Strickland Metals Unveils Major Red Creek Gold-Copper Discovery and $55M Placement

Red Creek Emerges as a Game-Changer for Rogozna

Strickland Metals (ASX:STK) has struck gold, literally, with a significant new gold-copper discovery at its Red Creek Prospect, located just a kilometre west of the 5.35 million ounce gold equivalent (AuEq) Shanac Deposit in Serbia. The discovery came swiftly, with just the second drill hole (ZRSD25233) hitting two distinct mineralisation styles: a shallow epithermal zone grading 4.0 metres at 4.0g/t AuEq from 44 metres, and a deeper skarn-hosted zone delivering 53 metres at 2.3g/t AuEq from 514 metres, including impressive higher-grade intervals. Mineralisation remains open along approximately 1.5 kilometres of strike and one kilometre laterally, signalling substantial upside potential.

This new body of mineralisation aligns with the NW-SE trending structure controlling mineralisation at Copper Canyon, about 1.5 kilometres to the south-east, and sits amid a largely untested corridor between Red Creek and Shanac. Notably, previous drilling missed the controlling structure, underscoring the discovery's significance and the opportunity for further expansion in the region.

Shanac Resource Upgrade Bolsters Project Scale

Following the drilling success, Strickland updated the Shanac Mineral Resource Estimate in April 2026 to include a maiden indicated resource of 1.25 million ounces AuEq within 30 million tonnes at 1.3g/t AuEq, using a 0.60g/t cut-off. Total resources at Shanac now stand at 160 million tonnes grading 1.04g/t AuEq for 5.35 million ounces. Higher-grade zones contain 33 million tonnes at 1.6g/t AuEq, translating to 1.74 million ounces. The deposit boasts an exceptional endowment of roughly 15,000 AuEq ounces per vertical metre over a 300-metre vertical extent, with significant growth potential to the north where drilling has been limited.

These resource upgrades follow a series of strong drill results from the 2025 campaign, including confirmation of high-grade continuity in Shanac's central domain and growth potential at the Gradina Deposit, where mineralisation remains open in all directions. The Gradina "Gap Zone" between northern and southern resource envelopes has yielded multiple high-grade skarn-hosted intercepts, extending known mineralisation by around 100 metres northwards and 75 metres to the south-east.

$55 Million Placement Fuels Ambitious Growth Plans

Backing these geological advances, Strickland completed a heavily oversubscribed $55 million institutional placement during the quarter. The capital raise was supported by both existing and new institutional investors domestically and offshore, underscoring market confidence in the Rogozna Project's potential. Funds are earmarked for an extensive 70,000-metre drilling program targeting resource expansion at Shanac, Gradina, Copper Canyon, and follow-up drilling at Red Creek, alongside advancing pre-feasibility studies (PFS) slated for mid-2027 completion.

With cash and liquid investments totaling $81 million at quarter-end, including a $18.6 million holding in Gateway Mining Limited (ASX:GML), Strickland is well-positioned financially to execute its exploration and development agenda.

2026 Drilling and Discovery Strategy

All assay results from the 2025 drilling campaign have been received, enabling the technical team to refine plans for 2026. Drilling is scheduled to commence in the second quarter, focusing on resource infill, extensions, and porphyry-related discovery targets guided by a planned magnetotelluric (MT) geophysical survey. This survey, delayed from late 2025 due to logistics, aims to delineate deeper conductivity contrasts and structural controls to better target high-value mineralisation zones within the central project area.

Strickland's exploration strategy targets near-term growth at Gradina's "gap zone," along strike extensions, and at depth, with Red Creek now a prime focus for follow-up drilling during the 2026 field season. The company is also advancing environmental, social, and governance (ESG) initiatives and multiple development studies, including metallurgical testwork, mine design, and infrastructure planning to support the PFS.

Serbia’s Rogozna Project: A Strategic Asset

The Rogozna Project sits within the prolific Tethyan Metallogenic Belt in Serbia, a country with a rich mining history and status as Europe's second-largest copper producer. Strickland wholly owns the project via its subsidiary Zlatna Reka Resources, which boasts a combined mineral resource of 8.6 million ounces AuEq across multiple deposits, including Shanac, Gradina, Medenovac, and Copper Canyon.

Serbia’s established mining infrastructure and regulatory environment, coupled with the project's scale and exploration upside, position Rogozna as a compelling asset in the gold and base metals space. The company continues active engagement with local stakeholders and regulators to advance permitting and development milestones.

Strickland’s recent institutional placement builds on earlier capital raises and resource upgrades, reflecting a clear trajectory towards unlocking the full value of Rogozna. The forthcoming drilling season and PFS delivery will be key milestones to watch as the company seeks to convert exploration success into a viable mining operation.

With the 2026 drill program gearing up and a strong balance sheet in place, Strickland is poised to test the limits of its new discovery and expand its footprint in Serbia’s mineral-rich landscape, setting the stage for what could be a transformative year.

These developments come amid preparations for the 2026 drilling season, despite some regulatory delays at Shanac, underscoring the company’s focus on operational momentum and resource growth. The Red Creek discovery in particular adds a fresh dimension to Rogozna’s exploration narrative, potentially reshaping the project’s future resource profile and economic prospects.

Investors and market watchers will be keen to see how Strickland navigates the balance between aggressive exploration and advancing development studies, especially as the Pre-Feasibility Study approaches its targeted mid-2027 completion.

2026 drilling program plans highlight the company’s intent to capitalise on its discoveries, while the Shanac resource update underscores the growing scale and quality of the project’s assets. Meanwhile, the successful $55 million placement provides the financial muscle to pursue these ambitions with confidence.