Surefire Resources (ASX: SRN) shares jump on second MOU with Saudi company for Victory Bore project - Kalkine Media

Highlights

• A non-binding MOU has been inked with Saudi based investment firm, RASI Investment.
• The MOU concerns the investment and development SRN’s 100% owned Victory Bore Vanadium Project.
• The MOU follows the MOU signed with Ajlan & Bros for joint venture.

Shares of Surefire Resources NL (ASX: SRN) jumped 4.55% to trade at AU$0.011 apiece during morning trading hours on 5 March 2024 as company shared an update about its engagement with Kingdom of Saudi Arabia (KSA) based firm. The company informed that it has inked second non-binding memorandum of understanding (MOU) with KSA based firm – RASI Investment company. Under the MOU, RASI would participate and invest in the development of Victory Bore Vanadium Project of SRN in KSA.

Details of MOU

The MOU with RASI further develops SRN’s business plan to involve with Saudi companies with the aim to develop its Victory Bore Project. The deal follows the MOU signed with Ajlan & Bros Mining and Metals.

The MOU allows RASI and SRN to negotiate binding agreements related to co-participation, investment, and offtake. The MOU would allow RASI to consider investment in SRN or its project to become a major stakeholder.

With this MOU, the parties could explore joint-participation or co-developer structure to help in developing downstream processing facilities along with the ongoing joint venture discussions with Ajlan.

Moreover, the deal creates space to discuss terms for offtake agreements for any of the intended products.

About RASI

RASI is engaged in investing in those companies which have effective projects with significant revenue. A new fund has been established by RASI to invest in overseas projects. Presently, the company is investing in the mining and mining trading, laboratory areas and manufacturing. All these are key economic growth sectors in the KSA’s “VISION 2023” as they are moving away from dependence on oil and gas.

About Victory Bore Vanadium Project

Surefires’ Victory Bore Vanadium Project stands as one of the most substantial vanadium ventures in Western Australia. The company has outlined a comprehensive development strategy aimed at mining and beneficiating the ore to yield a magnetite concentrate. Subsequently, the plan involves processing this concentrate in Saudi Arabia, capitalising on the advantages of lower operating and capital costs, along with other incentives.

In a recent milestone, the company successfully concluded a Pre-Feasibility Study (PFS) with outstanding outcomes.