Dreadnought Resources Set for Exploration Plunge After $20M Placement

THE BOURSE WHISPERER: Dreadnought Resources (ASX: DRE) has raised $20 million to advance the company’s Rare Earth Element (REE) project in Western Australia.

Dreadnought Resources said the funds will be spent on accelerating drilling activities at the company’s 100 per cent-owned Mangaroon REE project where the range and scale of minerals have seen Mangaroon emerge as a world-class critical metals province.

Dreadnought will also advance its other projects, including Mangaroon Gold, Tarraji-Yampi, Central Yilgarn and Bresnahan.

On top of the $20 million placement, the directors of Dreadnought have made commitments to invest $1.4 million at the same price of 10 cents per share (subject to shareholder approval at a general meeting in March 2023) and will have a pro-forma ownership of approx. 13 per cent, with a total investment of approx. $4.5 million.

“The range and scale of minerals we have identified have seen Mangaroon emerge as a world-class critical metals province in about six months,” Dreadnought Resources managing director Dean Tuck said in the company’s ASX announcement.

“We have already identified a source of the regional rare earths at the C3 carbonatite with potentially more to come.

“These funds will allow for further rapid progress on rare earths and a range of other critical metals at Mangaroon.

“The company will also progress activities at its other projects, which are showing considerable promise as ongoing exploration continues.

“All this amounts to continuous news flow and an exciting period ahead for Dreadnought.

“Dreadnought would like to thank shareholders, new and existing, for the continued support and we look forward to delivering on our strategy to uncover the potential of our exciting portfolio of assets.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE