New Risk • Apr 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$9.65m market cap, or US$6.83m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Duyuru • Mar 19
JE United Ltd entered into a Share Sale Agreement to acquire Strike Finance Pty Ltd from Strike Resources Limited (ASX:SRK) for AUD 5.5 million. JE United Ltd entered into a Share Sale Agreement to acquire Strike Finance Pty Ltd from Strike Resources Limited (ASX:SRK) for AUD 5.5 million on March 17, 2026. A cash consideration of AUD 5.5 million will be paid by JE United Ltd. Strike Finance Pty Ltd holds a 48.52% shareholding in Apurimac Ferrum S.A.C, owner of the Apurimac Iron Ore Project in Peru. This represents the sale of a further 28.52% indirect interest in AF to JEL, in addition to the 20% indirect beneficial interest already held by JE United Ltd. The Agreement also contemplates JE United Ltd making available to Apurimac Ferrum a AUD 7.065 million ($5 million) credit facility to assist in financing future iron ore production from the Apurimac Iron Ore Project and for price hedging purposes in relation to iron ore production and sales. The transaction will unlock funds to accelerate the development of the Apurimac Iron Ore Project, comprised of a contribution from sale proceeds by Strike, the Credit Facility and capital contributions by JE United Ltd as an incoming Apurimac Ferrum shareholder. The Apurimac Ferrum Sale will provide strategic benefits to Strike, including: (a) it will receive significant cash consideration (AUD 5.5 million), which it intends to use to fund its share of Apurimac Project development costs and for general working capital purposes.
The sale is subject to conditions precedent, to be satisfied on or before 15 March 2027. New Risk • Dec 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 9.8% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$11.4m market cap, or US$7.50m). Duyuru • Oct 02
Strike Resources Limited, Annual General Meeting, Nov 27, 2025 Strike Resources Limited, Annual General Meeting, Nov 27, 2025. New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.2m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 9.8% per year over the past 5 years. Revenue is less than US$1m (AU$256k revenue, or US$169k). Market cap is less than US$10m (AU$14.2m market cap, or US$9.36m). New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.6m market cap, or US$9.00m). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Large one-off items impacting financial results. New Risk • Sep 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$12.8m market cap, or US$8.33m). Minor Risk Large one-off items impacting financial results. New Risk • Mar 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.51m market cap, or US$5.30m). Minor Risk Large one-off items impacting financial results. Duyuru • Oct 01
Strike Resources Limited, Annual General Meeting, Nov 29, 2024 Strike Resources Limited, Annual General Meeting, Nov 29, 2024. Duyuru • Sep 30
Strike Resources Limited Announces Resignation of Matthew Hammond as Non-Executive Director Strike Resources Limited advised that Mr. Matthew Hammond has resigned as a Non-Executive Director of the Company with effect on 27 September 2024. Matthew has been a valued Director of Strike for the past 15 years and in that time, the Company has had the benefit of his extensive corporate and commercial experience and counsel. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.2m free cash flow). Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$9.36m market cap, or US$6.47m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Duyuru • Mar 08
Chuanshui Yin acquired Paulsens East Iron Ore Project from Strike Resources Limited (ASX:SRK) for AUD 20.5 million. Chuanshui Yin entered into a Share and Asset Sale Agreement to acquire Paulsens East Iron Ore Project from Strike Resources Limited (ASX:SRK) for AUD 20.5 million on January 3, 2024. The deal is subject to approval from shareholders of Strike Resources Limited. The deal is expected to be completed on February 23, 2024. As of March 6, 2024, the transaction has been approved by shareholders of Strike Resources and is expected to close on March 8, 2024.Chuanshui Yin acquired Paulsens East Iron Ore Project from Strike Resources Limited (ASX:SRK) for AUD 20.5 million on March 8, 2024.Chuanshui Yin completed the acquisition of Paulsens East Iron Ore Project from Strike Resources Limited (ASX:SRK) for AUD 20.5 million on March 8, 2024. Duyuru • Dec 11
Strike Resources Limited Announces Retirement of Malcolm Richmond as Non-Executive Director Strike Resources Limited announced that Malcolm Richmond has retired as a Non-Executive director of the Company with effect on 5 December 2023. On behalf of the Board and all Strike shareholders, the Company would like to thank Malcolm for his valuable contribution as a Non-Executive Director for the last 17 years, four of which years he also acted as the Company's Chairman (between 2011 and 2015). Malcolm has brought unparalleled knowledge and understanding of the Australia iron ore sector to the Company and during his tenure as a Director, has played a significant role in guiding the Company through a number of industry cycles. New Risk • Sep 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$17m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Market cap is less than US$100m (AU$15.9m market cap, or US$10.2m). Duyuru • Sep 20
Strike Resources Limited, Annual General Meeting, Nov 23, 2023 Strike Resources Limited, Annual General Meeting, Nov 23, 2023. New Risk • Aug 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.5m (US$9.26m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m (AU$515k revenue, or US$329k). Market cap is less than US$10m (AU$14.5m market cap, or US$9.26m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$21m). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Reported Earnings • Mar 16
First half 2023 earnings released: AU$0.022 loss per share (vs AU$0.014 loss in 1H 2022) First half 2023 results: AU$0.022 loss per share (further deteriorated from AU$0.014 loss in 1H 2022). Net loss: AU$6.05m (loss widened 61% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Duyuru • Jan 10
Strike Resources Limited Receives Works Approval for Ashburton Transhipment Operations Strike Resources Limited announced that the WA Department of Water and Environmental Regulation (DWER) has granted a second Works Approval under the Environmental Protection Act 1986 for offshore marine operations, principally related to the Category 58 bulk loading of up to 1.8 Mtpa (10,000 tonnes per day) of iron ore from a Transhipment Vessel to Ocean Going Vessels in a designated offshore anchorage area ~14 nautical miles from the Port of Ashburton in Onslow. Strike received an earlier (landside) Works Approval from DWER in July 2022 to undertake Category 58 bulk loading and unloading of up to 1.8 Mtpa (10,000 tonnes per day) of iron ore from the Port of Ashburton. The securing of these key regulatory Works Approvals in respect of the Port of Ashburton now complete all DWER approvals required for the commencement of export operations from the Port of Ashburton and are important steps in the Stage 2 development plans of Strike, which involve the export of up to 1.8 Mtpa of iron ore from its Paulsens East Iron Ore Project. Strike is undertaking its Paulsens East Stage 2 Development, which will involve conventional open pit mining of the Paulsens East hematite ridge, ramping up to an annualised production rate of up to ~1.8 Mtpa, with road train haulage to and export (via transhipment operations) through the Port of Ashburton near Onslow. Duyuru • Dec 16
Strike Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.1 million. Strike Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,750,000
Price\Range: AUD 0.08
Discount Per Security: AUD 0.0048
Transaction Features: Subsequent Direct Listing Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Malcolm Richmond was the last independent director to join the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Sep 07
Strike Resources Limited, Annual General Meeting, Nov 24, 2022 Strike Resources Limited, Annual General Meeting, Nov 24, 2022. Duyuru • Jul 27
Strike Resources Limited Announces WA Department of Water and Environmental Regulation Grants Works Approval Strike Resources Limited advised that the WA Department of Water and Environmental Regulation (DWER) has granted a Works Approval under the Environmental Protection Act 1986 for the export of up to 1.8 Mtpa (10,000 tonnes per day) of iron ore from the Port of Ashburton in Onslow. This Works Approval is an important step in the Stage 2 development plans of Strike, which involve the export of up to 1.8 Mtpa of iron ore from its Paulsens East Iron Ore Mine. The Port of Ashburton is proposed as a longer term export solution for Strike given its far closer proximity to the Paulsens East Iron Ore Mine (~235km) versus Utah Point in Port Hedland (~650km), leading to significantly lower trucking costs from mine to port. The Works Approval is subject to a number of usual conditions relating to export activity including environmental monitoring and established loading patterns to minimise the impact of dust and noise generation. There is a separate Works Approval application currently underway for the offshore marine operations. This approval relates principally to the location of offshore moorings for Ocean Going Vessels that will receive ore from Strike's proposed transhipment vessel. This application is progressing well in the normal course and is expected shortly. Strike will continue to update the market on the advancement of export operations from the Port of Ashburton as they occur. Duyuru • Jun 21
Strike Resources Limited Provides an Update on Mining Operations at its Pilbara Paulsens East Iron Ore Project (Paulsens East) Strike Resources Limited provided an update on mining operations at its Pilbara Paulsens East Iron Ore Project (Paulsens East) and the imminent firstshipment of Iron Ore. Strike has executed a formal Combined Multi-Users Access and Licence Agreement (MUA) with the Pilbara Ports Authority (PPA). Under the MUA, Strike has secured access subject to Strike and PPA finalising a Logistics Plan to the Utah Point Multi-User Bulk Handling Facility at Port Hedland for the export of 200,000 tonnes of iron ore per financial year. The execution of the MUA followed a successful visit by PPA to the Paulsens East mine site inMay 2022. Strike plans to commence hauling Paulsens East Lump DSO into its allocatedstockpile bunker at Utah Point in July 2022. Construction of private Haul Road from mine to existing major road network (Nanutarra-Munjina Road) nearing completion. Additional crushing and screening equipment mobilised to site to accelerate productionand optimise product quality. Ore Sorter mobilised to site to further optimise production of high grade (62% Fe) PaulsensEast Lump DSO. DWER Works Approval application for landside operations at Port of Ashburton (Stage 2Development) well advanced with approval expected shortly. Duyuru • May 04
Strike Resources Limited Announces Update on Mining Operations at its Pilbara Paulsens East Iron Ore Project Strike Resources Limited announced an update on mining operations at its Pilbara Paulsens East Iron Ore Project (Paulsens East). Strike is targeting first ore on ship (of up to 55,000 tonnes) at Utah Point in Port Hedland in June 2022. Mining Operations: Mining operations have commenced with Paulsens East Lump DSO currently being stockpiled prior to delivery to Utah Point. Haul Road: Construction of the 18km haulage road to connect the Paulsens East mine to the public Nanutarra Road (Haul Road)1 is progressing well, on schedule, and is expected to be completed in mid-May 2022. Haulage Contract: Strike has entered into a contract with haulage and mining services contractor, Odell Mining Services to secure the transportation of Paulsens East Lump DSO to Utah Point to meet targeted first ore on ship in June 2022. Access to Utah Point, Port Hedland: As previously disclosed, Strike has received formal confirmation of capacity allocation from the Pilbara Ports Authority (PPA) at Utah Point for 200,000 tonnes per financial year. PPA will be undertaking a site visit to the Paulsens East mine site in early May after which the multi-user access agreement with PPA is expected to be executed. Strike plans to commence hauling Paulsens East Lump DSO into its allocated stockpile bunker from on or about June 1, 2022. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Malcolm Richmond was the last independent director to join the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Apr 14
Strike Resources Limited Commences At the Paulsens East Iron Ore Project Strike Resources Limited announced that a major milestone for the company has been reached with mining contractors having mobilised to site and mining operations having commenced at the Paulsens East Iron Ore Project (Paulsens East). Equipment mobilised includes excavators, screens and an on-site sample laboratory, with production to generate the first stockpiles of lump direct shipping ore (DSO) for shipment currently underway. This DSO will be stockpiled on-site ready for transport to Utah Point once the 18km haulage road (Haul Road) between the Paulsens East mine site and the public Nanutarra-Munjina Road (Nanutarra Road) currently being constructed is completed. In this regard, Strike is also pleased to report that construction of the Haul Road is progressing well and is on schedule. Approximately 80% of the Haul Road has now been cleared and grubbed, and approximately 40% has been formed and shaped to its final profile. No drill and blast has been or is expected to be required. The Haul Road is expected to be completed within a further 6 8 weeks. Once the Haul Road is completed, four trailer `quad' road-trains will carry DSO from the mine along the Haul Road to Nanutarra Road. From there, trucks will travel west along Nanutarra Road before heading north along the North West Coastal Highway to Port Hedland for export. The Company also confirms that it has received the first draw-down of $2.5 Million from Good Importing International Pty Limited (GII) pursuant to a loan facility entered into with GII. These funds will be applied towards the construction of the Haul Road and initial mine development and production. Paulsens East is located ~10km from Northern Star Resources Limited's Paulsens Gold Mine, approximately 235km by road east of Onslow (and Port of Ashburton) and approximately 600km by road south of Port Hedland in the Pilbara, Western Australia. Paulsens East Stage 1 Production will focus on mining surface detrital and low strip ratio materials to be shipped through the Utah Point Multi-User Bulk Handling Facility at Port Hedland. Reported Earnings • Mar 18
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.014 loss per share (down from AU$0.002 loss in 1H 2021). Revenue: AU$9.13m (up AU$9.08m from 1H 2021). Net loss: AU$3.76m (loss widened AU$3.23m from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 04
Strike Resources Limited Provides Update on October 2020 Feasibility Study Strike Resources Limited provided an update on the October 2020 Feasibility Study (Study) previously announced by the Company 1 for its Paulsens East Iron Ore Project (the Project) located in the Pilbara, Western Australia. The updated feasibility study (Updated Study) reflects optimisation to mining operations since the original Study, with the objective of reducing project Capex and Opex and improving Project economics based on the current market price of iron ore. The Updated Study has confirmed the potential for the Project to generate ~$138 million in net cashflows (pre-tax) over a 3.5 year life of mine (LOM) at an average Benchmark2 iron ore price of $110/t for a pre-production capital cost (Capex) of $3.4 million. The Project has significant sensitivity to increases in iron ore prices. If a Benchmark iron ore price of $135/t (versus recent current prices exceeding $140/t) is sustained over LOM, the Project has the potential to generate $309 Million in net cashflows. Total Production Capex funding required is now ~$3.4 million for Stage 1 Production with a further ~$3 million required to ramp up to Stage 2 full annualised production of ~2Mtpa.). It is envisaged that Stage 1 could largely be funded by a prepayment for offtake or other financing facility with discussions well advanced in this regard. The Project is located ~10km from Northern Star Resources Limited's Paulsens Gold Mine, ~235km by road east of Onslow (and Port of Ashburton) and ~600km by road south of Port Hedland. The Project is ~20km from the private Wyloo Station airstrip previously used by the Paulsens Gold Mine, which is suitable to support the transport of the Project's FIFO workforce. The Project consists of a ~3km long outcropping high-grade hematite ridge, containing a JORC Indicated Mineral Resource of 9.6 Million tonnes at 61.1% Fe, 6.0% SiO2, 3.6% Al2O3, 0.08% P (at a cut-off grade of 58% Fe). 8 As part of the completion of the original (October 2020) Feasibility Study1, part of the JORC Indicated Mineral Resource of 9.6 Million tonnes at 61.1% Fe, 6.0% SiO2, 3.6% Al2O3, 0.08% P (at a cut-off grade of 58% Fe) was converted to a JORC Probable Ore Reserve of 6.2 Million tonnes at 59.9% Fe, 7.43% SiO2, 3.77% Al2O3 and 0.086% P (at a cut-off grade of 55% Fe). As part of the completion of the Updated Study, an additional JORC Indicated Mineral Resource of 113,000 tonnes at 60.8% Fe, 6.9%, SiO2, 3.4% Al2O3, and 0.10% P (at a cut-off grade of 58% Fe) has been delineated from the high-grade hematite rich detrital material9 at surface north of the hematite ridge. Duyuru • Jun 30
Strike Resources Limited Provides the Following Updates in Relation to Its Apurimac Iron Ore Project in Peru Strike Resources Limited provided the following updates in relation to its Apurimac Iron Ore Project in Peru (Apurimac Project). Strike continues to advance production of high-grade Direct Shipping Iron Ore (DSO) from its 100% owned Apurimac Project in Peru, with haulage now underway of its Apurimac Premium Lump DSO to a stockpile area located close to the Port of Pisco, from where the ore is planned to be shipped to customers in China. Strike remains on-track to export its first shipment of Apurimac Premium Lump (target grade of 65% Fe with low impurities) in July 2021, with an estimated FOB cost of approximately USD 70 - 80 per tonne. The Apurimac Premium Lump is expected to achieve a premium price compared to the current benchmark price for 62% Fe iron ore of approximately USD 215 per tonne. Approximately 50,000 tonnes of high-grade DSO has now been mined and is being crushed at two local crushing plants located close to the Apurimac Project and one new crushing plant located close to the Port of Pisco. Strike is targeting annualised sales in the near term of 250,000 tonnes from the Apurimac Project. Strike continues to advance securing additional crushing and transport capacity to meet this annualised target. Given the current strong demand and premium prices for high grade Lump Iron Ore there is a
clear opportunity for Strike to generate significant near-term cashflows from this operation. Ausenco is finalising their review of the 2008 and 2010 studies, which includes gap and trade-off analyses and an identification of opportunities to reduce project capex and increase project execution security. Strike will then work with Ausenco to finalise the scope for the next stage of works to examine in more detail the capital and operating costs associated with a 15 - 20 million tonne per annum production profile of a 68% Fe concentrate using a slurry pipeline for the transport of such ore to the coast for export. Duyuru • May 29
Strike Resources Limited Updates in Relation to Its Apurimac Iron Ore Project in Peru (Apurimac Project) and Its Paulsens East Iron Ore Mine (Paulsens Project) Strike Resources Limited provided the following updates in relation to its Apurimac Iron Ore Project in Peru (Apurimac Project) and its Paulsens East Iron Ore Mine (Paulsens Project) together with confirmation of the successful completion of a $5 million share capital raising. Strike Resources Limited continues to advance production of high-grade Direct Shipping Iron Ore (DSO) from its 100% owned Apurimac Project in Peru. Given the current strong demand and premium prices for high grade Lump Iron Ore and the corresponding opportunity for the Company to generate significant near-term cashflows from this operation, the Company has determined to accelerate the ramp up of its activities in Peru and increase its target for annualised sales from 125,000 tonnes to 250,000 tonnes. This will require further investment in site infrastructure, additional working capital to expand the mining operations across multiple sites and potentially the acquisition of a dedicated crushing plant to speed up processing and reduce operating costs. Funds from the recently completed capital raising of the Company will be applied to achieve these objectives. Over 30,000 tonnes of high-grade DSO (Apurimac Premium Lump) has now been mined and is being crushed at two local crushing plants located close to the Apurimac Project. Given the proposed increase in mining production referred to above, the Company has commenced crushing at a third, higher capacity crushing plant located closer to the Pisco Port and with this third plant now operating, the Company is targeting first shipment of approximately 30,000 - 35,000 tonnes of Apurimac Premium Lump (target grade of ~$65% Fe) in July 2021, with an estimated FOB cost of approximately US$70 - 80 per tonne. The Company is also pleased to report that it has secured a fleet of 50 trucks to commence trucking ore to the new crushing facility and for transporting crushed ore to the Port of Pisco ready for shipment. The Company is currently negotiating for a further fleet of 30 trucks to be contracted to expedite its trucking logistics, to reduce time for further shipments of Apurimac Premium Lump and to account for the proposed increase in Apurimac Premium Lump production. In conjunction with the securing of a 50 - 80 truck fleet, the Company has recently appointed a shipping agent in Peru and is in the process of finalising its first charter party shipping agreement in anticipation of its proposed first ore on ship. The securing of the above transportation logistics is an important step in the development of the Apurimac Project and achieving first ore on ship. Strike's Apurimac Iron Ore Project in Peru is recognised as one of the grade, large-scale magnetite projects in the world with the potential to support the establishment of a significant iron ore operation. A Pre-Feasibility Study completed in 20081 and updated in 20102 on the Apurimac Project indicated clear potential for development of a world class iron ore project, with competitive capital costs and very low operating costs. The Company is pleased to confirm that it has now engaged Ausenco, an industry leader in global engineering services, to commence works to review and update these previous studies. The principal focus of such works will be to examine the capital and operating costs associated with a 15 - 20 million tonne per annum production profile of a 68% Fe concentrate using a slurry pipeline for the transport of such ore to the coast for export to China. The Company believes that this work is an important step in advancing this globally significant project, in particular given the current strong demand for iron ore and the widely reported intent of Chinese steel mills to secure long term strategic sources of high-grade iron ore from countries other than Australia and Brazil. The Apurimac Project (Strike - 100%) has a JORC Code (2012 Edition) compliant Mineral Resource of 269.4 Mt, consisting of: a 142.2 Mt Indicated Mineral Resource at 57.8% Fe; and a 127.2 Mt Inferred Mineral Resource at 56.7% Fe. In addition to the current JORC Mineral Resource, there is significant exploration potential given the deposits are open at depth and along strike (with very promising drill results including 154m @ 62% Fe) with extensive undrilled gravity and magnetic anomalies. The appointment of Ausenco will now update these works with a focus on the development of a viable business proposition for the creation of a world class mine based upon the current Mineral Resource of the project to create a very high grade premium iron ore product for export to China. A particular focus will be on the operating costs of such project with a view to creating a sustainable mining proposition based on the potentially highly competitive operating costs the Project affords. Duyuru • May 28
Strike Resources Limited announced that it has received AUD 5.030461 million in funding Strike Resources Limited (ASX:SRK) announced private placement of 22,865,732 shares at a price of AUD 0.22 for gross proceeds AUD 5,030,461.04 on May 28, 2021. The transaction induced participation from sophisticated or professional investors. The placement was significantly oversubscribed. Duyuru • May 21
Strike Resources Limited Continues to Advance Paulsens East Iron Ore Project Towards Final Investment Decision Strike Resources Limited provided the following update in relation to its Paulsens East Iron Ore Mine (Project) as it progresses toward securing its Mining Permit to commence production. Strike notes that the Benchmark iron ore price has recently reached record highs in excess of $200/t, significantly higher than the average of $100/t assumed in the Company's October 2020 Feasibility Study for the Project. Furthermore, the premium to Lump ore over Fines has also increased significantly in recent months to in excess of $0.50 per dry metric tonne unit (compared with $0.20 per dry metric tonne unit assumed in the Feasibility Study). In December 2020, Strike submitted an application for a Mining Proposal for the Project to the Department of Mines, Industry, Regulation and Safety (DMIRS). Following subsequent requests from DMIRS and other Government agencies for further information on a number of aspects of the Mining Proposal, Strike confirms that it has now submitted an updated Mining Proposal to DMIRS which includes comprehensive responses to the matters sought by DMIRS, the Department of Biodiversity, Conservation and Attractions (DBCA) and Department of Water and Environmental Regulation (DWER). In relation to other relevant permits and approvals, as previously announced on 19 April 2021, Strike has already received notification by DMIRS of an "Approval To Commence Mining Operations" for the Project, pursuant to confirmation by DMIRS that the Project Management Plan (PMP) submitted by Strike satisfied the requirements under section 42 of the Mines Safety and Inspection Act 1994 (WA) and Regulations 3.12 and 3.13 of the Mines Safety and Inspection Regulations 1995 (WA). Applications for related Works Approval (with DWER for approval pursuant to environmental
legislation and regulations) and native vegetation clearing permits (with DMIRS, pursuant to (including Commonwealth) environmental legislation and regulations) have also been submitted and are pending Departmental approvals.
On the basis of the above and subject to the grant of outstanding Miscellaneous Licence applications (relating to Project infrastructure and roads outside of the principal Mining Lease M47/1583) by DMIRS, Strike is expecting to have all permitting and approvals in place to allow for the commencement of Project site works in Third Quarter 2021. Strike has now received approval from DWER for the issue of a ground water licence to support proposed mining operations. The issue of this licence is a critical path item for the development of the Project, both for the construction phase of operations (including dust suppression) as well as for ongoing operations. The Company is now able to proceed to advance borefield development work based upon this licence. Strike has previously announced (on 29 April 2020) that it had entered into an MOU for haulage services with Campbell Transport Pty Ltd. (Campbell Transport). Campbell Transport is an established freight haulage company operating in Western Australia since 1997, with considerable experience in the transport of mineral products including iron ore over long distances in the Pilbara.
Since that time, Strike has been working closely with Campbell Transport to ensure that the logistics requirements relating to haulage for the Project are optimised and that safety, environmental and regulatory issues are fully addressed. Strike has been evaluating a number of potential contractors for providing the key mine construction, mine and haul, drill and blast, crushing and screening services. The Company has now reached the stage of finalising its short-list of contractors and expects to enter into early- engagement agreements with some of its preferred contractors shortly. Strike has continued to advance preparations for export through the Utah Point Multi-User Bulk
Handling Facility at Port Hedland (Utah Point). Strike notes that access to Utah Point will be subject to PPA having available capacity to allocate to Strike at the time at which the Company is in a position to make a Final Investment Decision (FID) on the Project. Furthermore, as a public multi-user facility, available capacity at Utah Point is not guaranteed. Strike is currently working with the Pilbara Ports Authority (PPA) to finalise various PPA environmental, health and safety operating procedures that are required prior to the export of bulk iron ore from such facility. Utah Point offers Strike a relatively simple export option, through its existing established infrastructure and ability to accommodate larger Panamax ships (which reduces overall shipping costs). Strike notes however that the relatively long distance from the Project mine to Utah Point will incur higher haulage costs relative to alternative ports closer to the mine. This is particularly so in the current economic climate where a shortage of suitable trucks and drivers, together with increasing fuel costs are putting upwards pressure on haulage costs. Strike continues to add to its Project Owner's Team with the appointment of Health, Safety, Environment (HSE) personnel to develop and operational readiness protocols for mine construction and operations. This recruitment adds to previous key Owners' Teams staff appointments in key areas of production, transport logistics and finance. Duyuru • Mar 19
Strike Resources Limited Provides an Update on Significant Milestone in Company Operations in Peru Relating to its 100% Owned Apurimac Iron Ore Project Strike Resources Limited provided an update on a significant milestone in company operations in Peru relating to its 100% owned Apurimac Iron Ore Project. Strike confirms that since mining of high-grade surface deposits of iron ore from the Apurimac Project concessions commenced in late December 2020, over 20,000 tonnes of direct shipping ore (DSO) has been mined and transported by trucks for local crushing and screening, with over 6,000 tonnes of material having been crushed to date. Strike is now ramping up operations to increase throughput both via mining operations and the engagement of a second crushing and screening plant to increase crushing capacity to 1,000 tonnes per day. Once Strike has successfully crushed approximately 20,000 tonnes of material, it plans to progressively transport the Apurimac Premium Lump DSO product to a stockpile at the Port of Pisco, (located approximately 570km by road from the Apurimac Project) using locally sourced trucks. The total free on board (FOB) cost of the Apurimac Premium Lump product at the Port of Pisco is expected to be less than US$70 per tonne, including mining, crushing and screening, haulage, port and administration costs. These figures are based on actual costs incurred to date with respect to mining and crushing together with quotations for key sectors of the supply chain including road transport and port costs and based upon the Company's previous experience in 2013 where it commenced a trial mining operation from the Apurimac Project with ore delivered and sold to a steel mill in Peru. Duyuru • Mar 15
Strike Resources Limited Announces Paulsens East Advances Towards Production Strike Resources Limited (Strike) is pleased to confirm that it is making excellent progress advancing its 100% owned Paulsens East Iron Ore Project (Paulsens East) towards production, with a targeted production profile of 1.5 million tonnes per year of high grade Direct Shipping Ore (DSO) with a minimum four year mine life (LOM). The Company notes that the Benchmark iron ore price continues to remain very strong currently USD 168 per tonne, compared to the average Benchmark price of USD 100 per tonne assumed for the Paulsens East Feasibility Study in October 2020. Based on Fe content of 62% for the Paulsens East product, this would imply an uplift of ~ USD 32 per tonne of Lump ore once the Paulsens East Lump product is established in the market. The premium pricing paid for Lump ore is highly significant for the Company, given that at least 75% of the Paulsens East DSO product is expected to be Lump ore. Approvals and Permitting: The Company submitted a proposal for the issue of a Mining Permit for Paulsens East with the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS) on 24 December 2020. Following an initial review of Strike's submission, DMIRS has responded with a request for clarification on a number of issues, which is normal for submissions of this nature. Strike is currently preparing a response to this request, which it expects to submit to DMIRS shortly to conclude the matters required by DMIRS to facilitate the issue of a Mining Permit. Strike has also submitted its proposed Project Management Plan (PMP) for Paulsens East to DMIRS, as well as applications for works approvals, native vegetation clearance permits, building permits and applications for various licences for activities such as water extraction, storage of dangerous goods etc. These submissions and applications are currently being processed by the relevant Government departments and local authorities. Duyuru • Jan 29
Strike Resources Limited Advances in the Development of Apurimac Iron Ore Project Strike Resources Limited provided an update on development activities relating to its 100% owned Apurimac Iron Ore Project in Peru1. Mining of high grade surface deposits by approved local mining groups has commenced to create a direct shipping ore (DSO) lump stockpile, pending the finalisation of trucking and port arrangements. The sale of this DSO material, currently on track for Second Quarter CY2021, represents another near term cashflow opportunity for the Company in parallel to advancing the Paulsens East Iron Ore Project into production. Strike is also planning to update the Pre-Feasibility Studies previously undertaken on the Apurimac Project. The Apurimac Project comprises a JORC (2012) Indicated and Inferred Mineral Resource of 269Mt of iron ore at 57.3% Fe (142 Mt Indicated Resource at 57.84% Fe and 127 Mt Inferred Resource at 56.7% Fe) defined at the main Opaban 1 and Opaban 3 concessions 2. In order to capitalise on the current and strong demand for iron ore, Strike has been investigating ways in which mining operations from its Apurimac Project might commence, particularly of the high grade DSO material which is principally located at or near surface on the Opaban 1 and Opaban 3 deposits. Strike has experience in this type of mining activity having commenced a pilot operation in December 2013, where approximately 8,000 tonnes of ore was mined from surface outcrops on the Opaban 3 concession by local miners, transported to the west coast of Peru and sold to a local steel mill. Is New 90 Day High Low • Jan 15
New 90-day high: AU$0.21 The company is up 91% from its price of AU$0.11 on 16 October 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 21% over the same period. Duyuru • Nov 26
Strike Resources Limited announced that it has received AUD 4 million in funding Strike Resources Limited (ASX:SRK) announced a private placement of 40,000,000 common shares at a price of AUD 0.10 per share for gross proceeds of AUD 4,000,000 on November 25, 2020. The transaction included participation from professional and sophisticated investors. The transaction was oversubscribed. The transaction was completed within the company’s existing placement capacity. Duyuru • Nov 04
Strike Resources Limited, Annual General Meeting, Dec 04, 2020 Strike Resources Limited, Annual General Meeting, Dec 04, 2020, at 15:00 W. Australia Standard Time. Location: Level 2 31 Ventnor Avenue West Perth Western Australia Australia Agenda: To consider and receive the Directors' Report, Financial Report and Audit Report of the Company for the financial year ended 30 June 2020; to consider reelection of Victor Ho as Director; to consider Adoption of Remuneration Report; to consider Approval to Issue 60 Million New Shares; to consider Approval of 10% Placement Facility; and to consider other matters. Duyuru • Oct 06
Strike Resources Limited Announces Discovery of High Grade Iron Rich Detritals at Surface at Paulsens East Iron Ore Project Strike Resources Limited announced that it has discovered high grade hematite rich detrital mineralization at its Paulsens East Iron Ore Project (Project). Based on encouraging initial assay results and the observation of significant areas of similar surface materials, an exploration programme is due to commence shortly to test the extent of such mineralization. Such detrital material has not previously been accounted for in Strike's Resource inventory for the Project, which currently comprises a three kilometer long outcropping hematite ridge with a JORC Indicated Mineral Resource of 9.6 Million tonnes at 61.1% Fe, 6.0% SiO2, 3.6% Al2O3, 0.08% P1. During the recent Bulk Sampling programme conducted during August 2020 2, extensive occurrences of high grade hematite rich detrital material were observed along the northern base of the outcropping hematite ridge. Sampling taken was undertaken from surface to a depth of 1.5 meters from a site located approximately 100 meters north from the base of the ridge for analysis. Visual inspection of the sample location indicated that the eroded detrital material extended to at least 1.5 meters depth. Results of laboratory test work on the samples showed a highly encouraging product grade of 60% Fe, 6.4% SiO2 and 3.4% Al2O3 with a mass recovery of 83% on crushing to -32mm and simple wet screening at +1mm size. A subsequent review of drill logs from Strike's previous drilling campaigns3 along the northern edge of the hematite ridge at Paulsens East has confirmed that a number of drill holes encountered iron rich loose scree within the first few meters from surface. Remaining holes were either drilled in weathered bedrock or too close to bedrock with no significant loose surficial material. Detrital iron ore deposits are formed by weathering and erosion of outcropping iron mineralization, with such eroded material often being found at the base of outcropping ridges of mineralized rock (as at Paulsens East) presenting itself as pebbles and fine gravel mixed up with soil and alluvium. The technique for mining and upgrading detrital iron ore typically includes simple excavation (e.g. using a bulldozer and with a front end loader) and minor crushing to required top size together with relatively inexpensive dry or wet screening. Because the detrital material is already broken and reduced in size, strip ratios are exceptionally low and no drilling or blasting would typically be required. Thus, potential exists for significant savings in the cost of mining surface detrital materials, compared to mining normal bedrock deposits. Strike is planning to test the potential extent and quality of the detrital material at Paulsens East with a sampling programme (to be undertaken in October 2020) of up to 120 pits to be dug over an area approximately 2,700 meters long east to west by an average 100 -150 meters wide north to south, totaling approximately 32 hectares.