Strickland Metals Shanac Deposit Milestone Delivers 5.35Moz Gold Resource

Strickland Metals (ASX: STK) has delivered a significant achievement for the Rogozna Gold and Base Metals Project in Serbia, unveiling a maiden 1.25 million ounce gold equivalent (AuEq) Indicated Resource at the Shanac Deposit. The updated resource estimate demonstrates the deposit's scale and development potential, with total resources now standing at 5.35Moz AuEq across 160 million tonnes grading 1.04g/t AuEq.

The updated Mineral Resource Estimate (MRE) incorporates results from the company's comprehensive 2025 drilling campaign and represents a major step forward in advancing Rogozna along the development pathway. Furthermore, with a robust $38.2 million cash position and a recent $55 million institutional placement, Strickland is well-positioned to capitalise on this milestone.

Exceptional Resource Growth and Grade Continuity

The Shanac deposit continues to demonstrate remarkable endowment characteristics, delivering approximately 15,000 AuEq ounces per vertical metre over a 300-metre vertical extent. This exceptional density positions Shanac as a globally significant gold-base metals asset.

Key Resource Highlights:

The updated model reveals impressive higher-grade zones totalling 33Mt @ 1.6g/t AuEq for 1.74Moz AuEq at a 1.20g/t AuEq cut-off grade. Consequently, this highlights the potential for improved project economics through selective mining approaches.

"This is another significant milestone for the Rogozna Project, with the delivery of a maiden 1.25Moz Indicated Resource for the cornerstone Shanac deposit marking an important step in advancing the project along the development pathway." – Paul L'Herpiniere, Managing Director

Understanding Gold Equivalent Calculations

Gold Equivalent (AuEq) represents a standardised method of expressing the combined value of multiple metals in a polymetallic deposit. For Shanac, the calculation incorporates gold, copper, silver, lead, and zinc based on projected commodity prices and metallurgical recoveries.

The formula used: AuEq (g/t) = Au (g/t) + 1.24 x Cu(%) + 0.0233 x Ag (g/t) + 0.187 x Pb(%) + 0.311 x Zn(%)

This approach allows investors to understand the total economic potential of the deposit beyond just gold content. At Shanac, gold contributes approximately 58% of the equivalent value. In addition, copper (14%), silver (14%), and zinc (10%) provide additional revenue streams that enhance project economics.

What Makes Shanac Geologically Exceptional?

The Strickland Metals Shanac deposit milestone showcases exceptional geological characteristics that support long-term mining potential. The deposit geometry demonstrates remarkable scale with 920 metres strike length (northwest-southeast) and 710 metres width across strike.

Furthermore, the 560 metres vertical extent between 1,110 and 540 metres elevation provides substantial mining inventory. Mineralisation commences just 30 metres below surface, with 95% of resources lying between 140-600 metres vertical depth.

Grade Distribution Analysis:

The deposit demonstrates strong grade continuity within the central portion. Moreover, bulk tonnage-style mineralisation ranges from 200 to 450 metres thick with multiple higher-grade zones occurring near quartz diorite dyke contacts.

How Significant is the Expansion Potential?

Shanac's growth story extends well beyond the current resource footprint, with multiple high-priority targets identified. The Strickland Metals Shanac deposit milestone represents just the beginning of what could be a much larger resource base.

Northern Extension Opportunities:

Historical drilling 300m north of current resource encountered high-grade intercepts, including 8.0m @ 7.4g/t Au from 327.5m and 9.0m @ 3.0g/t Au from 415.0m. However, these intercepts remain unfollowed by modern drilling, representing immediate expansion potential.

Red Creek Prospect Discovery:

Located 1km west of Shanac, initial drilling has identified promising polymetallic mineralisation. For instance, results include 4.0m @ 4.0g/t AuEq from 44.0m and 53.0m @ 2.3g/t AuEq from 514.4m, including 35.0m @ 3.1g/t AuEq.

Strategic Development Timeline

With drilling scheduled to recommence in the coming weeks, Strickland's 2026 campaign will focus on advancing the Strickland Metals Shanac deposit milestone through several key objectives.

Near-term Objectives:

1. Resource Confidence Enhancement – Increasing Indicated Resource classification at both Shanac and Gradina
2. Resource Growth – Testing high-priority extension targets
3. Exploration Pipeline – Advancing multiple prospect targets across the broader Rogozna project

Medium-term Milestones:

The company will pursue Pre-Feasibility Study preparation for Shanac as cornerstone asset. Additionally, continued metallurgical test work optimisation and regional exploration across 184 km² of highly prospective tenure remain priorities.

Comprehensive Rogozna Project Resource Base

Shanac represents the cornerstone of a substantial multi-deposit resource base across the Rogozna project. The Strickland Metals Shanac deposit milestone forms part of a diversified portfolio of assets.

This diversified resource base provides multiple development pathways and operational flexibility. Consequently, each deposit offers distinct characteristics and metallurgical properties.

Why Investors Should Follow Strickland Metals

Strickland Metals has positioned itself as a compelling investment opportunity in the gold-base metals sector through several key differentiators. The achievement of this Strickland Metals Shanac deposit milestone demonstrates the company's ability to deliver on its development strategy.

Exceptional Resource Quality:

The company boasts 8.60Moz AuEq total project resources with 1.25Moz Indicated. Furthermore, high-grade zones support selective mining potential, whilst 15,000 AuEq ounces per vertical metre demonstrates world-class density.

Strong Financial Position:

Strickland maintains $38.2 million cash and liquids as of December 31, 2025. Moreover, a recent $55 million institutional placement demonstrates strong market support and fully funded exploration and development programmes.

Operational Excellence:

The company has delivered successful drilling campaigns with consistent resource growth. However, conservative optimisation parameters using US$3,000/oz gold price and demonstrated grade continuity showcase geological understanding.

Strategic Location:

Serbia offers an established mining jurisdiction with supportive regulatory framework. In addition, access to European markets and infrastructure, combined with 184 km² of highly prospective exploration tenure, enhances the project's appeal.

Strickland Metals has established Shanac as a tier-one gold-base metals deposit with exceptional scale and grade characteristics. With a maiden Indicated Resource achieved and substantial expansion potential identified, the company is well-positioned for significant value creation as it advances toward Pre-Feasibility studies and potential development decisions. The combination of strong financial backing, operational success, and outstanding geological endowment makes Strickland a compelling story for investors seeking exposure to high-quality gold-base metals development.

Looking to Capitalise on Strickland's Resource Success?

With a maiden 1.25 million ounce Indicated Resource now established at Shanac and substantial expansion potential identified across the broader Rogozna project, Strickland Metals presents a compelling opportunity for investors seeking exposure to a tier-one gold-base metals development story. The company's strong financial position, exceptional resource quality, and strategic location in Serbia position it well for significant value creation as it advances toward Pre-Feasibility studies. To explore how Strickland's impressive resource base and development pipeline could fit into your investment strategy, visit their official website for comprehensive company information, project details, and the latest developments.