STRIKE RESOURCES LIMITED — Capital/Financing Update 2011

Oct 12, 2011

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Market Announcement

D&C Exercises Apurimac Ferrum Share Option

As announced on 1 July[1] , Strike acquired the 12% share in Peruvian joint venture company Apurimac Ferrum S.A. ( AF ) formerly held by Iron Associates Corporation ( IAC ) and entered an agreement with D&C under which:

• D&C granted Strike a 90-day exclusivity period in which to negotiate to acquire D&C’s 44% shareholding in AF ( D&C Negotiations ), and

• Strike granted D&C an option, exercisable if the D&C Negotiations were unsuccessful, to purchase half the AF Shares which Strike acquired from IAC and half of a debt of approximately US$5 million which Strike also acquired from IAC ( Option ).

The parties were unable to reach an agreement for Strike to acquire D&C’s AF shares and D&C has exercised the Option. When the transfer of the shares under the Option is completed, Strike and D&C will each hold 50% of AF. D&C will pay Strike US$1.9 million as the exercise price of the Option.

Thursday, 13 October 2011

For further information:

Malcolm Richmond Ken Hellsten Chairman Managing Director T | +61 8 9324 7100 T | +61 8 9324 7100

1 See the Strike Resources ASX Announcement of that date: Strategic Acquisition – Apurimac/Cusco Iron Ore Projects

Strike Resources Limited (ABN 94 088 488 724) Level 8, 221 St Georges Terrace Perth Western Australia 6000 Tel: +61 8 9324 7100 Fax: +61 8 9324 7199

Web: www.strikeresources.com.au Email: info@strikeresources.com.au