Dreadnought Secures $18 million to Accelerate Gold Exploration

Highlights:

• Dreadnought Resources Ltd (ASX: DRE) secured firm commitments for ~$18 million through a placement at $0.035 per share, aimed at accelerating gold and critical minerals exploration.
• Company directors will invest an additional $0.6 million, subject to shareholder approval, bringing their total investment to around $7.7 million.
• Black Cat Syndicate Ltd (ASX: BC8) maintained its proportional holding with a $0.67 million contribution, while funds raised will support expanded drilling at the Star of Mangaroon and Yilgarn projects.

At the time of writing, Dreadnought Resources Ltd (ASX: DRE) has successfully closed firm commitments for a placement of ~$18 million (before costs) at $0.035 per share. This capital infusion is intended to fast-track exploration across its key gold projects—particularly in the Yilgarn region—and expand drilling programs at Star of Mangaroon and other prospective targets.

Strong Director Backing and Market Support

Alongside the placement, the board has committed an additional ~$0.6 million via director participation, pending shareholder approval at the Annual General Meeting later in November 2025. This brings total investments by directors to roughly $7.7 million, underscoring management’s confidence in the company’s runway ahead. Notably, Black Cat Syndicate Limited (ASX: BC8) maintained its ownership percentage by contributing $0.67 million, lifting its total investment to $2.67 million.

The issue price reflects a 16.5% discount to the last closing price, a 4.1% discount to the 15-day VWAP, and a 2.9% premium to the 20-day VWAP as of early October 2025. Petra Capital Pty Ltd has been appointed as sole lead manager and bookrunner for the placement.

Capital Structure & Use of Funds

Under the raise, 531,714,293 new shares are expected to be issued:

• ~6.34 million under ASX Listing Rule 7.1
• ~507.95 million under ASX Listing Rule 7.1A
• ~17.43 million to directors (conditional on AGM approval)

The first tranche is scheduled to settle on 15 October 2025, with allotment the next day; Tranche 2 is expected to settle in early December. Post-raise, Dreadnought’s ordinary shares will increase from ~5.08 billion to ~5.61 billion. A suite of unquoted options and performance rights remains on issue.

Funds raised will be deployed to accelerate exploration, complete underground and surface drilling, and advance critical minerals targeting. By strengthening its balance sheet, Dreadnought aims to capitalize on its exploration upside and deliver robust progress updates to shareholders.

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