RENEGADE EXPLORATION LIMITED — Capital/Financing Update 2021

Jun 8, 2021

Strickland Metals Limited Postal & Registered Office ACN 109 361 195 +61 (8) 9316 9100 info@stricklandmetals.com.au Suite 6, 7 The Esplanade www.stricklandmetals.com.au Mt Pleasant WA 6153

==> picture [184 x 38] intentionally omitted <==

9 June 2021

MAJOR EXTENSION OF HORSE WELL GOLD PROJECT

ACQUISITION OF YANDAL EAST GOLD PROJECT FROM RENEGADE EXPLORATION LIMITED

Key Points

• Major Consolidation of tenure over the eastern flank of the Yandal Greenstone Belt

• Large strategic landholding with over 100km of prospective mineralised strike along the Celia Shear zone

Acquisition of Yandal East Gold Project

Strickland Metals Limited (ASX:STK) ( Strickland or the Company ) is pleased to announce it has entered into a binding agreement with Renegade Exploration Limited (ASX:RNX) ( RNX ) to acquire RNX’s interest in the tenements (see tenement list in Schedule 1) ( Tenements ) that comprise the Yandal East Gold project ( Transaction ).

The Yandal East Gold project lies immediately to the south of the Company’s flagship Horse Well gold project. It is approximately 320km[2] in size and lies roughly 30km due east of Northern Star Resources Limited’s 10m oz+ Jundee operation.

The acquisition extends the Company’s tenure of strike over the geologically significant Celia Shear zone to more than 100km (see Fgure 1). The acquisition of this further 60km of strike is largely untested due to metal depletion in the weathering profile as well as the lack of multielement data. Consequently, much of the historical shallow drilling has been largely ineffective.

Other parts of the Yandal Belt are host to major gold deposits, including Jundee (>10m oz), Bronzewing (4m oz) and Darlot (3.5m oz). Despite this, the north-eastern flank of the belt– of which Strickland is now the primary holder – remains significantly underexplored.

Outside of the Company’s existing Mineral Resource at the Dusk Til Dawn and Horse Prospects (5.7 Mt @ 1.4 g/t Au for 257,000 oz)[1] , the only other regionally significant deposit on the north-eastern flank is the Millrose Gold deposit (345,000 ozs @ 1.8g/t). The remainder of the 100km+ of strike is yet to be properly tested, highlighting an exceptional exploration opportunity on one of Western Australia’s premier greenstone belts.

The Tenements remain subject to a Joint Venture with Zebina Minerals Pty Ltd ( Zebina ), whereby RNX holds a 75% interest in the tenements, with Zebina holding the residual interest ( Joint Venture ). Zebina’s interest is free carried until mine development.

Key Transaction terms :

The Company will pay the following consideration to RNX:

1. Issue of 40,000,000 fully paid ordinary shares in Strickland at an issue price of $0.03, subject to voluntary escrow for twelve (12) months ( Consideration Shares );

2. Payment of $400,000 at completion of the transaction; ( Completion Payment )

3. Payment of $400,000 six (6) months after the Completion Payment (Deferred Consideration ) ; and

4. At completion, the Company will grant RNX a 0.5% Net Smelter Return over its ownership interest in the Tenements.

Completion of the Transaction is subject to each party obtaining any such approvals as may be required to give effect to the transaction, including, shareholder approval or as may be required by law, the ASX Listings Rules, the terms of any licence, qualification, governing body, constitution, agreement or other arrangement.

(Collectively, Conditions ).

1 Refer to ASX announced dated 26 August 2019.

1

The parties have agreed to enter into and execute a more detailed Sale and Purchase Agreement on the terms and conditions stated above in this announcement.

The Company will pay the Completion Payment and Deferred Payment using its existing cash resources.

Management Comment

Andrew Bray, Chief Executive Officer, said “ We are very excited to have secured such a substantial footprint over one of Western Australia’s premier greenstone belts. Of particular interest is the fact that this north-eastern flank of the Yandal belt is significantly underexplored, despite its resource endowment elsewhere and its regional geology.

Since securing Silver Lake’s interest in Horse Well, we set out to expand our footprint in the region. After concluding the transaction with Renegade, we will have consolidated a tremendous tenure position with outstanding exploration upside.

Planning is well underway for a major systematic drilling program across this highly prospective gold system. We are scheduling to commence drilling early in the September Quarter 2021.”

This ASX announcement was approved and authorised for release by the Chairman of the Company.

For more information contact

Andrew Bray

Chief Executive Officer

Phone: +61 (2) 9316 3991

info@stricklandmetals.com.au

stricklandmetals.com.au

Competent Person Statement

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr Peter Langworthy who is a consultant to Strickland Metals Limited and is a current Member of the Australian Institute of Mining and Metallurgy. Mr Peter Langworthy has sufficient experience, which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Langworthy consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

==> picture [436 x 634] intentionally omitted <==

Figure 1: The Company’s expanded footprint showing the consolidation of the north-eastern flank of the Yandal Greenstone Belt

Schedule 1 – Tenement Schedule

Project	Tenement Number	Tenement Type	Interest
Yandal	E53/15482	Exploration Licence	75%
Yandal	E53/17263	Exploration Licence	75%
Yandal	E53/18354	Exploration Licence	75%
Yandal	E53/19705	Exploration Licence	75%
Yandal	E53/19716	Exploration Licence	75%
Yandal	E53/21097	Exploration Licence	75%

2 Zebina Minerals Pty Ltd retains a 25% interest in the tenement under an exploration joint venture with Renegade Exploration Limited. Zebina’s interest is free carried. 3 Ibid

4 Ibid

5 Ibid

6 Ibid

7 Ibid