Dreadnought Resources (DRE) Q2 2026 TU earnings summary

Executive summary

• Advanced the 'Finding More Gold, Faster' strategy with significant capital raises and project funding agreements, notably for Mangaroon and Illaara gold projects.

• Achieved a 36% increase in Measured and Indicated Resource at Star of Mangaroon and upgraded the Scoping Study, improving project economics.

• Entered a binding agreement with Black Cat for funding and development of Star of Mangaroon open pit.

• Conducted successful discovery and follow-up drilling at Steve's Reward and Cullen's Find, with results pending.

• Advanced critical metals projects at Mangaroon, with high-grade results for rare earths, niobium, and other metals.

Financial highlights

• Completed $18M capital raise (Tranche I) and $0.61M director participation (Tranche II), increasing total director investment to ~$7.9M.

• Closing cash on hand at 31 December 2025 was $21.83M.

• Spent $2.76M on exploration and study activities during the quarter.

Outlook and guidance

• Star of Mangaroon mine approvals and commencement of production targeted for March 2026 quarter.

• Metzke's Find infill and extension drilling results expected in February 2026; production pathway being established.

• Ongoing drilling and exploration at Mangaroon and Illaara, with further resource updates and studies planned.