Dreadnought Boosts Star of Mangaroon Resource by 36% with $18M Funding

Funding Boosts Growth Ambitions

Dreadnought Resources Ltd (ASX, DRE) has taken a decisive step forward in its quest to accelerate gold production and critical metals exploration with the completion of an $18 million capital raise. This funding, secured in October 2025, includes a pro-rata contribution from cornerstone investor Black Cat Syndicate, who has maintained their holding with a total investment of $2.67 million. The company also anticipates further director participation of $610,000, pending shareholder approval at the upcoming AGM.

Resource Growth at Star of Mangaroon

The quarter saw a significant 36% increase in the high-confidence Measured and Indicated category of the Star of Mangaroon gold resource. This upgrade not only adds ounces but importantly increases the quantity of gold near surface, within the top 30 metres, which bodes well for mining economics and cash flow generation. Metallurgical testing has confirmed exceptional gold recoveries averaging 96.7%, underpinning the project's robust economics. A revised open pit study is underway, with commercial discussions progressing to outsource key development and processing components.

Discovery Drilling Uncovers New Targets

Exploration drilling continues to deliver promising results, particularly at Steve’s Reward, where new mineralised trends have been identified. The initial drilling intersected multiple gold veins close to surface, and follow-up reverse circulation drilling has confirmed similar lithologies and structures, with assay results expected imminently. Additional drilling at other prospects such as Cullen’s Find, Midday Moon, and Midnight Star within the Minga Bar camp scale prospect further expands the company’s exploration footprint.

Rare Earth and Critical Metals Potential at Gifford Creek

Dreadnought’s critical metals portfolio also advanced with the discovery of a thick rare earth element (REE) carbonatite intercept at the Stinger deposit within the Gifford Creek Carbonatite complex. Assays returned an impressive 140 metres at 0.9% total rare earth oxides (TREO) with a high neodymium-praseodymium ratio, critical for permanent magnets and clean energy technologies. The Gifford Creek project is one of the largest carbonatite complexes globally, hosting significant niobium, titanium, scandium, and phosphate resources, attracting growing commercial interest amid shifting geopolitical dynamics.

Corporate Strength and Strategic Outlook

At quarter-end, Dreadnought held nearly $7 million in cash and call deposits, with total available funds rising to over $25 million after the capital raise. The company is actively progressing towards production at Star of Mangaroon, targeting mining, haulage, processing agreements, and regulatory approvals in the coming quarters. Meanwhile, exploration programs at Illaara and the Money Intrusion Ni-Cu-Co-PGE project, under a farm-in JV with Teck Resources, continue to expand the company’s resource base and strategic options.

Dreadnought’s multi-commodity approach, combining near-term gold production with critical metals exploration, positions it well to capture value across evolving market demands. The upcoming months will be pivotal as assay results from ongoing drilling arrive and development plans crystallise.