Ann: Significant Untested Uranium Targets - Bresnahan, page-29

I asked DT on the investors hub about the WA U mine ban,
His response:

Whilst I have personal views on the Federal government’s position on nuclear energy and the WA Governments policy on uranium mining, they are not important for this answer.

The new Uranium mine policy was introduced 7 years ago in 2017 (after being lifted in 2008 where it had been in place for 25 years). Given the changes in both International and Australian public opinions on uranium mining and nuclear energy as a critical component of a lower carbon future there is every chance that the ban can and will be changed again.

Further reading on Australian opinion on nuclear energy: (I have tried to only use non paywall news)

May 2007: Attitudes to Nuclear Power, Are they shifting?

October 2023: Most Voters don’t believe Australia will meet Labor's net zero by 2050 target

February 2024: Newspoll show majority of Australian back nuclear energy

Further reading on Western Australian uranium mining ban: (I have tried to only use non paywall news)

December 2023: Australia's uranium dilemma

September 2023: Minerals Council pushes to lift WA uranium ban as surprise poll reveals voter support for contentious move

If the world is going to support nuclear energy as a component of the low carbon future, then where better and safer to have uranium mining than in the world's best mining jurisdiction, which also has the largest undeveloped reserves - Westralia.

At Dreadnought, our mission is to find the metals for our future. Our strategy is then to partner with or sell to a major mining company or spin out the asset with the team to deliver.

While there is a ban on uranium mining in the state, at the moment, there is not a ban on exploration. And exploration takes some years before a mine is developed. So, there is nothing against exploring for uranium in WA.

Having said that, we view that there are enough risks already with exploration without including those for politically charged commodities and Dreadnought has a long list of less risky commodities to pursue.

This is why we are actively searching for a partner or commercialisation outcome for the Bresnahan project.

What would this look like? There are several options on the table to consider. A partnership with a proper uranium company where they would earn into uranium rights, and we would retain gold and HREEs. Or perhaps a spin out or divestment into another vehicle and team focused on uranium where we could distribute shares and value to our existing shareholders.

We do not know what this will look like, but we are actively engaging with groups to get a feel for what would deliver our shareholders the best value and upside.