Strategic Resources to supply concentrate to the €17 million FutSteel project in Finland

About this update from Strategic Resources Inc.

MONTREAL, June 29, 2026 /CNW/ - Strategic Resources Inc. (TSXV: SR) (FSE: UI8) (the "Company") announces that the University of Oulu, Finland launched the Future Sustainable Electric Steel Mill project ("FutSteel"), a €17 million research project in close collaboration with industrial partners including Strategic Resources Inc. The research results will be directly linked to supporting the industrial transformation of steel production. The project will develop the entire steelmaking chain, combining electric arc technology with modernized hot rolling processes. The solutions will support the transformation of the Finnish steel industry and the transition to a low-carbon steelmaking concept at the SSAB Raahe steel mill. The steel industry is undergoing a global transformation. Traditional coal-fired blast furnace-based production causes significant emissions, and tightening climate targets, changing energy systems, and the availability of raw materials are challenging current production methods. Therefore, production is being shifted towards a model based on electricity, recycled steel, and hydrogen-based processes. The FutSteel project will determine how the production system can be renewed without compromising quality or delivery capacity. "This is essential to maintaining high-quality steel production in Finland," emphasizes Petri Sulasalmi, PhD, from the University of Oulu, who is leading the FutSteel project. "Electrification of the steel industry does not just mean replacing one furnace with another. The entire production chain, from ironmaking to rolling, must be thought of in a new way," says Sulasalmi. The FutSteel project is developing a model in which electric arc furnace (EAF) technology is integrated into the existing hot rolling production chain in a new way. On June 23, 2026, the University of Oulu confirmed that the FutSteel project in collaboration with SSAB and industrial partners has been selected as part of the Sustainable World through Steels research programme, and that the project timeline is 2026 through 2029. FutSteel has selected Strategic Resources Inc.'s vanadium-rich magnetite ("VTM") concentrate from the Company's Mustavaara project in northern Finland for inclusion in an advanced hydrogen-based ironmaking testing program. This selection underscores the quality and suitability of Strategic Resources VTM material for next-gener...

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