Rogozna: Strickland Weighs Up to 4.67 Tons of Gold a Year
The company's chairman says the government suggested a lower profile until the October 25 election, so drilling has slowed. New drilling would, at best, start in November.
Australian company Strickland Metals is weighing a mine at Rogozna, near Novi Pazar, with a capacity of about 2.5 million tons of ore a year and output of up to 150,000 ounces of gold, roughly 4.67 tons. Board chairman Anthony McClure laid out the plan this week at the Mining Forum Americas 2026 in Colorado. In Serbia it was reported on September 29 by eKapija, citing Investing.com.
The same presentation raised a political question. McClure said the company entered a period of intensified politics early in the year, and that the Serbian government suggested to mining companies that they keep a lower profile during the election process. His words:
“The government told us to be a bit quieter during this election process.”
Serbia’s parliamentary elections are scheduled for October 25, 2026. The reports of the statement we reviewed contain no comment from the Serbian government.
What Is Being Considered at Gradina?
The first phase of development is focused on the Gradina deposit. McClure stressed that this is where the work is concentrated, since it will be the first mining project the company develops: “Gradina is what we are focused on right now. That will be the first mining project we develop.”
As a possible addition, the company mentions the Copper Canyon deposit, which lies near Gradina and contains copper. It was previously considered for open-pit mining, and is now looked at more as an underground operation, with the caveat that more work is needed on that project. McClure described the 2.5 million tons a year capacity this way:
“Maybe it could be an operation of 2.5 million tons a year that would produce up to, say, 150,000 ounces a year.”
So this is a framework under consideration, not an adopted project. A scoping study is in preparation, and further information should be released by the end of this year. A pre-feasibility study (PFS) is planned for the second half of 2027, while the company’s website currently states a goal of completing the PFS during 2027. According to the presentation, both studies apply mainly to the initial phase.
How Much Gold Does Strickland Estimate at Rogozna?
For Gradina, the company estimates about 20 million tons of mineralized material averaging 2.8 grams of gold per ton. That corresponds to a resource of about 1.8 million ounces, or roughly 56 tons of gold. The resource is in the inferred category, the lowest in terms of confidence, so Strickland plans about 50,000 meters of additional drilling to test extensions of the mineralization and to move part of the existing resource into higher categories.
Rogozna as a whole comprises four deposits: Sanac, Gradina, Medenovac and Copper Canyon. The total mineral resource is 9.25 million ounces of gold equivalent, about 288 tons. The equivalent figure includes other metals, so it is not 288 tons of pure gold. McClure added that an estimate twice the current one is not unrealistic if further drilling confirms the potential, and the company is counting on Sanac, Medenovac and the new targets Kotlovi and Red Creek.
Sanac is, as he put it, a deposit many times larger than Gradina. The company does not expect that developing such a large project will necessarily be on its account, and Zijin Mining or other major miners could be interested.
Cyanide-Free Processing and Why It Counts as an Advantage
McClure singled out metallurgy as one of Gradina’s advantages. In his words, the simplicity of processing is one reason the deposit suits an initial phase:
“From the metallurgical side, it is quite simple, with recoveries above 90 percent. We do not have to use cyanide.”
That is the company’s claim, and the reports contain no independent verification.
Why Is Drilling on Hold?
According to McClure, the company has temporarily slowed drilling in Serbia because of the election period, which has affected the amount of work in the field. It expects to resume after the election, and new drilling could, in the best case, begin in November.
How Much Money Does the Company Have?
Strickland has nearly 60 million Australian dollars in cash in the bank and about 25 million in listed securities, for a total of roughly 80 million Australian dollars in liquid assets. In the first 12 months after taking over the project in 2024, it invested about 30 million Australian dollars in drilling and development. McClure’s conclusion on further funding was brief:
“We do not need to raise new money any time soon.”
China’s Zijin Mining has built up a 7.4% stake in Strickland through several transactions. McClure called Zijin an important strategic investor, and Strickland sees the presence of a major mining company as confirmation of interest in Rogozna and in Serbia’s mining potential. Strickland’s market value is currently about 170 million Australian dollars, while according to the same report it was worth about 600 million dollars last year.
