Dreadnought Raises $4.1M to Kickstart Mangaroon Gold Production in 2025

Funding Boost for Mangaroon Gold Project

Dreadnought Resources Ltd has successfully raised $4.1 million to accelerate development of its 100%-owned Mangaroon Gold Project in Western Australia's Gascoyne region. The capital raise includes $3.1 million from sophisticated investors and directors at a discounted share price of $0.01, alongside a $1 million subscription agreement with Black Cat Syndicate Ltd, securing Black Cat's first right to negotiate development of the Star of Mangaroon deposit.

This funding milestone marks a pivotal step in Dreadnought's strategy to transition from an explorer reliant on external capital to a self-funded gold producer. The company plans to leverage these funds to secure remaining mining approvals, expand mineral resources on existing leases, and advance exploration across promising new targets such as Bordah and High Range.

Star of Mangaroon: A High-Grade Gold Opportunity

The Star of Mangaroon gold camp, historically the largest producer in the region, hosts a recently updated resource estimate of approximately 23,300 ounces at an impressive 12.8 grams per tonne gold, with 84% classified as indicated. The accompanying scoping study projects a production target of around 20,000 ounces at 10 g/t Au, with operating cash flows exceeding $40 million at a gold price of $4,100 per ounce, rising to $50 million at forward prices of $4,600 per ounce.

Importantly, mineralisation remains open both along strike and at depth, offering significant upside potential. Drilling programs scheduled to commence in March/April 2025 will focus on extending the Star of Mangaroon open pit and exploring nearby prospects such as Popeye and Pritchard's, which have already yielded encouraging high-grade intercepts.

Strategic Partnership with Black Cat Syndicate

The $1 million subscription agreement with Black Cat Syndicate not only provides capital but also a strategic pathway for Dreadnought to utilise Black Cat's established Paulsens processing facility. This arrangement is a strong endorsement of the project's viability and a critical enabler for Dreadnought's goal to commence open pit mining in 2025 with outsourced processing and haulage, reducing upfront capital requirements.

Directors have demonstrated confidence by committing an additional $220,000, bringing their total investment to over $7 million, underscoring management's alignment with shareholder interests and belief in the project's potential.

Broader Mangaroon Project Potential

Beyond gold, the expansive Mangaroon Project covers over 4,500 square kilometres and includes significant nickel-copper-cobalt-PGE prospects within the Money Intrusion, as well as rare earth element (REE) and niobium targets at the Yin Ironstone Complex and Gifford Creek Carbonatite Complex. Dreadnought is advancing commercial assessments of these critical mineral assets, positioning the company to capitalize on multiple commodity markets.

The company’s approach to exploration combines modern geochemical and geophysical techniques to unlock value beneath shallow cover, a strategy that has already identified new high-potential targets with stronger signatures than historical mines.

Looking Ahead

With funding secured and drilling rigs scheduled to turn in the coming months, Dreadnought is poised to deliver on its self-funded explorer strategy. The focus will be on resource growth, securing approvals, and progressing towards production, all while maintaining flexibility through strategic partnerships and a lean capital model.