The All Ordinaries Index (ASX: XAO) is up 6.7% over the past full year, with ASX All Ords gold stock Strickland Metals Ltd (ASX: STK) up 70% over those 12 months before Monday's opening bell.
But stockholders are giving back some of those outsized gains today.
In early morning trade on Monday, Strickland Metals shares are down 11.8% trading for 15 cents apiece. The All Ords is down 0.1% at this same time.
This follows the release of the miner's latest exploration update at its 100%-owned 8.6-million-ounce gold equivalent Rogozna Project, located in Serbia.
Here's what's happening on and under the ground.
Image source: Getty Images
ASX All Ords gold stock hammered on permit delays
This morning, Strickland reported that it has now finalised its drilling plans for 2026.
However, the ASX All Ords gold is under pressure after noting that it has not yet received the required final approvals from the Ministry of Mines and Energy for the expanded exploration drilling work plans covering its main (Shanac) license at Rogozna.
Despite this unexpected delay, Stickland said it is preparing to commence drilling in the coming weeks at two other prospects within Rogozna, where it has existing approval for the works.
The ASX All Ords gold stock said its overall exploration and drilling strategy at the project remains focused on supporting the Pre-Feasibility Study (PFS), which is targeting high value resource growth and testing high priority discovery targets.
And Strickland remains well-funded for ongoing exploration in 2026, reporting cash and liquid investments of $81 million as at 31 March.
What did Strickland Metals management say?
Commenting on the ASX All Ords gold stock's 2026 drilling plans, Stickland Metals managing director Paul L'Herpiniere said:
We are very encouraged by the scale of opportunity emerging across the Rogozna Project, with our 2026 drilling plans designed to deliver meaningful resource growth and further strengthen the foundations of our Pre-Feasibility Study expected to be completed in mid-2027.
The results achieved during 2025 have reinforced our confidence in the high-grade potential across the project and we see significant upside through targeted infill and extension drilling, particularly within the gap zones, along strike and at depth.
Addressing the unexpected setback in the final approvals that is pressuring Strickland shares today, L'Herpiniere added:
While we have experienced some timing delays associated with the approval process for expanded drilling at the Shanac licence (which contains our resource deposits), we continue to advance a range of field-based activities and studies across the project.
Importantly, we retain the ability to commence near-term drilling at our Obradov Potok and Jezerska Reka Prospects, with a Magnetotelluric (MT) geophysical survey also set to commence imminently, ensuring exploration momentum is maintained.
