STRIKE RESOURCES LIMITED — AGM Information 2010

Nov 24, 2010

Annual General Meeting Perth November 25, 2010

Meeting Overview

Chairman:	Shanker Madan
Managing Director:	Ken Hellsten
Directors:	Farooq Khan
	William Johnson
	Malcolm Richmond
	A. Farhad Moshiri
	Mark Horn (Alternate Director for Mr Moshiri)
	Matthew Hammond
Company Secretary:	Stephen Gethin
Notice of AGM:	15 October 2010
Proxies Received:	84 representing 33,347,651 voting shares

Agenda

• Managing Director's Overview & Presentation
• Questions for the Managing Director
• Financial and Director's Reports
• Questions for the Auditor
• Resolutions 1 4

Managing Director's Presentation

Apurimac Project - Highlights

• 44% direct interest in concession owner (AF)
• JORC resource of 269Mt @ 57.3% Fe*
• Strong working relationship with major JV partner
• High grade haematite with coarse, friable magnetite
• Positive Initial Pre-feasibility Study
• Substantial potential to increase resources

5

*See Appendix 1 to this presentation for a breakdown of the total mineral resource at this project into JORC categories and per concession, along with the JORC Code competent person statement.

Apurimac Concessions: Opaban 1 & 3: short term target of 300 – 350Mt*

Target mineralisation is based on

• Undrilled gravity and magnetic anomalies
• Both deposits open at depth
• Broad mineralised zones
• Skarn and hydrothermal mineralisation styles

Substantial exploration up-side

• 79,000 Ha under concessions

• 60% Fe in several areas

• Extensive structural corridor (Opaban)

• 60Mt potential at Colcabamba in top 100m

• Cusco resource estimate and exploration
• Numerous untested ironstones and magnetic targets

Opaban has Excellent Metallurgical Properties

DTR Mass Recovery

DTR Particle Size (P80 µm)

• Coarse particle liberation size (250 microns vs 30 – 40 microns)
• 60 70% mass recovery (vs 35 50%)
• Pictures here. • Excellent product grades with low impurities

Fe	68.02%	to	68.28%
AlO23	0.30%	to	0.35%
SiO2	1.51%	to	1.77%
P	0.01%	to	0.02%

• Low energy consumption hence lower operating costs
• No floatation circuit is required

Up-side Opportunities – Cobber LIMS Potential

• Initial testwork on high grade magnetite sample
• Excellent mass recovery of 68% with product grade of 67% Fe
• Low impurities and potential premium "sinter fines" product

LIMS Mass Recovery - Opaban

Composite Sample -1mm

Opaban LIMS Impurity Rejection - Composite Sample -1mm

Up-side Potential - Rope Conveyor System

• Option study completed
• Up to 2km between support towers
• Up to 20km per conveyor section
• European designed and engineered
• Facilitates lump/fines, coarse concentrate and ore transport options
• Capex of $2.1B (Rail $3.0B)
• Opex of $1.10/t (Rail $5.90/t)
• 31 sections over 288km
• Preliminary stage of studies and numerous issues to confirm … but looks sufficiently promising to take forward with slurry pipeline option

Building Strong Community Relations in Peru

• Community support is being fostered through long-term programs & building sustainable relationships of mutual trust and respect
• Strong, experienced Community Relations team in place
• Ongoing negotiations with communities
• Strike committed to long term relationships with local and indigenous landowners
• Doing what is required to secure a major project for Strike and Peru

Berau Thermal Coal Project – highlights

• Measured and Indicated Resource of 22.1Mt*
• Reserves of 7.7Mt based on 10.4Mt of indicated resource
• Haulage 30km to barge port
• Capital Cost <US$20M (plus working capital)
• Potential free cash flow of US$40M in the first year of full production based on 3Mtpa and US$54/t
• Current coal pricing US$68 73/t
• Development approvals almost complete
• Good quality product:
  • K/cal (gar): 5550 (Ave)
  • Moisture (ar): 16.6 -16.9
  • Internal Moisture: ~14%
  • Ash: 5.8 to 6.0 (adb)
  • Sulphur: 0.66 %

11

*See Appendix 2 to this presentation for a breakdown of the total mineral resources and reserves at this project into JORC categories and per block, along with the JORC Code competent person statements.

Berau Thermal Coal Project – partner status

• Dialogue and negotiations over last 12 months regarding restructure of Cooperation Agreement
• Extensive meetings during second half of 2010
• Numerous (generous) proposals offered to partner – all rejected
• Proposal by partner unfair and not acceptable
• Door remains open for constructive, good faith negotiations but legal options being explored

Looking Back……..

• Peru

• o AF Partner dispute settled and Peru team re-established
• o Excellent relations established with major AF partner but more to do
• o Resource doubled at Opaban, more required
• o Community engagement achieved despite legacy issues
• o Drilling delays as community approvals slower than expected
• o Transport options progressed and widened
• Berau
  • o Approvals and key contracts progressed..... partner issues remain
• Corporate
  • o Board restructure undertaken and new MD appointed

Moving Forward

• Drilling at Colcabamba from December, 2010
• Cusco resource estimate in December, 2010
• Revised (realistic) plan and budget being prepared
• Opaban drilling and PFS timing will driven by community approvals
• Continue to strengthen partner and community relations
• Further strengthen Lima management team
• Continue studies to optimise products, process flowsheet and transport options
• Expand iron ore resource base
• Secure agreement with Berau partner and then pursue development options

Formal Business

• 2010 Director's Report and Audited Financial Statements
• Resolutions
  • 1. Re-Elect Shanker Madan as a Director
  • 1. Re-Elect Malcolm Richmond as a Director
  • 1. Approve Issue of Director's Options to Ken Hellsten
  • 1. Adopt Remuneration Report

Re-Election of Shanker Madan

ProxySummary	For	Against	Abstain	Open	TotalsPictures here.
All ProxiesReceived	23,741,654	114,500	21,363	9,470,134	33,347,651
Chairman'sProxiesReceived	6,976,963	114,500	21,363	9,467,134	16,579,960

Re-Election of Malcolm Richmond

ProxySummary	For	Against	Abstain	Open	TotalsPictures here.
All ProxiesReceived	23,781,654	69,500	21,363	9,475,134	33,347,651
Chairman'sProxiesReceived	7,016,963	69,500	21,363	9,472,134	16,579,960

Approve Issue of Director's Options to Ken Hellsten

ProxySummary	For	Against	Abstain	Open	TotalsPictures here.
All ProxiesReceived	20,523,530	3,337,624	14,363	9,472,134	33,347,651
Chairman'sProxiesReceived	3,758,839	3,334,624	14,363	9,472,134	16,579,960

Adopt Remuneration Report

ProxySummary	For	Against	Abstain	Open	TotalsPictures here.
All ProxiesReceived	23,562,693	313,461	4,363	9,467,134	33,347,651
Chairman'sProxiesReceived	6,798,002	310,461	4,363	9,467,134	16,579,960

Strike Resources Limited ASX : SRK www.strikeresources.com.au Thank you

Appendix 1 – Apurimac Project JORC Code Information

The total Mineral Resource at the Opaban 1 and 3 concessions is 269.4 Mt, consisting of a 127.19 Mt Inferred Resource at Opaban 1 at 56.7% Fe (using a cut-off grade of 40% Fe) a 133.71 Mt Indicated Resource at Opaban 1 at 57.57% Fe (using a cut-off grade of 40% Fe) and an 8.53 Mt Indicated Resource at Opaban 3 at 62.08% Fe (using a cut-off grade of 55% Fe).

The information in this document which relates to mineral Resources at the Apurimac project, Opaban 1 concession has been jointly compiled by Mr Bruce Sommerville, (BAppSc, BSc (Hons)) who is a member of the Australasian Institute of Mining and Metallurgy and is an employee of SRK Consulting Pty Ltd (which is unrelated to Strike Resources Limited) and Mr Hem Shanker Madan (M. Sc (Appl. Geol.) who is a Member of The Australasian Institute of Mining and Metallurgy and is the Chairman of Strike Resources Limited. Mr Madan is responsible for data collection and data quality in respect of the Opaban 1 concession and Mr Sommerville is responsible for mineral Resource estimation in respect of the Opaban 1 concession. The information in this document that relates to mineral Resources at the Opaban 3 concession has been solely compiled by Mr Hem Shanker Madan. Information which relates to exploration targets has been compiled by persons other than Mr Sommerville, including Mr Hem Shanker Madan. Messrs Sommerville and Madan have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking, to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)." Messrs Somerville and Madan consent to the inclusion in this document of the matters based on their information in the form and context in which it appears.

Appendix 2 – Berau Project JORC Code Information

The Coal Resource at the Berau Coal Project in East Kalimantan is 27.7 million tonnes (Mt). Of the 27.7 Mt JORC Resources, 11 Mt is in the Measured category, 11.1 Mt is in the Indicated category and 5.6 Mt is in the Inferred category. The Resource is inclusive of a Probable Reserve of 7.7Mt.

Basis of JORC Estimation

The latest increase in the JORC assessment (an increase of 6.9Mt to the present Resource of 27.7Mt) was conducted by independent consultants, SRK Consulting, based upon a 9,866 metre HQ diamond core drilling program, comprised of 8697.55m open hole and 1169.35m full core drill holes. A total of 94 vertical holes were drilled. Down-hole geophysical logging was performed on all drill holes. The 6.9Mt resource upgrade to 27.7Mt was performed within the Nyapa East block only.

Coal Resources for both blocks in the Berau project are summarised below:

Blocks withinconcession	JORC Coal Resources (Mt)
	Measured	Indicated	Inferred	Sub-Total
Nyapa West	1.8	8.6	3.6	14.0
Nyapa East	9.2	2.5	2.0	13.7
Total	11.0	11.1	5.6	27.7

Appendix 2 (cont'd) – Berau Project JORC Code Information

The Coal Resource in the Nyapa West block is estimated to be 14 Mt, comprising 1.8 Mt of Measured Resource, 8.6 Mt of Indicated Resource and 3.6 Mt of Inferred Resource. The Coal Resource in the Nyapa East block is estimated to be 13.7 Mt, comprising 9.2 Mt of Measured Resource, 2.5 Mt of Indicated Resource and 2 Mt of Inferred Resource.

	Nyapa East Coal Resources
StructuralDomain	Measured(Mt)	Indicated(Mt)	Inferred(Mt)	Sub-Total(Mt)
South Domain	9.2	1.5	0.4	11.1
North Domain	-	1.0	1.6	2.6
Total	9.2	2.5	2.0	13.7

The in situ coal within Nyapa West and East Resources are of low ash, sub bituminous rank, with the following average qualities:

Deposit Name	Nyapa West	Nyapa East
Current JORC Resource	14 MT	13.7 MT
Calorific Value cal/g (gar)	5605	5633
Calorific Value cal/g (adb)	5800	5892
Total Moisture % (ar)	16.6	16.9
Inherent Moisture % (adb)	13.7	13.1
Ash % (adb)	5.8	6
Total Sulphur % (adb)	0.71	0.97

Appendix 2 (cont'd) – Berau Project JORC Code Information

Within the 14Mt Coal Resources in the Nyapa West block described above, 7.7 Mt of Probable Reserves have been estimated.

Probable	Calorific Value kcal/kg	Total Sulphur (as	Ash	Total
Reserves(Mt)	(gross as received)	received)	(ar)	Moisture (ar)
7.7 Mt	5,546	0.66%	7.3%	16.6%

The information in this document that relates to Nyapa West Mineral Resources has been compiled by Mr William Park (BSc (Geology), BEcon, MAIG) who is a member of the Australian Institute of Geoscientists and the information in this document that relates to Coal Reserves has been compiled by Mr Michael Trainor (BE (Mining), MAusIMM) who is a Member of The Australian Institute of Mining and Metallurgy. Mr Park and Mr Trainor are employees of PT Runge Indonesia. PT Runge Indonesia is a related entity of RMMC Pty Ltd (formerly known as Minarco-MineConsult Pty Ltd) and RMMC issued the original JORC report while Minarco-MineConsult was the company's registered name. Mr Park and Mr Trainor have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking, to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)." Mr Park and Mr Trainor consent to the inclusion in this document of the matters based on their information in the form and context in which it appears.

24 The information in this document which relates to the Nyapa East Resource estimate is based on data compiled and supplied to SRK by an employee of Strike Resources Limited who is a Member of The Australasian Institute of Mining and Metallurgy. The Responsible Person for the Nyapa East Coal Resource estimate is Dr Gerry McCaughan who is a member of the AusIMM. Dr McCaughan is a full time employee of SRK Consulting and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr McCaughan consents to the inclusion in this document of the matters based on the Nyapa East Resource information in the form and context in which it appears.