STRIKE RESOURCES LIMITED — Capital/Financing Update 2007

Mar 12, 2007

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

STRIKE RESOURCES LIMITED (SRK)

ABN

94 088 488 724

We (the entity) give ASX the following information.

Part 1 - All issues

number which may be issued

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

+ Class of + securities issued or to be $\mid$ (a)issued	(b)	$2.10 (7 March 2012) UNLISTEDDIRECTOR'S OPTIONS$2.81 (7 March 2012) UNLISTEDDIRECTORS' OPTIONS
Number of 'securities issued or to beissued (if known) or maximumand considered in the first company of the contract of the second state of the second state of the second state of the second state of the second state of the second state of the second state of the second state of the sec	(a)(b)	500.0003,300,000

+ See chapter 19 for defined terms.

• $\overline{3}$ 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)
• $(a)$ $2.10 exercise price;
• $(b)$ $2.81 exercise price.

For both (a) and (b):

• After they have vested, exercisable at any time $(i)$ on or before 7 March 2012:
• $(ii)$ The options will vest as follows:
  • 30% of the options will vest at the date $(a)$ of issue:
  • 30% of the options issued will vest on 7 $(b)$ March 2008; and
  • 40% of the options issued will vest on 7 $(c)$ March 2009.
• Otherwise on terms and conditions disclosed in $(iii)$ Notice of Meeting and Explanatory Statement dated 24 January 2007 for a general meeting held on 6 March 2007.
• $\overline{4}$ 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
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

5 Issue price or consideration New class of options.

Shares issued upon exercise of options has same rights as other fully paid ordinary shares on issue.

Nil

Purpose of the issue 6 (If issued as consideration for the acquisition of assets, clearly identify those assets)

Dates of entering *securities into $\overline{\tau}$ uncertificated holdings or despatch of certificates

Grant of options to Directors pursuant to shareholder approval on 6 March 2007

(refer Notice of Meeting and Explanatory Statement dated 31 May 2006)

7 March 2007

+ See chapter 19 for defined terms.

$\overline{8}$ Number and +class of all *securities quoted on ASX (including the securities in clause 2 if applicable)

Number	+ Class
64,596,653	ORDINARY
(also refer Table A)	(ASX Code: SRK)
14,622,51430 June 2008 Options	30 June 2008 Optionsoptioneachprovides the right tosubscribe foroneSRK share at a costof 20 cents per share,on or before 5.00pmWST on 30 June2008(ASX Code: SRKO)

$\overline{9}$ 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:

	Ouoted /To be Quoted	Not Quoted	Total
Fully paid ordinary shares	64,596,653		64,596,653
$0.20 (30 June 2008) Options	14,622,514		14,622,514
$0.20 (9 February 2011) Unlisted Options		1,833,333	1,833,333
$0.30 (9 February 2011) Unlisted Options		1,666,667	1,666,667
$0.96 (21 July 2011) Directors' Options	٠	4,600,000	4,600,000
$0.96 (13 September 2011) UnlistedDirectors' Options		500,000	500,000
$1.20 (6 October 2011) Unlisted EmployeeOptions		150,000	150,000
$2.10 (7 March 2012) Unlisted Directors'Options		500,000	500,000
$2.81 (7 March 2012) Unlisted Directors'Options		3,300,000	3,300,000
TOTAL	79,219,167	12.550.000	91.769.167

Dividend policy (in the case of a $\boxed{N}$ $10°$ trust, distribution policy) on the increased capital (interests)

ØΑ

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

Part 2 - Bonus issue or pro rata issue

11	securityholderapprovalIsrequired?	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	*Recorddeterminedateto.entitlements	N/A
16	Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?	N/A
17	Policy for deciding entitlements inrelation to fractions	N/A
18	Names of countries in which theentity has *security holders whowill notbe –sent newissuedocuments	N/A
	Note: Security holders must be told how theirentitlements are to be dealt with.Cross reference: rule 7.7.
19	of 1Closingdateforreceiptacceptances 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	any handlingfeeAmountofpayable to brokers who lodgeacceptances or renunciations onbehalf of *security holders	N/A
25	If the issue iscontingenton*security holders'approval,thedate of the meeting	N/A

+ See chapter 19 for defined terms.

• 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
• 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
• 28 Date rights trading will begin (if $N/A$ applicable)
• 29 Date rights trading will end (if $N/A$ applicable)
• 30 How do "security holders sell their $N/A$ entitlements in full through a broker?
• 31 How do "security holders sell part of their entitlements through a broker and accept for the balance?
• 32 How do *security holders dispose of their entitlements (except by sale through a broker)?

33 *Despatch date

Part 3 - Quotation 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

${\rm N/A}$

$N/A$

$N/A$

$N/A$

$N/A$

+ See chapter 19 for defined terms.

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

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

38	Number of securities for which* quotation is sought	N/A
39.	Class of "securities forwhichquotation 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 doextent to which theythe	N/A
	participate for the next dividend,(in the case of atrust,distribution) or interest paymentthe extent to which they do notrank equally, other than inrelation to the next dividend,distribution or interest payment

+ See chapter 19 for defined terms.

other security)

41	Reason for request for quotation $\vert N \rangle$now
	Example: In the case of restricted securities, end of restriction period
	$(if$ issued upon conversion ofanother security, clearly identify that

łI.	$\big \mathbf{N}/\mathbf{A}\big $
$\delta$
эf
at

Number and *class of all *securities 42 quoted on ASX (including the securities in clause $38$ )

	Number	+ Class
	N/A
٠

+ See chapter 19 for defined terms.

Ouotation agreement

• $\mathbf{1}$ *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.
  • 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 cive 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 *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.
• 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:	.	Date: 13 March 2007
	(Company Secretary)

Print name: VICTOR HO

$=$ $=$ $=$ $=$ $=$ $=$ $=$ $=$ $=$

+ See chapter 19 for defined terms.