STRATEGIC’S CANADA PROJECTS

BlackRock - 100% owned

• Construction ready BlackRock Vanadium-Titanium-Iron Project (“the Project”) located in Québec
  • Mine and concentrator portion of the Project - Chibougamau
  • Metallurgical facility portion of the Project - Port Saguenay, a Federal deep seaport with access to St. Lawrence
• NI43-101 Study Effective date: Nov 2022

Southwest Deposit and Metallurgical Facility Feasibility Study

• C$1,932M after-tax NPV (8%), 18.2% after-tax IRR
• 39 Year Mine Life (just the Southwest deposit)
• Proven & Probable Reserves: 127.8 Mt with 0.46% V₂O₅ (in situ grade), 40.2% Fe₂O₃ and 7.8% TiO₂
• Set to produce an average annual rate of 562kt of high purity nodular pig iron, 4.4kt of Fev₈₀ and 118kt of titanium slag

Southwest and Armitage Deposit Mineral Resource Estimates

• Measured and Indicated Resources: 355.5 Mt with 0.44% V₂O₅ (in situ grade), 39.7% Fe₂O₃ and 7.8% TiO₂
• Inferred Resources:  73.3 Mt with 0.44% V₂O₅ (in situ grade), 39.7% Fe₂O₃ and 7.9% TiO₂

STRATEGIC’S FINNISH PROJECT

Mustavaara - 100% owned

• 2021 PEA
  • €190M After-tax NPV (8%), 12.2% after-tax IRR 
  • 20 Year Mine Life
  • Annual production of 4.6 kt of FeV₈₀  &329 kt of pig iron
• Report recommends advancing to a pre-feasibility study
• The PEA contemplated building a metallurgical facility in Finland; this is now a less likely scenario given the planned Québec based metallurgical facility that is part of the Feasibiilty stage BlackRock project the Company now owns