Strike Resources Limited (ASX:SRK) is making headway with its Apurimac Iron Ore Project in Peru, focusing on regulatory engagement and infrastructure partnerships. Key progress includes submitting a Letter of Intent to Peru’s Ministry of Transport and Communications (MTC) for participation in the Andahuaylas–Marcona Railway Project. Discussions are also underway for a memorandum of understanding to outline both parties’ roles in this critical export logistics project. Meetings with Terminal Portuario Jinzhao Perú S.A., the Marcona Port operator, aim to secure port access terms aligned with Strike’s export objectives.
Strike’s leadership engaged with Peruvian government officials, including the Minister and Vice-Minister of Energy and Mines, underscoring the railway’s importance to Strike’s development plans. ProInversión, Peru’s Investment Promotion Agency, is reviewing the project’s financing and development stages.
Exploration efforts include a regional reconnaissance program targeting mineralisation beyond existing resource areas and assessing copper, gold, molybdenum, and silver potential. Following government consultations, Strike is progressing a full mining permit application for Apurimac, a process expected to take about 12 months, incorporating baseline environmental data.
Strike holds a 27.7% stake in Lithium Energy Limited (ASX:LEL). LEL shareholders approved the disposal of the Solaroz Lithium Project in Argentina for US$63 million, expected to complete in two tranches during April 2025 and January 2026. Shareholders also approved the spin-out of Axon Graphite Limited, holding graphite projects in Queensland, via an IPO and ASX listing.
SRK’s cash reserves stand at $4.77 million as of March 31, 2025, with an estimated 7.3 quarters of funding available. Operating activities used $625,000 in cash, while investing activities used $24,000, primarily for exploration. Payments to related parties, including directors’ remuneration, totaled $253,000.
