Strickland Metals Lifts Rogozna Resource to 9.25Moz AuEq with 50% Gradina Growth

Rogozna Project Resource Surpasses 9 Million Ounces Gold Equivalent

Strickland Metals Limited (ASX:STK) has reported a significant upgrade to its Serbian Rogozna Project, with the combined Indicated and Inferred Mineral Resource Estimate (MRE) rising to 9.25 million ounces gold equivalent (AuEq). This milestone consolidates Rogozna's status as one of Europe's more substantial undeveloped gold-base metal assets.

The standout contributor to this uplift is the Gradina deposit, where the inferred gold-only resource has jumped 50% to 1.8 million ounces at 2.8 grams per tonne gold. This increase, adding 600,000 ounces, reflects recent drill results and leaves the deposit open in multiple directions, including along strike and at depth, suggesting further growth potential.

Shanac Deposit Delivers Maiden Indicated Resource

Complementing Gradina's expansion, the Shanac deposit has delivered its first indicated resource, estimated at 1.25 million ounces AuEq within a total resource base of 5.35 million ounces AuEq. The deposit boasts higher-grade zones with 33 million tonnes at 1.6 g/t AuEq, equating to 1.74 million ounces AuEq, and an impressive vertical endowment of approximately 15,000 AuEq ounces per vertical metre over 300 metres. Notably, Shanac remains open to the north, presenting further exploration upside.

Copper Canyon Resource Upgrade Adds 290,000 Ounces Gold

Adding to the resource momentum, Copper Canyon's inferred resource was updated post-quarter to 16 million tonnes at 1.3 g/t gold and 0.45% copper, yielding 650,000 ounces gold and 72,000 tonnes copper. This marks a 290,000-ounce increase in gold compared to the 2021 estimate. The deposit's proximity to Gradina suggests potential synergies for future underground development, enhancing project economics.

Metallurgical Testing Confirms Robust Gold Recoveries at Gradina

Metallurgical testwork at Gradina has delivered encouraging results, with average gold recoveries to concentrate reaching 94.3% and gold grades in concentrate averaging 21.1 grams per tonne. These outcomes stem from comprehensive sampling and optimisation of grinding and flotation processes, underpinning future mine planning and processing strategies. However, attempts to produce a separate saleable zinc concentrate were unsuccessful, confirming a gold concentrate focus for Gradina.

Exploration Strategy and Drilling Delays

Exploration efforts continue with the completion of the first phase of a Magnetotelluric (MT) geophysical survey aimed at refining gold-copper drill targets across the Rogozna Project. Despite this, Strickland has yet to commence its planned 2026 drilling program at the Shanac licence due to unexpected delays, with no confirmed start date announced. The company remains poised to drill at other prospects such as Obradov Potok and Jezerska Reka, pending further geological insights from MT data.

Corporate Developments and Financial Position

Strickland has strengthened its board with the appointments of Jo-Anne Dudley, a mining engineer with extensive global operational experience, and Sandra Bates, an ESG and governance expert with Balkan regional knowledge. These additions coincide with the company’s transition into advanced exploration and development phases.

Financially, Strickland remains well-capitalised with $58.6 million in cash and $13.2 million in liquid investments, primarily shares in Gateway Mining Limited. Exploration and evaluation expenditures for the quarter totalled $3.46 million, focused on Rogozna's advancement and environmental and social governance (ESG) initiatives, which include biodiversity and cultural heritage assessments critical for future permitting.