MONTREAL, June 16, 2025 /PRNewswire/ - Strategic Resources Inc. (TSXV: SR) (the "Company" or "Strategic") is pleased to announce significant progress in the development of its planned iron ore pellet plant at Port Saguenay, Quebec. As part of its commitment to advancing this critical initiative, the Company has shortlisted leading engineering firms and contractors for the Feasibility Study and metallurgical testing of the pellet feed concentrates.
In addition, Strategic has submitted all requisite environmental documentation and studies to Quebec's Ministry of Environment (MELCC) to facilitate an amendment to its existing Certificate of Authorization. The amendment will enable the construction of a facility with an annual production capacity of four million tonnes of iron ore pellets, as outlined in the Company's March 2024 Pre-feasibility Class 5 level engineering study.
Strategic Resources plans to construct the plant at Port Saguenay to capitalize on Quebec's low-cost hydroelectric power and access to natural gas. The combination of green hydroelectric power and natural gas, along with Port Saguenay's ability to service the Great Lakes and Atlantic seaborne markets, offers a distinct competitive advantage over other existing and potential pellet plant sites in Canada.
The government's review process for the amendment is expected to take approximately six to nine months to complete. Strategic remains committed to working closely with regulatory authorities to ensure compliance and efficiency throughout this review.
Construction work at Port Saguenay is underway on the bi-directional electric pipe multi-user conveyor system with commissioning expected by the end of 2025. To date, more than 30% of the conveyor modules have been successfully installed (see Figure 1 below). This conveyor system has been designed to facilitate the transportation of third-party direct reduction grade iron ore concentrate to Strategic's Iron Ore Pellet Plant. Planning for the construction of the pellet plant is underway at Port Saguenay where Strategic has a long-term lease on the core area of the new Port Saguenay Industrial Park. The installation of the conveyor system will also enable the export of iron ore pellets to Strategic's off taker and marketing partner, Javelin Global Commodities.
In addition, Strategic's Management team has been actively collaborating with its partners to conduct a thorough review of project risks, ensuring a robust and well-informed approach to project execution and the planned Feasibility Study. As part of this process, several site visits have been carried out to assess Metso's technology (chosen plant manufacturer), with an emphasis on Management's commitment to adopting the most effective solutions. Simultaneously, Management continues to refine its execution plans, taking proactive steps to facilitate a seamless and efficient project rollout. These ongoing efforts underscore the Company's dedication to operational excellence and strategic project management.
About Strategic Resources
Strategic Resources Inc. (TSXV:SR) is a critical mineral development company focused on becoming a supplier of green steel inputs. The Company has a planned metallurgical facility site in Canada and high-purity iron and vanadium projects in Canada and Finland. The Company is developing its flagship BlackRock Project, which is a fully permitted and ready to construct mine, concentrator and metallurgical facility located at a seaport in Québec with full access to the St. Lawrence Seaway. Phase 1 of the BlackRock project envisages a 4 million tonne per year high-purity iron ore pelletizer in Port Saguenay. The Company's Head Office is in Montreal, Québec.
Further details are available on the Company's website at https://strategic-res.com/. To follow future news releases, please sign up at https://strategic-res.com/contact/.
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STRATEGIC RESOURCES INC.
Signed: "Sean Cleary"
Sean Cleary, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the review period for the permit amendments, completion of the pipe conveyor system and construction of the iron pellet plant. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.
Although management of the Company believes that the assumptions made and the expectations represented by all forward-looking statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. Strategic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Strategic Resources Inc.
