Strickland Metals (ASX:STK) said it is in compliance with listing rules and is not aware of any undisclosed information that might explain recent trading in its securities, according to a Tuesday filing with the Australian bourse.

In response to a query from the stock exchange, the company said a May 4 market disclosure about exploration activities at the Rogozna project in Serbia may be a possible reason behind the recent trading.

In that disclosure, the company said it experienced unexpected delays to the start of its exploration drilling program as it has not yet received final regulatory approvals.

Strickland Metals also pointed to a recent decline in the price of gold, which it said may have contributed to weakness and volatility in the exploration sector.

The company's shares were flat in recent Tuesday trade but have declined more than 25% over the last five trading days.