFS. Moreover, the report includes TiO2, AI2O3, Fe and SiO2 grades.

The PFS considered a pit optimisation on the basis of mining costs, product pricing and product mix. The pit optimisation determined that a cut-off grade of 0.2% V2O5 is sustainable.

The table below shows the updated MRE as of December 2023.

Image source: Company update

During the quarter, the mineral resource was converted to an ore reserve. In accordance with the JORC Code (2012), a maiden probable ore reserve of 93 Mt @ 0.35% V2O5, 5.2% TiO2 and 19.8% Fe was reported.

MoU with MISA, Ajlan & Bros

The company’s strategy involves employing industry standard processing for various products to maximise their value and ensure a demonstrable and reliable low-risk business concept.

The company’s plan is to establish a mining and beneficiation operation at the Victory Bore mine site and to conduct downstream processing in Saudi Arabia.

Collaboration with the Kingdom of Saudi Arabia (KSA), which is a low fuel and power cost jurisdiction, provides the project with advantaged of lower operating costs and manufacturing final product for nearby markets. The KSA has a significant steel sector with demand for vanadium products.

To develop a downstream processing facility in KSA, the company had entered into a MoU with the Ministry of Investment Saudi Arabia (MISA) in August 2023.

In January 2024, the company signed a non-binding MoU with Saudi Arabia-based Ajlan & Bros Mining and Metals Company. To know details, read here.

Recently, Surefire also updated on the development of a breakthrough process for vanadium extraction directly from magnetite concentrate out of the Victory Bore project.

SRN shares traded at AU$ 0.010 in the early trading hours on 30 January 2024. 


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

5 ASX Companies Leveraging AI to Drive Growth in 2024

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.