Strickland Metals has successfully raised $55 million through an institutional placement to fund an expanded drilling program at its Rogozna gold-equivalent project in Serbia. The ASX-listed explorer issued approximately 343.2 million shares at a price of 16 cents each. Strickland Metals is focused on discovering and developing mineral resources, primarily gold and base metals, across its portfolio of projects in Australia and internationally. The funds will enable the company to accelerate its exploration and development activities.
The company reported strong demand from both domestic and offshore institutions. Major shareholder Ibaera participated pro rata to maintain its 16.6 per cent stake in the company. Additionally, Zijin Mining invested $5 million, increasing its holding from 3.3 per cent to 4.0 per cent. These investments demonstrate confidence in Strickland Metals’ strategic direction and the potential of the Rogozna project.
The proceeds from the placement are earmarked for an additional 70,000 metres of resource and exploration drilling in 2026. Strickland also intends to conduct an internal scoping study in the first half of 2026. These activities will support the delivery of a pre-feasibility study, targeted for completion in the first half of 2027.
The placement involved the issue of 343.2 million new fully paid ordinary shares, ranking equally with existing shares. Macquarie Capital and Jett Capital Advisors acted as joint lead managers for the placement. Macquarie Capital served as the sole book runner, while Blue Ocean Equity Securities acted as co-manager. A portion of the funds will also be used for general working capital and placement costs.
