Zijin Mining Group has increased its stake in Australian-listed Strickland Metals to 7.4%, expanding its exposure to the Rogozna gold and polymetallic project near Novi Pazar in Serbia as regulatory delays and local opposition continue to affect the project’s development timetable.
Strickland controls Rogozna through its Serbian subsidiary Zlatna Reka Resources. The project covers approximately 184 square kilometres across four exploration licences containing gold, copper, silver, lead and zinc. Zijin’s holding stood at 5.55% in April 2026, following purchases of Strickland shares on the open market. The Chinese mining group has not announced an acquisition or joint-development agreement with Strickland, and its increased stake does not provide operational control of Rogozna.
Rogozna resource reaches 9.25 million ounces
Strickland reports a Rogozna mineral resource of approximately 9.25 million ounces of gold equivalent, equivalent to nearly 289 tonnes, at an average grade of about 1.33 grams per tonne. The resource is distributed across Shanac, Gradina, Medenovac and Copper Canyon. Shanac is the largest mineralised body, with approximately 5.35 million ounces of gold equivalent, including an indicated component of about 1.25 million ounces.
Gradina contains approximately 1.2 million ounces and has a more gold-dominant profile. Initial estimates included about 12 million tonnes grading 3 grams of gold per tonne, using a 1.5 grams-per-tonne cut-off. The combination of the larger Shanac resource and higher-grade zones at Gradina provides several potential development configurations. Broker Shaw and Partners expects the initial pre-feasibility study to focus on a relatively shallow Gradina operation.
The proposed first phase would have processing capacity of 1.5 million to 2 million tonnes of ore annually, with completion of the study now expected toward the end of 2027. Earlier company guidance had indicated the first half of 2027.
Development would require substantial infrastructure
A staged operation at 1.5 million–2 million tonnes per year would require mining and processing infrastructure alongside tailings, water systems, electricity supply, transport and environmental works. Development expenditure could reach several hundred million euros depending on whether the initial operation is established as a standalone gold project or forms the first stage of a larger polymetallic development recovering copper, silver, lead and zinc.
The multi-metal nature of Rogozna will also require detailed metallurgical work. Recovery rates, concentrate quality, impurity levels and potential smelting routes will be important components of the pre-feasibility assessment.
Zijin expands Serbian mining exposure
Zijin already operates a major Serbian copper and gold platform around Bor and Majdanpek, including the Čukaru Peki underground mine. The group acquired control of the former RTB Bor complex in 2018 and subsequently developed Čukaru Peki while expanding copper and gold production in eastern Serbia.
Its Serbian operations produced approximately 300,000 tonnes of copper and 250,000 ounces of gold in 2024. Zijin is also preparing further investment around the lower zone of Čukaru Peki, associated processing facilities and the Malka Golaja copper-gold deposit. A previously announced framework envisaged up to $3.8 billion of additional investment, together with a proposed 300 MW solar project partly intended to support industrial electricity demand. This existing Serbian mining and processing base gives Zijin experience with local mining operations, permitting and technical development. It also provides a potential platform for assessing future processing options for Rogozna concentrates, subject to mineralogy, transport requirements and plant compatibility.
Strickland raised A$55 million for exploration
Strickland entered 2026 after completing an institutional placement in February that raised A$55 million through approximately 343.2 million shares issued at A$0.16 each. The funds were primarily intended to support a planned 70,000-metre drilling programme at Rogozna and advance the project toward pre-feasibility.
Zijin participated with A$5 million. Its initial investment in Strickland was also A$5 million, announced in April 2025, when the Chinese group acquired approximately 2.4% of the company. Further participation in the February financing and subsequent market purchases increased Zijin’s holding first to 5.55% and now to 7.4%.
Exploration approvals remain outstanding
The project continues to face permitting delays. Local organisation Ne damo Rogoznu has said that planned 2026 drilling had not received the required approvals and has organised road and equipment blockades. Campaigners have raised concerns over water resources, land use, waste management and potential industrial mining in the Rogozna mountain area.
Strickland’s Serbian subsidiary has rejected claims that geological exploration has been abandoned or formally suspended. Serbia’s Ministry of Mining and Energy has stated that administrative decisions will be made under the applicable legal framework independently of individual companies’ commercial schedules. An exploration licence does not automatically authorise unrestricted drilling. Specific exploration activities can require technical documentation, land access, environmental conditions and separate administrative approvals. Delays affect the development schedule because interruptions to drilling can postpone resource conversion, metallurgical sampling and pre-feasibility work. Any future mine would additionally require environmental assessment, water and waste-management measures, land-access arrangements, spatial-planning compliance and public consultation.
Share valuation remains below broker estimates
Strickland’s share price has fallen approximately 40% over the past year, reflecting uncertainty around Rogozna’s regulatory and development progress. Australian broker estimates have placed a base valuation of approximately A$0.20 per share, increasing to A$0.30 if permitting and project risks are reduced. This compares with a recent market price of approximately A$0.085.
The project continues to face exploration, metallurgical, capital-cost, financing and potential dilution risks, while delays to drilling have added to uncertainty surrounding the development timetable. For Zijin, the increase to 7.4% expands its exposure to a major undeveloped Serbian gold and polymetallic resource without giving it operational control of the project. Rogozna’s further development remains dependent on exploration approvals, additional geological work, metallurgical assessment and progress toward a pre-feasibility study.
