Dreadnought Resources (ASX: DRE) – 7,000 km2 in Kimberley & Gascoyne

 

COMPANY SCOREBOARD

Pro PlusProCon PlusCon
  • Substantial WA land package
  • REE resources adjacent to HAS proposed development
  • Directors skin in the game
  • Directors lack experienced geologists
 

ABOUT COMPANY

Dreadnought Resources (DRE) (https://www.dreadnoughtresources.com.au/) explores verities of minerals including gold, copper, nickel, PGE, and REE in Western Australia.

CAPITAL STRUCTURE

Total director’s 13% holding cost around $4.5m.

FLAGSHIP ASSETS

Mangaroon Ni-Cu-PGE REE Project Gascoyne WA (49% -100%)

Project Data

The company signed JV agreement with TSE:FQM for base metal rights over 5 tenements. The agreement provides FQM with the right to earn a 51% interest by spending $15m and a further 19% interest by sole funding all expenditure up until a Decision to Mine.

Its current resources might be a good addition to HAS (16.7Mt@0.95% for 194kt MREC), whose current resource base doesn’t support its development.

In June 2023, the company diversified its focus to gold.

 

Below are the project’s resources:

OTHER ASSETS

Tarraji-Yampi Ni–Cu–Au Project West Kimberley WA (2,660km2)

The company announced some decent drilling results in November 2021.

The Central Yilgarn Project Southern Cross North WA

The company acquired the Yerilgee and Evanston projects from AMD for $700k in July 2022.

SUMMARY

If the company’s Yin resource turns out to be better than HAS‘s, there will be a corporate transaction between them.

However, the company is shifting its focus to gold in June 2023.