Strickland Metals Rogozna Gradina Resource Surges 50% to 9.24Moz AuEq

Strickland Metals Delivers a 50% Resource Surge at Gradina, Pushing Rogozna to 9.24Moz AuEq

The Strickland Metals Rogozna Gradina resource upgrade to 9.24Moz AuEq represents a landmark development for the ASX-listed company. Strickland Metals Limited (ASX: STK) has announced this milestone at its Gradina Deposit within the 100%-owned Rogozna Gold and Base Metals Project in Serbia. The updated Inferred Mineral Resource Estimate (MRE) for Gradina has grown by 600,000 ounces to 1.8Moz of gold at 2.8g/t Au, representing a 50% increase in contained metal since the maiden estimate published just five months ago in December 2025.

This single update has lifted the total Rogozna Project resource base to 9.24Moz gold equivalent (AuEq), reinforcing what is emerging as one of the most significant undeveloped gold and base metals projects in Europe.

"This is an excellent outcome for Strickland and another important milestone in the ongoing development of the Rogozna Project. The updated Gradina MRE of 1.8Moz gold highlights both the scale and quality of the deposit and further reinforces Rogozna's position as a globally significant gold and base metals project."
— Paul L'Herpiniere, Managing Director, Strickland Metals

With approximately $81 million in cash and liquids as at 31 March 2026, Strickland is well-capitalised to advance the project through its next phase of development, including a Pre-Feasibility Study (PFS) now underway.

What Just Changed at Gradina — and Why It Matters

The Gradina update marks a significant step-change in the scale of what is already a multi-deposit, multi-commodity project. To put the growth in perspective:

The slight grade dilution of 0.2g/t is a natural consequence of expanding the resource envelope — more tonnes were captured as the geological model incorporated 11 additional drill holes and 7,707 additional metres of drilling relative to the December 2025 dataset.

Crucially, the contained metal outcome is what matters here, and the 50% lift in contained ounces in under six months is a strong indicator of the deposit's growth trajectory.

The updated MRE was completed by independent specialist Jonathon Abbott of Matrix Resource Consultants, with stope optimisation undertaken by Orelogy Mine Consulting using long-hole open stoping (LHOS) underground mining methods — methodology consistent with how Gradina is expected to be mined.

The Full Rogozna Picture: A Project of Genuine Scale

Gradina is one of four deposits within the broader Rogozna Project. When considered alongside Shanac, Medenovac and Copper Canyon, the combined resource base stands at a project-wide 9.24Moz AuEq — and the numbers beneath that headline figure reveal a project with real multi-commodity depth.

Several important observations emerge from this table:

• Shanac is the largest contributor by AuEq ounces and is the only deposit with an Indicated resource classification (30Mt at 1.30 g/t AuEq), providing a higher-confidence resource core for future mine planning.
• Gradina carries the highest gold grade of any deposit in the project at 2.8g/t Au, making it an especially high-quality underground target.
• The project as a whole contains 323kt of copper, 36.7Moz of silver, 383kt of lead and 873kt of zinc — polymetallic by-product credits that add economic complexity and potential upside.
• The total resource now stands at 229Mt at 1.3g/t AuEq, a figure that reflects genuine scale across multiple deposit types.

Inside Gradina: High-Grade Geometry with Significant Upside

What Does the Geology Tell Us?

Gradina is a skarn-hosted gold deposit, with high-grade mineralisation confined to multiple steeply dipping lodes within a broader halo of lower-grade material. The deposit is characterised by:

• An average horizontal mineralised width of approximately 11 metres across 14 modelled domains
• A 4,700 Au ounces per vertical metre concentration in the core of the deposit — a metric that speaks directly to mining efficiency and potential grade continuity underground
• Mineralisation extending over approximately 730 metres north-south and 780 metres vertically, from around 960mRL to 180mRL
• The deposit remains open in all directions — to the north, south, and at depth — meaning the current 1.8Moz estimate is unlikely to represent the final resource inventory

Grade-Tonnage Sensitivity

The deposit's quality becomes even more apparent when examining how grade behaves at different cut-off scenarios. Furthermore, higher cut-offs concentrate into a smaller but very high-grade core:

This grade-tonnage profile is consistent with a deposit that has a robust, high-grade core — a feature that supports the economic case for underground extraction even at conservative gold prices.

A Practical Underground Access Scenario

The deposit geometry lends itself to a conceptual underground mining approach via an adit from the ridge flank approximately 700 metres to the east. Approximately 90% of the current resource sits within 500 metres of the nominal portal elevation, suggesting that the bulk of mineable tonnes could be accessed without the need for deep shaft infrastructure.

This is a meaningful observation at the PFS stage — it simplifies the early development scenario and could support a relatively capital-efficient project configuration.

What Is a Skarn Deposit — and Why Does It Matter Here?

Skarn deposits form when magmatic fluids — essentially hot, mineralised water driven out of cooling igneous rocks — react with carbonate rocks like limestone. This chemical interaction creates a zone of altered rock called a "skarn," which can host very high concentrations of metals including gold, copper, zinc, lead and silver.

At Rogozna, and at Gradina specifically, this process occurred in two distinct pulses of magmatic activity approximately 29 million and 27.9 million years ago. The result is a structurally complex but predictable style of mineralisation: high-grade lodes that follow the geometry of the original carbonate contacts and nearby dyke margins.

Why does this matter for investors?

1. Skarns are well-understood globally and have been mined successfully at large scale — the mineralisation type is not exotic or technically challenging.
2. The multi-phase hydrothermal history at Rogozna has created layered mineralisation, meaning different metals tend to be concentrated in different zones — this supports selective mining and potentially different processing streams.
3. Existing metallurgical test work has demonstrated 90% gold recovery through conventional flotation, a strong result that underpins the economic assumptions in the current MRE.

Where the Growth Is Coming From Next

The deposit remains open in three key directions, and drilling in 2026 will target each:

1. Along strike to the north — building on hole ZRSD25190, which returned 19.6m at 7.0g/t Au from 377.0m, one of the most impressive intercepts in the current dataset
2. Along strike to the south — extending from hole ZRSD25212, which delivered 702.5m at 0.9g/t Au including 80.0m at 2.3g/t Au from 632.8m, indicating significant down-plunge extent
3. At depth — where mineralisation remains completely open along the current approximately 800 metres of drill-defined strike

These are not speculative targets. Each is supported by existing drill intercepts that confirm mineralisation continues beyond the current resource shell. Consequently, the combination of strike extensions and depth potential means the 1.8Moz Gradina resource could grow materially with further drilling — and the broader Strickland Metals Rogozna Gradina resource upgrade to 9.24Moz AuEq total would expand alongside it.

Pre-Feasibility Study Underway

Strickland has confirmed that PFS workstreams have commenced for the Rogozna Project, with further market updates expected in coming weeks. Environmental rehabilitation, monitoring and baseline studies are also underway on site — activity consistent with a project advancing toward formal development studies.

The PFS represents a significant de-risking milestone: it will translate the resource inventory into an economic framework, including infrastructure, processing, capital cost estimates and mine scheduling. Completion of the PFS — particularly for a project of this scale — would materially advance Rogozna's development timeline and likely serve as a catalyst for investor and industry attention.

Why Investors Should Watch Strickland Metals Closely

Strickland presents a compelling combination of resource scale, high-grade deposit quality, a funded balance sheet and a clear near-term development pathway.

The resource growth trajectory at Rogozna has been consistent and rapid:

• April 2024: Project acquired with a 5.4Moz AuEq resource
• February 2025: Resource grows 23% to 6.69Moz AuEq (Medenovac update)
• April 2026: Shanac Indicated resource adds 1.25Moz AuEq
• May 2026: Gradina resource expands 50% to 1.8Moz Au, lifting total project to 9.24Moz AuEq

Each update has come on the back of systematic, methodical drilling — not one-off high-grade hits — and each has increased both the quantity and quality of the resource base.

Understanding Key Technical Terms

Inferred Mineral Resource: The lowest confidence classification under the JORC 2012 Code. An Inferred resource has enough data to estimate grade and tonnage, but not enough to confirm geological continuity to higher confidence levels. Further drilling can convert Inferred to Indicated or Measured resources.

AuEq (Gold Equivalent): A way of expressing the combined value of multiple metals (gold, copper, silver, lead, zinc) as a single gold-equivalent figure, using assumed metal prices and metallurgical recoveries.

Skarn: A rock type formed by the reaction between magmatic fluids and carbonate host rocks (limestone, marble). Often hosts significant gold, copper, zinc and lead mineralisation.

Long-Hole Open Stoping (LHOS): An underground mining method suited to steeply dipping, moderate-to-wide ore bodies. Ore is drilled and blasted in long vertical or near-vertical columns, then loaded from below. It is an efficient, scalable method for deposits like Gradina.

Cut-off Grade: The minimum grade at which it is economically viable to mine material. At Gradina, this is set at 1.5g/t Au based on an assumed gold price of US$2,500/oz, mining costs, processing costs and royalties.

Ordinary Kriging (OK): A geostatistical method used to estimate grade between drill hole data points. It is a widely accepted, industry-standard technique for Mineral Resource estimation.

Pre-Feasibility Study (PFS): A technical and economic study that assesses whether a mining project is potentially viable. It sits between a scoping study and a full Bankable Feasibility Study and typically includes mine design, cost estimates, processing options and financial modelling.

Key Takeaway: The Strickland Metals Rogozna Gradina resource upgrade to 9.24Moz AuEq has established Rogozna as one of the most significant gold and base metals development projects in Europe, with a resource base that has grown rapidly and consistently through systematic drilling. With the Gradina Deposit alone delivering a 50% resource increase in under five months, a Pre-Feasibility Study now underway, and approximately $81 million in cash to fund the programme, Strickland enters the second half of 2026 with strong momentum and multiple near-term catalysts that investors should watch closely.

Ready to Learn More About Strickland Metals and the Rogozna Project?

With a rapidly growing 9.24Moz AuEq resource base, a high-grade flagship deposit, $81 million in cash, and a Pre-Feasibility Study now underway, Strickland Metals (ASX: STK) is advancing one of Europe's most compelling undeveloped gold and base metals projects at pace. Investors looking to understand the full scope of the Rogozna Project — including its multi-deposit scale, exploration upside, and near-term development catalysts — can find out more by visiting the official Strickland Metals website at stricklandmetals.com.au.