How Dreadnought Resources Is Fast-Tracking Gold and Critical Metals Growth
Dreadnought Resources reports a 36% increase in high-grade gold resources at Star of Mangaroon, secures $18 million in funding, and advances critical metals projects with promising drilling results and strategic partnerships.
- 36% increase in Measured and Indicated gold resource at Star of Mangaroon
- Completed $18 million capital raise with strong director and Black Cat Syndicate participation
- Binding agreement with Black Cat for mining and processing at Star of Mangaroon
- Initial inferred copper-gold-silver-cobalt resource announced at Orion, Tarraji-Yampi
- High-grade rare earths and niobium drilling success at Mangaroon critical metals project
Strong Capital Backing and Resource Growth
Dreadnought Resources Ltd (ASX – DRE) has delivered a robust quarterly update for the period ending 31 December 2025, highlighting significant progress across its gold and critical metals portfolio. Central to the quarter’s achievements was a 36% increase in the high-confidence Measured and Indicated gold resource at the Star of Mangaroon deposit, now estimated at approximately 66,300 tonnes grading 11.3 grams per tonne for 26,500 ounces of gold. This upgrade reinforces the project’s high-grade credentials and underpins improved financial outcomes.
Backing this growth, Dreadnought successfully completed the first tranche of an $18 million capital raise, with cornerstone investor Black Cat Syndicate Ltd increasing its stake to 3.6%, and directors participating to bring their collective investment to nearly $7.9 million. This strong financial foundation supports ongoing exploration and development activities.
Strategic Partnership and Near-Term Production Plans
In a pivotal move, Dreadnought entered into a binding Heads of Agreement with Black Cat Syndicate to fund and develop the Star of Mangaroon open pit mine, with mining expected to commence within 60 days of receiving mining approval. The ore will be hauled and processed at Black Cat’s Paulsens processing facility, leveraging existing infrastructure to accelerate production timelines and reduce capital expenditure.
The company’s upgraded scoping study for Star of Mangaroon projects operating cash flow of approximately $78 million at a gold price of $5,500 per ounce, with a sensitivity of $2.3 million in cash flow for every $100 per ounce change in gold price. Metallurgical test work has confirmed exceptional gold recoveries averaging 96.7%, including a strong gravity recovery component.
Exploration Success Across Multiple Prospects
Dreadnought’s discovery-focused drilling programs continue to yield encouraging results. At Steve’s Reward, located within the Bordah camp scale prospect, drilling has identified gold-bearing lodes over a strike length of approximately 1,000 metres, with assays including high-grade intercepts such as 1 metre at 10.3 grams per tonne gold. Similarly, Cullen’s Find drilling returned thick, near-surface gold mineralisation, including 17 metres at 1.1 grams per tonne from 23 metres depth, highlighting potential for bulk tonnage deposits.
At the Illaara project, a 43-hole reverse circulation drilling campaign at Metzke’s Find aims to expand the existing resource and support metallurgical test work, with assay results expected in February 2026. The company is also preparing for a significant aircore drilling program in the March quarter to explore under shallow cover in this underexplored greenstone belt.
Advancing Critical Metals with High-Grade Drilling
Beyond gold, Dreadnought is making strides in critical metals exploration at its Mangaroon project in Western Australia’s Gascoyne region. Recent diamond drilling at the Stinger prospect has returned high-grade intersections of rare earth elements (TREO), niobium, titanium, scandium, and phosphate, including some of the highest grades recorded to date. These critical minerals are essential for the global energy transition and have strategic importance for Australia.
The company also announced an initial inferred resource at the Orion target within the Tarraji-Yampi project, comprising 1.17 million tonnes grading 1.2% copper, 1.0 grams per tonne gold, 19.8 grams per tonne silver, and 0.06% cobalt. This polymetallic deposit remains open for expansion and benefits from government funding support, including R&D tax credits and merit-based drilling grants.
Financial Position and Outlook
Dreadnought closed the quarter with a strong cash position of approximately $21.8 million, providing ample runway for its aggressive exploration and development agenda. The company’s capital structure includes over 5.6 billion fully paid ordinary shares and a range of options and performance rights, reflecting ongoing incentives aligned with shareholder value creation.
Looking ahead, Dreadnought plans to progress mining approvals and commence production at Star of Mangaroon, continue drilling programs at key gold prospects, and advance metallurgical studies for both gold and critical metals projects. The company’s integrated approach to gold and critical minerals positions it well to capitalise on evolving market demands.
Bottom Line?
Dreadnought’s strong resource growth, funding, and strategic partnerships set the stage for a transformative 2026, but upcoming assay results and regulatory milestones will be critical to watch.
Questions in the middle?
- When will mining approvals be finalised to enable Star of Mangaroon production to commence?
- How will pending assay results from Steve’s Reward, Cullen’s Find, and Metzke’s Find influence resource upgrades?
- What are the implications of the high-grade critical metals drilling for potential project development timelines?
