Surefire Resources NL has announced a non‐renounceable pro rata entitlement offer that gives existing shareholders the right to subscribe for two new shares for every three shares held at an issue price of A$0.002 per New Share. In addition, for every four New Shares applied for, shareholders will receive one free attaching Bonus Share, and for every New Share subscribed, they will receive one free attaching New Option. These New Options carry an exercise price of A$0.004 and will be exercisable up to two years from issuance, with an expected expiry date around late June or early July 2027. The offer is designed to raise approximately A$3.875 million before costs, with proceeds earmarked for the development of the Yidby Gold Project (40%), the Copper Hill Project (25%), further exploration on other wholly owned West Australian projects (10%), and general working capital (20%), while allocating around 5% to cover offer expenses. The timetable for the offer is clearly laid out: the entitlement offer will open on 3 June 2025 and close at 5.00pm AWST on 24 June 2025. Key dates include an ex-date on 28 May 2025, a record date on 29 May 2025 for determining shareholder entitlement, and the commencement of deferred settlement trading on 25 June 2025 with normal trading of the New Securities anticipated from 2 July 2025. The prospectus also details mechanisms such as a Top‑Up Facility which allows shareholders to apply for Additional Shares if there is a shortfall in applications, plus a Shortfall Offer that may be used to cover any remaining gap. The offer is not underwritten, and entitlements cannot be renounced or transferred, meaning that shareholders who do not fully exercise their rights will see their proportional interest diluted. From a bullish perspective, the entitlement offer is positioned as a strategic move to bolster Surefire Resources NL’s cash reserves, enabling further exploration and development at key projects. The attractive issue price and bonus elements could generate investor interest while providing a clear roadmap for use of funds. For those who fully participate, the offer helps maintain existing shareholder value and avoids dilution, a positive indicator for long‑term prospects. On the bearish side, the non-renounceable nature of the offer means that shareholders who do not participate may face significant dilution of their existing holdings, which could put downward pressure on the share price. Furthermore, the success of the offering is contingent on full subscription, while the speculative nature of exploration projects and the broad range of operational risks highlighted in the prospectus add uncertainty to the near-term outlook. Overall, the announcement underscores a capital-raising effort aimed at advancing exploration projects while managing shareholder dilution through clear, structured entitlement terms, a factor that both supports long-term growth ambitions and requires careful consideration by investors, especially those new to trading.