Dreadnought Resources Confirms High-Grade Tungsten at Mangaroon and Mangaroon South

Dreadnought Resources Identifies High-Grade Tungsten at Two Gascoyne Projects

Dreadnought Resources (ASX: DRE) has reported high-grade tungsten rock chip results from its 100% owned Mangaroon and Mangaroon South Projects in Western Australia's Gascoyne region. Assays from the Nina target returned up to 6.5% WO₃ in recent sampling, with historical results reaching 12.7% WO₃. The company has also confirmed tungsten at Mulka Well within Mangaroon South, where first-pass sampling returned up to 1.9% WO₃.

The update matters because it shifts tungsten from a secondary regional theme to a defined exploration opportunity across two project areas. Dreadnought noted that more than a dozen additional mapped scheelite occurrences at Mangaroon South remain to be sampled, while drilling at Nina is planned for the end of 2026 or early 2027.

What the Announcement Reported at Nina

According to the announcement, Nina sits within the Leake Spring Metamorphics and the major Minga Bar shear zone, around 60km along strike from several Mangaroon gold targets. Historical work by Catalyst Metals between 2005 and 2011 outlined a broad tungsten zone 2,000m long and up to 800m wide, including a higher-grade core of approximately 800m strike and 100m width.

Dreadnought's recent reconnaissance used night sampling and shortwave ultraviolet light to identify scheelite-bearing material at surface. This work was designed to verify historical results and refine targets ahead of drilling.

Recent rock chip results reported by Dreadnought at Nina included:

The company also referenced historical rock chip results from Catalyst, which included:

Mineralisation at Nina was described as multiple parallel quartz-scheelite veins as well as disseminated scheelite within schists and altered granodiorites. For investors, the key point is not that these surface samples define a resource — rock chips are selective by nature and not representative of mineable widths — but that both historical and recent sampling appear to point to the same mineralised system.

Mulka Well Confirms Tungsten at Mangaroon South

The same announcement outlined first-pass tungsten sampling at Mulka Well, part of the Mangaroon South Project. Dreadnought acquired these tenements in March 2026, and the area lies within the Mooloo Zone of the Gascoyne Province, across the major Chalba Shear Zone.

Historical records cited in the ASX release show that German explorer Urangesellschaft mbH mapped more than a dozen scheelite occurrences in 1982 while exploring for uranium. However, those tungsten occurrences were not assayed at the time, and there is no record of subsequent tungsten exploration in the project area.

Dreadnought has since sampled the first of those prospects, with reported rock chip results at Mulka Well including:

A separate area of quartz veining in felsic schist located approximately 200m north of the main calc-silicate outcrop returned 0.5% WO₃, potentially indicating the mineralised system extends beyond the originally prospected area.

This is an important part of the update. Nina already has a body of historical work behind it, but Mulka Well suggests Mangaroon South may also host multiple tungsten targets that have seen limited modern follow-up.

"One of the most attractive aspects of the tungsten opportunity is how little additional work will be required to define targets for drilling and towards making a discovery," said Dean Tuck, Managing Director of Dreadnought Resources. "Nina is already a defined target, and over a dozen scheelite occurrences have already been identified at Mangaroon South that just require targeted surface sampling and mapping before ranking for discovery drilling."

Why the Reported Tungsten Grades Matter

The ASX announcement provided useful market context. Global tungsten mines typically report resource grades in the range of 0.2% to 0.5% WO₃, while high-grade deposits are generally in the 0.5% to above 1.8% WO₃ range.

Against that benchmark, many of the reported rock chip results at both Nina and Mulka Well are well above typical resource grades. That does not mean a deposit of similar grade has been defined, but it does indicate that Dreadnought is sampling material with strong tungsten content at surface.

For investors assessing early-stage exploration, grade matters because tungsten is a high-value, low-volume metal. A project with stronger grades may have a better chance of supporting economic extraction if continuity, scale, metallurgy, and access can later be demonstrated through drilling and technical studies.

Understanding Scheelite and WO₃

Tungsten reporting can look technical, so the announcement benefits from some plain-English context.

What Is Scheelite?

Scheelite is a calcium tungstate mineral and one of the main natural sources of tungsten. It is especially useful in exploration because it fluoresces under shortwave ultraviolet light, appearing bright under UV. This allows geologists to identify tungsten-bearing rock quickly during field work, particularly at night or in low-light conditions.

At both Nina and Mulka Well, Dreadnought used UV prospecting to help locate scheelite-bearing outcrop and float.

What Does WO₃ Mean?

Tungsten grades are typically reported as tungsten trioxide (WO₃), the industry-standard unit for expressing tungsten content. When a sample reports 1.0% WO₃, that means 1.0% of the rock sample is tungsten trioxide equivalent.

Pricing is commonly referenced in metric tonne units (mtu), where 1 mtu equals 10kg of WO₃.

Are Rock Chips Useful, but Limited?

Rock chip samples are taken from exposed outcrop or near-surface material. They are valuable for identifying mineralisation and comparing target areas, but they are selective by nature and can be biased toward visibly mineralised material.

That is why the next step matters. Surface rock chips can indicate prospectivity, but drilling is needed to test width, continuity, depth extent, and the overall geometry of mineralised zones. Rock chip results help confirm that tungsten is present and can indicate grade potential, but they do not define a Mineral Resource. At Nina and Mulka Well, the reported assays are best viewed as target-generation and target-validation data ahead of drilling.

Tungsten Market Context Supports Investor Interest

The company's announcement also outlined why tungsten is drawing more attention. Tungsten has the highest melting point of any metallic element at 3,422°C, as well as very high strength and hardness, making it difficult to replace in several industrial applications.

Furthermore, the announcement noted that key uses include:

• Cutting tools and hardmetals
• Steel alloys
• Electronics
• Defence applications, including munitions and armour

Tungsten is additionally classified as a critical mineral by Australia, the United States, the European Union, the United Kingdom, Japan, Korea, and India. Supply concentration is another relevant part of the market backdrop.

Dreadnought cited data indicating China holds approximately 52% of global tungsten reserves and accounts for most global mine production, while Australia ranks second for reserves. The announcement also referenced rising benchmark prices through 2025 and 2026, linked to tighter Chinese export quotas alongside industrial and defence demand.

For investors, this does not change the early-stage nature of Dreadnought's tungsten targets. It does, however, help explain why high-grade surface results in Australia may attract attention if follow-up work continues to support the geological model.

What Comes Next in the Work Programme

In the announcement, Dreadnought outlined a near-term pathway for both projects. Nina appears to be the more advanced of the two tungsten opportunities, while Mangaroon South offers broader regional target generation potential.

The reported work plan includes:

This staged approach matters because it gives investors several potential data points before drilling begins. Stream sediment results, mapping, and first-pass prospect sampling at Mangaroon South may help the company prioritise which occurrences warrant drilling after Nina.

How Tungsten Fits Within Dreadnought's Broader Portfolio

The announcement framed tungsten as an addition to an already diversified exploration portfolio rather than a replacement for Dreadnought's existing gold focus. That distinction is relevant, as management stated the company remains focused on gold whilst running low-cost tungsten work in parallel.

Key assets referenced in the ASX material include:

For investors, tungsten adds another commodity exposure within the same regional platform. The central question now is whether surface grades at Nina and Mangaroon South can translate into coherent drill targets and, in time, subsurface continuity.

Why Investors May Follow the Next Phase Closely

The announcement presents several reasons the tungsten work could remain on the market's watchlist. In summary:

• The reported surface grades are high relative to typical tungsten resource grades globally
• The opportunity spans two separate project areas, not a single isolated prospect
• The next work stages appear to be low-cost and sequential, beginning with mapping and sampling before RC drilling
• Nina is moving toward drilling, representing the most significant near-term catalyst

If drilling confirms that the high-grade surface mineralisation continues at depth and across meaningful widths, that would materially strengthen the tungsten thesis. If it does not, however, investor focus may shift back more heavily toward Dreadnought's gold and rare earth programmes.

At this stage, the ASX update supports a clear conclusion: Dreadnought has identified a credible early-stage tungsten opportunity across Mangaroon and Mangaroon South, and the next round of fieldwork is likely to determine whether it develops into a larger exploration story.

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