Mr. Sean Cleary reports

STRATEGIC RESOURCES PROVIDES UPDATE ON PELLET PLANT PROGRESS AT PORT SAGUENAY, QUEBEC

Strategic Resources Inc. has made significant progress in the development of its planned iron ore pellet plant at Port Saguenay, Que. As part of its commitment to advancing this critical initiative, the company has short-listed leading engineering firms and contractors for the feasibility study and metallurgical testing of the pellet feed concentrates.

In addition, Strategic has submitted all requisite environmental documentation and studies to Quebec's Ministry of Environment (MELCC) to facilitate an amendment to its existing certificate of authorization. The amendment will enable the construction of a facility with an annual production capacity of four million tonnes of iron ore pellets, as outlined in the company's March, 2024, prefeasibility Class 5-level engineering study.

Strategic Resources plans to construct the plant at Port Saguenay to capitalize on Quebec's low-cost hydroelectric power and access to natural gas. The combination of green hydroelectric power and natural gas, along with Port Saguenay's ability to service the Great Lakes and Atlantic seaborne markets, offers a distinct competitive advantage over other existing and potential pellet plant sites in Canada.

The government's review process for the amendment is expected to take approximately six to nine months to complete. Strategic remains committed to working closely with regulatory authorities to ensure compliance and efficiency throughout this review.

Construction work at Port Saguenay is under way on the bi-directional electric pipe multiuser conveyor system with commissioning expected by the end of 2025. To date, more than 30 per cent of the conveyor modules have been successfully installed. This conveyor system has been designed to facilitate the transportation of third party direct-reduction-grade iron ore concentrate to Strategic's iron ore pellet plant. Planning for the construction of the pellet plant is under way at Port Saguenay where Strategic has a long-term lease on the core area of the new Port Saguenay Industrial Park. The installation of the conveyor system will also enable the export of iron ore pellets to Strategic's off-taker and marketing partner, Javelin Global Commodities.

In addition, Strategic's Management team has been actively collaborating with its partners to conduct a thorough review of project risks, ensuring a robust and well-informed approach to project execution and the planned feasibility study. As part of this process, several site visits have been carried out to assess Metso's technology (chosen plant manufacturer), with an emphasis on management's commitment to adopting the most effective solutions. Simultaneously, management continues to refine its execution plans, taking pro-active steps to facilitate a seamless and efficient project rollout. These efforts underscore the company's dedication to operational excellence and strategic project management.

About Strategic Resources Inc.

Strategic Resources Inc. is a critical mineral development company focused on becoming a supplier of green steel inputs. The company has a planned metallurgical facility site in Canada and 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 seaport in Quebec with full access to the St. Lawrence Seaway. Phase 1 of the BlackRock project envisages a four-million-tonne-per-year high-purity iron ore pelletizer in Port Saguenay. The company's head office is in Montreal.

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