STRIKE RESOURCES LIMITED — Investor Presentation 2012

Mar 4, 2012

STRIKE RESOURCESHIGH-QUALITY IRON ORE IN PERUASX CODE: SRK

March 2012

FORWARD-LOOKING INFORMATION DISCLAIMER

This material contains certain forecasts and forward-looking information, including regarding possible or assumed future performance, costs, production levels or rates, prices, reserves and resources or potential growth of Strike Resources, industry growth or other trend projections.

Such forecasts and information are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors, many of which are beyond the control of Strike Resources.

Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

STRIKE RESOURCES

Australian-listed Resources Company

• • Large-scale iron ore projects in Apurimac and Cusco regions of southern Perú
• •Seeking to establish 15-20 Mtpa business
• • Apurimac Project in pre-feasibility study stage
• • Current iron ore mineral resources totalling 374Mt*
• • Potential access to resources of 179Mt* held by Cuervo Resources
• • Substantial exploration upside for iron and copper/gold
• • ~US$26M in cash plus ~US$36M in secured loans

* See the Appendix to this presentation for a breakdown of the total mineral resource into JORC categories per project and the JORC Codecompetent person statement.

WHY INVEST IN IRON ORE?

Demand Predicted to Increase: 1770Mtpa (2013) to 3260Mtpa (2030)*

• •Demand driven by urbanisation, industrial development and consumerism
• •Ongoing strong demand growth driven from Asia, especially China and India
• •Chinese and Indian economic growth forecast to average above 7%pa past 2030

(Mt)

Source:graph and statistics ‐ CRU

• • Annual per capita world steel demand to grow from ~210kg to ~350kg by 2028
• • Demand growth for magnetite concentrate for pellet feed to outstrip other products
• • Production increases forecast but slower than planned and higher-cost projects at risk
• • Customers keen to acquire resources and/or off-take

IRON ORE IN PERU

	OCGI	Skarn	Placer
Size	Large	Mdtoerae	Mdtoerae
FGderae	Ldtowmoerae-	Mdthihoeraeg-	Low
SFtleey	Mtithtit+agneeaemae	Mtitagnee	VdiTiFanameu
Miinng	Mdthihtoeraegcos-	Ltowcos	Ltowcos
Pirocessng	Mdltt+oeraecoscompex	Ltowcos	Mdltt+oeraecosvcompex
Liitogscs	Gdlltooexceen-	Mdhdtoeraear-	Gdlltooexceen-
Mktiareng	Gdoo	Vdergooy	Fiar

PERU – A MAJOR RESOURCES PRECINCT

Peru – The Last Decade

• •Free-trade agreement with the USA
• •Competitive labor rates
• •Competitive corporate tax rates and royalties
• • Stableinvestment environment
• •Greater than 6% p.a. GDP growth
• • #3 world-widefor resources investment

2011 Elections

• • President Humala forms government - global macro-economic settings unchanged
• •Strong commitment to responsible mining
• • Social programs to reduce poverty funded by profitsbased mining tax – still competitive

1/ This assumes that 70% of the profits will be shared as dividends. 2/ Tax calculation includes income tax, employee profit sharing, royalties, IEM and taxes ondividends

Source: Laws, APOYO Consultoria

AUSTRALIAN SECURITIES EXCHANGE (ASX)

ASX: SRK

Capital structure:

• •Ordinary, fully paid shares 142M
• •Unlisted options 13.9M

Cash Position: (Jan 2012) A$25M

Top Shareholders

• •Gallagher Holdings Limited 18.2%
• •Orion Equities Limited 11.7%
• •Database Systems Limited 6.6%
• •Ferrous Resources 4.5%
• •Credit Agricole Cheuvreux 3.5%

STRONG EXPERIENCED BOARD

MALCOLM RICHMOND (Independent Chairman)

Former senior RioTinto executive who led development of Yandicoogina iron ore business. Professor of Business at University of WA until 2012.

KEN HELLSTEN(Managing Director)

Over 30 years with BHP Billiton and smaller resources groups, leadership role in several major resources projects from exploration and development to operations.

SAMANTHA TOUGH (Independent NED)

Served at senior executive level in the resources and other industries. Previous roles include General Manager, North West Shelf, at Woodside Energy.

MATTHEW HAMMOND(Non-Executive Director)

Group Managing Director of Mail.ru. Formerly Manager - Strategy for Metalloinvest-Gallagher.

WILLIAM JOHNSON (Non-Executive Director)

Held senior executive roles in a number of public companies in Australia, and Asia and serves on the boards of several listed companies.

THOMAS KELLY(CEO Apurimac Ferrum)

Mining engineer with over 30 years experience in resources industry including leading management roles

FOUNDATIONS ESTABLISHED FOR STRONG SUSTAINABLE GROWTH

2011 Objectives

strong operating team in Peru (AF)

PARTNERS #3 Normalise and then strengthen partner relationships

#4 Re-establish positive relations with communities and authorities to enable timely approvals for exploration and beyond

BUSINESS #5 Establish sound business approach at AF by moving to stronger equity position and commercial funding arrangements

#6 Consolidate Strike/AF position as major iron ore group in Apurimac and Cusco regions

Outcomes

• Complete resignation of 3 "aligned" directors and appointment of independent
• Appointed Tom Kelly (CEO) and strong technical and commercial team in Lima
• Achieved strong working relations with D&C in Peru. Efforts continue in Indonesia
• Established strong CR team with clear goals and mandate. Template community programs established and acknowledged
• Buy-out of minority partner in conjunction with D&C, consolidation discussions and funding arrangements established
• Cuervo deal completed and delivering results. Strike BD team established

**APURIMAC FERRUM:**Strike's Pathway to Control or "free carry"

APURIMAC IRON ORE PROJECT

Highlights

• •JORC resource of 269Mt @ 57.3% Fe*
• • High-grade with potential DSO and coarse, friable magnetite
• • At least 50% direct interest in concession owner (AF) with control likely during 2012
• • Positiveinitial Pre-feasibility Study (2008)
• • Initial project optimisation undertaken and opportunities identified
• • Substantial potential to increase size of resource
• • Approvals now flowing with drilling planned from June - July

*See the Appendix to this presentation for a breakdown of the total mineral resource at this project into JORC categories and the JORC Code competent person statement.

APURIMAC – OPABAN IRON ORE DEPOSITS

Current Resources of 269Mt at 57.3% Fe* Target of 300 – 350Mt at 57 – 58% Fe+

Current resources:

• •Continuous broad zones
• •Dominantly high-grade, coarse-grained magnetite
• •High-grade potential DSO of 67.9Mt at 61.5% Fe*
• •Low strip and high conversion ratios indicated

Target Opaban mineralization is based on:

• • Undrilledgravity and magnetic anomalies
• •Both deposits open at depth
• •High-grade intercepts, 62.8% Fe from 0-154m
• •Hydrothermal and skarn mineralisation

+ The mineralisation target is inclusive of existing JORC resources. The potential quantity and grade of the target iron ore mineralisation is conceptual in nature. There has been insufficient exploration to define an additional mineral resource in relation to that target iron ore. It is uncertain whether further exploration will result in the determination of an additional mineral resource in relation to that target iron ore.

* The Appendix breaks down the total mineral resource (including the DSO component) at Opaban into JORC categories andcontains the competent person statement.

OPABAN: EXCELLENT METALLURGICAL PROPERTIES

DTR Particle Size (P80 µm)

• • Coarse particle liberation size (250 microns vs 30 – 40 microns)
• Pictures here.•60 - 70% mass recovery (vs 35 – 50%)
• •Excellent product grades with low impurities

Fe	64%68%to>
Al2O3	030%1.00%to
SiO2	1.50%450%to
P	001%003%to
S	*001%005%to

*High S samples not included

• Low energy consumption hence lower operating costs

2008 PRE-FEASBILITY DEMONSTRATED ATTRACTIVE PROJECT ECONOMICS

• •27Mtpa mining operation at S/R of <2:1 for 20Mtpa product
• •High-grade product >68% Fe with low impurities
• •Slurry pipeline to coast for dewatering and export
• •Average operating costs of <US$20 per tonne
• •Competitive capex ~US$2.9 billion (<US$150/tpa)
• •Infrastructure options and strong government support

Subsequent Options or Trade-off Studies

• •Rail and traditional lump/fines products
• •10 and 15 Mtpa production rates
• •Potential rope conveyer ore & product transport system

FURTHER UPSIDE POTENTIAL-TRANSPORTATION OPTIONS

Rope Conveyor Study Completed

• •Up to 2km between supports
• •Capacity of >20Mtpa
• •Up to 20km per conveyor section
• • European design with high availabilities (>98%)
• • Facilitates ore, lump/fines and coarse concentrate options
• • Generateelectricity on down-hill runs
• • Ideal for ore transportation to central process plant

Lump / Fines or Coarse Concentrate

• • High grade (potential DSO) Opaban resource of 68Mt at 61.5%Fe*
• • Lump/fines flow sheet simpler and lower capital and operating costs
• • Indications of good quality product using coarse dry magnetic separation

15**The Appendix breaks down the total mineral resource (including the DSO component) at Opaban into JORC categories and contains the competent person statement.*

APURUMIC PROJECT STATUS & FORWARD PLAN

Current Status

• • >15Mtpa operation required to deliver robust financial returns
• • 15 – 20 year operational life necessary to justify infrastructure
• •Using 65% mass recovery, >500Mt required

Forward Plan

• • Increasing iron ore base through exploration and consolidation
• • Community approvals flowing and exploration gaining pace from March Qtr
• • Preliminary exploration underway and completed in 4 – 6 areas by June 2012
• • Drilling at Cuervo and satellite concessions from June quarter
• • Based on community OK in March, Opaban drilling likely from late 2012

EXCELLENT IRON ORE POTENTIAL

Exploration Potential

• • 590km2 held under concessions in Apurimac, ~200km2 in Cusco
• • Drilling targets at Colcabamba, Sillaccassa, Opaban (North, I and III) and Cusco (Santo Tomas)
• • >60% Fe in several regional target areas, most untested by drilling
• • Numerous magnetic targets for follow-up
• • Testing priority determined by target quality and approvals

CUSCO - SANTO TOMAS PROJECT

Resource Status

18

• • Inferred resource: 104.3 Mt @ 32.6% Fe & 0.5% S (June 2011)*
• •Potential: 23 - 26Mt @ 30 - 35% Fe (June 2011)+
• • Lower mass recovery than Opaban and floatation circuit and/or fine grinding will be required
• • Good potential to discover additional iron ore:
  • oConservative model
  • o30 – 40% of target area drilled
• • Overall Fe grade expected to improve with better definition
• • Significant intersections of anomalous copper values in historical drill samples including 16m @ 1% Cu

*Seethe Appendix to this presentation for a breakdown of the total mineral resource at this project into JORC categories and the JORC Code competent person statement.

CUERVO AND COPPER/GOLD POTENTIAL

* Onan undiluted basis, or approximately 46% on a fully diluted basis.

Options on Additional Resources

Option to acquire 49% of Cuervo*

Stage 1

• •C$5.25M for 32.5% (undiluted)
• •Min $4.15M direct project costs
• •Security over project concessions
• •2 directors of 7, "top up" capacity
• •Strong covenants and pledges

Stage 2 at SRK option

• •C$9.75 for further 16.7% (to 49.2%)
• •Overheads capped
• • 3 directorsof 7
• • World-classcopper / gold province
• •Similar associations to iron deposits
• • Numerous targets from iron exploration

CUERVO TRANSACTION – AN OPTION ON ADDITIONAL Fe RESOURCES

Orcopura: Resources of 106.4Mt @ 45.3%Fe*

• •Open along strike and at depth
• •Strong magnetic and gravity association

Huillque and Aurora: 72 Mt at 52.6% Fe*

• • Open along strike and at depth Bob 1
• •Up to 10km strike potential
• •Strong magnetic and gravity highs
• •Extensive massive magnetite outcrops
• •Approvals in place and access in progress
• • Drilling from April with resource in Sept Quarter Huillque Norte
• •5 km strong gravity high
• •Potential for iron ore and Cu/Au

*See the Appendix to this presentation for a breakdown of the total mineral resource at this project into JORCcategories and the JORC Code competent person statement. Concession not held by Cuervo

BUILDING STRONG COMMUNITY RELATIONS IN PERU

Community Approvals Required for all Mining Programs

• • Successful resource companies implement pro-active and sustainable programs to establish long-term relationships based on mutual respect
• • Community support fostered through both short- and long-term programs jointly developed and implemented by AF and the communities
• •Strong, experienced CR team in place
• • Excellent relations established with regional and federal authorities now delivering results
• • Patient, respectful approach being rewarded with positive dialogue/agreement with most communities in Apurimac (3 in 2010, now >12)
• • Protests in late 2011 caused hiatusin approvals
• •Normalized relations and attitudes from early 2012

COMMUNITY APPROVALS – POSITIVE & IMPROVING

• Colcabamba "pilot" very successful and approval granted for further 12 months' exploration
• Established "AF Information Offices" in 2 main communities – Huinchos and Huinquiri
• President Humala visit and positive mining industry messages to Andahuaylas and Apurimac region
• Formal dialogue underway with "General Assembly" planned for coming weeks at key communities
• Some communities pro-actively approaching AF
• Requests from regional authorities to work with AF on regional information processes for communities
• Community approvals flowing and expected to accelerate over 2012
• Environmental approvals in line with programs

TIMELINE FOR DETAILED PRE-FEASIBILITY STUDY

(After community approvals)

IRON ORE PROJECT SUMMARY

374 Mt 50.4% Fe JORC resources* + Cuervo (179Mt @ 48.2%Fe) Targeting 15 – 20Mtpa business over >15 years

• •Expect further exploration will substantially increase iron ore tonnage
• •Consolidation steps commenced - ≥50% AF and 32.5% Cuervo
• •Further consolidation planned within AF and regionally
• • Timetable driven by community approvals with 20 – 24 months to deliver detailed PFS after approvals received
• • Positive initiatives by President Humala in Apurimac and approvals now flowing in line with exploration plan
• •Exploration to accelerate during 2012 including drilling at Opaban

* See the Appendix to this presentation for a breakdown of the total mineral resource into JORC categories per project and the JORC Codecompetent person statement.

BERAU THERMAL COAL PROJECT

Project

• Thermal coal project capable of delivering very good returns based on 2Mtpa operation

Partner Status

• • Dialogue and negotiations over last 2 years on restructure of Cooperation Agreement
• • Numerous (generous) proposals offered to partner – all rejected
• •Dialogue recommenced in 2012
• • Door remains open for constructive, good-faith negotiations but dispute resolution and other legal options being explored

HIGHLIGHTS – SRK VALUE & GROWTH

• Board and management restructured
• Focused: Apurimac & Cusco Iron Ore Projects in Peru
• Consolidation strategy to secure >500Mt resources underway:
  • •Moved to at least 50% of Apurimac Ferrum (AF)
  • •Recapitalisation of AF in September 2012
  • •Option to acquire 49% of Cuervo Resources*
• Strong Peru-based team established and delivering results
• Approvals flowing and exploration programs accelerating
• Cuervo and AF drilling from April
• Short- to medium-term value through business development
• Strong cash position with A$25 million in cash (Dec 2011), US$31 million in secured loans to AF and C$5.25 million secured loan to Cuervo

THANK YOU

ASX: SRK

27

APPENDIX – JORC CODE INFORMATION

Resource Breakdown – AF Projects

Prjtoec	lasfCiicaiotsn	()ToMtnnes	d()HeFe%a
	fedInrre	127.2	56.7
Apimurac	ddInicate	142	58
Cusco	fedInrre	104.4	32.6

The 68Mt DSO component of the Apurimac resource is comprised of a 27Mt inferred resource at 61.35% Fe and 41 Mt indicated resource at 61.57% Fe and is included within the above figures.

Resource Breakdown Cerro Ccopane Project (Cuervo Resources, Inc)

Prtospec	fClasiicaiotsn	()ToMtnnes	()d%HeFea	ffCut‐o()%Fe
	dMeasure	19.7	48.26	20
Orcopura	ddInicate	35.9	45.91	20
Orcopura	fedInrre	51	43.7	20

linfedllinglowfo*To330%Ortats,trreresources across aprospecusaercurcopura
Prtospec	lasfCiicaiotsn	()ToMtnnes	d()HeFe%a	ffCut‐o()%Fe
Orcopura	fed*Inrre	46	45.8	30
llqdHuiAuueanrora	fedInrre	72	52.6	30
lTota	fedInrre	118	50.4	30

*The same lower cut usedin the later Huillque and Aurora estimates.

APPENDIX – JORC CODE INFORMATION

Resource Breakdown (cont'd)

Cerro Ccopane Project (Cuervo Resources, Inc)

The resource estimate for Cuervo's Orcopura prospect stands at 19.7 Mt at 48.3% Fe (measured resource), 35.9 Mt at 45.9% Fe (indicated resource) and 50.8 Mt at 43.7% (inferred resource). That estimate is a wire-framed computer model using a 20% Fe lower cut with grades determined using the inverse distance squared estimation method. The resource estimate for the Huillque and Aurora prospects uses a 30% Fe lower cut and the sectional polygonal resource estimation process. Accordingly, some care must be taken when quoting a global resource for the Cerro Ccopane project area.

JORC Code Competent Person Statement

The information in this document which relates to mineral resources and exploration results has been compiled 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 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 Cullen consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.