Dreadnought Resources (DRE) Q3 2025 TU earnings summary

Executive summary

• Star of Mangaroon gold project is on track for production in the September quarter, with a maiden resource of 23,300–23,400oz at 12.8g/t Au (84% Indicated), robust scoping study, and operational agreements under negotiation.

• Significant exploration pipeline at Mangaroon and Illaara, targeting additional gold ounces and major discoveries, with ongoing and follow-up drilling at multiple prospects.

• Recent capital raises, including $3.1M placement, $8.5M in commitments, and $2M from Black Cat Syndicate, have fully funded accelerated exploration and development.

• Strategic $15M farm-in and JV with Teck for Monya/Money Intrusion Ni-Cu-PGE provides non-dilutive funding and allows focus on gold strategy.

• Alara and Gifford Creek critical metals projects are being advanced, with air core drilling and commercial opportunities under review.

Financial highlights

• Market cap of $65M at A$0.015/share as of May 2025; cash position of ~A$9.4M as of 30 April 2025.

• 4,159,200,000–4,844,400,000 shares on issue; 90-day average liquidity of ~6.8M shares/day.

• Directors and management hold ~13% of shares; top 20 holders own 30%.

• $884k spent on exploration and study activities during the quarter; director remuneration $129k.

Outlook and guidance

• Mining approvals and production at Star of Mangaroon are expected in the September quarter 2025, with cash flow generation anticipated soon after.

• Ongoing drilling and resource expansion at Star of Mangaroon, Popeye, Pritchard Well, Two Peaks, and Lead Gold Mine, with results expected in May 2025.

• Exploration at Mangaroon and Illaara to build a pipeline of quality gold targets and deliver major discoveries through 2026.

• Company aims to become a self-funded explorer by generating positive cash flow from high-grade gold projects.