Ann: Quarterly Activities Report - June 2025, page-2

*Here's a detailed summary of the Dreadnought Resources Ltd (ASX: DRE) Quarterly Activities Report for the quarter ending 30 June 2025:

Key Highlights

• Capital Raised: $10.4 million raised through placements, share purchase plan (SPP), and director participation.

• Cash Position: $10.2 million in cash at quarter end.

• Drilling Activities: Commenced at multiple gold and base metal prospects, including the high-grade Star of Mangaroon.

• JV Agreement: Secured a $15 million farm-in JV with Teck Resources for the Money Intrusion Ni-Cu-Co-PGE system.

• Exploration Incentive: Received a $120,000 EIS grant for drilling at the Inevitable Cu-Au target.

Financial & Corporate Summary

• Placements:

  • Tranche 1: $6.1M (510M shares @ $0.012)

  • Tranche 2: $2.4M (197M shares @ $0.012)

  • Share Purchase Plan: $1.7M (143M shares @ $0.012)

• Director participation: $220k

• Cash Breakdown: $1.2M bank + $9M call deposits

• New tenement acquisitions:

  • E09/2479: $100k + $400k in escrowed shares

  • M09/63, E09/2195, L09/27: $200k + $200k in shares

• Equity Movements: ~920M new shares issued this quarter

Gold – Star of Mangaroon (100%)

• High-grade deposit: 23,300 oz @ 12.8 g/t Au

• Scoping Study: $40M cashflow projected over 1 year at AISC $1,800/oz

  • At $4,600/oz gold: ~$50M cashflow

  • Every $100 increase = +$1.9M cashflow

• Exceptional recoveries: 96.7% combined, 74.4% gravity

• Current focus: Grade control drilling (41 RC, 6 diamond holes)

• Strategy: Outsource funding/development to become self-funded explorer

Exploration Projects

Steve’s Reward (100%)

• Untested high-grade outcrop from 1996 (up to 116 g/t Au)

• Recent rock chips up to 155.5 g/t Au

• 17 RC holes commenced

Inevitable (100%)

• Strong EM conductors over 900m strike

• Gossan samples: 6.6% Cu, 0.7% Pb, 5.1 g/t Ag

• 5 RC holes planned with EIS co-funding

Illaara Project (100%)

• Located in the Yilgarn region (~800km²)

• Resource: 14.9k oz @ 6.8 g/t Au (Metze’s Find)

• Near infrastructure and mills (Mt Ida, Davyhurst)

• Drilling planned for December 2025

Critical Minerals – Mangaroon

Total Resource:

• Yin + Gifford Creek: 40.82Mt @ 1.03% TREO (67% M&I)

Yin Ironstones:

• Resource: 29.98Mt @ 1.04% TREO

• High NdPr:TREO ratio of 29%

• Only ~4km of 43km strike drilled

• 87% of resource Measured/Indicated

Gifford Creek Carbonatite:

• One of the largest carbonatite complexes globally (>17km)

• Inferred Resource (0.7% cutoff): 10.84Mt @ 1.00% TREO & 0.22% Nb₂O₅

• Nb₂O₅ Exploration Target (Stinger): 15–60Mt @ 0.5–1.0%

• Additional intercepts:

  • 29m @ 2.1% TREO

  • 24m @ 14.5% P₂O₅

  • 12m @ 319ppm Sc

  • 6m @ 12.8% TiO₂

Joint Ventures

Money Intrusion (Teck JV)

• $15M JV with Teck Resources (TSE: TECK)

• Ni-Cu-Co-PGE system over >45km

Bresnahan (Teck JV)

• $3.25M JV over one tenement

Other Projects

Tarraji-Yampi (80–100%)

• Hosts the Orion Cu-Au discovery

• Open to JV partnerships

Upcoming Work Plan

Sep 2025 Quarter

• Begin Star of Mangaroon open-pit production planning

• Drilling: Star of Mangaroon extensions, Steve’s Reward, others

Dec 2025 Quarter

• Illaara aircore drilling

• Exploration at Bordah, High Range, Minga Bar

Capital Structure (as of 30 June 2025)

• Shares on issue: 5.08 billion

• Options: ~25 million (multiple strike prices)

• Performance Rights: ~68 million across various classes

Additional Notes

• Exploration spend for the quarter: $1.775M

• Director remuneration: $114k total (split across categories)

• Multiple ASX announcements made (9 market-sensitive)

*gpt4o