Mr. Sean Cleary reports

STRATEGIC RESOURCES ENGAGES LEAD BANK FOR ITS CONSTRUCTION FINANCING PACKAGE

Strategic Resources Inc. has engaged Societe Generale to lead the project financing debt package to finance development of the project. The company has initiated work with Societe Generale to put together a senior debt package for the BlackRock project in Quebec. The company is targeting an approximately $300-million (U.S.) senior debt financing package to finance the $470-million (U.S.) initial capital that was outlined in its phase 1 four-million-tonne-per-annum iron pelletizer prefeasibility study. Post the completion of the debt financing, the company will work with existing shareholders and other groups to bring together a full financing solution for the construction of the BlackRock project.

Sean Cleary, chief executive officer, commented: "Societe Generale is an established leader in the project financing space and Strategic is excited to work on this process with them. This is a significant step on the path towards supplying Canada's steel industry with the high-purity iron metallics necessary to operate new environmentally friendly electric arc furnaces that are under construction today. Strategic Resources will help supply the green steel movement that is now well under way."

Strategic has also completed a request for proposal process on the next phase of engineering work for the phase 1 iron pelletizer. The company has shortlisted potential candidates and plans to announce its preferred independent engineering choice in Q3 2024.

Strategic has made considerable progress in sourcing direct reduction grade iron feed material for the iron pelletizer. These negotiations are continuing and Strategic expects to conclude definitive supply agreements by Q4 2024.

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.

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