Surefire Resources has signed a heads of agreement with DRA Global (ASX:DRA) to advance the Victory Bore Iron-Vanadium Project in Western Australia.
The agreement includes the delivery of feasibility studies, engineering, EPCM, and operations services for both Australian and Saudi Arabian components of the project.
Paul Burton, managing director of Surefire Resources, highlighted the significance of the partnership. "This is a significant long-term agreement for the company, providing strong support from a global tier 1 group for its development strategy and focus on delivering the Victory Bore Project."
He added, "We look forward to working closely with DRA Global and the advantages that this brings to the Company and shareholders."
DRA Global, an international engineering, project delivery and operations management firm, brings extensive experience in minerals processing, including projects in Saudi Arabia.
The partnership aims to leverage DRA's expertise to progress the Victory Bore Project from feasibility studies through to operational readiness.
The Victory Bore Project's development strategy includes a low-capital-cost operation in Australia and downstream processing in Saudi Arabia.
The pre-feasibility study results, announced on Dec. 5, showed a positive economic outlook with a net present value of US$1.1 billion ($1.6 billion) and a 42% internal rate of return over a 24-year mine life.
Surefire Resources continues to engage in discussions with interested parties for project funding and offtake agreements, with incentives available for processing critical minerals in Saudi Arabia.
The company holds mineral exploration licenses over vanadium, magnetite and gold projects located in Western Australia.
At the time of reporting, Surefire Resources’ share price was $0.0065.