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Highlights
- Dreadnought Resources raises $10.2 million through SPP and placement
- Oversubscribed SPP shows strong investor backing
- Funds to fast-track gold exploration and project studies
Dreadnought Resources (ASX:DRE) has successfully completed its Share Purchase Plan (SPP), raising $1.73 million through the issuance of approximately 143.8 million new shares. The strong response from shareholders resulted in the SPP being oversubscribed, reflecting solid confidence in the company’s exploration strategy. Notably, no scale-back was applied, allowing all applicants to participate fully.
In addition to the SPP, Dreadnought Resources undertook a two-tranche placement to institutional and professional investors. The first tranche of this placement has already been completed, securing $6.13 million. The second tranche, which aims to raise an additional $2.37 million, is subject to shareholder approval at the company’s upcoming general meeting scheduled for 9 May 2025. In total, the capital raising initiatives are expected to bring in approximately $10.2 million.
The funds raised will be directed toward advancing exploration activities at the company’s flagship Mangaroon Gold Project in Western Australia. Plans include intensive resource and regional drilling programs, as well as key mining studies and permitting processes. A gravity gold study is also in the pipeline, alongside further exploration drilling at the Illaara project.
Commenting on the recent developments, Managing Director Dean Tuck expressed appreciation for the robust support received through the SPP and placement, noting that it enables the company to move swiftly in its exploration efforts. He emphasized the company’s strategy to capitalize on the favorable gold market conditions by accelerating its search for high-grade gold deposits. The recent consolidations around the Mangaroon project area are part of this aggressive exploration approach.
This capital injection positions Dreadnought Resources to significantly advance its exploration timeline, with the ultimate goal of uncovering substantial gold resources. The focus remains on maximizing discovery efficiency and progressing towards production viability. With exploration already underway and strategic funds secured, the company aims to deliver value through systematic and results-driven development of its gold assets.
As the broader market continues to respond to global demand for precious metals, Dreadnought Resources is aligning its operations to take full advantage of the positive momentum in the gold sector.
