STRIKE RESOURCES LIMITED — Capital/Financing Update 2005

Oct 12, 2005

Thursday, 13 October 2005

MARKET ANNOUNCEMENT

CLEARER VERSION OF ANNOUNCEMENT

We enclose a clearer version of our market announcement titled "Completion of Due Diligence" lodged by ASX earlier today.

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

Thursday, 13 October 2005

MARKET ANNOUNCEMENT

COMPLETION OF DUE DILIGENCE

Fast Scout is pleased to advise that it has declared satisfaction of due diligence in relation to the uranium tenement applications the subject of an agreement with Hume Mining NL $$ referred to in Fast Scout's market announcement dated 20 September 2005 ("Hume Mining Agreement").

Fast Scout's project areas in the Northern Territory and Western Australia are located as outlined in the following geographic map:

The remaining conditions for the completion of the Hume Mining Agreement are Fast Scout shareholder approval and completion of a $2 million capital raising.

INTERIM CAPITAL RAISING

The Company is also pleased to advise that further to its announcement dated 28 September 2005 (Company Update) it has received firm commitments to raise an additional $750,000 from sophisticated investors in 2 tranches:

• $(1)$ Under Fast Scout's 15% placement capacity and subject to Fast Scout shareholder approval - an amount of $500,000 (in relation to the issue of 5,000,000 fully paid ordinary shares at 10 cents per share) to be provided by no later than 17 October 2005. Such funds will be held in trust until the EGM (referred to below) and will be applied for general working capital purposes and towards the fulfilment of the $2 million capital raising condition in the Hume Mining Agreement; and
• $(2)$ Under a prospectus to be issued by Fast Scout as part of the re admission process of the Company on ASX) - a firm commitment to subscribe for $250,000 worth of shares (also subject to Fast Scout shareholder approval).

www.fastscout.com

FAST SCOUT LIMITED

A.B.N. 94 088 488 724

Level 14, 221 St Georges Terrace, Perth WA 6000 $T$ | + 61 (8) 9214 9700 $F$ | + 61 (8) 9322 1515 The Company refers to its announcement (Uranium Tenement Update) on 11 October 2005 where it advised that it had received firm commitments for $700,000 (in relation to the issue of 7,000,000 shares at 10 cents per share). The Company wishes to clarify that it has received formal applications and funds for $640,000 with the balance of $60,000 held on trust pending completion of formal documentation.

The Company will confirm to the market once firm commitments have been received in respect of such $60,000.

Accordingly the total level of firm commitments received by FSL to date equals $1,390,000.

These commitments are subject to FSL completing satisfactory due diligence under the Hume Mining Agreement which Fast Scout notes has now been satisfied.

With respect to the $1.39 million total commitments received, in accordance with the ASX Listing Rules, the Company is able to immediately issue 2,290,000 shares (to raise $229,000). The Company will issue such shares shortly.

The issue of shares for the balance of the firm commitments received ($1,161,000) is subject to and conditional upon Fast Scout shareholder approval, which will be sought at the EGM referred to below.

INDICATIVE TIMETABLE

Declaration of satisfaction of due diligence on the HumeMining Agreement	13 October 2005
Despatch of notice of meeting and explanatorymemorandum for EGM to approve the Hume MiningAgreement and other mining assets (if applicable), changeof activities, capital raising and share reconstruction (ifrequired) and other appropriate matters	26 October 2005 $(1)$
Suspension of Fast Scout shares on the eve of the EGM	24 November 2005 $(1)$
Fast Scout EGM	25 November 2005 $(1)$ , $(2)$

Notes:

• $(1)$ Indicative dates only, which may change;
• $(2)$ Dates may change by agreement of Fast Scout and Hume pursuant to the Hume Mining Agreement;

Further information:

Farooq Khan Chairman T | (08) 9214 9700 E | fkhan@fastscout.com