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Shanac Updated Mineral Resource Estimate Webinar Presentation 1st April 2025 ASX Code: STK For personal use only
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2 Disclaimer The information contained in the Presentation (Information) is a summary only and should be read in conjunction with any oral briefing and all other documents provided to you by the Strickland Metals Limited (Company). The Information is current as at the date of its release and the Company does not undertake to provide any additional or updated information, whether as a result of new information, future events or results or otherwise. The material in this presentation contains certain forecasts and forward-looking information, including regarding possible or assumed future performance or potential growth of the Company. Such information is not a guarantee of future performance and involves unknown risks and uncertainties, as well as other factors, many of which are beyond the control of the Company. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. No representation or warranty, expressed or implied, is made or given by or on behalf of the Company, any of the Company’s directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation. Accordingly, neither the Company nor any of the Company’s directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the statement or as a result of any admission in, or any document supplied with, this presentation or by any future communications in connection with such documents and any such liabilities are expressly disclaimed. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and the completeness of the information, statements and opinions contained. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission (ASIC) or any other foreign regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the US Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. The presentation has been authorised for release by the Managing Director of the Company. For personal use only
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ROGOZNA GOLD AND BASE METALS PROJECT, REPUBLIC OF SERBIA For personal use only
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4 Serbia – A Favourable & Proven Mining Jurisdiction Tier One Mining Jurisdiction ➢ Highly prospective geology – Western Tethyan Belt with multiple Giant porphyry-related deposits. ➢ Europe's 2nd largest copper producer. ➢ Established mining industry, with a long history of mining of polymetallic deposits. ➢ Major miners' active in-country: Zijin, BHP , Rio Tinto and Dundee Precious Metals. ➢ Recently executed MoU with European Union for supply of critical minerals. ➢ Modern mining code. ➢ Favourable fiscal regime. ➢ Highly-skilled workforce. ➢ Excellent infrastructure. For personal use only
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5 Four skarn-hosted gold + base metal deposits defined by >120,000m diamond drilling. 199Mt @ 1.2g/t AuEq for 7.4Moz AuEq Inferred Resources1 for three of the four deposits. 3.97Moz Au, 320kt Cu, 830kt Zn and 32.2Moz Ag. Located in the heart of one of Europe’s largest base metal mining centres: ▪ Trepca Mineral District historical production of >30Mt @ >8% Zn + Pb. ▪ A unique tectonic framework permissive for world-class scale mineral systems. An extensive exploration pipeline with >20 targets. 50,000m resource and discovery-focused drill program recently commenced. Rogozna Project – A Massive Mineral System 1. Refer to Appendix 1 for further details. For personal use only
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6 Shanac Deposit Overview 150Mt @ 1.1g/t AuEq for 5.30Moz AuEq JORC 2012 Inferred Resources.1 Gold-Copper (+Zinc, Lead, Silver) mineralisation defined over 600m of strike, 500m width and 500m vertical extent, commencing just 40m below surface. Gold and Copper account for 75% of contained metal (by insitu value). >300m thick continuous bulk-tonnage style mineralisation through the core of the deposit. • Including multiple 5 to 50m thick higher-grade zones, controlled by intrusive margins and base of volcanics. 2024 drilling program focused on demonstrating the continuity of higher-grade mineralisation zones, with excellent results. 1. Refer to Appendix 1 for further details. Shanac plan view map For personal use only
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7 Shanac Deposit Updated Mineral Resource Estimate Cut-Off Grade (AuEq g/t) Tonnes (Mt) AuEq (g/t) Au (g/t) Cu (%) Ag (g/t) Pb (%) Zn (%) AuEq (Moz) Au (Moz) Cu (kt) Ag (Moz) Pb (kt) Zn (kt) 0.6 150 1.1 0.64 0.12 5.8 0.24 0.34 5.30 3.09 180 28.0 360 510 1.2 32 1.8 1.00 0.20 9.6 0.39 0.63 1.85 1.03 64 9.9 120 200 150Mt @ 1.1g/t AuEq for 5.30Moz AuEq JORC 2012 Inferred Resources.1 Includes 1.85Moz AuEq of higher-grade (1.8g/t AuEq) resources. MIK bulk tonnage model with 10m (x) x 10m (y) x 10m (z) blocks. Constrained by Sub Level Cave UG mining stopes: $US 35/tonne Opex, 80% metallurgical recovery, 0.6g/t AuEq cut-off grade (@ $2,250/oz AuEq). 15,000 AuEq ounces per vertical metre (OPVM) over 300m vertical extent through the core of the deposit. 1. Refer to Appendix 1 for further details. Refer to ASX announcement 27 March 2025 for full details about the Shanac Deposit Mineral Resource Estimate update. 0.8 1 1.2 1.4 1.6 1.8 2 0 20 40 60 80 100 120 140 160 0.60 0.70 0.80 0.90 1.00 1.10 1.20 Grade (AuEq g/t) Tonnes (Mt) Cut-Off Grade (AuEq g/t) Shanac Grade-Tonnage Tonnes (Mt) Grade (AuEq) For personal use only
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8 1. Refer to Appendix 1 for further details. Refer to ASX announcement 27 March 2025 for full details about the Shanac Deposit Mineral Resource Estimate update. Shanac Deposit Updated Mineral Resource Estimate 150Mt @ 1.1g/t AuEq for 5.30Moz AuEq JORC 2012 Inferred Resources.1 Includes 1.85Moz AuEq of higher-grade (1.8g/t AuEq) resources. MIK bulk tonnage model with 10m (x) x 10m (y) x 10m (z) blocks. Constrained by Sub Level Cave UG mining stopes: $US 35/tonne Opex, 80% metallurgical recovery, 0.6g/t AuEq cut-off grade (@ $2,250/oz AuEq). 15,000 AuEq ounces per vertical metre (OPVM) over 300m vertical extent through the core of the deposit. For personal use only
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9 1. Refer to Appendix 1 for further details. Refer to ASX announcement 27 March 2025 for full details about the Shanac Deposit Mineral Resource Estimate update. Shanac Deposit Updated Mineral Resource Estimate 150Mt @ 1.1g/t AuEq for 5.30Moz AuEq JORC 2012 Inferred Resources.1 Includes 1.85Moz AuEq of higher-grade (1.8g/t AuEq) resources. MIK bulk tonnage model with 10m (x) x 10m (y) x 10m (z) blocks. Constrained by Sub Level Cave UG mining stopes: $US 35/tonne Opex, 80% metallurgical recovery, 0.6g/t AuEq cut-off grade (@ $2,250/oz AuEq). 15,000 AuEq ounces per vertical metre (OPVM) over 300m vertical extent through the core of the deposit. F E For personal use only
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10 1. Refer to Appendix 1 for further details. Refer to ASX announcement 27 March 2025 for full details about the Shanac Deposit Mineral Resource Estimate update. Shanac Deposit Updated Mineral Resource Estimate 150Mt @ 1.1g/t AuEq for 5.30Moz AuEq JORC 2012 Inferred Resources.1 Includes 1.85Moz AuEq of higher-grade (1.8g/t AuEq) resources. MIK bulk tonnage model with 10m (x) x 10m (y) x 10m (z) blocks. Constrained by Sub Level Cave UG mining stopes: $US 35/tonne Opex, 80% metallurgical recovery, 0.6g/t AuEq cut-off grade (@ $2,250/oz AuEq). 15,000 AuEq ounces per vertical metre (OPVM) over 300m vertical extent through the core of the deposit. For personal use only
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11 1. Refer to Appendix 1 for further details. Refer to ASX announcement 27 March 2025 for full details about the Shanac Deposit Mineral Resource Estimate update. Shanac Deposit Updated Mineral Resource Estimate 150Mt @ 1.1g/t AuEq for 5.30Moz AuEq JORC 2012 Inferred Resources.1 Includes 1.85Moz AuEq of higher-grade (1.8g/t AuEq) resources. MIK bulk tonnage model with 10m (x) x 10m (y) x 10m (z) blocks. Constrained by Sub Level Cave UG mining stopes: $US 35/tonne Opex, 80% metallurgical recovery, 0.6g/t AuEq cut-off grade (@ $2,250/oz AuEq). 15,000 AuEq ounces per vertical metre (OPVM) over 300m vertical extent through the core of the deposit. E F For personal use only
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12 1. Refer to Appendix 1 for further details. Refer to ASX announcement 27 March 2025 for full details about the Shanac Deposit Mineral Resource Estimate update. Shanac Deposit Updated Mineral Resource Estimate 150Mt @ 1.1g/t AuEq for 5.30Moz AuEq JORC 2012 Inferred Resources.1 Includes 1.85Moz AuEq of higher-grade (1.8g/t AuEq) resources. MIK bulk tonnage model with 10m (x) x 10m (y) x 10m (z) blocks. Constrained by Sub Level Cave UG mining stopes: $US 35/tonne Opex, 80% metallurgical recovery, 0.6g/t AuEq cut-off grade (@ $2,250/oz AuEq). 15,000 AuEq ounces per vertical metre (OPVM) over 300m vertical extent through the core of the deposit. For personal use only
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13 Shanac Upside Shanac plan view map Mineralisation open along strike and at depth. High-grade, gold-only intercepts to the north of the current resource footprint, not followed up: 1 • 8.0m @ 7.4g/t Au from 327.5m (ZRSD20126). • 9.0m @ 3.0g/t Au from 415.0m (EOKSC1246). Red Creek Prospect located 500m to the west. • Large zone of multielement surface geochemical anomalism with historical workings. • IP chargeability anomalism. 1. Refer to ASX announcement dated 17 April 2024. For personal use only
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14 6,000m drilling in 2025 – expand recently discovered high-grade gold skarn volume and continue testing the prospective Andesite/Skarn contact on the western side of the central domain. Further improve the resource model - especially the distribution and continuity of higher-grade zones. Metallurgical testwork – optimise metal recoveries and flow sheet, determine OPEX and concentrate payabilities. Mine studies – bulk vs selective UG mining, infrastructure options, CAPEX development. Environmental and social impact studies – continue and expand baseline studies, demonstrate a responsible and sustainable development pathway. Shanac Next Steps For personal use only
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15 50,000m resource and discovery-focused drilling program across Rogozna, with a steady stream of news-flow throughout 2025. 7.40Moz AuEq JORC 2012 Inferred Resources with multiple resource upgrades to be delivered. Rogozna scoping study to be delivered by the end of the year. Exceptional leverage to further discoveries, resource growth and the strengthening gold price environment. A clear pathway to significant and sustainable value creation. $33.8 million in funding to deliver ambitious growth target. Summary For personal use only
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16 Appendix 1: Rogozna Inferred Mineral Resource Estimates Prospect Tonnes (Mt) AuEq (g/t) Au (g/t) Cu (%) Ag (g/t) Pb (%) Zn (%) AuEq (Moz) Au (Moz) Cu (kt) Ag (Moz) Pb (kt) Zn (kt) Medenovac (February 2025)A 21 1.9 0.77 0.27 6.3 0.11 1.54 1.28 0.52 57 4.3 23 320 Shanac (March 2025)A 150 1.1 0.64 0.12 5.8 0.24 0.34 5.30 3.09 180 28.0 360 510 Copper Canyon (October 2021)B 28 0.9 0.40 0.30 - - - 0.81 0.36 84 - - - TotalC 199 1.2 0.62 0.16 5.0 0.19 0.41 7.40 3.97 320 32.2 380 830 Table Notes: A. For Medenovac (February 2025) and Shanac (March 2025) AuEq grade is based on metal prices of gold (US$2,250/oz), copper (US$10,000/t), silver (US$25/oz), lead (US$2,200) and zinc (US$3,000/t) and overall metallurgical recoveries of 80% for these metals. These estimates are based on Strickland’s interpretation of potential long term commodity prices and their interpretation of initial metallurgical test work and use the following formula: AuEq (g/t) = Au (g/t) + 1.38 x Cu(%) + 0.011 x Ag (g/t) +0.304 x Pb(%) + 0.413 x Zn(%). It is the Company’s opinion that all the elements included in the metal equivalents calculations have a reasonable potential to be recovered and sold. A 1.0 g/t AuEq cut-off has been used for the Medenovac Resource Estimate. A 0.60 g/t AuEq cut-off has been used for the Shanac estimate. B. For Copper Canyon (October 2021) AuEq grade based on metal prices of gold (US$1,750/oz), copper (US$10,000/t), and metallurgical recoveries of 80% for both metals. These estimates are based on the Company’s assumed potential commodity prices and recovery results from initial and ongoing metallurgical test work and use the following formula for Copper Canyon: AuEq (g/t) = Au (g/t) + 1.55 x Cu (%). It is the Company’s opinion that all the elements included in the metal equivalents calculations have a reasonable potential to be recovered and sold. A 0.4g/t AuEq cut-off has been used for the Copper Canyon Resource Estimate. C. Rounding errors are apparent in the summation of total resources. Please refer to the Company’s ASX announcements dated: • 27 March 2025 titled: “Shanac Resource Increases to 5.30Moz AuEq, Taking Rogozna to 7.40Moz AuEq” for full details regarding the Shanac Mineral resource Estimate; • 19 February 2025 titled: “Rogozna Resource Increases by 23% to 6.69Moz AuEq” for full details regarding the Medenovac Mineral Resource Estimate; and • 17 April 2024 titled: “Acquisition of the 5.4Moz Au Eq Rogozna Gold Project” for full details regarding the Copper Canyon Mineral Resource Estimate. For personal use only
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17 Disclaimer Gold Equivalent Calculations (Rogozna Project) Gold Equivalent calculations for exploration results within this presentation are based on the following metal prices; For Shanac, Medenovac and Kotlovi (US$1,750/oz), copper (US$10,000/t), silver (US$25/oz), lead (US$2,200/t), zinc (US$3,000/t), and metallurgical recoveries of 80% for all metals. For Copper Canyon AuEq grade based on metal prices of gold (US$1,750/oz), copper (US$10,000/t), and metallurgical recoveries of 80% for both metals. For Shanac, Medenovac and Kotlovi the formula used for the AuEq is Au (g/t) + 1.78 x Cu(%) + 0.014 x Ag (g/t) +0.391 x Pb(%) + 0.533 x Zn(%). For Copper Canyon the formula used for AuEq is Au (g/t) + 1.55 x Cu (%). The Company considers that all metals have reasonable prospects of being recovered and sold. Competent Persons Statement The information in this presentation that relates to Exploration Results and Mineral Resources has been extracted from various STK ASX announcements and are available to view on the STK website at www.stricklandmetals.com.au or through the ASX website at www.asx.com.au (using ticker code “STK”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. For personal use only
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Paul L’Herpiniere, Managing Director info@stricklandmetals.com.au +61 8 6317 9875 For personal use only