STRIKE RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

Quarterly Report – March 2012 For the 3 months to 31 March 2012

Company Overview

Strike Resources is an Australian-listed resources company with two principal projects in the attractive bulk commodities market.

Strike's Apurimac and Cusco Iron-Ore Projects in Perú are large-scale iron ore projects, with Apurimac in the pre-feasibility study stage. Strike also holds warrants in Canadian-listed Perúvian explorer Cuervo Resources Inc (Cuervo) which, if exercised, would allow it to move to 49% of Cuervo1

The Company is seeking to establish a 15 - 20 million tonne per annum (Mtpa) operation in Perú based on current iron ore mineral resources totalling 374Mt2 and potential access to additional resources of 178.4Mt3 held by Cuervo in Cusco, all with significant exploration upside.

Strike holds 100% of the rights to mine a coal concession near Berau, Indonesia, subject to a royalty to the concession owner. Negotiations are proceeding aimed at settling a dispute with the concession owner.

March Quarter Highlights

• Cuervo receives approvals for drilling at Bob 1 and access preparation complete. Three drilling rigs expected on site by late May
• Additional inferred resource of 72Mt at 52.6% Fe at Cuervo's Cerro Ccopane Project
• Drilling approvals received for Colcabamba with program commencing late May
• Community meeting to consider access agreement for Opaban held in March with further meeting planned for early June
• Baseline environmental data collection underway at Cusco as part of the drilling approvals process
• Geological mapping, drill core sampling and ground geophysics underway or commencing in May to define iron ore and copper/gold targets at Cusco and Colcabamba
• Progress made on Berau negotiations but dispute proceedings still possible
• Strong cash position retained with A$22.9 million in cash, a $C5.25 million loan to Cuervo and US$32.5 million loan to Apurimac Ferrum at quarter end

Corporate

Business Development – Growth Strategy

Assessment of several project opportunities in proximity to AF's iron ore assets in the Apurimac and Cusco Districts of Southern Perú are continuing. Good working relationships have been established

_____________________________________________________________

1 On an undiluted basis or approximately 46% on a fully diluted basis.

2 Comprised of an indicated resource of 142.5Mt at 57.8% Fe and an inferred resource of 127.5Mt at 56.7% Fe at Apurimac and an inferred resource of 104Mt at 32.6% Fe at Cusco.

3 Comprised of 19.7 Mt at 48.3% Fe (measured), 35.9 Mt at 45.9% Fe (indicated) and 50.8 Mt at 43.7% (inferred) at the Orcopura prospect and 72Mt at 52.6% Fe (inferred) at the Huillque and Aurora prospects. Full details of the resources are in Strike's ASX announcements on 19 July 2011 (Orcopura) and 14 February 2012 (Huillque and Aurora).

with concession owners across the region. In some cases, initial discussions have been opened with vendors. The strong resource and concession position of Strike's Perúvian assets (AF and Cuervo) means that Strike is seen by many concession owners as the logical party to consolidate the iron-ore opportunities in the region. This is providing the Company with a good flow of opportunities.

High-priority base and precious metal targets in world-class mining districts within Perú continue to be assessed with several opportunities identified for more detailed appraisal.

Appointments

On 23 January Strike appointed Samantha Tough to the Board as an independent, non-executive director4 .

Julian Tambyrajah joined the Strike executive team as Chief Financial Officer in April. Mr Tambyrajah has extensive experience in the resources industry both in Australia and overseas and brings a wealth of knowledge in the business development, finance and commercial areas to the company.

Projects

Apurimac and Cusco Iron-Ore Projects - Perú (SRK 56%5 )

Figure 1 – Apurimac and Cusco Project Concessions

Overview

Exploration activities on AF's concessions in Perú (see Figure 1, above) recommenced during the latter part of the quarter, following a slowdown from December to January resulting from community unrest in Andahuaylas. The situation returned to normal following a visit by the President of Perú.

4 Full details of Ms Tough's qualifications and experience are contained in Strike's 23 January 2012 ASX announcement.

5 Strike's joint-venture partner D&C group has exercised an option to acquire 6% of AF from Strike. Payment of the option exercise price of US $1.9 million is expected in June, when certain regulatory requirements have been met. From that time Strike and D&C will each hold 50% of AF.

The President assured protesters that the future prospects of the region depended upon responsible economic development.

Activities undertaken during the quarter and to the date of this Report include:

• Geological mapping teams contracted and mobilising to the Ferrum 27 and Mapsa 2001 project areas during April.
• Geological mapping commenced at Colcabamba in the Apurimac Region in preparation for drilling. The focus of the field program will be to confirm the revised geological interpretation for the iron ore mineralisation flowing from the work of Dr Warren Pratt in late 2011 and assist with targeting of an IP program designed to test for buried copper/gold targets.
• Continuing assessment of the Apurimac satellite concessions for iron-ore and copper/gold potential.
• Reception of all necessary permits for drilling, along with environmental approvals at Colcabamba.

Apurimac Iron Ore Project (SRK 56%6 )

Ferrum 27 and Mapsa 2001

Ferrum 27 and Mapsa 2001 are contiguous concessions which lie approximately 3km north east of the northern boundary of Opaban I (see Figure 1, above). A geological mapping program, curtailed by local protests in the December 2011 quarter, has recommenced. Mapping teams have been contracted and will mobilise to complete the planned geochemistry sampling and mapping in April. The mapping will complement detailed magnetic surveys completed during the December quarter to assist in defining drill targets. These concessions are considered prospective for both iron and copper mineralisation. The timing for any drilling is tied to the Opaban environmental approvals.

Colcabamba

The iron mineralisation at Colcabamba is hosted by regional metasomatic skarns developed in limestone roof pendants within the Andahuaylas-Yauri batholith. The iron-ore mineralisation intersected during the 2011 drilling program is similar in mineralogy and geological setting to that at the Company's Opaban Iron Ore Project, located 30 km to the north. Although high-grade magnetite mineralisation was intersected in all holes, the mineralised intersections were generally narrower than expected. A review of the geological controls and setting of the iron mineralisation at Colcabamba was completed in the December 2011 quarter by experienced Andean geological consultant Dr Warren Pratt. Key conclusions from this work were:

• Magnetite mineralisation is mainly located within the exoskarn and is probably stratiform, following the contact between a semi-regional batholith and the overlying (sub-horizontal) host limestone rock. This contrasts with the steeply dipping mineralisation model used in the original interpretation of the drilling results.
• Widespread bedding has been preserved within the exoskarn.
• Magnetite mineralisation is formed as a retrograde skarn and is associated with epidote, tremolite, actinolite and chlorite mineral assemblage, which overprints an earlier garnet and diopside skarn alteration assemblage.
• The current geological model may have underestimated the iron-ore potential at Colcabamba.

Importantly, these conclusions led to the development of an alternative geological model for the controls and emplacement iron-ore mineralisation at Colcabamba. The new model significantly increases the iron-ore tonnage potential at Colcabamba and will be tested through further drilling from existing access and additional drill platforms.

The review also concluded that the presence of multiple phases of intrusives, anomalous copper and relatively high sulphur content at Colcabamba make it strongly prospective for copper/gold mineralisation including skarn, epithermal and porphyry styles.

Detailed geological mapping commenced during the quarter with a geophysical IP survey commissioned and scheduled to commence during the June quarter. These field programmes will assist in the drill targeting and testing of both iron and copper/gold mineralisation potential.

6 See footnote 5 for full details of Strike's shareholding interest in AF.

During the March quarter AF received the necessary permits and approvals required for drilling. An additional 10 drilling platforms are proposed, with drilling expected to commence in late May.

Cusco Project (Santo Tomas Prospect - SRK 56%7 )

Background

The prospectivity of these concessions for iron ore has been well established for some time, with an initial inferred resource estimate of 104Mt at 32.6% Fe reported in June 2011. The drilling programs to date have tested 30 – 40% of the target area for iron ore and further drilling is planned, outlined below.

The style of iron-ore mineralisation at Santo Tomas is similar to that seen at Opaban, being coarsegrained and dominated by magnetite. Preliminary metallurgical tests indicate a concentrate grade of >65%Fe can be produced from this ore using conventional grinding and magnetic separation processes.

The geological environment at Santo Tomas is also considered highly prospective for copper, gold and molybdenum. The concessions lie within the world-class Andahuaylas – Yauri mineralised belt, which hosts several major copper deposits. Numerous strong indicators for copper/gold mineralisation, including high sulphur content, strongly elevated copper and significant alluvial gold workings occur within the AF concessions. The presence of these indicators, in conjunction with strong IP anomalies and elevated copper in previous drilling (up to 16m at 1% Cu from 28m depth) are considered most encouraging. AF is developing drill targets for copper/gold mineralisation, as well as iron-ore targets, in its current programs.

Activity

The next stage of field work will focus on extending the current iron ore mineralisation, as well as testing high-priority copper and gold targets. Planned activities include a major IP survey designed to infill gaps in the current survey and to extend coverage over the entire Santo Tomas concession area. The proposed survey, combined with the geological mapping and previous gravity and ground magnetic data, is expected to generate further drill targets for both iron and copper mineralisation. These field programs are scheduled for the June quarter. Pre-work for the environmental approval (EIS) for drilling at Santo Tomas (Cusco) is underway. The approval is expected by the first quarter of 2013 with drilling planned to commence in the June quarter.

Social Approvals and Community Relations

New community consultation law

On April 2 the Perúvian national government passed a new law that requires prior approval of exploration and mining work by the local communities where the work is to take place. The law is not clear on many points and will require industry to consult with the government in order to make it workable. AF is working with the communities where it is active, along with relevant Ministries, to ensure that its community consultation process is consistent with the new law. AF has always worked extensively with local communities prior to commencing any activities on their lands. The communities have always had a near-complete veto over exploration and mining on their lands. The new law is thus not expected to result in any substantive differences to outcomes from the community approval process, however some changes to procedures are required.

Cusco approval

During the quarter AF received permission to conduct exploration activities for two years on Huininquiri Community lands in the Cusco Region. The lands are part of the Santo Tomas Project and showed a good geologic response during initial reconnaissance performed several years ago. AF is conducting the environmental work required to obtain an environmental approval (EIS) that will allow for drilling and other work.

Colcabamba

AF is continuing to work with the community in Colcabamba. AF sponsored a re-forestation program that will allow for watershed protection, as well as improve existing water quality. Over 1,000 seedlings have been planted to date.

In addition, AF sponsored a working trip to the Camposol agricultural business in northern Perú, which is operated by the D&C Group, Strike's partner in AF. Community members had the opportunity to

7 See footnote 5 for full details of Strike's shareholding interest in AF.

see large-scale farming techniques, as well as high-quality food preparation installations, water treatment and other infrastructure necessary for a sustained commercial farming project. The trip was very successful. Community leaders wish to pursue opportunities identified on the trip that are suitable to the lands that the community farms.

Huinchos (Opaban 1)

Progress during the quarter was impacted by heavy rainfall and flooding which occurred across much of the Apurimac region including Huinchos and the city of Andahuaylas. AF worked with regional authorities to address the high-priority issues and, at the request of the authorities, provided fuel to emergency services undertaking search and rescue and rapid response activities. In Huinchos, the Company also provided flood assistance to over 30 families who were left homeless after severe local flooding. AF also provided blankets and other humanitarian aid to the community. A ditching program has been initiated to prevent further flooding of low-lying homes.

On March 17th an assembly was held in Huinchos to discuss AF's proposal for a two-year exploration agreement, whereby Huinchos would provide access to their lands for exploration work. The community was clearly focussed primarily on addressing the urgent matters flowing from the recent flooding but agreed to proceed with the meeting. Before the assembly could consider the proposal a group from one of the 4 campesino communities which comprise Huinchos, along with agitators from outside the community, interrupted the session with a general anti-mining agenda and stopped the assembly.

Following the assembly community leaders approached AF and requested that AF submit its proposal to the next General Assembly meeting in early June. In the interim they have provided approval for AF to continue its Information Offices and also speak with families on a one-on-one basis to outline its proposal and provide information on responsible mining. AF subsequently increased its efforts at both the local and regional level to build on the positive programs it has established (social, agricultural, health etc.) at Colcabamba, Antapata and other locations and provide information on the benefits of its proposal and responsible mining in general.

While the outcome of the meeting in June remains uncertain, AF is hopeful that its information and education process will lead to a positive outcome at the new assembly. If this occurs then a formal agreement will need to be prepared, following which the environmental approval process for drilling can commence. The EIS level environmental approval process is expected to take in the order of 9 months to acquire the necessary baseline data, prepare the application and receive government approval. In the interim, preparatory exploration activities will be undertaken (ground magnetics, geological mapping and sampling etc.) to lock in drilling targets.

Millenium

As previously reported, Millenium brought a procedural challenge to the dismissal of its court claim. The original decision was upheld. Millenium has now appealed against the dismissal of its procedural challenge. Strike believes that there is little merit in these tactics by Millenium, however, they may delay the ultimate conclusion of the matter.

The dispute is also subject to arbitration, which Strike maintains is the proper forum for it to be resolved. An arbitration hearing to define the issues in dispute was held on 27 April. The arbitrator agreed with AF's proposed statement of the issues to be resolved. A further hearing will be held to determine certain questions about the arbitrator's jurisdiction before the substantive hearing to resolve the dispute can take place.

Cuervo Resources Inc.

Resource Increase

Cuervo's principal asset is the Cerro Ccopane Iron Ore Project, which lies within 10 kilometres of Strike's joint venture company AF's Cusco Iron Ore Project, which has a current inferred resource of 104 Mt at 32.5% Fe.

On 14 February Strike announced that an additional inferred mineral resource of 72Mt at 52.6% Fe had been defined at Cerro Ccopane, which added to the initial resource at that project of 106 Mt at 45% Fe8 .

The new Cuervo inferred resource is located at the Aurora and Huillque prospects, which lie approximately 3 kilometres to the south west and north respectively of its resource at the Orcopura prospect. The new resource estimate was based on the results of approximately 5,000 m of diamond drilling. A 30% iron cut-off grade was used in the estimation. The breakdown of the resource by mineralised zone is shown below:

Zone	Mt(Inferred)	Head Fe (%)
Aurora South	7	49.7
Aurora North	9	49.0
Huillque	56	53.5
Total	72	52.6

The resource study used a polygonal and sectional model method and includes results from 25 drill holes in the two Aurora mineralised zones and 20 drill holes in the Huillque mineralised zone. This drilling was completed and sampled in 2009 (before Strike's involvement with Cuervo) however, a resource estimate was not prepared at that time.

The new global resource on the Cerro Ccopane property, which includes all drilling performed on the Orcopura, Aurora and Huillque prospects, now stands at9 :

Prospect	Classification	Tonnes (Mt)	HeadFe (%)	Cut-off(% Fe)
	Measured	19.7	48.26	20
Orcopura	Indicated	35.9	45.91	20
	(Measured plusIndicated)	55.6	46.75	20
Orcopura	Inferred	51	43.7	20
Or
Prospect	Classification	Tonnes (Mt)	HeadFe (%)	Cut-off(% Fe)
Orcopura	Inferred*	46	45.8	30
Huillque andAurora	Inferred	72	52.6	30
Total	Inferred	118	50.4	30

*Showing the inferred resource at Orcopura (previously modelled using a 20% lower cut) now using a 30% lower cut, to enable a comparison between that resource and the inferred resource now defined at Huillque and the Aurora prospects.

Exploration Targets

The Cerro Ccopane Iron-Ore Project overlies the contact zone between the Tertiary-age Apurimac Pluton and an older outlier of limestones belonging to the Arcurquina Formation of Cretaceous age. This geological setting is highly prospective for the discovery of additional iron and copper skarn mineralisation along the geological contact, as well as hydrothermal iron and copper mineralisation within host intrusives.

8 Comprised of 19.7 Mt at 48.3% Fe (measured), 35.9 Mt at 45.9% Fe (indicated) and 50.8 Mt at 43.7% (inferred) at the Orcopura prospect and 72Mt at 52.6% Fe (inferred) at the Huillque and Aurora prospects.

9 The latest (Huillque and Aurora) resource estimate uses a 30% Fe lower cut and the sectional polygonal resource estimation process whereas the initial Cuervo resource estimate (at Orcopura) was a wire-framed computer model using a 20% Fe lower cut with grades determined using the inverse distance squared estimation method. Accordingly, some care must be taken when quoting a global resource for the project area.

The key target area is the Bob 1 magnetic anomaly, which extends over up to 10 km of strike length at greater intensity than the anomaly which defines the Orcopura resource. No drilling has been undertaken at Bob 1 to date.

Cuervo's planned exploration programs include detailed ground magnetic and gravity surveys at Bob 1 and other regional target areas, followed by progressive drill testing of priority targets at Bob 1.

March Quarter Activities

Cuervo received community approval for exploration (including drilling) in the bulk of the Bob 1 area during January, 2012.

The initial program will involve broadly spaced lines of drilling to test the initial 2 – 3 kilometres of the target zone, which is defined by a strong magnetic anomaly and extensive outcrops of massive magnetite ironstones, which have recorded an average iron grade of 63% Fe in surface sampling.

Construction of the access road to Bob 1 commenced in December but has been impacted by the high rainfall in the region. This has been exacerbated by issues with controlling "fly rock" and muddy run-off from the road impacting the local community and completion was delayed until late April. The access road is now effectively complete and establishment of the camp operations will commence shortly.

Discussions are underway with the drilling company and it is expected that the first rig will mobilise to site on 15 May with 2 further rigs mobilising over the 2 weeks following. This should provide drilling progress of around 1500 metres per month with the bulk of the drilling completed by mid to late August, all analytical results delivered by late September and the resource estimate completed in October.

Cuervo has also commenced a trenching program across the Bob 1 project area. To date 58 two metre channel samples have been collected and despatched for analysis. Results are expected to flow from May.

Berau Thermal Coal Project – Indonesia10

During the quarter further discussions have been undertaken with Strike's Indonesian partner with a view to the purchase of Strike's equity in the project. While these discussions are inconclusive at this time, the Company is hopeful a resolution can be reached shortly although formal dispute resolution processes remain a possibility.

Paulsens East Iron-Ore Project – Pilbara, Western Australia11

Under a farm-out agreement between Strike and Process Minerals International Pty Ltd (PMI) - a subsidiary of ASX-listed Mineral Resources Limited - PMI has exclusive rights to explore for and mine iron ore from Paulsens East. Strike retains the rights to other minerals. PMI will pay Strike a royalty of A$3.20 per tonne on any iron ore mined at this project, subject to variations in line with movements in an iron ore benchmark price.

PMI is close to reaching provisional agreement with the traditional owners for their consent to the grant of a mining lease and miscellaneous licence. The provisional agreement is being negotiated between PMI and a native title representative body. Once a provisional agreement is reached the traditional owners' full assembly is expected to meet to consider whether to ratify it.

JORC Code Competent Person Statement

The information in this document which relates to Mineral Resources at the Apurimac, Cusco and Cerro Ccopane projects and to exploration results has been prepared by Mr Ian Cullen, B.Sc. (Geology), who is an employee of Strike Resources Ltd and is a member of the Australasian Institute of Mining and Metallurgy. Mr Cullen 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 Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting

10 Strike's rights in this project consist of 100% of the rights to mine the coal concession, subject to payment of a royalty to the concession owner.

11 Strike's interest in this project is the right to a royalty on any iron ore mined by the farm-out partner, PMI.

of Mineral Resources and Ore Reserves" (the JORC Code). Mr Cullen consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.

Finance

Cash Position

Strike's total cash holding on 31 March 2012 was approximately A$22.9 million. In addition, Strike holds a loan of C$5.25 million to Cuervo Resources Inc and loans of approximately US$32.5 million to Apurimac Ferrum.

Mineral Tenements

Apurimac Ferrum S.A. Concessions

(Strike Resources has a 56% interest in the Apurimac Ferrum S.A. (AF) concessions at Apurimac and Cusco, through its 56% interest in AF.)

Apurimac Project, Perú - AF

Name	Area (Ha)	Province	Code	Title	File No
(1) Opaban I	999	Andahuaylas	05006349X01	No 8625-94/RPM Dec 16, 1994	20001465
(2) Opaban III	990	Andahuaylas	05006351X01	No 8623-94/RPM Dec 16, 1994	20001464
(3) Los Andes I	999	Andahuaylas	05006372X01	No 0134-95-RPM Jan 31, 1995	200001481
(4) Pitumarca II	1,000	Andahuaylas	05006385X01	No 8686-94-RPM Dec 22, 1994	20001478
(5) LucreciaEsperanza	66	Andahuaylas	01-00649-99	No 00623-2001-INACC/J Jul 26, 2001	11032475
(6) NuevaOropampa 6	400	Andahuaylas	01-00860-99	No 04043-2000-RPM Oct 13, 2000	11032603
(7) Mapsa 2001	800	Andahuaylas	01-01204-01	No 00590-2002-INACC/J Apr 8, 2002	11032600
(8) Coriminas II	1,000	Andahuaylas	01-01624-99	No 02760-2000-RPM Jul 25, 2000	11032965
(9) Coriminas V	1,000	Andahuaylas	01-01626-99	No 0936-00-RPM Mar 16, 2000	20003140
(10) Ferrum 1	965	Andahuaylas	01-02983-04	No 00228-2005-INACC/J Jan 19, 2005	11053798
(11) Ferrum 2	1,000	Andahuaylas	01-02984-04	No 00227-2005-INACC/J Jan 19, 2005	11053836
(12) Ferrum 3	1,000	Andahuaylas	01-02985-04	No 00229-2005-INACC/J Jan 19, 2005	11053807
(13) Ferrum 4	1,000	Andahuaylas/Aymaraes	01-02986-04	No 00230-2005-INACC/J Jan 19, 2005	11053810
(14) Ferrum 5	959	Aymaraes	01-02987-04	No 00323-2005-INACC/J Jan 25, 2005	11053816
(15) Ferrum 7	437	Aymaraes	01-02989-04	No 00396-2005-INACC/J Jan 27, 2005	11053822
(16) Ferrum 8	900	Andahuaylas	01-02990-04	No 00232-2005-INACC/J Jan 19, 2005	11053827
(17) Ferrum 9	1,000	Aymaraes	01-02991-04	No 00324-2005-INACC/J Jan 25, 2005	11053830
(18) Ferrum 10	1,000	Aymaraes	01-02992-04	No 00325-2005-INACC/J Jan 25, 2005	11053833
(19) Ferrum 11	1,000	Aymaraes	01-02993-04	No 02512-2005-INACC/J Jun 12, 2005	11053835
(20) Ferrum 13	600	Andahuaylas	01-03139-06	No 4416-2006-INACC/J Oct 16, 2006	11061068
(21) Ferrum 26	827	Andahuaylas	01-02274-07	No 000853-2007-INGEMMET/PCD/PM Sept 7, 2007	11073793
(22) Ferrum 27	1,000	Andahuaylas	01-02629-07	No 000581-2007-INGEMMET/PCD/PM Sept 5, 2007	11073799
(23) Ferrum 36	1,000	Andahuaylas	10553307	RP 0176-2008-INGEMMET/PCD/PM Feb 29, 2008	11075418
(24) Cristoforo 22	379	Andahuaylas	01-01656-02	RP2849-2007-INGEMMET/PCD/PM Dec 13, 2007	11067786
(25) Ferrum 28	1,000	Andahuaylas	10507407	RP0601-2008-INGEMMET/PCD/PCM Mar 07, 2008	11075423
(26) Ferrum 29	1,000	Andahuaylas	10507507	RP0365-2008-INGEMMET/PCD/PM Mar 07, 2008	11075419
(27) Ferrum 30	963	Andahuaylas	10525907	PP 1024-2008-INGEMMET/PCD/PM May 05, 2008	11076757
(28) Ferrum 31	327	Andahuaylas	10552807	RP 1266-2008-INGEMMET/PCD/PM May 12, 2008	11076509
(29) Ferrum 32	900	Andahuaylas	10552907	RP0402-2008-INGEMMET/PCD/PM Mar 07, 2008	11075425
(30) Ferrum 33	900	Andahuaylas	10553007	RP0547-2008-INGEMMET/PCD/PM Mar 07, 2008	11075421
(31) Ferrum 34	800	Andahuaylas	10553107	RP0764-2008-INGEMMET/PCD/PM Apr 17, 2008	11075427
(32) Ferrum 35	1,000	Andahuaylas	10553207	RP0347-2008-INGEMMET/PCD/PCM Mar 07, 2008	11075426
(33) Ferrum 37	695	Andahuaylas	10621507	RP 1164-2008-INGEMMET/PCD/PM May 12, 2008	11076534
(34) Ferrum 56	1,000	Andahuaylas	10133508	RP 1971-2008-INGEMMET/PCD/PM Jun 19, 2008	11077123
(35) Ferrum 57	1,000	Andahuaylas	10133608	RP 3279-2008-INGEMMET/PCD/PM Sept 9, 2008	11081417

(36) Ferrum 58 1,000 Andahuaylas 10133708 RP 2206-2008-INGEMMET/PCD/PM 27 Jun, 2008 11077127 (37) Ferrum 59 1,000 Andahuaylas 10133808 RP 2272-2008-INGEMMET/PCD/PM 27 Jun, 2008 11077122 (38) Ferrum 61 1,000 Aymaraes 10073308 - in process (39) Pacunco 1 800 Andahuaylas 10019508 RP 1806-2008-INGEMMET/PCD/PM May 29, 2008 11076523 (40) Minas Huaycco 800 Abancay 10168708 RP 2541-2008-INGEMMET/PCD/PM Aug 08, 2008 11081416

Cusco Project, Perú - AF

Concession	Area (Ha)	Province	Code	Title	File No
(1) Flor de María	907	Chumbivilcas	05006521X01	No 7078-95-RPM Dec 29, 1995	20001742
(2) Delia Esperanza	1,000	Chumbivilcas	05006522X01	No 0686-95-RPM Mar 31, 1995	20001743
(3) Julia Clara	1,000	Chumbivilcas	05006523X01	No 4600-95/RPM Sept 26, 1995	20001744
(4) El Pacífico I	618	Chumbivilcas	05006536X01	No 7077-95/RPM Dec 29, 1995	20001785
(5) El Pacífico II	1,000	Chumbivilcas	05006524X01	No 7886-94/RPM Nov 25, 1994	20001746
(6) Ferrum 14	268	Chumbivilcas	01-03047-05	No 05032-2005-INACC/J Nov 30, 2005	11053842
(7) Ferrum 15	992	Chumbivilcas	10494906	RJ 0753-2007-INACC/J Mar 05, 2007	11073796
(8) Ferrum 17	500	Chumbivilcas	10026607	RP 1815-2007-INGEMMET/PCD/PM Oct 30, 2007	11073794
(9) Ferrum 18	800	Chumbivilcas/Cotabambas	10026707	RP 1761-2008-INGEMMET/PCD/PM May 29, 2008	11076514

Strike Resources Limited Concessions

(The concessions at Apurimac and Cusco listed in the tables below are 100% owned by Strike Resources, subject to an option for AF to acquire those concessions.)

Apurimac Project, Perú – Strike Resources

Name	Area (Ha)	Province	Code	Title	File No
(1) Ferrum 38	800	Andahuaylas	10015205	RP1288-2008-INGEMMET/PCD/PM May 12, 2008	11064280
(2) Ferrum 39	1,000	Andahuaylas	10047605	RP 1573-2008-INGEMMET/PCD/PM May 29, 2008	11064281
(3) Ferrum 40	1,000	Andahuaylas	10623507	RP 2905-2008-INGEMMET/PCD/PM Aug 19, 2008	11076528
(4) Ferrum 41	1,000	Andahuaylas	10131408	RP 1965-2008-INGEMMET/PCD/PM Jun 19, 2008	11076755
(5) Ferrum 42	1,000	Andahuaylas	10131508	RP 1975-2008-INGEMMET/PCD/PM Jun 19, 2008	11077114
(6) Ferrum 43	1,000	Andahuaylas	10131608	RP 3243-2008-INGEMMET/PCD/PM Sept 9, 2008	11077113
(7) Ferrum 44	1,000	Andahuaylas	10131908	RP 1934-2008-INGEMMET/PCD/PM Jun 19, 2008	11077115
(8) Ferrum 45	1,000	Andahuaylas	10132008	RP 2283-2008-INGEMMET/PCD/PM Jun 27, 2008	11077116
(9) Ferrum 46	1,000	Andahuaylas	10132108	RP 2523-2008-INGEMMET/PCD/PM Aug 08, 2008	11079784
(10) Ferrum 47	1,000	Andahuaylas	10132208	RP 1908-2008-INGEMMET/PCD/PM Jun 18, 2008	11077117
(11) Ferrum 48	1,000	Andahuaylas	10132308	RP 1756-2008-INGEMMET/PCD/PM May 29, 2008	11076584
(12) Ferrum 49	1,000	Andahuaylas	10132408	RP 2000-2008-INGEMMET/PCD/PM Jun 19, 2008	11077118
(13) Ferrum 50	900	Andahuaylas	10132508	RP 1922-2008-INGEMMET/PCD/PM Jun 19, 2008	11077120
(14) Ferrum 51	1,000	Andahuaylas	10132608	RP 1893-2008-INGEMMET/PCD/PM Jun 18, 2008	11077121
(15) Ferrum 52	1,000	Andahuaylas	10132708	RP 2803-2008-INGEMMET/PCD/PM Aug 18, 2008	11079786
(16) Ferrum 53	1,000	Andahuaylas	10132808	RP 2550-2008-INGEMMET/PCD/PM Aug 08, 2008	11079787
(17) Ferrum 54	700	Andahuaylas	10132908	RP 2899-2008-INGEMMET/PCD/PM Aug 19, 2008	11079788
(18) Ferrum 55	800	Andahuaylas	10133408	RP 2951-2008-INGEMMET/PCD/PM Aug 19, 2008	11079789
(19) Ferrum 60	200	Abancay	10073208	RP 2986-2008-INGEMMET/PCD/PM Aug 19, 2008	11084879

Name	Area (Ha)	Province	Code	Title	File No
(20) Ferrum 62	900	Abancay	10073408	RP 3177-2008-INGEMMET/PCD/PM Sept 8, 2008	TBA
(21) Ferrum 63	300	Grau	10073008	RP 3040-2008-INGEMMET/PCD/PM Aug 28, 2008	11076586
(22) Pichirhua 1	800	Abancay	10151708	RP 2638-2008-INGEMMET/PCD/PM Aug 11, 2008	11079794
(23) Pichirhua 2	400	Abancay	10151808	RP 3183-2008-INGEMMET/PCD/PM Sept 8, 2008	11081445
(24) Colcabamba 1	600	Aymaraes	10212308	RP 2986-2008-INGEMMET/PCD/PM Aug 19, 2008	11079780
(25) Colcabamba 2	500	Aymaraes	10212408	RP 3177-2008-INGEMMET/PCD/PM Sept 8, 2008	11081451
(26) Colcabamba 3	900	Aymaraes	10217208	RP 3040-2008-INGEMMET/PCD/PM Aug 28, 2008	11079781
(27) Sillaccassa 1	700	Andahuaylas	10212608	RP 5088-2008-INGEMMET/PCD/PM Nov 19, 2008	11079791
(28) Sillaccasa 2	400	Andahuaylas	10212508	RP 3183-2008-INGEMMET/PCD/PM Sept 8, 2008	11081449
(29) Cristoforo 14*	1000	Andahuaylas	01-02327-99	No 02693-2000 RPM Jul 24, 2000	11034702
(30) Cristoforo 28*	500	Aymaraes	01-00152-05	No 01824-2005 INACC/J May 4, 2005	11064280
(31) Ferroso 29*	400	Andahuaylas	01-00473-05	No 01709-2005 RPM Apr 21, 2004	11064281
(32) Helimag 1	900	Andahuaylas	01-00152-05	No 000741-2010 INGEMMET/PCD/PM Mar 22, 2010	11064280

*Strike Resources holds an option to acquire these concessions. Under the terms of the AF Settlement Agreement, Strike's rights under the option are being transferred to AF.

Cusco Project, Perú – Strike Resources

Name	Area (Ha)	Province	Code	Title	File No
(1) Ferrum 72	1,000	Paruro	10408208	RP 4435-2008-INGEMMET/PCD/PM Oct 21, 2008	11084851
(2) Ferrum 73	1,000	Paruro	10409608	RP 5050-2008-INGEMMET/PCD/PM Nov 19, 2008	11084874
(3) Ferrum 74	1,000	Paruro	10408208	RP 5006-2008-INGEMMET/PCD/PM Nov 19, 2008	11084871
(4) Ferrum 75	303	Paruro	10409808	RP 5130-2008-INGEMMET/PCD/PM Nov 19, 2008	11084873
(5) Ferrum 76	974	Chumbivilcas	10409908	RP 4323-2008-INGEMMET/PCD/PM Oct 20, 2008	11084870
(6) Ferrum 77	1,000	Paruro	10408108	RP 5227-2008-INGEMMET/PCD/PM Nov 19, 2008	11084868
(7) Ferrum 65	1,000	Paruro	010580008	RP 0337-2009-INGEMMET/PCD/PM Feb 19, 2009	TBA
(8) Ferrum 66	100	Paruro	010580208	RP 1613-2009-INGEMMET/PCD/PM Jun 4, 2009	TBA
(9) Ferrum 67	100	Chumbivilcas	010579908	RP 5849-2008-INGEMMET/PCD/PM Dec 17, 2008	TBA
(10) Ferrum 68	1,000	Acomayo	010579808	RP 1185-2009-INGEMMET/PCD/PM Mar 31, 2009	TBA
(11) Ferrum 69	1,000	Acomayo	010579608	RP 1633-2009-INGEMMET/PCD/PM Jun 4, 2009	TBA
(12) Ferrum 70	1,000	Acomayo	010579608	RP 1848-2009-INGEMMET/PCD/PM Jun 11, 2009	TBA
(13) Ferrum 71	1,000	Acomayo	010579508	RP 1120-2009-INGEMMET/PCD/PM Mar 31, 2009	TBA
(14) Colcabamba 4	400	Acomayo	010580108	RP 1117-2009-INGEMMET/PCD/PM Mar 31, 2009	TBA

Paulsens East Project – Western Australia

(These concessions are 100% beneficially owned by Strike Resources, subject to the farm-out agreement detailed under the section of this Report on the Paulsens East Project, above.)

Tenement No Status		Granted	Expires	Area (blocks/ha)	Area (km²)
(1) EL 47/1328	Granted	05/10/06	04/10/11	6 blocks	18
(2) PL 47/1170	Granted	27/03/06	26/03/11	164 hectares	1.64
(3) M 47/1437+	Pending	N/A	N/A	164 hectares	1.64

* Subject to the farm-out referred to in the Paulsens East Project section of this report.

• Representing an application to convert PL 47/1170 into a mining lease.

Securities Information (as at 31 March 2012)

Distribution of ordinary, fully paid shares

Spread of Holdings	Number of Holders	Number of Units	% of Issued Capital
1 - 1,000	480	222,921	0.156
1,001 - 5,000	1,134	3,562,687	2.500
5,001 - 10,000	443	3,632,367	2.548
10,001 - 100,000	606	19,636,943	13.777
100,000 - and over	82	115,479,350	81.019
Total	2,745	142,534,268	100.00%

Top 20 ordinary, fully paid shareholders

Rank	Shareholder	Total Shares	% of Capital
1	HSBC Custody Nominees (Australia) Ltd	28,830,388	20.23
2	J P Morgan Nominees Australia Ltd	20,034,805	14.06
3	Orion Equities Limited	16,690,802	11.71
4	Database Systems Ltd	9,377,090	6.58
5	National Nominees Ltd	7,028,507	4.93
6	Ferrous Resources Ltd	6,370,000	4.47
7	Nefco Nominees Pty Ltd	5,406,760	3.79
8	Alara Resources Limited	3,573,889	2.51
9	Pater Investments Pty Ltd	1,125,000	0.79
10	Citicorp Nominees Pty Ltd	829,091	0.58
11	Mr Gordon Anthony	800,000	0.56
12	Aliana Pty Ltd	700,000	0.49
13	Empire Holdings Pty Ltd	700,000	0.49
14	Renmuir Holdings Limited	487,439	0.34
15	Mr Andrew Craig Leeson	427,800	0.30
16	Mr Nicholas Kenos & Mrs Pauline Kenos	400,000	0.28
17	Mr Garry McDougall & DR Virginia Nightingale	366,545	0.26
18	Mr Guo Qing Wang	354,000	0.25
19	Kefir Pty Ltd	350,000	0.25
20	Basildene Pty Ltd	342,661	0.24
Total		104,194,777	73.11

Appendix 5B - Mining Exploration Entity Quarterly Report

Name of entity

Strike Resources Limited and its controlled entities

94 088 488 724 31 March 2012

ABN Quarter ended

Consolidated statement of cash flows

	Cash flows related to operating activities	Current quarterMar 2012$'000________________	Year to dateMar 2012(9 Months)$'000_____________
1.1	Receipts from product sales and related debtors	22	22
1.2	Payments for(a) administration	(1,419)	(3,542)
1.3	Dividends received	-	-
1.4	Interest and other costs of finance paid	-	-
1.5	Income taxes paid	(148)	(148)
1.6	Other	-	-
1.7	Net Operating Cash Flows	(1,545)	(3,668)
	Cash flows related to investing activities
1.8	Payment for purchases of:
	(a) Property, plant and equipment	(32)	(57)
1.9	Proceeds from sale of:(a) property, plant and equipment	-	70
1.10	Interest received	146	1,388
1.11	Loans to associate entity(1)	(891)	(3,781)
1.12	Loan to other entities(2)	-	(5,002)
1.13	Payments for exploration and evaluation	(1)	(2)
1.14	Loans repaid by other entities	-	-
1.15	Investment in associate	(20)	(23)
1.16	Investment in listed entity	(2)	(207)
1.17	Other	-	-
	Cash flows related to investing activities	(799)	(7,614)
1.18	Total operating and investing activities(carried forward)	(2,344)	(11,282)

(1) Loans to associates comprise loans made to Apurimac Ferrum S.A. (AF) pursuant to an executed Loan and Mortgage Agreement formalised by public deed dated 23 July 2009. These loans provide funding for the exploration and evaluation activities on iron ore projects located in Peru. Strike holds a 50% effective interest in these projects through its shareholding in AF.

(2) Loans to other entities comprise a secured loan made to Cuervo Resources Inc.

		Current quarterMar 2012	Year to dateMar 2012
		$'000	(9 Months)$'000
	Total operating and investing activities(carried forward)	______________(2,344)	_____________(11,282)
	Cash flows related to financing activities
1.19	Proceeds from issues of shares, options, etc.	-	-
1.20	Securities issue costs	-	(8)
1.21	Proceeds from sale of forfeited shares	-	-
1.22	Proceeds from borrowings	-	-
1.23	Repayment of borrowings	-	-
1.24	Dividends paid	-	-
1.25	Other	-	-
	Net financing cash flows	-	(8)
	Net increase (decrease) in cash held	(2,345)	(11,290)
1.26	Cash at beginning of quarter/year to date	25,253	34,176
1.27	Exchange rate adjustments to item 1.22	3	25
1.28	Cash at end of quarter	22,911	22,911

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

		Current quarter$'000
1.29	Aggregate amount of payments to the parties included in item 1.2	(135)
1.30	Aggregate amount of loans to the parties included in item 1.11	-
1.31	Explanation necessary for an understanding of the transactions:

Amounts disclosed at 1.29 represent director fees and superannuation payments to directors.

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:
• 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: Refer 2.1 above

Financing facilities available

		Amount available$'000	Amount used$'000
3.1	Loan facilities	-	-
3.2	Credit standby arrangements	-	-
	Estimated cash outflows for next quarter
			Next Quarter$'000
4.1	Exploration and evaluation		-
4.2	Development		-
4.3	Loans to associate*		1,800
4.4	Administration		500
	Total		2,300

Note:

* Loans to associate comprise loans to Apurimac Ferrum S.A. pursuant to an executed Loan and Mortgage Agreement formalised by public deed dated 23 July 2009. Strike Resources Ltd holds its interest in the Apurimac and Cusco iron ore projects locate in Peru through its shareholding in Apurimac Ferrum S.A.

Reconciliation of cash

		Consolidated
	Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.	Current quarter$'000	Previous quarter$'000
5.1	Cash on hand and at bank	1,975	17,203
5.2	Term Deposits	20,936	8,050
5.3	Bank overdraft	-	-
5.4	Other	-	-
	Total cash at end of quarter (item 1.23)	22,911	25,253

Changes in interests in mining tenements

		Tenement reference	Nature ofinterest(note (2))	Interest atbeginningof quarter	Interestat end ofquarter
6.1	Interests in miningtenementsrelinquished,reduced or lapsed	Nil
6.2	Interests in miningtenementsacquired orincreased			56%	50%

Issued and quoted securities at end of current quarter

		Totalnumber	Numberquoted	Issue priceper security(see note 3)(cents)	Amount paid upper security(see note 3)(cents)
7.1	Preference securities	-
7.2	Changes during quarter(a) Increases throughissues(b) Decreases throughreturns of capital,buy-backs,	--
7.3	Ordinary securities	142,534,268	142,534,268
7.4	Changes during quarter(a) Increases throughissues(b) Decreases throughreturns of capital	-
7.5	Convertible debt securities	-
7.6	Changes during quarter(a) Increases throughissues(b) Decreases throughsecurities matured,converted	--
7.7	Options (all unlisted)Employee optionsDirector optionsDirector optionsDirector optionsDirector optionsEmployee optionsDirector optionsDirector optionsDirector optionsEmployee optionsEmployee optionsEmployee options	33,000750,000750,000750,0003,500,000250,000500,000500,000500,000916,666916,666916,668		Exercise price287.8 cents250.0 cents275.0 cents325.0 cents397.8 cents287.8 cents36.0 cents42.0 cents56.0 cents36.0 cents42.0 cents56.0 cents	Expiry date1 May 201224 November 201224 November 201224 November 20122 December 20123 March 201323 November 201623 November 201623 November 201623 November 201623 November 201623 November 2016
7.8	Issued during quarterDirector optionsEmployee options	01,000,000
7.9	Exercised during quarter	-
7.10	Cancelled during quarterDirector options(3)Employee options	3,850,0001,350,000
7.11	Debentures (totals only)	-
7.12	Unsecured notes	-

(3) Correction for error in December 2010 quarter

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 gives a true and fair view of the matters disclosed.

Company Secretary

Stephen Gethin Date: 30 April 2012

Notes

• 1. The Company holds foreign currencies denominated in US dollars, Peruvian Nuevo Soles and Indonesian Rupiah. Fluctuations in foreign exchange rates have been accounted for in this cashflow report using the exchange rates as at balance date.
• 1. 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.
• 1. 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.
• 1. The definitions in, and provisions of AASB 1026: Statement of Cash Flows apply to this report.