Dreadnought Resources Advances Gold Production with Star of Mangaroon Approvals and Metzke's Find Mining Lease Granted

Star of Mangaroon Project Economics and Approval Progress

Dreadnought Resources is advancing the Star of Mangaroon ("SoM") open pit deposit toward production following receipt of vital regulatory approvals during the quarter. On 23 April 2026, the company announced the granting of Mine Proposal and Mine Closure Plan approvals, overcoming a major development hurdle. Subsequently, a Native Vegetation Clearance Permit was issued effective 30 May 2026. The company is finalising Road User Agreements with the Shires of Upper Gascoyne, Carnarvon, and Ashburton and pursuing Bore Extraction permits to complete the regulatory requirements for open pit development.

The Star of Mangaroon resource delineation underpins strong project economics. The company reported a high-grade Resource totaling 27,000 ounces at 11.1 grams per tonne gold, with 99% classified as Measured and Indicated. Metallurgical testing demonstrated exceptional recoveries from standard gravity and carbon-in-leach circuits, averaging a combined 96.7% recovery with 74.4% gravity recovery. Assuming gold prices of $5,500 per ounce, project modelling forecasts approximately 24,000 ounces of production generating around $78 million in operating cashflow over one year at an all-in sustaining cost of $2,020 per ounce. Operating cashflow is estimated to fluctuate by about $2.3 million per $100 per ounce gold price change, with a maximum cash drawdown of roughly $5.4 million.

Strategic Collaboration with Black Cat Syndicate for Processing and Haulage

Dreadnought Resources has entered an agreement with Black Cat Syndicate Limited (ASX:BC8) for mining operations at Star of Mangaroon and haulage and processing at the Paulsens Gold Operation. This partnership grants access to established milling infrastructure, a critical element of the development plan that removes the need for Dreadnought to build or operate its own processing facilities. The collaboration exemplifies a strategic approach to monetising the Star of Mangaroon resource without incurring capital-intensive processing infrastructure costs.

The Paulsens Gold Operation is geographically close to the Star of Mangaroon project within the Mangaroon Gold Project area in Western Australia. The Mangaroon tenure includes multiple historical alluvial and shallow hard rock mines, five of which are on mining leases with minimal production barriers. The area is known for free gold mineralisation, consistent with the outstanding gravity recovery results from Star of Mangaroon metallurgical testing.

Metzke's Find Mining Lease Granted and Resource Growth at Illaara

On 25 May 2026, Dreadnought Resources announced the granting of a Mining Lease for Metzke's Find at its Illaara Gold Project, a major milestone toward commercialisation. This approval lays the regulatory groundwork to transition Metzke's Find from exploration to production. The Illaara Gold Project encompasses approximately 800 square kilometres with around 70 kilometres of strike within a greenstone belt located about 190 kilometres from Kalgoorlie, Western Australia.

Resource definition during the quarter yielded significant outcomes. On 24 June 2026, the company reported a 94% increase in high-grade Indicated Resource at Metzke's Find, though specific tonnage and grade details were not disclosed. Reverse circulation drilling in April 2026 targeted near-term production ounces and confirmed exceptional gold recoveries, highlighting coarse-grained free-gold mineralisation quality. High-grade extensions included an intersection of 7 metres at 49.9 grams per tonne gold. Additionally, the Metzke's North Discovery was confirmed as an offset extension to Metzke's Find on 3 June 2026, indicating potential resource expansion nearby.

Exploration Discoveries and Anomalies Across Gold Assets

Exploration efforts across Dreadnought's gold projects produced multiple significant findings during the quarter. At Mangaroon Gold, target definition commenced on 6 May 2026, laying the groundwork for identifying additional drilling targets within the landholding. At Illaara, three distinct anomalies each with 2-kilometre strike lengths were identified as growing, indicating potential for expansion through follow-up exploration. A separate 7-kilometre strike and growing anomaly was also discovered at Illaara on 22 June 2026, representing a larger-scale exploration target requiring further definition.

These results highlight the prospectivity of Dreadnought's consolidated landholdings and multiple discovery targets across Mangaroon and Illaara. The growing anomalies suggest opportunities to expand known mineralised zones. Illaara benefits from proximity to existing milling infrastructure, including the nearby Davyhurst mill operated by OBM and Bottle Creek mill operated by Aurenne, providing processing options for concentrates or ore. Dreadnought's 100% ownership of both Mangaroon and Illaara grants full control over development and exploration decisions.

Critical Metals Exploration at Stinger Prospect within Mangaroon

Alongside its gold development strategy, Dreadnought Resources is exploring for rare earth elements, niobium, and other critical metals. The Stinger prospect within the Mangaroon Critical Metals Project yielded significant intercepts during the quarter. Diamond drill hole CBDD015 extended Stinger's mineralised footprint with notable niobium (Nb2O5), rare earth (TREO), and scandium (Sc) intercepts. This included 22.3 metres at 1.3% Nb2O5 from 71.6 metres depth, with a higher-grade core of 10.4 metres at 2.1% Nb2O5 within that interval.

Rare earth and scandium grades at Stinger confirm the multi-commodity nature of Dreadnought's assets. The company reported 19.4 metres at 0.9% total rare earth oxide (TREO) from 71.6 metres depth, including 9.8 metres at 1.3% TREO from 72.2 metres. Scandium intercepts included 19.4 metres at 181 ppm Sc from 71.6 metres depth, with a higher-grade section of 9 metres at 234 ppm Sc from 73.0 metres. This aligns with the company’s strategic pillar of "Providing Critical Metal Optionality," positioning it to meet growing global demand for rare earths and critical minerals vital to renewable energy and technology sectors.

Strong Cash Position and Capital Structure at Quarter-End

As of 30 June 2026, Dreadnought Resources held $15,702,000 in cash, comprising $702,000 in bank deposits and $15,000,000 in call deposits, supporting ongoing exploration and development activities. No fully paid ordinary shares were issued during the quarter, maintaining a stable capital structure. At quarter-end, the company had 5,725,200,000 fully paid ordinary shares outstanding, along with multiple series of unquoted options and performance rights expiring through 2029.

Major shareholders include Farjoy Pty Ltd and Timothy Frank Robertson (8.7%), Paul Chapman Group (6.0%), Black Cat Syndicate Limited (3.5%), Hongkong Ausino Investment Limited (3.4%), and Philip Crutchfield Group (2.6%). The shareholding structure reflects strong alignment among board members, management, and key investors, with institutional and strategic shareholders holding significant stakes. The electronic register at 30 June 2026 recorded 6,079 shareholders holding 5,725,200,000 units, with 80% opting for email communications.

Mid-West Option Divestment While Retaining Market Exposure

On 14 May 2026, Dreadnought Resources divested the Mid-West Option as part of portfolio optimisation, focusing resources on core gold and critical metals projects. This divestment enables the company to concentrate on accelerating development of Star of Mangaroon and Metzke's Find while continuing exploration at Mangaroon and Illaara Gold Projects. The company indicated that the transaction maintains exposure to future success through contractual arrangements, preserving participation rights in developments or discoveries on divested tenements.

This strategic portfolio management aligns with Dreadnought's goals of becoming a self-funded explorer via gold production, accelerating gold discovery, and offering critical metals optionality. Concentrating on consolidated landholdings with multiple mineralised prospects and near-term production pathways positions the company to generate operating cashflow while retaining exploration upside and critical metals exposure.

Three-Pillar Strategic Framework Driving Growth

Dreadnought Resources’ three-pillar strategy guides near- and medium-term execution. The first pillar, "Transforming into a Self-Funded Explorer," focuses on advancing Star of Mangaroon and Metzke's Find toward production to generate operating cashflow funding ongoing exploration. The second pillar, "Finding More Gold Faster," targets accelerated discovery at Mangaroon and Illaara, with recent quarterly results showing growing anomalies and resource expansions. The third pillar, "Providing Critical Metal Optionality," leverages exposure to rare earth elements, niobium, scandium, and other critical metals through the Stinger prospect and broader exploration.

This balanced strategy combines near-term cash generation from gold production with medium-term discovery potential and critical metals market participation. Successful Star of Mangaroon development could yield approximately $78 million in annual operating cashflow at $5,500 per ounce gold, supporting exploration funding and debt servicing. This self-funding model reduces reliance on equity markets and enhances capital allocation flexibility.

Upcoming Operational and Regulatory Milestones for Project Development

Dreadnought Resources is progressing key regulatory and operational milestones to commence Star of Mangaroon production. Finalising Road User Agreements with the Shires of Upper Gascoyne, Carnarvon, and Ashburton will secure access to necessary roads for mining and haulage to Paulsens Gold Operation processing facilities. These administrative approvals reflect the company’s commitment to transparent engagement with local governments and communities. Bore Extraction permits are also being pursued to meet water sourcing needs for mining and processing.

Completion of these approvals will enable Star of Mangaroon to move from an approved project to operational development. The resource’s proximity to historical alluvial and shallow hard rock mines on mining leases with minimal production barriers supports manageable development timelines, pending final regulatory clearance. Concurrently, progress at Metzke's Find through Mining Lease grant and resource growth offers a second production avenue. The partnership with Black Cat Syndicate for milling and haulage mitigates capital and operational risks typically faced by junior explorers in Australia.