STRICKLAND METALS LIMITED (STK)
Share Price Analysis and Chart

23/07/2026

1

Initiation of coverage with Buy

$0.20

212.50%

Shaw and Partners initiates coverage on Strickland Metals with a Buy rating and a $0.20 target price following evaluation of the flagship Rogozna gold and base metal project in southern Serbia.

The project holds a 9.3Moz at 1.33g/t gold equivalent mineral resource across four polymetallic deposits with significant room for lateral and depth expansions.

Recent share price weakness from exploration permitting delays creates an attractive entry point in the analyst's view, as market concerns appear overblown while strategic shareholder Zijin Mining increased its stake to 7.4%.

A maiden pre-feasibility study expected in late 2027 will focus on the shallow, higher-grade Gradina deposit to establish an initial 1.5Mtpa to 2.0Mtpa gold operation.

Valuation incorporates a heavily discounted $51/oz in-ground multiple, providing substantial long-term re-rate potential as technical studies de-risk the asset toward commercial production.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.10 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.10 cents.