Strike Resources Limited (ASX:SRK) Quarterly Report Released
Project Developments
Strike Resources Limited (ASX:SRK) announced significant progress on its Apurimac Iron Ore Project in Peru. The company submitted an Environmental Impact Assessment for the Opaban 1 concession, initiating a drilling program to further define resources. Strike has defined a JORC (2012) Indicated and Inferred Mineral Resource totaling 269 Mt of iron ore at 57.3% Fe. Despite current market conditions affecting mining operations, the company remains focused on securing community support and advancing permitting processes. Additionally, Strike held meetings with Peruvian government officials to discuss development plans related to the Andahuaylas-Marcona Railway.
Corporate Investments
Strike maintains a 27.7% stake in Lithium Energy Limited (ASX:LEL). In recent corporate developments, Lithium Energy’s shares were suspended from the ASX on 25 October 2024 following the disposal of its Solaroz Project. On 6 December 2024, Lithium Energy and CNGR amended the terms of the Solaroz Sale Agreement, with CNGR paying a second deposit of US$6 million in January 2025. The amended agreement outlines additional payments and conditions related to the transfer of Solaroz shares and funding operations.
Financial Overview
For the quarter ending 31 December 2024, Strike Resources reported total expenditures of A$756,000, consisting of A$662,000 in operating activities and A$94,000 in investing activities. The company also reported payments of A$165,000 to related parties for directors’ remuneration. Cash and cash equivalents at the end of the quarter stood at A$5.414 million, providing an estimated seven quarters of funding based on current outflows.
Community and Stakeholder Engagement
Strike has continued its engagement with local communities in the Apurimac region through sponsorship of the Apurimac Business Leaders Forum and conducting stakeholder workshops. These initiatives aim to address local infrastructure and farming needs, reinforcing Strike’s commitment to community relations as part of its broader development strategy.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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