Surefire Resources NL announced a significant upgrade in the company's 100% owned Victory Bore Project, a high grade vanadium and critical minerals project, following an independent assessment and calculation of an Exploration Target Estimate. The Victory Bore Vanadium Project covers approximately 87.5km2 over two exploration licences and is located 450km from Perth in Western Australia. This ETE was commissioned following the recent MRE at the Victory Bore Project to 321 Mt at 0.39% V2O5 together with the Company's extensive knowledge of vanadium from its previous drilling and metallurgical work. Existing aeromagnetic data covering the Victory Bore and Unaly Hill tenements were used to undertake 3D modelling by inversion as a basis for the ETE. The inversion aimed to model the causative magnetic bodies on the tenements. This data is used to define the causative magnetic bodies that could give rise to the observed magnetic anomalies by dividing the earth into voxels. The voxels are assigned magnetic susceptibilities in an iterative manner until the theoretical magnetic anomalies caused by those susceptibilities match the observed ones. Once a 3D map of susceptibilities is obtained, zones of susceptibilities that are over some chosen value are defined and the volume encompassed by that isosurface calculated. Densities are then applied to convert the volume into a tonnage. Those density were chosen from the iron content estimate based on the model's susceptibility. The choice of the magnetic susceptibility isosurface was made both on the basis of magnetic susceptibility logging carried out by the Company's drilling and calibrating the models against the existing MRE at Victory Bore. Using magnetic susceptibility to model a vanadium resource is supported by compelling evidence of a very high correlation between iron and vanadium content of the drilled resource. At Victory Bore, the vanadium grades are highly correlated to iron grades. In turn, the iron grade is highly correlated to the rock's magnetic
susceptibility, that property of a rock that causes magnetic anomalies. It follows that there is a high correlation between vanadium grades and magnetic susceptibility, that is, magnetic susceptibility is a proxy for vanadium content for this deposit when calibrated properly. That calibration allowed the most appropriate choice of magnetic susceptibility to model the vanadium mineralised area of the tenements. The process used proves that the approach is reasonable to estimate the vanadium ETE on this Project. As a check, the ETE methodology was compared to the recently announced Mineral Resource Estimate. The Victory Bore portion of the deposit was calculated to a depth of 250m. It is noted that the ETE was also calculated to a depth of 300m, confirming the accuracy of the ETE given the different depths used in both estimations. An error of ±25% was applied to the Victory Bore area, where the majority of drilling is located, and ±30% for the Unaly Hill Area which has sparser drilling. Grade ranges were derived from the equivalence between vanadium content and magnetic susceptibility and with reference to the existing drill hole database. The Exploration Target for the Victory Bore tenement is calculated as 400 Mt to 666 Mt at 0.2% to 0.43% V2O5. The Exploration Target for the Unaly Hill tenement is calculated as 282 Mt to 524 Mt at 0.2% to 0.43% V2O5. The global ETE for the entire Vanadium project is 682 Mt to 1,190 Mt at 0.2% to 0.43% V2O5.