Surefire Resources NL (ASX:SRN) intends to buy back up to 15 million ordinary shares on-market, representing around 8.3% of its issued capital, as the board seeks to take advantage of what it considers a substantial discount between the company’s share price and the underlying value of its assets.
Based on the closing share price prior to the announcement, the buy-back would cost approximately $345,000.
Share buy-back targets capital management
The buy-back is expected to begin no earlier than August 28, 2026, and run until January 29, 2027, although purchases will depend on market conditions, trading volumes and other factors.
Surefire retains the right to suspend or terminate the program at any time. The transaction will be conducted as an on-market buy-back within the Corporations Act 2001 “10/12 limit” and therefore does not require shareholder approval.
Evolution Capital Pty Ltd has been appointed to undertake the program.
Executive chair Vladimir Nikolaenko said the board believed Surefire’s current share price did not reflect the value of the company’s assets and viewed the buy-back as an opportunity to acquire shares at a discount.
Victory Bore and Yidby provide project catalysts
The board pointed to Surefire’s project portfolio as a key reason for its view that the company is trading at a discount to peers.
These assets include the Victory Bore/Unaly Hill Project, which has a JORC Mineral Resource Estimate, and the Yidby Gold Project, where Surefire has identified multiple gold targets.
The company's these projects provide potential catalysts as it advances exploration and development activities.