Strickland Metals (STK) Investor Update summary

Project resource growth and exploration strategy

• Rogozna resource increased to 7.4 million oz gold equivalent, with 2 million oz added in nine months and a 700,000 oz increase at Shanac alone.

• Ongoing drilling program targets 50,000 m in 2024 and 2025, split between resource definition and new discoveries, with a focus on high-grade zones and underexplored western and northern areas.

• Ambitious goal to reach 10 million oz gold equivalent, with visibility on achieving this in the near to medium term.

• Red Creek and Gradina prospects prioritized for drilling, with a maiden resource at Gradina expected later this year and Red Creek showing multielement anomalism.

• Continuous model updates and scoping study targeted for year-end, leveraging current funding and active exploration.

Geological and technical insights

• Rogozna is a world-class, large-scale magmatic hydrothermal system with multi-stage mineralization, controlled by major structural intersections.

• High-grade mineralization is concentrated along dike margins, intrusion contacts, and the base of volcanics, with significant geological variability and continuity.

• Detailed geological work and expert input are refining the understanding of high-grade zones, breccia bodies, and domain-specific mineralization.

• The deposit's scale includes a skarn alteration volume 800 m across and 600 m vertical, with mineralization open to the west and north.

• Geophysical and geochemical anomalies support further extensions and conceptual targets, especially at depth and along strike.

Mining, metallurgy, and development plans

• Sub-level caving and selective stoping are considered for mining, with flexibility to optimize for high-grade zones and lower capital requirements.

• Current resource model uses conservative assumptions: 80% metallurgical recovery and $2,250/oz gold price, with ongoing test work showing potential for improved recoveries.

• Higher-grade zones (1.8 million oz at 1.2 g/t cutoff) are prioritized for early mining and scoping studies.

• Metallurgical testwork to optimize recoveries and flowsheet, with mine studies and environmental/social impact assessments underway.

• Environmental and social impact studies are being expanded to ensure sustainable development and community engagement.