Strickland’s Rogozna project reveals fresh targets with cash to advance

Rogozna resource holds at 9.25Moz AuEq

Strickland Metals Limited (ASX:STK) has used its September quarter to strengthen the development case for its Rogozna gold and base-metals project in Serbia, rather than add new drilling results. The project’s Mineral Resource Estimate stands at 9.25 million ounces of gold equivalent, with Copper Canyon now contributing 0.82Moz AuEq after an updated estimate added 290,000 ounces of gold against the deposit’s 2021 resource.

“Rogozna Project location map”

“Copper Canyon long section along C - D looking southeast, showing optimised >0.9 g/t AuEq stopes with gold-arsenic soil geochemical anomalism draped over topography.”

Caption and image © Strickland Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

Copper Canyon’s inferred resource is 16 million tonnes at 1.3 grams per tonne gold and 0.45% copper, equating to about 650,000 ounces of gold and 72,000 tonnes of copper. The estimate was constrained by optimised underground stopes at a US$76 a tonne net-smelter-return cut-off, while Strickland says a possible future Gradina underground development could provide access synergies. The resource is not a reserve, and the company’s estimate relies on commodity price assumptions and metallurgical work that remains at varying stages.

“Copper Canyon to Gradina cross section, looking north, showing optimised stopes with possible access decline, goldarsenic soil geochemical anomalism draped over topography.”

The update builds on the Copper Canyon resource upgrade, which previously reported the deposit at 0.82Moz AuEq and highlighted its potential relationship with Gradina. The quarter also included additional metallurgical work on Copper Canyon and Gradina, including bulk flotation composite testing.

Geophysics adds three exploration targets

A first-phase magnetotelluric survey has expanded the list of places Strickland may want to drill next. At Obradov, the modelling identified a large low-resistivity and high-chargeability anomaly beneath an area where 2025 drilling intersected lead-zinc-silver carbonate-replacement mineralisation. Strickland describes that mineralisation as indicative of the distal margins of a possible skarn or porphyry system, but the underlying anomaly remains untested.

“Cross-section view of the Rogozna Project looking NNW, showing background MT conductivity, IP chargeability anomalies, drill-hole intercepts and prospects.”

“Plan view map of the southern part of the Rogozna Project, showing background MT conductivity IP chargeability anomalies, drill-hole intercepts and prospects.”

Caption and image © Strickland Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The survey also identified a conductive feature extending roughly 900 metres east of the known Jezerska porphyry system, as well as a new vertically extensive target at Jezerska North associated with surface geochemistry and a northwest-trending structure. These are exploration leads, not discoveries: their significance will depend on follow-up drilling and the geological results it produces.

The company’s new Obradov drill target was previously described as requiring drilling to establish whether it contains an economic mineralised system. That work did not start in the latest quarter. Sanac licence approvals were still pending, while drill targeting on the Zlatni Kamen licence was reviewed after the MT results arrived.

Studies advance while drilling waits

Strickland says it finalised the remaining workstreams for its internal Gradina scoping study and continued technical assessments covering Copper Canyon, Shanac and other potential development pathways. Work included Gradina metallurgical variability testing, tailings disposal studies involving underground paste fill and dry-stack facilities, and baseline hydrogeology monitoring.

Environmental and social baseline studies also continued across biodiversity, water and sediment quality, and cultural heritage. The company said stakeholder and regulator engagement remained a priority, with the studies intended to support an Environmental and Social Impact Assessment required for future permitting.

Leadership transition backed by a long cash runway

Cash fell from A$58.63 million at the end of June to A$54.75 million at 30 September after A$3.39 million of exploration and evaluation expenditure, alongside A$466,000 of net operating cash outflow. Strickland also held 300 million Gateway Mining shares worth A$21.0 million at the quarter’s end, taking cash and liquid investments to about A$75.7 million. Based on reported relevant outgoings of A$3.85 million for the quarter, the Appendix 5B indicates 14.2 quarters of available funding.

The company’s planned leadership change is proceeding alongside that technical work. Managing director Paul L’Herpiniere will remain in place until a successor is appointed and a handover is completed, while Sandra Bates became independent non-executive chair on 1 October. The transition had been flagged in the leadership succession plan, and the search for a new managing director is now described as well advanced.

Serbia’s 25 October parliamentary election adds another variable to the permitting timeline. The Student List secured an outright majority based on preliminary results, but the outgoing government remains in place until parliament is convened and a new government is formed. For Strickland, the immediate milestones are more concrete: licence approvals, drill plans, completion of the scoping work and testing whether the new anomalies survive contact with the drill bit.