SUREFIRE RESOURCES NL — Capital/Financing Update 2022

May 11, 2022

12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

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YIDBY GOLD PROJECT (100%)

Drilling to Commence Next Week

Up to 4,000m of RC drilling is scheduled to:

• Drill the untested new Discovery zone MMI surface geochemical anomalies

• Extend the strike length of previous drilling at the new Discovery zone

• Extend the main Yidby Road gold mineralisation to the north, the northwest and the southeast

 Drill and case pre-collars for planned diamond drilling

Surefire Resources NL (ASX: SRN, SRNOC) has planned, and will now enact the next phase of drilling at the Yidby Road Gold Prospect. Reverse circulation drilling will commence next week.

Up to 4,000m of 6” face sampling reverse circulation (RC) is planned to grow the gold mineralised footprint at the Yidby Road Gold Project (refer figure 2 below). The Surefire Yidby Gold Project is a blind discovery, hidden beneath 10 to 30m of barren overburden.

The planned drilling has multiple aims:

• To drill test a previously untested MMI gold anomaly in the Yidby discovery zone. A large MMI anomaly located approximately 100m to north-west of the Yidby Road Gold Deposit will be tested with a total of 11 RC holes to 100m deep. Drilling, west to east, is planned to cover the entire anomalous area ( Figure 2 ). Previous drilling of anomalies in the discovery zones have provided wide down hole gold intersections;

• To test for along strike extensions to the discovery zone gold MMI geochemistry anomalies;

• To drill test the extensions to the main Yidby Road Gold Deposit. The current gold envelope is open to the north, to the northwest, and to the southeast; and

• To drill pre-collars for diamond drill holes. Diamond drilling will provide information for further structural analysis and will be a requirement for future resource analysis.

A feature of the Surefire Yidby Road Gold Project is robust wide downhole gold drilling intersections ( Table 1 ).

________________ 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

12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

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Figure 1 Yidby Gold Project: regional geology (after GSWA) with major neighbouring gold deposits.

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12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

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Figure 2 Summary of Surefire’s - Yidby Road Gold Prospect drill locations

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12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

Table 1 Previously announced significant intersections at the Yidby Road Gold Project.

Hole ID	Easting MGA	Northin g MGA	RL	Dip	Azimuth (MN)	Hole depth (m)	From (m)	To (m)	Interval (m)	Au (g/t)
YBRC013	525780	6751810	300	-60	270	138	84	103	19	1.28_2_
Incl.							84	86	2	7.29_4_
Incl.							101	103	2	4.14_4_
YBRC015	525765	6751880	300	-55	270	150	110	118	8	0.62_2_
Incl.							110	111	1	3.34_4_
YBRC016	525724	6751840	300	-75	270	90	18	34	16	0.88_1_
Incl.							20	29	9	1.44_2_
Incl.							20	25	5	2.35_3_
Incl.							22	25	3	3.25_4_
YBRC017	525792	6751880	300	-60	270	198	96	196	100	0.53¹
Incl.							112	195	83	0.64_1_
Incl.							113	126	13	2.17²
Incl.							113	114	1	23.13
Incl.							163	186	23	0.74_1_
Incl.							163	166	3	4.15_3_
YBRC018	523249	6751952	298	-60	270	99	23	27	4	0.38
YBRC023	525810	6751810	300	-60	270	192	157	167	10	0.50²
YBRC024	525300	6751952	295.3	-60	270	99	12	72	56	0.60
Incl.							16	32	16	1.39
YBRC025	525878	6751755	300	-60	270	222	31	40	9	0.14¹
YBRC026	525850	6751780	300	-60	270	186	159	178	19	1.21²
Incl.							166	178	12	1.95³
YBRC034	525805	6751755	300	-60	270	114	17	30	13	0.20¹
YBRC035	525855	6751755	300	-60	270	168	126	152	26	2.02²
Incl.							126	148	22	2.34³
Incl.							133	147	14	3.01³
Incl.							141	143	2	10.05³
YBRC036	525919	6751755	300	-60	270	246	37	44	7	0.97²
YBRC036	525919	6751755	300	-60	270	246	74	87	13	0.42²
Incl.							75	76	1	2.15
YBRC036	525919	6751755	300	-60	270	246	212	220	8	0.95²
Incl.							219	220	1	4.38³
YBRC037	525870	6751725	300	-67	270	194	28	86	58	0.83¹
Incl.							28	67	39	1.16²
Incl.							31	38	7	2.07¹
Incl.							57	67	10	2.48²
Incl.							64	67	3	5.42³
Incl.							64	65	1	10.48³
YBRC037	525870	6751725	300	-67	270	194	116	124	8	1.23²
YBRC039	525888	6751700	300	-60	270	129	39	43	4	0.33¹
YBRC041	525813	6751881	298.2	-60	270	257	234	247	13	1.28
YBRC043	525825	6751864	298.2	-60	270	274	105	106	1	1.94
YBRC045	525891	6751726	297.1	-60	270	100	32	84	52	1.4
Incl.							49	55	6	1.76
Incl.							65	84	19	2.93
Incl.							78	79	1	39.1
YBRC046	525771	6751773	297.9	-60	270	90	24	42	19	0.98
Incl.				-60			36	37	1	10.63
YBRC053	525670	6751698	300	-60	270	76	18	25	8	1.43
Lower cut-off grades for intersections: 1>0.1 g/t Au cut-off,2>0.3 g/t Au cut-off;3>1.0 g/t Au cut-off;4>2.0 g/t Au cut- off. All widths are downhole intercepts True widths unknown.

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12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

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About Yidby

The Yidby Gold Project is well located on 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 mid to late-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 a Surefire’s new discovery at Yidby Road Gold Prospect. The Yidby Road Gold Deposit is a blind deposit , lying beneath 10 to 25m of largely barren transported overburden that masks the mineralisation. Surefire’s extensive use of MMI geochemistry and targeted drilling has continued to successfully delineate extensive gold mineralisation. The deposit is characterised by thick intercepts with high grade gold cores. 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 (28 July 2021 ASX: CMM) and the 0.54Moz Rothsay Gold Project 30km to the west (Egan Street Resources, 12 February 2019).

Authorised for ASX release by:

Vladimir Nikolaenko Managing Director

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12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

Competent Person Statement:

The information in this report that relates to exploration results has been reviewed, compiled and fairly represented by Mr Edd Prumm, a Member of the Australian Institute of Mining and Metallurgy (‘AusIMM’) and a fulltime employee of X2M Exploration to Mining and Mr Marcus Flis, a Fellow of the Australian Institute of Mining and Metallurgy (‘AusIMM’) and a fulltime employee of Rountree Pty Ltd. Mr Prumm and Mr Flis have 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 and Mr Flis consent 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 forward-looking 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 is subject 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.

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

21/03/2022	New Discovery Area - Drilling Rig Booked
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
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

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12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

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JORC Code, 2012 Edition:

Section 1: Sampling Techniques and Data

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

Criteria	Commentary
Sampling techniques	 Reverse Circulation drilling was used to obtain 1m samples weighing approximately 3kg from the splitter on the cyclone and submitted to the laboratory (Nagrom laboratories).  The entire sample was crushed to -2mm then either riffle-split then pulverised to 95% passing 75 micron to produce a 50g charge for Fire Assay gold (Au) analysis.  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.
Drilling techniques	 Reverse Circulation drilling was completed using a face sampling hammer.
Drill sample recovery	 RC drilling was bagged on 1m intervals and an estimate of sample recovery has been made on the size of each sample.  The cyclone is shut off when collecting the sample and released to the sample bags at the completion of each metre to ensure no cross contamination. If necessary, the cyclone is flushed out if sticky clays are encountered.  Samples were weighed at the laboratoryto allow comparative analysis.
Logging	 Geological logging was conducted per 1m sample with lithologies and weathering zones being documented throughout.  Representative samples from the “green bags” are sieved and in fresh rock, washed,andplaced in chiptrays for each hole.
Sub-sampling techniques and sample preparation	 Not applicable to this announcement  Every 1m RC interval was sampled as a dry primary sample in a calico bag off the 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 and duplicates 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 provide an accurate indication ofgold mineralisation.
Quality of assay data and laboratory tests	 Gold assays at Nagrom Laboratories in Perth, WA, using a 50g charge for Fire Assay gold (Au) total analysis.  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 sampling and assaying	 Selected intersections have been calculated at various cut-off grades, including a 0.1g/t minimum cut-off for the “mineralised envelope” and including “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-offgrade to be across

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12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

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Criteria	Commentary
	the added interval.  Geological and sample data was entered into spreadsheets on site and stored on the Company’s database.
Location of data points	 Siting of planned drillholes was completed using a DGPS and adjusted with 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 notyet surveyed,subject to blockages downhole.
Data spacing and distribution	 Sample data down hole is at no more than 1m intervals (with selected intervals composited at the lab).  Data spacing in terms of pierce points varies from 25m to 100m from previous 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 in relation to geological structure	 Drilling orientation is designed to test the mineralisation at as close as possible to orthogonal to the mineralisation, therefore not biasing the sampling or intersection lengths.  All intersections are downhole widths with the true widths not determined at this earlystage of exploration.
Sample security	 Samples transported by Company personnel direct to the Laboratory as soon aspossible 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 tenement and land tenure status	 Located 320km northeast of Perth in the mid-west region of Western Australia.  E 52/2390 and E52 /2426 are granted tenements with a 100% interest acquired by Surefire Resources NL under a sale agreement from the tenement holder Beau Resources Pty Ltd.  A 2% Royalty on Gold production is payable to Beau Resources Pty Ltd.
Exploration done by other parties	 Previous exploration work has been completed by Normandy and Monarch Gold. Normandy work included aircore drilling and limited RC drilling, including at the Yidby Gold Prospect. Drilling intersections in easterly oriented drilling were followed up by Surefire using westerly oriented holes and the Normandy drilling was shown to be drilled in the wrong orientation for the easterlydippingmineralised structures.
Geology	 Gold mineralisation at the project is orogenic, hosted within quartz veining with minor sulphides in ultramafic/mafic lithologies and felsic porphyry intrusions.
Drill hole Information	 Northing and easting data generally within 5m accuracy using a GPS – with DGPS locationplanned.

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12 May 2022

ASX Announcement ASX Codes: SRN and SRNOC

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Criteria	Commentary
	 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 determined using DGPS generally within 0.1m accuracy. RL data +/- 0.2m. Down hole length +/- 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 updated when DGPS data available. Northing and easting data generally within 5m accuracy using a GPS – with DGPS locationplanned down hole length =+- 0.2m.previous drillhole locations.
Data aggregation methods	 Selected intersections have been calculated at various cut-off grades as shown in Table 1, including a 0.1g/t minimum cut-off for the “mineralised envelope” and including “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.  No cuttingof high-grades has been carried out.
Relationship between mineralisation widths and intercept lengths	 Orientation of mineralised zones are still to be determined in detail. All intercepts reported are downhole depths.
Diagrams	 Drillhole locations and interpreted mineralisation outline are shown in Figure2 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 bodyof the release.
Balanced reporting	 Tabulations of hole statistics are shown in the bodyof the release..
Other substantive exploration data	 Gold mineralisation interpretations are included in plans in the body of the report.  No new exploration data has been generated apart from the drilling geochemical andgeophysical information included in this report.
Further work	 Follow updrillingisplanned for May2022.

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