Why Dreadnought Resources (ASX:DRE) Is Advancing Gold at Star of Mangaroon and Metzke's Find After Its September Quarter

Sonal Goyal

23 October 2026 05:42 PM AEDT

Why Dreadnought Resources (ASX:DRE) Is Advancing Gold at Star of Mangaroon and Metzke's Find After Its September Quarter

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Key Highlights

Dreadnought Resources held A$11.6 million in cash and term deposits at 30 September 2026, down from A$15.7 million at the start of the quarter.
Star of Mangaroon has a Mineral Resource of 75,600 tonnes at 11.1 g/t gold for 27,000 ounces, with Mining approval received on 23 April 2026.
Metzke's Find has an Indicated and Inferred Resource of 150,100 tonnes at 5.2 g/t gold for 24,900 ounces.

Dreadnought Resources (ASX:DRE) released its quarterly activities and Cash Flow reports for the three months to 30 September 2026 on 23 October. The company said it held A$11.6 million in cash and term deposits at quarter end, down from A$15.7 million at the start of the period. It spent about A$3.9 million on exploration, raised no Equity and holds no financing facilities. The Appendix 5B estimates funding of 2.84 quarters at current outgoings.

The company's near-term production plan is based on Star of Mangaroon, a gold project in the Gascoyne region. Its Mineral Resource is 75,600 tonnes at 11.1 g/t gold for 27,000 ounces, of which Measured and Indicated categories make up 98 per cent. Dreadnought reported project Economics of about 24,000 ounces of production and Operating Cash Flow of about A$78 million at a gold price of A$5,500 an ounce, an All-In Sustaining Cost of A$2,020 an ounce and a maximum cash drawdown of about A$5.4 million. The company said operating cash flow moves by about A$2.3 million for each A$100 change in the gold price. These are company assumptions, not outcomes.

Mining approval was received on 23 April 2026 and a native vegetation clearance permit took effect on 30 May 2026. Shire road access approvals, road user agreements and bore extraction permits are still being finalised. Ore is planned to be mined and then hauled to the Paulsens Gold Operation for processing under an agreement with Black Cat Syndicate dated 2 December 2025. The December 2026 quarter work plan lists approvals and the start of mining.

Metzke's Find and the Illaara belt

At the Illaara project near Kalgoorlie, Metzke's Find has an Indicated and Inferred Resource of 150,100 tonnes at 5.2 g/t gold for 24,900 ounces, announced on 23 June 2026. Indicated material accounts for 20,800 ounces.

Drilling began at neighbouring Metzke's North on 13 July 2026. Reverse circulation results released on 6 October included 7 metres at 8.6 g/t gold from 8 metres in hole MZRC174, which contained 1 metre at 57.1 g/t. A twelve-hole diamond program at Metzke's Find, comprising four twin holes and eight extensional holes, is awaiting assays. These are exploration results, not additions to the Resource.

Regional aircore drilling has identified thirteen mineralised corridors, with about 10 per cent of the greenstone belt tested and a best intercept of 18 metres at 0.8 g/t gold.

Mangaroon discovery and critical metals

At Mangaroon, soil sampling defined a gold anomaly about 15 kilometres long at Minga Bar and anomalism over about 20 kilometres at High Range. Bordah extended to more than 10 kilometres of strike. The company also reported a tungsten-in-soil anomaly at Bordah, with detailed mapping and sampling to precede discovery drilling. A A$180,000 co-funded government grant, announced on 21 October, will partly fund Reverse Circulation Drilling at the Nina tungsten prospect.

In rare earths, mining Lease applications for the Yin deposits were submitted on 31 August 2026. Yin holds an estimated 29.98 million tonnes at 1.04 per cent total rare earth oxides, and Dreadnought Resources (ASX:DRE) is preparing an updated exploration target for the Gifford Creek niobium and rare earth area. The company stated that the Stinger niobium target is conceptual and that it is uncertain a Resource will be estimated. Further metallurgical work on the Kimberley Orion deposit depends on renewing a Deed of Access with the Commonwealth.

Caveats and next steps

The report lists risks around title, approvals, native title, cultural heritage, Commodity prices and mine development. It also contains inconsistencies, including differing dates for the Star of Mangaroon Resource.

Next steps in the report are a March 2027 quarter plan to submit a Metzke's Find mining proposal and closure plan, reverse circulation drilling at defined Mangaroon targets and Illaara, and metallurgical work at Stinger.

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