SUREFIRE RESOURCES NL — Interim / Quarterly Report 2020

Apr 29, 2020

For the three months ended 31 st March 2020

Highlights:

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• Geochemical sampling programme for gold to commence on Kooline North
• Geophysical data indicates structurally complex area where gold bearing fluids could accumulate
• RC drilling programme designed for selected targets at Kooline
• Company evaluating potential project acquisitions

During the Quarter, the Company has evaluated the drilling data and geophysical interpretation on both the Victory Bore and Kooline projects areas. The in-depth review has resulted in two new work programmes for further exploration.

VICTORY BORE – Gold

The Victory Bore Project (E57/1036) is situated along the Youanmi Fault south of Sandstone in WA. The project, along with the Unaly Hill tenement immediately south, hosts gold and vanadium mineralisation. The gold occurrences are evident from soil and RAB saprolite anomalies and cover a semi contiguous trend spanning 15km of strike length. These anomalies include a significant drill intersection of 1m @ 2.87g/t Au from 51m on an MMI anomaly within the Unaly Hill licence.

During 2019 the Company carried out RC drilling in close proximity to previously outlined drilling anomalies at Victory Bore. The relatively shallow RC drilling programme encountered gold mineralisation over 3 km of strike with sporadic and occasional highgrade intersections (Table 1). The mineralised horizons typically trend NNE-SSW with cross cutting faults oriented WSW-ENE. These cross cutting structures appear to dilate the mineralisation at various localities.

It was noted in the geophysical data that several magnetic anomalies in the northern part of E57/1036 represented structurally complex areas where dilation jogs could occur. These structures occur over a substantially large area approximately 4km wide by 5km long and could potentially provide pathways for the gold ore forming fluids in the system to accumulate (Figure 1). A short program of conventional geochemical soil sampling is therefore proposed to test for any metal, particularly gold, anomalies. The details and parameters of the program as outlined will include a series of east-west traverses.

Figure 1: Victory Bore- Planned Geochemical Sampling Traverses

Sampling will be undertaken as soon as practicably possible with the current COVID-19 restrictions and is currently planned for the first week of May.

KOOLINE PROJECT - Lead-Silver-Copper-Gold

The Kooline Project is centred 55 kilometres south of the Paulsen's goldmine and 190 kilometres WNW of Paraburdoo within the Ashburton province of Western Australia. The project area tenements consist of granted Exploration Licences, E08/2373 and E08/2956 on the 48km of contiguously striking licences that link numerous clusters of high-grade historic artisanal Lead-Silver workings and elevated gold-copper geochemical anomalies.

During the quarter, the Company has continued to evaluate several of the detailed targets generated by geological consultants Target Geoscience Pty Ltd. As previously reported, the WNW trending stratigraphic /structural trend contains at least five (5) significant

horizons of mineralisation and each of the prospects has been indivually assesed and prioritised with a recommended work programme.

The Company has evaluated the drilling data and geophysical interpretation and a number of gold targets have been defined for the next drilling programme. These recommendations and target areas have prioritised two areas for an RC drilling programme.

The first of these areas contain the Bilrose and Gift mine areas. At Bilrose, a previous lone RC drill hole intersected 1m @ 3.85g/t Au (Figure 2). Historic records for Bilrose record that the mine yielded 333.2 tonnes of lead and 4,503 ozs of silver with an average grade of 11-12% lead. Sampling of quartz veinlets underground near a collapsed stope previously returned assays of 13-20g/t Ag.

Figure 2: Bilrose Mine showing historic RC hole intersection and rock chip sampling

At the Gift mine, an historic sample of quartz veins in greywacke yielded 23g/t Ag and 15.1% lead over a width of 1.1m and also yielded 0.82g/t gold. A single historic RC drill hole was drilled sub-parallel to the vein set and was ineffective. A programme of 4 RC holes is planned for this area.

A second area, Kooline North, (Figure 3) lies adjacent to shallow historic workings where previous geochemical soil sampling has defined a multi-element/gold anomaly that has not been tested by drilling. The anomaly and workings lie on a mineralisation trend that extends eastwards and where previous exploration has recorded a number of significant gold intercepts including 3m @ 15.64g/t Au and 1m @ 3.16g/t Au (ASX:AHN 9/4/2009)

Figure 3: Kooline North Gold Soil Geochemistry ( ASX: AHN 2008 Dec Qtrly)

Planned access and drill pad sites construction to enable the work to be undertaken will commence as soon as the COVID-19 movement restrictions are lifted.

UNALY HILL - VICTORY BORE – Vanadium Resources

The Victory Bore (E57/1036) and Unaly Projects (E57/1068) are located in the mid-west Region of Western Australia, 560km northeast of Perth and 55km south of Sandstone (Figure 3).

An in-fill drilling programme designed to delineate a JORC Indicated Resource within the current inferred resource at Unaly has been evaluated and budgeted and the Company is still planning to advance the project to a Scoping Study.

The current vanadium resources in the project areas are shown in Table 1 below:

Project	Tonnes	V2O5	Content (t)	Fe	TiO2	SiO2
	(Mt)	(%)	V2O5	(%)	(%)	(%)
Unaly Hill	86.2	0.42	365,330	24.8	4.5	28.6
VictoryBore	151	0.44	664,400	25.0	6.73	28.6

Table 1: Inferred Mineral Resource, Unaly Hill

Notes:

Unaly Hill The Inferred Mineral Resource (Table 1) was prepared (October 2011) by Mr. Vladilslav Trashliev of Gemcom, (an independent geological consultancy company) and Mr. Andrew Bewsher from BM Geological Services PL was the Competent Person responsible for the Independent Audit of the Mineral Resource. A Maiden Inferred Mineral Resource of 86.2 Mt @ 0.42% V2O5 (based on a +0.30% V2O5 cutoff.) was compiled from the drill data in accordance with the JORC Code (2004). and was subsequently announced by the Company (ASX: 21/11/2011) Victory Bore: The Mineral Resource was established within constraining wireframe solids based on a nominal lower cut-off grade of 20% Fe. The Resource is quoted from blocks above a specified Fe % cut-off grade of 20% Fe The information relates to in-situ Mineral Resources was compiled by David Williams of CSA Global Pty Ltd. David Williams is a Member of the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition).

Figure 3: Unaly Hill and Victory Bore Vanadium Resources

Potential Project Acquisition

The Company continues to evaluate a number of resource projects with regard to the size and quality of the mineralisation and their potential to add shareholder value. During the quarter, several gold and base metal project databases have been reviewed and the process is currently on going.

Competent Person

The information in this announcement that relates to the historical Exploration Results is based on and fairly represents information compiled by Mr Michael Povey who is a Member of the Australian Institute of Mining and Metallurgy. Mr Povey has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserve Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Povey consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

APPENDIX 1 TENEMENT HOLDINGS AT 31 MARCH 2020

Tenement	Nature of Interest	Project	Equity (%)
E08/2373	Granted	Kooline Lead/Silver – Ashburton Region	100%
EL08/2956	Granted	Kooline Lead/Silver – Ashburton Region	100%
E57/1036	Granted	Victory Bore - Sandstone Region	100%
E57/1068	Granted	Unaly Hill – Sandstone Region	100%
E57/1112	Granted	Unaly Hill – Sandstone Region	100%
E57/1139	Application	Victory Bore – Sandstone Region	100%

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Authorised for release by Vladimir Nikolaenko

Managing Director