Highlights

• The gold mineralisation zone at the Yidby Gold Project has been extended by over 500 metres.
• A new exploration campaign has been launched at Yidby, targeting all gold prospects within the company’s 140 km² tenement.
• A Volcanogenic Massive Sulphide (VMS) system was identified at the Copper Hill Prospect.
• Surefire has proposed a moving-loop electromagnetic (MLEM) survey to enhance exploration for conductive copper-rich sulphides at Copper Hill.
• A Heads of Agreement was signed with HMS Bergbau AG for the offtake of vanadium and titanium from the Victory Bore project.
• Metallurgical testing at Victory Bore resulted in a 14.5% improvement in vanadium grades.

Surefire Resources NL (ASX:SRN) focused on advancing its copper, gold and critical minerals projects during the latest quarter ended 31 March 2025. Key activities at the Yidby Gold Project, Copper Hill Prospect, and Victory Bore Project have all yielded encouraging results. Additionally, the company secured a strategic offtake agreement with HMS Bergbau AG, advancing its growth plans.

At the end of the quarter, SRN’s cash reserves stood at AU$550k.

Gold Mineralisation Extended at Yidby Gold Project

At the Yidby Gold Project, the company advanced exploration by generating new drill targets based on comprehensive reviews conducted by external consultants. These reviews incorporated geophysical data (gravity and induced polarization), structural interpretations, and relogging of historical drill chips.

All drill results from this campaign were received during the quarter.

Recent drilling over gravity targets extended the gold mineralisation zone to more than 500m, highlighting the potential presence of a significant gold system. Notably, the mineralisation remains open at depth and along strike.

Metallurgical Test Results

Metallurgical test work has confirmed excellent leachability and high recovery rates, reinforcing the viability of a low-cost heap leach operation. Based on these promising results, Surefire is preparing for additional extensional resource drilling to further expand the deposit.

After the quarter ended, the company announced the launch of a new exploration program at the project. The program will cover all gold prospects within the 140km² tenure and include 5000m RC and 2000m diamond drilling to analyse new targets and extend the known mineralisation.

VMS Style System Discovered at Copper Hill Prospect

During the quarter, the company identified a Volcanogenic Massive Sulphide (VMS) system at the Copper Hill Prospect. This discovery followed a petrographic analysis of RC drill chip samples and the initial scout drilling program at the Copper Hill Prospect. This analysis, along with NITON pXRF testing, confirmed copper sulphide mineralisation within syn-metamorphic veins hosted in submarine tholeiitic basalts.

The findings support the presence of a marine volcanic system, further validated by previous drill results over a large surface soil anomaly. These results highlight the potential for massive sulphide mineralisation.

To build on this progress, the company has proposed a moving-loop time-domain electromagnetic (MLEM) survey, a proven geophysical technique ideal for detecting the conductive nature of copper-rich VMS deposits, whether they occur in stringer, semi-massive, or massive forms.

Offtake Secured for Victory Bore Project

During the quarter, a Heads of Agreement (HOA) was executed between the company and HMS Bergbau AG, a German commodities trading firm, for the offtake of vanadium and titanium products from the Victory Bore project.

HMS Bergbau AG, with a presence across Europe, Africa, Asia and the Middle East, has established ties with major funding institutions. The two parties are now working to finalise offtake and funding terms aimed at establishing a reliable and strategic supply of vanadium and other metals to Germany and the broader European markets.

High grades recovered at Victory Bore

Encouraging Metallurgical Test Results: Metallurgical testing of a 700kg bulk sample from the Victory Bore project has delivered highly encouraging results, confirming notable upgrades in concentrate grades for key critical minerals. The vanadium content averaged 1.489% V₂O₅, marking a 14.5% improvement, while iron grades reached an average of 61.68% Fe, a 15% increase. Titanium concentrations averaged 18.525%, which supports the potential development of an additional titanium concentrate product.

Purity of the Concentrate: Importantly, the concentrate produced is exceptionally clean, with low levels of deleterious elements. These results further reinforce Victory Bore’s status as a world-class project, notable not only for its size and grade but also for the purity of its critical mineral outputs, highlighted the company.

SRN shares were trading at AU$0.003 per share at the time of writing on 24 April 2025.