Dreadnought Resources (DRE) Q1 2026 TU earnings summary

Executive summary

• Significant changes in top shareholders, with Farjoy now the largest after recent capital raises and $18M secured to accelerate gold project development at Mangaroon and Illaara.

• Cash position strengthened to AUD 24–25 million, with board and management committed to AUD 7.8 million investment and total available funds post-placement of $25.6M.

• Achieved a 36% increase in Measured and Indicated Resource at Star of Mangaroon, with ongoing drilling identifying new mineralised trends and improved free cash flow.

• Drilling at Stinger REE/niobium deposit intercepted a new thick REE carbonatite, returning 140m @ 0.9% TREO (24% NdPr:TREO), advancing critical metals at Gifford Creek.

• Ongoing exploration and drilling at Mangaroon and Illaara, with multiple targets and assays pending, and focus on both discovery and near-term production ounces.

Financial highlights

• Free cash flow from Star of Mangaroon increased to AUD 78–90 million at current gold prices, with operating cashflow of ~$40M over one year at AISC of $1,800/oz.

• Max cash drawdown reduced from AUD 10 million to AUD 5.4 million, funded by development partner.

• Revenue projections up due to higher gold prices and increased gold recovered; gold prices at record highs (~$6,350/oz as of 22 October 2025).

• $2.69M spent on exploration and study activities during the quarter.

• Closing cash on hand at 30 September 2025 was $6.99M, with total available funds post-placement of $25.6M.

Outlook and guidance

• Production at Star of Mangaroon expected within 10–12 months, pending government approvals, with revised open pit study underway and improved economics expected.

• Ongoing drilling at Mangaroon and Illaara, with results expected throughout next year and the December 2025 quarter.

• Aircore and diamond drilling programs to expand in 2024, targeting new discoveries at Illaara and further exploration at Mangaroon.

• Metallurgical test work and commercialization focus for critical metals at Gifford Creek.