Orion Equities : 2% Royalty Entitlement on Strike's Paulsens East Project

Thursday, 5 December 2019

ASX CODE : OEQ

MARKET ANNOUNCEMENT

2% Royalty Entitlement on Strike's Paulsens East Iron Ore Project

Orion Equities Limited (ASX:OEQ) (Orion) refers to recent ASX announcements released by Strike Resourced Limited (ASX:SRK) (Strike) in relation to itsPaulsens East Iron Ore Project (Paulsens East).

Paulsens East is located approximately 140 kilometres west of Tom Price and approximately 233km by road south-east from the Port of Onslow and consists of a high- grade outcropping hematite iron ore ridge extending for approximately three kilometres West to East, with a recently delineated JORC Indicated Mineral Resource1.

Strike has also recently completed Scoping Study on Paulsens East, which outlines plans to mine and produce iron ore (predominantly Lump Direct Shipping Ore (DSO)) with an initial mine life (LOM) of four years, with first production targeted for the third quarter 2020. Strike's Scoping Study confirmed the potential for highly favourable economics for Paulsens East. 2

Orion notes that it is entitled to a royalty of 2% of gross revenues generated by Strike from Paulsens East. This royalty entitlement stems from Orion's sale of a portfolio of tenements (including the Paulsens East tenement) to Strike in September 2005.3

For further information in this regard, please refer to the following ASX market announcements:

• Orion's announcement dated 23 September 2005: CXL Retains a 25% Free Carried Interest in NT Uranium Tenements; and
• Strike's announcement dated 11 August 2008: Acquisition of Outstanding Interests in Berau Coal and Paulsens East Iron Ore Projects.

1. Refer Strike's ASX Announcements dated 4 September 2019: Significant Upgrade of JORC Mineral Resource into
   Indicated Category at Paulsens East Iron Ore Project and 15 July 2019: Maiden JORC Resource of 9.1 Million Tonnes at 63.4% Fe - Paulsens East Iron Ore Project in the Pilbara
2. Refer Strike's ASX Announcement dated 28 November 2019: Excellent Scoping Study Results for Paulsens East Iron Ore Project
3. Orion was then known as Central Exchange Limited (ASX:CXL) and Strike was then known as Fast Scout Limited (ASX:FSL)

	www.orionequities.com.au
	ORION EQUITIES LIMITED	A.B.N. 77 000 742 843
	Level 2, 23 Ventnor Avenue, West Perth, Western Australia 6005
ASX: OEQ	T | [phone]	F | [phone]	E | [e-mail]

20191205 OEQ ASX 2% Royalty Entitlement on Strike's Paulsens East Iron Ore Project

For further background information about Paulsens East, please refer to Strike's recent ASX market announcements, as follows:

• 5 December 2019: Drilling and Surface Sampling Results at Paulsens East Iron Ore Project;
• 4 December 2019: High Grade Results Located 1.6km from 9.6Mt Resource at Paulsens East;
• 28 November 2019: Excellent Scoping Study Results for Paulsens East Iron Ore Project;
• 19 November 2019: Beadon Creek Onslow Selected as Preferred Port for Paulsens East;
• 30 October 2019: 2019 Annual Report;
• 24 October 2019: Strike Strengthens Management Team for Paulsens East Iron Ore Project with Key Appointments;
• 10 October 2019: Outstanding Metallurgical Testwork Results at Paulsens East Iron Ore Deposit Indicate 79% Lump Yield with Low Impurities;
• 4 September 2019: Significant Upgrade of JORC Mineral Resource into Indicated Category at Paulsens East Iron Ore Project;
• 1 August 2019: Strong Progress at the Paulsens East Iron Ore Project;
• 15 July 2019: Maiden JORC Resource of 9.1 Million Tonnes at 63.4% Fe - Paulsens East Iron Ore Project in the Pilbara; and
• 19 June 2019: Strike's Iron Ore Assets.

The Strike ASX market announcements referred to above may be viewed and downloaded from the Company's website: www.strikeresources.com.au or the ASX website: www.asx.com.au under ASX code "SRK".

FOR FURTHER INFORMATION:
Farooq Khan	T | [phone]
Executive Chairman	E |[e-mail]
Victor Ho
Executive Director	T | [phone]
and Company Secretary	E |[e-mail]

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