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SUREFIRE RESOURCES NL Interim / Quarterly Report 2026
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Interim / Quarterly Report
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SUREFIRE RESOURCES NL
30 April 2026
ASX Announcement | ASX: SRN | FSE: GBL
MARCH 2026 QUARTERLY ACTIVITIES REPORT
Surefire Resources NL ("Surefire" or "the Company") is pleased to report on its activities for the quarter ending 31 March 2026.
Overview
Surefire continues to progress exploration and evaluation activities across its portfolio of gold, copper and critical mineral projects in Western Australia during the March 2026 quarter. During the quarter work consisted of Geophysics and float sampling at the Yidby Gold Project, bleg sampling for gold and silver at the Kadji Gold project and continued metallurgical review, progressing the mining license and maintaining links with strategic partners at the Victory Bore Vanadium Project
The Company's focus remained on advancing priority exploration targets and progressing technical assessment of key assets.
Figure 1 Surefire Resources Projects
ASX Announcement
ASX: SRN - FSE: GBL
Exploration Activities
Yidby Gold Project
The Yidby Gold Project is a key focus and core exploration asset for the Company. During the quarter, Surefire completed a program of inverted gravity geophysics reprocessing and float sampling of approximately 1,500m north of the Yidby gold project culminating in the discovery of a new prospect called Loot.
On surface float rock samples collected from a previously unexplored area in a distinct Felsic (Albitite) lithology, approximately 1.5km north of the Yidby Gold Deposit, providing assays of 3.66 g/t Au, 1.70 g/t Au, and 12.04 g/t Au.
The recent exploration work (conducted in early February 2026) was implemented to follow up 1970's hard copy reporting of gold mineralised intrusives from Western Mining Corporation of gold results up to 10.56 g/t Au.
This new lithological style of gold mineralisation, gold in Albitite rock, has now been found in 2 sample locations 500m apart. Excellent on surface grades, highlight the exceptional gold exploration potential at Yidby.
Table 1 WMC Float Sample Results 1975:
| WMC Sample | Gold assay result |
|---|---|
| 894 | 5.88 g/t Au |
| 895 | 1.66 g/t Au |
| 896 | 4.92 g/t Au |
| 897 | 1.10 g/t Au |
| 898 | 10.56 g/t Au |
The validation of the historical sampling results by the Company's field work opens 2km of new gold mineralised corridor, previously untested, and highly prospective for discovery of additional on surface gold mineralisation.
Gold mineralisation within the Loot and Cashens Find Prospects is contained within a Albitite rich (+90%), grey fine grained felsic Albitite with common relict euhedral sulphide casts 2 to 3mm in size.
The Albitite is formed as a metasomatic occurrence "chemical alteration of a rock by hydrothermal and other fluids, the replacement of one rock by another of different mineralogical and chemical composition".
Albitite occurrences in Western Australia are predominantly found within the Archean Yilgarn Craton, particularly associated with major shear zones and gold deposits. Notable Occurrences are:
- New Celebration Gold Deposit - Boulder Lefroy-Golden Mile fault system
- St Ives Camp - Kambalda
- Binduli - 10km west of Kalgoorlie
- Copperhead Albitite - East Kimberly
- Bardoc - Kalgoorlie North
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ASX Announcement
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The Surefire samples were assayed at Nagrom Laboratories in Kelmscott. The assay results reported in the ASX Release of 25 March 2026 were as follows:
| ID | N | E | Rl | Au g/t | Au g/t (rpt) |
|---|---|---|---|---|---|
| CSF030 | -29.351 | 117.268 | 302.9597 | 1.662 | 1.705 |
| CSF031 | -29.3509 | 117.2682 | 303.9266 | 3.664 | 3.484 |
| CSF054 | -29.3507 | 117.2682 | 306.7115 | 9.391 | 12.037 |
Table 2 Surefire Float Sample Results
Figure 2 Image displaying abundant rock fragments of albitite with sulphide casts (ID CSF054).
Figure 3 Close up image of an unremarkable looking Albitite grading up to 12.04g/t Au on surface casts (ID CSF054).
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Figure 4 Yidby tenements highlighting the Loot Prospect (New Prospect)
Sample locations are shown on Figure 6 (below). The area where the float was collected is approximately 1,500m north of the Yidby gold deposit and 500m south of the Cashens Find prospect.
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Figure 5 Loot Prospect Location and Gold Grades.
ASX Announcement
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Figure 6 Shear strike 135 SE – Yidby Loot Area is a Structurally Complex – NW, shear sub vertical with a plethora of crosscutting structures.
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Kadji Gold Project
During the quarter at the Kadji Gold Project, the Company resampled 4 historical Bleg anomalies previously obtained by BHP in the 1980's. A total of 4 locations were tested with 5 samples from each location including additional samples for 50m to the north south east and west of the historical sample point for a total of 20 samples submitted for Gold and Silver analysis.
Figure 7 Location map of Kadji Gold Project
The Kadji Gold Project comprises a large tenement package covering favourable geological formations of banded iron formations and mafic/ultra-mafic greenstone which form part of the Koolanooka Greenstone belt, 100% SRN.
The area contains a (JORC 2004 191Mt @36% Fe) Magnetite deposit (Perenjori Magnetite project) which the company is progressing separately.
The remainder of the project area contains anomalous gold and silver mineralisation and remains very underexplored by modern exploration methods, due mainly to limited outcrop and large-scale farming.
Historically, Gold and Silver mineralisation of a lower tenor was found by previous explorers using rock chip sampling Bleg sampling, channel sampling and RC drilling methods.
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ASX Announcement
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Figure 8 Kadji Gold Bleg Locations featuring gold and silver grades as ppm or grams per tonne.
Historical Results (from ASX release 23/11/2020)
Historical gold on surface channel samples have obtained, 33m @ 0.21 g/t Au & 30m @ 0.22 g/t Au
Historical Drilling Intersections Include:
- 28m @ 0.72 g/t Au
- 8m @ 1.18 g/t Au
- 4m @ 2.31 g/t Au
- 1m @ 11.6 g/t Au
Table 3 Historical Drilling Intersections Kadji
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Figure 9 Combined soil Au anomalies at Kadji.
Figure 10 Rock chip and drilling gold results on geology.
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Critical Minerals Projects
Victory Bore Vanadium-Titanium-Iron Project
The Victory Bore Project is the Company's largest and most advanced project comprising a world-scale critical and battery minerals deposit containing a significant resource of vanadium, titanium and Iron. The project is located in the resource rich Mid-West of Western Australia approximately 530km north of Perth. The project is located close to existing infrastructure with power and road links (see Figure 13).
The Victory Bore Project remains a strategically important asset for Surefire, given its scale and exposure to critical minerals that are required for steelmaking, battery and emerging clean energy applications. Metallurgical test work, which has demonstrated the ability to produce high-grade magnetite concentrates with favourable key element grades and impurity levels;
During the March quarter, the Company:
- Continued technical review of metallurgical test work, which has demonstrated the ability to produce high-grade magnetite concentrates with favourable key element grades and impurity levels;
- Progressed Mining Licence application (Figure 13).
- Assessed downstream processing and product pathways, including value-added concentrate and vanadium recovery options; and
- Maintained engagement with potential strategic, offtake and development partners
- Continued to evaluate development pathways that could maximise value while minimising capital intensity and execution risk.
The Company completed a Pre-Feasibility Study on the project in March 2023 (see ASX announcement 5 March 2023) and is pursuing a strategic investor strategy to complete the next phase of studies, design and construction.
Mineral Resources
The project contains one of the largest vanadium, titanium and Iron resources in Australia with a JORC Mineral Resource Estimate (MRE) of 464Mt @ 0.3% V₂O₅, 5.12% TiO₂, 17.7% Fe, and an Ore Reserve of 93Mt@ 0.35% V₂O₅, 5.2% TiO₂, 19.8% Fe (see ASX Announcement 5 March 2023), and appendix A.
Magnetite Concentrate
Laboratory assays of the magnetic concentrate from Victory Bore have shown an exceptionally clean concentrate comprising high grades of iron at 61.68% Fe, vanadium pentoxide (V₂O₅) at 1.489%, and titanium dioxide (TiO₂) 9.921% as shown in table 2 below:
| PRODUCT | Fe | V₂O₅ | TiO₂ | SiO₂ | Al₂O₃ | CaO | MgO | K₂O | Na₂O |
|---|---|---|---|---|---|---|---|---|---|
| Fraction | % | % | % | % | % | % | % | % | % |
| Magnetics | 61.68 | 1.489 | 9.921 | 1.33 | 1.40 | 0.24 | 0.44 | 0.003 | 0.04 |
| Non-Magnetics | 22.45 | 0.176 | 18.525 | 24.30 | 12.25 | 5.15 | 5.21 | 0.071 | 1.02 |
Table 4 Assay results for Victory Bore magnetic and non-magnetic concentrate.
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Figure 11 Victory Bore location map over magnetics.
The vanadium grade in the magnetic and non-magnetic fractions shows that most of the vanadium is recovered in the magnetic fraction. This is important for the downstream processing indicating that high recoveries from the magnetite concentrate can be achieved without loss in the non-magnetic fraction as with most other deposits.
Titanium Dioxide
The non-magnetic fraction showed a substantial increase in titanium dioxide (TiO₂) content to 18.5%. This has the potential to be further refined to produce a high-grade titanium concentrate suitable for titanium pigment and metal production plants and supports the company's plans to produce a titanium feedstock.
Development
The Company's plan is to develop a mining and beneficiation operation at the Victory Bore deposit site to produce a high-quality magnetite concentrate. The magnetite concentrate will then be transported offshore to a low power cost jurisdiction where a downstream processing facility will be established to produce high purity products of Vanadium Pentoxide, Ferrovanadium, vanadium electrolyte, Pig-Iron, Iron oxide and Titanium products.
The Company is progressing discussions with various entities for this processing facility.
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UNALY HILL Project
The Unaly Hill vanadium – titanium – iron project is located adjacent to the Company's flagship Victory Bore project (Figure 14).
Figure 12 Unaly Hill project location map over magnetics.
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Perenjori Magnetite Project
The Perenjori Magnetite project, located in the infrastructure-rich Mid-West mining district of Western Australia (see figure 15), is close to the Geraldton Port with a rail distance of 219km. The Company continued to evaluate different operational scenarios to advance this project.
Figure 13 Location of Perenjori Project.
Corporate and Financial
- Appendix 5B Cash Flow Report for the March 2026 quarter as lodged with the ASX details exploration and evaluation expenditure in line with operational activities.
- The company's focus remains on managing cash flow while advancing exploration.
ASX ADDITIONAL INFORMATION - Guidance Note 23 Disclosures
Surefire provides the following information pursuant to ASX Listing Rule requirements:
- ASX Listing Rule 5.3.1 - Exploration and Evaluation Expenditure (excluding employee remuneration payments made to field staff and classified as staff costs under Item 1.2(d)) during the quarter was $98k. Full details of exploration activities during the quarter are set out in this report;
- ASX Listing Rule 5.3.2 - There was no substantive mining production and development activities during the quarter;
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-
ASX Listing Rule 5.3.3 – Details of mining tenements acquired or disposed of during the quarter, and held at the end of the quarter are set out in this report; and
-
ASX Listing Rule 5.3.5 - Payments to related parties of the Company and their associates during the quarter: $81k; the Company advises that this relates to remuneration of Directors for executive chairman consultancy services, managing director employment, and non-executive directorial services.
Authorised for release to ASX by Vladimir Nikolaenko - Chairman
Inquiries: Vladimir Nikolaenko
Competent Person Statements
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') and the Australian Institute of Geoscience ('AIG') and a fulltime employee of Prumm Corporation Pty Ltd. Mr Prumm has sufficient experience relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person 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. The information in this report that relates to the Victory Bore Vanadium mineral resource estimation is based on work completed by Mr. Stephen Hyland, a Competent Person and Fellow of the AusIMM. Mr. Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants (HGMC), who is a Fellow of the Australian Institute of Mining and Metallurgy and holds relevant qualifications and experience as a qualified person for public reporting according to the JORC Code in Australia.
The information in this report that relates to metallurgical results has been reviewed, compiled, and fairly represented by Mr Damian Connelly, a Member of the Australian Institute of Mining and Metallurgy ('AusIMM') and the Australian Institute of Geoscience ('AIG') and a fulltime employee of METS engineers. Mr Connelly has sufficient experience in the activity he is undertaking to qualify as a Competent Person 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 Connelly consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
New Information or Data
SRN confirms that it is not aware of any new information or data that materially affects the information included previous market announcements and, in the case of Mineral Resources, which all material assumptions and technical parameters underpinning the estimates in the relevant announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not materially changed from the original market announcement.
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 flaw, 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.
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APPENDIX A
VICTORY BORE MINERAL RESOURCES AND ORE RESERVES
The Mineral Resource Estimate set out in the table below was released in an ASX announcement on 5 March 2023 and has been prepared in accordance with the JORC Code 20212.
Mineral Resource Estimate Victory Bore
| Classification: | Cut-off (% V_{2}O_{5}) | Tonnes (Mt) | V_{2}O_{5} (%) | TiO_{2} (%) | Fe (%) | Al_{2}O_{3} (%) | SiO_{2} (%) |
|---|---|---|---|---|---|---|---|
| Measured | 0.15 | 25.3 | 0.35 | 4.96 | 19.20 | 17.0 | 34.9 |
| Indicated | 0.15 | 113.2 | 0.32 | 4.70 | 18.19 | 17.4 | 35.9 |
| Inferred | 0.15 | 326.1 | 0.28 | 5.28 | 17.41 | 16.0 | 36.4 |
| Total | 0.15 | 464.6 | 0.30 | 5.12 | 17.70 | 16.4 | 36.2 |
Table 5 Mineral Resource Estimate Victory bore
Ore Reserve, Victory Bore
The Ore Reserve set out in the table below was released in an ASX announcement on 5 March 2023 and has been prepared in accordance with the JORC Code 20212.
| Classification | Ore tonnes (Mt) | V_{2}O_{5} (%) | TiO_{2} (%) | Fe (%) | Al_{2}O_{3} (%) | SiO_{2} (%) |
|---|---|---|---|---|---|---|
| Probable | 93.1 | 0.35 | 5.2 | 19.8 | 16.8 | 34.3 |
Table 6 Ore Reserve Victory Bore
The estimated ore reserves and/or mineral resources underpinning the production target have been prepared by a competent person in accordance with the requirements in the JORC Code. The Company confirms that all material assumptions and technical parameters underpinning the Mineral Resource Estimates continue to apply and have not materially changed.
Mineral Resource Estimate Perenjori Iron Project
The Perenjori Iron Project Mineral Resource is relatively high grade compared to other Western Australian magnetite projects and as outlined above, can be upgraded to circa 70% Fe concentrate grade.
| Zone | Category | Tonnage Mt | Fe% | Al2O3% | SiO2% | S% |
|---|---|---|---|---|---|---|
| Core BIF Zone | Inferred | 93.3 | 37.22 | 1.67 | 41.59 | 0.05 |
| Eastern Belt (excluding CBZ) | Inferred | 78.7 | 37.64 | 1.45 | 41.66 | 0.03 |
| Western Belt | Inferred | 19.7 | 29.77 | 3.39 | 47.04 | 0.32 |
| Total | Inferred | 191.7 | 36.61 | 1.75 | 42.18 | 0.07 |
Table 7 Mineral Resource estimate for Perenjori Magnetite.
The estimated ore reserves and/or mineral resources underpinning the Mineral Resource have been prepared by a competent person in accordance with the requirements in the JORC Code.
The Company confirms that all material assumptions and technical parameters underpinning the Mineral Resource Estimates continue to apply and have not materially changed.
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APPENDIX B
TENEMENT SCHEDULE AND PROJECT LOCATIONS
The Company held a direct or indirect interest in the following tenements as at 31 March 2026.
| PROJECT | LEASE | NAME | LOCALITY | COMMITMENT | LEASE STATUS |
|---|---|---|---|---|---|
| YIDBY GOLD PROJECT | E59/2426 | Nynghan | WA | $34,500 | Granted |
| E59/2390 | Yalgoo | WA | $30,000 | Granted | |
| E59/2444 | Yidby Hill | WA | $50,000 | Granted | |
| E59/2845 | Yidby | WA | $15,000 | Granted | |
| VICTORY BORE | E57/1036 | Victory Bore | WA | $70,000 | Granted |
| VICTORY BORE | M57/667 | Victory Bore | WA | $0 | M Lease In Application |
| UNALY HILL | E57/1068 | Unaly Hill | WA | $0 | (R) Granted |
| PERENJORI PROJECT | E70/5311 | Southwest | WA | $34,500 | R Status in application |
| E70/5572 | Fitzroy | WA | $30,000 | Granted |
Table 8 Surefire Tenement Schedule and Project Locations
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Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
SUREFIRE RESOURCES NL
ABN: 48 083 274 024
Quarter ended ("Current Quarter")
31 March 2026
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers – Expense reimbursements | - | 40 |
| 1.2 | Payments for | ||
| (a) exploration & evaluation | (98) | (587) | |
| (b) development | - | - | |
| (c) production | - | - | |
| (d) staff costs – includes direct employee costs allocated to exploration projects | (194) | (672) | |
| (e) administration and corporate costs | (31) | (369) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 2 | 4 |
| 1.5 | Interest and other costs of finance paid | - | - |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other (provide details if material) | - | - |
| 1.9 | Net cash from / (used in) operating activities | (321) | (1,584) |
| 2. Cash flows from investing activities | |||
| --- | --- | ||
| 2.1 Payments to acquire or for: | |||
| (a) entities | - | ||
| (b) tenements | - | ||
| (c) property, plant and equipment | - | ||
| (d) exploration & evaluation | - | ||
| (e) investments | - |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 2.2 | (f) other non-current assets | - | - |
| Proceeds from the disposal of: | |||
| (a) entities | - | - | |
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | - | |
| (e) other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | - | - |
| 3. | Cash flows from financing activities | ||
| --- | --- | --- | --- |
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | - | 1,730 |
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options and conversion of partly paid shares into fully paid shared | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (19) | (133) |
| 3.5 | Proceeds from borrowings | - | 600 |
| 3.6 | Repayment of borrowings | - | (500) |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financing activities | (19) | 1,697 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| --- | --- | --- | --- |
| 4.1 | Cash and cash equivalents at beginning of period | 767 | 314 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (321) | (1,584) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | - | - |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (19) | 1,697 |
| 4.5 | Effect of movement in exchange rates on cash held | - | - |
| 4.6 | Cash and cash equivalents at end of period | 427 | 427 |
| 5. | Reconciliation of cash and cash equivalents | ||
| at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 | |
| 5.1 | Bank balances | 34 | 275 |
| 5.2 | Call deposits | 375 | 474 |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) Office rental bond | 18 | 18 |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 427 | 767 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 81 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 7. | Financing facilities Note: the term ‘facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
|---|---|---|---|
| 7.1 | Loan facilities | 1,250 | 1,250 |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | 1,250 | 1,250 |
| 7.5 | Unused financing facilities available at quarter end | - | |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | ||
| Refer ASX release dated 29.10.2024 wherein it was advised that Vargas Holdings Pty Ltd, a company associated with Mr Vladimir Nikolaenko, had agreed a loan drawdown facility of up to $500k with an option to increase the facility to $750k. That facility has been extended by agreement to $1,250k. | |||
| 8. | Estimated cash available for future operating activities | $A'000 | |
| --- | --- | --- | |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (321) | |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | - | |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (321) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 427 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - | |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 427 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 1.33 | |
| Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | |||
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | ||
| Answer: SRN expects that it will continue to have negative operating cash flows as is usual for mining exploration entities, but expenditures on discretionary exploration expenses will be curtailed as needed, dependent on available cash resources. |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
Answer: The Company has entered into an At-The-Market Placement Agreement with Acuity Capital (refer previous announcements made 26.10.2018, 29.10.2018, 30.11.2018, 1.2.2021, 31.1.2023 and 29.10.2024) which as yet has not been actioned. At the date of this report, a total of 100 million ASX:SRN shares could be placed at market to activate the facility. The Company is also in the process of investigating raising additional capital by conducting a rights issue and/or making a private placement for cash. Mr Nikolaenko has also indicated to the board that through his group entities, he is willing to continue short term funding the Company as required.
8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: SRN expects to be able to continue its operations and meet its business objectives based on its responses to 8.8.1 and 8.8.2 above.
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
Date: 30 April 2026
Authorised by: Rudolf Tieleman – Company Secretary
(Name of body or officer authorising release – see note 4)
Notes
- This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
- If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
- Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
- If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
- If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.