STRIKE RESOURCES LIMITED

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30 SEPTEMBER 2007 QUARTERLY REPORT

SUMMARY OF MATERIAL MARKET ANNOUNCEMENTS DURING THE QUARTER

OBJECTIVES FOR DECEMBER 2007 QUARTER

Apurimac Iron Ore (Peru):

19 July 2007 - Release JORC Inferred Resource estimate of 172 million tonnes grading 62.28% Fe from the Opaban I and III concessions in the Apurimac Project area.

1 August 2007 – Release of June 2007 Quarterly Activities and Cashflow Report.

22 August 2007 – Release of presentation at the Iron Ore 2007 Conference jointly organised by AusIMM and CSIRO in Perth.

13 August 2007 – Announced commencement of prefeasibility studies coordinated by Sinclair Knight Merz and involving the Snowden Group, CSIRO and Pipeline Systems Incorporated, on a 20 million tonne per annum mining operation in the Apurimac Project area and the transportation of iron ore by a slurry pipeline to a selected port site to be developed on the Pacific coast, which are expected to be completed in the January to March 2008 quarter.

21 September 2007 – Release of 2007 Full Year Reports comprising the Directors’ Report and audited financial statements.

3 October 2007 – Release of “Peruvian Projects Update” containing the results of drilling in the northern part of the Opaban I deposit, detailed geophysical work within the Opaban III concession and initial reconnaissance mapping and sampling programme on 8 undrilled concessions within the Apurimac Project, and the potential for a 2 million tonne per annum surface mining operation in the Cuzco Project.

4 October 2007 – Release of presentation to fund managers and institutional investors in Hong Kong and Singapore.

29 October 2007 – Release of 2007 Annual Report.

31 October 2007 – Release of Notice of Annual General Meeting ( AGM ) and accompanying Prospectus (for the offer of Alara Uranium Limited shares under a proposed in specie distribution) for an AGM to be held on 30 November 2007.

(a) Upon the receipt of local community approvals and drilling and environmental permits, undertake further drilling campaigns at:
(i) Opaban I concession - to the north, west and at depth;
(ii) Opaban III concession - to test further iron ore mineralisation as a result of recently conducted detailed geophysical work;
(iii) Priority targets of surface outcrops of iron ore mineralisation within the remaining 21 granted Apurimac Project concessions, commencing with a 40 hole diamond drilling programme in the Ferrum 9 and Ferrum 11 concessions.
(b) When available, interpretation of assay results from October/November 2007 drilling in the northern section of the Opaban I concession;
(c) Conduct on-going ground magnetic surveys and mapping together with surface sampling over the remaining high priority concessions within the Apurimac Project area to identify drill targets;
(d) Subject to aircraft availability, conduct an aeromagnetic survey over the north-western part of the Apurimac District.

Cuzco Iron Ore (Peru):

(a) Interpretation of assay results and mineralogical/metallurgical testing by CSIRO from June 2007 scout drilling campaign;
(b) Upon the receipt of drilling and environmental permits, undertake drilling, trenching and sampling of scree deposits and shallow iron mineralisation (of up to 10 metres deep) to define a resource of high grade iron ore for a potential two million tonne per annum iron ore lump and fines mining operation.
(c) Upon the receipt of drilling and environmental permits and completion of the matters in (a) above, drilling to delineate an ore body capable of supporting a 20 million tonnes per annum mining operation.

King Sound Mineral Sands (Western Australia)

Undertake a reconnaissance trip to collect sediment samples across the tenements to verify historical reported heavy mineral grades and to ascertain whether ground geophysical techniques may be a viable exploration tool in the area.

Dated: 31 October 2007

Return of Capital of Alara Uranium Limited Shares

Further information:

Shanker Madan Managing Director E | [email protected]

Subject to receipt of shareholder approval at the 2007 AGM (scheduled for 30 November 2007), undertake the completion of an in-specie distribution of 16 million Alara Uranium Limited shares to eligible Strike shareholders.

Registered Office:

Level 14, The Forrest Centre 221 St Georges Terrace Perth, Western Australia 6000

T | (08) 9214 9700 F | (08) 9322 1515 E | [email protected] W | www.strikeresources.com.au

A.B.N. 94 088 488 724

ASX Codes: SRK + SRKO

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Share Registry:

Advanced Share Registry Services 110 Stirling Highway Perth, Western Australia 6009

T | (08) 9389 8033 F | (08) 9389 7871 E | [email protected] W | www.asrshareholders.com

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COMPANY PROFILE

Strike Resources Limited (ASX Code: SRK) is an Australian based mineral exploration and development company with a prospective portfolio of mineral exploration projects in Australia, Peru and Indonesia:

				AREA
PROJECTS		LOCATION	COMMODITY	(Hectares)
(1)	Apurimac	Apurimac District, Peru	Iron Ore	23,688
(2)	Cuzco	Cuzco District, Peru	Iron Ore	5,375
(3)	Banten	West Java, Indonesia	Copper/Gold	5,601
(4)	Paulsens East	West Pilbara, Western Australia	Iron Ore and Gold	1,964
(5)	KingSound	West Kimberley,Western Australia	Mineral Sands	65,200

Peru is a major mining country and a top five producer of several base and precious metals, including copper and gold. Strike’s confidence in Peru's mining and contractual laws is supported by the presence in the country of some of the world's leading mining companies. Although the country has had a long history of mining, its mineral potential is still considered outstanding as mineral discoveries continue to be made.

The Board comprises members with extensive experience in the resources sector and capital markets:

Chairman, Dr John Stephenson , previously Exploration Director for Rio Tinto Australasia with more than 35 years experience in mineral exploration;
Managing Director, Mr H. Shanker Madan , an experienced senior geologist with more than 30 years of world-wide experience in the exploration and evaluation of mineral deposits for various commodities with Wright Prospecting, BHP Minerals, Hamersley Iron and Rio Tinto;
Professor Malcolm Richmond , who has more than 30 years experience with the Rio Tinto and CRA Groups in a number of positions including: Vice President, Strategy and Acquisitions, Managing Director, Research and Technology, Managing Director Development (Hamersley Iron Pty Limited);
Mr Farooq Khan who has extensive experience in corporate law, the securities industry, capital markets and the executive management of ASX listed companies;
Mr William Johnson , who commenced his career in resource exploration and has most recently held senior executive management roles in a number of public companies in Australia, New Zealand and Asia; and
Mr Victor Ho who has had executive and company secretarial roles in a number of public listed companies since 2000.

Strike continues to investigate prospective iron ore resources in Peru, Australia and other regions. This includes applying for mineral concessions, entering into joint ventures and taking options over and acquiring concessions.

SEPTEMBER 2007 QUARTERLY REPORT | 2

PROJECT OVERVIEW

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APURIMAC AND CUZCO IRON ORE

(68.15%[1] , Peru)

The Company has an interest in large high grade hematite and magnetite deposits in Peru – the Apurimac and Cuzco Projects – through an investment in Apurimac Ferrum S.A. ( AF ), a Peruvian company.

Apurimac Iron Ore Project: The Company continues to progress its objective of delineating a significant high-grade iron ore resource to support a 20 million tonnes per annum mining operation with a production start date in 2011. It is proposed to transport the ore to a new port site via a slurry pipeline. Pre-feasibility studies coordinated by Sinclair Knight Merz and involving the Snowden Group, CSIRO and Pipeline Systems Incorporated commenced in August 2007 are scheduled to be completed in the January to March 2008 quarter.

Cuzco Iron Ore Project: The Company has a broad objective of delineating a large iron ore body capable of supporting an additional 20 million tonnes per annum mining operation, which would take combined production from the Apurimac and Cuzco Projects to 40 million tonnes per annum.

The Company also believes there is potential for an independent early start up of a smaller scale mining operation of ~2 million tonnes per annum from scree and near surface mineralisation at Cuzco commencing in 2008/9. Such an operation could potentially utilise existing nearby rail infrastructure to transport iron ore to the coast.

Summary of Resource Estimate

Estimate Source Apurimac Project 520 to 730 Mt target mineralisation Strike[2] Including: Opaban I Concession 151 Mt JORC Inferred Mineral Resource Strike[3] grading 62.16% Fe with a cut-off grade of 55% Fe based on 6,383 metres of assayed RC and diamond drilling Opaban III Concession 21 Mt JORC Inferred Mineral Resource Strike[4] grading 63.1% Fe with a cut-off grade of 55% Fe based on 1,102 metres of assayed diamond drilling Cuzco Project 570 to 650 Mt target mineralisation Strike[5]

(It is noted that the target mineralisations referred to above are conceptual in nature as there has been insufficient exploration to define a JORC compliant Mineral Resource and it remains to be ascertained if exploration will result in the determination of a Mineral Resource.)

1 Refer Section 3 of Review of Operations in the Directors’ Report at page 28 of the Company’s 2007 Annual Report

2 Based on surface outcropping and reconnaissance mapping conducted to date

3 19 July 2007: ASX market announcement titled “Apurimac Project - JORC Resource Statement”

4 23 August 2006: ASX market announcement titled “Peru Iron Ore Update on Apurimac Project “

5 1 November 2006: ASX market announcement titled “Peru Iron Ore Update - Cuzco Project

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PROJECT OVERVIEW

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PROJECT OVERVIEW

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AUSTRALIAN PROJECTS

Strike’s project areas in Western Australia are highlighted in the map below.

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Paulsens East Iron Ore (75%, West Pilbara, WA) The Paulsens East tenements cover a total area of 19.64 square kilometres. The tenements are located ~140 kilometres west of Tom Price (close to bitumised road) and eight kilometres eastnortheast of the Paulsens Gold mine in the northwest of Western Australia. RC drilling shows high grade intersections averaging 65.15% Fe from 14 to 16 metres and 63.4% Fe from 18 to 22 metres in hematite conglomerate mineralisation.

King Sound Mineral Sands

(100%, West Kimberley, WA) The Company has applied for 3 tenements covering a total area of 652 square kilometres. The project area is located ~10 kilometres south-west of the port town of Derby in the West Kimberley region of Western Australia. The Company has identified the King Sound area as being prospective for the accumulation of heavy minerals.

INDONESIAN PROJECTS

Banten Copper/ Gold (100%. West Java, Indonesia)

This project comprises a 5,601 hectare concession located approximately 100 kilometres south-west of Jakarta.

The Company has identified epithermal gold veins, gold stock works and associated porphyry copper targets within the concession.

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SEPTEMBER 2007 QUARTERLY REPORT | 5

STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

1. Apurimac Iron Ore Project

(68.15%[6] , Apurimac District, Peru)

Apurimac Project summary details are as follows:

Company objective is to delineate a significant high-grade iron ore resource to support a 20 million tonnes per annum mining operation commencing in 2011;
JORC Compliant Inferred Resource within the Opaban I and Opaban III concessions of 172 million tonnes grading 62.28% Fe, based on 6,383 metres of assayed reverse circulation ( RC ) and diamond drilling conducted at Opaban I and 1,102 metres of assayed diamond drilling conducted at Opaban III;
Pre-feasibility studies (coordinated by Sinclair Knight Merz) on a 20 million tonne per annum mining operation and the transportation of iron ore by a slurry pipeline to a selected port site to be developed on the Pacific coast are expected to be completed in the January to March 2008 quarter;
28 mining concessions having a total area of 23,688 hectares – only two concessions (Opaban I and Opaban III) have so far been drilled; the as yet un-drilled concessions have occurrences of high-grade outcrops of iron ore based on regional mapping and sampling;
Concessions are located close to the city of Andahuaylas in Peru’s southern Andes.

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View to North-West from Opaban I Concession, Apurimac Project, with high grade iron ore outcrops in foreground and the Andahuaylas Airport in the background

6 Refer Section 3 of Review of Operations in the Directors’ Report at page 28 of the Company’s 2007 Annual Report

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

172 MILLION TONNE JORC INFERRED RESOURCE

The Company has been conducting a drilling programme at its Apurimac Project in Peru to delineate a significant high grade iron ore resource to support a 20 million tonne per annum mining operation. Such production would place the Company in the top 15 iron ore producers in the world in terms of annual production.

On 19 July 2007, the Company was pleased to provide an upgraded JORC Inferred Resource of 172 million tonnes grading 62.28% Fe based upon drilling at the Opaban I and Opaban III deposits within the Apurimac Project area, an increase of 151 million tonnes over the previously reported JORC Inferred Resource[7] .

These results represent a major milestone in the development of the Company as it moves towards its target of becoming a significant international iron ore producer at the rate of 20 Million Tonnes per annum.

Current JORC Statement

The total JORC Inferred Resource within the Opaban I and III concessions is currently 172 million tonnes grading 62.28% Fe.

This is based on 6,383 metres of assayed RC (4,818 metres) and diamond (1,565 metres) drilling conducted at the Opaban I concession and 1,102 metres of assayed diamond drilling conducted at the Opaban III concession.

The Inferred Resource estimate for Opaban I has been calculated at 151 million tonnes grading 62.16% Fe with a cutoff grade of 55% Fe.[ 8]

The Inferred Resource estimate for Opaban III has been previously reported at 21 million tonnes grading 63.1% Fe with a cut-off grade of 55% Fe.[ 9]

The Opaban I and Opaban III iron mineralisation present as high grade hematite/magnetite aggregates with low levels of impurities.

The Company further notes that:

(a) Drilling conducted within the Opaban I deposit has indicated that mineralisation is still open to the north, west and in places at depth;
(b) Both Opaban I and Opaban III are not fully tested with significant potential for delineation of further high grade iron mineralisation;
(c) The current JORC Inferred Resource is expected to increase as further drilling to the north, west and at depth in Opaban I is conducted and drilling commences to test further mineralisation in Opaban III;
(d) Seventeen other high priority targets with surface outcropping iron mineralisation in the Apurimac Project area are yet to be drilled to test the deposit size previously estimated by the Peruvian Ministry of Energy and Mines ( PMEN );
(e) A plan has been formulated for further drilling at the Opaban I and III deposits to extend the JORC Resource. This drilling will commence once local community and environmental approvals are obtained;
(f) Given the Company’s increased level of confidence in the potential for a 20 million tonne per annum mining operation, it is developing a comprehensive community relations programme that deals not only with approvals for currently proposed drilling but also with the long term aspirations of local communities and stakeholders with respect to the operation of a significant mine in the region.
7 23 August 2006: ASX market announcement titled “Peru Iron Ore Update on Apurimac Project”
8 For further results, refer to 19 July 2007: ASX market announcement titled “Apurimac Project - JORC Resource Statement”, 19 June 2007: ASX market announcement titled “Iron Ore Projects Update”, 15 February 2007: ASX market announcement titled “Iron Ore Projects Update”and 23 August 2006: ASX market announcement titled “Peru Iron Ore Update on Apurimac Project “
9 23 August 2006: ASX market announcement titled “Peru Iron Ore Update on Apurimac Project”

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

Opaban I Concession – 151 million tonnes JORC Inferred Resource Grading 62.16% Fe

Details of the drilling conducted at Opaban I to outline the 151 million tonnes JORC Inferred Resource estimate for this concession are presented in the following diagram:

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(Holes described as OP1-17 to OP1-31 were the drill locations for the 2005 diamond drilling programme, OP1-32 to OP1-52 were the drill locations for the December 2006 RC drilling programme and OP1-53 to OP1-71 were the drill locations for the March 2007 RC drilling programme.)

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

A simplified cross section of the Opaban I deposit is shown in the diagram below. This cross section highlights the flat lying tabular nature of the deposit and also demonstrates the potential for a low waste to ore ratio for any future mining of the deposit.

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Note: Vertical exaggeration is approximately 2:1

The 151 million tonne JORC Inferred resource classification has been made based upon a number of criteria, including the geological confidence, the integrity of the drilling data and the spatial continuity of the mineralisation. Polygonal resource calculation methodology was adopted using weighted average grades and cumulative thicknesses of +55% Fe intervals within drill holes. The nature of the deposit is high grade iron skarn mineralisation hosted in limestone at the contact with diorite intrusions.

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Photographs of typical iron ore outcrops located within the Opaban I Concession, Apurimac Project

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

Drilling Results – Northern Section of Opaban I Concession

Subsequent to the 6,383 metres of drilling conducted at Opaban I in 2005, 2006 and March 2007 to outline the 151 million tonnes JORC Inferred Resource estimate for this concession[10] , the Company completed a drilling campaign at the northern section of the Opaban I concession in June 2007 and assay results received during the quarter has returned high-grade intersections.

The Company had conducted a drilling campaign of 5 holes for a total of 411 metres to test the extent of mineralisation to the north of the previously delineated deposit at Opaban I.

The best results of this drilling campaign included 34.5 metres at 61.9% Fe.

A summary of the drilling results are set out below.

Drillhole	Depth	Azimuth	Dip	From (m)	To (m)	Intercept(m)	Fe %	P %	Al2O3 %	SiO2 %	S %	LOI 1000 %
OPI 72	100	0	-90	0	6.35	6.35	59.41	0.038	2.98	8.43	0.051	0.87
				25.7	33.2	7.5	64.56	0.02	1.35	5.28	0.06	-0.59
				62.9	68.9	6	58.85	0.03	1.17	4.08	2.25	0.85
		Cumulative Thi	ckness	0	68.9	19.85	61.19	0.03	1.82	5.92	0.72	0.31
OPI 73	57.3	0	-90	5.4	11.7	6.3	60.31	0.02	1.76	8.29	0.01	0.43
				14.2	17.8	3.6	63.35	0.01	1.62	6.89	0.02	-1.33
		Cumulative Thi	ckness	5.4	17.8	9.9	61.42	0.02	1.71	7.78	0.01	-0.21
OPI 74	82.2	120	-75	16.5	21	4.5	61.93	0.03	1.45	8.21	0.01	-1.19
				30	46.5	16.5	58.03	0.03	2.21	10.25	0.57	-0.85
		Cumulative Thi	ckness	16.5	46.5	21	58.86	0.03	2.05	9.82	0.45	-0.93
OPI 75	85.8	300	-60	22.5	57	34.5	61.94	0.02	1.52	6.86	0.48	-1.8

This drilling has confirmed an extension of mineralisation to the north and confirms that mineralisation continues to remain open to the north.

Further drilling in this area (a 6 hole campaign of diamond drilling) commenced in October 2007 and are expected to be completed in November 2007 with assayed results due in January 2008.

Upon completion of such drilling and assaying, the Company expects to increase its 151 million tonnes JORC Inferred Resource estimate for Opaban I.

Opaban III Concession – 21 million tonnes JORC Inferred Resource Grading 63.1% Fe

As previously announced, the Company had formed a view that high grade Fe mineralisation existed at Opaban III beyond the previously delineated JORC Inferred Resource of 21 million tonnes grading 63.1% Fe with a cut-off grade of 55% Fe.[11]

To determine the extent of such additional mineralisation, the Company recently completed detailed geophysical work on prospective ground within the Opaban III concession. The Company is pleased to confirm that such work has indicated the presence of a large gravity anomaly that is significantly larger than the gravity anomaly upon which the 21 million tonnes JORC Inferred Resource was identified.

In the Company’s experience, gravity anomalies in this area have a positive correlation to the existence of iron mineralisation. The Company accordingly believes that this anomaly is indicative of the presence of a large body of iron mineralisation under cover of diorite. The Company intends to confirm the presence of such mineralisation through drilling.

10 For further results, refer to 19 July 2007: ASX market announcement titled “Apurimac Project - JORC Resource Statement”, 19 June 2007: ASX market announcement titled “Iron Ore Projects Update”, 15 February 2007: ASX market announcement titled “Iron Ore Projects Update”and 23 August 2006: ASX market announcement titled “Peru Iron Ore Update on Apurimac Project “

11 23 August 2006: ASX market announcement titled “Peru Iron Ore Update on Apurimac Project “

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

The gravity image below shows this newly discovered area of potential mineralisation and illustrates its size relative to the anomaly upon which the 21 million tonnes JORC Inferred Resource was previously identified.

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21 million tonnes
JORC Inferred
Newly
Identified
Gravity
Anomaly
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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

REGIONAL MAPPING AND SAMPLING

The Apurimac Project currently comprises 23 granted mineral concessions (totaling 20,288 hectares) in the Apurimac District in Southern Peru. To date the Company has focused its drilling on the Opaban I and Opaban III concessions, which together comprise only a small portion of the total land area of the Apurimac Project. The Company notes that all of these as yet un-drilled concessions have outcrops of massive iron ore.

As a preliminary means of determining the extent of iron ore mineralisation in these concession areas, the Company undertook a reconnaissance mapping and sampling programme across 8 of the 23 concessions. This programme is ongoing and will upon completion provide a detailed surface outline of all 23 concessions in the Apurimac Project area. In addition, a detailed ground magnetometer survey is currently underway in these concessions.

The initial reconnaissance, mapping and sampling programme has been extremely encouraging indicating the presence of numerous high grade iron mineralisation outcrops.

A map showing the sample locations with corresponding iron grades is set out on the following page.

With respect to the 15 concessions yet to be sampled and mapped, visual observations show that surface outcrops of massive iron ore extend for up to ~500 metres along strike. Photographs of some of these outcrops are set out to the right.

This mapping and sampling increases the Company’s confidence that, given further time and drilling, it will be able to realise its objective of defining at a minimum, a high-grade resource within the Apurimac Project area able to support a 20 million tonnes per annum mining operation production for 20 years.

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Cristoforo 14 Concession, Apurimac Project: Surface outcrop of massive iron ore in the foreground

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Cristoforo 28 Concession, Apurimac Projec: Outcrop of massive iron ore in the foreground

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

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Apurimac Project concession map showing encouraging high grade iron ore mineralisation
from reconnaissance mapping and sampling programme
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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

An regional aeromagnetic survey intended for the north-western parts of the Apurimac district has been cancelled due to the service provider being unable to supply a suitable fixed wing aircraft at the present time. The Company is investigating other options in this regard.

COMMENCEMENT OF PRE-FEASIBILITY STUDIES

In August 2007, the Company commissioned the following pre-feasibility studies in relation to the development of mining operations in the Apurimac Project area and the transportation of iron ore by slurry pipeline to a selected port site to be developed on the Pacific coast:

STUDY	STUDY GROUPS	STUDIES TO INCLUDE
(1) Geology and Resource Study	Snowden Group CSIRO (Commonwealth Scientific and Industrial Research Organisation)	• Geology – Local and regional geology and quality control procedures • Geotechnical considerations • Quantitative mineralogy • Development of resource model
(2) Mining Study	Snowden Group	• Ore body modelling • Conceptual mine design • Production schedules
(3) Mine Feasibility Study	Sinclair Knight Merz	• Mineralogy testwork • Metallurgical testwork • Process flowsheet development • Process plant and major equipment • Mine site infrastructure • Power infrastructure • Water infrastructure • Environmental impacts • Social/Community programme • Models for project development • Estimated preliminary operational and capital expenditure requirements • Preliminary risk assessment • Implementation strategy
(4) Transportation Study	Pipeline Systems Incorporated (PSI) (via its Peruvian joint venture PSI-JRI Peru SAC)	• Pipeline corridor/route options • Particle size determination • Hydraulic design • Overall systems design • Infrastructure requirements • Schedule for phases of work • Estimated preliminary operational and capital expenditure requirements
(5) Port Study	Sinclair Knight Merz / Cosapi SA	• Evaluation of alternative port locations • Footprints, layouts and sizing • Methods for water recovery at port site • Identifyregulatoryissues

The Company expects these pre-feasibility studies to be completed in the January to March 2008 quarter.

In addition, the Company has also commenced studies in relation to sales and marketing of its proposed high grade iron product to the Chinese and Japanese markets. To date this work has been conducted principally in- house with preliminary discussions having been instituted with significant purchasers in both markets. The response has been encouraging with the view having been expressed that such purchasers are seeking suppliers able to deliver large quantities of high quality iron ore fines and/or concentrate over the long term.

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

These discussions are ongoing and will expand to include other consumers of iron ore as the pre-feasibility studies continue. As the chemical and physical characteristics of the Apurimac Project end product becomes better defined, the Company will work with these purchasers to formulate a product mix best suited to their individual blast furnace operations.

In parallel with these activities, the Company continues to promote an active community relations programme to help advance both the exploration phase and the eventual commencement of mining operations.

PRELIMINARY MINERALOGY

The Company has commissioned CSIRO (Commonwealth Scientific and Industrial Research Organisation) to conduct extensive quantitative mineralogy on drill samples collected from the Opaban I concession.

The Company’s preliminary views based on CSIRO’s initial findings are:

The iron content of the deposit comprises approximately a 50% hematite and 50% magnetite mix;
Impurities (mainly silica as silicates) liberate (i.e. separate) easily when crushed to a particle size of one millimetre;
At one millimetre crushing, silicates, which are soft in this instance, pulverise to ~30 microns (0.03 millimetres);
Removal of impurities at a particle size of ~30 microns suggests a relatively high grade product can be expected, at around 65% Fe, with a relatively straightforward flowsheet involving crushing, screening and hydrocyclone processing.

EXPLORATION PROGRAMME FOR APURIMAC PROJECT

The proposed exploration programme for the December 2007 quarter is outlined below:

(a) Upon the receipt of local community approvals and drilling and environmental permits, undertake further drilling campaigns at:
(i) Opaban I concession - to the north, west and at depth;
(ii) Opaban III concession - to test further iron ore mineralisation as a result of recently conducted detailed geophysical work;
(iii) Priority targets of surface outcrops of iron ore mineralisation within the remaining 21 granted Apurimac Project concessions, commencing with a 40 hole diamond drilling programme in the Ferrum 9 and Ferrum 11 concessions.
(b) When available, interpretation of assay results from October/November 2007 drilling in the northern section of the Opaban I concession;
(c) Conduct on-going ground magnetic surveys and mapping together with surface sampling over the remaining high priority concessions within the Apurimac Project area to identify drill targets;
(d) Subject to aircraft availability, conduct an aeromagnetic survey over the north-western part of the Apurimac District.

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

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2. Cuzco Iron Ore Project

(68.15%[12] , Cuzco District, Peru)

Cuzco Project summary details are as follows:

Company objective to delineate a large ore body capable of supporting a 20 million tonnes per annum mining operation, which would take combined production from the Apurimac and Cuzco Projects to 40 million tonnes per annum;
Prospect of an independent early, smaller scale mining operation of up to two million tonnes per annum from scree and near surface mineralisation commencing in 2008/9 to provide the potential for an early cash flow to support the Company’s larger mining aspirations.
The Company has determined a target mineralisation in the Cuzco concessions of between 570Mt to 650MT of high grade iron ore[ 13] based on detailed geophysical surveys conducted by Val D’or Geofisica, a Peruvian geophysical consultancy group;
6 mining concessions having a total area of 5,375 hectares;
Concessions are located approximately 80 kilometres south from the city of Cuzco in Peru’s southern Andes.

It is noted that the potential quantity and grades of the target mineralisation referred to above are conceptual in nature; there has been insufficient exploration to define a JORC compliant Mineral Resource; it remains to be ascertained if exploration will result in the determination of a Mineral Resource. The Company further notes that the estimate is based on mapping and surface sampling and has not been based on drilling. Detailed exploration will be required to confirm the estimate and to determine the full iron ore potential of the project.

12 Refer Section 3 of Review of Operations in the Directors’ Report at page 28 of this 2007 Annual Report

13 1 November 2006: ASX market announcement titled “Peru Iron Ore Update - Cuzco Project

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STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

Scout Drilling

The Company has completed a 17-hole scout core and RC drilling programme of 2,786 metres within the Cuzco Project area. Mineralisation, delineated through previous surface sampling and detailed geophysical work, occurs as flat tabular bodies radiating from a central core within an area of approximately 3 by 4 kilometres.

The mineralogy of these tabular bodies appears to be more variable than the Opaban I and III deposits in terms of iron grades and associated gangue minerals. The Company has accordingly forwarded drill samples to CSIRO Brisbane, Australia for more detailed mineralogical and metallurgical assessment. Details of such assessment is pending as at the date of this report.

Details of the scout drill hole locations (overlaid on to a magnetic intensity image) are presented in the diagram below.

==> picture [451 x 450] intentionally omitted <==

SEPTEMBER 2007 QUARTERLY REPORT | 17

STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

SURFACE MINING POTENTIAL – 2 MILLION TONNES PER ANNUM MINING OPERATION

In addition to the sub-surface magnetite mineralisation, the Company has observed the widespread presence of highgrade hematite surface mineralisation (indicated by surface sampling) and associated scree deposits within the Cuzco Project area, as illustrated in the two photographs below.

The Company believes that the surface mineralisation and the scree ore, which is largely high-grade hematite, may be able to support a simple, relatively low cost mining operation of up to two million tonnes per annum.

The Company is investigating the ability of nearby rail infrastructure owned by Peru Rail to transport the ore to the coast. Peru Rail is already transporting mineral concentrates and ore on this rail infrastructure to the coast. Peru Rail has indicated that it would be supportive of such an operation and the Company has accordingly commenced negotiations with Peru Rail on rail access terms and transportation costs to the coast.

The Company is currently undertaking a detailed study to investigate the opportunity to commence production of a two million tonnes per annum high-grade lump and fines mining operation from the Cuzco Project area. Such an operation could potentially commence as early as 2009.

As part of this study the Company will shortly commence a detailed programme of drilling, trenching and sampling scree deposits and shallow iron ore mineralisation (up to 10 metres deep) to endeavour to define a resource of 30 to 40 million tonnes of high grade iron ore to support this potential operation.

==> picture [299 x 225] intentionally omitted <==

Exploration Programme

The proposed exploration programme for the December 2007 quarter is outlined below:

(a) Interpretation of assay results and mineralogical/metallurgical testing by CSIRO from June 2007 scout drilling campaign;
(b) Upon the receipt of drilling and environmental permits, undertake drilling, trenching and sampling of scree deposits and shallow iron mineralisation (of up to 10 metres deep) to define a resource of high grade iron ore for a potential two million tonne per annum iron ore lump and fines mining operation;
(c) Upon the receipt of drilling and environmental permits and completion of the matters in (a) above, drilling to delineate an ore body capable of supporting a 20 million tonnes per annum mining operation.

SEPTEMBER 2007 QUARTERLY REPORT | 18

STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

3. Paulsens East Iron Ore Project

(75%, West Pilbara Region, Western Australia)

The Paulsens East tenements cover a total area of 19.64 square kilometres. The tenements are located approximately 140 kilometres west of Tom Price (close to bitumised road) and eight kilometres east-northeast of the Paulsens Gold mine in the northwest of Western Australia.

A map outlining these tenements and the area of the high grade hematite conglomerate mineralisation is shown below.

==> picture [389 x 232] intentionally omitted <==

This mineralisation (hematite conglomerate in hematite matrix) occurs as a ridge rising up to approximately 60 metres above the valley floor and extends for a strike distance of ~3,000 metres.

Profile view: A section of Hematite Ridge

==> picture [280 x 183] intentionally omitted <==

The Company sampled the outcrop at various points along the length of the hematite ridge in June 2006; the results confirmed the presence of high grade hematite with grades of 62.59% to 67.05% Fe.[14]

The drilling results completed in December 2006 show high grade intersections in PERC002 averaging 65.15% Fe from 14 to 16 metres and 63.4% Fe from 18 to 22 metres. However, in the remaining 7 holes designed to intersect the mineralisation at depths between 12 metres and up to 128 metres only narrow thicknesses of one and

2 metres of high-grade conglomerate analysing between 60% Fe and 65% Fe, sandwiched between siliceous metasediments were encountered.[15]

The Company believes that there may be sufficient high-grade resource above the surface and at shallow depths up to 20 metres to support a small mining operation. The Company is currently investigating the feasibility of mining operations and the transportation of ore by truck to the Pilbara coast.

14 Refer 17 July 2006: ASX market announcement titled “Australian Iron Ore Update – Paulsens East High Grade Mineralisation” 15 Refer 1 May 2007: ASX market announcement titled “ March 2007 Quarterly Report”

SEPTEMBER 2007 QUARTERLY REPORT | 19

STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

4. King Sound Mineral Sands Project

(100%, West Kimberley Region, Western Australia)

The Company has identified the King Sound area as being prospective for the accumulation of heavy minerals.

During the March 2007 quarter, the Company applied for 3 tenements covering a total area of 652 square kilometres. The project area is located approximately 10 kilometres south-west of the port town of Derby in the West Kimberley region of Western Australia.

Historical reporting indicates Carr Boyd Minerals Limited took two samples for mineralogical determinations in 1971. One of the samples contained 1.1% magnetite, 12.1% ilmenite (TiO2) and 3.5% zircon before concentration. Heavy minerals made up 22.7% of the material. The area was subsequently sampled by Metal Investment Pty Ltd (Reported by Geodrillers P.L., 1971) using lines of auger holes. Their preliminary petrolgical examination gave the following mineralogical composition: 20% magnetite (by weight), 50% to 60% ilmenite (of which 10% is highly altered leucoxene), 1% to 5% rutile and approximately 5% zircon.

In the late 1980’s BHP attempted a shallow (up to 6 metres) RC drilling programme over the King Sound sand flats. BHP experienced problems during their programme, mostly attributed to the drill rig’s inability to penetrate the sands and the fact it became bogged on numerous occasions.

For these reasons combined with weather hardships, BHP abandoned their programme some 150 holes

short of their plan

==> picture [361 x 303] intentionally omitted <==

and concluded that “the Fitzroy River mouth and in Strokes Bay have not been adequately explored in this programme”.

A reconnaissance trip is planned for November 2007 to collect sediment samples across the tenements to verify historical reported heavy mineral grades and to ascertain whether ground geophysical techniques may be a viable exploration tool in the area.

SEPTEMBER 2007 QUARTERLY REPORT | 20

STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724

COMPANY PROJECTS

5. Banten Copper/Gold Project

(100%, West Java, Indonesia)

This project comprises a 5,601 hectare concession located approximately 100 kilometres south-west of Jakarta. Strike has identified epithermal gold veins, gold stock works and associated porphyry copper targets within the concession.

PT Indo Batubara ( PTIB ) completed a 126.4 metre, three hole diamond core drilling programme in August 2007, targeting epithermal gold and skarn base metal mineralisation, within the concession area.

The three drill holes reached depths of 37.8 metres (SMDD001), 43.6 metres (SMDD001-redrill), and 45 metres (SMDD002).

A summary of the diamond drilling results completed in August 2007 is outlined below:

HOLE ID	From (m)	To (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)
SMDD002	0	1	-	0.54	-	39.8
SMDD002	1	2	-	1.39	-	12.9
SMDD002	3	4	-	1	-	22.6
SMDD002	4	5	0.26	0.77	-	54.4
SMDD002	5	6	0.97	0.48	4.91	39.6
SMDD002	6	7	0.25	0.49	4.44	21.6
SMDD002	7	8	0.3	1.65	6.87	33
SMDD002	9	10	-	-	1.25	22

Near surface base metal (Zinc-Lead-Copper-Silver) mineralisation was recovered in SMDD002, however did not continue at depth.

The drilling results show high grade intersections in SMDD002 averaging 3.6% Zinc from 5 to 10 metres and 28g/t Silver from 0 metres to 10 metres.

The remaining holes designed to intersect the epithermal gold mineralisation recovered no anomalous results.

The Company has determined that this project is not a core asset and intends to divest its interest in due course.

The Company’s interest in this project is under a cooperation agreement dated 16 March 2005 between Strike Operations Pty Ltd[16] ( SOPL ), PTIB and PT Suda Miskin ( Suda Miskin ), under which PTIB has acquired the right to exclusively conduct general survey activities, explore for, exploit, mine and sell gold and any other minerals in the concession area.

Under the terms of the agreement, SOPL has paid US$55,000 to Suda Miskin and has the following future payment and profit sharing obligations to Suda Miskin:

(a) US$30,000 by April 2008; and
(b) A 19% share of after tax net profits from production.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves has been compiled by Mr Hem Shanker Madan who is a Member of The Australian Institute of Mining and Metallurgy. Mr Madan is the Managing Director of the Company. Mr Madan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code).” Mr Madan consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

16 A wholly owned subsidiary of Strike Resources Limited

SEPTEMBER 2007 QUARTERLY REPORT | 21

CORPORATE

==> picture [133 x 31] intentionally omitted <==

1. ALARA URANIUM LIMITED

1.1 Alara 3 for 4 Options Rights Issue

Alara acquired the uranium assets of Strike in consideration for 28.75 million shares, which are currently escrowed for 24 months (expiring on 24 May 2009).

On 3 September 2007, Alara lodged a prospectus for a non-renounceable rights issue of 3 options for every 4 shares held by shareholders as at the record date (5.00pm WST on 12 September 2007) at an issue price of one cent per option. Each option is exercisable at a price of 25 cents, at any time on or before 30 June 2009.

Strike’s entitlement under this rights issue was 21,562,500 options which were taken up at a cost of $215,625.

Strike remains the largest share and option holder in Alara.

1.2 Strike’s In Specie Distribution of 16 Million Alara Shares to Strike Shareholders

Strike proposes to undertake a reduction of share capital to be effected by returning to eligible Strike shareholders, in proportion to the number of Strike shares held by them as at the record date, 16,000,000 Alara shares held by Strike.

This is the subject of Resolution 1 in Strike’s 2007 Notice of AGM (for an AGM to be held on 30 November 2007). The record date to determine the entitlement of Strike shareholders to receive a pro-rata distribution in specie of Alara shares under the capital return is 10 December 2007, subject to shareholder approval at the AGM.

Please refer to the Notice of AGM dated 22 October 2007 and released on ASX on 31 October 2007 for further information.

2. ANNUAL GENERAL MEETING

Please refer to the Notice of AGM dated 22 October 2007 and released on ASX on 31 October 2007 for further information on the resolutions being considered at the Company’s 2007 AGM to be held in the Fremantle Room at Parmelia Hilton Hotel, 14 Mill Street, Perth, Western Australia at 3:45 pm (Perth time) on Friday, 30 November 2007.

SEPTEMBER 2007 QUARTERLY REPORT | 22

CORPORATE

==> picture [133 x 31] intentionally omitted <==

3. SUMMARY OF SHARE CAPITAL CHANGES

A summary of share capital changes since 30 June 2007 is as follows:

					Running Balance of	Running Balance of
Date	Description	Issue Price	No. Shares	Value of Issue	Issued Share Capital	Issued Listed Options
30/06/2006	Balance				47,835,701	23,369,141
31/12/2006	Balance				58,834,870	20,384,296
30/06/2007	Balance				76,009,248	13,409,919
	Conversion
16/07/2007	of options	$0.20	51,899	$10,379.80	76,061,147	13,358,020
	Conversion
18/07/2007	of options	$0.20	59,367	$11,873.40	76,120,514	13,298,653
	Conversion
24/07/2007	of options	$0.20	57,117	$11,423.40	76,177,631	13,241,536
	Conversion
2/08/2007	of options	$0.20	468,399	$93,679.80	76,646,030	12,773,137
	Conversion
13/08/2007	of options	$0.20	100,800	$20,160.00	76,746,830	12,672,337
	Conversion
13/08/2007	of options	$0.20	27,500	$5,500.00	76,774,330	12,644,837
	Conversion
30/08/2007	of options	$0.20	437,278	$87,455.60	77,211,608	12,207,559
	Conversion
3/09/2007	of options	$0.20	82,742	$16,548.40	77,294,350	12,124,817
	Conversion
13/09/2007	of options	$0.20	85,967	$17,193.40	77,380,317	12,038,850
	Conversion
24/09/2007	of options	$0.20	92,412	$18,482.40	77,472,729	11,946,438
30/09/2007	Balance				77,472,729	11,946,438
	Conversion
2/10/2007	of options	$0.20	400,000	$80,000.00	77,872,729	11,546,438
	Conversion
5/10/2007	of options	$0.20	470,092	$94,018.40	78,342,821	11,076,346
	Conversion
5/10/2007	of options	$0.20	111,412	$22,282.40	78,454,233	10,964,934
	Conversion
5/10/2007	of options	$0.20	498,839	$99,767.80	78,953,072	10,466,095
	Conversion
17/10/2007	of options	$0.20	71,308	$14,261.60	79,024,380	10,394,787
	Conversion
19/10/2007	of options	$0.20	110,000	$22,000.00	79,134,380	10,284,787
	Conversion
26/10/2007	of options	$0.20	86,861	$17,372.20	79,221,241	10,197,926
	Current
31/10/2007	Balance				79,221,241	10,197,926

SEPTEMBER 2007 QUARTERLY REPORT | 23

CORPORATE

==> picture [133 x 31] intentionally omitted <==

4. OPTIONS

(a) Listed Options (ASX Code: SRKO)

During the quarter ending 30 September 2007, 1,463,481 listed $0.20 (30 June 2008) options were exercised and converted into shares (as described in the above table), raising a total of $292,696.20.

Subsequent to 30 September 2007, a further 1,748,512 listed $0.20 (30 June 2008) options were exercised and converted into shares (as described in the above table), raising a total of $349,702.40.

(b) Employees’ Options

200,000 employee options were issued on 9 October 2007 to Strike’s General Manager in Peru on the following terms and conditions:

Exercise price of $2.90 per option;
After they have vested, options are exercisable at any time thereafter and expire 5:00pm (Perth time) on 5 September 2012 (the Option Expiry Date );
The options will vest as follows:
(a) 65,000 options will vest on successful completion of the employee’s probationary employment period (which options may therefore be exercised at any time thereafter up to and including the Option Expiry Date) ( Tranche 1 );
(b) 65,000 options will vest 6 months after Tranche 1 options have vested to the employee (which options may therefore be exercised at any time after they have vested up to and including the Option Expiry Date) ( Tranche 2 ); and
(c) 70,000 options will vest 6 months after Tranche 2 options have vested to the employee (which options may therefore be exercised at any time after they have vested up to and including the Option Expiry Date).

The full terms and conditions of issue are contained in the ASX Market Announcement dated 11 October 2007 and titled “Appendix 3B New Issue of 200,000 Employee Options”.

SEPTEMBER 2007 QUARTERLY REPORT | 24

A.B.N. 94 088 488 724

BOARD OF DIRECTORS

There were no Board changes during the September 2007 quarter. The experience and qualifications of current directors are as follows:

John Chairman Stephenson Appointed 26 October 2005 Qualifications BSc (honours and special honours) in Geology from the University of London through the former University College of Rhodesia and a PhD in Geology from the University of Manitoba, Canada. Experience Dr Stephenson is a highly experienced geologist with over 37 years experience in the mining sector. He has held senior positions in large mining companies, most recently as Exploration Director for Rio Tinto Australasia where he led Rio Tinto’s exploration activities for five and a half years based in Perth. Dr Stephenson has also during his career led and managed exploration teams for both junior and major mining companies in several parts of the world, mainly in Southern and East Africa, North America and Australia exploring for gold, uranium, diamonds and base metals. He has also been involved with projects in Europe, South America and India. He led teams responsible for the discovery of a world class diamond deposit, the Diavik diamond mine in Canada’s Northwest Territories and a high grade gold deposit, the former Golden Patricia gold mine in Ontario. Dr Stephenson has particular experience in the uranium sector having in the early to mid 1970’s led reconnaissance airborne and ground surveys for uranium in Canada. Between 1978-1981, Dr Stephenson headed the ground follow-up of a country-wide airborne radiometric and magnetic survey for uranium and other minerals in Tanzania. In the early 90’s Dr Stephenson led exploration for a subsidiary of Rio Tinto exploring for uranium and base metals in eastern Canada. Dr Stephenson also led Rio Tinto’s exploration activities in Australia in the late 90’s which included the search for uranium. Relevant interest in Shares – 200,000 securities Unlisted $0.96 (21 July 2011) directors’ options – 800,000 Unlisted $2.81 (7 March 2012) directors’ options – 350,000 Other current Chairman of Alara Uranium Limited (AUQ) (since 18 May 2007) directorships in listed entities

H. Shanker Managing Director Madan

Appointed 26 September 2005 Qualifications Honours and Masters Science degrees in Applied Geology Experience Mr Madan has had world-wide experience in the exploration and evaluation of mineral deposits for various commodities. Mr Madan has been a Manager with Hamersley Iron, Group Leader with BHP Minerals, Chief Geologist with Hancock and Wright Prospecting and a Senior Geological Consultant to the Rio Tinto Group.

Mr Madan has managed a range of mineral evaluation studies in Iran, Brazil and Western Australia for BHP, Rio Tinto and Hamersley Iron. He has also acted as a consultant to Rio Tinto, Ashton Mining and others on mineral projects in Brazil, South Africa, India, the Philippines, Fiji and United States, working on a range of iron ore, diamonds, gold, copper and chromite deposits.

He has been involved in the discovery of 3 world class iron deposits in Western Australia for TexasGulf and BHP Minerals. From 1997 to 2001, Mr Madan managed the evaluation of resource projects for Hamersley Iron and more recently completed a resource due diligence study of the billion-dollar West Angelas project in the Pilbara region of Western Australia.

Relevant interest in Shares – 503,846 securities Unlisted $0.96 (21 July 2011) directors’ options – 1,800,000 Unlisted $2.81 (7 March 2012) directors’ options – 950,000 Other current Managing Director of Alara Uranium Limited (AUQ) (since 18 May 2007) directorships in listed entities

SEPTEMBER 2007 QUARTERLY REPORT | 25

A.B.N. 94 088 488 724

BOARD OF DIRECTORS

Farooq Khan Executive Director

Appointed 9 September 1999

Qualifications BJuris , LLB. ( Western Australia )

Experience Mr Khan is a qualified lawyer having previously practised principally in the field of corporate law. Mr Khan has extensive experience in the securities industry, capital markets and the executive management of ASX listed companies. In particular, Mr Khan has guided the establishment and growth of a number of public listed companies in the investment, mining and financial services sector. He has considerable experience in the fields of capital raisings, mergers and acquisitions and investments.

Relevant interest in Shares - 353,340 (directly) and 2,380,996(indirectly[17] ) securities

Listed $0.20 (30 June 2008) options – 176,670 (directly) and 1,014,806 (indirectly[11] ) Unlisted $0.20 (9 February 2011) options – 1,833,333 (indirectly[11] ) Unlisted $0.30 (9 February 2011) options - 1,666,667 (indirectly[11] ) Unlisted $0.96 (21 July 2011) directors’ options – 1,400,000 (directly) Unlisted $2.81 (7 March 2012) directors’ options – 700,000 (directly)

Other current Current Chairman and Managing Director of: directorships in listed (1) entities

(1) Queste Communications Ltd (QUE) (since 10 March 1998)

Current Chairman of:

(2) Orion Equities Limited (OEQ) (since 23 October 2006) (3) Bentley International Limited (BEL) (director since 2 December 2003) (4) Scarborough Equities Limited (SCB) (since 29 November 2004)

Executive Director of:

(5) Alara Uranium Limited (AUQ) (since 18 May 2007)

Malcolm Non-Executive Director Richmond

Appointed 25 October 2006 Qualifications

B. Science Hons (Metallurgy) and B. Commerce Merit (Econs) ( New South Wales )

Experience Professor Richmond has 30 years experience with the Rio Tinto and CRA Groups in a number of positions including: Vice President, Strategy and Acquisitions, Managing Director, Research and Technology, Managing Director Development (Hamersley Iron Pty Limited) and Director of Hismelt Corporation Pty Limited. He was formerly Deputy Chairman of the Australian Mineral Industries Research Association and Vice President of the WA Chamber of Minerals and Energy. Professor Richmond also served as a Member on the Boards of a number of public and governmental bodies and other public listed companies.

Professor Richmond is a qualified metallurgist and economist with extensive senior executive and board experience in the resource and technology industries both in Australia and internationally. His special interests include corporate strategy and the development of markets for internationally traded minerals and metals - particularly in Asia.

He is currently a Visiting Professor at the Graduate School of Management and School of Engineering, University of Western Australia, and a Fellow of the Australian Academy of Technological Sciences & Engineering, a Fellow of Australian Institute of Mining and Metallurgy and a Member of Strategic Planning Institute (US).

Shares - 100,000 (indirectly)

Relevant interest in Shares - 100,000 (indirectly) securities Unlisted $2.10 (7 March 2012) directors’ options – 500,000 Unlisted $2.81 (7 March 2012) directors’ options – 600,000

Other current Non-Executive Director of: directorships in listed (1) Magnesium International Limited (MGK) (since August 2001) entities (2) Structural Monitoring Systems Plc (SMN) (since 17 October 2006)

(3) Safe Effect Technologies Limited (SAF) (since 28 August 2006)

Held by Orion Equities Limited ( OEQ ); Queste Communications Ltd ( QUE ) is deemed to be a controlling shareholder of OEQ; Mr Farooq Khan (and associated companies) is deemed to have a deemed relevant interest in the securities in which QUE has a relevant interest, by reason of having >20% voting power in QUE.

SEPTEMBER 2007 QUARTERLY REPORT | 26

A.B.N. 94 088 488 724

BOARD OF DIRECTORS

William M. Executive Director Johnson

Appointed 14 July 2006 Qualifications MA (Oxon), MBA Experience

MA (Oxon), MBA

Mr Johnson commenced his career in resource exploration and has most recently held senior management and executive roles in a number of public companies in Australia, New Zealand and Asia. Mr Johnson brings a considerable depth of experience in business strategy, investment analysis, finance and execution.

Mr Johnson is a director of Orion Equities Limited, a significant shareholder in Strike Resources Limited.

Relevant interest in securities

Other current directorships in listed entities

Unlisted $0.96 (13 September 2011) directors’ options – 500,000 Unlisted $2.81 (7 March 2012) directors’ options – 350,000

Current Director of:

(1) Orion Equities Limited (OEQ) (since 28 February 2003)

(2) Scarborough Equities Limited (SCB) (since 29 November 2004) (3) Drillsearch Energy Limited (DLS) (since 23 October 2006) (4) Sofcom Limited (SOF) (since 18 October 2005)

Victor P. H. Ho Executive Director and Company Secretary

Secretary since 9 March 2000 and Director since 12 October 2000

Appointed Qualifications

BCom, LLB ( Western Australia )

Mr Ho has been in company secretarial/executive roles with a number of public listed companies since early 2000. Previously, Mr Ho had 9 years experience in the taxation profession with the Australian Tax Office and in a specialist tax law firm. Mr Ho has been actively involved in the structuring and execution of a number of corporate transactions, capital raisings and capital management matters and has extensive experience in public company administration, corporations law and ASX compliance and shareholder relations.

Experience

Shares - 16,667 Unlisted $0.96 (21 July 2011) directors’ options – 600,000 Unlisted $2.81 (7 March 2012) directors’ options – 350,000

Relevant interest in securities

Other directorships and Current Executive Director and Company Secretary of: positions held in listed (1) entities (2)

(1) Orion Equities Limited (OEQ) (Secretary since 2 August 2000 and Director since 4 July 2003)
(2) Sofcom Limited (SOF) (Director since 3 July 2002 and Secretary since 23 July 2003)

Current Company Secretary of:

(3) Queste Communications Ltd (QUE) (since 30 August 2000)
(4) Bentley International Limited (BEL) (since 5 February 2004)
(5) Scarborough Equities Limited (SCB) (since 29 November 2004) (6) Alara Uranium Limited (AUQ) (since 4 April 2007)

SEPTEMBER 2007 QUARTERLY REPORT | 27

A.B.N. 94 088 488 724

SCHEDULE OF PERUVIAN CONCESSIONS

APURIMAC PROJECT

CONCESSION NAME	AREA (hectares)	DISTRICT	PROVINCE	NATIONAL CHART REFERENCE	CODE	TILE	FILE NUMBER
(1) Opaban I	999	Andahuaylas	Andahuaylas	Andahuaylas (28-P).	05006349X01	No. 8625-94/RPM dated December 16,1994	20001465
(2) Opaban III	990	Andahuaylas	Andahuaylas	Andahuaylas (28-P).	05006351X01	No. 8623-94/RPM dated December 16,1994.	20001464
(3) Los Andes I	999	Andahuaylas	Andahuaylas	Andahuaylas (28-P).	05006372X01	No. 0134-95-RPM dated January 31, 1995.	200001481
(4) Pitumarca II	1,000	Pampachiri	Andahuaylas	Andahuaylas (28-P).	05006385X01	No. 8686-94-RPM dated December 22,1994.	20001478
(5) Lucrecia Esperanza	100	Pampachiri	Andahuaylas	Chalhuana (29-P).	01-00649-99	No. 00623-2001- INACC/J dated July 26,2001.	11032475
(6) Nueva Oropampa 6	400	Pampachiri	Andahuaylas	Chalhuana (29-P).	01-00860-99	No. 04043-2000- RPM dated October 13,2000.	11032603
(7) Mapsa 2001	800	San Gerónimo / Pacucha	Andahuaylas	Andahuaylas (28-P).	01-01204-01	No. 00590-2002- INACC/J dated April 8,2002.	11032600
(8) Coriminas II	1,000	Pampachiri / Sañayca / capay	Andahuaylas	Chalhuana (29-P).	01-01624-99	No. 02760-2000- RPM, dated July 25, 2000.	11032965
(9) Coriminas V	1,000	Pampachiri	Andahuaylas	Chalhuana (29-P).	01-01626-99	No. 0936-00-RPM dates March 16, 2000.	20003140
(10) Ferrum 1	1000	Andahuaylas / San Gerónimo	Andahuaylas	Andahuaylas (28-P).	01-02983-04	No. 00228-2005- INACC/J dated January19,2005.	11053798
(11) Ferrum 2	1000	San Gerónimo	Andahuaylas	Andahuaylas (28-P).	01-02984-04	No. 00227-2005- INACC/J dated January19,2005.	11053836
(12) Ferrum 3	1000	Andahuaylas / San Gerónimo	Andahuaylas	Andahuaylas (28-P).	01-02985-04	No. 00229-2005- INACC/J dated January19,2005.	11053807
(13) Ferrum 4	1000	San Gerónimo / Lucre	Andahuaylas / Aymaraes	Andahuaylas (28-P).	01-02986-04	No. 00230-2005- INACC/J dated January19,2005.	11053810
(14) Ferrum 5	1000	Lucre	Aymaraes	Andahuaylas (28-P).	01-02987-04	No. 00323-2005- INACC/J dated January25,2005.	11053816
(15) Ferrum 6	1000	Andahuaylas / Lucre	Aymaraes / Andahuaylas	Andahuaylas (28-P).	01-02988-04	No. 00231-2005- INACC/J dated January19,2005.	11053819
(16) Ferrum 7	500	San Juan de Chacña	Aymaraes	Andahuaylas (28-P).	01-02989-04	No. 00396-2005- INACC/J dated January27,2005.	11053822
(17) Ferrum 8	900	Andahuaylas / Talavera	Andahuaylas	Andahuaylas (28-P).	01-02990-04	No. 00232-2005- INACC/J dated January19,2005.	11053827
(18) Ferrum 9	1000	Lucre	Aymaraes	Andahuaylas (28-P).	01-02991-04	No. 00324-2005- INACC/J dated January25,2005.	11053830
(19) Ferrum 10	1000	San Juan de Chacña	Aymaraes	Andahuaylas (28-P).	01-02992-04	No. 00325-2005- INACC/J dated January25,2005.	11053833

SEPTEMBER 2007 QUARTERLY REPORT | 28

A.B.N. 94 088 488 724

SCHEDULE OF PERUVIAN CONCESSIONS

APURIMAC PROJECT (continued)

CONCESSION NAME	AREA (hectares)	DISTRICT	PROVINCE	NATIONAL CHART REFERENCE	CODE	TILE	FILE NUMBER
(20) Ferrum 11	1000	Lucre	Aymaraes	Andahuaylas (28-P).	01-02993-04	No. 02512-2005- INACC/J dated June 12,2005.	11053835
(21) Ferrum 12	1000	San Gerónimo	Andahuaylas	Andahuaylas (28-P).	01-02994-05	No. 00326-2005- INACC/J dated January25,2005.	11053804
(22) Ferrum 13	600	Andahuaylas / Talavera	Andahuaylas	Andahuaylas (28-P).	01-03139-06	No. 4416-2006- INACC/J dated October 16,2006	11061068
(23) Ferrum 26	1000	Andahuaylas	Andahuaylas	Andahuaylas (28-P).	01-02274-07	No. 000853- 2007- INGEMMET/PCD/P M dated September 07, 2007.	Pending Registration
(24) Ferrum 27	1000	Andahuaylas	Andahuaylas	Andahuaylas (28-P).	01-02629-07	No. 000581- 2007- INGEMMET/PCD/P M dated September 05, 2007.	Pending Registration
(25) Cristoforo 22	500	Andahuaylas	Andahuaylas	Andahuaylas (29-P).	01-01656-02	Pending	Pending definitive Registration. 18
(26) Cristoforo 1419	1000	Pampachiri	Andahuaylas	Andahuaylas (29-P).	01-02327-99	No. 02693-2000 RPM dated 24 July2000	11034702
(27) Cristoforo 2813	500	Toraya	Aymaraes	Andahuaylas (29-P).	01-00152-05	No. 01824-2005 INACC/J dated 4 May2005	Pending Registration
(28) Ferrosa 2913	400	Tumay Huaraca	Andahuaylas	Andahuaylas (29-P).	01-00473-05	No. 01709-2005 RPM dated 21 April 2004	Pending Registration

CUZCO PROJECT

CONCESSION NAME	AREA (hectares)	DISTRICT	PROVINCE	NATIONAL CHART REFERENCE	CODE	TILE	FILE NUMBER
(1) Flor de María	906.94	Santo Tomás	Chumbivilcas	Livitaca (29-S).	05006521X01	No. 7078-95-RPM dated December 29,1995.	20001742
(2) Delia Esperanza	1,000	Santo Tomás	Chumbivilcas	Livitaca (29-S).	05006522X01	No. 0686-95-RPM dated March 31, 1995.	20001743
(3) Julia Clara	1,000	Colquemarca	Chumbivilcas	Livitaca (29-S).	05006523X01	No. 4600-95/RPM dated September 26,1995.	20001744
(4) El Pacífico I	618.95	Cápacmarca	Chumbivilcas	Livitaca (29-S).	05006536X01	No. 7077-95/RPM dated December 29,1995.	20001785
(5) El Pacífico II	1,000	Santo tomás	Chumbivilcas	Livitaca (29-S).	05006524X01	No. 7886-94/RPM dated November 25,1994.	20001746
(6) Ferrum 14	400	Chamaca	Chumbivilcas	Livitaca (29-S).	01-03047-05	No. 05032-2005- INACC/J dated November 30, 2005.	11053842

18 The transference of this mining application has been recorded in a temporary entry (No. 11067786)

19 Pursuant to assignment and option agreement dated 18 May 2007 between Strike Resources Peru SAC (the Peruvian subsidiary of the Company) and the Peruvian vendor. Strike Resources Peru SAC’s rights under this assignment and option agreement is assignable and as the concessions are located near some of the Apurimac Project concessions held by Apurimac Ferrum, it is intended that these concessions be assigned to Apurimac Ferrum at cost.

SEPTEMBER 2007 QUARTERLY REPORT | 29

A.B.N. 94 088 488 724

AUSTRALIAN TENEMENT SCHEDULE

Project	Status	Application No	Grant / Application Date	Expiry Date	Area (Blocks)	Area (km²)	Location / Property Name	State	Company’s Interest
Paulsen East (West Pilbara Region)	Granted	EL 47/1328	05/10/06	04/10/11	6	18	Paulsen East	WA	75%
	Granted	PL 47/1170	27/03/06	26/03/11	164 hectares	1.64	Paulsen East	WA	75%
King Sound (West Kimberley Region)	Application	ELA 04/1657	26/02/07	N/A	43	141	King Sound	WA	100%
	Application	ELA 04/1658	26/02/07	N/A	58	190	King Sound	WA	100%
	Application	ELA 04/1659	26/02/07	N/A	98	321	King Sound	WA	100%
Angela (Northern Territory)	Application	ELA 25862	07/12/06	N/A	12	38	Alice Springs	NT	75%

SEPTEMBER 2007 QUARTERLY REPORT | 30

A.B.N. 94 088 488 724

SECURITIES INFORMATION

as at 30 September 2007

ISSUED SECURITIES

ISSUED SECURITIES
Fully paid ordinary shares $0.20 (30 June 2008) Options $0.20 (9 February 2011) Unlisted Options $0.30 (9 February 2011) Unlisted Options $0.96 (21 July 2011) Directors’ Options $0.96 (13 September 2011) Unlisted Directors’ Options $1.20 (6 October 2011) Unlisted Employee Options $2.10 (7 March 2012) Unlisted Directors’ Options $2.81 (7 March 2012) Unlisted Directors’ Options $2.90 (1 May 2012) Unlisted Employee’ Options $2.90(5 September 2012)Unlisted Employee’s Options	Quoted / To beQuoted Not Quoted Total
	77,472,729 - 77,472,729 11,946,438 - 11,946,438 - 1,833,333 1,833,333 - 1,666,667 1,666,667 - 4,600,000 4,600,000 500,000 500,000 150,000 150,000 500,000 500,000 3,300,000 3,300,000 133,000 133,000 200,000 200,000
Total	89,619,167 12,883,000 102,302,167

DISTRIBUTION OF ORDINARY FULLY PAID SHARES

Spread		Holdings	Number of Holders	Number of Units	% of Total Issue Capital
1	-	1,000	529	215,413	0.278
1,001	-	5,000	428	4,655,524	6.009
5,001	-	10,000	1,374	4,117,863	5.315
10,001	-	100,000	708	22,464,564	28.997
100,001	-	and over	96	46,019,365	59.401
Total			3,135	77,472,729	100.00%

TOP 20 ORDINARY FULLY PAID SHAREHOLDERS

Rank	Shareholders	Total Shares	% Issued Capital
1	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	6,391,001	8.249
2	DATABASE SYSTEMS LIMITED *	4,839,356	6.247
3	ANZ NOMINEES LIMITED	4,142,398	5.347
4	CITICORP NOMINEES PTY LIMITED	2,720,620	3.512
5	ORION EQUITIES LIMITED	2,380,996	3.073
6	CLASSIC CAPITAL PTY LTD	1,550,000	2.039
7	PATER INVESTMENTS PTY LTD	1,520,000	1.962
8	NATIONAL NOMINEES LIMITED	1,390,412	1.795
9	NEFCO NOMINEES PTY LTD	1,205,846	1.556
10	DR SALIM CASSIM	1,100,846	1.421
11	BLUE CRYSTAL PTY LTD	800,000	1.033
12	EMPIRE HOLDINGS PTY LTD	696,000	0.885
13	MR GEORGE BRYANT MACFIE	634,846	0.819
14	BELL POTTER NOMINEES LTD <100905 A/C>	600,000	0.774
15	CITYSIDE INVESTMENTS PTY LTD	550,000	0.710
16	SURPION PTY LTD	500,000	0.645
17	MR SHANKER MADAN & MRS ANU MADAN	500,000	0.645
18	KATANA CAPITAL LIMITED	450,000	0.581
19	RON & LIZ NOMINEES PTY LTD	400,000	0.516
20	MRS LISA SHALLARD& MRS LINDA SALA TENNA	400,000	0.516
Total		32,792,321	42.328%

Substantial shareholder of the Company

SEPTEMBER 2007 QUARTERLY REPORT | 31

A.B.N. 94 088 488 724

SECURITIES INFORMATION

as at 30 September 2007

DISTRIBUTION OF LISTED $0.20 (30 JUNE 2008) OPTIONS

Spread		Holdings	Number of Holders	Number of Units	% of Total Issue Capital
1	-	1,000	28	8,714	0.073
1,001	-	5,000	20	184,953	1.548
5,001	-	10,000	57	235,212	1.969
10,001	-	100,000	55	1,690,756	14.153
100,001	-	and over	18	9,826,803	82.257
Total			178	11,946,438	100.00%

TOP 20 LISTED $0.20 (30 JUNE 2008) OPTIONS

Rank	Optionholder	Total Options	% Total Options On Issue
1	DATABASE SYSTEMS LIMITED	4,537,734	37.984
2	ORION EQUITIES LIMITED	1,014,806	8.495
3	MR DENIS IVAN RAKICH	929,000	7.776
4	SUNSHORE HOLDINGS PTY LTD	785,000	6.571
5	RENMUIR HOLDINGS LIMITED	417,917	3.498
6	BISNEY ASSETS LIMITED	355,000	2.972
7	MR TROY VALENTINE	300,000	2.511
8	CITYSIDE INVESTMENTS PTY LTD	281,666	2.358
9	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	250,000	2.093
10	MS ROSANNA DE CAMPO	217,598	1.821
11	WILLBURY HOLDINGS PTY LTD	205,000	1.716
12	FAROOQ KHAN	176,670	1.479
	MR RODNEY MALCOLM JONES & MRS CAROL ROBIN JONES <HOPERIDGE
13	ENT P/L SUPER A/C>	135,000	1.13
14	MRS LISA SHALLARD& MRS LINDA SALA TENNA	110,000	0.921
15	NEFCO NOMINEES PTY LTD	100,000	0.837
	MR PHILLIP NICOLAOU & MRS NATALIE LUCIANA NICOLAOU
16		100,000	0.837
17	MELSHARE NOMINEES PTY LTD	80,922	0.677
18	MR MOHAMMED AYUB KHAN	75,000	0.628
19	MS SKY MCNALLY	75,000	0.628
20	MRS AFIA AYUB KHAN	58,337	0.488
Total		10,204,650	85.420

SEPTEMBER 2007 QUARTERLY REPORT | 32

Strike Resources Limited and controlled entities

Appendix 5B June 2007 Quarterly Report

Appendix 5B Mining Exploration Entity Quarterly Report

Name of entity

STRIKE RESOURCES LIMITED and controlled entities

ACN or ARBN 088 488 724	Quarter Ended	Quarter Ended
	30 September 2007

Consolidated statement of cash flows Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) (a) Professional fees (b) Legal and settlement costs Net operating cash flows	Consolidated
	Current Quarter Sept 2007 $' 000	Year to Date 3 months $' 000
	- (840) - - (415) 12 268 - - - - -	- (840) - - (415) 12 268 - - - - -
	(975)	(975)

Strike Resources Limited (A.B.N. 94 088 488 724) Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 Tel: (08) 9214 9700 Email: [email protected] Fax: (08) 9322 1515

Page 33

Strike Resources Limited and controlled entities

Appendix 5B June 2007 Quarterly Report

	Consolidated	Consolidated
	Current Quarter Sept 2007 $' 000	Year to Date 3 months $' 000
1.8 Net operating cash flows (carried forward)	(975)	(975)
Cash flows related to investing activities 1.9 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.11 Loans to other entities 1.12 Loans repaid by other entities 1.13 Other (provide details if material) Contribution towards development costs Proceeds from return of capital Net investing cash flows 1.14Total operating and investing cash flows	- (927) - - - - - - - - - -	- (927) - - - - - - - - - -
	(927)	(927)
	(1,902)	(1,902)
Cash flows related to financing activities 1.15 Proceeds from issues of shares, options, etc. 1.16 Proceeds from sale of forfeited shares 1.17 Proceeds from borrowings 1.18 Repayment of borrowings 1.19 Dividends paid 1.20 Other (provide details if material) Net financing cash flows	331 - - - - -	331 - - - - -
	331	331
Net increase (decrease) in cash held 1.21 Cash at beginning of quarter/year to date 1.22 Exchange rate adjustments to item 1.20 1.23Cash at end of quarter	(1,571) 18,328 38	(1,571) 18,328 38
	16,795	16,795

Strike Resources Limited (A.B.N. 94 088 488 724)

Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 Tel: (08) 9214 9700 Email: [email protected] Fax: (08) 9322 1515

Page 34

Strike Resources Limited and controlled entities

Appendix 5B June 2007 Quarterly Report

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the	Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the
related entities 1.24 Aggregate amount of payments to the parties included in item 1.2 1.25 Aggregate amount of loans to theparties included in item 1.10	Current Quarter Sept 2007 $' 000
	(205)
	-

1.26 Explanation necessary for an understanding of the transactions
(1) $205,204 - Directors' fees, salaries and superannuation for the quarter.

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

==> picture [463 x 135] intentionally omitted <==

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

None.

Financing facilities available 3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $' 000	Amount used $' 000
	-	-
	-	-

Strike Resources Limited (A.B.N. 94 088 488 724) Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 Tel: (08) 9214 9700 Email: [email protected] Fax: (08) 9322 1515

Page 35

Strike Resources Limited and controlled entities

Appendix 5B June 2007 Quarterly Report

Estimated cash outflows for next quarter 4.1 Exploration and evaluation 4.2 Development	Next Quarter $' 000
	(3,666)
	-
Total	(3,666)

Note that 4.1 includes an estimated A$3.13 million (US$2.81 million) investment into Apurimac Ferrum S.A (the Peruvian company which holds the Apurimac and Cuzco Iron Ore Projects). The funds invested into Apurimac Ferrum will be applied towards exploration and evaluation expenses on the projects. An exchange rate of US$1.00 = A$0.90 has been adopted.

Reconciliation of cash	Consolidated	Consolidated
Reconciliation of cash at the end of the month (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows	Current Quarter $' 000	Previous Quarter $' 000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (Bank Bills)	1,889	1,105
	14,906	3,797
	-	-
	-	13,426
Total: cash at end of quarter(item 1.22)	16,795	18,328
	- -

Changes in interests in mining tenements

6.1 6.2		Tenement reference	Nature of interest (note(4))	Interest at beginning of quarter	Interest at end of quarter
	Interests in mining tenements relinquished, reduced or lapsed	Not Applicable
	Interests in mining tenements acquired or increased	Refer Schedule of Peruvian Concessions

Strike Resources Limited (A.B.N. 94 088 488 724) Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 Tel: (08) 9214 9700 Email: [email protected] Fax: (08) 9322 1515

Page 36

Strike Resources Limited and controlled entities

Appendix 5B June 2007 Quarterly Report

Issued and quoted securities at end of current quarter

	q	q p p p	q p p p	q p p p	q p p p
		Total number	Numberquoted	Issue price per security (see note 5) (cents)	security (see note 5) (cents)
7.1 Preference securities+ 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions	Preference securities+	n/a

7.3 Ordinarysecurities+ 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs Conversion of SRKO options	Ordinarysecurities+	77,472,729	77,472,729
		1,463,481	1,463,481	20 cents	N/A
7.5 Convertible debt securities+ 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options Vendor options Vendor options Listed SRKO options Directors' options Directors' options Employee's options Directors' options Directors' options Employee's options Employee's options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter		1,833,333 1,666,667 11,946,438 4,600,000 500,000 150,000 500,000 3,300,000 100,000 33,000	1,833,333 1,666,667 11,946,438	Exercise price 20 cents 30 cents 20 cents 96 cents 96 cents 120 cents 210 cents 281 cents 290 cents 290 cents	Expiry date 9 February 2011 9 February 2011 30 June 2008 21 July 2011 13 September 2011 6 October 2011 7 March 2012 7 March 2012 1 May 2012 1 May2012

		1,463,481		20 cents	30 June 2008

7.11 Debentures(totals only)
7.12 Unsecured notes

Strike Resources Limited (A.B.N. 94 088 488 724) Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 Tel: (08) 9214 9700 Email: [email protected] Fax: (08) 9322 1515

Page 37

Strike Resources Limited and controlled entities

Appendix 5B June 2007 Quarterly Report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.

==> picture [78 x 47] intentionally omitted <==

31 October 2007

Victor Ho Director

+ See Chapter 19 for defined terms

NOTES

1) The Company currently holds the following share investments:

			31-Oct-07
Company	No Shares	%	Last Bid Price	Market Value
Alara Uranium Limited (AUQ)	28,750,000	35.7%	$0.170	$4,887,500
Alara Uranium Limited Options (AUQO)	21,562,500	35.7%	$0.041	$884,063
Orion Equities Limited (OEQ)	505,026	2.8%	$1.335	$674,210
Queste Communications Ltd (QUE)	826,950	2.9%	$0.330	$272,894
Sofcom Limited (SOF)	12,420,439	27.8%	suspended	$0
Total				$6,718,666

' Share investments are regarded as liquid assets to supplement the Company s cash reserves .

The Company is the largest shareholder in SOF which is currently suspended awaiting a potential recapitalisation and re-admission to ASX.

2) During the quarter ending 30 September 2007, 1,463,481 listed $0.20 (30 June 2008) options were exercised and converted into shares (as described in the table at page 23), raising a total of $292,696
3) The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note
4) The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent
5) Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
6) The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
7) Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

Strike Resources Limited (A.B.N. 94 088 488 724) Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 Tel: (08) 9214 9700 Email: [email protected] Fax: (08) 9322 1515

Page 38

www.strikeresources.com.au

A.B.N. 94 088 488 724

REGISTERED OFFICE:

Level 14, The Forrest Centre 221 St Georges Terrace Perth Western Australia 6000 T | (08) 9214 9700 F | (08) 9322 1515 E | [email protected]

ASX CODE: SRK

==> picture [54 x 28] intentionally omitted <==

==> picture [54 x 27] intentionally omitted <==

ADVANCED SHARE REGISTRY SERVICES:

110 Stirling Highway Nedlands Western Australia 6009 T | (08) 9389 8033 F | (08) 9389 7871

E | [email protected] W | www.asrshareholders.com

AI assistant

STRIKE RESOURCES LIMITED — Interim / Quarterly Report 2007

65855_rns_2007-10-31_e44eeaea-8ddc-4f66-9cd2-5d958815f2a5.pdf

30 SEPTEMBER 2007 QUARTERLY REPORT

SUMMARY OF MATERIAL MARKET ANNOUNCEMENTS DURING THE QUARTER

OBJECTIVES FOR DECEMBER 2007 QUARTER

Dated: 31 October 2007

Further information:

Registered Office:

A.B.N. 94 088 488 724

Share Registry:

COMPANY PROFILE

PROJECT OVERVIEW

APURIMAC AND CUZCO IRON ORE

(68.15%[1] , Peru)

PROJECT OVERVIEW

PROJECT OVERVIEW

AUSTRALIAN PROJECTS

INDONESIAN PROJECTS

COMPANY PROJECTS

1. Apurimac Iron Ore Project

COMPANY PROJECTS

172 MILLION TONNE JORC INFERRED RESOURCE

Current JORC Statement

The Company further notes that:

COMPANY PROJECTS

Opaban I Concession – 151 million tonnes JORC Inferred Resource Grading 62.16% Fe

COMPANY PROJECTS

COMPANY PROJECTS

Drilling Results – Northern Section of Opaban I Concession

Opaban III Concession – 21 million tonnes JORC Inferred Resource Grading 63.1% Fe

COMPANY PROJECTS

COMPANY PROJECTS

REGIONAL MAPPING AND SAMPLING

COMPANY PROJECTS

COMPANY PROJECTS

COMMENCEMENT OF PRE-FEASIBILITY STUDIES

COMPANY PROJECTS

PRELIMINARY MINERALOGY

EXPLORATION PROGRAMME FOR APURIMAC PROJECT

COMPANY PROJECTS

2. Cuzco Iron Ore Project

COMPANY PROJECTS

Scout Drilling

COMPANY PROJECTS

SURFACE MINING POTENTIAL – 2 MILLION TONNES PER ANNUM MINING OPERATION

Exploration Programme

COMPANY PROJECTS

3. Paulsens East Iron Ore Project

COMPANY PROJECTS

4. King Sound Mineral Sands Project

COMPANY PROJECTS

5. Banten Copper/Gold Project

CORPORATE

1. ALARA URANIUM LIMITED

1.1 Alara 3 for 4 Options Rights Issue

1.2 Strike’s In Specie Distribution of 16 Million Alara Shares to Strike Shareholders

2. ANNUAL GENERAL MEETING

CORPORATE

3. SUMMARY OF SHARE CAPITAL CHANGES

CORPORATE

4. OPTIONS

(a) Listed Options (ASX Code: SRKO)

(b) Employees’ Options

BOARD OF DIRECTORS

H. Shanker Managing Director Madan

BOARD OF DIRECTORS

Farooq Khan Executive Director

Malcolm Non-Executive Director Richmond

BOARD OF DIRECTORS

William M. Executive Director Johnson

Victor P. H. Ho Executive Director and Company Secretary

BCom, LLB ( Western Australia )

SCHEDULE OF PERUVIAN CONCESSIONS

APURIMAC PROJECT

SCHEDULE OF PERUVIAN CONCESSIONS

APURIMAC PROJECT (continued)

CUZCO PROJECT

AUSTRALIAN TENEMENT SCHEDULE

SECURITIES INFORMATION

STRIKE RESOURCES LIMITED Interim / Quarterly Report 2007