Surefire Resources has signed a heads of agreement (HOA) with DRA Global for the development of its wholly-owned Victory Bore Iron-vanadium-titanium project in Western Australia.

DRA Global will provide range of services, including study, engineering procurement construction management (EPCM), and operations & maintenance (OM) for Surefire.

The partnership with DRA Global is also set to support Surefire in project development, delivery, and finance discussions.

Surefire's development strategy involves establishing a mine and beneficiation operation at the Victory Bore site to produce a high-grade vanadium concentrate for shipment to Saudi Arabia.

In Saudi Arabia, downstream processing will take place in established industrial centres to produce various products, including vanadium pentoxide (V2O5) and ferro-vanadium (FeV).

Surefire is actively engaging in international discussions to secure interest, funding, and offtake agreements for the project, with potential partners in the Middle East, Europe, and incentives offered by Saudi Arabia covering up to 75% of capital costs.

Surefire managing director Paul Burton said: “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.

“DRA Global provide a complete delivery package with the added advantage of experience in working on mineral processing projects in Saudi Arabia and in Vanadium processing. We look forward to working closely with DRA Global and the advantages that this brings to the Company and shareholders.”

In April 2023, Surefire completed an environmental survey at its Victory Bore vanadium project.