STRIKE RESOURCES LIMITED — AGM Information 2005

Oct 26, 2005

Thursday, 27 October 2005

MARKET ANNOUNCEMENT

UPDATED TIMETABLE

Fast Scout advises of the following updated timetable in relation to the Company's 2005 Annual General Meeting (AGM) and shareholder approvals for, amongst other matters, the completion of the Hume Mining Agreement1, a change of activities to the resources sector and a capital raising as previously announced by the Company.

INDICATIVE TIMETABLE2

Declaration of satisfaction of due diligence on the HumeMining Agreement	13 October $20053$
Despatch of meeting documents for the AGM to approvethe Hume Mining Agreement 4 and other mining assets (ifapplicable), a change of activities, the issue of sharespursuant to capital raisings undertaken or proposed to beundertaken by the Company, a share reconstruction (ifrequired), a change of name, the re-election of directorsand any other appropriate matters relevant to the newbusiness direction of the Company or required to be put atthe AGM	23 November 2005
Suspension 5 of Fast Scout shares on the eve of the AGM	22 December 2005
Fast Scout AGM	23 December 2005 6
Date for completion of minimum $2 million capital raising 7under the Hume Mining Agreement	13 January 2006 $8$
Expected reinstatement of quotation of Fast Scout sharesupon re-compliance with ASX Listing Rules	23 January 2006

Further information:

Victor Ho Company Secretary T | (08) 9214 9700 E | vho@fastscout.com

www.fastscout.com

FAST SCOUT LIMITED

A.B.N. 94 088 488 724

Notes:

• $\mathbf{1}$ Agreement between Fast Scout and Hume Mining NL referred to in the Company's market announcement of 20 September 2005.
• $\overline{2}$ Indicative dates only, which may change.
• 3 Refer to Fast Scout's market announcement dated 13 October 2005.
• $\overline{4}$ Pursuant to a condition under the Hume Mining Agreement; date for obtaining Fast Scout shareholder amended by agreement with Hume Mining NL from 30 November to 23 December 2005 in light of the extension of the Fast Scout AGM date.
• 5 Pursuant to ASX requirements as advised by ASX to Fast Scout.
• 6 Fast Scout has obtained the consent of ASIC to extend the period within which the Company must holds its AGM from 30 November to 23 December 2005. The extension was sought by the Company as given the proximity of the AGM (which was required to be held by 30 November under the Corporations Act) and the matters requiring shareholder approval the subject of the proposed change of activity transaction and related capital raising, it was the Company's view that it would be in the best interests of shareholders (in terms of less confusion in considering and attending 2 general meetings of Fast Scout within a short period time) and the Company (in terms of reduced costs of despatching 2 sets of extensive meeting documents and convening 2 general meetings within a within a short period time) for such matters to be consolidated and considered at the same time in a single meeting of shareholders.
• Pursuant to a condition under Hume Mining Agreement: Fast Scout is pleased to note that $\overline{7}$ during October 2005, it received firm commitments in respect of a capital raising of $1.45 million from sophisticated and professional investors comprising:
  • $(a)$ $229,000 immediately (in relation to the issue of 2,290,000 shares at 10 cents per share - which were issued on 19 October 2005);
  • $(b)$ $971,000 (in relation to the issue of 9,710,000 shares at 10 cents per share) subject to Fast Scout shareholder approval (at the AGM referred to in this announcement) with such funds currently held in trust until shareholder approval is received;
  • $250,000 under a prospectus to be issued by Fast Scout as part of the re admission $(c)$ process of the Company on ASX (also subject to Fast Scout shareholder approval at the AGM referred to in this announcement).

These commitments were subject to FSL completing satisfactory due diligence under the Hume Mining Agreement which was satisfied on 13 October 2005.

The balance of the capital raising (a minimum of $0.55 million) is likely to be undertaken pursuant to the same prospectus referred to in Note $(7)(c)$ - this prospectus is likely to be issued shortly after the despatch of the notice of AGM (referred to in this announcement) with the closing date early in the new year.

Pursuant to a condition under Hume Mining Agreement; date amended by agreement with $\mathsf{R}$ Hume Mining NL from 16 December 2005 to 13 January 2006 in light of extension of Fast Scout's AGM date.