- Last 2026-11-06
- A$0.044
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Application for quotation of securities - STKPost Cash Checkpoint Security Event
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Annual Report to shareholdersLatest Annual Report
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 18All sources ▸- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Application for quotation of securities - STKCorporate Action
- Application for quotation of securities - STKCorporate Action
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Extraordinary General Meeting Corporate PresentationPresentation
- Half Yearly Report and AccountsResults
- $55M Placement to Accelerate Exploration and Deliver DFSFinancing
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- 1.2Moz @ 3.0g/t Gold in Maiden Gradina Resource EstimateResource Update
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Annual Report to shareholdersResults
- GML:Completion of Acquisition ofYandal Gold Project from STKTransaction
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| by end 2026, subject to successor appointment | Managing Director successor appointment and transition | Governance | Company Guided | Medium | Development leadership capability and continuity are key to the PFS path. |
| remaining days of Q3 2026 | Internal Gradina scoping study completion | Study | Company Guided | High | Completion may clarify mining and processing route but is for internal strategic planning. |
| 1 October 2026 | Sandra Bates assumes Chair | Governance | Confirmed | Medium | Governance handover precedes development studies. |
| late 2026 | Rogozna resource updates targeted | Resource Or Reserve | Company Guided | High | Resource infill may support PFS but Shanac drilling commencement was unconfirmed in July. |
| first half 2027 | Rogozna pre-feasibility study target | Study | Company Guided | High | First public technical and capital economics could materially change the option value. |
Executive roster
As of 2026-09-26Background checks ▸2025 annual corporate directory and management report, 2026 presentation, July board changes and September succession notice. Paul remains MD pending successor; non-executive directors excluded.
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Rogozna
Serbia
Held through wholly owned Zlatna Reka Resources; internal Gradina scoping study in final stages, no public mine plan or reserve; Shanac licence drilling remained delayed on 31 July.
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves5
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 30M tonnes | 1.30 g/t AuEq; 0.83 g/t Au; 0.13% Cu; 0.36% Zn; 0.29% Pb; 7.20 g/t Ag | Gold · Copper · Zinc · Lead · Silver | 2026-04-15 |
| Mineral Resource | Inferred | 130M tonnes | 0.98 g/t AuEq; 0.55 g/t Au; 0.11% Cu; 0.34% Zn; 0.21% Pb; 6.10 g/t Ag | Gold · Copper · Zinc · Lead · Silver | 2026-04-15 |
| Mineral Resource | Inferred | 20M tonnes | 2.8 g/t Au | Gold | 2026-05-26 |
| Mineral Resource | Inferred | 21M tonnes | 1.9 g/t AuEq; 0.77 g/t Au; 0.27% Cu; 1.54% Zn; 0.11% Pb; 6.3 g/t Ag | Gold · Copper · Zinc · Lead · Silver | 2025-02-19 |
| Mineral Resource | Inferred | 16M tonnes | 1.6 g/t AuEq; 1.3 g/t Au; 0.45% Cu | Gold · Copper | 2026-07-15 |
Tenements3
Milestones2
- Complete internal Gradina scoping study
Pending · High materiality
- Deliver Rogozna pre-feasibility study
At Risk · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental and social impact assessment for mine development | Serbia | Required | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Internal Gradina scoping study | Scoping Study | Current | 2026-07-31 | In final stages and guided for Q3 2026 internal completion; no public NPV, capex, mine schedule or reserve disclosed. |
Other
Bryah Basin retained royalty
Australia
Tenements sold on 19 December 2025; Strickland retains a 2% net smelter return royalty on future production, with no reserve or production schedule.
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| ASX STK ordinary shares | Ordinary Share | 2.6B | — | — |
| Unquoted performance rights, mixed vesting and expiries | Performance Right | 80.2M | — | — |
| Unquoted options expiring 1 July 2029; strike from latest ASX capital notice | Option | 50M | A$0.12 | 2029-07-01 |
KPI history
Operating metrics
Operating metric source table2
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Other | Rogozna | June 2026 quarter | Quarter | 3,951,000 AUD relevant outgoings | Reported |
| Recovery | Rogozna | June 2026 quarter | Point In Time | 94.3 percent rougher concentrate test recovery | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| PFS Delivery | rogozna | first half 2027 | — | — date | Current |
| Planned Drilling | rogozna | calendar 2026 | 70,000 | 70,000 metres | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-09 | Raising | A$0 | 2M | — | Completed | — |
| 2026-07-27 | Raising | A$0 | 4M | — | Completed | — |
| 2026-02-11Ann. 2026-02-03 | Raising | A$55.1M | 343.2M | — | Completed | — |
| 2026-05-06Ann. 2026-02-03 | Raising | A$200K | 1.2M | — | 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.
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
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
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
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This initial public-source management review covers the selected company.json roster plus issuer-confirmed current management additions. Career histories are unevenly documented, and role-specific achievements are often issuer-reported rather than independently attributable.
Decision-relevant facts
Material summary
Paul L’Herpiniere
Managing Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- A successor search was ongoing at cutoff; the 2 September 2026 notice expected Paul L’Herpiniere to step down by year-end, so this roster status is transitional.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Sleiman Majdoub
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Mark Mantle
Mining Study Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Anđelija Vujović
Country Director Serbia
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Ben Pearson
Environment and Permitting Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Sarai Tautari
Community Relations Manager, Zlatna Reka Resources
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Milorad Antic
Former Senior Geologist / Exploration Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
- The issuer presentation lists Antić as Exploration Manager whereas the selected company.json uses the same title; his June 2026 post confirms departure but gives no formal cessation date or education details.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-21 · 2,641,718,767 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 16.53% | 436,744,447 | |
| 2 | 13.85% | 365,839,420 | |
| 3 | 13.42% | 354,458,118 | |
| 4 | 2.69% | 71,026,688 | |
| 5 | 2.62% | 69,188,202 | |
| 6 | 2.50% | 66,173,853 | |
| 7 | 2.08% | 55,000,000 | |
| 8 | 1.32% | 34,920,697 | |
| 9 | 1.04% | 27,500,000 | |
| 10 | 1.01% | 26,700,000 | |
| 11 | 0.76% | 20,000,000 | |
| 12 | 0.70% | 18,622,140 | |
| 13 | 0.66% | 17,554,715 | |
| 14 | 0.56% | 14,800,000 | |
| 15 | 0.55% | 14,645,820 | |
| 16 | 0.50% | 13,128,000 | |
| 17 | 0.49% | 13,000,000 | |
| 18 | 0.47% | 12,500,000 | |
| 19 | 0.47% | 12,458,325 | |
| 20 | — | 20,828,408 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The ranked table lists registered accounts, not a complete or live beneficial-owner register; nominee and custodian accounts may represent multiple investors.
- Later substantial-holder notices and capital changes after this register date have not been exhaustively reconciled in this snapshot.
- The STK annual report has an internal discrepancy for Netwealth rank 9: 20,828,408 shares and 1.07% are reported; quantity/denominator implies 0.79%, so the snapshot retains the quantity and suppresses the percentage.
Sources
- Annual Report to shareholders
Strickland Metals Limited / ASX · Published 2026-09-30 · Accessed 2026-10-09
Largest registered ordinary-share holder table and disclosed share quantities/percentages.
2026/2026-09-30_Annual Report to shareholders_75b7e194c0bd7326.pdf; PDF page 75, ASX Additional Shareholder Information
Disclosed activity
Insider transactions
Trading activity2 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2023-07-25to 2023-07-28 | L11 Capital Pty Ltd <Gascoyne Family A/C>
Details & evidence for L11 Capital Pty Ltd <Gascoyne Family A/C> on 2023-07-25As disclosed: On Market Purchase; $1,148,465.68; 26,528,477 shares.
substantial_holder · Start not disclosed Change in substantial holding ↗ | PurchaseFully Paid Ordinary Shares | 26,528,477 | AUD 1,148,465.68 | AUD 0.043292Disclosed price | — |
| 2023-07-04 | L11 Capital Pty Ltd <Gascoyne Family A/C>
Details & evidence for L11 Capital Pty Ltd <Gascoyne Family A/C> on 2023-07-04As disclosed: Off Market Purchase; $840,000; 20,000,000 shares.
substantial_holder · Start not disclosed Change in substantial holding ↗ | PurchaseFully Paid Ordinary Shares | 20,000,000 | AUD 840,000.00 | AUD 0.042Disclosed price | — |
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory22 documents
STK ASX ordinary-share closing observationMarket Data · HighExtracted
Latest eligible local ASX ordinary-share close from market data provider via miners.collect_stock_prices.
- Document ID
- market-close-sep-2026
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - STKCorporate Action · HighExtracted
Two million performance rights converted to ordinary shares without cash consideration.
- Document ID
- capital-sep-2026
- Published UTC
- 2026-09-08T23:29:00Z
- Projects
- —
- Commodities
- —
MD and Chair Transition as Rogozna Enters Next PhaseLeadership · HighExtracted
Paul L’Herpiniere remains Managing Director pending successor; Chair changes 1 October 2026.
- Document ID
- leadership-sep-2026
- Published UTC
- 2026-09-01T22:21:00Z
- Projects
- —
- Commodities
- —
STK close around Managing Director succession disclosureMarket Data · MediumExtracted
Local price observations for the previous close and succession release day; attribution to the release is uncertain.
- Document ID
- market-reaction-sep-2026
- Published UTC
- 2026-09-02T06:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- q-jun-2026
- Published UTC
- 2026-07-30T22:38:09Z
- Projects
- rogozna
- Commodities
- gold · copper · zinc · lead · silver
Application for quotation of securities - STKCorporate Action · MediumExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- capital-jul-2026
- Published UTC
- 2026-07-26T23:34:45Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - STKCorporate Action · MediumExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- capital-may-2026
- Published UTC
- 2026-05-05T22:56:11Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- q-mar-2026
- Published UTC
- 2026-04-29T22:21:00Z
- Projects
- rogozna
- Commodities
- gold · copper · zinc · lead · silver
Extraordinary General Meeting Corporate PresentationPresentation · MediumExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- presentation-apr-2026
- Published UTC
- 2026-04-22T01:09:23Z
- Projects
- rogozna
- Commodities
- gold · copper · zinc · lead · silver
Half Yearly Report and AccountsResults · HighExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- halfyear-dec-2025
- Published UTC
- 2026-03-12T05:19:15Z
- Projects
- rogozna
- Commodities
- —
$55M Placement to Accelerate Exploration and Deliver DFSFinancing · HighExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- placement-feb-2026
- Published UTC
- 2026-02-03T07:37:41Z
- Projects
- rogozna
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- q-dec-2025
- Published UTC
- 2026-01-22T22:03:14Z
- Projects
- rogozna
- Commodities
- gold · copper · zinc · lead · silver
1.2Moz @ 3.0g/t Gold in Maiden Gradina Resource EstimateResource Update · MediumExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- gradina-mre-2025
- Published UTC
- 2025-12-09T21:29:50Z
- Projects
- rogozna
- Commodities
- gold
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- q-sep-2025
- Published UTC
- 2025-10-30T21:56:12Z
- Projects
- rogozna
- Commodities
- gold · copper · zinc · lead · silver
Annual Report to shareholdersResults · HighExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- annual-2025
- Published UTC
- 2025-09-30T04:05:39Z
- Projects
- —
- Commodities
- gold · copper · zinc · lead · silver
GML:Completion of Acquisition ofYandal Gold Project from STKTransaction · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- yandal-completion-2025
- Published UTC
- 2025-08-19T07:21:27Z
- Projects
- —
- Commodities
- —
GML: Acqn of Yandal Gold Project from Strickland MetalsTransaction · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- yandal-sale-2025
- Published UTC
- 2025-06-29T23:30:52Z
- Projects
- —
- Commodities
- —
Development Studies Advancing & Key Management AppointmentsLeadership · MediumExtracted
Issuer disclosure reviewed; selected current facts extracted.
- Document ID
- management-may-2025
- Published UTC
- 2025-05-13T22:34:21Z
- Projects
- rogozna
- Commodities
- —
Investor Presentation - Shanac Updated Mineral ResourceOther · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- shanac-presentation-2025
- Published UTC
- 2025-03-31T21:27:25Z
- Projects
- rogozna
- Commodities
- —
Horse Well Mineral Resource Estimate Increased by 97%Resource Update · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- horsewell-mre-2025
- Published UTC
- 2025-03-30T21:45:53Z
- Projects
- —
- Commodities
- —
Investor and Shareholder Webinar - Shanac Resource UpdateResource Update · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- shanac-webinar-2025
- Published UTC
- 2025-03-27T03:03:32Z
- Projects
- rogozna
- Commodities
- —
Investor Webinar - Rogozna Mineral Resource UpdateResource Update · MediumExtracted
Issuer material reviewed; no additional current valuation input beyond later disclosures.
- Document ID
- rogozna-webinar-2025
- Published UTC
- 2025-02-20T01:23:20Z
- Projects
- rogozna
- Commodities
- —
Evidence facts45
58634000 AUD
2026-06-3014.84 quarters
2026-06-3013200000 AUD
2026-06-30300000000 GML ordinary shares
2026-06-309.25 Moz AuEq
2026-07-316.07 Moz Au
2026-07-311.8 Moz Au
2026-05-265.35 Moz AuEq
2026-04-155 percent
2026-07-312 percent
2026-06-300.5 percent
2026-06-30delayed None
2026-07-31Q3 2026 None
2026-07-31True None
2026-06-303951000 AUD
2026-06-302639718767 shares
2026-07-2764700000 rights
2026-07-272635718767 shares
2026-05-062634468767 shares
2026-04-208.6 Moz AuEq
2026-04-22Mark Mantle None
2026-04-22Anđelija Vujović None
2026-04-222 percent
2025-12-19200000 AUD
2025-12-195400046 AUD
2025-12-3155113435 AUD
2026-02-04343208970 shares
2026-02-11first half 2027 None
2026-02-0370000 metres
2026-02-031.2 Moz Au
2025-12-10Paul L’Herpiniere None
2025-09-30Sleiman Majdoub None
2025-09-30300000000 GML shares
2025-08-25True None
2025-08-19Mark Mantle; Ben Pearson; Sarai Tautari None
2025-05-14Paul L’Herpiniere to step down after successor appointed None
2026-09-022026-10-01 None
2026-09-02after November 2026 AGM None
2026-09-022641718767 shares
2026-09-0980200000 rights
2026-09-0950000000 options
2026-09-090.064 AUD/share
2026-09-255124456 shares
2026-09-250.086 AUD/share
2026-09-010.078 AUD/share
2026-09-02Conflicts requiring judgment1
- Rogozna AuEq resource
July quarterly incorporates subsequent Gradina and Copper Canyon updates; April presentation is superseded.