Rogozna’s Gradina Deposit Opens Up with 1.2Moz Gold Resource, Future Growth Uncertain

• Maiden inferred resource of 1.2Moz gold at Gradina Deposit
• Rogozna Project resource base grows 16% to 8.6Moz AuEq
• Resource estimate based on underground mining with US$2,500/oz gold price
• Deposit remains open in all directions with significant growth potential
• Strong financial position with $41.8 million cash and liquids

A Significant Milestone for Gradina

Strickland Metals Limited (ASX, STK) has delivered a maiden inferred mineral resource estimate (MRE) for its Gradina Deposit, part of the Rogozna Gold and Base Metals Project in Serbia. The estimate outlines 12 million tonnes at an average grade of 3.0 grams per tonne gold, equating to 1.2 million ounces of gold. This substantial addition lifts the total inferred resource at Rogozna to 8.6 million ounces gold equivalent (AuEq), reinforcing the project’s standing as a Tier-1 asset on the global stage.

Economics and Mining Parameters

The resource estimate is constrained by underground mining parameters optimised for long-hole open stoping, using a gold price assumption of US$2,500 per ounce and a cut-off grade of 1.5 g/t Au. This approach reflects a realistic economic scenario and highlights the deposit’s robust grade, with an impressive 3,100 ounces of gold per vertical metre in the core mineralised zones. Potential underground access is envisaged via near-horizontal adit development from the eastern ridge flank, facilitating efficient mining operations.

Exploration Upside and Growth Potential

Importantly, the Gradina Deposit remains open in all directions, north, south, and at depth, offering significant near-term growth opportunities. The company is actively drilling the “gap zone” between the northern and southern parts of the deposit, as well as along strike extensions where previous drill intercepts have returned high-grade gold mineralisation. With five rigs currently operating across the project, Strickland is well-positioned to expand the resource base further in 2026.

Strategic Position and Funding

Strickland’s Managing Director, Paul L’Herpiniere, emphasised the value of the discovery, noting the exceptionally low discovery cost of just US$10 per ounce of gold. The company’s strong financial position, with $41.8 million in cash and liquid assets as of September 30, 2025, provides ample runway to advance exploration and development activities. A resource update for the cornerstone Shanac Deposit, which currently holds 5.3 million ounces AuEq, is anticipated in the first quarter of 2026.

Geological Context and Technical Rigor

The Gradina Deposit is characterised by multiple steeply dipping skarn-hosted gold lodes within a broader mineralised envelope. The resource model, developed by Matrix Resource Consultants and constrained by Orelogy’s mining optimisation software, incorporates extensive drilling data from multiple phases and operators. The geological interpretation is robust, supported by detailed structural and geochemical analysis, and the resource classification as inferred reflects a moderate level of confidence appropriate at this stage.

Looking Ahead

With the deposit open and exploration drilling ongoing, Strickland Metals is poised to build on this maiden resource. The upcoming Shanac resource update and continued drilling campaigns will be critical to defining the full scale of the Rogozna Project’s potential. Investors and analysts will be watching closely as the company advances its Serbian portfolio towards development.

Bottom Line?

Gradina’s maiden resource marks a pivotal step for Rogozna, but the real story will be in how far Strickland can push this open-ended deposit in 2026.

Questions in the middle?

• How will upcoming drilling results in the ‘gap zone’ impact the resource size and grade?
• What are the timelines and milestones for advancing Rogozna towards feasibility and production?
• How might metallurgical and environmental studies influence the project’s economic outlook?