Strickland Metals (ASX:STK) Focuses on Resource Expansion and Improved Gold Recovery

Highlights

• STK recorded a 55.2% year-on-year increase in total assets as of June 2025.
• Drilling at Rogozna Project identified high-grade copper-gold zones and extended gold mineralisation.
• STK completed Yandal Project sale, distributing 80% of Gateway Mining shares to shareholders.

Strickland Metals Limited (ASX:STK) is an Australian company engaged in the exploration of minerals, with a primary focus on gold, copper, and other base metals. The company holds several key exploration assets, including the Rogozna Gold & Base Metals Project located in Serbia.

Financial Update
For the financial year 2025 (FY25), STK recorded a gain from financial asset disposal of AUD 7.91 million, up 274% YoY, from AUD 2.12 million in FY24. Other income for the period stood at AUD 0.55 million, up 9.2% YoY from AUD 0.50 million in FY24.

The company rcorded cash and cash equivalents of AUD 24.42 million, down 0.35% YoY from AUD 24.51 million in FY24. During the year, STK acquired Betoota Holdings Ltd, gaining full ownership of Serbia’s Rogozna Project, which hosts an updated Inferred Mineral Resource of 7.40 Moz AuEq. Drilling delivered the Medenovac maiden resource and extended Shanac, with ongoing 2025 drilling targeting further resource growth and discovery.

Business Update
In the September 2025 quarter, seven drilling rigs operated at the Rogozna Project in Serbia across Gradina, Shanac, and discovery areas. Shanac revealed a new high-grade copper-gold zone with up to 6.8% copper, Gradina drilling extended gold mineralisation achieving up to 97.9% gold recovery, and Kotlovi showed mineralisation over ∼200m strike, remaining open in all directions.

In Western Australia, STK completed the sale of its Yandal Project to Gateway Mining, distributing 80% of Gateway shares to shareholders. The company ended the quarter with AUD 15.2 million in cash and AUD 26.6 million in listed shares.

Key Positives and Negatives

STK reported a 55.2% YoY increase in total assets as of 30 June 2025 and maintained a low debt-to-equity ratio of 0.01x, compared with the industry median of 0.14x. However, the company currently has no operating revenue, and its return on equity stood at 0.4% in FY25, well below the industry median of 15.8%.

Business Outlook

Ongoing drilling at the Rogozna Project is expected to extend both high-grade and bulk-tonnage zones, with several targets remaining open, supporting potential resource expansion. STK is also focusing on improving metallurgical recovery and drilling efficiency, using recent Gradina testwork to enhance gold extraction rates and optimize production costs.

Share Performance of STK

STK’s shares were trading at AUD 0.170 per share on 11 November 2025 with an intraday loss of 2.86%. STK’s stock gained 40.85% in last three months, 72.86% up over the six months, and increased 146.95% over the past year. STK’s 52-week high is AUD 0.245, recorded on 17 October 2025 and 52-week low is AUD 0.057, recorded on 26 February 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 11 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Disclaimer

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