SUREFIRE RESOURCES NL — Capital/Financing Update 2022

Nov 13, 2022

14 November 2022 ASX Announcement ASX Code: SRN

YIDBY GOLD

DIAMOND DRILLING UPDATE (SRN 100%)

5 DIAMOND DRILLHOLES COMPLETED OF THE 6 PLANNED FOR 625M COMPRISING 455M DD & 170M RC PRE-COLLAR

Figure 1 YDD004 diamond drill core displaying quartz lithology with common sulphides

__________________________________________________________________________________ AUSTRALIA U10, 100 Mill Point Road, South Perth WA 6151 | T +61 8 9429 8846 | F +61 8 9429 8800 ABN 48 083 274 024 | ASX SRN | E info@surefireresources.com.au www.surefireresources.com.au

Surefire Resources NL (ASX: SRN) is pleased to report the completion of the diamond drilling program at Yidby and that the cores have been relocated to the ALS Core facility in Wangara WA. The holes are being structurally and lithologically logged by an independent structural expert engaged from CSA Global.

Yidby sits in a major structural corridor wedged between an antiform to the SSW and a synform to the NNE. Gold mineralisation is contained within intrafolial quartz hence orientation and timing of structures provides important information to plan future drilling.

The diamond drilling program was designed to provide solid core of the structure and lithologies at the Yidby Gold Project. The Yidby gold project displays both wide gold drilling intersections and very high local grades. Yidby is a blind deposit, lying beneath 10m to 25m of largely barren transported overburden that masks the mineralisation.

The gold mineralised footprint at Yidby has increased significantly with the discovery of the Fender and Marshall prospects "RC Drill Testing of MMI Geochemical Anomalies" (ASX: 27 September 2022).

It is significant that the gold mineralisation is occurring in separate mineralised zones, covering a width of almost 500m across strike. Each mineralised zone appears to display similar yet unique lithological and structural characteristics.

Figure 2 Diamond drill hole layout plan at the SUREFIRE Yidby Gold Project

Structures and lithologies play vital fluid pathway and chemical roles in the precipitation of gold from mineralised fluids.

YIDBY Gold Deposit

YIDBY is located within a north-westerly trending shear in an ultramafic lithology that has been intruded by NS trending felsic porphyries.

A recognisable feature of the YIDBY gold mineralisation is wide gold mineralised drilling intersections with local patches of high tenor gold grades, e.g., YBRC019 44m @ 2.77 g/t Au from 149m, incl. 3m @ 26.5 g/t Au from 150m (ASX: 14 June 2021).

Diamond hole YDD004 is a twin of YBRC019 as figure 4 below. The diamond hole has intersected a quartz run of >40m in the same location as the gold mineralised quartz from 149 to 193m in drill hole YBRC019. The hole is planned to provide orientation data on the direction and attitude of the gold mineralised quartz and schist.

Figure 3 An interpretation of the gold mineralisation on drilling cross section 6751840mN featuring YDD004

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	HoleType	NorthingMGA	RL	Dip	Azimuth(mag)	Depth(m)
YIDBY
YBRC019	149	193	44	2.77	RC	6751840	297	-60	270	198
Incl.	150	153	3	26.5
Incl.	150	151	1	57.1

Table 1					YBRC019 A previously reported RC best intersection (ASX:	14	June2021)
---------	--	--	--	--	----------------------------------------------------------	----	---------------

Diamond hole YDD005 was drilled to bifurcate YBRC037 and YBRC045 as figure 4 below. In preliminary review (Prumm) it was noted that the diamond hole intersected a quartz felsic porphyry run of >15m from approximately 80m down hole in the same location as the gold mineralised quartz felsic porphyries of YBRC037 and YBRC045.

Figure 4 Gold interpretation on drilling cross section 6751725mN featuring YDD005

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	HoleType	NorthingMGA	RL	Dip	Azimuth(mag)	Depth(m)
YIDBY
YBRC037	28	67	39	1.16	RC	6751725	297	-60	270	194
Incl.	64	65	1	10.5
YBRC 045	32	84	52	1.4	RC	6751725	297	-60	270	100
including	78	79	1	39.1

Table 2 Best Intersections - YBRC037 (ASX: 14 June 2021) YBRC045 (ASX: 28 January 2022)

Marshall Prospect

The Marshall Prospect is a gold mineralised zone, parallel to, and located approximately 150m to the west of the YIDBY Gold deposit. The MARSHALL gold mineralisation is hosted within a foliated to schistose mafic to ultra-mafic featuring localised quartz felsic porphyries and quartz lodes. The gold mineralisation within the discovery hole, YBRC059, is the same as the gold intersections from within the YIDBY gold deposit. Discovery hole YBRC059 displays a typically wide gold mineralised zone, 60m @ 1.04 g/t Au, with a localised patch of high gold grade, 4m @ 10.40 g/t Au within a quartz lode (ASX: 3 August 2022).

Diamond drillhole YDD003 is a twin of YBRC059 and on the south extention of the same structure of the Marshall Prospect YDD002 is a redrill of YBRC053.

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	HoleType	NorthingMGA	RL	Dip	Azimuth(mag)	Depth(m)
MARSHALL
YBRC059	32	92	60	1.04	RC	6751902	291	-60	270	100
including	72	76	4	10.4
MARSHALL
YBRC 053	18	25	8	1.43	RC	6751698	300	-60	270	76

Table 3 Best Intersections – RC drill holes YBRC059 & YBRC053 (ASX: 27 August 2022)

Fender Prospect

The Fender Prospect features wide continuous gold mineralisation associated with arsenopyrite on the chilled margin of multiple, wide, north – south striking subvertical quartzose feldspathic porphyry intrusives. The Fender discovery hole, YBRC069 20m @ 0.40 g/t Au and 32m @ 0.32 g/t Au (ASX: 3 August 2022), intersected a wide (90m) down hole zone of abundant, (to 10%), pyrite & arsenopyrite occurring as irregular blebs to a few millimetres in size, associated with the quartzose feldspathic porphyry intrusives. YBRC069 was planned for 100m depth, however the intersection of arsenopyrite at 96m motivated the extention to 184m. The RC holes to the south, YBRC054 and YBRC018, were drilled in an earlier drill program, to 100m and 99m respectively. It now appears that they were too far to the east and missed the southern extention of the north-south striking quartz felsic porphyry gold

mineralisation encountered in YBRC069. The quartz felsic porphyry intrusives are similar to those intersected in the Yidby Road deposit.

Arsenopyrite is predominantly found in hydrothermal and magmatic ore deposits and is commonly associated with gold mineralisation.

Recent RC drill hole, YBRC055 36m @ 0.36 g/t Au, highlights what is expected to be a N-S striking zone of quartzose feldspathic porphyry intrusives parallel to the YBRC069 gold mineralisation 20m @ 0.40 g/t Au and 32m @ 0.32 g/t Au and also exhibits a quartzose felsic porphyry with arsenopyrite from 22m to 79m down hole. Located 30 metres north, RC drill hole YBRC024 intersected 48m @ 0.71 g/t Au including 19m @ 1.38 g/t Au in quartz felsic.

Table 4 Best Intersections – RC drill hole YBRC024 (ASX: 28 April 2022)

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	HoleType	NorthingMGA	RL	Dip	Azimuth(mag)	Depth(m)
FENDER
YBRC024	14	62	48	0.71	RC	6752003	298	-60	270	184
including	14	33	19	1.38

Assays from 1m re-split samples of previous 4m composite sample intervals

About Yidby

The Yidby Gold Project is well located adjacent to the Great Northern Highway, 40km southwest of Paynes Find in the Mid-West of Western Australia, and in the southern portion of the Yalgoo-Singleton Greenstone Belt, part of the Archaean Youanmi Terrane.

The Project comprises three granted exploration licences with a total area of 114 km² and includes three prospects where significant gold mineralisation has been identified. They are associated with historical workings at Delaney Well and Cashens Find, and at Surefire's Yidby Gold discovery.

The Yidby gold mineralisation is a 'blind discovery'; the area is covered by up to 20 metres of barren transported overburden that overlies and

masks the gold mineralisation. Surefire has drilled a combined 81 RC and DD holes for 9,935m to date.

The Project is surrounded by several significant gold deposits, including the +1.1 million-ounce Minjar Gold Project approximately 65km to the northwest, the 1 million-ounce Kirkalocka Gold Project approximately 70km to the northeast, the 2.1Moz Mount Gibson Gold Project 30km to the south, and the 0.54Moz Rothsay Gold Project 30km to the west.

Competent Person Statement:

The information in this report that relates to exploration results has been reviewed, compiled and fairly represented by Mr Horst Prumm, a Member of the Australian Institute of Mining and Metallurgy ('AusIMM'), a Member of the Australian Institute of Geoscientists ('AIG') and a fulltime employee of X2M - Exploration to Mining. Mr Prumm has sufficient experience relevant to the style of mineralisation and type of deposits under consideration to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee ('JORC') Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Prumm consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Forward Looking Statements:

This announcement contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forwardlooking terminology such as 'outlook', 'anticipate', 'project', 'target', 'potential', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast', 'evolve' and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different. Forward-looking information issubject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.

This announcement is approved for release by Vladimir Nikolaenko.

For further information, contact:

Vladimir Nikolaenko

Managing Director

The following announcements have been made by the Company in relation to the Yidby Gold Project:

27/09/2022 MMI Anomaly follow up RC Drilling At Yidby 13/07/2022 Surefire Yidby Gold Project 27/06/2022 Surefire Exploration Update (Yidby, Victory Bore Vanadium & Perenjori Iron) 14/06/2022 Yidby Gold Project - Drilling Images 05/06/2022 Surefire Yidby Drilling June 2022 25/05/2022 Surefire Work Program Update 12/05/2022 Drilling Starts at Yidby 28/04/2022 Additional Positive Results Yidby Gold Project 19/04/2022 Surefire Workflow Update 21/03/2022 Yidby Gold Project 09/03/2022 Drilling Extends thick gold intercepts at Yidby 03/03/2022 Drilling Rig Booked for Yidby 28/01/2022 Yidby Drilling First Phase Completed 19/01/2022 Yidby Recent Drilling Intersects Wide Gold Mineralisation 25/10/2021 Exploration Update - Yidby Gold 100% WA 06/09/2021 Large Au MMI Soil Anomaly Defined at Yidby Gold Project 30/08/2021 Drilling to Re-commence at Yidby Gold Deposit 02/06/2021 Yidby Gold Project Further Massive Gold Intersections 05/05/2021 Yidby Gold Project Massive Gold Intersects 28/04/2021 Exploration Update 01/04/2021 Yidby Gold Project Second Rig On Site 28/03/2021 Additional Positive Results from Yidby 17/03/2021 Yidby Gold Project - New Discovery area 11/03/2021 Yidby Gold Project Drilling Program Commenced 22/02/2021 Yidby Gold Project Exploration Update 11/01/2021 New Drilling Program to Commence at Yidby Gold Project 15/12/2020 Further Exceptional Gold Results from Yidby Gold Project 30/11/2020 Spectacular Results from Yidby Gold Project WA 05/11/2020 Yidby Gold Project Maiden Drilling Program Completed 14/10/2020 Update Yidby Gold Project Drill Program 3 21/09/2020 Drilling to Commence 18/08/2020 Drilling Program Yidby Gold Project WA 06/08/2020 Gold Project Acquisitions

JORC Code, 2012 Edition:

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Samplingtechniques	Oriented diamond drilling was used to obtain the core which on completionof logging will be submitted to the laboratory (Nagrom laboratories).1m samples will be split in half perpendicular to structure using core saw.The sample will be crushed to -2mm then riffle-split then pulverised to 95%passing 75 micron to produce a 50g charge for Fire Assay gold (Au) analysis.The 1m splits from Reverse Circulation drilling (RC) were obtained using thecyclone splitter whilst the drilling rig was operational drilling the hole. The rigproduced 1m splits in numbered calico bags and 1m bulk rest of sample ingreen plastic bags.Initial assays were obtained from 1m RC green plastic sample bags as 4mspeared composites. Anomalous composite intervals were re-assayed usingthe 1m splits from the drilling rig splitter.
Drilling techniques	Reverse Circulation drilling was completed using a face sampling 6" hammer.
Drill samplerecovery	RC drilling was bagged on 1m intervals and an estimate of sample recoveryhas been made on the size of each sample.The cyclone is shut off when collecting the sample and released to thesample bags at the completion of each metre to ensure no crosscontamination. If necessary, the cyclone is flushed out if sticky clays areencountered.Samples were weighed at the laboratory to allow comparative analysis. 4mspeared composites are used to define 1m sampling zones for thesubmission to the laboratory Preliminary 4m speared composites are used todefine 1m sampling zones for the submission to the laboratory.
Logging	Geological logging was conducted per 1m sample with lithologies andweathering zones being documented throughout.Representative samples from the "green bags" are sieved and in fresh rock,washed, and placed in chip trays for each hole.
Sub-samplingtechniques andsamplepreparation	Not applicable to this announcementEvery 1m RC interval was sampled as a dry primary sample in a calico bag offthe cyclone/splitter.Drill sample preparation and analysis carried out at registered laboratory(Nagrom Laboratories). Sample preparation is dry pulverisation to 95%passing 75 microns.Field sample procedures involve the insertion of registered Standards andduplicates generally every 25m and offset.Sampling is carried out using standard protocols as per industry practice.Sample sizes range typically from 2 to 3kg and are deemed appropriate to

Criteria	Commentary
	provide an accurate indication of gold mineralisation.
	Preliminary 4m speared composites samples, used to define 1m sampling
	zones for the submission to the laboratory, are 2 to 3kg in weight ad derived
	from the main sample bulk using a spear method.
Quality of assay	Gold assays at Nagrom and ALS Laboratories in Perth, WA, using a 50g charge
data and	for Fire Assay gold (Au) total analysis.
laboratory tests	Selected samples in zones of lower prospectivity were composited to 4m
	after the crushing stage at the lab before 50g charge Fire Assay analysis.
	Where grades of >0.1 g/t Au are returned for the composite the individual
	1m samples are assayed for that zone.
	Field sample procedures involve the insertion of registered Standards and
	duplicates generally every 25m and offset. Standards and duplicate assays
	are also completed at the Lab.
Verification of	Selected intersections have been calculated at various cut-off grades,
sampling andassaying	including a 0.1g/t minimum cut-off for the "mineralised envelope" andincluding "economic" cut-off grades applicable to the significant
	intersections (e.g., 0.3 g/t Au, 1.0 g/t Au). Where internal waste is included,
	the included zone must average above the stated cut-off grade to be across
	the added interval.
	Geological and sample data was entered into spreadsheets on site and
	stored on the Company's database.
Location of data	Siting of planned drillholes was completed using a DGPS and adjusted with
points	hand-held GPS where necessary. Final collar locations will be surveyed using
	DGPS, which will also provide topographic data.
	Grid system MGA 2020, Zone 50.
	Downhole surveys have been completed while drilling on recent deeper
	holes using a REFLEX Gyro Tool. Open hole surveys will be completed on all
	previous and current holes not yet surveyed, subject to blockages downhole.
Data spacing and	Sample data down hole for future resource estimation will be at no more
distribution	than 1m intervals (with selected intervals composited at the lab).
	Data spacing in terms of pierce points varies from 25m to 100m fromprevious intersections. Assessment as to whether sufficient data has been
	generated to establish the degree of geological and grade continuity
	appropriate for (JORC 2012) Mineral Resource estimation procedure(s) is
	underway and, if necessary, additional drilling will be carried out to establish
	continuity.
Orientation of data	Drilling orientation is designed to test the mineralisation at as close as
in relation to	possible to orthogonal to the mineralisation, therefore not biasing the
geological	sampling or intersection lengths.
structure	All intersections are downhole widths with the true widths not determined
	at this early stage of exploration.
Sample security	Samples transported by Company personnel direct to the Laboratory as soon

Criteria	Commentary
	as possible after drilling.
Audits or reviews	A full review of QAQC data will be completed once all results received.

Section 2: Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Mineral tenementand land tenurestatus	Located 320km northeast of Perth in the mid-west region of WesternAustralia.E 52/2390 and E52 /2426 are granted tenements with a 100% interestacquired by Surefire Resources NL under a sale agreement from thetenement holder Beau Resources Pty Ltd.A 2% Royalty on Gold production is payable to Beau Resources Pty Ltd.
Exploration done byother parties	Previous exploration work has been completed by Normandy and MonarchGold. Normandy work included air core drilling and limited RC drilling,including at the Yidby Gold Prospect. Drilling intersections in easterlyoriented drilling were followed up by Surefire using westerly oriented holesand the Normandy drilling was shown to be drilled in the wrong orientationfor the easterly dipping mineralised structures.
Geology	Gold mineralisation at the project is orogenic, hosted within quartz veiningwith minor sulphides in ultramafic/mafic lithologies and felsic porphyryintrusions.
Drill holeInformation	Northing and easting data generally within 5m accuracy using a GPS – withDGPS location planned.RL data +/-2mLocation of new drillholes based on surveyed sites, and DGPS.Location of previous Drillholes based on historical reports and data,originally located on surveyed sites, and DGPS.Final Northing and Easting data of the Company's drillholes determinedusing DGPS generally within 0.1m accuracy. RL data +/- 0.2m. Down holelength +/- 0.1 m.Location of new drillholes are tabulated in the body of the release.Coordinates are estimated based on planned positions and will be updatedwhen DGPS data available.Locational data are generally within 5m accuracy using a GPS – with DGPSlocation planned down hole length =+- 0.2m.previous drillhole locations.
Data aggregationmethods	Selected intersections have been calculated at various cut-off grades asshown in Table 1, including a 0.1g/t minimum cut-off for the "mineralisedenvelope" and including "economic" cut-off grades applicable to thesignificant intersections (e.g., 0.3 g/t Au, 1.0 g/t Au). Where internal waste

CriteriaRelationship	Commentaryis included, the included zone must average above the stated cut-off gradeto be across the added interval.No cutting of high grades has been carried out.
betweenmineralisationwidthsandintercept lengths	Orientation of mineralised zones are still to be determined in detail. Allintercepts reported are downhole depths.
Diagrams	Drillhole locations and interpreted mineralisation outline are shown inFigures in the body of the release.Appropriate cross sections are shown in the body of the release.Tabulations of hole statistics are shown in the body of the release.
Balancedreporting	Tabulations of hole statistics are shown in the body of the release.
Othersubstantiveexploration data	A plan of the drilling locations for the new assay results received has beenincluded in the report.No new exploration data has been generated apart from the drillinggeochemical and geophysical information included in this report.
Further work	Follow up drilling will be planned once all results are received.