Strike Resources completed the sale of its Paulsens East Iron Ore Project, receiving a $20.5 million cash consideration.

The company received a $2 million deposit upon executing the sale agreement in December 2023, followed by an $18 million payment after the sale in March.

During the transaction, Strike also discharged a US$7.2 million ($11.3 million) loan. A final deferred consideration amount of $500,000 is still pending receipt.

Strike is prioritising the advancement of the Apurimac Iron Ore Project, including appointing a full-time CEO for operations in Peru and engaging with local stakeholders to recommence mining activities.