Strike Resources Advances Apurimac Project with Stake Sale and Exploration Gains

Strategic Minority Stake Sale to JE United

Strike Resources Limited (ASX:SRK) has agreed to offload a further 28.52% indirect interest in its high-grade Apurimac Iron Ore Project in Peru to JE United Ltd for A$5.5 million cash. This transaction, pending completion by March 2027, will reduce Strike’s holding to a controlling 51.48%, while JE United’s stake rises to 48.52%. The deal includes a US$5 million credit facility from JE United to support project development and iron ore marketing, with exclusive marketing rights granted until the credit facility is repaid. This move aims to ease Strike’s capital demands amid challenging market conditions and aligns with its strategy to advance the project without shareholder dilution. The sale structure involves transferring shares in Strike Finance Pty Ltd, which holds 48.52% of Apurimac Ferrum S.A.C, the project’s concession owner. JE United’s controlling figure, Mr Zhoufeng (Jeff) Zhang, already holds a 9.88% interest in Strike through direct and related entities, cementing a deepening partnership between the parties. This transaction builds on the company’s earlier announcement of the stake sale and credit facility terms Sale of 28.52% indirect stake.

Exploration Identifies New Mineralisation Outside Current Resource

Strike’s exploration team has expanded the prospective footprint of the Apurimac Project through detailed geological mapping, surface sampling, and high-resolution drone-based LiDAR and magnetometry surveys. These efforts have uncovered new zones of magnetite and hematite consistent with skarn-style iron mineralisation beyond the limits of the current JORC Indicated and Inferred Mineral Resource. Samples collected are undergoing assay, with results to inform potential resource growth and near-surface ore suitable for short-term production. Complementing these activities, a gravity survey is slated to commence in May 2026 over areas yet untested by such methods. These geophysical surveys, combined with fieldwork, aim to refine the project’s resource base and support future mining plans. This exploration update follows earlier fieldwork recommendations by an Australian consulting geologist and is part of ongoing efforts to unlock the project's full potential New magnetite and hematite zones.

Logistics Framework Set with San Nicolás Port MoU

In a significant step toward improving export logistics, Strike signed a non-binding Memorandum of Understanding in January 2026 with Peruvian port operator Naviera Petral S.A. The agreement establishes a framework for future port services at the proposed deep-water San Nicolás Port on Peru’s southern Pacific coast. The port is designed to handle bulk iron ore exports with initial ship loading rates of approximately 20,000 tonnes per day and natural water depths suitable for vessels up to 200,000 deadweight tonnes. The San Nicolás Port is planned to integrate with the Peruvian Government’s Andahuaylas–San Juan de Marcona Railway corridor, potentially reducing logistics costs and enhancing export efficiency for the Apurimac Project. While the MOU carries no immediate financial commitment and is non-exclusive, it sets the stage for a definitive commercial agreement following technical and regulatory approvals. The port project is expected to be commissioned within three years of such an agreement, complementing Strike’s export ambitions San Nicolás deep-water port.

Preparations for Small-Scale Mining Restart Under Artisanal Regime

Strike is actively preparing to resume small-scale mining operations targeting production rates exceeding 60,000 tonnes per month under Peru’s artisanal miners’ “REINFO” regime. This approach allows ore extraction exempt from certain environmental permits by contracting registered informal miners. Key prerequisites include finalising offtake agreements, detailed geological sampling to delineate high-grade direct shipping ore zones, securing community approvals, and transferring necessary REINFO permits. The Peruvian Government’s extension of the informal miners’ registration deadline to December 2026 has eased prior social unrest in the Apurimac region, smoothing the path for operational restart. Concurrently, Strike is advancing environmental and mining studies required for a larger-scale mining permit, including appointing consultants to update previous project assessments. These steps indicate a pragmatic approach to maintaining production momentum while advancing towards full-scale operations.

Lithium Energy Stake and Corporate Financials

Strike remains the largest shareholder in Lithium Energy Limited (ASX:LEL), holding 27.7% or 31.01 million shares. Lithium Energy was reinstated to ASX quotation in March 2026 following the sale of its Solaroz Lithium Brine Project in Argentina, which generated US$55.5 million in cash proceeds. Lithium Energy is advancing multiple battery and renewable energy mineral projects across Queensland, Australia, and Utah, USA, including gold-copper, graphite, and lithium brine assets. The company has scheduled a general meeting to consider rebranding as LE Minerals Limited. Strike’s financials for the quarter reflect A$1 million in operating cash outflows, primarily from exploration and personnel costs, offset partially by A$465,000 in investing cash inflows including a deposit on the minority stake sale. Cash reserves stood at A$2.34 million at quarter-end, providing an estimated 2.4 quarters of funding at current expenditure levels. Director remuneration payments totaled A$191,000 during the quarter. This financial position underscores the importance of the recent stake sale and credit facility in underpinning ongoing project development and corporate activities.

Strike’s engagement with Peruvian authorities continues amid political transitions that have delayed railway infrastructure developments critical to the project’s logistics chain. The company’s efforts to secure participation in the Andahuaylas-Marcona Railway Project remain ongoing, with the railway expected to integrate with port infrastructure to reduce export costs and support southern Peru’s economic growth. The evolving political landscape and upcoming general elections add a layer of uncertainty to these infrastructure timelines, warranting close attention. Strike’s progress on exploration, logistics, and financing arrangements collectively signals a methodical push to advance the Apurimac Project despite external challenges.