Will Strategic Resources (TSXV: SR) unlock federal support for BlackRock, its critical minerals megaproject in Québec?

Strategic Resources Inc. (TSXV: SR) has submitted a formal project intake request to the Canadian government’s newly formed Major Projects Office, signaling its intent to elevate the BlackRock Project as a nationally significant development in the country’s critical minerals strategy. The filing is designed to secure federal-level support for one of Canada’s only fully permitted vanadium and titanium mining and processing ventures, located at Port Saguenay in Québec.

This development comes as governments and industrial buyers scramble to secure reliable, North America-based supplies of vanadium, titanium, and high-purity iron. These are the materials underpinning the green transition in sectors such as steelmaking, battery manufacturing, and aerospace. Strategic Resources Inc. is now betting that its timing, permits, infrastructure readiness, and Indigenous agreements will position BlackRock as a front-runner among Canada’s next wave of strategic resource megaprojects.

Why is Strategic Resources pursuing support from the Major Projects Office?

The Major Projects Office, created by the federal government of Canada, serves as a centralized entity to accelerate projects deemed nationally significant. It operates by helping developers like Strategic Resources Inc. resolve interagency friction, navigate permitting complexity, structure financing frameworks, and de-risk execution across project lifecycles. By engaging with this office, Strategic Resources is attempting to ensure that the BlackRock Project gains momentum during a pivotal window for industrial decarbonization.

Strategic Resources Inc. stated that it intends to work closely with the MPO over the coming weeks in hopes of receiving official designation as a major project. This endorsement could prove catalytic, potentially unlocking additional infrastructure investments, streamlined approvals, and multi-level government coordination across federal, provincial, and Indigenous jurisdictions.

If successful, BlackRock would join a shortlist of strategic critical minerals projects under national oversight, helping Canada build sovereign control over future-facing metal supply chains. The MPO’s mandate focuses on reducing policy friction and enhancing the competitiveness of major industrial assets from development through to operations, with a strong emphasis on clean technology and export-ready infrastructure.

What makes the BlackRock Project central to Canada’s industrial strategy?

The BlackRock Project is described by Strategic Resources Inc. as a fully permitted and construction-ready development spanning a vanadium-titanium-magnetite mine, a concentrator, and a multi-metal metallurgical facility. Located in Northern Québec, the upstream mining site lies approximately 700 kilometers north of Montréal, near Chibougamau, on traditional Cree territory within the James Bay region. Downstream processing will take place at Port Saguenay, a federal deepwater port situated 380 kilometers south and connected via existing railway infrastructure.

What sets the BlackRock Project apart is its integrated configuration and environmental design. It is expected to house North America’s first vanadium-titanium-magnetite mine and what Strategic Resources Inc. claims will be one of the lowest-emission metallurgical plants in the world. The facility is designed to be green hydrogen ready, with full logistics integration through the St. Lawrence Seaway. BlackRock has also secured a long-term lease at Port Saguenay’s newly created industrial park, making it the only project to currently hold such rights.

Phase 1 of the project focuses on building a high-purity iron pellet plant. This facility will upgrade iron ore concentrates sourced from the Labrador Trough into value-added iron pellets suitable for use in Electric Arc Furnaces. These modern furnaces are rapidly replacing traditional blast furnace technology in both Europe and North America, driven by the need to decarbonize the steel industry. Strategic Resources Inc. intends to supply these pellets to steel manufacturers in Canada, the United States, and the European Union, effectively inserting itself into the core of clean steel supply chains.

The project’s industrial significance is further underscored by its role in supporting both Canadian and allied nations’ strategic autonomy over critical minerals. Vanadium and titanium are considered essential for defense technologies, battery systems, and advanced alloys, and currently face significant global supply chain risks due to concentrated production in countries such as China and Russia. The BlackRock Project has the potential to insulate key sectors from such volatility by providing a stable domestic source.

How has Strategic Resources structured Indigenous and community engagement?

Strategic Resources Inc. has proactively established a robust foundation of Indigenous agreements, which will likely bolster the project’s ability to advance under Canada’s evolving regulatory landscape. The company has signed an Impact Benefit Agreement with the Cree Nation Government and the Oujé-Bougoumou Cree Nation, in addition to Development Agreements with the Innu First Nations of Mashteuiatsh, Essipit, and Pessamit. These agreements set terms for local employment, procurement, infrastructure benefits, and environmental stewardship, aligning the project with reconciliation priorities.

Beyond Indigenous partnerships, the company has also entered into Cooperation Agreements with several municipalities in the Port Saguenay region. This comprehensive approach to stakeholder management may serve as a model for future large-scale industrial developments, particularly in the clean metals and critical minerals space.

The project’s location at a federally owned port, combined with local community buy-in and full environmental permitting, creates a relatively de-risked framework for long-term operations. This makes the BlackRock Project not only shovel-ready but also socially validated—a key factor as governments tighten expectations around ESG compliance for resource projects.

How could Strategic Resources structure financing for BlackRock as it seeks backing from Orion Mine Finance and Investissement Québec?

Strategic Resources Inc. is currently working to finalize financing arrangements to commence construction. The project is capital-intensive, given its dual infrastructure components and high-purity processing ambitions. However, it benefits from significant backing by two cornerstone investors, Orion Mine Finance and Investissement Québec, both of which hold 41 percent ownership stakes.

Orion Mine Finance is known for supporting long-term mining developments with structured finance and commodity-linked solutions, while Investissement Québec provides public-sector capital to strategic Québec-based industries. Their involvement signals confidence in the project’s economics and execution path.

While the company has not yet disclosed detailed terms of its anticipated financing package, it is expected that Strategic Resources Inc. will pursue a blend of equity, strategic offtake agreements, infrastructure grants, and possibly low-interest government loans. A formal endorsement by the Major Projects Office could enhance the project’s eligibility for federal support programs aimed at critical minerals development.

Investors and industry observers will be closely watching for updates regarding offtake commitments, debt syndication, and construction timelines. Any movement on these fronts could serve as a near-term catalyst for the company’s stock performance.

How does the recent share performance of Strategic Resources reflect investor confidence in the BlackRock Project and its near‑term financing outlook?

As of 9:47 AM EST on December 1, 2025, shares of Strategic Resources Inc. (TSXV: SR) were trading at CAD 0.29, unchanged from the previous day. Over the past five trading sessions, the stock has declined by approximately 4.92 percent, falling from CAD 0.305 to its current level. This positions the stock just above its 52-week low of CAD 0.28 and significantly below its 52-week high of CAD 0.86.

The current market capitalization stands at approximately CAD 1.71 crore, reflecting cautious investor sentiment amid broader headwinds facing the junior mining sector. The company does not currently have a reported price-to-earnings ratio or dividend yield, underscoring its pre-revenue status as a development-stage firm.

Despite short-term softness, some institutional analysts tracking the energy transition materials space believe that Strategic Resources Inc. could re-rate sharply if the BlackRock Project secures MPO recognition and reaches a financing close. These milestones would de-risk the project considerably and could invite more long-horizon institutional capital.

How is Strategic Resources planning to expand beyond BlackRock and build a long-term critical minerals portfolio in Canada and Europe?

Beyond BlackRock, Strategic Resources Inc. also owns the Mustavaara vanadium project in Finland, a previously operated mine that may be brought back into production in the future. However, the company’s current focus remains squarely on delivering Phase 1 of BlackRock, which involves high-purity iron pellet production, followed by subsequent phases expanding into titanium and vanadium processing.

The company continues to describe itself as a “green steel input” supplier and is aligning its development approach with clean energy, climate technology, and battery supply chain themes. Its Montréal-based executive team sees a global opportunity to be among the first to bring clean critical mineral products to industrial customers under ESG-compliant frameworks.

With a permitted site, a deepwater port, Indigenous support, and institutional capital, Strategic Resources Inc. is uniquely positioned. What remains now is the heavy lift of financing and execution—made potentially more achievable if Ottawa places the BlackRock Project under its Major Projects Office umbrella.

What are the key takeaways from Strategic Resources’ MPO filing and BlackRock development push?

• Strategic Resources Inc. (TSXV: SR) has filed a project intake request with Canada’s new Major Projects Office to seek formal designation for its fully permitted BlackRock Project in Québec.

• The BlackRock Project is the only vanadium-titanium-iron asset in Canada that has both mine and metallurgical plant permits secured, with downstream facilities located at Port Saguenay, a federally owned deepwater port.

• Phase 1 of the project includes a high-purity iron pellet plant targeting Electric Arc Furnace steelmakers across North America and Europe as part of the clean steel transition.

• Strategic Resources has signed Indigenous agreements with the Cree and Innu Nations and secured the only long-term lease in Port Saguenay’s new industrial park, reinforcing both social license and infrastructure access.

• Institutional shareholders Orion Mine Finance and Investissement Québec each hold a 41 percent stake and are expected to anchor the upcoming financing package.

• The company is also pursuing government-backed project acceleration, permitting simplification, and funding pathways through the MPO engagement.

• Strategic’s stock (TSXV: SR) was flat at CAD 0.29 on December 1, 2025, and down nearly 5 percent over five sessions, reflecting pre-financing risk and limited investor liquidity.

• The company’s broader roadmap includes the Mustavaara vanadium project in Finland, but current focus remains on initiating construction at BlackRock.

• Analysts believe MPO recognition could serve as a major short-term catalyst, particularly if coupled with offtake agreements or federal co-financing.

• The BlackRock Project is being positioned as a green metals anchor for Canada’s critical minerals strategy, with relevance to global battery, aerospace, and clean infrastructure supply chains.