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STRIKE RESOURCES LIMITED Investor Presentation 2020
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Investor Presentation
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Friday, 17 June 2020 ASX Code: SRK
ASX MARKET ANNOUNCEMENT
Noosa Mining Presentation – July 2020
Strike Resources Limited (ASX:SRK) (Strike) is pleased to attach a copy of a presentation given at the Noosa Mining Virtual Conference.
AUTHORISED FOR RELEASE - FOR FURTHER INFORMATION:
William Johnson T | 0419 047 460
Managing Director E | [email protected]
ABOUT STRIKE RESOURCES LIMITED (ASX:SRK)
Strike Resources Limited is an ASX listed resource company which is developing the Paulsens East Iron Ore Project in Western Australia. Strike also owns the high grade Apurimac Magnetite Iron Ore Project and Cusco Magnetite Iron Ore Project in Peru and is also developing a number of battery minerals related projects around the world, including the highly prospective Solaroz Lithium Brine Project in Argentina and the Burke Graphite Project in Queensland.
STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724
Level 2, 31 Ventnor Avenue, West Perth, Western Australia 6005 T | (08) 9214 9700 E | [email protected]
STRIKE RESOURCES LIMITED NOOSA MINING VIRTUAL CONFERENCE JULY 2020
Strike Resources – Overview
- § Strike Resources Limited (ASX:SRK. Market capitalisa4on $10.3 Million @ 5c per share) holds a diversified por/olio of quality Iron Ore and Ba5ery Minerals projects in Australia and South America
- § Current focus is development of Paulsens East Iron Ore Project in Pilbara, Western Australia (Strike 100%):
- § High grade JORC 2012 Indicated Mineral Resource of 9.6 Million tonnes at 61.1 % Fe, 6.0% SiO2 and 3.6% Al2O3 (with addiOonal exploraOon upside)
- § Strike is targeOng a 1.5Mtpa DSO producOon (mostly high value 61% Fe Lump) commencing 2021:
- § $8.2 Million Capex
- § $150 Million LOM free cashflow
- § $123 Million NPV (551% IRR)
- § IniOal 4 year mine life
- § Apurimac and Cusco Iron Ore Projects (Peru, Strike 100%) are much larger scale with longer Ome horizon
- § Solaroz Lithium Brine Project (ArgenOna, Strike 90% ) awaiOng local approvals for exploraOon –large scale, low cost producOon potenOal
- § Burke Graphite Project (Queensland, Strike 70%) – very high grade deposit, potenOally suitable for lithiumion ba[ery applicaOons
Strike has the leadership, technical resources and experience to deliver
Managing Director - William Johnson MA (Oxon), MBA,MAICD
Mr Johnson holds a Masters degree in Engineering Science from Oxford University, England and a Masters Degree in Business AdministraOon from Victoria University in Wellington, New Zealand. His 30-year business career includes mineral exploraOon and investment experience in North Africa, Australia, Peru, Chile, ArgenOna, Saudi Arabia, Oman and Indonesia. Mr Johnson is a highly experienced public company director and has considerable depth of experience in business strategy, investment analysis, finance and execuOon.
Director - Professor Malcolm Richmond
BSc Hons (Metallurgy) and B. Comm. Merit (Econs) (UNSW)
Prof. Richmond has 30+ years' experience in the resources industry with the Rio Tinto and CRA Groups where he held a number of posiOons including: Vice President, Strategy and AcquisiOons; Managing Director, Research and Technology; Managing Director, Development (Hamersley Iron Pty Ltd). He was formerly Deputy Chairman of the Australian Mineral Industries Research AssociaOon and Vice President of the WA Chamber of Minerals and Energy.
Project Director – Wayne Richards
BSc (Chemistry), Grad Dip of Management, GAICD
Mr Richards was the former ExecuOve Chairman and CEO of Tawana Resources (ASX: TAW) and the Managing Director of Brockman Resources (ASX:BRM) - both companies associated with the exploraOon, design and development of iron ore projects within West Africa and the Pilbara region of Western Australia. Mr Richards brings a wealth of project and corporate knowledge to Strike, having completed studies from Scoping to DefiniOve Feasibility Level (including Final Investment Decision). He is an experienced Project Director and familiar with project regulatory approvals, financing and markeOng acOviOes required to design and operate iron ore mines and their associated logisOcs.
Technical Consultant – Shanker Madan
MSc (Geology)
Mr Madan has been a Manager with Hamersley Iron, Group Leader with BHP Minerals, Chief Geologist with Hancock and Wright ProspecOng and a Senior Geological Consultant to the Rio Tinto Group. Mr Madan has been involved in the discovery of three world-class iron ore deposits in Western Australia for Texas Gulf and BHP Minerals. From 1997 to 2001, Mr Madan managed the evaluaOon of resource projects for Hamersley Iron and completed a resource due diligence study of the billiondollar West Angelas project in the Pilbara region of Western Australia. Mr Madan is a member of The Australian InsOtute of Mining and Metallurgy.
Board and Management Team include industry veterans with 30 + years iron ore experience.
PAULSENS EAST IRON ORE
Paulsens East – Overview
- § Strike is advancing its 100% owned Paulsens East Iron Ore Project (Paulsens East) located in the Pilbara Region of WA, circa 140kms west of Tom Price and 8kms from the Paulsens Gold Mine (owned by Northern Star:NST)
- § Paulsens East has a high grade JORC 2012 Indicated Mineral Resource of 9.6 Million tonnes at 61.1 % Fe, 6.0% SiO2 and 3.6% Al2O3 (with addiOonal exploraOon upside)1
- § Strike is targeOng a 1.5Mtpa DSO producOon (mostly high value 61% Fe Lump) commencing in 2021.
- § Recent Scoping Study has confirmed excellent project economics including2:
- o LOM free cashflow of $150 Million (year 1 free cashflow $46 million)
- o $8.2 Million Capex
- o 3 month payback
- o IRR of 551%
- o 4 year mine life
- o Break-even cash cost of USD$65 per tonne (delivered CFR China) in first two years
- § Current strong iron ore price (~ US$105/tonne3 , versus US$85/tonne assumed in Scoping Study) adds addiOonal confidence to project economics
- § Project risk is low – simple mining, dry crushing and screening, truck to port for shipment
- § A low capex, short payback and high near term cashflow opportunity is a hard to find combinacon!
2 Refer Strike's ASX Announcement dated 9 April 2020: Revised Scoping Study for Utah Point, Port Hedland Supports Excellent Project Economics for Paulsens East Iron Ore Project - the Company confirms that all material assumpOons underpinning the producOon targets and forecast financial informaOon derived from the producOon targets in this announcement conOnue to apply and have not materially change
3 62% Fe Fines Benchmark Price 10 July 2020
1Refer Strike's ASX Announcement dated 4 September 2019: Significant Upgrade of JORC Mineral Resource into Indicated Category at Paulsens East Iron Ore Project
Paulsens East Ridge, facing North East Paulsens East Ridge, facing East
A JORC Indicated Resource of 9.6 Million tonnes @ 61% Fe has been defined, with further exploration upside
- § HemaOte Iron ore mineralisaOon
- § Of the 9.6Mt Resource, 3Mt @ 61% Fe occur as an outcropping ridge rising circa 60m above surface, meaning:
- o Minimal overburden in first two years mining
- o Reduced opex in first two years of producOon
- § 75/25 or higher Lump/Fines raOo expected
- § ExploraOon upside exists3:
- o High grade mineralisaOon idenOfied approximately 1.6kms to SE of Ridge (Resource)
- o Drill intercept grading 60.8% Fe and coincident/nearby 63.55 – 66.2% surface samples
- o No drilling in between
| JORCCategory | Fe%Range | MillionTonnes | Fe% | SiO2% | Al2O3% | P% | S% | LOI% |
|---|---|---|---|---|---|---|---|---|
| Indicated | >58 | 9.6 | 61.1 | 6.0 | 3.6 | 0.08 | 0.01 | 2.1 |
Paulsens East Mineral Resource es4mate using a 58% Fe lower cut-off wireframe
3 Explora4on Results from 2006-2008 have not been updated to comply with the current 2012 Edi4on of the JORC Code on the basis that the informa4on has not materially changed since it was last reported. Refer Strike's ASX Announcements dated: 4 December 2019: High Grade Results Located 1.6km from 9.6Mt Resource , 5 December 2019: Drilling and Surface Sampling Results at Paulsens East Iron Ore Project and 15 July 2020: High Grade Rock Chip Samples Confirm Resource Upside Poten4al at Paulsens East Iron Ore Project
The proposed mine has a very small physical footprint and the deposit will be simple to mine and process
Conceptual image of pit
The proposed Production Schedule is designed to take maximum advantage of low strip-ratio within the first two years
| Mining Schedule | Total / Avg. | Pre-Prod | Year 1 | Year 2 | Year 3 | Year 4 |
|---|---|---|---|---|---|---|
| Material Moved (tonnes) | 21,481,416 | 148,409 | 3,930,321 | 4,385,065 | 7,825,198 | 5,192,422 |
| Waste (tonnes) | 15,337,798 | 40,491 | 2,252,131 | 3,083,457 | 6,354,063 | 3,607,657 |
| Waste to Ore Raco | 2.50 | 0.38 | 1.34 | 2.37 | 4.32 | 2.33 |
| Mill Feed (tonnes) | 6,143,617 | 107,918 | 1,678,190 | 1,301,609 | 1,471,135 | 1,584,765 |
| Fe (%) | 60.8% | 59.8% | 60.6% | 61.3% | 60.5% | 60.9% |
| SiO(%)2 | 6.2% | 7.0% | 6.3% | 5.9% | 6.5% | 6.0% |
| AlO(%)23 | 3.8% | 4.5% | 3.9% | 3.5% | 3.8% | 3.9% |
| P (%) | 0.08% | 0.06% | 0.08% | 0.09% | 0.08% | 0.08% |
| Product | Size | Proporcon | LOM Grade |
|---|---|---|---|
| Lump | > 6.3mm < 32mm | > 75% | 61% Fe |
| Fines | < 6.3mm | < 25% | 59% Fe |
Mined ore will be simply crushed and screened before being loaded as Direct Shipping Ore (DSO) onto 4–trailer (Quad) roadtrains
Iron ore collected from the mine..
..crushed and screened…
Lump and Fines ore will be transported from the mine direct to Port Hedland (Utah Point) - predominantly on good quality sealed roads
Scoping Study demonstrates that with current A$/US$ exchange rate and iron ore price, Paulsens East will generate significant cashflows
| Financial Metrics | Unit | Scoping Study Outcome | ||
|---|---|---|---|---|
| Low | Base | High | ||
| Life of Mine Revenue | A$M | 724 | 803 | 904 |
| Operacng Net Cashflow | A$M | 82 | 150 | 236 |
| NPV | A$M | 68 | 123 | 195 |
| IRR | % | 341 | 551 | 813 |
| Capex Payback Period | Months | 4 | 3 | 2 |
| Operacng Metrics | Unit | Scoping Study Outcome | ||
| Produccon Rate | Mtpa | 1.5 | ||
| Average Strip Raco | Waste:Ore | 2.5 | ||
| Inical Mine Life | Years | 4 | ||
| Total Tonnes Mined | Mt | 6.1 | ||
| A$/t | US$/t | |||
| Average LOM C1* Costs | 79.6 | 50.1 | ||
| Average LOM Total Cost CFR China | 105.9 | 66.7 | ||
| Key Assumpcons | Unit | Low | Base Case | High |
| Benchmark Iron Ore Price | US$/dmt | 80 | 85 | 90 |
| Lump Grade | %Fe | 61% | 61% | 62% |
| Price received - Lump | US$/dmt | 87 | 91 | 98 |
| Price received - Fines | US$/dmt | 69 | 74 | 78 |
| US$/A$ Exchange Rate | US$/A$ | 0.66 | 0.63 | 0.60 |
Scoping Study Results (shipping out of Utah Point)
12 * C1 Cost includes mining, processing, haulage, port handling, administra4on and marke4ng but excludes royal4es, shipping, deprecia4on, capital charges and marke4ng
Project economics are most sensitive to iron ore prices and A$/US$
Shipping from Utah Point: US$85/T benchmark Price: 0.63 A$/US$
Breakeven for the first two years of production is forecast to be below US$65/t – which provides good margin protection considering recent iron ore pricing
Historical Iron Ore Price Chart showing Project forecast breakeven price level for first two years of produc4on (black line) and average forecast price received (averaged across Lump and Fines products) with benchmark price of US$85/t (red line).
Capex Overview
| A$ Million | |
|---|---|
| Mining Camp | 2.0 |
| Haul and Access Roads | 2.4 |
| Other mine infrastructure | 0.5 |
| Pre- Strip | 0.8 |
| MobilisaOon | 1.1 |
| ConOngency | 1.4 |
| Total | 8.2 |
Strike has made rapid progress to date
| Milestones/Achievements to Date | |
|---|---|
| Mining Lease ApplicaOon lodged | ✓ |
| Environmental Study – Level 1 Fauna and Flora Assessment completed | ✓ |
| Resource Upgraded from JORC Indicated to Inferred category | ✓ |
| Contract discussions underway with Pilbara Port Authority (Utah Point) | ✓ |
| Mine Plan developed | ✓ |
| Metallurgical Testwork undertaken | ✓ |
| Scoping Study completed | ✓ |
| NaOve Title negoOaOons advancing | ✓ |
| Heritage Surveys Complete | ✓ |
| MarkeOng Strategy under development | ✓ |
| Preferred contractors selected - MOU signed with Campbell Transport | ✓ |
| Discussions held with potenOal ouake partners | ✓ |
| Engenium engaged to oversee Feasibility Study | ✓ |
Strike is now focusing on completing Feasibility Study, securing all approvals and permits, negotiating with contractors, finalising marketing plans and transport options
- § Feasibility Study underway, targeOng compleOon in September
- § NaOve Title negoOaOons with TradiOonal Owners advancing posiOvely
- § Miscellaneous Licences applied for haulage and access roads
- § Mining Permit applicaOon being finalised
- § Bulk sample extracOon and water bore drilling for late July.
- § Commercial discussions with Pilbara Ports Authority regarding terms of access for Utah Point in Port Hedland advanced (available capacity has been confirmed)
- § MarkeOng Strategy being finalised
- § Discussions advancing with preferred contractors for mining, crushing and haulage
- § Subject to Omely compleOon of permivng and approvals, funding etc. targeOng first producOon early 2021.
Strike – Corporate Profile and Recent Share Price Performance
Capital Structure
Issued Capital : 207.1 Million Market CapitalisaOon (@5c) $10.4 Million Cash and listed securiOes: $3.1 Million Major Shareholders Directors Farooq Khan - Chairman William Johnson – Managing Director Malcolm Richmond Ma[hew Hammond Victor Ho (Company Secretary)
- Bentley Capital Limited. 25% Windfel ProperOes Limited. 12% Database Systems Ltd. 6%
- Orion EquiOes Limited. 6%
Recent Share Price Performance
Paulsens East - Summary
Paulsens East has the potencal to be a Low Capex, high return project – a hard to find combinacon!
- § Strong $150 Million cashflow over iniOal 4-year LOM, with plenty of upside potenOal
- § Low $8.2 Million capex with 3 month payback
- § Simple mining and dry processing – minimises producOon risk
- § High value Lump product will a[ract a premium price and protecOon from downwards price movements
- § Experienced leadership and technical team capable of delivery
Lithium Brine - Argentina
Iron Ore - Peru Graphite - Queensland
Apurimac and Cusco Iron Ore Projects, Peru Apurimac and Cusco Iron Ore Projects, Peru
- § Apurimac JORC Resource of 269.4Mt @ 57.3% Fe MagneOte ore with exploraOon upside § Apurimac JORC Resource of 269.4Mt @ 57.3% Fe Magnetite ore with exploration upside
- § Peru Government plans a mulO-user railway connecOng Strike's Apurimac Project to Port § Peru Government plans a multi-user railway connecting Strike's Apurimac Project to Port
- § Apurimac is one of the world's highest grade, large scale magneOte deposits. § Apurimac is one of the world's highest grade, large scale magnetite deposits.
- § Held since 2005, > $50 Million invested by Strike to date (PFS stage) § Held since 2005, > $50 Million invested by Strike to date (PFS stage)
- § Cusco Project JORC Resource of 104Mt @ 32.6% Fe coarse grained magneOte with extensive exploraOon upside provides addiOonal expansion potenOal § Cusco Project JORC Resource of 104Mt @ 32.6% Fe coarse grained magnetite with extensive exploration upside provides additional expansion potential
4 Refer Strike's ASX Announcement dated 20 January 2015: Apurimac Mineral Resources Updated to JORC 2012 Standard
5 Refer Strike's ASX announcement dated 17 June 2011: Cusco Project – Resource EsOmate - It has not been updated since to comply with the 2012 JORC Code on the basis that the informaOon has not materially changed since it was last reported
Prefeasibility Studies in 2008 /2010 confirmed clear potential for development of Apurimac as a world class iron ore project6
- § A[racOve life-of-mine operaOng expenses6
- § Open cut mine, low strip raOo (1.2 to 1.8) delivers low mining costs
- § Ore is high grade, coarse-grained magneOte which liberates easily – crushing and screening only (lump and fines)
- § Transport of high grade lump and fines product to the coast via Railway or high grade 68% concentrate by pipeline to Port of San Juan de Marcona
Principal deposit at Apurimac
6 Refer Strike's ASX Announcements dated:
- 23 July 2008: Prefeasibility Results Confirm World Class Prospects in Peru
- 23 November 2010: Apurimac Project Update and Strike's December 2010 Quarterly Report
- 8 February 2018: Peru Government Plans Railway Linking Strike's Apurimac Iron Ore Project to Port
- 24 October 2018: Peru Govt. Awards Tender for Railway Study
- 18 April 2019: Strike Enters into Coopera4on Agreement with Peru Railway Consor4um 22
Solaroz Lithium Brine, Argentina
- § Solaroz (SRK 90%7) is located in a highly prospecOve LocaOon
- § 12,000 Hectares of concessions adjacent to Orocobre (ASX:ORE, Mkt.Cap. ~ A$730 Million) and Lithium Americas (TSX:LAC, Mkt.Cap ~ C$600 Million)8
- § ORE (Salar de Jujuy JV with Toyota) is already a low cost, high margin producer of Lithium Carbonate from the Salar de Olaroz basin
- § Highly favorable climaOc condiOons to support brine evaporaOon - low rainfall, high evaporaOon
- § SupporOng infrastructure including paved roads, gas pipeline and high voltage electricity
- § ExploraOon program pending approval of EIA
7 Refer: Strike ASX Announcement dated 13 March 2019: Strike Secures Solaroz Lithium Brine Project in Argen4na's Lithium Triangle
8 As at 15 July 2020
Conceptual Geological Model for Solaroz
Burke Graphite, Queensland
Tasmania
- § JORC Resource 6.3 million tonnes @ 16.0% Total GraphiOc Carbon (TGC) for 1,000,000 tonnes of contained graphite9
- § Includes 2.3 million tonnes @ 20.6% TGC (with a TGC cut-off grade of 18%) for 464,000 tonnes of contained graphite
- § MineralisaOon is wide and begins at surface, so a simple shallow pit mine is likely
- § The very high-grade ore (~20% TGC) means low mining cost per tonne of graphite
- § The soy nature of the ore indicates that crushing and grinding will be inexpensive
- § Testwork has demonstrated a simple flotaOon process will produce high purity concentrate
- § CSIRO testwork confirms suitability for Lithium ion ba5eries
Refer to Grade Tonnage Data in Table 2 of CSA Global's Burke Graphite Project MRE Technical Summary dated 9 November 2017 (amached as Annexure A of Strike's ASX Announcement dated
13 November 2017: Maiden Mineral Resource Es4mate Confirms Burke Project as One of the World's Highest Grade Natural Graphite Deposits)
Strike Resources – Summary
- § Strike has a quality por/olio of assets with differing Ome horizons
- § Strike's immediate focus is to bring the Paulsens East iron Ore project into producOon in early 2021
- § Paulsens East has the potenOal to significantly change the valuaOon of Strike given the near term cash flow opportunity in comparison to the Company's market cap.
- § A low capex, short payback and high near term cashflow opportunity is a hard to find combinacon!
- § Strike also has longer term exposure to the iron ore market with the strategic Apurimac Project which has a JORC Resource of 269.4Mt @ 57% Fe MagneOte ore with exploraOon upside:
- § The planned open-access Andahuaylas Railway line which will pass through the Apurimac Project to Port, will add considerable value to the asset in due course
- § A[racOve life-of-mine operaOng expenses
- § Iron ore markets are likely to be strong for some Ome given regulatory issues for Vale in Brazil and expected conOnued sOmulus measures in china, Strike is well posiOoned to capitalise on this opportunity
Thank You
JORC CODE COMPETENT PERSON'S STATEMENTS
JORC Code (2012) Competent Person Statement - Paulsens East Mineral Resources
The informaOon in this document that relates to Mineral Resources and related ExploraOon Results/ExploraOon Targets (as the case may be, as applicable) in relaOon to the Paulsens East Iron Ore Project (Pilbara, Western Australia) is extracted from the following ASX market announcements made by the Strike Resources Limited on:
- 4 September 2019: Significant Upgrade of JORC Mineral Resource into Indicated Category at Paulsens East Iron Ore Project
- 15 July 2019: Maiden JORC Resource of 9.1 Million Tonnes at 63.4% Fe – Paulsens East Iron Ore Project in the Pilbara
- 1 August 2019: Strong Progress at the Paulsens East Iron Ore Project
- 15 July 2020: Paulsens HighGrade Samples Confirm Resource Upside Potential
The informaOon in the original announcements that relates to these Mineral Resources and related ExploraOon Results (as applicable) in relaOon to the Paulsens East Iron Ore Project (Pilbara, Western Australia) is based on, and fairly represents, informaOon and supporOng documentaOon prepared by Mr Philip Jones, who is a Member of the Australasian InsOtute of Mining and Metallurgy (AusIMM) and the Australian InsOtute of GeoscienOsts (AIG). Mr Jones is an independent contractor to Strike Resources Limited. Mr Jones has sufficient experience that is relevant to the style of mineralisaOon and type of deposit under consideraOon and to the acOvity being undertaken to qualify as a Competent Person as defined in the 2012 EdiOon of the 'Australasian Code for ReporOng of ExploraOon Results, Mineral Resources and Ore Reserves' (the JORC Code). The Company confirms that it is not aware of any new informaOon or data that materially affects the informaOon included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
The informaOon in this document that relates to metallurgical test work in relaOon to the Paulsens East Iron Ore Project (Pilbara, Western Australia) is extracted from the following ASX market announcement made by the Strike Resources Limited on:
• 10 October 2019: Outstanding Metallurgical Testwork Results at Paulsens East Iron Ore Deposit Indicate 79% Lump Yield with Low ImpuriOes.
The informaOon in the original announcement that relates to these metallurgical testwork in relaOon to the Paulsens East Iron Ore Project (Pilbara, Western Australia) is based on, based on and fairly represents informaOon and supporOng documentaOon compiled by Mr Philip Jones, who is a Member of the AusIMM and AIG. Mr Jones is an independent contractor to Strike Resources Limited. The informaOon that relates to Processing and Metallurgy is based on the work done by ALS Metallurgy Iron Ore Technical Centre (ALS IOTC) on a bulk sample collected under the direcOon of Mr Jones and fairly represents the informaOon compiled by him from the ALS IOTC testwork report. Mr Jones has sufficient experience that is relevant to the style of mineralisaOon and type of deposit under consideraOon and to the acOvity being undertaken to qualify as a Competent Person as defined in the 2012 EdiOon of the JORC Code. The Company confirms that it is not aware of any new informaOon or data that materially affects the informaOon included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
The informaOon in this document that relates to Other ExploraOon Results and ExploraOon Targets (as applicable) in relaOon to the Paulsens East Iron Ore Project (Pilbara, Western Australia) is extracted from the following ASX market announcement made by the Strike Resources Limited on:
- 15 July 2020: High-Grade Rock Chip Samples Confirm Resource Upside PotenOal at Paulsens East Iron Ore Project
- 4 December 2019: High Grade Results Located 1.6km from 9.6Mt Resource at Paulsens East.
The informaOon in the original announcements that relate to these Other ExploraOon Results and ExploraOon Targets (as applicable) in relaOon to the Paulsens East Iron Ore Project (Pilbara, Western Australia) is based on, and fairly represents, informaOon and supporOng documentaOon prepared by Mr Hem Shanker Madan, who is a Member of AusIMM. Mr Madan is an independent contractor to Strike Resources Limited and was formerly the Managing Director (September 2005 to March 2010) and Chairman (March 2010 to February 2011) of Strike Resources Limited. Mr Madan has sufficient experience that is relevant to the style of mineralisaOon and type of deposit under consideraOon and to the acOvity being undertaken to qualify as a Competent Person as defined in the 2012 EdiOon of the JORC Code. The Company confirms that it is not aware of any new informaOon or data that materially affects the informaOon included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. 27
JORC Code (2012) Competent Person Statement - Apurimac Project Mineral Resources
The informaOon in this document that relates to Mineral Resources in relaOon to the Apurimac Iron Ore Project (Peru) is extracted from the following ASX market announcement made by the Strike Resources Limited on:
• 20 January 2015: Apurimac Mineral Resources Updated to JORC 2012 Standard.
The informaOon in the original announcement that relates to Mineral Resources and other ExploraOon Results (as applicable) in relaOon to the Apurimac Iron Ore Project (Peru) is based on, and fairly represents, informaOon and supporOng documentaOon prepared by Mr Ken Hellsten, B.Sc. (Geology), who is a Fellow of AusIMM. Mr Hellsten was a principal consultant to Strike Resources Limited and was also formerly the Managing Director of Strike Resources Limited (between 24 March 2010 and 19 January 2013). Mr Hellsten has sufficient experience which is relevant to the style of mineralisaOon and type of deposit under consideraOon and to the acOvity which he is undertaking to qualify as a Competent Person as defined in the 2012 EdiOon of the JORC Code. The Company confirms that it is not aware of any new informaOon or data that materially affects the informaOon included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
JORC Code (2004) Competent Person Statement – Cusco Project Mineral Resources
The informaOon in this document that relates to Mineral Resources and other ExploraOon Results (as applicable) in relaOon to the Cusco Iron Ore Project (Peru) is based on, and fairly represents, informaOon and supporOng documentaOon prepared by Mr Ken Hellsten, B.Sc. (Geology), who is a Fellow of AusIMM. Mr Hellsten was a principal consultant to Strike Resources Limited and was also formerly the Managing Director of Strike Resources Limited (between 24 March 2010 and 19 January 2013). Mr Hellsten has sufficient experience which is relevant to the style of mineralisaOon and type of deposit under consideraOon and to the acOvity which he is undertaking to qualify as a Competent Person as defined in the 2004 EdiOon of the JORC Code. Mr Hellsten approves and consents to the inclusion in this document of the ma[ers based on this informaOon in the form and context in which it appears.
JORC Code (2012) Competent Person Statement – Solaroz Lithium Brine Project
The informaOon in this document that relates to ExploraOon Targets in relaOon to the Solaroz Lithium Brine Project (ArgenOna) is extracted from the following ASX market announcement made by Strike Resources Limited on:
• 13 March 2019: Strike Secures Solaroz Lithium Brine Project in ArgenOna's Lithium Triangle.
The informaOon in the original announcement that relates to ExploraOon Targets is based on, and fairly represents, informaOon and supporOng documentaOon prepared by Mr Peter Smith, BSc (Geophysics) (Sydney) AIG ASEG, who is a Member of AIG. Mr Smith is a consultant to Strike Resources Limited. Mr Smith has sufficient experience which is relevant to the style of mineralisaOon and type of deposit under consideraOon and to the acOvity which he is undertaking to qualify as a Competent Person as defined in the 2012 EdiOon of the JORC Code. The Company confirms that it is not aware of any new informaOon or data that materially affects the informaOon included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements**.**
JORC Code (2012) Competent Person Statement - Burke Graphite Project Mineral Resources
The informaOon in this document that relates to Mineral Resources in relaOon to the Burke Graphite Project (Queensland) is extracted from the following ASX market announcement made by the Strike Resources Limited on:
• 13 November 2017: Maiden Mineral Resource EsOmate Confirms Burke Project as One of the World's Highest-Grade Natural Graphite Deposits..
This document has been prepared by Strike Resources Limited (the "Company" or "STRIKE"). No representaOon, expressed or implied, or warranty as to the accuracy or completeness of the informaOon contained herein is made by any party and nothing contained herein shall be relied upon as a promise or representaOon as to the future. In all cases, recipients should conduct their own invesOgaOon and analysis of STRIKE.
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