Rogozna Gold and Base Metals Project, Serbia – Drilling Update

Initial drilling extends high-grade zones and further strengthens development potential at the 7.4Moz AuEq Rogozna Project.

Highlights:

• New drill results from diamond holes ZRSD25175 and ZRSD25176 at the Rogozna project continue to highlight the significant potential of the Shanac deposit^[1], with a total resource of 5.3 5.3Moz AuEq, both in terms of mineralisation scale and the potential to identify zones with higher-grade mineral content:
  • 251.6m @ 1.3g/t AuEq^[2] from 341.9m (ZRSD25175), including:
    • 58.1m @ 2.3g/t AuEq² from 458.9m.
  • 265.0m @ 1.2g/t AuEq² from 366.1m (ZRSD25176), including:
    • 66.8m @ 2.7g/t AuEq² from 423.8m.
• Importantly, the stronger zones encountered within these drill-holes have extended the higher-grade (>1.5g/t AuEq) mineralisation zones on the western side of the Central Domain.
• Assays are pending for a further seven completed drill-holes, including two drill-holes at Shanac and three holes at Gradina, with further results to be progressively released in the coming weeks.
• Six diamond drilling rigs are currently operating at Rogozna, with four rigs focused on Gradina, one at Shanac and one following up the late-2024 Kotlovi discovery.
• Strickland remains well-funded to deliver the largest-ever exploration program at Rogozna in 2025, with AUD 34.8 million of cash and liquid assets as of 31 March 2025, and a further AUD 5 million received subsequent to the end of the March Quarter as a result of a strategic investment by Zijin Mining.

Strickland Metals Limited is pleased to report assay results from two recently completed diamond drill-holes at the cornerstone 5.3Moz AuEq Shanac Deposit¹, one of four skarn-hosted gold and base metals deposits contained within its 100%-owned ~7.4Moz AuEq Rogozna Project¹ in Serbia (Figure 1).

Strickland’s Managing Director, Paul L’Herpiniere, said: “Our 2025 drilling campaign is off to an excellent start, with the first two holes at Shanac delivering several quality intercepts of higher-grade mineralisation. Of particular importance, the 66.8m @ 2.7g/t AuEq² intercept in hole ZRSD25176 represents a sizeable extension of the higher-grade mineralisation, with >50% stronger grade than the current resource block model in this position, which bodes well for further enhancement of the Shanac resource model.

The results further reinforce the scale and endowment of the Shanac Deposit, underlining its commercial development potential and optionality as evidenced both by bulk tonnage and higher-grade mineralisation styles. With six rigs now operating on site, investors can look forward to an exciting year of regular news-flow ahead.”

Exploration Update

Assay results have been received for the first two diamond drill-holes – ZRSD25175 and ZRSD25176 – completed in early 2025 at the 5.4Moz AuEq Shanac Deposit.

The drill-holes were designed to test the prospective skarn-andesite lithological contact on the western side of the Central Domain within the Shanac Deposit, where there has been relatively less drilling compared to the eastern side of the Central Domain that was the focus of 2024 drilling efforts.

ZRSD25175

ZRSD25175 was drilled at the southern end of the Shanac Deposit (Figure 2), targeting the lithological contact between the skarn and overlying andesite on the western side of the central dyke (Figure 4).

Extensive bulk-tonnage style mineralisation was encountered, with multiple internal higher-grade zones including the following significant intercepts:

• 251.6m @ 1.3g/t AuEq² (0.7g/t Au, 0.2% Cu, 0.3% Pb, 0.4% Zn and 9.1g/t Ag) from 341.9m, including:
  • 58.1m @ 2.3g/t AuEq² (1.4g/t Au, 0.4% Cu, 0.2% Pb, 0.6% Zn and 11.4g/t Ag) from 458.9m, including:
    • 11.9m @ 3.1g/t AuEq² (1.5g/t Au, 0.4% Cu, 0.6% Pb, 1.6% Zn and 23.9g/t Ag) from 458.9m; and
• 8.0m @ 3.2g/t AuEq² (1.0g/t Au, 1.1% Cu, 0.3% Pb, 0.6% Zn and 25.5g/t Ag) from 540.5m; and
• 7.1m @ 2.9g/t AuEq² (0.5g/t Au, 3.1% Pb, 2.3% Zn and 41.4g/t Ag) from 575.7m.

ZRSD25176

ZRSD25176 was drilled towards the northern end of the Shanac Deposit (Figure 2), targeting the lithological contact between the skarn and overlying andesite on the western side of the central dyke (Figure 3).

Extensive bulk-tonnage style mineralisation was encountered, with multiple internal higher-grade zones, including the following significant intercepts:

• 265.0m @ 1.2g/t AuEq² (0.7g/t Au, 0.1% Cu, 0.2% Pb, 0.4% Zn and 4.3g/t Ag) from 366.1m (ZRSD25175), including:
  • 66.8m @ 2.7g/t AuEq² (1.6g/t Au, 0.3% Cu, 0.6% Pb, 1.1% Zn and 8.7g/t Ag) from 423.8m, including:
    • 12.8m @ 3.7g/t AuEq² (2.7g/t Au, 0.5% Cu, 0.2% Pb, 0.2% Zn and 7.9g/t Ag) from 477.8m; and
    • 12.6m @ 3.2g/t AuEq² (1.9g/t Au, 0.8% Cu and 8.4g/t Ag) from 593.0m.

Figure 1: Plan view map of the Rogozna Project, showing geology with deposits and prospects.

Figure 2: Plan view map of the Shanac deposit, showing resource footprint, drill-hole collars and traces with background Au-As in soil geochemistry.

Mineralisation Controls and Style

The higher-grade intercepts in both holes are associated with disseminated to semi-massive zones of pyrite and chalcopyrite, with subordinate amounts of sphalerite and galena (Figures 5 to 8).

The strongest mineralisation in ZRSD24176 occurs in proximity to the base of volcanics, immediately west of the central dyke and represents an upwards extension of higher-grade mineralisation encountered in previous drilling (ZRSD20117)^[3].

The lower zones (from 540.5m down-hole depth) of mineralisation in ZRSD25175 represent a lateral extension of the deposit (Figure 4). This mineralisation is hosted in endoskarn (an altered intrusive) in a part of the deposit where there are currently no modelled high-grade blocks and the mineralisation remains open both up-dip and down-dip.

Figure 3: Shanac cross-section view looking NW (40m view width), showing drill-hole traces with intercepts, geology and AuEq grade shells.

Figure 4: Shanac cross-section view looking NW (40m view width), showing drill-hole traces with intercepts, geology and AuEq grade shells.

Figure 5: Core photo of skarn-hosted mineralisation with massive sphalerite, galena, chalcopyrite and pyrite from 460.9m in ZRSD25175 – 1.2g/t Au, 0.4% Cu, 2.7% Pb, 8.5% Zn and 60.0g/t Ag (6.7g/t AuEq²).

Figure 6: Core photo of magnetite skarn with magnetite, chalcopyrite, sphalerite and pyrite from 485.9m in ZRSD25175 – 2.6g/t Au, 0.9% Cu, 0.4% Pb, 1.0% Zn and 34.2g/t Ag (4.8g/t AuEq²).

Figure 7: Core photo of skarn-hosted mineralisation with massive chalcopyrite and pyrite from 489.3m in ZRSD25176 – 2.5g/t Au, 1.8% Cu, 0.8% Pb, 0.2% Zn and 35.2g/t Ag (5.6g/t AuEq²).

Figure 8: Core photo of skarn-hosted mineralisation with semi-massive chalcopyrite and pyrite from 603.0m in ZRSD25176 – 5.1g/t Au, 1.6% Cu and 14.9g/t Ag (7.5g/t AuEq²).

Next Steps

Six rigs are currently drilling across the Rogozna Project, with four of the rigs focused on the northern end of Gradina, one rig drilling towards the southern end of Shanac and another rig following up the exciting Kotlovi discovery of late-2024.

Assays are pending for seven holes, including two from Shanac and three from Gradina. Results for these holes will be released as they become available in the coming weeks.

1. Refer to “Table 1: Rogozna JORC Inferred Mineral Resource Estimates” at the end of this release for further details regarding the Rogozna Resource. ↑
2. For Shanac 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: Au Equivalent (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. ↑
3. See ASX announcement dated 17 April 2024. ↑