Surefire Resources NL (ASX: SRN)(FSE: GBL) (“Surefire” or “the Company”) has delivered a robust December 2025 quarterly update, showcasing significant progress across its diversified portfolio of gold, copper and critical mineral projects in Western Australia. The Company reported high-grade gold intercepts at its flagship Yidby Gold Project while advancing exploration at its emerging Copper Hill copper discovery and maintaining strategic focus on the world-class Victory Bore critical minerals asset.
The quarter’s standout achievement came from Yidby, where assay results confirmed the project as an emerging large-scale, structurally controlled gold system. The Company intersected 1 metre @ 15.83 g/t gold and 2 metres @ 10.72 g/t gold within a broader 108-metre mineralised envelope at shallow depth.
Yidby Gold Project: High-Grade Discovery Confirms Large-Scale Potential
Surefire received final assay results for 1-metre intervals from the reverse circulation (RC) drilling programme completed in September 2025. These results produced exceptional high-grade gold intercepts, confirming Yidby as a significant gold system.
The standout hole, YBRC136, delivered the broadest zone of gold mineralisation in the Yidby gold system to date with a total mineralisation envelope of 108 metres @ 0.61 g/t gold from 71 metres, containing high-grade zones of:
- 35 metres @ 1.35 g/t gold from 71 metres
- Including: 1 metre @ 15.83 g/t gold from 80 metres
- Including: 2 metres @ 10.72 g/t gold from 100 metres
- 6 metres @ 4.29 g/t gold from 177 metres
- Including: 2 metres @ 12.54 g/t gold from 177 metres
The mineralisation at Yidby is now understood to be plunging to the northwest, with higher grades being intersected at deeper levels. For instance, YBRC136 returned 2 metres @ 12.54 g/t gold from 177 metres, indicating the mineralisation remains open down plunge. This discovery has provided new target areas for the next drill programme planned for the first quarter of 2026.
Figure 1: Location of Yidby Gold Project, surrounding tenure and gold deposits [Surefire Resources NL]
The Yidby Gold Project is situated on the southern end of the Yalgoo-Singleton Greenstone Belt in the Murchison Domain within the western part of the mid to late-Archaean Youanmi Terrane. The belt is 190 kilometres in length, striking north-northwest and hosts many major gold deposits including the Minjar Gold Project, the world-class Golden Grove/Scuddles/Gossan Hill volcanogenic massive sulphide (VMS) deposits, and the Mount Gibson Gold Project.
Gold Market Provides Strong Tailwind
The timing of Surefire’s Yidby discoveries coincides with exceptionally strong gold prices. As of late January 2026, gold is trading around AUD 7,000 to AUD 7,400 per ounce in Australian dollars, reflecting strong safe-haven demand amid global economic uncertainty.
Figure 2: Price chart of Gold in AUD [The Perth Mint Australia]
The precious metal has delivered exceptional gains, with forecasts indicating continued strength through 2026 and beyond as investors seek protection from inflation and currency volatility. This robust pricing environment significantly enhances the economic potential of gold projects like Yidby.
Copper Hill Project: Geophysical Survey Identifies High-Priority Conductor
At the Copper Hill Project, Surefire continued to advance exploration following confirmation of volcanogenic massive sulphide (VMS) mineralisation earlier in 2025. The Company completed interpretation of Moving Loop Electromagnetic (MLEM) survey results, identifying conductive features coincident with copper anomalism that represent priority drill targets.
Figure 3: Copper Hill Project Location Map [Surefire Resources NL]
A broad conductor with a double peak was observed on survey line 530050mE in the late time channels. This feature has been modelled as a steeply dipping, northeast striking conductor plate. This is considered significant as it occurs in the area where native copper was intersected in historic drilling, and a northeast orientation fits the known structural controls in the area.
The Company plans to drill this conductor during the first quarter of 2026.
VMS Deposits: A Globally Significant Deposit Class
Volcanogenic massive sulphide deposits are one of the richest sources of metals such as copper, lead and zinc globally. According to industry data, VMS deposits can also produce economic amounts of gold and silver as byproducts.
Current resource and historical production figures from 904 VMS deposits around the world average roughly 17 million tonnes, comprising approximately 1.7 per cent copper, 3.1 per cent zinc and 0.7 per cent lead. Notable Australian VMS deposits include the Golden Grove Mine in Western Australia, which has been in production since the early 1990s and is a significant source of copper, lead, zinc, gold and silver.
The Copper Hill prospect consists of an extensive contiguous zone of anomalous copper and zinc values in soil with up to 310 parts per million (ppm) copper, 100 ppm zinc, 100 ppm cobalt and 452 ppm sulphur. The anomalous zones are large, ranging from approximately 500 metres by 400 metres up to 1 kilometre by 500 metres in size.
Figure 4: Copper and sulphides in historic drill hole at the Copper Hill Project [Surefire Resources NL]
Victory Bore: World-Class Critical Minerals Asset
The Victory Bore Vanadium-Titanium-Iron Project remains a strategically important asset for Surefire, given its scale and exposure to critical minerals required for steelmaking, battery and emerging clean energy applications.
Figure 5: Victory Bore location map over magnetics [Surefire Resources NL]
During the December quarter, the Company:
- Continued technical review of metallurgical test work
- Progressed Mining Licence application
- Assessed downstream processing and product pathways
- Maintained engagement with potential strategic partners
Exceptional Resource Base
The project contains one of the largest vanadium, titanium and iron resources in Australia with a JORC Mineral Resource Estimate of 464 million tonnes @ 0.3 per cent V₂O₅, 5.12 per cent TiO₂, 17.7 per cent Fe, and an Ore Reserve of 93 million tonnes @ 0.35 per cent V₂O₅, 5.2 per cent TiO₂, 19.8 per cent Fe.
Laboratory assays of the magnetic concentrate from Victory Bore have shown an exceptionally clean concentrate comprising high grades of:
- Iron: 61.68 per cent
- Vanadium pentoxide (V₂O₅): 1.489 per cent
- Titanium dioxide (TiO₂): 9.921 per cent
Significantly, 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 downstream processing, indicating that high recoveries from the magnetite concentrate can be achieved without loss in the non-magnetic fraction.
The non-magnetic fraction showed a substantial increase in titanium dioxide content to 18.5 per cent. This has the potential to be further refined to produce a high-grade titanium concentrate suitable for titanium pigment and metal production plants.
The Company completed a Pre-Feasibility Study on the project in December 2023 and is pursuing a strategic investor strategy to complete the next phase of studies, design and construction.
Kadji Gold Project: Target Generation and Strategic Review
At the Kadji Gold Project, the Company continued desktop evaluation and target generation activities during the quarter. This work focused on the reassessment of historical drilling, surface geochemistry and geophysical data.
Figure 6: Location map of Kadji Gold Project [Surefire Resources NL]
Figure 7: Combined soil Au anomalies at Kadji
Figure 8: Rock chip and drilling gold results on geology.
Outcomes from this work included:
- Identification of multiple gold anomalous zones that have received limited or no modern exploration
- Recognition of structural trends considered prospective for gold mineralisation
- Prioritisation of targets for future field reconnaissance, geochemical sampling and drilling
The Kadji Gold Project comprises a large tenement package covering favourable geological formations of banded iron formations and mafic/ultramafic greenstone, which form part of the Koolanooka Greenstone Belt. The area contains a significant magnetite deposit (Perenjori Magnetite Project,) which the Company is progressing separately.
Corporate and Financial Position
As at 31 December 2025, Surefire reported a cash position of approximately AUD 767,000. The Company has extended its loan facility with Vargas Holdings Pty Ltd to AUD 1.03 million, providing near-term funding flexibility.
Exploration and evaluation expenditure during the quarter totalled AUD 26,000 (excluding employee remuneration payments made to field staff). The Company maintains an At-The-Market Placement Agreement with Acuity Capital, under which 100 million ASX:SRN shares could be placed at market to activate the facility if required.
Investor’s Outlook
Surefire Resources is advancing a compelling portfolio of projects across multiple commodities at a time when both gold and critical minerals are experiencing strong market fundamentals.
Share Price Performance:
As of late January 2026, Surefire Resources (ASX: SRN) shares are trading at:
- Current Price: AUD 0.002 per share
- 52-Week Range: AUD 0.001 to AUD 0.004 per share
- Market Capitalisation: Approximately AUD 8 million
Figure 9: SRN Price Chart [ASX]
Key Catalysts Ahead
- Q1 2026 Drilling Programmes: The Company plans to drill high-priority targets at both Yidby Gold Project (testing down-plunge extensions of high-grade zones) and Copper Hill Project (testing the modelled conductor plate)
- Yidby Resource Potential: Continued drilling success could support a maiden resource estimate
- Copper Hill VMS Discovery: Testing of the electromagnetic conductor could confirm a significant copper-zinc discovery
- Victory Bore Development: Ongoing discussions with strategic partners for the world-class vanadium-titanium-iron project
- Strong Commodity Prices: Gold trading near record highs in AUD terms provides a robust economic tailwind
Conclusion
Surefire’s December quarter results demonstrate the Company’s ability to advance multiple high-quality projects simultaneously. The exceptionally high-grade gold results at Yidby, combined with the emerging VMS copper discovery at Copper Hill and the world-class Victory Bore critical minerals asset, position the Company as a diversified exposure to some of the most sought-after commodities in the current market.
With fully funded drilling programmes planned for the first quarter of 2026 and gold prices trading at historically strong levels, Surefire appears well-positioned to deliver continued exploration success across its Western Australian project portfolio. The combination of high-grade gold discoveries, VMS copper potential and one of Australia’s largest vanadium-titanium-iron resources provides investors with compelling diversification across both precious metals and critical minerals essential to the global energy transition.
