Strickland Metals (STK) Investor Update summary

Recent project achievements and asset sales

• Millrose asset was acquired for AUD 10 million in 2021, explored for AUD 16 million, and sold for AUD 61 million in 2023, delivering a significant profit and validating the exploration strategy.

• Horse Well resource footprint expanded to over 3km, with an updated JORC-compliant resource to be released within two weeks and due April 2025.

Exploration rationale and project overview

• Yandal Gold Project consolidated in 2021, focusing on Millrose, Horse Well, and Dusk 'til Dawn resource centers.

• Millrose deposit sold for $61 million in June 2023; focus shifted to Horse Well and Dusk 'til Dawn.

• Dusk 'til Dawn resource stands at 3.5Mt @ 1.0g/t Au for 109,000oz (inferred).

Dusk 'til Dawn exploration and geological model

• Dusk 'til Dawn, initially the smallest resource, now shows the largest alteration, geochemistry, and gold anomalism in the Yandal Belt, indicating a potential multi-million ounce intrusion-related gold system.

• Two gold/geochemical trends at Dusk 'til Dawn with a combined 7.5km strike length identified.

• Alteration analysis shows a biotite-rich zone, indicating significant fluid flow and a potentially large gold system.

• Geochemistry supports an intrusive-related gold system, with gold associated with Mo-Cu-Bi-Te, zoning outwards to Ag-Sb-Pb-Zn-As.

• Gravity inversion modelling identified gravity lows interpreted as intrusives driving alteration and mineralisation.