How Did Dreadnought Achieve a 36% Boost in Star of Mangaroon’s Gold Resource?

Resource Upgrade Highlights

Dreadnought Resources has delivered a robust update to its Star of Mangaroon gold project in Western Australia's Gascoyne Region, reporting a 36% increase in its high-grade Measured and Indicated (M&I) JORC Mineral Resource. The updated resource now stands at 27,000 ounces of gold at an impressive grade of 11.1 grams per tonne, with approximately 99% classified in the high-confidence M&I category. This upgrade reflects the company's focused drilling efforts since its initial resource announcement in late 2024.

The resource is predominantly shallow, contained within 110 metres of surface, and is considered amenable to open pit mining. Notably, the top 30 metres of the deposit have seen a threefold increase in contained ounces, a factor expected to enhance project economics and cashflow. The deposit remains open at depth and along strike, indicating further growth potential.

Strategic and Operational Context

Star of Mangaroon sits on a granted mining lease with mining proposals and closure plans already submitted for approval, positioning Dreadnought well for near-term development. The company is advancing commercial discussions aimed at outsourcing key elements such as funding, development, haulage, and processing. This approach aligns with Dreadnought's strategy to become a self-funded explorer, leveraging third-party partnerships to reduce reliance on market funding and focus internal cashflows on exploration and discovery.

Exceptional metallurgical test work supports the project's viability, with gravity and carbon-in-leach processing delivering gold recoveries between 97% and 99%. Such high recoveries are a strong endorsement of the deposit's amenability to conventional processing methods, further underpinning the economics of the project.

Exploration and Future Prospects

Drilling is ongoing, targeting extensions of the Star of Mangaroon resource both at depth and to the north, as well as testing multiple regional targets within the broader Mangaroon gold project. Results from this drilling campaign are anticipated throughout the December quarter of 2025, potentially adding further ounces and enhancing the project's scale.

Historically, the Star of Mangaroon mine was a significant high-grade producer, with underground mining between 1960 and 1983 yielding 7,464 ounces at an exceptional grade of 34.8 g/t gold. Since acquiring the project in 2022, Dreadnought has undertaken extensive modern exploration, including over 100 drill holes, significantly improving geological understanding and resource confidence.

Outlook and Market Implications

The updated resource and ongoing study work provide a solid foundation for Dreadnought's 'More Gold, Faster' strategy. The company aims to fast-track production through a high-grade open pit operation while continuing to explore for additional discoveries across its extensive Mangaroon tenure. The commercial model of outsourcing key operational components is well-suited to the current robust gold price environment in Western Australia, potentially accelerating cashflow generation and reducing capital intensity.

Investors and analysts will be watching closely for the results of the updated open pit study and the progression of commercial agreements, which will be critical in defining the project's development timeline and funding structure. The combination of high-grade, shallow ounces and strong metallurgical recoveries positions Star of Mangaroon as a standout asset in the Australian gold sector.