Hi Dr xxxxxx, As requested, we have provided you with more...

Hi Dr xxxxxx,


As requested, we have provided you with more information including the latest announcements, quarterly activities report, and the entitlement offer booklet.



Just to refresh your memory Surefire Resources (ASX: SRN) is an Australian mineral exploration company based in Perth, Western Australia (WA). The company holds mineral exploration licences over Vanadium, Magnetite and Gold projects located in WA. Its focus is on adding value to shareholders by advancing its Victory Bore vanadium critical and battery minerals project, located close to existing infrastructure and currently in Pre-Feasibility stage. In addition, its large magnetite project with up to 1 billion tonnes of high-grade Iron and its Gold project have potential to add considerable value to the company.


The Victory Bore project is the key focus of Surefire Resources and is currently in the Pre-Feasibility Study (PFS) stage which is when they calculate the costs and valuations for the project.
The PFS is progressing on-schedule and is due for completion by the end of November 2023.
The mineral JORC resource is 321Mt@ 0.4% V205, making it one of the largest vanadium resources in the country.
In addition to this the Exploration Target Estimate (ETE) for the Victory Bore and Unaly Hill projects is estimated to be between 682 Mt @ 0.20% Vanadium (V2O5) and 1,190 Mt @ 0.43% Vanadium (V2O5).


There is a separate study on the Victory Bore Vanadium host rock for High Purity Alumina (HPA) which came back with significant results 4N 99.99% HPA. The next step is the scoping study to identify the life of the mine and initial appraisals. HPA currently sells for more than $20,000 USD/tonne with an annual growth in demand between 13.5% - 20%. Significant markets for HPA include LED Replacement Lighting, CO2 Emission Separators, semi-conductors, Lithium-Ion Battery Cells.


The estimated total HPA mineral JORC resource is approximately 37Mt @23% High-Grade Aluminium Oxide AI2O3


Surefire’s management team has outlined a clear development pathway keeping capital costs down and operating costs down by having downstream processing in a low-cost jurisdiction Saudi Arabia.
Surefire has executed a Memorandum of Understanding (MOU) with the Ministry of Investment, Kingdom of Saudi Arabia (MISA), for downstream processing in the Al-Khair industrial hub with access to the Ras Al-Khair Port and the international airport.
The company is having discussions with interested parties for offtakes and will provide an update when agreements are reached.
To continue to fund the further exploration and development of the Victory Bore and the High Purity Alumina Projects and working capital Surefire has launched a non-renounceable entitlement offer which enables you to purchase 1 New Share for every 8 Shares held at an issue price of $0.011 per New Share to raise up to approximately $2.6 million.
Eligible shareholders will receive 1 free attaching option for every New Share issued which will have an exercise price of $0.019 per New Option and will expire on 30th November 2026.
You are welcome to apply for additional shares in excess of their Entitlement under the Top-Up Facility. Additional Shares will only be available where there is a shortfall between applications received from eligible shareholders. The shortfall maybe placed by the Directors at their discretion.


Surefire Appoints International Group Snowden-Optiro for Victory Bore Mining Prefeasibility Study

Snowden-Optiro which is a tier-one international geological and mining consulting group bring a wealth of experience to the development of the project and will provide the key input parameters for the completion of the PFS which is being managed by metallurgical group METS Engineers. Also assisting the company with investors, financiers, governments, and regulators.
Snowden-Optiro will specifically provide the following:
Mine Plan – Model Preparation, Equipment selection; Pit Optimisation and design, Waste Dump Design, Mine Layout Design, Life-of-Mine (LOM) mining schedule and haulage estimates.
Mining cost estimation – contractor scenario, pricing schedule development and cost model.
Documentation – producing a mining report that can feed into the overall PFS report.


Surefire Executes MOU with the Ministry of Investment Saudi Arabia (MISA) for Vanadium and HPA Critical Mineral Processing

MISA will assist Surefire to identify suitable process plant location, introduce potential partners, and secure binding agreements for funding and development.
This provides the company with a development pathway of a low capital cost operation in Australia, with value-add downstream processing and production of high value products in a low energy cost jurisdiction.


The Kingdom of Saudi Arabia is a significant user of vanadium products, particularly in its steel sector where the demand is estimated at 10-12Kt per annum growing at 4-5% per annum.
The Green Initiative over there includes Vanadium Redox Flow Batteries which provide scalable long-life, and safe electricity storage.
In addition, the High Purity Alumina (HPA) feedstock from Victory Bore could also be processed in Saudi Arabia where the demands are increasing or for export to Europe.


The MOU also provides Surefire access to other investment opportunities and processing development incentives of up to 75% of Capital costs.
The development strategy of the mine begins with producing a vanadium concentrate at the Victory Bore site which is then transported to the Geraldton port and then shipping to Port Damam in Saudi Arabia.
Downstream processing of the concentrate would then occur in nearby industrial sectors to produce high value end products of Vanadium Pentoxide (V2O5), Vanadium Electrolyte (VE), Ferro-Vanadium (FeV), and bi-products of Pig-Iron, Ferro-Titanium and also potential for the Company’s High Purity Alumina (HPA).


Why Kingdom of Saudi Arabia?

The Kingdom of Saudi Arabia is a low power and fuel cost jurisdiction, providing Surefire with significant advantages of reduced operating costs. It also has a significant steel sector with demand for vanadium products including vanadium electrolyte for Vanadium Redox Batteries, all of which are currently not produced in KSA.
Saudi Arabia is one of the world’s fastest growing countries with a manufacturing sector growing an average 7.5% per annum. The sector is at the forefront of the Kingdom’s economic diversification, localization, and privatisation efforts and is now the third largest non-oil contributor to the Saudi economy, Key factors in the growth of the manufacturing industry are the large market size, developed R&D facilities, government support, modern infrastructure, and business-friendly regulations which make it an ideal location for Surefire.


Saudi Arabia is also embarking on the most ambitious infrastructure reform in its history, as the Kingdom is unleashing mega and giga projects that will drive rapid growth in all areas of the economy including manufacturing. The demand for industrial equipment and spare parts is predicted to increase significantly in the next years as a result of these infrastructure projects.
The MISA offers supportive and advisory services to organisation to deliver solutions to their business needs and implement local solutions by drawing on a wealth of global knowledge and experience.
Surefire entered into a Non-Disclosure Agreement (NDA) with MISA to discuss the potential for downstream processing of mineral concentrates in the Kingdom of Saudi Arabia, and the production and supply of Vanadium for its industrial sector.
The Kingdom of Saudi Arabia has significant funding incentives available to attract investment. These include incentives for processing of critical mineral resources of up to 75% of Capital Costs, making this very appealing for the development of the Company’s Victory Bore deposit.


Perenjori High-Grade Magnetite Project

The Perenjori High-Grade Magnetite Project is in the infrastructure-rich Mid-West mining district of Western Australia, with rail links within 14km and a high-voltage transmission line near the project.
The project is well positioned to deliver high-grade iron concentrates into next-generation zero-carbon steel plants. The project is significantly closer to the coast than other Western Australia magnetite projects, with a rail distance to the port of Geraldton of 219km.
The conceptual estimated exploration targets mineral JORC resource for the project between 870Mt to 1,240 Mt at grades between 22% - 42% Iron Oxide (Fe3O4 – Simple Oxide).


The closing date of the entitlement offer is Tuesday, 28th of November 2023 at 5:00pm AWST.



If you do not have your acceptance forms to take up your entitlements, please directly contact Advanced Share Registry Services to obtain the documents on 1300 113 258.



Kind regards,