SUREFIRE RESOURCES NL — Capital/Financing Update 2022

Feb 22, 2022

<:/ WZK:d ;ϭϬϬйͿ

WZE:KZ/

E/<>/&ZKh^ h>dZD&/^ /Ed/&/

• x >ŽĐĂƚĞĚ ŝŶ ƚŚĞ tĞƐƚ zŝůŐĂƌŶ EŝͲƵͲW' WƌŽǀŝŶĐĞ͕ ŚŽƐƚ ƚŽ ƚŚĞ ƌĞĐĞŶƚůLJĚŝƐĐŽǀĞƌĞĚ :ƵůŝŵĂƌ W' ĚĞƉŽƐŝƚ
• x ,ŝŐŚůLJĂŶŽŵĂůŽƵƐƵůƚƌĂŵĂĨŝĐ ŚŽƐƚĞĚ ŶŝĐŬĞů ƐĂŵƉůĞƐƌĞĐŽƌĚĞĚ ŝŶ ƉyZ&ƌĞĂĚŝŶŐƐ
• x WƌĞǀŝŽƵƐůLJƵŶŬŶŽǁŶ ƉĞŐŵĂƚŝƚĞƐĚŝƐĐŽǀĞƌĞĚ
• x <ĂĚũŝ WƌŽũĞĐƚ ŐƌĞĞŶƐƚŽŶĞƐŚĂǀĞ ďĞĞŶ ŽǀĞƌůŽŽŬĞĚ ďLJƉƌĞǀŝŽƵƐĞdžƉůŽƌĞƌƐ
• x &ŝƌƐƚ ƉĂƐƐŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƚŚĞ ĚĂƚĂƐŚŽǁƐ ŵĂĨŝĐ ĂŶĚ ƵůƚƌĂŵĂĨŝĐ ƌŽĐŬƐĂƌĞ ŵŽƌĞ ĐŽŵŵŽŶ ƚŚĂŶ ƐŚŽǁŶ ŽŶ ƉƵďůŝƐŚĞĚ ŐĞŽůŽŐLJ ŵĂƉƐ
• x &ŝĞůĚ ĨŽůůŽǁͲƵƉ ĐŽŶĨŝƌŵƐƉƌŽƐƉĞĐƚŝǀĞ ŐƌĞĞŶƐƚŽŶĞ ůŝƚŚŽůŽŐŝĞƐ

^ƵƌĞĨŝƌĞ ZĞƐŽƵƌĐĞƐ E> ;^y͗ ^ZE͕ ΗƚŚĞ ŽŵƉĂŶLJΗ Žƌ ͞**^ZE**ΗͿ ǁŝƐŚĞƐ ƚŽ ĂŶŶŽƵŶĐĞ ƚŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨĂŚŝŐŚͲƌĞƐŽůƵƚŝŽŶ ĂĞƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ĂŶĚŝŶŝƚŝĂůŐĞŽůŽŐŝĐĂůƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ŽĨ ƚŚĞ <ĂĚũŝ WƌŽũĞĐƚ ĂƌĞĂ ;ϳϬͬϱϱϳϱ ĂŶĚ ϱϵͬϮϰϰϲͿ ŝŶ ƚŚĞ <ŽŽůĂŶŽŽŬĂ 'ƌĞĞŶƐƚŽŶĞ Ğůƚ ŽĨ tĞƐƚĞƌŶƵƐƚƌĂůŝĂ;&ŝŐƵƌĞ ϭͿ͘

dŚĞ <ĂĚũŝ ƐĞƚƚŝŶŐ

dŚĞƐĞ ƚĞŶĞŵĞŶƚƐ ĂƌĞ ůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞ tĞƐƚzŝůŐĂƌŶEŝͲƵͲW' WƌŽǀŝŶĐĞ ;&ŝŐƵƌĞ ϮͿ͘ dŚŝƐ ƉƌŽǀŝŶĐĞ ŝƐŚŽƐƚƚŽ ƚŚĞ ƌĞĐĞŶƚůLJ ĚŝƐĐŽǀĞƌĞĚ:ƵůŝŵĂƌ EŝͲƵͲW' ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͕ƌĞĐŽŐŶŝƐŝŶŐƚŚŝƐ ĂƌĞĂĂƐĂŵĂũŽƌŶĞǁEŝͲƵͲW' ƉƌŽǀŝŶĐĞ͘ dŚĞ WƌŽǀŝŶĐĞ ĐŽǀĞƌƐƚŚĞ ǁĞƐƚĞƌŶŵĂƌŐŝŶŽĨƚŚĞ ƌĐŚĂĞĂŶzŝůŐĂƌŶƌĂƚŽŶ ĂŶĚ ŚĂƐĂŶĂůŽŐƵĞƐ ŝŶŵĂŶLJ ƌĐŚĂĞĂŶ ĂƌĞĂƐŽĨƚŚĞ ǁŽƌůĚǁŚĞƌĞ ƐŵĂůů ŵĂĨŝĐ ŝŶƚƌƵƐŝǀĞƐ ĂůŽŶŐ ĐƌĂƚŽŶŝĐ ŵĂƌŐŝŶ ĨĂƵůƚƐ ŐŝǀĞ ƌŝƐĞ ƚŽ ǁŽƌůĚͲĐůĂƐƐ ŵĂŐŵĂƚŝĐ ƐƵůƉŚŝĚĞ ĚĞƉŽƐŝƚƐ͘

<ĂĚũŝŝƐĂůŽŶŐ ƚƌĞŶĚŽĨƚŚĞ :ƵůŝŵĂƌ ĚŝƐĐŽǀĞƌLJ ĂŶĚĐŽǀĞƌƐĂŶĂƌĞĂƉƌĞǀŝŽƵƐůLJ ŵĂƉƉĞĚĂƐĂďůŽĐŬ ĨĂƵůƚĞĚŐŶĞŝƐƐ ƐƵƌƌŽƵŶĚĞĚďLJ zŝůŐĂƌŶƌĂƚŽŶŐƌĂŶŝƚĞƐ͘ /ƚŚĂƐƉƌĞǀŝŽƵƐůLJ ďĞĞŶŽǀĞƌůŽŽŬĞĚďLJ ƉĂƐƚĞdžƉůŽƌĞƌƐ ĞǀĞŶƚŚŽƵŐŚƌĞŐŝŽŶĂů ĂĞƌŽŵĂŐŶĞƚŝĐ ĚĂƚĂ ŝŵƉůŝĞĚƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨŐƌĞĞŶƐƚŽŶĞƐ͘ dŚĞ ŶĞǁ ŚŝŐŚƌĞƐŽůƵƚŝŽŶ ĂĞƌŽŵĂŐŶĞƚŝĐ ĚĂƚĂƌĞƐŽůǀĞƐ ƚŚĞ ƉƌĞǀŝŽƵƐůLJ ĂŵďŝŐƵŽƵƐ ŵĂŐŶĞƚŝĐ ƐŝŐŶĂƚƵƌĞƐ ŝŶƚŽ ĂƌĞĂƐŽĨ ŝŶƚĞƌƉƌĞƚĞĚ ůĂLJĞƌĞĚƵůƚƌĂŵĂĨŝĐ ĂŶĚƐŵĂůůĞƌƉůƵƚŽŶŝĐ ŝŶƚƌƵƐŝǀĞƐ͘ ŽƚŚ ƚŚĞƐĞ ƐĞƚƚŝŶŐƐ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚŚŝŐŚůLJ ƉƌŽƐƉĞĐƚŝǀĞ ĨŽƌEŝͲƵͲW' ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ŵĂũŽƌ ŶŽƌƚŚͲǁĞƐƚ ƚƌĞŶĚŝŶŐƐƚƌƵĐƚƵƌĞƐ ŚŽƐƚ ŚŝƐƚŽƌŝĐ ŐŽůĚ ǁŽƌŬŝŶŐƐ͕ ĂůƐŽ Ă ĐŽŵŵŽĚŝƚLJ ŶŽƚ ƉƌĞǀŝŽƵƐůLJ ĞdžƉůŽƌĞĚĨŽƌŝŶƚŚĞ ƉĂƐƚ͘

/ŶĞdžĐĞƐƐ ŽĨϮϱ ƐƚƌŝŬĞ ŬŝůŽŵĞƚƌĞƐ ĂƌĞ ŚĞůĚďLJ ^ƵƌĞĨŝƌĞ ŝŶƚŚŝƐĞdžĐŝƚŝŶŐŶĞǁ EŝͲƵͲW' ƐĞƚƚŝŶŐ͘

ĞƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJŵĂƉƐƚĂƌŐĞƚƐ

ŚŝŐŚƌĞƐŽůƵƚŝŽŶ͕ůŽǁůĞǀĞůĂĞƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚŽŶƚŚĞ <ĂĚũŝƚĞŶĞŵĞŶƚƐ ;&ŝŐƵƌĞ ϯͿ͘ ĞƚĂŝůƐŽĨƚŚĞ ƐƵƌǀĞLJ ĂƌĞ ŝŶĐůƵĚĞĚŝŶƚŚĞ ĂƚƚĂĐŚĞĚ:KZ dĂďůĞ ϭ͘ /ŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨ ƚŚĞ ƐƵƌǀĞLJ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ŶƵŵĞƌŽƵƐ ĂƌĞĂƐ ƚŚĂƚ ĂƌĞ ƚŚĞ ĨŽĐƵƐ ŽĨ ĨŝƌƐƚ ƉĂƐƐ ŐĞŽůŽŐŝĐĂů ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ͘

dĂƌŐĞƚƐŝĚĞŶƚŝĨŝĞĚ ĨŽƌĞdžƉůŽƌĂƚŝŽŶ

dŚĞ ŝŶŝƚŝĂůĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞ ĂĞƌŽŵĂŐŶĞƚŝĐ ĚĂƚĂ ŚĂƐŝĚĞŶƚŝĨŝĞĚĨŽƵƌ ƐƚLJůĞƐ ŽĨŵŝŶĞƌĂůŝƐĂƚŝŽŶ͗

• ϭ͘ DĂĨŝĐͲƵůƚƌĂŵĂĨŝĐ ůĂLJĞƌĞĚ ŝŶƚƌƵƐŝǀĞ ĐŽŵƉůĞdž ŐŝǀŝŶŐƌŝƐĞ ƚŽ EŝͲƵͲW' ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ƐŝŵŝůĂƌ ƚŽ ƚŚĂƚƐĞĞŶĂƚ:ƵůŝŵĂƌ͖
• Ϯ͘ WŽƌƉŚLJƌLJͲƌĞůĂƚĞĚŐŽůĚ͖
• ϯ͘ ^ƚƌƵĐƚƵƌĞͲƌĞůĂƚĞĚŽƌŽŐĞŶŝĐ ŐŽůĚ͖ ĂŶĚ
• ϰ͘ WĞŐŵĂƚŝƚĞ ŚŽƐƚĞĚůŝƚŚŝƵŵŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘

'ĞŽůŽŐŝĐĂů&ŝĞůĚ ZĞĐŽŶŶĂŝƐƐĂŶĐĞ

'ĞŽůŽŐŝĐĂů ĨŝĞůĚƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ŚĂƐďĞĞŶƵŶĚĞƌƚĂŬĞŶƚŽ ĂƐƐŝƐƚŝŶƚŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨƚŚĞ ĂĞƌŽŵĂŐŶĞƚŝĐ ĚĂƚĂ͘ tŚŝůĞ ƌĞŐŝŽŶĂů ŐƌĂŶŝƚĞ ĂŶĚ ŐƌĂŶŝƚŝĐͲŐŶĞŝƐƐ ŽƵƚĐƌŽƉ ŵŽƐƚ͕ ĚƵĞ ƚŚĞŝƌ ƌĞƐŝƐƚŝǀĞ ŶĂƚƵƌĞ͕ ĐŽŶƐŝĚĞƌĂďůĞ ĞǀŝĚĞŶĐĞ ŽĨ ŵĂĨŝĐƐ ĂŶĚ ƵůƚƌĂŵĂĨŝĐ ůŝƚŚŽůŽŐŝĞƐ ǁĂƐ ĨŽƵŶĚ͘ EŽƚĂďůLJ͕ƚŚĞ ĞdžƚĞŶƐŝǀĞ ƉƌĞƐĞŶĐĞ ŽĨƚŚĞƐĞ ůŝƚŚŽůŽŐŝĞƐ ŚĂƐĐŽŶĨŝƌŵĞĚƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀŝĞǁƚŚĂƚ <ĂĚũŝŝƐŚŝŐŚůLJ ƉƌŽƐƉĞĐƚŝǀĞ ĨŽƌ:ƵůŝŵĂƌͲƐƚLJůĞ EŝͲƵͲW' ƐƵůƉŚŝĚĞ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘

ŽŶĨŝƌŵĂƚŝŽŶŽĨƚŚŝƐŝŶƚĞƌƉƌĞƚĂƚŝŽŶŚĂƐďĞĞŶƉƌŽǀŝĚĞĚďLJ ƐƉŽƚƌŽĐŬĐŚŝƉĂŶĚƐŽŝů ƐĂŵƉůŝŶŐ͘ ĨŝĞůĚ ƉŽƌƚĂďůĞ ƉyZ& ǁĂƐ ƵƐĞĚ ƚŽ ĂƐƐĞƐƐ ŵĞƚĂů ĐŽŶƚĞŶƚ ŝŶ ŽƵƚĐƌŽƉƉŝŶŐ ůŝƚŚŽůŽŐŝĞƐ ĂŶĚ ŽǀĞƌďƵƌĚĞŶ͘ dŚĞ ĂƐƐĂLJŝŶŐ ƉƌŽĐĞĚƵƌĞ ŝƐŽƵƚůŝŶĞĚŝŶƚŚĞ ĂƚƚĂĐŚĞĚ:WZ dĂďůĞ ϭ͘ ZĞƐƵůƚƐĨŽƌ ŶŝĐŬĞůĂƌĞ ƐŚŽǁŶŝŶdĂďůĞ ϭ ĂŶĚĚŝƐƉůĂLJĞĚŝŶ&ŝŐƵƌĞ ϰ͘ ŶŽŵĂůŽƵƐ ŶŝĐŬĞůǀĂůƵĞƐ ƵƉƚŽ ϲϭϴƉƉŵ ǁĞƌĞ ŽďƚĂŝŶĞĚ ϭ ͘ ŶŽŵĂůŽƵƐ ŶŝĐŬĞů ǀĂůƵĞƐ ĂƌĞ ŶŽƚĞĚ ŝŶ ŽƵƚĐƌŽƉƉŝŶŐŵĂĨŝĐ ĂŶĚ ƵůƚƌĂŵĂĨŝĐ ůŝƚŚŽůŽŐŝĞƐ͘ tŚŝůĞ ƚŚĞƐĞ ŽĨƚĞŶ ŚĂǀĞ Ă ŚŝŐŚ ŶŝĐŬĞů ďĂĐŬŐƌŽƵŶĚ͕ ĞůĞǀĂƚĞĚ ŶŝĐŬĞů ĂďŽǀĞ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϯϬϬƉƉŵŝƐĐŽŶƐŝĚĞƌĞĚĂŶŽŵĂůŽƵƐ͘ KĨƉĂƌƚŝĐƵůĂƌŝŶƚĞƌĞƐƚĂƌĞ ŬŽŵĂƚŝŝŝƚĞƐ ŶŽƚĞĚ ďLJ ƚŚĞ '^tĂƐŽĐĐƵƌƌŝŶŐ ŝŶ ƚŚĞ ĂƌĞĂ;&ŝŐƵƌĞ ϰͿ ĂŶĚĐŽŶĨŝƌŵĞĚďLJ ƚŚŝƐƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ǁŽƌŬ͘ <ŽŵĂƚŝŝƚĞƐ ĂƌĞ ĂĐůĂƐƐŝĐ ŶŝĐŬĞůŚŽƐƚ;Ğ͘Ő͕͘ <ĂŵďĂůĚĂͿ͘ ^ĞůĞĐƚĞĚƐĂŵƉůĞƐ ǁŝůůďĞ ĂƐƐĂLJĞĚďLJ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚůĂďŽƌĂƚŽƌLJ ƚŽ ĐŽŶĨŝƌŵ ƚŚĞ ƉyZ&ĂƐƐĂLJƐ͘

^ŝŐŶŝĨŝĐĂŶƚůLJ͕ƉƌĞǀŝŽƵƐůLJ ƵŶŵĂƉƉĞĚƉĞŐŵĂƚŝƚĞƐ ŚĂǀĞ ďĞĞŶŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ ŶŽƌƚŚǁĞƐƚŽĨƚŚĞ ƉƌŽũĞĐƚĂƌĞĂ͘ dŚĞƐĞ ǁŝůůďĞ ĨƵƌƚŚĞƌĂƐƐĞƐƐĞĚĨŽƌƉŽƐƐŝďůĞ ůŝƚŚŝƵŵŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘

ϭ ĂƌĞ ƐŚŽƵůĚ ďĞ ƚĂŬĞŶǁŝƚŚƉyZ&ĂƐƐĂLJƐ ĚƵĞ ƚŽ ĐĂůŝďƌĂƚŝŽŶ͕ŵŝŶĞƌĂůŝŶƚĞƌĨĞƌĞŶĐĞ͕ ŝŶĐŽŶƐŝƐƚĞŶƚ ŐĞŽŵĞƚƌLJ͕ƐĂŵƉůĞ ĂŶĚŝŶŚŽŵŽŐĞŶĞŝƚLJ͘

Figure 1 Surefire's tenement holdings in the West Yilgarn Ni-Cu-PGE Province.

Figure 2 The Kadji Project is located in the emerging Ni-Cu-PGE West Yilgarn Province, host to the newly discovered Julimar Deposit.

					ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ͘ dŚĞƐĞƐĂŵƉůĞƐĂƌĞ ƉůŽƚƚĞĚ ŝŶ &ŝŐƵƌĞ ϰ͘ ďĚů сďĞůŽǁ ĚĞƚĞĐƚŝŽŶ ůŝŵŝƚ͘
^ĂŵƉůĞ	dLJƉĞ	ĂƐƚ	EŽƌƚŚ	Z>	ZŽĐŬ	EŝƉƉŵ
<zϭϭϭϭ< td="">ƌŽĐŬϰϭϴϱϯϴϲϳϵϯϬϬϱϯϯϵ'ƌĂŶŝƚĞϵϲ͘Ϯ</zϭϭϭϭ<>	ƌŽĐŬ	ϰϭϴϱϯϴ	ϲϳϵϯϬϬϱ	ϯϯϵ	'ƌĂŶŝƚĞ	ϵϲ͘Ϯ
<zϭϭϭϯ< td="">ƌŽĐŬϰϭϴϰϳϵϲϳϵϯϭϬϬϯϯϵhůƚƌĂŵĂĨŝĐďĚů</zϭϭϭϯ<>	ƌŽĐŬ	ϰϭϴϰϳϵ	ϲϳϵϯϭϬϬ	ϯϯϵ	hůƚƌĂŵĂĨŝĐ	ďĚů
<zϭϭϭϯ< td="">ƌŽĐŬϰϭϴϳϯϳϲϳϵϮϵϱϱϯϯϮhůƚƌĂŵĂĨŝĐϭϮϰ͘ϲ</zϭϭϭϯ<>	ƌŽĐŬ	ϰϭϴϳϯϳ	ϲϳϵϮϵϱϱ	ϯϯϮ	hůƚƌĂŵĂĨŝĐ	ϭϮϰ͘ϲ
<zϭϭϭϰ< td="">ƌŽĐŬϰϮϭϭϵϮϲϳϵϱϲϵϬϯϯϭ'ƌĂŶŽĚŝŽƌŝƚĞϭϰϲ͘ϳ</zϭϭϭϰ<>	ƌŽĐŬ	ϰϮϭϭϵϮ	ϲϳϵϱϲϵϬ	ϯϯϭ	'ƌĂŶŽĚŝŽƌŝƚĞ	ϭϰϲ͘ϳ
<zϭϭϭϱ< td="">ƌŽĐŬϰϮϭϮϬϮϲϳϵϱϲϵϮϯϯϭDĂĨŝĐϯϰϰ͘ϴ</zϭϭϭϱ<>	ƌŽĐŬ	ϰϮϭϮϬϮ	ϲϳϵϱϲϵϮ	ϯϯϭ	DĂĨŝĐ	ϯϰϰ͘ϴ
<zϭϭϭϲ< td="">ƌŽĐŬϰϮϭϭϵϯϲϳϵϲϬϯϯϯϰϬ'ƌĂŶŝƚĞϭϲϴ͘ϴ</zϭϭϭϲ<>	ƌŽĐŬ	ϰϮϭϭϵϯ	ϲϳϵϲϬϯϯ	ϯϰϬ	'ƌĂŶŝƚĞ	ϭϲϴ͘ϴ
<zϭϭϭϳ< td="">ƌŽĐŬϰϮϭϱϱϮϲϳϵϱϴϳϯϯϯϳWĞŐŵĂƚŝƚĞϭϬϳ͘ϴ</zϭϭϭϳ<>	ƌŽĐŬ	ϰϮϭϱϱϮ	ϲϳϵϱϴϳϯ	ϯϯϳ	WĞŐŵĂƚŝƚĞ	ϭϬϳ͘ϴ
<zϭϭϭθ< td="">ƌŽĐŬϰϮϭϴϵϰϲϳϵϱϲϴϭϯϯϰDĂĨŝĐͬďŝĨďĚů</zϭϭϭθ<>	ƌŽĐŬ	ϰϮϭϴϵϰ	ϲϳϵϱϲϴϭ	ϯϯϰ	DĂĨŝĐͬďŝĨ	ďĚů
<zϭϭϭθ< td="">ƌŽĐŬϰϮϭϴϵϰϲϳϵϱϲϴϭϯϯϰDĂĨŝĐͬďŝĨďĚů</zϭϭϭθ<>	ƌŽĐŬ	ϰϮϭϴϵϰ	ϲϳϵϱϲϴϭ	ϯϯϰ	DĂĨŝĐͬďŝĨ	ďĚů
<zϭϭϭθ< td="">ƌŽĐŬϰϮϭϴϵϰϲϳϵϱϲϴϭϯϯϰDĂĨŝĐͬďŝĨďĚů</zϭϭϭθ<>	ƌŽĐŬ	ϰϮϭϴϵϰ	ϲϳϵϱϲϴϭ	ϯϯϰ	DĂĨŝĐͬďŝĨ	ďĚů
<zϭϭϭθ< td="">ƌŽĐŬϰϮϭϴϵϰϲϳϵϱϲϴϭϯϯϰDĂĨŝĐͬďŝĨďĚů</zϭϭϭθ<>	ƌŽĐŬ	ϰϮϭϴϵϰ	ϲϳϵϱϲϴϭ	ϯϯϰ	DĂĨŝĐͬďŝĨ	ďĚů
<zϭϭϭϵ< td="">ƌŽĐŬϰϮϭϵϱϮϲϳϵϱϲϬϱϯϯϮhůƚƌĂŵĂĨŝĐďĚů</zϭϭϭϵ<>	ƌŽĐŬ	ϰϮϭϵϱϮ	ϲϳϵϱϲϬϱ	ϯϯϮ	hůƚƌĂŵĂĨŝĐ	ďĚů
<zϭϭϭϵ< td="">ƌŽĐŬϰϮϭϵϱϮϲϳϵϱϲϬϱϯϯϮhůƚƌĂŵĂĨŝĐďĚů</zϭϭϭϵ<>	ƌŽĐŬ	ϰϮϭϵϱϮ	ϲϳϵϱϲϬϱ	ϯϯϮ	hůƚƌĂŵĂĨŝĐ	ďĚů
<zϭϭϭϵ< td="">ƌŽĐŬϰϮϭϵϱϮϲϳϵϱϲϬϱϯϯϮhůƚƌĂŵĂĨŝĐďĚů</zϭϭϭϵ<>	ƌŽĐŬ	ϰϮϭϵϱϮ	ϲϳϵϱϲϬϱ	ϯϯϮ	hůƚƌĂŵĂĨŝĐ	ďĚů
<zϭϭϭϭ< td="">ƌŽĐŬϰϯϮϴϬϱϲϳϴϮϭϮϮϮϴϰhůƚƌĂŵĂĨŝĐͬďŝĨϲϭϳ͘ϴ</zϭϭϭϭ<>	ƌŽĐŬ	ϰϯϮϴϬϱ	ϲϳϴϮϭϮϮ	Ϯϴϰ	hůƚƌĂŵĂĨŝĐͬďŝĨ	ϲϭϳ͘ϴ
<zϭϭϭϭ< td="">ƌŽĐŬϰϯϯϯϰϳϲϳϴϭϴϬϱϮϳϱDĂĨŝĐϯϲϲ͘ϭ</zϭϭϭϭ<>	ƌŽĐŬ	ϰϯϯϯϰϳ	ϲϳϴϭϴϬϱ	Ϯϳϱ	DĂĨŝĐ	ϯϲϲ͘ϭ
<zϭϭϭϯ< td="">ƌŽĐŬϰϯϮϯϳϵϲϳϴϯϮϮϲϮϴϭŵƉŚŝďŽůŝƚĞͬďŝĨϰϲϴ</zϭϭϭϯ<>	ƌŽĐŬ	ϰϯϮϯϳϵ	ϲϳϴϯϮϮϲ	Ϯϴϭ	ŵƉŚŝďŽůŝƚĞͬďŝĨ	ϰϲϴ
<zϭϭϭϯ< td="">ƌŽĐŬϰϯϭϯϯϵϲϳϵϬϭϴϰϮϳϵ&ĞůĚƐ WŽƌƉŚLJƌLJďĚů</zϭϭϭϯ<>	ƌŽĐŬ	ϰϯϭϯϯϵ	ϲϳϵϬϭϴϰ	Ϯϳϵ	&ĞůĚƐ WŽƌƉŚLJƌLJ	ďĚů
<zϭϭϭϰ< td="">ƌŽĐŬϰϮϴϯϯϱϲϳϵϬϮϵϮϯϭϭDĂĨŝĐďĚů</zϭϭϭϰ<>	ƌŽĐŬ	ϰϮϴϯϯϱ	ϲϳϵϬϮϵϮ	ϯϭϭ	DĂĨŝĐ	ďĚů
<^ϬϬϬϭ	ƐŽŝů	ϰϭϴϱϰϵ	ϲϳϵϮϵϵϮ	ϯϯϵ	'ƌĂŶŝƚĞ	ďĚů
<^ϬϬϬϮ	ƐŽŝů	ϰϭϴϰϳϴ	ϲϳϵϯϬϵϴ	ϯϰϬ	hůƚƌĂŵĂĨŝĐ	ϭϭϯ͘ϭ
<^ϬϬϬϯ	ƐŽŝů	ϰϮϭϮϬϬ	ϲϳϵϰϭϮϬ	ϯϭϰ	ůĂLJ	ϭϱϭ͘ϯ
<^ϬϬϬϰ	ƐŽŝů	ϰϮϭϭϵϭ	ϲϳϵϱϲϵϭ	ϯϯϮ	'ƌĂŶŝƚĞƐĂŶĚ	Ϯϭϭ
<^ϬϬϬϱ	ƐŽŝů	ϰϮϭϭϳϴ	ϲϳϵϲϬϱϭ	ϯϰϬ	'ƌĂŶŝƚĞƐĂŶĚ	ϵϳ͘ϲ
<^ϬϬϬϲ	ƐŽŝů	ϰϮϭϭϲϵ	ϲϳϵϲϯϵϰ	ϯϱϮ	'ƌĂŶŝƚĞƐĂŶĚ	ϭϭϬ͘ϰ
<^ϬϬϬϳ	ƐŽŝů	ϰϮϭϴϲϰ	ϲϳϵϱϳϬϯ	ϯϯϯ	>ĂŐ	ϭϯϳ͘ϱ
<^ϬϬϬϴ	ƐŽŝů	ϰϮϭϵϰϴ	ϲϳϵϱϲϬϱ	ϯϯϮ	hůƚƌĂŵĂĨŝĐ	ϭϳϯ͘ϵ
<^ϬϬϬϵ	ƐŽŝů	ϰϯϭϬϳϳ	ϲϳϴϮϮϭϵ	Ϯϳϰ	^ŚĞĞƚǁĂƐŚ	ϭϲϴ
<^ϬϬϭϬ	ƐŽŝů	ϰϯϮϴϭϬ	ϲϳϴϮϭϯϮ	Ϯϴϲ	DĂĨŝĐͬďŝĨ	ďĚů
<^ϬϬϭϭ	ƐŽŝů	ϰϯϯϯϲϬ	ϲϳϴϭϴϲϵ	Ϯϳϴ	'ƌĂŶŝƚĞƐĂŶĚ	ďĚů
<^ϬϬϭϮ	ƐŽŝů	ϰϯϯϯϯϰ	ϲϳϴϭϴϭϱ	Ϯϳϴ	DĂĨŝĐ	Ϯϯϯ͘ϭ
<^ϬϬϭϯ	ƐŽŝů	ϰϯϮϯϴϭ	ϲϳϴϯϮϯϭ	Ϯϴϭ	DĂĨŝĐ	Ϯϭϰ͘ϰ
<^ϬϬϭϰ	ƐŽŝů	ϰϮϴϯϯϭ	ϲϳϵϬϮϴϵ	ϯϭϭ	DĂĨŝĐ	ďĚů

dĂďůĞϭ ƉyZ& ŶŝĐŬĞůĂƐƐĂLJ ƌĞƐƵůƚƐĨŽƌƐĂŵƉůĞƐĐŽůůĞĐƚĞĚ ĚƵƌŝŶŐ ŐĞŽůŽŐŝĐĂů

Figure 3 Image of the Total Magnetic Intensity form the aeromagnetic survey completed over the Kadji Project.

ASX Announcement ASX Codes: SRN and SRNOC

Figure 4 Exploration target areas identified from interpretation of the aeromagnetic data with rock chip nickel values. These assays were derived from pXRF equipment and need to be verified by standard laboratory assaying.

^ƵƌĞĨŝƌĞ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌsůĂĚŝŵŝƌEŝŬŽůĂĞŶŬŽ ĐŽŵŵĞŶƚĞĚ͗

͞sĞƌŝĨŝĐĂƚŝŽŶ ŽĨŵĂĨŝĐ ĂŶĚƵůƚƌĂŵĂĨŝĐ ůŝƚŚŽůŽŐŝĞƐŝŶ ƚŚĞ <ĂĚũŝ ĂƌĞĂŝƐ ǀĞƌLJ ĞdžĐŝƚŝŶŐ ĂƐ <ĂĚũŝ ůŝĞƐ ŝŶ ƚŚĞ tĞƐƚ zŝůŐĂƌŶ EŝͲƵͲW' WƌŽǀŝŶĐĞ͕ ŚŽƐƚ ƚŽ ƚŚĞ ŶĞǁůLJ ĚŝƐĐŽǀĞƌĞĚ :ƵůŝŵĂƌ EŝͲƵͲW' ĚĞƉŽƐŝƚ͘ ^ƵƌĞĨŝƌĞ ĐŽŶƚƌŽůƐŽǀĞƌ ϮϱŬŵ ƐƚƌŝŬĞ ůĞŶŐƚŚ ŽĨƚŚŝƐƵŶĚĞƌͲĞdžƉůŽƌĞĚĂƌĞĂ͘ dŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ŐŽůĚĂŶĚůŝƚŚŝƵŵƉŽƚĞŶƚŝĂů ŽĨƚŚĞ ůĞĂƐĞ͕<ĂĚũŝŝƐ ƐŚĂƉŝŶŐ ƵƉ ƚŽ ďĞ ĂƉƌŽŵŝƐŝŶŐƉƌŽƐƉĞĐƚĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͘

ƵƚŚŽƌŝƐĞĚ ĨŽƌ^y ƌĞůĞĂƐĞ ďLJ͗

sůĂĚŝŵŝƌEŝŬŽůĂĞŶŬŽ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ

ŽŵƉĞƚĞŶƚ WĞƌƐŽŶ ^ƚĂƚĞŵĞŶƚ͗

dŚĞ ŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐƌĞƉŽƌƚ ƚŚĂƚ ƌĞůĂƚĞƐƚŽĞdžƉůŽƌĂƚŝŽŶƌĞƐƵůƚƐ ŚĂƐ ďĞĞŶƌĞǀŝĞǁĞĚ͕ĐŽŵƉŝůĞĚĂŶĚĨĂŝƌůLJ ƌĞƉƌĞƐĞŶƚĞĚ ďLJ Dƌ DĂƌĐƵƐ &ůŝƐ͕ Ă &ĞůůŽǁ ŽĨ ƚŚĞ ƵƐƚƌĂůŝĂŶ /ŶƐƚŝƚƵƚĞ ŽĨ DŝŶŝŶŐ ĂŶĚ DĞƚĂůůƵƌŐLJ ;͚&ƵƐ/DD͛Ϳ͕ĂWƌŝŶĐŝƉĂů ŽĨ ZŽƵŶƚƌĞĞ WƚLJ>ƚĚ ĂŶĚ Ă ĐŽŶƐƵůƚĂŶƚ ƚŽ ^ƵƌĞĨŝƌĞ ZĞƐŽƵƌĐĞƐ E>͘ DĂƌĐƵƐ ŚĂƐ ƐƵĨĨŝĐŝĞŶƚ ĞdžƉĞƌŝĞŶĐĞ͕ ŝŶĐůƵĚŝŶŐ ŽǀĞƌ ϰϬ LJĞĂƌƐ͛ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ĞdžƉůŽƌĂƚŝŽŶ͕ ƌĞƐŽƵƌĐĞ ĞǀĂůƵĂƚŝŽŶ͕ŵŝŶĞ ŐĞŽůŽŐLJĂŶĚĨŝŶĂŶĐĞ͕ƌĞůĞǀĂŶƚ ƚŽƚŚĞ ƐƚLJůĞ ŽĨŵŝŶĞƌĂůŝƐĂƚŝŽŶĂŶĚƚLJƉĞ ŽĨ ĚĞƉŽƐŝƚƐ ƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŽƋƵĂůŝĨLJĂƐ ĂŽŵƉĞƚĞŶƚ WĞƌƐŽŶĂƐ ĚĞĨŝŶĞĚŝŶƚŚĞ ϮϬϭϮĚŝƚŝŽŶŽĨƚŚĞ :ŽŝŶƚ KƌĞ ZĞƐĞƌǀĞƐ ŽŵŵŝƚƚĞĞ ;͚:KZ͛Ϳ ƵƐƚƌĂůĂƐŝĂŶŽĚĞ ĨŽƌZĞƉŽƌƚŝŶŐ ŽĨ džƉůŽƌĂƚŝŽŶZĞƐƵůƚƐ͕DŝŶĞƌĂůƐ ZĞƐŽƵƌĐĞƐ ĂŶĚ KƌĞ ZĞƐĞƌǀĞƐ͘ DĂƌĐƵƐ ĐŽŶƐĞŶƚƐ ƚŽƚŚĞ ŝŶĐůƵƐŝŽŶ ŝŶƚŚŝƐ ƌĞƉŽƌƚ ŽĨƚŚĞ ŵĂƚƚĞƌƐ ďĂƐĞĚŽŶƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶŝŶ ƚŚĞ ĨŽƌŵ ĂŶĚĐŽŶƚĞdžƚ ŝŶǁŚŝĐŚŝƚ ĂƉƉĞĂƌƐ͘

&ŽƌǁĂƌĚ >ŽŽŬŝŶŐ ^ƚĂƚĞŵĞŶƚƐ͗

dŚŝƐ ĂŶŶŽƵŶĐĞŵĞŶƚ ĐŽŶƚĂŝŶƐ ͚ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͛ ƚŚĂƚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƉĞĐƚĂƚŝŽŶƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƉƌŽũĞĐƚŝŽŶƐ ĂƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽŶ ǁŚŝĐŚ ƚŚĞ ƐƚĂƚĞŵĞŶƚƐ ǁĞƌĞ ŵĂĚĞ͘ dŚŝƐ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞƐ͕ĂŵŽŶŐ ŽƚŚĞƌƚŚŝŶŐƐ͕ƐƚĂƚĞŵĞŶƚƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐLJ͕ ƉůĂŶƐ͕ ĚĞǀĞůŽƉŵĞŶƚ͕ ŽďũĞĐƚŝǀĞƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŽƵƚůŽŽŬ͕ ŐƌŽǁƚŚ͕ ĐĂƐŚ ĨůŽǁ͕ ƉƌŽũĞĐƚŝŽŶƐ͕ ƚĂƌŐĞƚƐ ĂŶĚ ĞdžƉĞĐƚĂƚŝŽŶƐ͕ ŵŝŶĞƌĂů ƌĞƐĞƌǀĞƐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ͕ ƌĞƐƵůƚƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ƌĞůĂƚĞĚĞdžƉĞŶƐĞƐ͘ 'ĞŶĞƌĂůůLJ͕ ƚŚŝƐ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞ ŝĚĞŶƚŝĨŝĞĚďLJƚŚĞ ƵƐĞ ŽĨ ĨŽƌǁĂƌĚͲ ůŽŽŬŝŶŐ ƚĞƌŵŝŶŽůŽŐLJ ƐƵĐŚ ĂƐ ͚ŽƵƚůŽŽŬ͕͛ ͚ĂŶƚŝĐŝƉĂƚĞ͕͛ ͚ƉƌŽũĞĐƚ͕͛ ͚ƚĂƌŐĞƚ͕͛ ͚ƉŽƚĞŶƚŝĂů͕͛ ͚ůŝŬĞůLJ͕͛ ͚ďĞůŝĞǀĞ͕͛ ͚ĞƐƚŝŵĂƚĞ͕͛ ͚ĞdžƉĞĐƚ͕͛ ͚ŝŶƚĞŶĚ͕͛ ͚ŵĂLJ͕͛ ͚ǁŽƵůĚ͕͛ ͚ĐŽƵůĚ͕͛ ͚ƐŚŽƵůĚ͕͛ ͚ƐĐŚĞĚƵůĞĚ͕͛ ͚ǁŝůů͕͛ ͚ƉůĂŶ͕͛ ͚ĨŽƌĞĐĂƐƚ͕͛ ͚ĞǀŽůǀĞ͛ ĂŶĚ ƐŝŵŝůĂƌ ĞdžƉƌĞƐƐŝŽŶƐ͘ WĞƌƐŽŶƐ ƌĞĂĚŝŶŐ ƚŚŝƐ ĂŶŶŽƵŶĐĞŵĞŶƚ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƐƵĐŚ ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ŽŶůLJ ƉƌĞĚŝĐƚŝŽŶƐ͕ ĂŶĚ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐƚƵĂůĨƵƚƵƌĞ ƌĞƐƵůƚƐ ŽƌƉĞƌĨŽƌŵĂŶĐĞ ŵĂLJďĞ ŵĂƚĞƌŝĂůůLJ ĚŝĨĨĞƌĞŶƚ͘ &ŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƐƵďũĞĐƚ ƚŽ ŬŶŽǁŶ ĂŶĚ ƵŶŬŶŽǁŶ ƌŝƐŬƐ͕ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ƚŚĂƚ ŵĂLJ ĐĂƵƐĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐƚƵĂů ƌĞƐƵůƚƐ͕ ůĞǀĞů ŽĨ ĂĐƚŝǀŝƚLJ͕ ƉĞƌĨŽƌŵĂŶĐĞ Žƌ ĂĐŚŝĞǀĞŵĞŶƚƐ ƚŽ ďĞ ŵĂƚĞƌŝĂůůLJ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƚŚŽƐĞ ĞdžƉƌĞƐƐĞĚ Žƌ ŝŵƉůŝĞĚ ďLJƐƵĐŚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͘

JORC Code, 2012 Edition: Section 1: Sampling Techniques and Data

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

Criteria	Commentary
Sampling techniques	An airborne magnetic survey was conducted over the areasas shown inFigures 1, 2 and 3.The survey was commissioned by Surefire Resources NLResources
	MagSpec Airborne Surveys Pty Ltd flew the survey.
	Survey size is 5,480-line km collected with the specificationssummarised below.
	Survey SpecificationsLine Spacing: 50mLine Direction: 090-270Tie Line Spacing: 500mTie Line Direction: 000-180Survey Height: 30m agl
	Survey Equipment
	Aircraft Type: Cessna 210Data Acquisition System: Integrated Novatel OEM GPSproviding positional informationreceiverSample rate: up to 20 HzBase Station Magnetometer: Scintrex ENVIMAGStinger mounted magnetometer: Geometrics GR823ACaesiumvapourSample Rate: 20 HzResolution 0.001 nTSensitivity 0.01 nTCompensation 3-axis fluxgate magnetometerGamma-Ray Spectrometer: RSI RS- 500 gamma-rayspectrometer incorporating 2x RSX-4 detector packsCrystal Volume: 32 LSample Rate 2Hz
	Rock chip and soil samples were done on an ad hoc basis inareas of geological interest.
	Geological samples may not be representative of the entirearea.
	Geologic samples were test with a handheld Niton XLT792YWpXRF instrument.
Drill sample recovery	n/a$\bullet$
Logging	n/a
Sub-sampling techniques and samplepreparation	n/a

Criteria	Commentary
Quality of assay data and laboratorytests	Standard operating procedures for aeromagnetic surveyswere followed, including:
	Daily spectrometer background checks and calibration
	Aircraft manoeuvre tests to calibrate the compensationmagnetometers and set their compensation factors
	See "Sampling technique" for airborne survey details
	Niton XLT792YW instrument was used for pXRF tests:
	Calibration is by an internal test and a standardsample test.A 30 sec scan was used for each reading.
Verification of sampling and assaying	n/a
Location of data points	Grid system GDA 1994, MGA Zone 50.
	Airborne Global Positioning System: Novatel OEM719 DGPSwith real time differential correction555-channelL1/L2 + GLONASS Multi Frequency
	GPS data recorded at a sample2 Hz reading rate
Data spacing and distribution	Aeromagnetic survey: "Sampling technique".
	Geological samples: random with no aim to establishcontinuity.
Orientation of data in relation togeological structure	Aeromagnetic survey: The line path is approximatelyperpendicular to the regional strike direction of geologicalformations and is sufficient to locate discrete anomalies.
	Geological sampling: random but biased to geologicalobservations and features of interest.
Sample security	n/a$\bullet$
Audits or reviews	Airborne Magnetic and Radiometric data was subjected torigorous auditing and vetting by the independent geophysicalcontractor/service provider and data manager by MAGSPECAirborne Surveys Pty Ltd. Geological samples: samples will besubmitted to an independent laboratory of standardgeochemical assaying, to be reported at a later date.

Section 2: Reporting of Exploration Results(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Mineral tenement and land tenurestatus	Located 320km northeast of Perth in the mid-west region$\bullet$of Western Australia.E 70/5575 and E59/2446 are granted tenements.$\bullet$Surefire Resources NL has 100% interest$\bullet$There are no currently recognised impediments to the$\bullet$tenements.
Exploration done by other parties	Previous exploration work in the area includes:٠1980-1981 Esso MineralsA 23-hole RAB drilling programme returned ultrabasic rocksassaying up to 600ppm Ni.1988-1989 Gwalia Group
	Gwalia undertook mapping, soil geochemistry surveys, groundEM surveys, and ground magnetometry on greenstones to theNW of Kadji with no encouragement to continue.
	1996-1998 Stockdale Prospecting LtdStockdale searched for diamonds in the area with anaeromagnetic survey, Nine magnetic features were followed upwith high resolution helimag surveys, heavy mineral sampling,and the drilling of one air core hole that intersected basalt anddolerite. No diamond bearing rocks were identified and thelicences were relinquished.
Geology	Kadji is located over a poorly explored greenstone belt inthe West Yilgarn Province.
	Mafics, ultramafic, banded iron formation, and felsicvolcanics make up a NW trending belt that is heavilydissected by NW and NE trending regional structures.
	The belt is bracketed by Yilgarn Craton granites.$\bullet$
	Ni-Cu-PGE sulphide mineralisation associated withultramafic complexes
	Orogenic gold mineralisation associated with regionalstructures and possible felsic porphyry intrusives.
Drill holeInformation	No drilling has yet been undertaken by the Company.$\bullet$
Data aggregation methods	n/a
Relationship betweenmineralisation widths andintercept lengths	n/a
Diagrams	Appropriate maps are included in the body of theannouncement.

Criteria	Commentary
Balanced reporting	n/a
Other substantive exploration data	n/a
Further work	Follow up drilling will be planned once all results are٠received.