STRIKE RESOURCES LIMITED — Capital/Financing Update 2005

Dec 29, 2005

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement. application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 177/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

FAST SCOUT LIMITED (FSL)

ABN

94 088 488 724

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

• $\mathbf{1}$ ⁺Class of $+$ securities issued or to be $\lceil$ issued
• Number of ⁺securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued
• $\mathbf{3}$ Principal terms of the "securities" (eg. if options, exercise price and date: if partly expiry paid *securities, the amount outstanding and due dates for payment; if *convertible securities. the conversion price and dates for conversion)

Fully paid ordinary shares

Up to $10.000.000^{(A)}$ shares (post Share $Conversion^(B) basis$

Same as for other fully paid ordinary shares on issue

(A) Pursuant to FSL Prospectus dated 23 December 2005 ("Prospectus") inviting investors to apply for a total of 7,500,000 shares at an issue price of 20 cents per share to raise \$1,500,000; The Company reserves the right to accept oversubscriptions of up to \$500,000 through the issue of up to a further 2.500,000 shares at an issue price of 20 cents per share: The minimum subscription is 6,500,000 shares to raise \$1,300,000.

Share Conversion (on a 1 for 3 basis with record date of 3 January 2006) as defined in the (B) FSL Prospectus.

⁺ See chapter 19 for defined terms.

4	Do the securities rank equally in all respects from the date of allotment with an existing "class of quoted securities?	Yes
	If the additional securities do not rank equally, please state: the date from which they do ۰ which they the extent to ۰ participate for the next dividend, case of (n) the $\mathbf{a}$ trust. distribution) or interest payment the extent to which they do not ۰ rank equally, other than in relation to the next dividend, distribution or interest payment
5	Issue price or consideration	20 cents each (post Share Conversion basis)
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Refer to Prospectus dated 23 December 2005 (the Prospectus)
7	Dates of entering "securities into uncertificated holdings or despatch of certificates	Expected on or about 6 February 2006 (subject to change if the Prospectus closing date (currently 3 February 2006) changes)
		Number	$\overline{+}$ Class
8	+ class οf Number and all quoted *securities ASX. - on (including the securities in clause 2 if applicable)	114,909,095 (current: pre Share Conversion)	ORDINARY
		38,303,032 (assumed post Share Conversion - final number subject to completion of the Share Conversion)
		plus 10,000,000 issued under Prospectus
		equals 48,303,032 post Prospectus

⁺ See chapter 19 for defined terms.

	Number	+ Class
-9 Number and + class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)	350,000 (pre Share Conversion issued to Uranium Oil and Gas Limited on 23 December 2005 pursuant to the UOG Agreement as defined in the Prospectus)	ORDINARY

Dividend policy (in the case of a
trust, distribution policy) on the $10¹⁰$ increased capital (interests)

		No change in policy applicable to all fully
paid ordinary shares

Part 2 - Bonus issue or pro rata issue

11	holder approval security Is required?	N/A
12	Is the issue renounceable or non- renounceable?	N/A
13	Ratio in which the *securities will be offered	N/A
14	Class of securities to which the offer relates	N/A
15	*Record date determine to. entitlements	N/A
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	N/A
17	Policy for deciding entitlements in relation to fractions	N/A
18	Names of countries in which the entity has *security holders who will not be sent new issue documents	N/A
	Note: Security holders must be told how their entitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closing date for оf receipt acceptances or renunciations	N/A
20	Names of any underwriters	N/A

⁺ See chapter 19 for defined terms.

Appendix 3B New issue announcement

21	Amount of any underwriting fee or commission	N/A
22	Names of any brokers to the issue	N/A
23	Fee or commission payable to the broker to the issue	N/A
24	any handling fee Amount of brokers who lodge payable 10 ° acceptances or renunciations on behalf of *security holders	N/A
25.	If the issue is contingent on *security holders' approval, the date of the meeting	N/A
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled	N/A
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	N/A
28	Date rights trading will begin (if applicable)	N/A
29	Date rights trading will end (if applicable)	N/A
30	How do *security holders sell their entitlements in full through a broker?	N/A
31	How do + security holders sell part of their entitlements through a broker and accept for the balance?	N/A
32.	How do *security holders dispose of their entitlements (except by sale through a broker)?	N/A
33.	*Despatch date	N/A

⁺ See chapter 19 for defined terms.

Part 3 - Ouotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• Securities described in Part 1 $(a)$
• $(b)$

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• If the *securities are *equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders
• If the "securities are "equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100.001 and over

37

35

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

38	Number of securities for which $N/A$ *quotation is sought
-39	Class of $\checkmark$ securities for which $N/A$ quotation is sought

⁺ See chapter 19 for defined terms.

40	Do the securities rank equally in all respects from the date of allotment with an existing "class of quoted securities?	N/A
	If the additional securities do not rank equally, please state: the date from which they do which the extent to they participate for the next dividend, case of a trust, $\lim$ the distribution) or interest payment the extent to which they do not $\bullet$ rank equally, other than in relation to the next dividend, distribution or interest payment
41	Reason for request for quotation now Example: In the case of restricted securities, end of restriction period upon conversion of (if issued) another security, clearly identify that	N/A
	other security)	Number	+ Class
42	Number and + class of all + securities quoted on ASX (including the securities in clause 38)	N/A

⁺ See chapter 19 for defined terms.

Ouotation agreement

• $\mathbf{I}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the "securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• $\bullet$ The issue of the *securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any $\bullet$ applications received by us in relation to any *securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.
• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before *quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

......................................

Print name: VICTOR HO

(Company Secretary)

$= 1.4$

⁺ See chapter 19 for defined terms.