STRIKE RESOURCES LIMITED — Capital/Financing Update 2011

Nov 23, 2011

Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

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).

1 +Class of +securities issued or to Options be issued 2 Number of[+] securities issued or to 4,250,000 be issued (if known) or maximum number which may be issued 3 Principal terms of the[+] securities (1) 1,416,668 options exercisable at $0.36 (eg, if options, exercise price and expiry date; if partly paid (2) 1,416,666 options exercisable at $0.42 +securities, the amount (3) 1,416,666 options exercisable at $0.56 outstanding and due dates for payment; if[+] convertible securities, All options expire on 23 November 2016. the conversion price and dates for conversion)

• See chapter 19 for defined terms.

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Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

• 4 Do the[+] securities rank equally in Yes 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

The options were issued to employees, including the Managing Director, for no consideration as part of their remuneration.

6 Purpose of the issue The options were issued to employees, (If issued as consideration for the including the Managing Director, as part of acquisition of assets, clearly their remuneration. identify those assets)

7 Dates of entering[+] securities into 24 November 2011 uncertificated holdings or despatch of certificates

Number +Class 8 Number and +class of all +securities quoted on ASX 142,534,268 Fully-paid ordinary shares ( including the securities in clause 2 if applicable) (ASX Code: SRK) 9 Number and +class of all See Table A (below) Options +securities not quoted on ASX ( including the securities in clause 2 if applicable)

• See chapter 19 for defined terms.

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Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

Table A - Reconciliation of Quoted and Unquoted Securities:

The Company currently has the following securities on issue:

Fully-paid, ordinary shares $2.078 (6 March 2012) Unlisted Director Options $2.788 (6 March 2012) Unlisted Director Options $2.878 (30 April 2012) Unlisted Employee Options $2.50 (24 November 2012) Unlisted Director Options $2.75 (24 November 2012) Unlisted Director Options $3.25 (24 November 2012) Unlisted Director Options $3.978 (2 December 2012) Unlisted Director Options $2.878 (3 March 2013) Unlisted Employee Options $2.75 (13 October 2013) Unlisted Employee Options $0.36 (23 November 2016) Unlisted Personnel Options $0.42 (23 November 2016) Unlisted Personnel Options $0.56 (23November 2016) UnlistedPersonnelOptions	Quoted on ASX Not Quoted on ASX Total
	142,534,268 - 142,534,268 - 500,000 500,000 - 2,950,000 2,950,000 - 33,000 33,000 - 750,000 750,000 - 750,000 750,000 - 750,000 750,000 - 3,500,000 3,500,000 - 250,000 250,000 - 250,000 250,000 - 1,416,668 1,416,668 - 1,416,666 1,416,666 - 1,416,666 1,416,666
Total	142,534,268 13,983,000 156,517,268

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

• See chapter 19 for defined terms.

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Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

Part 2 - Bonus issue or pro rata issue

Part 2 - Bonus issue or	pro rata issue
11 Is security holder approval required? 12 Is the issue renounceable or non-renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders	N/A
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• See chapter 19 for defined terms.

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Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

25 If the issue is contingent on +security holders’ approval, the date of the meeting 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 applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their 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	N/A
	N/A
	N/A
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	N/A
	N/A
	N/A
	N/A
	N/A

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

• See chapter 19 for defined terms.

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Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

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

• 35[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

36[If the ] +securities setting out the number of holders in the categories[+][securities are ][+][equity securities, a distribution schedule of the additional ] 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 N/A +quotation is sought

39 Class of[+] securities for which N/A quotation is sought

40 Do the[+] securities rank equally in N/A 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

• See chapter 19 for defined terms.

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Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

41 Reason for request for quotation N/A now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class 42 Number and +class of all N/A +securities quoted on ASX ( including the securities in clause 38)

• See chapter 19 for defined terms.

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Strike Resources Limited ABN 94 088 488 724

Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 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 +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: 24 November 2011

Print name: Stephen Gethin, Company Secretary

• See chapter 19 for defined terms.

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