Strickland Metals has increased the Mineral Resource at its Rogozna gold and base-metals project in southern Serbia to 9.25 million ounces of gold equivalent, strengthening the project’s position as a potentially significant European mining development. However, delays to the company’s planned 2026 drilling campaign are putting pressure on its development timetable. Since acquiring Rogozna in July 2024, when the resource stood at approximately 5.4 million gold-equivalent ounces, Strickland has added around 3.85 million ounces, representing growth of roughly 71%.
The latest resource totals 217 million tonnes grading 1.33 grams per tonne of gold equivalent, containing about 6.07 million ounces of gold, 311,000 tonnes of copper, 36.7 million ounces of silver, 383,000 tonnes of lead and 870,000 tonnes of zinc. Most of the resource, however, remains in the Inferred category. Only 1.25 million gold-equivalent ounces, or about 13.5%, are classified as Indicated, while approximately 8 million ounces remain Inferred. Further drilling will therefore be essential to increase geological confidence and support mine planning and future financing.
Gradina Offers Potential High-Grade Starting Point
Gradina has emerged as a potential first development area. Its Inferred Resource now stands at 20 million tonnes grading 2.8 grams per tonne of gold, equivalent to 1.8 million ounces. The estimate increased by 600,000 ounces, or 50%, following previous drilling. Metallurgical testing has also delivered encouraging results, with gold recoveries to rougher concentrate ranging from 89.4% to 97.5%, averaging 94.3%. The resulting gold-pyrite concentrate averaged 21.1 grams per tonne of gold.
Strickland is considering underground development at Gradina, potentially using adit or decline access. The company is progressing mine design, scheduling, processing and engineering studies, although no public production plan or economic assessment has yet been released.
Shanac Remains the Core of Rogozna
The much larger Shanac deposit contains 160 million tonnes at 1.04 grams per tonne of gold equivalent, representing approximately 5.35 million gold-equivalent ounces. The latest estimate introduced 30 million tonnes at 1.30 grams per tonne into the Indicated category, containing around 1.25 million ounces. A higher-grade zone contains 33 million tonnes at 1.6 grams per tonne, equivalent to approximately 1.74 million ounces.
Shanac is expected to be important to any larger-scale development because of its size, although its polymetallic nature makes processing and economic assessment more complex.
Copper Canyon adds another potential development component, with an Inferred Resource of 16 million tonnes at 1.3 grams per tonne of gold and 0.45% copper, containing approximately 650,000 ounces of gold and 72,000 tonnes of copper. Its proximity to Gradina could potentially allow shared underground infrastructure.
Drilling Delay Creates Development Risk
The biggest near-term issue is the delay to the planned drilling programme. Strickland raised A$55 million earlier in 2026 to fund an additional 70,000 metres of drilling, resource updates and a pre-feasibility study targeted for the first half of 2027.
The company has been awaiting final approvals from Serbia’s Ministry of Mines and Energy for expanded drilling work plans covering the principal Shanac licence. As of the end of July, drilling had not started and no confirmed commencement date had been provided.
The delay does not change the existing resource, but it could reduce the time available for resource conversion, geotechnical work and other technical studies required for the pre-feasibility stage.
Strong Cash Position Provides Flexibility
Strickland ended June with A$58.63 million in cash and approximately A$13.2 million in Gateway Mining shares, giving it about A$71.8 million in cash and listed investments.
The company’s financial position gives it flexibility to continue exploration, engineering and environmental work while approvals are pending. Significantly greater funding would eventually be required if Rogozna advances to mine construction.
Environmental baseline studies covering biodiversity, water quality and cultural heritage are also progressing alongside technical work, supporting the future environmental and social impact assessment required for permitting. For Strickland, the next major milestone is therefore not simply another increase in the 9.25-million-ounce resource. The focus will be on resuming drilling, converting Inferred resources into higher-confidence categories and establishing the economic and technical basis for a potential Serbian gold mine.
