Highlights

• Surefire has completed its dual listing on the Frankfurt Stock Exchange (DAX) under the code GBL.
• A provisional patent was lodged for an enhanced vanadium recovery process.
• Specialist consultants Umwelt confirmed no significant risk to subterranean fauna at the Victory Bore project.
• Surefire is leveraging Saudi Arabia's low costs to gain operational benefits and infrastructure access.
• The company has advanced discussions with Saudi entities, including SABIC and the Ministry of Industry.
• SRN secured AU$454k in R&D tax incentives, supporting its research efforts for the 2022/2023 financial year.

The latest quarter ended 30 June 2024 saw significant advancements for Surefire Resources NL (ASX:SRN) with its flagship Victory Bore Project. In July 2024, SRN achieved a major milestone by completing the dual listing of its ordinary shares on the Frankfurt Stock Exchange (DAX) under the code GBL.

Major highlights for the quarter

In May, Surefire lodged a provisional patent with IP Australia for its proprietary vanadium recovery process, which shows promising improvements over existing methods. The company also secured AU$454k in refundable tax offsets through the Federal Government’s R&D tax incentive scheme, acknowledging its eligible R&D efforts for the 2022/2023 financial year.

During the quarter, the company appointed Umwelt, an Australian environmental consultanting firm, to perform a desktop subterranean fauna study for the Victory Bore vanadium project. The assessment confirmed that the project poses no significant risk to subterranean fauna.

SRN Leverages Saudi Arabia's Cost Advantages for Operational Gains

Surefire has been actively engaging with the Kingdom of Saudi Arabia, aiming to capitalise on its low power and fuel costs to gain significant operational benefits, such as reduced operating expenses, favourable funding incentives, and access to infrastructure and reagents.

The company advanced its interactions with Saudi-based entities, including SABIC, the Ministry of Industry and Mineral Resources, and the Saudi Industrial Center. Discussions with Ajlan & Bros. Mining and Metals (Ajlan) progressed, with Ajlan completing its due diligence.

The company is now focused on finalising the investment structure for the project, supported by a detailed business plan currently in development. The non-binding MOU with Ajlan will be extended to facilitate ongoing negotiations.

Other activities during the quarter include:

• Surefire commenced a metallurgical test work program at its wholly owned Unaly Hill magnetite deposit in Western Australia. After reviewing previous test results internally, it identified significant potential to produce high-grade iron and titanium concentrates.
• Additionally, Surefire expanded its executive team with the appointment of Jan de Jager as CEO, who brings extensive experience as a mining executive with a proven track record in listed international mining companies.

The company held cash reserves of AU$1.485M at the quarter end.

The share price of SRN was AU$0.0070 at the time of writing on 01 August 2024.