$21.4M Raising to Accelerate World-Class Mangaroon Project
Dreadnought Resources is pleased to announce that it has received firm commitments to raise $20.0m in an institutional placement of 200 million new ordinary shares (“New Shares”) at an issue price of $0.10 per share (“Placement”).
Proceeds from the Placement are to be used to advance Dreadnought’s portfolio of projects, with the primary focus of delivering multiple REE discoveries and Resource upgrades at Mangaroon, in addition to providing general working capital.
Funds will be applied as follows:
Mangaroon REE and Au Project (100%)
- Discovery and Resource drilling along ~43km of strike of ironstones and the C1-C7 carbonatites.
- Studies including: mining scenarios, metallurgical flowsheets, milling and concentrating alternatives and assessments of how mid/downstream industry participants can add value to Dreadnought shareholders.
- In the face of an improving gold price and sentiment, increased activities around the >10 high-grade gold mines centred around the Star of Mangaroon gold mine.
Tarraji-Yampi Cu-Ag-Au-Co and Ni-Cu-PGE Project
- Discovery and Resource drilling of the high-grade Cu-Ag-Au-Co discovery at Orion as well as the dozen Orion look-a-likes nearby.
Central Yilgarn Gold, Iron Ore, Base and Critical Metals Project
- Activities focused on komatiite hosted Ni massive sulphides.
- Ongoing assessment of commercialisation of iron ore and gold opportunities.
- First pass assessment of gold and light and heavy REE opportunities.
The Placement was well supported by institutional and sophisticated investors, both domestically and offshore, demonstrating the market’s strong endorsement of Dreadnought’s rapid progress and significant potential.