Another update of our report for the week ending July 17, 2020....

Another update of our report for the week ending July 17, 2020. This version now has a 5th valuation angle using the same approach applied by Ravengate in the 2014 Target statement. Using today's numbers and including the $3.5m they attributed to the non-resource EPMs, we get a valuation of about $0.825. This is approximately in line with all the angles other than the AMC valuation approach used in 2017 (which is vastly lower). The 4 angles other than the AMC approach now give us a conservative price range of somewhere between $0.80 and $0.95. This of course assumes Strategic's assets are average in quality. This report will hopefully help to demonstrate that the Big Vein South deposit in particular is anything but average in comparison to some of the other projects around Australia. As per usual any feedback is welcome.

Also please note this report simply expresses my opinion as to what Strategic Minerals assets could potentially be worth and should not be misconstrued as investment advice upon which financial decision making is based. To the best of my knowledge the information is accurate but may contain errors.

Strategic Minerals Value Ver. 3.pdf