Strike Resources

What Strike Resources does

Strike Resources Limited (ASX:SRK) is an Australian-listed mineral exploration and development company headquartered in Perth, Western Australia. Its core asset is the Apurimac Iron Ore Project in Peru's Apurimac and Cusco regions, where it holds 56% of Apurimac Ferrum S.A. and has a right to acquire up to 49.2% of Cuervo Resources Inc., together covering approximately 72,800 hectares of mineral concessions with combined JORC Resources of 373 Mt. Apurimac is positioned as one of the world's highest-grade magnetite deposits at 57.3% Fe, with a coarse grain liberation size of 250 microns to 1mm that enables a simpler processing flowsheet (no flotation circuit required) and mass recovery above 60% versus an industry average of 30-40%.

The company has achieved limited commercial sales to date: approximately 50,000 tonnes of high-grade DSO lump product (Apurimac Premium Lump at 65.99% Fe) were shipped to customers in China and South America in 2021, including a maiden 35,000-tonne shipment to China in August 2021. Reported iron ore pricing reached US$141.50/tonne on hedged volumes. Strike is targeting a 15-20 Mtpa operation at Apurimac, with estimated life-of-mine operating costs of US$17-20/tonne and pre-feasibility CAPEX of US$2.6-2.9B. The company previously operated the Paulsens East Iron Ore Project in Western Australia's Pilbara (sold in July 2024 for A$20.5M), retains a Berau thermal coal interest in Indonesia subject to a partnership dispute, and is the largest shareholder in the spun-off battery minerals company Lithium Energy Limited (ASX:LEL). Strike's technology centers on magnetic separation processing, direct shipping ore production, and slurry pipeline transportation leveraging a 3,500-metre elevation drop to the coast.

Name

Strike Resources

Legal name

Strike Resources Limited

Website

https://strikeresources.com.au

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Strike Resources (ASX:SRK) is an Australian-listed mineral exploration company developing the high-grade Apurimac magnetite iron ore project in Peru, targeting 15-20 Mtpa production with a coarse-grained deposit enabling simplified processing, having shipped approximately 50,000 tonnes of DSO to China and South America in 2021.

Ownership category

akta.pro rank

Product category

Iron Ore Mining

NAICS

Iron Ore Mining (212210)

SIC

Metal Mining (1000)

akta.pro primary industry

Iron Ore Mine Development & Expansion (EPC, Construction, Commissioning) (IMAKAAAB)

akta.pro secondary industries

Iron Ore Beneficiation & Concentration (Crushing, Screening, Washing, Magnetic Separation) (IMAKAAAD), Iron Ore Trading, Marketing & Offtake (Physical, Blending, Contracts) (IMAKAAAG)

Keywords

• Iron ore mining
• Magnetite extraction
• Mineral exploration
• Direct shipping ore
• Commodity export

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Iron Ore Sales: Revenue generated from the sale of iron ore products including Direct Shipping Ore (DSO) and processed concentrate. The company achieved maiden shipments of approximately 50,000 tonnes of high grade lump iron ore to customers in China and South America in 2021. Product specifications show premium lump with 65.99% Fe content.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Strike Resources extracts, develops, and sells high-grade iron ore products from its Apurimac Iron Ore Project in Peru. Its principal commercial offering is Apurimac Premium Lump direct shipping ore (DSO) with specifications around 65.99% Fe, sold in bulk to enterprise steel manufacturers and traders in China and South America. The company also plans to produce magnetite concentrate at scale (target 15–20 Mtpa) leveraging the deposit's coarse-grained, high-grade mineralogy.

Product overview

Strike Resources is an Australian-listed resources company operating a portfolio of mining projects focused primarily on iron ore. The core product is the Apurimac Magnetite Iron Ore Project in Peru, which produces high-grade Direct Shipping Ore (DSO) including Apurimac Premium Lump. The company previously operated the Paulsens East Iron Ore Project in Western Australia (sold in 2024). The project portfolio includes targets for 15-20 Mtpa iron ore production capacity based on JORC resources of 373Mt.

Differentiator

Problem solved

Functional benefit

Products and services

• Apurimac Premium Lump DSO High-grade direct shipping iron ore (DSO) lump product from the Apurimac project in Peru, with specifications including 65.99% Fe, 2.76% SiO2, 0.65% Al2O3, 0.059% P, and 0.09% S, sold in bulk to enterprise steel manufacturers and traders.
• Apurimac Magnetite Iron Ore Project Large-scale magnetite iron ore development project in Apurimac, Southern Highlands of Peru, recognized as one of the highest grade magnetite deposits in the world with JORC resources of 269Mt at 57.3% Fe and a target production capacity of 15-20 Mtpa.

Quantifiable outcome

• 57.3% average Fe grade (vs ~30% typical for magnetite deposits)
• +3 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• CZR ResourcesminorStrategic or Co-development Partner · 16 December 2022Partnership formed in December 2022 with CZR Resources and CSL Australia to develop an iron ore export facility project at Onslow in Western Australia's Pilbara region. Tripartite consortium studying the development of export infrastructure.
• CSL AustraliaminorStrategic or Co-development Partner · 16 December 2022Partnership formed in December 2022 with CZR Resources and Strike Resources to develop an iron ore export facility project at Onslow in Western Australia's Pilbara region. Tripartite consortium studying the development of export infrastructure.
• Cuervo Resources Inc.coreStrategic or Co-development Partner · 1 July 2011Strategic partnership executed in July 2011 giving Strike the right to acquire up to 49.2% of Cuervo Resources Inc. (46% on fully-diluted basis). This consolidation move positioned Strike as the major holder of high-quality iron-ore concessions in the Apurimac and Cusco regions, adding 14,000 hectares of exploration land with substantial exploration upside and JORC Resources of 106Mt at 45.3% Fe.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• BC Iron Limited: ASX-listed Pilbara iron ore producer with Nullagine joint venture and subsequent development projects. Comparable small-cap Australian iron ore producer with similar customer base and DSO-style operating model.
• Cuervo Resources Inc. Strike holds up to 49.2% of Cuervo Resources, which holds 14,000 hectares of Peruvian iron ore concessions contiguous with Apurimac with 106Mt JORC Resources at 45.3% Fe. Most directly comparable as a co-located Peruvian iron ore developer sharing the same ore body system.
• Iron Road Limited: ASX-listed magnetite iron ore developer with the Central Eyre Iron Project in South Australia, targeting ~20 Mtpa production. Comparable as a publicly listed magnetite developer at similar pre-construction stage targeting premium-grade Asian steel markets.
• Magnetite Mines Limited: ASX-listed developer of the Razorback High Grade Iron Ore Project in South Australia, focused on coarse-grained magnetite concentrate for Asian steel markets. Closely comparable in commodity, technology approach, and target customer base.
• CZR Resources Ltd: ASX-listed Pilbara iron ore developer and Strike's partner in the Onslow port export consortium. Directly comparable as a small-cap Australian iron ore developer targeting infrastructure-constrained DSO export projects.
• Carpentaria Resources Limited: ASX-listed developer of the Hawsons Iron Project, a magnetite concentrate development in NSW targeting Asian steel mill customers. Comparable as a pre-development magnetite iron ore project with similar size and grade profile.
• Champion Iron Limited: TSX/ASX-listed producer of high-grade iron ore concentrate from the Bloom Lake mine in Quebec, supplying premium iron ore to global steelmakers. Comparable as a publicly listed pure-play high-grade iron ore producer selling into steel mill end markets.

Broad incumbents

• Atlas Iron: Established Pilbara DSO iron ore producer (now part of Hancock Prospecting) that historically served as a benchmark for small-to-mid cap Australian iron ore developers. Comparable as a DSO-focused Australian iron ore producer at a more advanced operational stage.
• Fortescue Metals Group: Major Pilbara iron ore producer and one of the world's lowest-cost seaborne iron ore suppliers, exporting to Asian steel mills. Comparable as the dominant Australian high-tonnage iron ore producer targeting the same customer base as Strike.

Others

• Lithium Energy Limited: ASX-listed battery minerals company spun out of Strike in 2021, in which Strike remains the largest shareholder. Related as a former subsidiary and current equity holding providing Strike exposure to graphite and lithium assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/strike-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Strike Resources