Rogozna
Overview
The Rogozna Gold and Base Metals Project, located in the Raška District of southern Serbia, lies within the globally significant Tethyan Metallogenic Belt, which hosts multiple, giant, porphyry-related deposits. Covering approximately 184km², Rogozna comprises four Exploration Licences and contains a JORC Inferred Mineral Resource of 8.6Moz AuEq, with the potential to become one of the largest undeveloped gold deposits in the world.
Serbia – A Favourable & Proven Mining Jurisdiction
The Rogozna Project lies in the heart of Serbia’s Trepca Mineral District, one of Europe’s largest base metal mining centres. Serbia is Europe’s second largest copper producer and is a well-regulated, established mining jurisdiction with a modern mining code.
In July 2024, Serbia signed a Memorandum of Understanding with the European Union creating a strategic partnership on sustainable raw materials, battery value chains and electric vehicles.
A number of major global mining companies have significant projects in Serbia, including BHP, Rio Tinto, Vale, Zijin Mining, Kinross Gold and Dundee Precious Metals.
Serbia has a highly skilled workforce and excellent infrastructure, as well as a highly favourable fiscal regime including a 15% corporate tax rate.
Project Highlights
- Large-scale Resource
8.6Moz AuEq resources across four drill-defined deposits. - Exploration Potential
Advanced exploration targets and significant intercepts outside current Resources offer substantial growth potential. - Active Program
70,000m of drilling planned in 2026, with multiple discovery opportunities and Resource upgrades through to end 2026. - Experienced Team
The project benefits from the involvement of industry experts, including Paul L’Herpiniere as Managing Director and Dr Jon Hronsky OAM as Non-Executive Director.
Location and Access
The Rogozna Project is located near Novi Pazar in southern Serbia, approximately 400km south of Belgrade. Access to the project area is facilitated by regional highways and well-maintained roads and tracks within the project area.
Geology and Mineralisation
Rogozna hosts a large-scale magmatic hydrothermal system, featuring skarn-based Au-Cu (+/- Zn, Ag, and Pb) mineralisation. The key prospects within the project are Shanac, Gradina, Medenovac and Copper Canyon. The geological framework supports various styles of mineralisation, including epithermal and porphyry-hosted copper-gold deposits.
Key Prospects
Shanac
- Current Resource: JORC 2012 Inferred Resource of 5.35Moz AuEq
- Maiden Indicated Resource of 30Mt @1.3g/t AuEq equating to 1.25Moz AuEq
- Higher grade central zone amounting to 1.74Moz AuEq @1.6g/t AuEq.
- Drilling Highlights: 293.9m @ 2.5g/t AuEq from 162.3m, including 89.7m @ 4.0g/t Au from 244.5m (ZRSD24149).
- Prospect Strengths: Core of the deposit delivers an exceptional ~15,000 AuEq ounces per vertical metre over 300m vertical extent in core of deposit (~150-450m depth).
- Growth Potential: Opportunities for extension of high grade mineralisation further to the north-west and at depth.
Gradina
- Current Resource: JORC 2012 Inferred Resources of 1.2Moz Au, open in all directions.
- Drilling Highlights: 62.7m @3.5g/t Au from 386m, including 27.8m @6.3g/t Au from 388m (ZRSD25182).
- Growth Potential: Mineralisation open in all directions with significant opportunities for near term growth to the north and within the gap zone.
Medenovac
- Current Resource: JORC 2012 Inferred Resource of 1.28Moz AuEq.
- Drilling Highlights: 352m @2.1g/t AuEq from 240m, including 97.7m @5.1g/t AuEq from 321m (ZRSD21136).
- Prospect Strengths: 600m of drill-defined Zn-Cu-Au mineralisation, open along strike and at depth.
Copper Canyon
- Current Resource: JORC 2012 Inferred Resource of 0.8Moz AuEq.
- Drilling Highlights: 165.8m @1.7g/t AuEq from 18m, including 28m @4.25g/t AuEq from 110m (PDMC0611).
- Prospect Strengths: Outcropping copper-gold mineralisation with high-grade distal gold-only mineralisation at depth, mineralisation open along strike and at depth.
Red Creek
- New discovery ~1km to the west of the 5.35Moz AuEq Shanac deposit.
- Drilling Highlights from discovery hole (ZRSD25233): 4m @4.0g/t AuEq from 44m and 35m @3.1g/t AuEq from 514.4m.
- Prospect Strengths: Early-stage exploration with significant untested potential, ~1.5km of strike and ~1km of lateral opportunities.
JORC Mineral ResourcesA
| Prospect | Tonnes (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | Pb (%) | Zn (%) | AuEq (Moz) | Au (Moz) | Cu (kt) | Ag (Moz) | Pb (kt) | Zn (kt) |
| Shanac Prospect (April 2026)B | 160 | 1.04 | 0.60 | 0.11 | 6.31 | 0.23 | 0.34 | 5.35 | 3.10 | 182 | 32.4 | 360 | 550 |
| Gradina Prospect (December 2025)C | 12 | 3.0 | 3.0 | – | – | – | – | 1.2 | 1.2 | – | – | – | – |
| Medenovac Prospect (February 2025)D | 21 | 1.9 | 0.77 | 0.27 | 6.3 | 0.11 | 1.54 | 1.28 | 0.52 | 57 | 4.3 | 23 | 320 |
| Copper Canyon Prospect (October 2021)E | 28 | 0.9 | 0.40 | 0.30 | – | – | – | 0.81 | 0.36 | 84 | – | – | – |
| TotalA | 221 | 1.2 | 0.72 | 0.15 | 5.16 | 0.17 | 0.40 | 8.60 | 5.14 | 323 | 36.7 | 383 | 873 |
Table Notes:
A. Rounding errors are apparent.
B. For Shanac (April 2026) AuEq grade is based on metal prices of gold (US$3,000/oz), copper (US$12,000/t), silver (US$70/oz), lead (US$1,800) and zinc (US$3,000/t) and overall metallurgical recoveries of 80% for these metals. These estimates are based on Strickland’s interpretation of potential long term commodity prices and their interpretation of initial metallurgical test work and use the following formula: AuEq (g/t) = Au (g/t) + 1.24 x Cu(%) + 0.0233 x Ag (g/t) + 0.187 x Pb(%) + 0.311 x Zn(%). It is the Company’s opinion that all the elements included in the metal equivalents calculations have a reasonable potential to be recovered and sold. A 0.60g/t AuEq cut-off has been used for the Shanac Mineral Resource Estimate in this table.
C. For Gradina (December 2025) estimates include Au equivalent values for consistency with the other Rogozna deposits. The AuEq grade includes only gold grades. Estimates for this deposit reflect a price and metallurgical recovery for gold of $US2,500/oz and 90% respectively on the basis of Strickland’s interpretation of potential long term commodity prices and their interpretation of initial metallurgical test work and gives the following formula: Au Equivalent (g/t) = Au (g/t). It is the Company’s opinion that the gold included in the metal equivalents calculations has a reasonable potential to be recovered and sold. A 1.5g/t Au cut-off has been used for the Gradina Mineral Resource Estimate.
D. For Medenovac (February 2025) AuEq grade is based on metal prices of gold (US$2,250/oz), copper (US$10,000/t), silver (US$25/oz), lead (US$2,200) and zinc (US$3,000/t) and overall metallurgical recoveries of 80% for these metals. These estimates are based on Strickland’s interpretation of potential long term commodity prices and their interpretation of initial metallurgical test work and use the following formula: AuEq (g/t) = Au (g/t) + 1.38 x Cu(%) + 0.011 x Ag (g/t) +0.304 x Pb(%) + 0.413 x Zn(%). It is the Company’s opinion that all the elements included in the metal equivalents calculations have a reasonable potential to be recovered and sold. A 1.0 g/t AuEq cut-off has been used for the Medenovac Resource Estimate. A 0.60 g/t AuEq cut-off has been used for the Shanac estimate.
E. For Copper Canyon (October 2021) AuEq grade based on metal prices of gold (US$1,750/oz), copper (US$10,000/t), and metallurgical recoveries of 80% for both metals. These estimates are based on Strickland’s assumed potential commodity prices and recovery results from initial and ongoing metallurgical test work and use the following formula for Copper Canyon: AuEq (g/t) = Au (g/t) + 1.55 x Cu (%). It is the Company’s opinion that all the elements included in the metal equivalents calculations have a reasonable potential to be recovered and sold. A 0.4g/t AuEq cut-off has been used for the Copper Canyon Resource Estimate.
Please refer to the Company’s ASX announcements dated:
- 15 April 2026 titled: “1.25Moz AuEq Maiden Indicated Resource for Shanac” for full details regarding the Shanac Mineral Resource Estimate;
- 10 December 2025 titled: “1.2Moz @ 3.0g/t Gold in Maiden Gradina Mineral Resource Estimate” for full details regarding the Gradina Mineral Resource Estimate;
- 19 February 2025 titled: “Rogozna Resource Increases by 23% to 6.69Moz AuEq” for full details regarding the Medenovac Mineral Resource Estimate; and
- 17 April 2024 titled: “Acquisition of the 5.4Moz Au Eq Rogozna Gold Project” for full details regarding the Copper Canyon Mineral Resource Estimate.
Shanac
Tonnes (Mt)
160
AuEq (g/t)
1.04
Au (g/t)
0.60
Cu (%)
0.11
Ag (g/t)
6.31
Pb (%)
0.23
Zn (%)
0.34
AuEq (Moz)
5.35
Au (Moz)
3.10
Cu (kt)
182
Ag (Moz)
32.4
Pb (kt)
360
Zn (kt)
550
Gradina
Tonnes (Mt)
12
AuEq (g/t)
3.0
Au (g/t)
3.0
AuEq (Moz)
1.2
Au (Moz)
1.2
Cu (kt)
84
Medenovac
Tonnes (Mt)
21
AuEq (g/t)
1.9
Au (g/t)
0.77
Cu (%)
0.27
Ag (g/t)
6.3
Pb (%)
0.11
Zn (%)
1.54
AuEq (Moz)
1.28
Au (Moz)
0.52
Cu (kt)
57
Ag (Moz)
4.3
Pb (kt)
23
Zn (kt)
320
Copper Canyon
Tonnes (Mt)
28
AuEq (g/t)
0.9
Au (g/t)
0.4
Cu (%)
0.3
AuEq (Moz)
0.81
Au (Moz)
0.36
Cu (kt)
84
Exploration History and Strategy
Historical exploration at Rogozna spans from the Roman era to modern times. Significant drilling activities were conducted between 1957 and 2022, including over 100,000 metres of diamond drilling, project-wide geophysics and geochemistry. These programs have defined an extensive pipeline of more than 20 exploration targets. Strickland’s exploration strategy includes:
- Resource growth: Increasing and upgrading the existing Inferred Resources at Shanac (4.6Moz AuEq) and Copper Canyon (0.8Moz AuEq)
- Resource definition: Delivering maiden Mineral Resources for the Medenovac and Gradina deposits and following up known mineralisation at Copper Canyon South and Cesme.
- New drill-ready targets: Testing a suite of high-priority targets including the new Jezerska Reka discovery, Kotlovi, Veleiki and Red Creek.
- Early-stage prospects: Following up new targets including Obradov Potok, Leca, Wolf Pond and Kaluder.
Strickland plans to undertake 50,000m of Resource drilling and 20,000m of exploration drilling at the Rogozna Project in 2026.
Disclaimer
Gold Equivalent Calculations (Rogozna Project)
Gold Equivalent calculations are based on the following metal prices;
For Shanac, Medenovac and Kotlovi (April 2023) (US$1,750/oz), copper (US$10,000/t), silver (US$25/oz), lead (US$2,200/t), zinc (US$3,000/t), and metallurgical recoveries of 80% for all metals.
For Copper Canyon (October 2023) AuEq grade based on metal prices of gold (US$1,750/oz), copper (US$10,000/t), and metallurgical recoveries of 80% for both metals.
For Shanac, Medenovac and Kotlovi the formula used for the AuEq is Au (g/t) + 1.78 x Cu(%) + 0.014 x Ag (g/t) +0.391 x Pb(%) + 0.533 x Zn(%).
For Copper Canyon the formula used for AuEq is Au (g/t) + 1.55 x Cu (%).
The Company considers that all metals have reasonable prospects of being recovered and sold.
Competent Persons Statement
The information in this presentation that relates to Exploration Results and Mineral Resources has been extracted from various STK ASX announcements and are available to view on the STK website at www.stricklandmetals.com.au or through the ASX website at www.asx.com.au (using ticker code “STK”).
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.