Strickland Metals (ASX: STK) has launched a A$55 million capital raise and announced a significant new copper-gold discovery at its Rogozna project in Serbia, signalling a substantial step-up in exploration and resource development potential.
The company is set to issue 343.2 million new shares at A$0.160 each. This price represents a 15.8% discount to the last closing price of A$0.190.
The proceeds are earmarked to accelerate a substantial 70,000m drilling program at the Rogozna project. The funding will also support the delivery of a Pre-Feasibility Study (PFS) by H1 2027.
Major shareholders, including Ibaera (ISIHC Ltd and Euston LLC), have provided firm commitments to participate pro-rata. Notably, Zijin Mining Group will invest A$5 million, increasing its stake in Strickland Metals to 4.0%.
Major Copper-Gold Discovery at Red Creek
Concurrent with the capital raise, Strickland Metals has announced a significant new gold-copper discovery at the Red Creek Prospect, located within its Rogozna Project in Serbia.
Drill hole ZRSD25233 revealed compelling results, including 53.0m @ 2.3g/t AuEq from 514.4m. This deeper skarn-hosted mineralisation also featured a high-grade sub-interval of 4.4m @ 8.9g/t AuEq from 522.0m. Additionally, a shallow epithermal intercept of 4.0m @ 3.6g/t AuEq from 44.0m was recorded.
The newly identified mineralisation remains open for further exploration. It extends along strike towards the existing Shanac deposit, which holds a resource of 5.3 Moz AuEq, and towards the Copper Canyon deposit, approximately 1.5km away.
Strategic Investment and Dilution
The A$5 million investment from Zijin Mining Group is a strategic move, boosting its holding to 4.0% and demonstrating significant shareholder support for the Rogozna Project. Zijin had previously invested A$5 million in Strickland Metals in April 2025 to accelerate the Rogozna project.
The placement is not underwritten, and a portion of the capital raise, known as Tranche 2, is subject to shareholder approval at an extraordinary general meeting scheduled for 18 March 2026.
Equity raises can lead to dilution for existing shareholders, as new shares are issued, increasing the total number of shares on issue. This can affect each shareholder's proportional ownership.
Rogozna Project: Context and History
Strickland Metals acquired the Rogozna Project in 2025, which at the time held an Inferred Mineral Resource of 7.40 Moz AuEq. The project, located in Serbia, has been a key focus for the company's exploration efforts.
In 2025, Strickland Metals had planned a 50,000m diamond drilling program across key targets like Shanac, Medenovac, and Gradina. The new 70,000m drilling target for 2026 represents an increase in exploration intensity.
Previous drilling campaigns have consistently delivered strong results, with significant intercepts reported at deposits such as Gradina and Shanac, further highlighting the project's potential for resource expansion. In December 2025, Strickland Metals announced a maiden Inferred Mineral Resource Estimate of 1.2 million ounces of gold for the Gradina deposit.
Outlook for Strickland Metals
The dual announcements of a significant capital raise and a new copper-gold discovery position Strickland Metals to aggressively advance its Rogozna project.
While the funding will accelerate exploration and de-risking activities, potential dilution and execution risks remain key considerations for investors.
