China’s Zijin Mining Group has increased its stake in Australian-listed Strickland Metals to 7.4%, strengthening its exposure to the Rogozna gold and polymetallic project in southwestern Serbia.
Strickland controls Rogozna through its Serbian subsidiary Zlatna Reka Resources. The project covers around 184 square kilometres near Novi Pazar and includes four exploration licences containing gold, copper, silver, lead and zinc. Zijin’s stake has risen from 5.55% in April 2026, following additional share purchases and participation in Strickland’s recent capital raising.
Rogozna Holds 9.25 Million Ounces of Gold Equivalent
Strickland currently reports a Rogozna mineral resource of approximately 9.25 million ounces of gold equivalent, or around 289 tonnes, at an average grade of roughly 1.33 grams per tonne. The resource is spread across four main deposits: Shanac, Gradina, Medenovac and Copper Canyon. Shanac is the largest, containing approximately 5.35 million ounces of gold equivalent, including around 1.25 million ounces in the indicated category.
Gradina has a different profile, with more gold-dominant mineralisation and approximately 1.2 million ounces. Parts of the deposit contain higher grades than the overall Rogozna resource. The combination of scale at Shanac and higher-grade areas at Gradina could allow Strickland to consider a staged development strategy, potentially beginning with a smaller operation before expanding production.
Pre-Feasibility Study Could Focus on Gradina
Broker Shaw and Partners expects the initial pre-feasibility study to examine a relatively shallow Gradina development with processing capacity of approximately 1.5 million to 2 million tonnes of ore per year. Completion is now expected towards the end of 2027.
A project of that size could still require several hundred million euros in capital once mining infrastructure, processing facilities, tailings, electricity, water systems and access infrastructure are included. The presence of several payable metals could improve economics, but it would also make processing more complex. Metallurgical recoveries, concentrate quality, impurities and potential smelting routes will therefore be critical to the project’s development case.
Zijin Has Already Invested in Strickland
Strickland raised A$55 million through an institutional placement in February 2026, issuing approximately 343.2 million shares at A$0.16 each. The funds were primarily intended to support a planned 70,000-metre drilling programme at Rogozna and advance the project towards pre-feasibility.
Zijin contributed an additional A$5 million. The Chinese company initially invested A$5 million in Strickland in April 2025, acquiring approximately 2.4% of the company. Continued participation in the capital raising and subsequent market purchases have since increased its holding to 7.4%. The accumulation comes as Strickland’s share price has fallen sharply. The stock has lost around 40% over the past year, reflecting concerns about permitting, development costs and the lengthy path towards potential production.
Permitting Delays Weigh on Rogozna
Regulatory uncertainty remains one of the project’s biggest challenges. Local organisation Ne damo Rogoznu has opposed planned drilling and raised concerns over water resources, land use and the potential environmental impact of future mining. Campaigners have also organised blockades involving roads and mining equipment. Strickland has rejected suggestions that exploration has been abandoned, while Serbia’s Ministry of Mining and Energy has said administrative decisions will be made under the applicable legal framework.
The distinction between holding an exploration licence and receiving approval for individual drilling programmes is important. Additional technical documentation, land access and environmental requirements can affect when specific exploration activities can proceed. Delays have direct financial consequences. They can slow resource definition, postpone metallurgical testing and push back the pre-feasibility timetable, reducing the present value of a potential future mine.
Zijin Brings Serbian Mining Experience
Zijin already has a major presence in Serbia. The company took control of the former RTB Bor complex in 2018 and has since expanded copper and gold operations in eastern Serbia, including the Čukaru Peki mine. Its existing Serbian platform provides experience in mining operations, processing, infrastructure and local regulatory procedures. The company also has access to technical expertise and substantial financial resources.
That makes Zijin an increasingly relevant shareholder as Rogozna moves towards its next development stage. The company could potentially support future financing, offtake arrangements or project development, although no acquisition or joint-development agreement has been announced and its 7.4% stake does not give it operational control.
Rogozna Offers Zijin Strategic Optionality
For Zijin, the investment provides relatively inexpensive exposure to a sizeable Serbian gold-copper-polymetallic system. If Strickland succeeds in resolving permitting issues, expanding higher-confidence resources and demonstrating viable metallurgy, Zijin could have several strategic options, including increasing its stake or becoming more directly involved in development.
For Strickland, Zijin’s continued investment provides financial support and a potentially important strategic partner, but it does not remove the project’s key risks. The next major catalysts will be drilling approvals, additional resource definition, metallurgical results and the pre-feasibility study. Ultimately, Rogozna’s value will depend not simply on its reported gold ounces, but on whether Strickland can demonstrate a technically viable, economically competitive and environmentally credible development plan acceptable to regulators and communities around Novi Pazar.
