Name of the Project
Star of Mangaroon gold project.

Location
The Star of Mangaroon deposit is located within the Mangaroon gold camp, in the Gascoyne region of Western Australia, about 250 km south-east of Exmouth.

Project Owner/s
Dreadnought Resources (100%). In December 2025, Dreadnought entered into binding agreements with Black Cat Syndicate to jointly develop and mine the openpit deposit.

Under the agreements, Black Cat will fund and manage mining operations, process up to 110 000 t of ore at its Paulsens processing facility and share surplus project cashflow with Dreadnought.

Project Description
The project is a high-grade gold development centred on the Star of Mangaroon deposit. 

An updated scoping study completed in October 2025 outlines the development of a contractor-operated openpit mining operation over an initial 12-month production period using conventional drill-and-blast, and load-and-haul methods. 

Mining, haulage and processing will be outsourced to third parties. 

The updated study targets initial production of about 24 000 oz of gold at an average mined grade of about 8.3 g/t of gold – a 24% increase in ounces relative to the January 2025 study, driven by additional high-grade, near-surface mineralisation and without material changes to the pit design. 

Based on an assumed metallurgical recovery of 96%, recovered gold is estimated at about 23 800 oz.

Ore is planned to be hauled by road train to an external processing facility, with ore to be processed at Black Cat’s Paulsens gold operation under an ore purchase agreement.

Processing is expected to include crushing, grinding, gravity concentration and carbon-in-leach recovery.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Total capital expenditure, including preproduction capital, rehabilitation and demobilisation, is estimated at about A$4.8-million.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
MineBuild Global; Ashmore Advisory; Strategic Metallurgy; Peter O’Bryan & Associates; Onshore Environmental; Pennington Scott; Botanica Consulting; Black Cat Syndicate.

Contact Details for Project Information
Dreadnought Resources, tel +61 8 9473 8345 or email info@dreres.com.au.