Strickland Metals (STK) Investor Update summary

Operational and exploration update

• Eight rigs are active at the Rogozna Project in Serbia, with over 100 personnel on site, driving significant drilling progress and frequent high-grade results, especially at the Shanac and Gradina deposits.

• 50,000m diamond drilling is planned for 2025, with about 24,000m completed to date, focusing on expanding the 7.4Moz AuEq resource and defining high-grade zones at Shanac and Gradina.

• New discoveries include a high-grade copper-gold zone at Shanac, significant gold-only mineralization at Kotlovi, and ongoing porphyry copper-gold exploration at Jezerska Reka and Obradov Potok.

• Drilling at Gradina aims to bring it into resource status, with over 20,000 meters planned and strong high-grade gold intercepts reported; Shanac drilling is focused on expanding high-grade zones on the western side.

• Resource updates for Shanac and Gradina are targeted for late 2025, with a scoping study expected by April next year.

Financial and strategic position

• Cash reserves remain strong, with $32.7 million in Northern Star shares and $9 million in Gateway shares, supporting a robust exploration budget and ongoing activities.

• Market capitalisation is A$317m (undiluted) as of June 2025, with major shareholders including ARA V Fund, Ibaera Capital, L11 Capital, Jupiter Asset Management, and Zijin Mining.

• Zijin Mining, a major global mining company, has taken a strategic stake, providing both validation and potential partnership opportunities for future project development.

• The company is spending about AUD 3 million per month, with a full-year exploration budget of AUD 20 million, and drilling costs averaging $120 per meter.

• Fully funded for ongoing exploration and resource growth.

Project and geological highlights

• Rogozna hosts 7.4 Moz AuEq in inferred resources, with ambitions to exceed 10 Moz within 12 months.

• The project is located in the Western Tethyan Belt, a prolific mineral belt in Serbia with favorable geology and a supportive regulatory and fiscal environment.

• Gradina is the most gold-rich deposit, while Shanac and Copper Canyon offer significant polymetallic and copper-gold potential.

• Kotlovi is an emerging discovery with significant scale potential, highlighted by long mineralised intercepts and high-grade gold intervals.

• Exploration is also targeting new porphyry systems and untested geophysical anomalies, with geophysics underway to generate further drill targets.