Dreadnought Resources (DRE) H2 2024 earnings summary

Executive summary

• Extended Gifford Creek Carbonatite to over 17km with high-grade niobium and rare earth elements (REE) zones; delivered a JORC 2012 Mineral Resource at Yin REE Ironstone Complex of 29.98Mt @ 1.04% TREO (87% Measured & Indicated).

• Achieved commercialisation milestones, including production of high-quality mixed rare earth carbonate from Yin and advanced commercial assessment of Gifford Creek Carbonatite niobium.

• Pursued a self-funded explorer model by outsourcing funding, development, haulage, and processing for open pit mines, aiming to reduce reliance on market funding.

• Identified and consolidated new gold, lithium, and uranium targets across Mangaroon, Bresnahan, and Central Yilgarn projects, with joint venture discussions well advanced for several assets.

Financial highlights

• Net loss for the year ended 30 June 2024 was $6,319,382, compared to $5,521,985 in the prior year.

• Net assets increased by $1,196,113 to $52,037,529 as of 30 June 2024.

• Operating revenue was $242,788, down from $338,777 year-over-year.

• Cash and cash equivalents at year-end were $1,448,571, down from $5,664,368 at the previous year-end.

• Capitalised exploration and evaluation assets rose to $50,964,784 from $42,278,019 year-over-year.

Outlook and guidance

• Focus remains on transforming into a self-funded explorer, progressing Gifford Creek Carbonatite to commercial assessment, and making significant discoveries on 100% owned ground.

• Strategy includes commercialising the portfolio and funding discoveries through third parties.

• Recent capital raise of $3.5 million (plus $210,000 director participation) in August 2024 supports ongoing operations and exploration.