Dreadnought Advances Star of Mangaroon Mining Approval and Expands Rare Earth Footprint

Star of Mangaroon Cleared for Mining, Paving Way for Production

Dreadnought Resources (ASX:DRE) hit a major milestone this quarter by securing the Mine Proposal and Mine Closure Plan approval for its Star of Mangaroon gold project, clearing a key regulatory hurdle for development. This approval unlocks the path to commence mining and processing through the Black Cat JV’s Paulsens facility, targeting a high-grade resource of 27,000 ounces at an impressive 11.1 g/t gold, with 99% classified as Measured and Indicated. The project economics look robust, with an expected operating cash flow of around A$78 million at a gold price of A$5,500/oz and a low all-in sustaining cost of about A$2,020/oz. Each A$100/oz move in gold price could swing cash flow by approximately A$2.3 million, underscoring the project's sensitivity to market conditions.

This development follows the recent key mining approval that Dreadnought secured, reinforcing the company’s strategy to accelerate gold production by leveraging existing processing infrastructure and outsourcing capital-intensive development.

Expanding Gold Resources and Discovery Drilling at Illaara and Mangaroon

Alongside Star of Mangaroon, Dreadnought is pushing forward with its Metzke’s Find resource at Illaara, aiming to bolster near-term production ounces and upgrade resource confidence. A recently commenced reverse circulation drilling campaign of approximately 4,900 metres is focused on extending the 14,900-ounce high-grade resource and converting more ounces into the Indicated category. Concurrently, an unprecedented air core drilling program covering 40,000 metres over 550 holes is underway, targeting a 24-kilometre strike of the Illaara greenstone belt to uncover large-scale gold deposits beneath shallow cover.

Discovery-focused drilling at Mangaroon continues to yield promising results, with gold intersections at Cullen’s Find, Midnight Star, and Midday Moon along the Minga Bar shear zone. These targets, defined by extensive gold-in-soil anomalies and pathfinder elements, hint at both bulk gold mineralisation and high-grade veins. The identification of a seventh camp-scale prospect, High Range Northwest, expands the portfolio of promising targets that will be systematically advanced through soil sampling and mapping in the coming months.

Rare Earths and Critical Metals Footprint Grows with Strategic Acquisition

Dreadnought significantly bolstered its critical minerals position in the Gascoyne region by acquiring 20 additional strike kilometres of rare earth mineralisation at Mangaroon. This acquisition complements and extends the company’s existing holdings, which already include the Gifford Creek Carbonatite and Yin Ironstones projects hosting a combined resource exceeding 40 million tonnes at around 1% total rare earth oxides (TREO). The new tenements also carry strong potential for gold, tungsten, and copper, adding multi-commodity optionality.

Drilling at the Stinger prospect within the Mangaroon Critical Metals Project delivered high-grade intercepts, including 22.3 metres at 1.3% niobium pentoxide (Nb2O5) and 19.4 metres at 0.9% TREO, with significant scandium grades also reported. These results extend the mineralised footprint northwards and northwestwards, keeping the deposit open for further growth. Metallurgical and mineralogical studies are progressing to better understand ore characteristics ahead of metallurgical test work. An updated JORC Exploration Target is expected to incorporate byproduct critical metals, reflecting the evolving complexity and scale of the deposit. These developments build on the recent high-grade niobium and rare earths extension announced earlier this month.

Diversified Project Portfolio and Corporate Strength

Beyond gold and rare earths, Dreadnought’s portfolio includes the Money Intrusion Ni-Cu-Co-PGE project, where a $15 million farm-in JV with Teck Resources is underway following the discovery of high tenor nickel-copper massive sulphides. The Kimberley Cu-Au-Sb project also advanced with an initial inferred resource at the Orion VMS deposit, highlighting 1.17 million tonnes grading 1.2% copper and 1.0 g/t gold. The project remains open for expansion, supported by government funding and strategic partnerships.

Financially, the company ended the quarter with a solid cash position of A$19.6 million, bolstered by equity issued for tenement acquisitions and option exercises. Cornerstone investors and directors have increased their holdings, reflecting confidence in Dreadnought’s multi-faceted growth strategy.