Mr. Sean Cleary reports

STRATEGIC RESOURCES ANNOUNCES CLARIFICATION TO PRIOR NEWS RELEASE

On March 12, 2024, Strategic Resources Inc. issued a news release announcing positive results from a study referred to as the prefeasibility Class 5 level engineering study conducted by BBA for the company's proposed four-million-metric-tonne-per-year merchant pelletizer plant. Strategic would like to clarify certain information disclosed in this previous news release in relation to the study.

The project will be located on the company's existing leased area at the federal port, where the provincial and federal governments are currently building a $111-million multiuser conveyor system which the project would utilize. The project will focus on direct-reduction-grade (DR) pellet feed that will be used in the green steel industry and will be the only greenfield development project of its kind in Canada.

The March 12, 2024, news release contained information extracted from the study prepared by an independent engineering firm that included forward-looking information on the supply of raw materials for the project.

According to Section 4A.2 of Regulation 51-102 respecting continuous disclosure obligations, forward-looking information should not be disclosed unless the issuer has a reasonable basis for the forward-looking information. Following a review of the company's news release dated March 12, 2024, the Autorite des marches financiers (Quebec) has the view that the issuer does not have such reasonable basis for the forward-looking information.

Accordingly, in order to comply with Section 4A.2 of Regulation 51-102, the company retracts from its news release dated March 12, 2024, the forward-looking information as to the supply of raw materials and the information flowing therefrom.

Readers are cautioned that the term prefeasibility study used by the company to refer to this study is not the same as the one used for mineral projects as defined under National Instrument 43-101 respecting standards of disclosure for mineral projects, and this study should therefore not be viewed as equating to a prefeasibility study as defined under NI 43-101 because the project is not a mineral project but rather an industrial project and therefore is not governed by NI 43-101.

Investors should not rely on the future-oriented financial information made by the corporation in its news release to guide them in their investment decisions.

This news release is issued at the request of the Autorite des marches financiers (Quebec).

About Strategic Resources Inc.

Strategic Resources 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 a sea port in Quebec with full access to the St. Lawrence Seaway. The company's head office is in Montreal, Que.