Strategic Energy Resources Limited provided an update on the Cowal Projects (EL9368 and EL9057) over which Evolution Mining Limited has a two-year Option to purchase. The tenements are located nearby Evolution's operating Cowal Gold Mine in New South Wales. In the 3-month period since the Option Agreement was signed, Evolution has progressed desktop targeting reviews of the Cowal Projects whilst the areas have been inaccessible for on-ground activities due to weather conditions.

Evolution has provided formal notification of withdrawal from the Option Agreement with respect to EL9057. Regarding EL9368, assessment of historical datasets (including geophysics and historical drilling) has progressed, and subject to land access, forward exploration activities in 2023 may include drilling and/or additional geophysics. SER is encouraged that Evolution intends to conduct further evaluation and on-ground exploration of EL9368 in 2023 and company look forward to providing updates on their activities.