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Highlights
- SRN has received Expression of Interest (EOI) from HMS Bergbau AG for vanadium and titanium offtake from the Victory Bore project.
- HMS seeks long-term collaboration and interest in associated processing facilities in Saudi Arabia.
- Discussions are underway for offtake terms and funding support to supply vanadium and other metals to Germany and Europe.
- Following the update, SRN share price jumped almost 17% to AU$0.003 per share.
Surefire Resources NL (ASX:SRN) has received a formal EOI from HMS Bergbau AG, a German commodities trading group. The EOI highlights interest in vanadium and titanium products from the company’s 100%-owned Victory Bore project, associated processing facilities in Saudi Arabia and to explore potential for long-term strategic resource partnership.
Following this update, SRN shares jumped 16.67% to AU$0.003 apiece on 20 November 2024.
HMS Bergbau AG Overview
HMS Bergbau AG is an international marketing and logistics company with focus on raw materials, including critical minerals and dry bulk and has an established presence in Africa, Europe, the Middle East and Asia. The company is also known for its strong relationships with major funding entities.
Discussions Underway
SRN is currently in discussion with HMS to negotiate terms for an offtake agreement and explore potential funding support to provide a strategic and reliable supply of vanadium and metal products to Germany and Europe.
Notably, in September 2024, Germany introduced a €1 billion (AU$1.61 billion) Raw Materials Fund to bolster its supply chains for critical minerals. This fund aligns with Germany’s goal to reduced dependency on critical mineral producers such as China. Moreover, this fund provides a supportive backdrop for the partnership like the one SRN is pursuing.
