Key Highlights

  • Surefire Resources announced the Loot discovery at Yidby on 26 March 2026, with surface float samples of up to 13.19 grams per tonne gold.
  • The Victory Bore and Unaly Hill deposits carry a reported resource of 464.6 million tonnes at 0.30 per cent vanadium pentoxide.
  • The company held cash of A$696,000 at the end of June 2026.

Surefire Resources (ASX:SRN) is a Western Australian explorer with two quite different stories under one roof. Its gold exploration at Yidby and its much older vanadium-iron asset sit at very different stages of development, and both are being advanced on a modest cash balance. The most recent detailed figures cover the June 2026 quarter.

Company background

Surefire Resources NL, formerly Black Ridge Mining NL, has its head office in West Perth and explores and reviews tenement holdings in Western Australia. According to its June quarter report, Yidby gold is the primary focus, alongside the Victory Bore and Unaly Hill vanadium and iron deposits, the Kadji gold project and the Perenjori magnetite project in the Mid-West.

Yidby gold

The company announced a new discovery named Loot at Yidby on 26 March 2026, followed by an amended JORC table on 12 June 2026. Surface float samples returned up to 13.19 grams per tonne gold, with several above 10 grams per tonne, over a minimum strike length of 200 metres. Float samples are loose surface rocks and do not show how much gold lies in place or at depth.

Inverted gravity modelling identified three further targets, and more float sampling is planned. Terra Resources has been appointed to reconcile and organise the project database, a review that was still under way at the end of the quarter.

Vanadium and iron

The Victory Bore and Unaly Hill deposits carry a reported resource of 464.6 million tonnes at 0.30 per cent vanadium pentoxide, 5.12 per cent titanium dioxide and 17.7 per cent iron. A heads of agreement with Australian Flow Batteries covers the Supply of a concentrate sample for hydrometallurgical testing of vanadium, titanium and iron co-products, and a mining Lease application is progressing.

At Kadji, four historical anomalies were resampled, but the earlier gold results were not reproduced. The company is checking sample locations and methods.

Cash and capital

Surefire held cash of A$696,000 at the end of June 2026. Its ASX announcements show a busy period for the Capital structure: a proposal to consolidate Issued Capital on 31 March 2026, a consolidation notice on 1 April, a response to an ASX aware query on 13 April, a Trading halt on 28 April, results of a general meeting on 1 May, applications for Quotation of securities on 26 and 28 May, and a notice of call on 15 June.

ASX notices also record one substantial Shareholder at 35.35 per cent as of 28 May 2026, along with director share purchases at A$0.023 on 23 June and A$0.019 on 4 August 2026. Explorers of this size typically rely on new share issues to fund their work, which dilutes existing holders.

The Bottomline

Surefire combines an early gold discovery with a large but long-dated vanadium-iron resource. The principal risks are the early stage of the float sampling results, the unproven Economics of vanadium-iron production, historical data that has not been reproduced and a concentrated share register. Further float sampling at Yidby, the Terra Resources database review and progress on the mining lease application are the next steps the company has outlined.