Dreadnought Resources (ASX:DRE) used its first shareholder webinar of the year to outline a 2026 work program centered on bringing its Star of Mangaroon gold project into production, accelerating development at Metzke’s Find, and launching what management described as the company’s largest-ever gold discovery drilling campaign across the Illaara Belt and the Mangaroon project area.
Strategy: production plus discovery
Management said the company’s “Finding more gold faster” strategy is unchanged: develop high-grade gold deposits at Star of Mangaroon and advance Metzke’s Find so both can move into production, while pursuing a larger-scale gold discovery through expanded exploration drilling. The company also highlighted ongoing work at its Gifford Creek carbonatite projects, where it is starting a major metallurgical program focused on critical metals.
Star of Mangaroon: approvals in progress, Black Cat ready to move
On Star of Mangaroon, management said mine approvals remain the key gating item. The mine proposal and mine closure plan (MPMCP) and the Native Vegetation Clearing Permit (NVCP) are under assessment by the Western Australian Mines Department. The company has received its first request for further information (RFI) and said it is responding immediately, describing the RFI as largely administrative and not raising “serious issues.”
Management also sought to set expectations on timing, noting the department has indicated it is “overworked and understaffed” and pointing to another operator’s experience as a benchmark. The presenter said Dreadnought is currently in “month 5” of the process and referenced an example where approvals took “6 or 7 months.”
Dreadnought said its mine haulage and processing arrangements with Black Cat are now completed, and that once approvals are received, Black Cat has 60 days under the contract to mobilize and commence operations. The company said it is targeting the third quarter for production, with earlier production possible if approvals arrive sooner.
Management also provided a financial framework it said underpins the Star of Mangaroon development. It stated the resource is 27,000 ounces, with 24,000 ounces in the pit at an assumed A$6,500 gold price. It said that scenario could generate more than A$100 million in free cash flow, split 50/50 with Black Cat up to A$80 million, after which Dreadnought’s share of profits rises to 70%.
Metzke’s Find: drilling in March, scoping study targeted mid-year
At Metzke’s Find in the Illaara Belt, management said it intends to replicate the approach used at Star of Mangaroon to fast-track development work, with the goal of having Metzke’s in a similar approvals position by the end of 2026 and ultimately bringing it into production behind Star.
The company said Enviros completed a final environmental survey on site during the week of the webinar, building on survey work completed previously. Resource extension drilling is scheduled to begin in early March, with the crew expected on site on March 2, the rig arriving around March 5, and drilling targeted for March 7, subject to typical operational variability.
Management said the planned program is approximately 6,000 meters, describing it as roughly 50–60 holes, designed to extend mineralization along strike and test shallow zones that were previously avoided due to uncertainty around historic workings. It also said some drilling would test at depth to assess underground potential. First-phase metallurgical test work is underway, and the company said it is targeting an updated resource and an initial scoping study around mid-year.
Large-scale exploration: Illaara Belt aircore begins, Mangaroon follow-up in April/May
Dreadnought described 2026 as a step-change year for discovery drilling, starting with a belt-scale aircore program across the Illaara Belt. Management said a rig had arrived on site and was expected to begin drilling immediately. Phase 1 is expected to total about 40,000–50,000 meters across roughly 550–600 holes, with an estimated three-month duration. The company said it will send samples weekly and expects initial assay-driven news flow to begin within six to seven weeks, providing sustained updates through the year. Phase 2 is expected to be of similar scale and to begin soon after Phase 1, including follow-up drilling of any anomalies and expanded coverage to the south.
In total, management said it expects 80,000–100,000 meters of aircore drilling in 2026—described as the largest drilling program in Dreadnought’s seven-year history.
At Mangaroon, management said it has now defined seven “camp-scale targets” from multi-year stream sediment sampling and target generation work. It noted that Star of Mangaroon sits within one of the weaker stream-sediment gold anomalies, while several other targets show larger or stronger anomalism and textbook pathfinder signatures. The company plans additional target definition and drilling across multiple prospects and said it expects to significantly expand its pipeline of drill-ready targets.
Near-term drilling at Mangaroon includes 5,000–6,000 meters of RC drilling on the Minga Bar Shear corridor, including follow-up at Cullen’s and Midnight Star, expected in April and May. Management also said it is considering gradient array IP over parts of the corridor to help refine targeting in that terrain.
The webinar also discussed Steve’s Reward (Ora Banda), where management said each round of work has expanded the footprint of mineralization and soil anomalism, but where the next drilling targets still require refinement. A soils program is planned for March/April, with drilling at Steve’s Reward expected in the second half of 2026.
At High Range North, management highlighted an 8-kilometer-long gold-in-soil anomaly and said it plans infill work and first-pass soils at High Range South and High Range Northwest during March/April.
Gifford Creek critical metals: metallurgical program launched
Dreadnought said it has begun a large metallurgical test work program at the Gifford Creek carbonatite complex, focusing on the Stinger discovery alongside its rare earth work at Yin. Management framed the next 6–12 months as centered on proving whether Stinger can produce saleable products—potentially including niobium, scandium, titanium, zirconium, and phosphate—in addition to rare earths. It said Phase 1 would run for a minimum of six months, potentially extending to 12 months if successful.
The company argued that demonstrating a viable multi-product pathway could materially improve partnership discussions and broaden development options beyond a rare-earth-only outcome. Management cited NioCorp’s Elk Creek project in the U.S. as an analog for a multi-product carbonatite flow sheet, while emphasizing that its focus remains on proving a sellable product rather than just in-ground grades.
During the Q&A, management also addressed shareholder questions about capital returns, noting it would first need to generate cash and then weigh priorities such as additional exploration funding versus dividends or buybacks. It reiterated that strategic options—including potential spin-outs of critical metals assets—have been considered, but said the company prefers flexibility while it seeks partners and completes metallurgical work.
About Dreadnought Resources (ASX:DRE)
Dreadnought Resources Limited explores for and develops mineral properties in Australia. The company explores for copper, nickel, gold, silver, cobalt, platinum group elements, rare earth elements, iron ore, and base metals. Its flagship project is the Tarraji-Yampi project covering an area of approximately 1,400 km2 located in West Kimberly. The company was formerly known as Tychean Resources Limited and changed its name to Dreadnought Resources Ltd in February 2019. Dreadnought Resources Limited was incorporated in 2006 and is based in Osborne Park, Australia.
