Dreadnought Resources (DRE) Q1 2026 TU earnings summary

Executive summary

• Top 20 shareholders have shifted, with Farjoy now the largest after recent capital raises; board and management have committed AUD 7.8 million and hold 10% of shares.

• Secured $18M in capital raising, with additional $0.61M director participation pending approval, to accelerate gold project development at Mangaroon and Illaara.

• Cash position has improved to AUD 24–25 million, providing strong financial flexibility for ongoing and new projects.

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

• Strategy focuses on developing high-grade gold at Star of Mangaroon, advancing near-term production, and expanding critical metals exploration.

Financial highlights

• Free cash flow from Star of Mangaroon updated to AUD 78–90 million at current gold prices, up from AUD 50 million.

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

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

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

• All-in sustaining cost has increased slightly due to higher ounces and haulage costs.

Outlook and guidance

• Production at Star of Mangaroon expected to commence within 10–12 months, pending government approvals.

• Revised open pit study underway for Star of Mangaroon, with improved economics expected due to higher gold prices and more ounces near surface.

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

• Aircore and diamond drilling at Illaara to begin in the first quarter of next year, targeting large-scale gold discoveries.

• Metallurgical test work and commercialization studies for critical metals at Gifford Creek to be a major focus in the coming year.