Strickland Metals has sealed a binding share sale and purchase agreement with ISIHC, a subsidiary of Ibaera Capital Fund, for the acquisition of Betoota Holdings, the owner of Zlatna Reka Resources.

Zlatna Reka Resources holds 100% of the Rogozna Project, which includes four exploration licences in Serbia’s Trepca mining district, covering approximately 184km².

The acquisition, valued at $37m, involves Strickland Metals paying $750,000 in cash and issuing around 379.77 million shares and 50 million unquoted options to ISIHC.

It will also lead to a change in Strickland’s leadership, with CEO Andrew Bray retiring and Paul L’Herpiniere stepping in as managing director.

Andrew Bray explained that the move is seen as a strategic complement to Strickland’s existing Yandal Gold Project, which has recently restarted drilling operations.

Strickland Metals is in a strong financial position to advance exploration at both the Yandal and Rogozna Projects, with resources including cash and Northern Star Resources shares totalling approximately $54m at the end of the December quarter.

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The Rogozna Project, located near Novi Pazar and south of Belgrade, has a Joint Ore Reserve Committee (JORC)-compliant Inferred Mineral Resource of 5.44 million ounces of gold equivalent.

The project is situated within the Tethyan Metallogenic Belt, known for its significant gold-base metal systems.

It offers substantial exploration potential, with more than 100,000m of historical drilling indicating opportunities for resource expansion and untested high-quality targets, including potential for significant copper-Au porphyry mineralisation.

Upon completion of the acquisition, a 60,000m diamond drilling campaign is set to commence, continuing through to late 2025.