Highlights

  • Dreadnought Resources Ltd shares rose 10.00% to AUD 0.022 on 27 April 2026 following its quarterly update.
  • Approximately 18,000 metres of drilling completed during the March quarter, with around 6,500 assays pending.
  • Star of Mangaroon received key mining approvals, supporting development progression.
  • High-grade gold results and expanded drilling programs reported across Mangaroon and Illaara.
  • Acquisition of 20km of additional rare earth strike enhances project scale.
  • Closing cash position stood at AUD 19.6 million as of 31 March 2026.

Dreadnought Resources Ltd (ASX:DRE) shares climbed 10.00% to AUD 0.022 during the afternoon session on 27 April 2026, following the release of its quarterly activities report for the period ended 31 March 2026. The stock is also approximately 10% higher over the past year, with the latest price movement coinciding with updates across its gold and critical minerals portfolio.

The quarterly update outlines continued progress across exploration, development approvals, and resource expansion activities, particularly within the Mangaroon and Illaara projects. The developments indicate ongoing advancement of the company’s “Finding More Gold, Faster” strategy, alongside expansion in critical metals exposure.

Founded as a mineral exploration company with a focus on gold and critical metals in Western Australia, Dreadnought Resources Ltd maintains a diversified portfolio that includes gold projects in Mangaroon and Illaara, as well as rare earth and critical minerals assets such as Gifford Creek and Yin. The company’s strategy centres on accelerating gold discovery and development while building exposure to commodities linked to the global energy transition.

Advancing Gold Projects Supports Development Pathway

A key update during the quarter was the advancement of the Star of Mangaroon project, where the company received important approvals including the Mine Proposal and Mine Closure Plan. These approvals represent a step towards potential development, with further approvals expected to finalise joint venture arrangements and commence mining activities.

Star of Mangaroon hosts a high-grade resource of 27,000 ounces at 11.1 g/t gold, with 99% classified in the Measured and Indicated categories. The project includes a significant portion of mineralisation within the top 30 metres, which contributes to project economics. Estimates indicate approximately 24,000 ounces could generate operating cash flow of around AUD 78 million at a gold price of AUD 5,500 per ounce, with an all-in sustaining cost of AUD 2,020 per ounce. The project’s sensitivity to gold prices is reflected in an estimated AUD 2.3 million change in operating cash flow for every AUD 100 per ounce movement in gold price.

At Illaara, which covers approximately 800 square kilometres in Western Australia’s Yilgarn region, the company continued to progress Metzke’s Find, a high-grade gold resource of 14,900 ounces at 6.8 g/t gold. During the quarter, a reverse circulation drilling program of approximately 60 holes (around 4,900 metres) was initiated to extend mineralisation along strike and improve resource classification. This work is expected to contribute to an updated resource and support initial development studies.

Exploration Activity Expands Across Key Targets

Exploration remained a central focus during the quarter, with approximately 18,000 metres drilled across various programs, including reverse circulation and air core drilling. Around 6,500 assay results remain pending, indicating further updates may follow.

At Mangaroon, drilling targeted multiple prospects within the Minga Bar shear zone, including Cullen’s Find, Midnight Star and Midday Moon. Results confirmed gold mineralisation across all three targets. Notable intercepts at Cullen’s Find included 25 metres at 1.0 g/t gold from 22 metres and 2 metres at 4.4 g/t gold from 81 metres. These results represent some of the thicker intersections recorded at the prospect to date.

Midnight Star drilling identified mineralised zones within a large gold-in-soil anomaly, including 4 metres at 3.2 g/t gold from 12 metres. Meanwhile, Midday Moon returned intercepts combining gold, copper and bismuth mineralisation, reflecting a different style of mineralisation within the broader project area.

In addition to drilling, the company identified a new camp-scale prospect, High Range Northwest, through regional stream sediment sampling. This brings the total number of camp-scale prospects at Mangaroon to seven, with several showing extensive gold and pathfinder anomalies. Soil sampling programs commenced during March 2026, with results expected in June.

At Illaara, a large-scale air core drilling program of approximately 550 holes (around 40,000 metres) is underway. This program is designed to test approximately 24 kilometres of strike across the greenstone belt, targeting large-scale gold mineralisation. The program is expected to run for three to four months, with assay results anticipated to be released progressively.

Critical Metals Portfolio Expands

Beyond gold, Dreadnought Resources Ltd continues to advance its critical metals assets. During the quarter, the company completed the acquisition of an additional 20 kilometres of strike containing outcropping rare earth mineralisation. This acquisition increases the scale of its rare earth holdings and also introduces additional potential for gold, tungsten and copper.

At the Mangaroon Critical Minerals Project, the Stinger prospect delivered further drilling results. Diamond drill hole CBDD015 extended the mineralised footprint, with intercepts including 22.3 metres at 1.3% Nb₂O₅, 19.4 metres at 0.9% total rare earth oxides (TREO), and 19.4 metres at 181 ppm scandium. These results add to previously reported high-grade intercepts and indicate that mineralisation remains open in multiple directions.

The broader Mangaroon critical minerals system includes a combined resource of 40.82 million tonnes at 1.03% TREO across the Gifford Creek Carbonatite and Yin Ironstones. Yin alone hosts a resource of 29.98 million tonnes at 1.04% TREO, with a significant portion classified as Measured and Indicated.

Financial Position and Corporate Activity

As of 31 March 2026, Dreadnought Resources Ltd reported total available funds of approximately AUD 19.6 million, comprising AUD 1.6 million in bank balances and AUD 18.0 million in call deposits. This provides funding support for ongoing exploration and development programs.

During the quarter, the company issued 82.68 million shares at AUD 0.024 as part of tenement acquisitions, along with a smaller number of shares from option exercises. The shareholder base includes a range of institutional and strategic investors, with the top 11 shareholders collectively holding approximately 33% of issued capital.

Broader Project Portfolio and Ongoing Work

In addition to its primary gold and critical metals assets, the company continues to progress other projects, including the Money Intrusion nickel-copper-cobalt-PGE project under a farm-in agreement with Teck Resources, and the Tarraji-Yampi copper-gold project in the Kimberley region.

At Tarraji-Yampi, the Orion deposit hosts an inferred resource of 1.17 million tonnes grading 1.2% copper and 1.0 g/t gold, alongside silver and cobalt credits. The project remains open for further expansion through additional drilling.

What This Means for Investors?

The latest quarterly update from Dreadnought Resources Ltd outlines continued activity across its portfolio, including progress on approvals, ongoing drilling programs, and expansion of both gold and critical metals assets. The advancement of Star of Mangaroon towards development, combined with extensive exploration activity and strategic acquisitions, appears to have contributed to the positive share price movement observed during today’s session.

While a significant portion of exploration results remains pending, the scale of drilling activity and breadth of project developments indicate continued operational momentum heading into the coming quarters.