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STRIKE RESOURCES LIMITED Capital/Financing Update 2024

Mar 7, 2024

65855_rns_2024-03-07_74c12a63-821c-42ee-83c8-9d0b6faf4fb9.pdf

Capital/Financing Update

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Friday, 8 March 2024 ASX Code: SRK

MARKET ANNOUNCEMENT

Completion of Disposal of Paulsens East Iron Ore Project

Strike Resources Limited (ASX:SRK) (Strike or Company) is pleased to announce it has completed the disposal of its Paulsens East Iron Ore Project in consideration of $20.5 million cash.

The disposal was pursuant to a Share and Asset Purchase Agreement (Agreement) with certain parties including Miracle Iron Holdings Pty Ltd (Miracle) for the sale of 100% of the shares in wholly-owned subsidiary, Strike Iron Ore Holding Pty Ltd (SIOPL) in consideration of a cash purchase price of A$20.5 million.1 SIOPL is the parent of Paulsens East Iron Ore Pty Ltd (PEIOPL), the owner of the Paulsens East Iron Ore Project located in the Pilbara, Western Australia (Paulsens East).

Strike received a A$2 million deposit on execution of the Agreement in December 2023 and received A$18 million at completion earlier today, with A$0.5 million deferred consideration payable by Miracle on 30 June 2024. Strike has also discharged the US$7.2 million loan (A$11.26 million) owed to Good Importing International Pty Ltd (GII)2.

Strike's current cash position is approximately $7.5 million.

AUTHORISED FOR RELEASE - FOR FURTHER INFORMATION:

Farooq Khan Victor Ho T | (08) 9214 9700 T | (08) 9214 9700

Executive Chairman Executive Director and Company Secretary