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2026-11-06
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Strickland Metals Limited

Scoping Study Developer · Gold · Copper · Zinc · Serbia · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.044
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$116.2M
EV
A$44.4M
Cash
A$58.6M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$58.6M Finite
Debt A$0 Net cash A$58.6M
Basic shares 2.6B 2026-09-09
Runway 14.84 quarters Issuer Appendix 5B: A$58.634m cash divided by A$3.951m quarterly relevant outgoings; excludes future build capex.

Liquidity

Financial position

A$58.634m cash and 300m Gateway shares marked at A$13.2m on 30 June 2026; no drawn debt or unused facilities disclosed. Gateway mark is stale relative to valuation cutoff.

Capital structure

Ownership and dilution

Ordinary shares
2.6B
Fully diluted
2.8B

20 April 2026 2,634,468,767 ordinary shares plus 1,250,000 May director placement shares, 4,000,000 July rights conversions and 2,000,000 September rights conversions = 2,641,718,767. Add 80,200,000 remaining rights and 50,000,000 options for conservative 2,771,918,767 fully diluted basis. The September rights balance also reflects intervening grants not separately modelled as issued shares.

Security classes3
ClassTypeQuantityStrikeExpiry
ASX STK ordinary sharesOrdinary Share2.6B——
Unquoted performance rights, mixed vesting and expiriesPerformance Right80.2M——
Unquoted options expiring 1 July 2029; strike from latest ASX capital noticeOption50MA$0.122029-07-01

KPI history

Operating metrics

1 periods
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
OtherRogoznaJune 2026 quarterQuarter3,951,000 AUD relevant outgoingsReported
RecoveryRogoznaJune 2026 quarterPoint In Time94.3 percent rougher concentrate test recoveryReported
Company guidance2
MetricProjectPeriodLowHighStatus
PFS Deliveryrogoznafirst half 2027—— dateCurrent
Planned Drillingrogoznacalendar 202670,00070,000 metresCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-09RaisingA$02M—Completed—
2026-07-27RaisingA$04M—Completed—
2026-02-11Ann. 2026-02-03RaisingA$55.1M343.2M—Completed—
2026-05-06Ann. 2026-02-03RaisingA$200K1.2M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

Annual report baseline reconciled to December Bryah sale and July 2026 Rogozna royalty schedule; no disclosed live stream, offtake or hedge terms.

Statutory 5% net smelter royalty on Rogozna production; stage calibration is net of this burden.

Royalty · Active
Counterparties
Republic of Serbia
Applies to
Rogozna · Gold · Copper · Zinc · Lead · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter royalty: 5 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Licence 2385 private royalty; deposit-by-licence production allocation not disclosed.

Royalty · Active
Counterparties
Franco-Nevada
Applies to
Rogozna · Gold · Copper · Zinc · Lead · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Gold net smelter royalty: 2 percent
Other metals net smelter royalty: 1.5 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Licence 2262 private royalty; deposit-by-licence production allocation not disclosed.

Royalty · Active
Counterparties
Mineral Grupa d.o.o.
Applies to
Rogozna · Gold · Copper · Zinc · Lead · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter royalty: 0.5 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Strickland retains 2% NSR after selling Bryah tenements for A$200,000; no production schedule.

Royalty · Active
Counterparties
Parbo Taro Pty Ltd
Applies to
Bryah Basin retained royalty · Gold · Copper · Nickel
Economic direction
Benefit
Period
From 2025-12-19; no end date stated
Key terms
Retained net smelter return: 2 percent
How it affects our valuation

No valuation treatment is available for this arrangement.