STRIKE RESOURCES LIMITED — Capital/Financing Update 2006

May 22, 2006

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 1/7/96. 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

STRIKE RESOURCES LIMITED (SRK)

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 Fully Paid Ordinary Shares issued

• $\overline{2}$ Number of *securities issued or to be 234,104 issued (if known) or maximum number which may be issued
• $\overline{3}$ Principal terms of the *securities (eg, if options, exercise price and expiry date; if partly paid 'securities, the amount outstanding and due dates for payment: if *convertible securities. the conversion price and dates for conversion)

Same rights as other fully paid ordinary shares on issue.

+ See chapter 19 for defined terms.

$\overline{4}$ Do the +securities rank equally in all respects from the date of allotment with an existing 'class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do $\bullet$
• the extent to which they $\bullet$ participate for the next dividend, (in the case of a trust, 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

5 Issue price or consideration

20 cents each = $$46,820.80$ in total

• 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)
• $71$ Dates of entering *securities into uncertificated holdings or despatch of certificates
• Number and +class of all 8 *securities quoted on ASX (including the securities in clause 2 if applicable)

Number	$\pm$ Class
45,920,449(also refer Table A)	ORDINARY(ASX Code: SRK)
23.501.05930 June 2008 Options	30 June 2008 Optionsoptioneachprovides the right tosubscribe for oneSRK share at a costof 20 cents per share,on or before 5.00pmWST on 30 June2008(ASX Code: SRKO)

Same rights as other fully paid ordinary shares on issue.

Exercise of 30 June 2008 Options by option-holders

19 May 2006

+ See chapter 19 for defined terms.

$\overline{9}$ Number and *class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	+ Class
Refer Table A

TABLE A - RECONCILIATION OF QUOTED AND UNQUOTED SECURITIES:

The Company currently has the following securities on issue:

	Quoted /To be Quoted	Subject toEscrow	Total
Fully paid ordinary shares	45,920,449	1,783,334	47,703.783
$0.20 (30 June 2008) Options	23.501.059	,	23,501,059
$0.20 (9 February 2011) Hume Options$0.30 (9 February 2011) Hume Options	$\overline{a}$$\overline{\phantom{a}}$	1,833,3331,666,667	1,833,3331,666.667

$10$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Same rights as other fully paid ordinary shares on issue.

Part 2 - Bonus issue or pro rata issue

11	holdersecurityapprovalΙsrequired?	N/A
12	Is the issue renounceable or non-renounceable?	N/A
13	Ratio in which the "securities willbe offered	N/A
14	+ Class of + securities to which theoffer relates	N/A
15	determine*Recorddateto.entitlements	N/A
16	Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?	N/A
17	Policy for deciding entitlements in $N/A$relation to fractions

$\overline{\text{+ See chapter 19 for defined terms.}}$

18	Names of countries in which theentity has *security holders whowillnotbe.sentnewissuedocuments	N/A
	Note: Security holders must be told how theirentitlements are to be dealt with.Cross reference: rule 7.7.
19	Closingreceiptоfdateforacceptances or renunciations	N/A
20	Names of any underwriters	N/A
21	Amount of any underwriting fee orcommission	N/A
22	Names of any brokers to the issue	N/A
23	Fee or commission payable to thebroker to the issue	N/A
24	Amount of any handlingfeepayable to brokers who lodgeacceptances or renunciations onbehalf of *security holders	N/A
25	If the issue is contingenton*security holders'approval,thedate of the meeting	N/A
26	Date entitlement and acceptanceform and prospectus or ProductDisclosure Statement will be sent topersons entitled	N/A
27	If the entity has issued options, andthe terms entitle option holders toparticipate on exercise, the date onwhich notices will be sent to optionholders	N/A
28	Date rights trading will begin (if N/Aapplicable)
29.	Date rights trading will end (if N/Aapplicable)
30	How do *security holders sell theirentitlements in full throughаbroker?	N/A
31	How do *security holders sell partof their entitlements through abroker and accept for the balance?	N/A

+ See chapter 19 for defined terms.

-32	How do *security holders dispose N/A
	of their entitlements (except by sale
	through a broker)?

33 *Despatch date

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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)
• $(a)$ Securities described in Part 1
• $(b)$

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

+ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

38	Number of securities for which+ quotation is sought	N/A
39.	Class of "securities for whichquotation is sought	N/A
40.	Do the *securities rank equally in allrespects from the date of allotmentwith an existing "class of quoted*securities?If the additional securities do notrank equally, please state:the date from which they do$\bullet$which theyextent$\mathbf{t}$the۰participate for the next dividend,$(in$ the caseoftrust.$\alpha$distribution) or interest paymentthe extent to which they do notrank equally, other than inrelation to the next dividend,distribution or interest payment	N/A
41	Reason for request for quotationnowExample: In the case of restricted securities, end ofrestriction period(if issued upon conversion ofanother security, clearly identify thatother security)	N/A
42.	Number and *class of all *securitiesquoted on ASX (including thesecurities in clause 38)	*ClassNumberN/A

+ See chapter 19 for defined terms.

Ouotation agreement

• $\mathbf{1}$ *Quotation 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.
  • 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 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 $\bullet$ *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 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: ...................................... (Company Secretary)

Print name: VICTOR HO

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+ See chapter 19 for defined terms.