Mr. Sean Cleary reports

STRATEGIC RESOURCES CONGRATULATES PORT SAGUENAY FOR RECEIVING C$111 MILLION OF FEDERAL AND PROVINCIAL FUNDING FOR THE NEW CONVEYOR SYSTEM

The governments of Canada and Quebec are financing $111.2-million to the Saguenay Port Authority for the construction of a mechanized handling system intended for multiuser bulk materials. This conveyor, powered by hydroelectricity, will connect the maritime terminal to industrial storage and railway marshalling spaces located in the industrial-port zone of Saguenay. Its commissioning is planned for 2025.

Sean Cleary, chief executive officer of Strategic Resources Inc., commented: "This is a very positive announcement for both Port Saguenay and Strategic Resources. Our BlackRock project will be able to benefit from this new conveyor system as we pursue the opportunity to build a four-million-tonne iron ore pellet plant. We would like to congratulate the port and its team for this major investment."

The Minister of Economy, Innovation and Energy, minister responsible for regional economic development, and minister responsible for the metropolis and the Montreal region, Pierre Fitzgibbon, made the announcement on Dec. 11 in the company of the Minister of Municipal Affairs and minister responsible for the Saguenay-Lac-Saint-Jean region Andree Laforest, and the member of Parliament for Dubuc and parliamentary assistant to the Minister of Tourism Francois Tremblay and the mayoress of Saguenay.

The federal government of Canada is granting the Saguenay Port Authority a contribution of $55.2-million. The government of Quebec is providing a loan of $36.8-million from the Ministry of the Economy, Innovation and Energy, as well as financial assistance of $19.2-million from the Ministry of Transport and Sustainable Mobility.

Both the federal and provincial levels of government reaffirm that the Port of Saguenay represents a central economic engine for the development of the Saguenay-Lac-Saint-Jean region. The Saguenay IP zone has been identified as a priority site by the Quebec Ministry of the Economy, Innovation and Energy.

In addition to the $111.2-million for the construction of a mechanized handling system intended for multiuser bulk transportation, Quebec previously committed to paying $105.5-million for the establishment of multiuser infrastructure for the IP zone of Saguenay (electricity, gas and water) and has also recently announced a sum of $20-million for the expansion of the wharf at Port Saguenay. This brings the total announced investment supporting the area and the BlackRock project to over $235-million.

About Strategic Resources Inc.

Strategic Resources (TSX Venture Exchange: SR) is a critical mineral exploration and development company focused on high-purity iron and vanadium projects in Canada and Finland. The company is developing its flagship BlackRock project, which is a fully permitted and ready-to-construct mine, concentrator and metallurgical facility located at the Port Saguenay seaport in Quebec with full access to the St. Lawrence Seaway. The company's head office is in Montreal, Que.

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