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DREADNOUGHT RESOURCES LTD Interim / Quarterly Report 2026
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Interim / Quarterly Report
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DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN-40119-031-864
Unit: 14 Barley Street
Osborne Park, WA 9017
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
ASX ANNOUNCEMENT 27 April 2026
31 March 2026 Quarterly Activities Report
The Board of Dreadnought Resources Ltd (ASX:DRE) (“Dreadnought” or “the Company”) is pleased to provide a summary of activities for the quarter ended 31 March 2026.
OVERVIEW OF ACTIVITIES (All Amounts in A$ Unless Otherwise Stated)
Finding More Gold, Faster Strategy
The Company continues to accelerate its Finding More Gold, Faster strategy which included:
- Advancing Star of Mangaroon
-
Receiving key approval (Mine Proposal and Mine Closure Plan) paving the way for development (ASX 23 Apr 2026).
-
Advancing Metzke’s Find
- Delivering high-grade results at Illaara (ASX 3 Feb 2026) to expand the current Resource along strike and produce material for metallurgical test work.
-
Commencing RC drilling at Illaara (ASX 10 Mar 2026) with a focus of adding further near-term production ounces and upgrading the current Resource to the Indicated category.
-
Conducting Discovery Focused Activities
- Releasing high-grade results at Mangaroon (ASX 9 Feb 2026) enhancing Steve’ Reward and Cullens Find.
- Identifying a new camp-scale prospect at Mangaroon (ASX 24 Feb 2026) improving target definition.
- Commencing air core drilling at Illaara (ASX 4 Mar 2026) to advance our largest exploration drilling program to date.
- ~18,000 metres drilled this quarter, with ~6,500 assays pending.
Rare Earths (REE), Niobium (Nb) and Other Critical Metals
-
Consolidation (ASX 2 Mar 2026 and 31 Mar 2026): Acquisition of 20 additional strike kilometers of outcropping rare earth mineralisation significantly consolidating rare earths in the region. These tenements provide additional scale and potential, both complementing and expanding on the rare earth opportunity. In addition, these tenements have strong gold, tungsten and copper potential.
-
West Australian Critical Minerals Delegation: Participation in the Western Australian Critical Minerals Delegation to North America provided the opportunity to strengthen relationships that support long-term growth in both gold and critical metals.
-
Stinger: This prospect at the Mangaroon Critical Metals Project continues to deliver high grades across multiple critical metals. Diamond drill hole CBDD015 successfully extended the mineralised footprint of Stinger (ASX 13 Apr 2025) with significant niobium (Nb2O5), rare earth (TREO) and scandium (Sc) intercepts including:
- 22.3m @ 1.3% Nb₂O₅ from 71.6m, including
- 19.4m @ 0.9% TREO from 71.6m, including
- 19.4m @ 181ppm Sc from 71.6m, including
- 10.4m @ 2.1% Nb₂O₅ from 71.6m
- 9.8m @ 1.3% TREO from 72.2m
- 9m @ 234ppm Sc from 73.0m
CORPORATE
Corporate activities for the quarter included:
Available Funds:
| Closing Cash on Hand at 31 March 2026 | $’000 |
|---|---|
| Bank | 1,625 |
| Call deposits | 18,000 |
| Total | 19,625 |
ASX:DRE
Dreadnought Resources Ltd
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN-40 119 031 864
Unit 1, 4 Barley Gears
Osborne Park, WA 9817
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
Equity:
Issue of Fully Paid Ordinary Shares during the Quarter:
- Acquisition of tenements: 82,682,358 shares at $0.024 on 31 Mar 2026.
- Exercise of Options: 92,642 shares at $0.075 on 31 Mar 2026.
Top Shareholders at 31 March 2026:
Reflects increased support from cornerstone investors, including directors, who recognise the potential of the Company.
| Holder Name | Holding | % IC |
|---|---|---|
| Farjoy Pty Ltd & Timothy Frank Robertson | 499,135,338 | 8.7% |
| Paul Chapman Group | 343,451,853 | 6.0% |
| Black Cat Syndicate Limited | 202,476,192 | 3.5% |
| Hongkong Ausino Investment Limited | 195,238,096 | 3.4% |
| Philip Crutchfield Group | 147,929,131 | 2.6% |
| Citicorp Nominees Pty Limited | 139,239,538 | 2.4% |
| Parkrange Nominees Pty Ltd | 86,857,143 | 1.5% |
| Kingfisher Mining Limited | 82,682,358 | 1.4% |
| Pareto Nominees Pty Ltd | 75,000,000 | 1.3% |
| Michael McKiernan | 55,186,373 | 1.0% |
| Dean Tuck Group | 53,226,589 | 0.9% |
| Total | 1,880,422,611 | 33% |
Electronic Shareholders at 31 March 2026
| Communication Method | Holders | Units ('000) | % IC |
|---|---|---|---|
| Email preferences | 3,442 | 4,597,875 | 80% |
| Postal preferences | 2,706 | 1,127,325 | 20% |
| Total | 6,148 | 5,725,200 | 100% |
Change over by emailing [email protected] to move to digital and reduce unnecessary administration overheads.
GOLD
MANGAROON (100%)
Dreadnought is focused on gold. Mangaroon hosts many historical alluvial and shallow hard rock mines, five of which are located on mining leases with minimal barriers to production.
The region is known for its free gold. Accordingly, metallurgical work at Star of Mangaroon produced exceptional recoveries from standard gravity and carbon in leach circuits averaging 96.7% combined recovery including an average 74.4% gravity recovery (ASX 14 Oct 2024).
Ongoing programs continue to reinforce the potential of this region. Discovery focused drilling confirmed gold mineralisation at Cullen's Find, Midnight Star and Midday Moon (ASX 11 Feb 2026).
Star of Mangaroon
The high-grade Resource of 27,000 oz @ 11.1 g/t Au with 99% in Measured and Indicated (ASX 24 Sep 2025) contains significantly more ounces in the top 30m of the deposit which substantially improved the already strong project economics, including:
- ~24koz generating an Operating Cashflow of ~$78M (@ $5,500 oz) over one year at an AISC of $2,020/oz
- Operating Cashflow changes by ~$2.3M for each $100oz of gold price movement (today ~$6,600oz)
- maximum cash drawdown is ~$5.4M
Dreadnought reached agreement with Black Cat that will see mining commence at the Star of Mangaroon and then hauled and processed at the Paulsens processing facility. With the key mining approval now received, we look forward to the receipt of remaining approvals to finalise our JV arrangements and bring the open pit into development.
ASX:DRE
Dreadnought Resources Ltd
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit: 1, 4 Barley Road,
Osborne Park, WA 9017
+61 8 9473 8345
[email protected]
Discovery Focused Drilling Results During the Quarter
Minga Bar shear zone
Results from a RC drill program to test Cullen's Find, Midday Moon and Midnight Star within the Minga Bar shear zone were released with gold successfully intersected at all three targets (ASX II Feb 2026).
Cullen's Find
First pass drilling tested a 400m x 300m gold-in-soil anomaly along the western margin of the shear zone with significant intercepts including:
- CFRC001: 25m @ 1.0g/t Au from 22m including 12m @ 1.4g/t Au from 25m
- CFRC002: 2m @ 4.4g/t Au from 81m, including 1m @ 8.7g/t Au from 81m
- CFRC006: 19m @ 0.4g/t Au from surface, including 4m @ 1.2g/t Au from 8m
These intercepts are the thickest to date, highlighting the potential for the project to produce bulk gold in addition to narrow vein high-grade gold.
The core of the gold-in-soil anomaly is located over an area of rare outcrop along the shear zone, with the mineralised structure interpreted to continue both to the north and south along strike (Figure 1).
Midnight Star
- Drilling primarily intersected an intensely sheared sedimentary sequence of the lower Edmund Group with minor mafic and carbonate units and pervasive quartz veining.
- First pass drilling tested a ~2,800m x 800m gold-in-soil anomaly within the shear zone; significant intercepts include:
MSRC005: 4m @ 3.2g/t Au from 12m including 1m @ 11.4g/t Au from 13m
- Midnight Star sits ~5kms along strike from Cullen's Find.
Midday Moon
- First pass drilling tested a ~1,500m x 700m gold-in-soil anomaly with strong Cu-Bi pathfinder anomalous, along the southwestern margin of the shear zone with significant intercepts including:
MMRC004: 3m @ 0.3g/t Au, 0.2% Cu and 0.2% Bi from 62m
- Midday Moon represents a unique style of mineralisation at Mangaroon with similarities to shear hosted Au-Cu-Bi mineralisation at Tennant Creek or with felsic intrusive affinities within a skarn system.
Figure 1: Plan view map of recent drilling (red dots) at Cullen's Find, Midday Moon and Midnight Star in relation to the corridor of opportunity (red fade) along the Minga Bar shear zone.
ASX:DRE
Dreadnought Resources Ltd
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit 1, 4 Burley Court,
Odborne Park, WA 6017,
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
Project Generation During the Quarter
Gold target generation and definition work continued across Mangaroon. Targets are generated by prospective lithostructural settings and anomalous gold/pathfinder stream sediments. These areas are then further refined into drill targets by anomalous gold and pathfinder soils and mapping.
Mangaroon Camp Scale Prospects
A new camp scale prospect was identified (ASX 24 Feb 2026):
- A 7th camp scale prospect, High Range Northwest, was generated following the completion of project wide stream sediment sampling at Mangaroon Gold.
- Each camp scale prospect has been delineated by strong gold-in-stream-sediment anomalous with gold pathfinders situated within prospective lithostructural settings.
- Prospects will be the focus of definition work expected to result in targets for drilling in the second half of 2026.
- Target definition work extended Steve's Reward gold-in-soil anomaly to ~4,000m x 1,000m (still open along strike).
- Additionally, wide-spaced first-pass target definition of gold-in-soils identified >8,000m anomalous (High Range North).
Significantly, many of these prospects contain stronger and/or larger gold and pathfinder anomalies than around the Star of Mangaroon, the only camp scale prospect with a history of gold production and targeted gold exploration.
The identification of these camp scale prospects allows exploration to turn to defining drill targets through systematic soil sampling, detailed mapping and lithostructural interpretations at High Range North, South and Northwest, Bordah and Minga Bar. Soil sampling commenced in March 2026 with results expected in June 2026.
ILLAARA (100%)
Illaara covers ~800km² in the Yilgarn region of Western Australia and hosts the high grade Metze's Find Resource, 14.9k oz @ 6.8g.t Au (ASX 27 Apr 2023).
Illaara is proximal to Mt Ida Gold Mill (Aurenne) and Davyhurst Mill (Ora Banda), the local town of Menzies, the major centres of Leonara and Kalgoorlie, and serviced by the sealed Goldfield Highway and well-developed shire roads.
This greenstone belt is one of the most underexplored greenstone belts in the premier global gold province being the Yilgarn Craton which hosts >30% of the world's known gold reserves. The project contains multiple highly prospective structural corridors with known gold anomalous providing near term drilling targets and discovery potential.
We have drilled ~18,000 metres this quarter across the RC and aircore drill programs, with ~6,500 assays pending.
Finding More Gold, Faster
A key focus of our Finding More Gold Faster Strategy is to rapidly advance Metzke's Find towards production as we believe that the high-grade Resource is an opportunity to expand production beyond the Star of Mangaroon.
We have recently commenced a RC drill program of ~60-holes (~4,900m) which aims to add to the Resource along strike and at shallow depths, and upgrade even more of the Resource to the Indicated category (ASX 10 Mar 2026).
This drilling program will result in an updated Resource forming the foundation of initial studies.
Figure 2: Plan view geology map of Illaara showing planned air core hole in relation to known gold prospects.
ASX:DRE
Dreadnought Resources Ltd
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit 1, 4 Burley Court,
Osborne Park, WA 6017,
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
Discovery Focused Drilling
Dreadnought is deploying modern geochemical and geophysical techniques to explore for mineralisation under shallow cover. A significant aircore drilling program is underway at Illaara representing our largest exploration drilling program to date.
As announced (ASX 4 Mar 2026):
- A ~550-hole (~40,000m) air core drilling program commenced at Illaara, focused on making a large-scale gold discovery.
- Testing ~24km strike of the Illaara greenstone belt with wide-spaced, first-pass air core at ~800m x 100m spacing with some closer 400m x 100m spacing around the CRA-Homestead target.
- This program is expected to take 3-4 months with assays regularly announced starting in April 2026.
This first ever, systematic program has been designed to identify gold anomalous within weathered saprolite that has the potential to host a large gold deposit.
CRITICAL METALS (100%)
Overview
The Mangaroon Critical Minerals Project is a globally significant critical metals complex with a combined Resource at the Gifford Creek Carbonatite ("Gifford Creek") and the Yin Ironstones ("Yin") of 40.82Mt @ 1.03% TREO (67% Measured and Indicated). Mangaroon is located ~250kms northeast of Carnarvon in the Gascoyne Region of Western Australia.
Gifford Creek
Gifford Creek, located in the Commonwealth's Northern Australia Infrastructure Facility ("NAIF") zone, hosts critical minerals including TREO-Nb-TiO2-Sc-P2O5 which are essential for the global energy transition, electronics and defense. Critical minerals are key to the Commonwealth's transition to net zero, vital to Australia's strategic interests and have the potential to boost economic development, particularly in northern Australia.
Diamond drilling was recently undertaken at Stinger to test the interpreted up-dip extension of mineralised carbonatites, where they would experience supergene enrichment in the near surface environment (ASX 13 Apr 2026).
Diamond drill hole CBDD015 (243.37m) successfully extended the mineralised footprint of Stinger with significant niobium (Nb2O5), rare earth (TREO) and scandium (Sc) intercepts including:
CBDD015: 22.3m @ 1.3% Nb₂O₅ from 71.6m, including
10.4m @ 2.1% Nb₂O₅ from 71.6m
19.4m @ 0.9% TREO from 71.6m, including
9.8m @ 1.3% TREO from 72.2m
19.4m @ 181ppm Sc from 71.6m, including
9m @ 234ppm Sc from 73.0m
Previously reported, RC drill holes had returned the highest-grade niobium and scandium results to date including:
CBRC203: 50m @ 1.0% TREO from 66m, including
7m @ 2.1% TREO from 98m
38m @ 1.1% Nb₂O₅ from 63m, including
4m @ 2.1% Nb₂O₅ from 82m
32m @ 163ppm Sc from 66m, including
8m @ 212ppm Sc from 78m
CBRC202: 23m @ 1.3% TREO from 73m (to EOH), including
6m @ 1.6% TREO from 81m
24m @ 1.8% Nb₂O₅ from 72m (to EOH), including
13m @ 2.2% Nb₂O₅ from 81m
21m @ 207ppm Sc from 75m (to EOH), including
6m @ 251ppm Sc from 78m
In addition to producing some of the highest-grade intercepts to date, all holes have extended mineralisation at Stinger which now remains open to the north and northwest. An updated JORC Exploration Target will be prepared to expand the new footprint to include potential critical metal byproducts in addition to the previously reported niobium.
Mineralogical work is ongoing ahead of sample selection for metallurgical testing. The niobium bearing minerals continue to be dominated by pyrochlore in the northwest of Stinger with significant ripple and ilmenorutile in the southeast.
Yin
Yin has a Resource of 29.98Mt @ 1.04% TREO (87% Measured and Indicated) (ASX 30 Nov 2023). This Resource contains a high NdPr to total rare earth oxides ratio. The Resource is over only ~4km of the ~43km of ironstones and includes an Indicated Resource of 5.52Mt @ 1.23% TREO over only ~250m of strike (ASX 5 Jul 2023).
ASX:DRE
Dreadnought Resources Ltd
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40119 031 864
Unit: 1,4 Burger Court
Osborne Park, WA 9017
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
Strategic Acquisition
The completion of the acquisition of 20 additional strike kilometers of outcropping rare earth mineralisation is a significant consolidation of rare earths in the region (ASX 31 Mar 2026). These tenements provide additional scale and potential both complementing and expanding on the rare earth opportunity. In addition, these tenements have strong gold, tungsten and copper potential.
OTHER PROJECTS
The status of other projects is outlined below:
Money Intrusion Ni-Cu-Co-PGE (Teck Earn-In)
The Money Intrusion is a ~45km long mafic intrusion prospective for Ni-Cu-Co-PGE massive sulphides. In 2023, Dreadnought discovered high tenor nickel-copper massive sulphides, confirming the potential of the system. Dreadnought entered in to a $15M Farm-In and Joint Venture agreement with Teck Resources, a leading Canadian resource company, to earn up to 75% of the Money Intrusion tenements.
Kimberley Cu-Au-Sb Project (Tarraji 80% / Yampi 100%)
The project is on a Defence Reserve since 1978 and has outcropping mineralisation and historical workings which have seen no modern exploration.
Dreadnought discovered high grade massive sulphides at Orion in 2021 with results to date indicating a large scale, Proterozoic VMS system at Tarraji-Yampi, similar to DeGrussa and Monty in the Bryah Basin.
Orion – Inferred Resource (ASX 15 Dec 2025)
Last quarter Dreadnought released an initial independent Resource at Orion.
Summary of the Orion Inferred Resource at >0.5% Cu or >0.5g/t Au Cut offs.
| Resource (Mt) | Cu (%) | Au (g/t) | Ag (g/t) | Co (%) |
|---|---|---|---|---|
| 1.17 | 1.2 | 1.0 | 19.8 | 0.06 |
| Contained Cu (t) | Contained Au (oz) | Contained Ag (oz) | Contained Co (t) | |
| 14,200 | 38,900 | 745,900 | 650 |
Orion remains open to the north and at depth providing targets for extensional drilling that could increase the initial Resource. Repeat lodes and further targets within this emerging VMS camp show promise for additional discoveries.
Next steps include metallurgical test work on diamond core and finalising the bi-annual renewal of the Deed of Access with the Commonwealth.
Importantly, Tarraji-Yampi is also located in the Commonwealth's NAIF zone and hosts critical minerals including copper, silver and cobalt which are essential for the global energy transition, electronics and defense. Critical minerals are key to the Commonwealth's transition to net zero, vital to Australia's strategic interests, and have the potential to boost economic development, particularly in northern Australia. Dreadnought was invited to participate in the West Australian Critical Minerals Delegation to Canada and the United States, led by the Hon David Michael, Minister for Mines and Petroleum.
Dreadnought has advanced other targets at Tarraji-Yampi which host a diverse range of commodities and critical minerals including copper, cobalt, antimony, gold, silver, lead and zinc.
The ongoing success at Tarraji-Yampi is underpinned by support from the Commonwealth and State Governments, including $292k in R&D tax credits and $715k in merit-based, State EIS drilling and geophysical funding. This support is gratefully acknowledged.
OTHER DISCOURSES
APPENDIX 5B DISCLOSURES
The accompanying Appendix 5B (Quarterly Cashflow Report) shows directors' remuneration (including superannuation) of $109k (Item 6.1) and $74k (Item 6.2), the amounts apportioned between corporate and exploration. During the period, the Company spent $1,767 on exploration and study activities.
The expenditure represents direct costs associated with the various studies, surveys, drilling programs and associated assays outlined in this report.
ASX:DRE
Dreadnought Resources Ltd
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit 64 Burley Court,
Odiorne Park, WA 9017,
+61 8 9473 8345
[email protected]
ASX ANNOUNCEMENTS
During the quarter, the Company made the following ASX announcements, 7 of which were market-sensitive:
| March 2026 | |
|---|---|
| 31/03/2026 | DRE: Completion of Acquisition / KFM: Completion of Divestment |
| 31/03/2026 | Application for Quotation of Securities – DRE x 2, Cleansing Statement |
| 12/03/2026 | Half Yearly Report and Accounts – 31 December 2025 |
| 10/03/2026 | RC Drilling Commenced at Metzkes Find - Illaara Gold |
| 04/03/2026 | Notification of Cessation of Securities |
| 04/03/2026 | Air Core Drilling Commenced at Illaara Gold |
| 02/03/2026 | Proposed Issue of Securities - DRE |
| 02/03/2026 | DRE: Critical Minerals Consolidation, Mangaroon / KFM: Divest Gascoyne REE Project to Dreadnought |
| February 2026 | |
| 24/02/2026 | New Camp Scale Prospect at Mangaroon Gold |
| 16/02/2026 | Notification of Unquoted Securities - DRE |
| 12/02/2026 | Proposed Issue of Securities - DRE |
| 12/02/2026 | Webinar Invitation to Shareholders |
| 09/02/2026 | High-Grade Gold Upgrades from Mangaroon Au |
| 03/02/2026 | High-Grade Infill & Extensional Drilling – Illaara Gold |
| January 2026 | |
| 19/01/2026 | Quarterly Cashflow Report and Quarterly activities Report – December 2025 |
| 02/01/2026 | Notification of Cessation of Securities and Change of Director’s Interest Notice |
CAPITAL STRUCTURE (as at 31 March 2026)
| Quoted Securities | |
|---|---|
| Fully Paid Ordinary Shares | 5,725,200,000 |
| Unquoted Securities | |
| Options @ $0.075 expiring 14/06/2026 | 1,783,831 |
| Options @ $0.0225 expiring 29/11/2028 | 3,771,176 |
| Options @ $0.024 expiring 28/02/2029 | 3,561,666 |
| Options @ $0.018 expiring 30/05/2029 | 4,713,971 |
| Options @ $0.018 expiring 29/08/2029 | 4,721,029 |
| Options @ $0.0465 expiring 28/11/2029 | 1,840,000 |
| Performance Rights expiring (Class J) 31/12/2026 | 15,100,000 |
| Performance Rights expiring (Class K) 31/12/2027 | 15,100,000 |
| Performance Rights expiring (Class M) 31/12/2027 | 13,475,000 |
| Performance Rights expiring (Class N) 31/12/2027 | 15,575,000 |
| Performance Rights expiring (Class O) 31/12/2028 | 15,575,000 |
| Performance Rights expiring (Class P) 28/02/2027 | 2,100,000 |
| Performance Rights expiring (Class Q) 28/02/2028 | 2,100,000 |
ASX:DRE
Dreadnought Resources Ltd
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit 1,4 Burgy Court,
Osborne Park, WA 6017,
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
WORK PLAN SUMMARY
| June 2026 Quarter | Sept 2026 Quarter | Dec 2026 Quarter | |
|---|---|---|---|
| Star of Mangaroon Mine | Approvals and commencement of mining, production and processing through Paulsens Gold Operations (BC8 JV) | ||
| Mangaroon Discovery Drilling | RC drilling of defined targets at Bordah (Steve's Find), High Range North, High Range South, Minga Bar camp scale targets | ||
| Mangaroon Exploration | Target definition work (soils and gradient array IP) at Bordah, High Range North, High Range South, Minga Bar camp scale targets | ||
| Metzke's Find Studies and Approvals | Technical and Environmental Studies | Resource update and Scoping Study | |
| Mining Proposal and Closure Plan submission | |||
| Metzke's Find Drilling | Metzke's Find Resource and study related RC and diamond drilling | ||
| Illsara Exploration and Discovery | Phase 1 Air core drilling | Phase 2 air core drilling | Phase 3 air core drilling / RC drilling (pending results) |
| Gifford Creek | Mineralogical and Metallurgical test-work |
~Ends~
For further information please contact:
Dean Tuck
Managing Director
Dreadnought Resources Limited
E: [email protected]
Jessamyn Lyons
Company Secretary
Dreadnought Resources Limited
E: [email protected]
This announcement is authorised for release to the ASX by the Board of Dreadnought.
ASX:DRE
Dreadnought Resources Ltd 8
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit 6, 4 Burley Court,
Osborne Park, WA 6017.
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
Cautionary Statement
This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk.
Competent Person's Statement – Mineral Resources
The information in this announcement that relates to the Star of Mangaroon Mineral Resource is based on information compiled by Mr. Shaun Searle, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Searle is an employee of Ashmore Advisory Pty Ltd. Mr. Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves'. Mr. Searle consents to the inclusion in the announcement of the matters based on his information in the form and context that the information appears in relation to Mineral Resource estimates.
Competent Person's Statement – Exploration Results
The information in this announcement that relates to geology, exploration results and planning, and exploration targets was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.
The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcements by Dreadnought Resources Limited referenced in this report and in the case of Mineral Resources, Production Targets, forecast financial information and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Disclaimer
References in this announcement may have been made to certain previous ASX announcements, which in turn may have included Exploration Results, Exploration Targets, Mineral Resources, Ore Reserves and the results of Pre-Feasibility Studies. For full details, please refer to the said announcement on the said date. The Company is not aware of any new information or data that materially affects this information. Other than as specified in this announcement and mentioned announcements, the Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement(s), and in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement.
ASX:DRE
Dreadnought Resources Ltd 9
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit 1, 4 Burley Court,
Osborne Park, WA 9817
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
SCHEDULE OF INTERESTS IN MINING TENEMENTS (as at 31 March 2026)
| Tenement | Project | Location | Status | Interest Start of Quarter | Interest at End of Quarter |
|---|---|---|---|---|---|
| E52/4142 | Bresnahan | Gascoyne, WA | Granted | 100%^{2} | 100%^{2} |
| E04/2315 | Tarraji | Kimberley, WA | Granted | 80%^{1} | 80%^{1} |
| E04/2508 | Yampi | Kimberley, WA | Granted | 100% | 100% |
| E04/2557 | Yampi | Kimberley, WA | Granted | 100% | 100% |
| E04/2608 | Yampi | Kimberley, WA | Granted | 100% | 100% |
| E04/2860 | Tarraji | Kimberley, WA | Granted | 100% | 100% |
| E04/2861 | Tarraji | Kimberley, WA | Granted | 100% | 100% |
| E04/2862 | Tarraji | Kimberley, WA | Granted | 100% | 100% |
| E04/2863 | Tarraji | Kimberley, WA | Granted | 100% | 100% |
| E04/2939 | Tarraji | Kimberley, WA | Application | - | - |
| E04/2940 | Tarraji | Kimberley, WA | Application | - | - |
| E29/0957 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E29/0959 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E29/0965 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E29/1050 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E29/1153 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E29/1204 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E29/1205 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E30/0471 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E30/0476 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E30/0485 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E30/0554 | Illaara | Yilgarn, WA | Granted | 100% | 100% |
| E30/0558 | Illaara | Yilgarn, WA | Granted | - | 100%^{3} |
| M29/0462 | Illaara | Yilgarn, WA | Application | - | - |
| E08/3178 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E08/3229 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E08/3275 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E08/3539 | Mangaroon | Gascoyne, WA | Application | - | - |
| E08/3740 | Mangaroon | Gascoyne, WA | Application | - | - |
| E08/3871 | Mangaroon | Gascoyne, WA | Application | - | - |
| E09/2195 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2290 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2370 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2383 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2405 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2422 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2448 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2449 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2450 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2467 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2478 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2479 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2535 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2937 | Mangaroon | Gascoyne, WA | Application | - | - |
| E09/2982 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E09/2994 | Mangaroon | Gascoyne, WA | Application | - | - |
| E09/2999 | Mangaroon | Gascoyne, WA | Granted | - | 100%^{3} |
| M09/0063 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| M09/0091 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
ASX:DRE
Dreadnought Resources Ltd 10
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN 40 119 031 864
Unit 4, 4 Burley Court,
Osborne Park, WA 9017
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.au
| Tenement | Project | Location | Status | Interest Start of Quarter | Interest End of Quarter |
|---|---|---|---|---|---|
| M09/0146 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| M09/0147 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| M09/0174 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| M09/0175 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| G09/0030 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| L09/0027 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| L09/0104 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| L09/0108 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| L09/0115 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| L09/0116 | Mangaroon | Gascoyne, WA | Granted | 100% | 100% |
| E08/3274 | Mangaroon | Gascoyne, WA | Granted | 100%² | 100%² |
| E09/2359 | Mangaroon | Gascoyne, WA | Granted | 100%² | 100%² |
| E09/2384 | Mangaroon | Gascoyne, WA | Granted | 100%² | 100%² |
| E09/2433 | Mangaroon | Gascoyne, WA | Granted | 100%² | 100%² |
| E09/2473 | Mangaroon | Gascoyne, WA | Granted | 100%² | 100%² |
| E09/2242 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2320 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2349 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2481 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2494 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2495 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2523 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2653 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2654 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2655 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2660 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E09/2661 | Mangaroon | Gascoyne, WA | Granted | - | 100%³ |
| E70/6736 | MidWest | Granted | - | 100%³ |
- E04/2315 subject to an 80/20 JV with Whitewater Resources Pty Ltd.
- Subject to a Farm-in Joint Venture arrangement with Teck Resources Pty Ltd.
- Acquired / applications granted during the quarter.
ASX:DRE
Dreadnought Resources Ltd 11
DREADNOUGHT RESOURCES
Dreadnought Resources Ltd
ABN-40119-031 864
Unit 1, Stanley Court,
Osborne Park, WA 9817
+61 8 9473 8345
[email protected]
www.dreadnoughtresources.com.sg
RESOURCES SUMMARY
Star of Mangaroon – Indicated and Inferred Resources (ASX 27 November 2024)
Table 1: Resource (2g/t Au cut-off grade) - Numbers may not add up due to rounding. *Surface reported at a 0.5g/t Au cut-off.
| Type | Measured | Indicated | Inferred | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Au (g/t) | Au (Oz) | Tonnes | Au (g/t) | Au (Oz) | Tonnes | Au (g/t) | Au (Oz) | Tonnes | Au (g/t) | Au (Oz) | |
| Surface* | 8,300 | 1.0 | 300 | 8,300 | 1.0 | 300 | ||||||
| Transition | 6,300 | 24.9 | 5,100 | 3,300 | 6.5 | 700 | 9,600 | 18.6 | 5,800 | |||
| Fresh | 33,200 | 13.5 | 14,400 | 23,500 | 8.5 | 6,400 | 1,000 | 5.1 | 200 | 57,700 | 11.3 | 21,000 |
| Total | 39,500 | 15.3 | 19,400 | 26,800 | 8.2 | 7,100 | 9,300 | 1.4 | 400 | 75,600 | 11.1 | 27,000 |
Metzke's Find – Indicated and Inferred Resources (ASX 27 April 2023)
Table 2: Resource (0.5g/t Au cut-off grade) - Numbers may not add up due to rounding
| Type | Indicated | Inferred | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Au (g/t) | Au (Oz) | Tonnes | Au (g/t) | Au (Oz) | Tonnes | Au (g/t) | Au (Oz) | |
| Transition | 800 | 1.1 | 30 | 1,100 | 17.4 | 600 | 1,900 | 10.3 | 600 |
| Fresh | 44,600 | 7.4 | 10,600 | 21,800 | 5.2 | 3,600 | 66,500 | 6.7 | 14,300 |
| Total | 45,00 | 7.3 | 10,700 | 22,900 | 5.8 | 4,200 | 68,400 | 6.8 | 14,900 |
Yin Ironstone Complex – Yin, Yin South, Y2, Sabre Measured, Indicated and Inferred Resources (ASX 30 November 2023)
Table 3: Summary of Yin Resources at 0.20% TREO Cut-off.
| Type | Measured | Indicated | Inferred | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes (Mt) | TRE O (%) | TRE O (kt) | Tonnes (Mt) | TRE O (%) | TRE O (t) | Tonnes (Mt) | TRE O (%) | TRE O (t) | Tonnes (Mt) | TRE O (%) | TRE O (t) | NdPr:TRE O Ratio (%) | |
| Oxide | 2.47 | 1.61 | 39.7 | 13.46 | 1.06 | 142.6 | 1.51 | 0.75 | 11.2 | 17.44 | 1.11 | 193.6 | 29 |
| Fresh | 2.70 | 1.09 | 29.5 | 7.67 | 0.95 | 72.8 | 2.17 | 0.75 | 16.3 | 12.54 | 0.95 | 118.7 | 29 |
| Total | 5.17 | 1.34 | 69.3 | 21.13 | 1.02 | 215.4 | 3.68 | 0.75 | 27.6 | 29.98 | 1.04 | 312.3 | 29 |
Table 4: Summary of Yin Resources at 1.00% TREO Cut-off.
| Type | Measured | Indicated | Inferred | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes (Mt) | TRE O (%) | TRE O (kt) | Tonnes (Mt) | TRE O (%) | TRE O (t) | Tonnes (Mt) | TRE O (%) | TRE O (t) | Tonnes (Mt) | TRE O (%) | TRE O (t) | NdPr:TRE O Ratio (%) | |
| Oxide | 1.60 | 2.22 | 35.6 | 5.34 | 1.99 | 106.4 | 0.26 | 1.67 | 4.3 | 7.20 | 2.03 | 146.3 | 30 |
| Fresh | 1.36 | 1.68 | 22.8 | 2.65 | 1.81 | 47.9 | 0.42 | 1.72 | 7.3 | 4.43 | 1.76 | 78.0 | 29 |
| Total | 2.96 | 1.97 | 58.4 | 7.99 | 1.93 | 154.3 | 0.68 | 1.70 | 11.6 | 11.63 | 1.93 | 224.3 | 29 |
Gifford Creek Carbonatite – Inferred Resource (ASX 28 August 2023)
Table 5: Summary of the Gifford Creek Carbonatite Inferred Resource at various % TREO Cut-offs.
| Cut-Off (%TREO) | Resource (Mt) | TREO (%) | NdPr:TREO (%) | Nb2O5 (%) | P2O5 (%) | TiO2 (%) | Sc (ppm) | Contained TREO (t) | Contained Nb2O5 (t) |
|---|---|---|---|---|---|---|---|---|---|
| 0.70 | 10.84 | 1.00 | 21 | 0.22 | 3.5 | 4.9 | 85 | 108,000 | 23,700 |
Orion – Inferred Resource (ASX 15 December 2025)
Table 6: Summary of the Orion Inferred Resource at >0.5% Cu or >0.5g/t Au Cut-offs.
| Resource (Mt) | Cu (%) | Au (g/t) | Ag (g/t) | Co (%) | Contained Cu (t) | Contained Au (oz) | Contained Ag (oz) | Contained Co (t) |
|---|---|---|---|---|---|---|---|---|
| 1.17 | 1.2 | 1.0 | 19.8 | 0.06 | 14,200 | 38,900 | 745,900 | 650 |
EXPLORATION TARGET SUMMARY
Gifford Creek Nb Exploration Target – Stinger Only) (ASX 3 March 2025)
Table 7: Summary of the Gifford Creek Nb Exploration target for Stinger Only.
| Tonnage Range (Mt) | Grade Range (% Nb₂O₅) | Contained Nb₂O₅ Range (t) |
|---|---|---|
| 15 - 60Mt | 0.5% – 1.0% | 150,000 – 300,000t |
*Note the potential quality and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Resource, and it is uncertain if further exploration will result in the estimation of a Resource. There has been no material change since the Exploration Target was first announced on 3 March 2025. The Exploration Target has been prepared in accordance with JORC 2012 and has been estimated for Stinger only over an area of ~1,700m × 500m and to a depth of ~120m based on wide spaced drilling to date and excludes: fresh rock depth extensions including drill holes ending in mineralization; mineralised extensions to Stinger; Discoveries within the region; and other associated critical minerals including rare earths, titanium, scandium, zirconium and phosphate.
ASX:DRE
Dreadnought Resources Ltd