SUREFIRE RESOURCES NL — Investor Presentation 2023

Sep 27, 2023

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28 September 2023
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PRESENTATION UPDATE

Australian mineral exploration company Surefire Resources NL (ASX:SRN) (“ SRN ” or the “ Company ”) advises that pursuant to advice from the ASX the Company’s presentation released on 19 September 2023, “ The Victory Bore Vanadium Project ” has been updated.

The update includes the following:

• Competent Persons Statements, and cautionary statements in relation to the Companies Exploration Target Estimates for its Victory Bore Vanadium and Perenjori Iron ore projects;

• Separation of the Mineral Resource Estimate table and Exploration Target Estimate table for the Victory Bore Vanadium resource, and inclusion of the Exploration Target cautionary statement for clarification;

• Retraction of the statement “ huge resource >1BT “, as this was an aggregate of the Exploration Target Estimate of 682 Mt to 1,190 Mt @ 0.2% to 0.43% V2O5 (refer ASX announcement 7 March 2023) and the Mineral Resource Estimate of 321Mt @ 0.39% V2O5 (refer ASX announcement 1 February 2023), contrary to Clause 17 of the JORC code. As a consequence of the retraction, Surefire Resources accordingly advises investors not to rely on the retracted information for their investment decisions;

• The contained metals slide has been removed as the Company does not consider it complies with clause 26 of the JORC code. As a result, Surefire Resources advises accordingly that investors should not rely on the removed information for their investment decisions; and

• Clarification of the streamline statement in relation to information on its prior exploration results and Mineral Resource Estimates.

The updated presentation is attached and available on the Company’s website.

Authorised by: Paul Burton, Managing Director Inquiries: Paul Burton +61 8 6331 6330

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• THE VICTORY BORE

• VANADIUM PROJECT

W W W . S U R E F I R E R E S O U R C E S . C O M . A U

IMPORTANT INFORMATION

The information in this report that relates to

Exploration results is based on information compiled by Mr Marcus Flis who is a Fellow of the Australian Institute of Geoscientists. Mr Flis is an independent Principal Consultant at Rountree Pty Ltd. Mr Flis has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and consents to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The information in this report that relates to the

Perenjori Western Limb and Eastern Limb Mineral Resource is based on information compiled by Dr Bielin Shi who at the time of reporting was a Fellow of the Australian Institute of Geoscientists and a full time employee for CSA Global Pty Ltd. Dr Shi has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and consents to the inclusion in this report of the matters based on their information in the form and context in which they appear.

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 Unaly Hill Mineral Resource is based on information compiled by Mr. Vladislav Trashliev who at the time of reporting was a member of The Australasian Institute of Mining and Metallurgy. Mr. Trashliev was employed by Gemcom Pty Ltd, an independent consulting company. Mr. Trashliev has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and consents to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The information in this report that relates to

Exploration Targets is based on information compiled by Mr Marcus Flis who is a Fellow of the Australian Institute of Geoscientists. Mr Flis is an independent Principal Consultant at Rountree Pty Ltd. Mr Flis has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and consents to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The information in this report that relates to the Perenjori Core Mineral Resource is based on information compiled by Mr Dennis Gee who at the time of reporting was a Fellow of the Australian Institute of Geoscientists and a full time employee for CSA Global Pty Ltd. Mr Gee has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and consents to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The information in this report that relates to the Victory

Bore Project Vanadium & Aluminium mineral resource

estimations 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. Mr Hyland is also a Qualified Person under the rules and requirements of the Canadian Reporting Instrument NI43-101. Mr Hyland consents to the inclusion in this report of the information in the form and context in which it appears.

In relation to the Mineral Resource Estimate, the potential quantity and grade of the Exploration target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource over the entire area of the Exploration Target, and it is uncertain if further exploration will result in the estimation of an increased Mineral Resource.

The Company confirms that it is not aware of any new information that materially affects the prior exploration results and mineral result estimates included in this presentation, and that all material assumptions continue to apply.

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DEVELOPING ONE OF AUSTRALIA’S LARGEST CRITICAL MINERAL DEPOSITS

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S U R E F I R E R E S O U R C E S

INTRODUCTION THE VANADIUM MARKET THE OFFSHORE PROCESSING OPTION 4 A G E N D A WHY SAUDI ARABIA DEVELOPMENT APPROACH CONCLUSION

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EXPERIENCED BOARD & MANAGEMENT	EXPERIENCED BOARD & MANAGEMENT	EXPERIENCED BOARD & MANAGEMENT	EXPERIENCED BOARD & MANAGEMENT
Paul Burton	Vladimir (Roger) Nikolaenko	Michael Povey	Roge
MANAGING DIRECTOR	EXECUTIVE CHAIRMAN	NON-EXECUTIVE DIRECTOR	NON
Mr Burton is an experienced	Mr Nikolaenko has over 40 years	Mr Povey is a mining engineer	Mr S
corporate resource executive	of commercial experience in the	with over 40 years of worldwide	Direc
and geologist and mineral	resources industry exploration,	experience in the resource	nume
economist with over 30 years of	project evaluation, development	sector. This experience has	comp
industry experience, exploration,	and operations, predominantly	encompassed a wide range	Non-
feasibility studies and business	focused in the base metals,	of commodities in senior	Non-
development. Paul has a B.Sc	gold and diamond sectors.	management positions. He has	as ha
in Geology from Plymouth, UK,	He has a depth of management	a depth of experience in general	comp
a M.Sc from McGill University,	and corporate expertise in	and mine management, mine	has a
Canada, and is a Graduate of the	the operation of public	production, project evaluation,	oper
Australian Institute of Directors,	companies in resources	mine feasibility studies and	devel
and member of the Institute of	and a variety of sectors.	commercial contract negotiations.
Directors, London..

Roger Smith

NON-EXECUTIVE DIRECTOR Mr Smith is an experienced Director and has served on numerous boards of listed companies as both a Non-Executive Chairman and Non-Executive Director as well as having held several proprietary company directorships. Mr Smith has a successful career in the operation of businesses, property development and other sectors.

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CORPORATE SUMMARY

CAPITAL STRUCTURE
Fully paid ordinary shares	1,651,363,477
Unlisted partly paid shares(Subject to Calls $0.027)	188,785,323
Unlisted partly paid shares(Subject to Calls $0.0059) Share price Market Capitalisation Board and Management Cash as at end June	70,000,000 $0.016 $26.5M 17% $1.5M

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SUREFIRE RESOURCES SUMMARY

SUREFIRE HAS 3 HIGH VALUE SIGNIFICANT PROJECTS

WITH COMMODITIES IN DEMAND AND IN FOCUS

VICTORY BORE VANADIUM PROJECT

321Mt[1] @ >0.4% V2O5 (concentrate grade of 1.43% V2O5) 37Mt @ 23% AI O 2 3

Exploration Target of 682 Mt to 1,190 Mt @ 0.2% to 0.43% V205

The potential quantity and grade of the Exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource over the entire area of the Exploration Target, and it is uncertain if further exploration will result in the estimation of an increased Mineral Resource

YIDBY GOLD PROJECT

New Gold discovery in Gold District 400km from Perth

Bonanza grades up to 39 gpt at shallow depth over 3km gold strike[2]

PERENJORI HIGH PURITY MAGNETITE PROJECT 191Mt @ 37% Fe O 3 3 4

After grinding premium 69% Fe3O4 Exploration Target 870Mt to 1,240Mt@ 22% to 42% Fe3O4 4

The potential quantity and grade of the Exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource over the entire area of the Exploration Target, and it is uncertain if further exploration will result in the estimation of an increased Mineral Resource

1. Complies with JORC(2012), ASX release 1 February 2023 2. ASX announcement 14 November 2023

2. Complies with JORC (2004), ASX release 26 February 2021 4. ASX release 3 February 2022

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HIGH
GRADE
VICTORY BORE
VANADIUM
MAIN RESOURCE COMPRISES
TWO THICK LODES OF
VANADIFEROUS MAGNETITE
~50M WIDTH, OPEN AT DEPTH
> 160M AND STRIKE OF >10KM
HIGH
Secondary resource comprises one
GRADE
ALUMINIUM
thick lode of high grade aluminium
OXIDE
oxide, 50m wide, open at depth.
Testwork has shown this Al2O3 product
can be a high grade feedstock for HPA
• For the Vanadium results refer to ASX release 15 December 2022
• For the Aluminium results refer to ASX release 8 June 2023
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MINERAL RESOURCES	MINERAL RESOURCES
JORC RESOURCES
VANADIUM	TONNES AND GRADE
Victory Bore Measured	16.8 Mt @ 0.42% V2O5
Victory Bore Indicated	70.3 Mt @ 0.40% V2O5
Victory Bore Inferred	147.7 Mt @ 0.38% V2O5
Total	234.8 Mt @ 0.39% V2O5
Unaly Hill Inferred	86.2 Mt @ 0.42% V2O5
Project Total:1	321.0 Mt @ 0.39% V2O5
EXPLORATION TARGET ESTIMATE (ETE)
Lower Limit ETE 682 Mt @ 0.2% V2O5	Upper Limit ETE 1,190 Mt @ 0.43% V2O5
The potential quantity and grade of the Exploration target is conceptual in nature, there has been
insufcient exploration to estimate a Mineral Resource over the entire area of the Exploration Target,
and it is uncertain if further exploration will result	in the estimation of an increased Mineral Resource
ALUMINIUM OXIDE	TONNES
Measured	5.2 Mt @ 23.1% Al2O3
Indicated	11.8 Mt @ 23.1% Al2O3
Inferred	20.7 Mt @ 23.5% Al2O3
Total	37.7 Mt @ 23.3% Al2O3

1 The total numbers may include rounding. The Victory Bore resource is based on a 0.26% V2O5 cut-off grade. Resource estimation by external consultants HGMC using ordinary kriging)

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FOCUS IS VANADIUM BATTERY STORAGE IT’S HAPPENING!

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SUBSTANTIAL VRB STORAGE

BATTERY MARKET FORECAST

THE MARKET FOR VANADIUM FLOW BATTERIES IS EXPECTED TO BE $50-$100 BILLION BY 2025

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• Higher energy density
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• Long life: over 20 years • Over 20,000 recharge cycles with no degradation

• No damage if under or overcharged

• Not combustible

• 100% discharge capability • Ideal for large scale applications

• Cheaper than lithium based batteries

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30%
VANADIUM
FLOW
10%
OTHER
60%
LITHIUM
ORE
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HIGH PURITY ALUMINA – HPA

Global total demand for HPA in 2022 was between 60,000 tpa

and 80,000 tpa

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THE PREDICTED NEW MARKETS FOR HPA ARE SIGNIFICANT AND INCLUDE:[1]

• 4N (99.99%) AI 0 PRODUCED 2 3

• FROM VICTORY BORE MATERIAL

• FURTHER TEST

WORK UNDERWAY

• HPA CURRENTLY SELLS FOR >$20,000 USD / TONNE

• LED REPLACEMENT LIGHTING

• CO2 EMISSION SEPARATORS

• SEMI-CONDUCTORS • LITHIUM ION BATTERY CELLS

Annual demand growth is between 13.5% and >20%

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Eg: IEA and G20 are moving to completely remove fluorescent lighting from the markets by 2025

1. Source Lava Blue

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THE DEVELOPMENT PLAN

ON SHORE MAGNETITE PRODUCTION.

CONCENTRATE SHIPPED FOR DOWNSTREAM PROCESSING. OFF SHORE PROCESSING IN SAUDI ARABIA.

• The KSA is a significant user of vanadium products, particularly in its steel sector where demand is estimated at 10 - 12 ktpa and growing at 4 - 5% Year on Year.

• • High Purity Alumina (HPA) feedstock from Victory Bore could also be processed in KSA where demand is increasing or for export to Europe.

• Memorandum of Understanding (MOU) with the Kingdom of Saudi Arabia.

• • A low capital cost operation in Australia, with value-add downstream processing and production of high value products in a low energy cost jurisdiction.

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• PROPOSED PATHWAY FOR VICTORY BORE PROJECT DEVELOPMENT

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M I N I N G B E N E F I C I A T I O N E X T R A C T I O N T R A N S P O R T S H I P P I N G P R O C E S S I N G
Victory Bore Vanadium Magnetite production Magnetite separated Magnetite Transported Shipped to Magnetite processed
Magnetite mined from Victory Bore deposit and loaded and Loaded at Dammam Port, KSA to extract and separate
by open cut method by low cost beneficiation. for transport Geraldton Port vanadium and Iron
MAIN PRODUCTS BI-PRODUCTS
Vanadium Pentoxide Ferro Vanadium Vanadium Electrolyte High Purity Alumina Pig Iron Ferro Titanium
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NEXT STEPS

• Completion of pre-feasibility study

• Progress Saudi processing option

• Completion of V2O5 extraction direct (HPV) for producing VE

• Progress with VRB strategy

• Offtake discussions commenced

• HPA 4n 99.995 confirmed – next steps scoping study

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INVESTMENT KEY POINTS

• DEVELOPING ONE OF AUSTRALIA’S LARGEST VANADIUM DEPOSITS

• HIGH GRADE

• HUGE RESOURCE

• BATTERY GRADE VANADIUM AND HPA

• 100% OWNED

• 400KM FROM PORT

• GOOD EXISTING FRASTRUCTURE INCLUDING GAS

• PROJECTS VALUE NOT CURRENTLY REFLECTED IN SHARE PRICE

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A N K
Y O U
T H
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PAUL BURTON MAN AGIN G DIRECTOR Surefire Resources NL Suite 10, 100 Mill Point Road, South Perth WA 6151 info@surefireresources.com.au www.surefireresources.com.au

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W O R L D C L A S S