Duke Realty
Annual Report 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
ANNUAL 
REPORT 
 
A C N  1 1 9  0 3 1  8 6 4

 
 
 
CORPORATE 
DIRECTORY 
 
DIRECTORS 
Paul Chapman 
(Non-executive Chairman) 
Dean Tuck 
(Managing Director) 
Philip Crutchfield 
(Non-executive Director) 
Robert Gee  
(Non-executive Director) 
 
COMPANY SECRETARY 
Jessamyn Lyons 
 
REGISTERED OFFICE & 
POSTAL ADDRESS 
Level 3, 88 William Street 
Perth WA 6000 
PO Box 712 
Osborne Park DC WA 6916 
Telephone: +61 (8) 9473 8345 
Website: www.dreadnoughtresources.com.au 
ABN 40 119 031 864 
SHARE REGISTRY 
Automic Pty Ltd 
Level 5, 191 St Georges Terrace 
Perth, WA 6000 Australia 
hello@automicgroup.com.au 
(within Australia): 1300 288 664 
(international): +61 (2) 9698 5414 
 
AUDITORS 
PKF Perth 
Level 8, 905 Hay Street 
West Perth WA 6005 
 
STOCK EXCHANGE 
Australian Securities Exchange  
(Home Exchange: Perth, Western Australia) 
ASX Code: DRE 
 
DREADNOUGHT RESOURCES (ASX:DRE) IS A HIGHLY 
ACTIVE WEST AUSTRALIAN MINERAL EXPLORER FOCUSED ON 
FINDING THE METALS NEEDED NOW AND IN THE FUTURE. 
 
 
 

 
 
 
 
CONTENTS 
 
CHAIRMAN’S LETTER 
1 
DIRECTORS’ REPORT 
2 
AUDITOR’S INDEPENDENCE DECLARATION 
17 
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND 
OTHER COMPREHENSIVE INCOME 
18 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
19 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
20 
CONSOLIDATED STATEMENT OF CASH FLOWS 
21 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
22 
CONSOLIDATED ENTITY DISCLOSURE STATEMENT (CEDS) 
45 
DIRECTORS’ DECLARATION 
46 
INDEPENDENT AUDIT REPORT 
47 
ASX ADDITIONAL INFORMATION 
52 
 

 
 
 
 
1 
Dreadnought Resources Ltd 
Chairman’s Letter 
Dear Fellow Shareholder, 
 
We are pleased to present the 2024 Annual Report for Dreadnought Resources Limited. 
 
The past year has been another active one and we have made substantial progress on multiple fronts including: 
 
• 
Extending the Gifford Creek Carbonatite to >17km long with high-grade zones of Nb and REE. 
• 
Drilling thick high-grade niobium at the Gifford Creek Carbonatite. 
• 
Intersecting massive & disseminated sulphides long the 40km long Money Intrusion at the Mangaroon Ni-Cu project. 
• 
Finalising an extensive and first-ever review over Mangaroon gold identifying multiple targets that are now starting to bear fruit. 
• 
Acquiring & consolidating the Bresnahan U-Au-Sb- Pb project (100%). 
• 
Identifying 16 camp scale lithium targets at Central Yilgarn and Mangaroon. 
• 
Delivering a large, independent JORC Code 2012 Mineral Resource (“Resource”) at the Yin REE Ironstone Complex of 29.98Mt 
@ 1.04% TREO (87% Measured & Indicated). 
• 
Confirming that Yin can produce a high quality mixed rare earth carbonate, a major commercialisation milestone. 
• 
Embarking on a strategy to be a self-funded explorer by potentially outsourcing the funding, development, haulage and processing 
of an open pit mine at Star of Mangaroon. 
 
Notwithstanding these achievements, it was not all smooth sailing as our share price reflects. In particular, rare-earth markets cooled 
considerably in the face of global economic uncertainty. 
 
The question is how we regain the ground lost on our share price and we have adopted four key strategies as outlined below:  
 
1. 
Transform into a self-funded explorer: This involves a potential high-grade open pit at the Star of Mangaroon where we 
outsource funding, development, haulage & processing to third parties. This is a common model in WA given the robust gold 
price. Once successful, extend this model concept to Popeye, Two Peaks, Lead, Pritchard Well, etc. In this way, we reduce 
reliance on market funding and generate our own cashflow aimed at making life changing discoveries. 
 
2. 
Progress Gifford Creek Carbonatite to a commercial assessment by undertaking low cost/high value add work: 
We need to determine whether the Gifford Creek Carbonatite niobium has the potential to deliver an economic Resource/Ore 
Reserve. Given infrastructure and mineralogy, preliminary work to date says this is possible. Once confirmed, we will have a 
decision to make regarding sole risking or joint venturing. 
 
3. 
Discovery (100%): We have demonstrated ability in making discoveries. Our top 4 prospects across our 100% owned portfolio 
each have the potential to be life changing and are summarised below: 
• 
Mangaroon Camp Scale Au Prospect: 10km x 15km lithostructural setting with numerous historical gold workings and where 
first pass modern exploration has defined dozens of new gold and base metal targets. 
• 
Stinger Nb Prospect: a ~2.5km long zone of niobium mineralisation within the Gifford Creek Carbonatite with limited drilling 
having already identified significant saprolite and fresh carbonatite mineralisation.  
• 
Bordah Camp Scale Au Prospect: Similar lithostructural setting to the Star of Mangaroon Camp defined by stronger gold 
and pathfinder in streams anomalism with no previous record of exploration or prospecting. 
• 
High Range Camp Scale Au Prospect: >50km long highly prospective and unexplored lithostructural setting with some of 
the strongest gold in stream sediment anomalies at Mangaroon.  
 
4. 
Commercialise our portfolio & make discoveries funded by third parties:  
The status on this front is currently outlined below: 
• 
Mangaroon REE/Critical Minerals (100%): contains a Resource of 40.82mt @ 1.03% TREO and is already global scale with 
plenty of upside; we are minimising holding costs while maximizing preparedness for an upturn in REE markets. 
• 
Mangaroon Ni-Cu (100%): has confirmed sulphide Ni-Cu in the 40km long Money Intrusion; joint venture discussions are 
well advanced. 
• 
Bresnahan U-HREE-Au-Sb-Pb (100%): uranium targets have been identified by global uranium companies; partial joint venture 
discussions are well advanced. 
• 
Tarraji-Yampi (75%/100%): confirmed sulphide Ni-Cu, strategic review underway. 
• 
Central Yilgarn (100%): multiple, confirmed high-grade gold, iron-ore and base metals targets, partial joint venture 
discussions are well advanced. 
 
In relation to the critical minerals at Mangaroon, this remains a long-life, strategically important, potential Tier 1 project in one of the 
world’s top investment jurisdictions being Western Australia (Investment Attractiveness Index published in the 2023 Fraser Institute’s 
Annual Survey of Mining Companies). 
 
In closing, we would like to thank our stakeholders including traditional owners, local communities, employees, joint venture partners, 
suppliers and other business partners. We also would take this opportunity to thank our fellow shareholders for your ongoing support. 
 
Paul Chapman 
Chairman 
 

 
 
 
Annual Report 2024 
2 
Directors’ Report 
Your Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Dreadnought 
Resources Limited (referred to hereafter as the Parent Entity, Dreadnought or the Company) and the entities it controlled at the end 
of, or during, the year ended 30 June 2024. 
 
DIRECTORS 
 
 
The following persons were Directors of the Company during the whole of the financial year and up to the date of this report, unless 
otherwise stated: 
 
Paul Chapman 
(Non-executive Chairman) 
Appointed 9 April 2019 
 
Dean Tuck 
(Managing Director) 
Appointed 9 April 2019 
 
Philip Crutchfield 
(Non-executive Director) 
Appointed 13 September 2022 
 
Robert Gee 
(Non-executive Director) 
Appointed 2 March 2023 
 
PRINCIPAL ACTIVITIES 
 
The principal activities of the Group during the financial year were minerals exploration and development. There were no significant 
changes in the nature of activities of the Group during the year. 
 
DIVIDENDS  
 
No dividends have been declared or paid during the year (2023: Nil). 
 
OPERATING RESULTS AND FINANCIAL POSITION 
 
The net result of operations for the financial year was a loss of $6,319,382 (2023: $5,521,985). 
 
The net assets of the Group have increased by $1,196,113 during the financial year from $50,841,416 at 30 June 2023 to $52,037,529 
at 30 June 2024.

 
3 
Dreadnought Resources Ltd 
Directors’ Report 
continued 
REVIEW OF OPERATIONS 
 
The Group is an ASX-listed exploration and development company focussing on acquiring and exploring high-quality projects within 
the state of Western Australia. The Company’s strategy is to discover major deposits on these projects either by itself or in joint 
venture with major mining companies.  The review addresses highlights and significant changes in state of affairs during the year and 
to date. 
  
Operational Highlights to 30 June 2024: 
 
MANGAROON 
Nb-REE (100%) 
• 
Mangaroon REE is a globally significant critical minerals complex with a combined Resource at Yin and the Gifford Creek 
Carbonatite of 40.82Mt @ 1.03% TREO. 
• 
ANSTO, a word-leading expert in processing critical and strategic metals, has successfully produced a high quality mixed rare 
earth carbonate from Yin concentrate. This is a milestone achievement in commercialisation for Yin and in progressing 
discussions with rare earth refiners. 
• 
The Nb-REE Gifford Creek Carbonatite has produced some of WA’s best niobium intercepts outside the Arunta Province 
and with strong niobium identified across multiple zones, we see the potential for Mangaroon to evolve as multi-commodity 
critical metals hub, within proximity to existing infrastructure. 
• 
The Company is focussed on extending known pyrochlore Nb mineralisation and to discover additional deposits. 
• 
Assay results from 4 holes of our 19 RC hole drilling program have already confirmed thick high-grade niobium intercepts.  
Au (100%) 
• 
Mangaroon is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres which 
have seen minimal modern exploration.  
• 
We have identified a ~15km x 10km zone with strong gold-in-stream sediments and pathfinder (Ag-As-Bi-Mo-Sb-Te-W) 
anomalism and subsequent to 30 June 2024 acquired a strategic land holding to further consolidate this region.  
• 
An internal study on a conceptual open pit at Star of Mangaroon has underpinned commercialisation of these high-grade gold 
targets. The Company plans to become a self-funded explorer and by adopting a model whereby funding, development, haulage 
and processing are outsourced to third parties to generate cashflow to support life changing discoveries. 
• 
The Company has confirmed visual sulphides at Tiger and down hole geophysics has identified potential massive sulphides in 
off-hole conductors. 
Ni-Cu-PGE (100%) 
• 
Mangaroon hosts the fertile Ni-Cu-Co-PGE along the >45km long Money Intrusion. 
• 
An IP survey has confirmed the geophysical signatures of a significant new mineralised system. 
• 
Joint venture discussions are well advanced. 
 
TARRAJI-YAMPI 
Cu-Ag-Au-Co (80%/100%) 
• 
Tarraji-Yampi is located entirely within the Yampi Sound Training Area, a Commonwealth Defence Reserve in the West 
Kimberley, ~80kms from the port of Derby. 
• 
Dreadnought was awarded a co-funded grant under the WA Governments’ merit-based Exploration Incentive Scheme for an 
induced polarization geophysical survey at Tarraji aiming to highlight additional Grant’s Find like CI-Au epithermal targets. 
• 
Four strong off-hole conductors were identified during the first phase of recent drilling. Two Orion offset targets and off-hole 
conductors (OR1 and OR2) are priority targets for follow up drilling. 
 
CENTRAL YILGARN 
Gold, Base Metals, Critical Minerals, and Iron Ore Project (100%) 
• 
Central Yilgarn covers four greenstone belts within the highly prolific Yilgarn Craton of Western Australia with significant 
gold, copper, nickel, lithium and iron ore potential. 
• 
A 13-hole RC program was completed to test 4 compelling gold targets at Viper, Leghorn, Chicken Little and Honey and 
anomalous gold mineralisation was intersected in all targets.  Drilling at Chicken Little was particularly encouraging intersecting 
shallow, high-grade gold and silver. 
 
BRESNAHAN 
REE-HREE-Au-Sb-Pb (100%) Project (100%) 
Bresnahan is a conceptual unconformity heavy rare earth element (“HREE”) project containing >3,700kms2 of prospective ground. 
and assays from reconnaissance surface sampling have confirmed unconformity HREE mineralisation, similar to the Browns Range 
project. Partial joint venture discussions are well advanced. 

 
 
Annual Report 2024 
4 
Directors’ Report 
continued 
Corporate Highlights to 30 June 2024: 
 
In relation to share placements, the following activities occurred: 
 
• 
In October 2023, the Company completed a placement at $0.047 per share to institutional and sophisticated investors raising 
$3,960,000 (before costs). On 9 October 2023, the Company issued 84,255,319 shares relating to the placement.   
• 
The placement conditions were also extended to eligible shareholders under a Share Purchase Plan raising $628,000 (before 
costs) and on 30 October 2023, 13,361,764 shares were issued to shareholders who participated in this plan. 
• 
In addition, the directors contributed a further $1,040,000 to the placement, which was approved by shareholders at the 
annual general meeting held on 23 November 2023. On 22 December 2023, 22,127,660 shares were accordingly issued to 
the directors. 
 
In relation to options, the following activities occurred: 
 
i. 
Options issued to other parties: 
• 
On 9 October 2023 the Company issued 6,000,000 options to Shaw and Partners and their nominees for their role as 
Lead Manager in the October 2023 placement. The options have an exercise price of $0.094 and expire on 9 October 
2025. 
 
ii. Options exercised by employees or directors: 
• 
On 9 April 2024, the Managing Director exercised 31,500,000 options for a total amount of $157,500. 
 
In relation to performance rights, the following activities occurred: 
 
Performance rights issued to employees or directors: 
 
i. 
Performance Rights vesting and exercised: 
• 
On 5 July 2023, the vesting condition for Class B was achieved and 2,566,667 Performance Rights for directors and 
11,983,334 Performance Rights for employees vested.  
• 
On 1 August 2023, the Company issued 2,566,667 fully paid ordinary shares and 11,983,334 fully paid ordinary shares to 
the directors and employees, respectively upon exercising the vested rights.  
• 
On 28 August 2023, the vesting condition for Class C was achieved and 2,566,667 Performance Rights for directors and 
11,983,329 Performance Rights for employees vested.  
• 
On 4 September 2023, the Company issued 2,566,667 fully paid ordinary shares and 11,983,329 fully paid ordinary shares 
to the directors and employees, respectively upon exercising the vested rights. 
 
ii. Performance rights granted: 
• 
On 4 December 2023, the Company issued 3,600,000 Performance Rights to a director and 13,900,000 to employees. 
• 
These were divided into four equal tranches subject to the following vesting conditions: 
- 
Class D: The Company’s Volume Weighted Average Market Price over a period of 20 consecutive Trading Days (20-
day VWAP) being at least $0.10. 
- 
Class E: The 20-day VWAP being at least $0.15.  
- 
Class F: Completion of 12 months continued service from the date of issue of the Performance Rights. 
- 
Class G: Completion of 24 months continued service from the date of issue of the Performance Rights. 
 
The Company made the following acquisitions during the year: 
 
• 
On 4 October 2023, the Company announced that it had executed a tenement sale and purchase agreement with an unrelated 
party to acquire a 100% interest in exploration tenement E52/3412 and E52/3462. The key commercial terms included 
$100,000 in cash, 2,500,000 fully paid ordinary shares at completion and a 1.0% gross royalty. The shares were issued on 13 
February 2024. 
 
FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGY 
 
The Group is focused on delivering significant shareholder returns through the discovery of economic mineral deposits in the Tier 1 
jurisdiction of Western Australia. The Group will achieve these goals by: 
 
Transforming into a self-funded explorer; 
Progressing the Gifford Creek Carbonatite to a commercial assessment by undertaking low cost/high value add work: 
Making life changing discoveries on 100% owned ground; and  
Commercialising our portfolio & making life changing discoveries funded by third parties.  
 
 

 
5 
Dreadnought Resources Ltd 
Directors’ Report 
continued 
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR  
 
Subsequent to 30 June 2024, the following significant events were undertaken by the Group:  
 
• 
On 25 July 2024, the Company announced the issue of 6,927,040 shares to Topdrill Pty Ltd under a drill for equity arrangement 
for drilling services performed at the Tarraji Yampi Project in June / July 2024. 
• 
On 26 July 2024, the Company announced a strategic acquisition of ~300km2 of highly prospective and strategic ground along 
the Mangaroon Shear Zone from Redscope Enterprises Pty Ltd. The key commercial terms included $50,000 in cash, 16,00,000 
fully paid ordinary shares and a 1.0% gross royalty to complete the acquisition. The shares were issued on 26 July 2024 and 
were subject to voluntary escrow conditions. 
• 
On 26 Jully 2024, the Company announced a gold commercialisation strategy for Mangaroon as part of its strategy to transform 
into a self funded explorer. 
• 
On 5 August 2024, the Company announced a $3,500,000 (before costs) capital raise and a further $210,000 for director 
participation subject to shareholder approval. 
 
Other than the events detailed above, there has not arisen in the interval between 1 July 2024 and the date of this report any item, 
transaction, or event of a material and unusual nature likely, in the opinion of the directors, to significantly affect the operations of 
the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future years. 
 
ENVIRONMENTAL REGULATION 
 
The Group’s Environmental Management System includes identifying and assessing environmental impacts, setting environmental 
objectives and targets, and implementing strategies to reduce the impact on the environment. 
 
The operations of the Group are subject to environmental regulations under both Commonwealth and State legislation in Australia. 
In the mining industry, many activities are regulated by environmental laws. Operations are conducted under the necessary 
Commonwealth and State Licences and Works Approvals. The Group considers it has complied with all relevant environmental 
obligations. 
 
SOCIAL RESPONSIBILITY 
 
The Group strives to contribute to the social and economic wellbeing of the communities in which it operates by identifying 
opportunities that create shared value and economic benefit with our local communities including, where possible, maximising local 
procurement, employment, and training opportunities. We place as much emphasis on our behaviour as we do on our results. We 
provide a healthy, safe, and inclusive workplace through collective leadership. 
 
The status of the Group’s cultural and gender is shown in the tables below. 
 
Cultural Diversity 
Category 
2024
2023
Australian
International* 
Australian
International*
Key Management Personnel
4
3
3
3
Other senior management
-
4
1
3
Other employees
5
2
6
4
Total
9
9
10
10
Overall %
50%
50%
50%
50%
* International refers to an individual’s background rather than citizenship and includes United States, Africa, United Kingdom, New 
Zealand, South America, Europe, and Philippines.  
 
Gender Diversity 
Category 
2024
2023
Male
Female
Male
Female
Key Management Personnel
5
2
4
2
Other senior management
2
2
2
2
Other employees
4
3
7
3
Total
11
7
13
7
Overall %
61%
39%
65%
35%
 
COMPLIANCE STATEMENT 
 
This report contains information extracted from reports available to view on the website www.dreadnoughtresources.com.au. In 
relying on the below ASX announcements and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any 
new information or data that materially affects the information included in the abovementioned announcements or this Annual Report 
for the period ended 30 June 2024.  
 
 
 

 
 
Annual Report 2024 
6 
Directors’ Report 
continued 
ASX Listing Rules Compliance 
 
In preparing the Annual Report for the period ended 30 June 2024, the Company has relied on the following ASX announcements. 
ASX Announcement
02/09/2024
Drill Results & 5 Off-Hole Conductors at Tiger
ASX Announcement
28/08/2024
Australian Gold Conference Presentation
ASX Announcement
19/08/2024
Thick High-Grade Niobium Intercepts
ASX Announcement
15/08/2024
Visual Sulphides in Tiger Ci-Au-Zn-Ag Drilling – Mangaroon Gold
ASX Announcement
13/08/2024
Gifford Creek Niobium Drilling Update - Amendment
ASX Announcement
12/08/2024
Application for quotation of securities – DRE and Cleansing Notice
ASX Announcement
12/08/2024
Notification of cessation of securities – DRE
ASX Announcement
12/08/2024
Gifford Creek Niobium Drilling Update
ASX Announcement
09/08/2024
Application for quotation of securities – DRE and Cleansing Notice
ASX Announcement
05/08/2024
Proposed issue of securities – DRE (x 2)
ASX Announcement
05/08/2024
$3.71m Placement to Advance Niobium and Gold Exploration
ASX Announcement
01/08/2024
Trading Halt
ASX Announcement
31/07/2024
Quarterly Cashflow Report and Quarterly activities Report – June 2024
ASX Announcement
26/07/2024
Application for quotation of securities – DRE and Cleansing Notice
ASX Announcement
26/07/2024
Proposed issue of securities – DRE 
ASX Announcement
26/07/2024
Consolidation, Growth & Commercialisation – Mangaroon Gold
ASX Announcement
26/07/2024
Strategic & Prospective Consolidation – Mangaroon AU
ASX Announcement
25/07/2024
Application for quotation of securities – DRE
ASX Announcement
22/07/2024
Drilling Commenced – Gifford Creek Nb-REE Carbonatite
ASX Announcement
18/07/2024
Four Strong Off-Hole Conductors identified – Tarraji-Yampi
ASX Announcement
16/07/2024
Junior Minerals Exploration Incentive
ASX Announcement
03/07/2024
Change of Director’s Interest Notice – Dean Tuck
ASX Announcement
03/07/2024
Notification of cessation of securities – DRE 
ASX Announcement
19/06/2024
Drilling Extended for Nb-REE and Cu-Au Targets
ASX Announcement
18/06/2024
Tiger Cu-Au, An-Ag Gossan Confirmed Over ~500m – Mangaroon 
ASX Announcement
17/06/2024
Cu-Au Drilling Commenced at Tarraji-Yampi
ASX Announcement
14/06/2024
Notification of cessation of securities – DRE 
ASX Announcement
06/06/2024
Gifford Creek REE-Nb Carbonatite Update – Mangaroon 
ASX Announcement
04/06/2024
Proposed issue of securities – DRE 
ASX Announcement
04/06/2024
Cu-Au Drilling to Commence at Tarraji-Yampi
ASX Announcement
27/05/2024
High-Grade Cu-Zn-Ag-Au Gossans at Tiger – Mangaroon 
ASX Announcement
24/05/2024
Investor Webinar Presentation
ASX Announcement
23/05/2024
Shallow, High-Grade Gold and Silver at Chicken Little
ASX Announcement
20/05/2024
Outcropping Cu-Zn-Ag-Au Gossans at Tiger
ASX Announcement
06/05/2024
High Quality, Mixed Rare Earth Carbonate Produced from Yin
ASX Announcement
01/05/2024
$300,000 EIS Drilling and Geophysical Grants
ASX Announcement
30/04/2024
Quarterly Cashflow Report and Quarterly activities Report – March 2024
ASX Announcement
29/04/2024
Drilling of 4 Compelling Targets Completed – Central Yilgarn
ASX Announcement
12/04/2024
Change of Director’s Interest Notice x 3
ASX Announcement
09/04/2024
Exercise of Options and Investment by Directors
ASX Announcement
09/04/2024
Application for quotation of securities – DRE
ASX Announcement
05/04/2024
Drilling 4 Compelling Targets Commenced
ASX Announcement
27/03/2024
Drilling and Geophysical Results from Tarraji-Yampi
ASX Announcement
13/03/2024
Star of Mangaroon Camp Scale Gold Prospect Expands
ASX Announcement
12/03/2024
Mangaroon Ni-Cu-Co-PGE Reverts to 100%
ASX Announcement
07/03/2024
Significant Untested Uranium Targets – Bresnahan
ASX Announcement
01/03/2024
S&P DJI Announces March 2024 Quarterly Rebalance
ASX Announcement
28/02/2024
Half Yearly Report and Accounts – 31 December 2023
ASX Announcement
13/02/2024
Application for quotation of securities – DRE and Cleansing Notice
ASX Announcement
13/02/2024
RIU Explorers Conference Presentation
ASX Announcement
13/02/2024
$2.1M R&D Tax Incentive Underscores Mangaroon Rare Earths
ASX Announcement
12/02/2024
Star of Mangaroon Camp Scale Gold Prospect Expands
ASX Announcement
08/02/2024
Seven Camp Scale Gold Prospects at Central Yilgarn
ASX Announcement
31/01/2024
Quarterly Cashflow Report and Quarterly activities Report – December 2023
ASX Announcement
22/01/2024
Star of Mangaroon Extended
ASX Announcement
22/12/2023
Change of Director’s Interest Notice x 2
ASX Announcement
11/12/2023
Thick, High-Grade Gold Including 7m @ 23.0g/t AU – Mangaroon
ASX Announcement
06/12/2023
Change of Director’s Interest Notic – Dean Tuck
ASX Announcement
06/12/2023
Gifford Creek REE-Nb-P-Ti-Sc Carbonatite Drilling Update
ASX Announcement
05/12/2023
Notification regarding unquoted securities – DRE
ASX Announcement
30/11/2023
Large, High Confidence Yin Ironstone Resource - Mangaroon

 
7 
Dreadnought Resources Ltd 
Directors’ Report 
continued 
ASX Announcement
29/11/2023
Trading Halt
ASX Announcement
23/11/2023
AGM Presentation
ASX Announcement
20/11/2023
Chair’s Address to Shareholders
ASX Announcement
20/11/2023
16 Camp Scale Lithium Targets at Central Yilgarn & Mangaroon
ASX Announcement
08/11/2023
Further Ni-Cu-Co-3PGE Assay & Drilling to Recommence
ASX Announcement
02/11/2023
Launch of Interactive Investor Hub
ASX Announcement
01/11/2023
Gold Drilling Commenced at Star of Mangaroon
ASX Announcement
31/10/2023
Quarterly Cashflow Report and Quarterly activities Report – September 2023
ASX Announcement
30/10/2023
Application for quotation of securities – DRE
ASX Announcement
27/10/2023
$180,000 Drilling Grant for Mangaroon REEs- Amendment
ASX Announcement
26/10/2023
Significant HREE, Gold and Uranium Potential – Bresnahan
ASX Announcement
25/10/2023
$180,000 Drilling Grant for Mangaroon REEs
ASX Announcement
24/10/2023
Notice of Annual General Meeting/Proxy Form
ASX Announcement
24/10/2023
Drilling and Geophysical Surveys Completed at Tarraji-Yampi
ASX Announcement
16/10/2023
100m Thick Rare Earth Intercepts from Yin – Mangaroon
ASX Announcement
09/10/2023
Notification regarding unquoted securities – DRE
ASX Announcement
09/10/2023
Share Purchase Plan Offer Document and Cleansing Notice
ASX Announcement
04/10/2023
Proposed issue of securities – DRE
ASX Announcement
04/10/2023
Bresnahan (100%) Acquisition & Consolidation
ASX Announcement
02/10/2023
Mangaroon Carbonatite Now over 17km with Hither Grade Zones
ASX Announcement
29/09/2023
Webinar invitation to Shareholders
ASX Announcement
29/09/2023
Proposed issue of securities – DRE (x 3)
ASX Announcement
29/09/2023
Placement & Share Purchase Plan
ASX Announcement
27/09/2023
Trading Halt
ASX Announcement
25/09/2023
Cu-Ag-Au-Cp Discovery Drilling Commenced at Tarraji-Yampi
ASX Announcement
21/09/2023
High Grade Ni-Cu-Co-PGE Massive Sulphides Confirmed 
ASX Announcement
19/09/2023
Appendix 4G and 2023 Corporate Governance Statement
ASX Announcement
19/09/2023
Annual Report to Shareholders
ASX Announcement
13/09/2023
Highest Grades to date from Yin Infill Drilling – Mangaroon
ASX Announcement
12/09/2023
Thick Ni-Cu Mineralisation over 400m- Amendment
ASX Announcement
12/09/2023
New World Metals Corporate Presentation
ASX Announcement
12/09/2023
Thick Ni-Cu Mineralisation over 400m, Open in All Directions
ASX Announcement
06/09/2023
Change of Director's Interests Notice x 4
ASX Announcement
04/09/2023
Application for quotation of securities – DRE and Cleansing Notice
ASX Announcement
04/09/2023
Outstanding Gold Potential Along 10km Mangaroon Shear Zone
ASX Announcement
31/08/2023
Massive & Disseminated Ni-Cu Sulphides Intersected
ASX Announcement
30/08/2023
Trading Halt
ASX Announcement
30/08/2023
Drilling Commenced at Money Intrusion Ni-Cu-PGE – Mangaroon
ASX Announcement
28/08/2023
Initial, Independent REE-Nb-P-Ti-Sc Resource at C3
ASX Announcement
18/08/2023
Application for quotation of securities – DRE and Cleansing Notice
ASX Announcement
17/08/2023
Thick, High-Grade Rare Earths Continue at Yin – Mangaroon
ASX Announcement
08/08/2023
Diggers and Dealers Conference Presentation
ASX Announcement
07/08/2023
Rare Earth Ironstone and Carbonatite Drilling Update
ASX Announcement
02/08/2023
Change of Director Interests x 4
ASX Announcement
01/08/2023
Application for quotation of securities - DRE and Cleansing Notic
ASX Announcement
31/07/2023
Quarterly Cashflow Report and Quarterly activities Report – June 2023
ASX Announcement
21/07/2023
Noosa Mining Conference – Investor Presentation
ASX Announcement
17/07/2023
High-Grade Rare earth & Niobium Zones at C3 & C5 – Mangaroon
ASX Announcement
12/07/2023
Notification regarding unquoted securities - DRE
ASX Announcement
10/07/2023
High-Grade Rare Earth & Niobium Zones at C3 & C5 – Mangaroon
ASX Announcement
06/07/2023
Successful Junior Minerals Exploration Incentive Application
ASX Announcement
05/07/2023
40% Increase in Resource Tonnage at Yin – Mangaroon
ASX Announcement
03/07/2023
Trading Halt
 
 

 
 
Annual Report 2024 
8 
Directors’ Report 
continued 
INFORMATION ON DIRECTORS 
 
Directors have been in office for the entire period unless otherwise stated. 
 
Paul Chapman  
B.Comm, CA, Grad. Dip. Tax, MAICD, MAusIMM (Independent Non-Executive Chairman), 
 
Appointed 9 April 2019 
Experience and Expertise
Mr Chapman is a company director with over 30 years in the resource sector. Mr Chapman 
has held senior management roles across a range of commodity businesses and public 
companies in Australia and the USA. Mr Chapman was a founding director and shareholder 
of Reliance Mining, Encounter Resources, Rex Minerals, Silver Lake Resources, Black Cat 
Syndicate and Dreadnought Resources.
Interests in shares, performance 
rights and options
325,039,148 shares 
Other current directorships 
Mr Chapman is the non-executive chairman of Meeka Metals Limited (ASX:MEK) (since May 
2022). 
Mr Chapman is a non-executive director of Sunshine Metals Limited (ASX:SHN) (since 
November 2020). 
Mr Chapman is a non-executive chairman of Black Cat Syndicate Limited (ASX:BC8) (since 
August 2017). 
Former directorships in the last 3 
years
Encounter Resources Limited  
 
 
Dean Tuck 
B.Sc (Hons), FGAA, MAIG (Managing Director), Appointed 9 April 2019 
Experience and Expertise
Mr Tuck is an experienced geologist and exploration manager having worked across a wide 
range of commodities in Australia, Brazil and Southeast Asia from project generation through 
to resource evaluation. He has held senior level positions at BHP Billiton and ASX listed 
junior explorers. Mr Tuck has been instrumental in several discoveries including the Strickland 
gold, Mallinda and Mallina LCT pegmatites and Wonmunna iron ore.
Interests in shares, performance 
rights and options 
39,210,317 shares 
5,000,000 options 
3,600,000 performance rights
Other current directorships
None
Former directorships in the last 3 
years
Mr Tuck resigned as non-executive director of Caeneus Minerals Limited (ASX:CAD) on 6 
December 2022.
 
 
Philip Crutchfield  
B. Comm, LLB (Hons), LL.M LSE (Non-Executive Director), Appointed 13 September 2022 
Experience and Expertise
Mr Crutchfield is a senior barrister specialising in commercial law. Mr Crutchfield is also a 
long standing and second largest shareholder in Dreadnought.
Interests in shares, performance 
rights and options
122,743,097 shares  
853,098 options
Other current directorships 
Mr Crutchfield is a non-executive director of Hamelin Gold Limited (ASX:HMG) (since 31 
August 2021).  
Mr Crutchfield is a non-executive director of Encounter Resources Limited (ASX:ENR) (since 
9 October 2019).
Former directorships in the last 3 
years 
Mr Crutchfield was a non-executive director of Applyflow Limited (ASX:AFW) (from 17 
October 2019 until 31 July 2023). 
Mr Crutchfield was a non-executive director of Black Cat Syndicate Limited (ASX:BC8) (from 
6 April 2021 until 30 November 2023).
 
 
 
 
 

 
9 
Dreadnought Resources Ltd 
Directors’ Report 
continued 
Robert Gee  
B Sc (Hons), PhD, Grad Cert Management (Non-Executive Director), Appointed 2 March 
2023 
Experience and Expertise
Dr Gee is an experienced hydrometallurgist and technical manager with over thirty years’ 
experience in the resources and battery chemicals sectors, with significant focus on critical 
minerals extraction.  Dr Gee has held senior positions in both private and public sectors 
working in operations, technical development, and consulting.  Dr Gee has worked for several 
small and large organisations including BHP Group Limited and the Australian Nuclear Science 
and Technology Organisation.
Interests in shares, performance 
rights and options
600,000 shares  
1,223,151 options
Other current directorships
None
Former directorships in the last 3 
years
None 
  
 
Ian Gordon  
(Former Non-Executive Director), Appointed 21 December 2017, Resigned 30 November 
2022 
 
 
Paul Payne 
(Former Non-Executive Director), Appointed 21 December 2017, Resigned 13 September 
2022 
 
COMPANY SECRETARY 
 
Jessamyn Lyons  
BComm, AGIA ICSA (Grad Dip Applied Corporate Governance), Appointed 1 July 2020 
Experience and Expertise
Ms Lyons is a Chartered Secretary, a Fellow of the Governance Institute of Australia and 
holds a Bachelor of Commerce from the University of Western Australia with majors in 
Investment Finance, Corporate Finance and Marketing. Ms Lyons also has 15 years of 
experience working in the stockbroking and banking industries and has held various positions 
with Macquarie Bank, UBS Investment Bank (London) and more recently Patersons Securities.
 
MEETINGS OF DIRECTORS 
 
The numbers of meetings of the Company's Board held during the year ended 30 June 2024, and the numbers of meetings attended 
by each director were as follows: 
 
Meetings of Directors
A
B
P Chapman
6
6
D Tuck
6
6
P Crutchfield
6
6
R Gee
6
6
A = number of meetings attended 
B = Number of meetings held during the time the director held office during the year and was eligible to attend 
 
All remuneration and nomination matters are referred to the full Board as the size of the Company does not warrant a separate 
Committees at this time. Similarly, the role of the Audit and Risk Committee continues to be fulfilled by the full Board.  
 
PROCEEDINGS ON BEHALF OF THE GROUP 
 
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the 
Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group 
for all or any part of those proceedings. 
 
 
 

 
 
Annual Report 2024 
10 
Directors’ Report 
continued 
INDEMNIFICATION AND INSURANCE OF OFFICERS 
 
The Company has indemnified the directors and officers for costs incurred, in their capacity as a director or officer of the Company, 
for which they may be held personally liable, except where there is a lack of good faith. During the financial year, the Company paid 
a premium in respect of a contract to insure the directors and officers of the Company against a liability to the extent permitted by 
the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. 
 
NON-AUDIT SERVICES 
 
The Group may decide to employ the auditor on assignments additional to their statutory duties where the auditors’ expertise and 
experience with the Group are important. The Board is satisfied that the provision of any such non-audit services is compatible with 
the general standard of independence for auditors imposed by the Corporations Act 2001. 
 
The Board is also satisfied that the services disclosed below did not compromise the external auditor’s independence for the following 
reasons: 
 
• 
all non-audit services are reviewed and approved by the Board prior to commencement to ensure they do not adversely affect 
the integrity and objectivity of the auditor; and 
• 
the nature of the services provided do not compromise the general principles relating to auditor independence in accordance 
with APES 110: Code of Ethics for Professional Accountants (including Independence Standards) set by the Accounting 
Professional and Ethical Standards Board. 
 
There were no fees for non-audit services paid or payable to the external auditors of the Company, their related practices or non-
related audit firms during the year ended 30 June 2024. 
 
SHARES UNDER OPTION 
 
At the date of this report unissued ordinary shares of the Company under option are: 
Type
Expiry date
Exercise price
Number 
Vested
Unvested
Options
26/11/2024
$0.0600
2,000,000
2,000,000
-
Options
14/07/2025
$0.0650
8,500,000
8,500,000
-
Options
09/10/2025
$0.0940
6,000,000
6,000,000
-
Options
16/12/2025
$0.1575
853,098
853,098
-
Options
02/03/2026
$0.1200
1,223,151
1,223,151
-
Options
14/06/2026
$0.0750
2,000,000
2,000,000
-
Total Options
20,576,249
20,576,24
-
 
At the date of this report unissued ordinary shares of the Company subject to performance rights are: 
Type
Expiry date
Exercise price
Number 
Vested
Unvested
Performance Rights
31/12/2025
$0.0000
16,500,000
-
16,500,000
 
Shares issued prior to or since year end as a result of exercise of options / performance rights: 
Type Exercised
Date granted
Exercise price
Number of 
shares issued
Date 
exercised
Amount paid 
for shares ($)
Performance Rights
30/11/2022
$0.0000
2,266,667
01/08/2023
-
Performance Rights
08/12/2022
$0.0000
7,916,668
01/08/2023
-
Performance Rights
03/02/2022
$0.0000
750,000
01/08/2023
-
Performance Rights
30/01/2023
$0.0000
1,066,666
01/08/2023
-
Performance Rights
02/03/2023
$0.0000
300,000
01/08/2023
-
Performance Rights
31/05/2023
$0.0000
1,500,000
01/08/2023
-
Performance Rights
04/07/2023
$0.0000
750,000
01/08/2023
-
Performance Rights
30/11//2022
$0.0000
2,266,667
04/09/2023
-
Performance Rights
08/12/2022
$0.0000
7,916,663
04/09/2023
-
Performance Rights
03/02/2022
$0.0000
750,000
04/09/2023
-
Performance Rights
30/01/2023
$0.0000
1,066,666
04/09/2023
-
Performance Rights
02/03/2023
$0.0000
300,000
04/09/2023
-
Performance Rights
31/05/2023
$0.0000
1,500,000
04/09/2023
-
Performance Rights
04/07/2023
$0.0000
750,000
04/09/2023
-
Options
09/04/2019
$0.0050
1,500,000
08/04//2024
7,500
Options
16/08/2019
$0.0050
30,000,000
08/04/2024
150,000
 
 

 
11 
Dreadnought Resources Ltd 
Directors’ Report 
continued 
REMUNERATION REPORT – AUDITED 
 
The remuneration report is set out under the following main headings: 
 
A. Principles used to determine the nature and amount of remuneration 
B. Details of remuneration 
C. Share-based compensation 
D. Shareholdings 
E. Use of Remuneration Consultants 
F. Relationship between remuneration and Company performance  
G. Other transactions with key management personnel and their related parties 
H. Key Management Personnel loans 
 
The information provided in this remuneration report has been audited as required by section 308(3C) of the Corporations Act 2001. 
 
A. Principles used to determine the nature and amount of remuneration 
The Group's policy for determining the nature and amounts of remuneration of directors and key management personnel of the 
Group is outlined below. 
• 
The Company's constitution specifies that the total amount of remuneration of non-executive directors shall be fixed from 
time to time by a general meeting. The current fixed amount for non-executive directors has been set at $400,000 per annum. 
Directors may apportion up to this fixed amount amongst the non-executive directors as they determine. Directors are also 
entitled to be paid reasonable travelling, accommodation and other expenses incurred in performing their duties as directors. 
Non-executive and executive directors’ remuneration is primarily by way of fees and statutory superannuation contributions 
and are eligible to participate in the Company’s Equity Incentive Plan as noted below.  
• 
The Company’s Equity Incentive Plan (” Plan”) was approved by shareholders on 30 November 2022. Directors are eligible 
to participate in the Plan. The Plan enables the Board to offer eligible employees and directors’ options to acquire ordinary 
fully paid shares in the Company. Under the terms of the Plan, options and performance rights may be offered to the 
Company's eligible employees at no cost or no more than nominal monetary consideration unless otherwise determined by 
the Board in accordance with the terms and conditions of the Plan. The objective of the Plan is to align the interests of 
employees and shareholders by providing employees of the Company with the opportunity to participate in the equity of the 
Company as an incentive to achieve greater success and value for the Company and to maximise the long-term performance 
of the Company. 
• 
The Company's remuneration structure is based on several factors including the financial position of the Company and the 
experience and performance of an individual in meeting key objectives of the Company. The Board is responsible for assessing 
relevant employment market conditions and achieving the overall, long-term objective of maximising shareholder wealth, 
through the retention of high-quality personnel. The Company does not emphasise cash bonus schemes or other incentive-
based cash payments given the nature of the Company's business as a mineral exploration entity. However, the Board may 
approve the payment of cash bonuses from time to time to reward individual performance in achieving key objectives as 
considered appropriate by the Board.  
 
Voting and comments made at the Company’s 2023 Annual General Meeting (“AGM”): 
The Company received more than 96% of ‘yes’ votes on its remuneration report for the 2023 financial year. The Company did not 
receive any specific feedback at the AGM or throughout the year on its remuneration practices.  
 
B. Details of remuneration 
This report details the nature and amount of remuneration for each key management person of the Company. 
 
The names and positions held by directors and key management personnel of the Company during the financial year are: 
 
• 
Mr P Chapman – Chairman, non-executive (appointed 9 April 2019) 
• 
Mr D Tuck – Managing Director (appointed 9 April 2019) 
• 
Mr P Crutchfield – Director, non-executive (appointed 13 September 2022) 
• 
Dr R Gee – Director, non-executive (appointed 2 March 2023) 
• 
Mr I Gordon – Director, non-executive (appointed 21 December 2017, resigned 30 November 2022) 
• 
Mr P Payne – Director, non-executive (appointed 21 December 2017, resigned 13 September 2022) 
• 
Ms D Fullarton – Chief Financial Officer (appointed 14 June 2023) 
• 
Mr M Crowe – Chief Operating Officer (appointed 1 July 2023) 
 
The remuneration policy of the Group has been designed to align key management personnel objectives with shareholder and business 
objectives by providing a fixed remuneration component which is assessed on an annual basis in line with market rates.  By providing 
components of remuneration that are indirectly linked to share price appreciation (in the form of options and/or performance rights), 
executive, business and shareholder objectives are aligned. The Board believes the remuneration policy to be appropriate and effective 
in its ability to attract and retain the best key management personnel to run and manage the Company, as well as create goal 
congruence between directors and shareholders.  

 
 
Annual Report 2024 
12 
Directors’ Report 
continued 
The remuneration policy and the relevant terms and conditions have been developed by the Board. In determining competitive 
remuneration rates, the Board reviews trends among comparative companies and industry generally. It examines terms and conditions 
for employee incentive schemes, benefit plans and share plans.  Reviews are performed to confirm that executive remuneration is in 
line with market practice and is reasonable in the context of Australian executive remuneration practices.   
 
The Company is an exploration entity, and therefore speculative in terms of performance. Consistent with attracting and retaining 
talented executives, directors and executives are paid market rates associated with individuals in similar positions, within the same 
industry. 
 
(a) Executive remuneration – Mr D Tuck (appointed 9 April 2019) 
Mr Dean Tuck, Managing Director, was employed by the Group in accordance with the terms and conditions outlined within his 
service agreement dated 6 April 2023. For the year ended 30 June 2024, Mr Tuck received a base salary of $300,000 in short term 
remuneration (2023: $250,000), with post-employment superannuation contributions at the statutory rate. Both parties may 
terminate the employment agreement by giving notice of termination to each other on not less than six (6) months’ notice in 
writing.   
The balance of unlisted incentive options granted to the Managing Director during prior periods, but not fully exercised are as 
follows: 
• 
On 24 November 2021, 5,000,000 unlisted incentive options were granted, exercisable at $0.04, with a value of $186,900, 
expiring on 2 July 2024. 50% vested on 2 July 2022 and 50% vested on 2 July 2023. As at 30 June 2024, the options are fully 
vested and there were 5,000,000 options remaining. 
(b) Executive remuneration – Ms D Fullarton (appointed 14 June 2023) 
Ms Debbie Fullarton, Chief Financial Officer (CFO), was employed by the Group in accordance with the terms and conditions 
outlined within her service agreement dated 14 June 2023. Her annual base salary was set at $250,000 with post-employment 
superannuation contributions at the statutory rate. On 8 January 2024 her conditions were varied by mutual agreement to part 
time with a reduction from 38 hours a week to 30.4 hours a week and the appropriate proportional adjustment to her salary and 
leave benefits. Both parties may terminate the employment agreement by giving notice of termination to each other on not less 
than three (3) months’ notice in writing.   
The balance of unlisted incentive options granted to the CFO during prior periods, but not fully exercised are as follows: 
• 
On 31 May 2023, 2,000,000 unlisted incentive options were granted exercisable at $0.075, with a fair value of $54,220, expiring 
on 14 June 2026 and vesting after 12 months of continuous service. As at 30 June 2024, the options are fully vested and there 
were 2,000,000 options remaining. 
(c) Executive remuneration – Mr M Crowe (appointed 1 July 2023) 
Mr Matt Crowe was appointed as Chief Operating Officer (COO) of the Group in accordance with the terms and conditions 
outlined within his service agreement dated 27 June 2023. His annual base salary was set at $250,000 with post-employment 
superannuation contributions at the statutory rate. Both parties may terminate the employment agreement by giving notice of 
termination to each other on not less than three (3) months’ notice in writing.   
The balance of unlisted incentive options granted to the COO during prior periods, but not fully exercised are as follows: 
• 
On 2 July 2021, 4,000,000 unlisted incentive options exercisable at $0.04, with a fair value of $51,175, expiring on 2 July 2024. 
50% vested on 2 July 2022 and 50% vested on 2 July 2023 and vesting after 12 months of continuous service. As at 30 June 
2024 the options are fully vested and there were 2,600,000 options remaining. 
• 
On 14 July 2022, 2,000,000 unlisted incentive options exercisable at $0.065, with a fair value of $70,960, expiring on 14 July 
2025 and vesting after 12 months of continuous service. As at 30 June 2024, the options are fully vested and there were 
2,000,000 options remaining. 
(d) Non-Executive remuneration  
The agreements in place during the 2023 financial year with the non-executive chairman, Paul Chapman and the non-executive 
directors, Philip Crutchfield and Robert Gee are summarised below: 
• 
Term of agreement is renewed annually, and the following fees (plus minimum statutory superannuation entitlements) were 
paid for the 2024 financial year. 
- 
Chairman $75,000 
- 
Non-Executive Directors $65,000 
• 
No payment of termination benefits. 
• 
These fees (plus minimum statutory superannuation entitlements) have been reduced with effect from 1 September 2024 and 
directors are also proposing to take their fees in options, subject to required shareholder approval. 
• 
Chairman $65,000 
• 
Non-Executive Directors $60,000 
(e) Performance rights  
On 4 December 2023, the Company issued 3,600,000 Performance Rights to the Managing Director, 2,000,000 Performance 
Rights to the CFO and 2,000,000 Performance Rights to the COO. 
These were divided into four equal tranches subject to the following vesting conditions: 
• 
Class D: The Company’s Volume Weighted Average Market Price over a period of 20 consecutive Trading Days (20-day 
VWAP) being at least $0.10. 
• 
Class E: The 20-day VWAP being at least $0.15.  
• 
Class F: Completion of 12 months continued service from the date of issue of the Performance Rights. 
• 
Class G: Completion of 24 months continued service from the date of issue of the Performance Rights.

 
 
 
13 
Dreadnought Resources Ltd 
Directors’ Report 
continued 
Details of key management personnel (KMP) remuneration 
KMP
Short-Term 
(a)
Post-
employment
(b)
SUB 
TOTAL
Share-based payments
(Fair Value at grant, expensed over vesting 
period)
SUB 
TOTAL 
TOTAL
Performance 
related
Options 
as % of 
total
Salary 
/ fees
Annual 
leave 
entitlements
Super- 
annuation
Options
Performance rights
 
 
 
(vested)
(unvested)
(vested)
(unvested)
2024
Directors
D Tuck
306,610
12,692
27,500
346,802
18,818
-
197,739
31,136
247,693
594,495
38%
3%
P Chapman
75,000
-
8,250
83,250
-
-
35,593
-
35,593
118,843
30%
-
P Crutchfield
65,000
-
7,150
72,150
-
-
35,593
-
35,593
107,743
33%
-
R Gee
65,000
-
7,150
72,150
-
-
34,656
-
34,656
106,806
32%
-
Other
D Fullarton
205,769
4,037
22,635
232,441
49,702
-
135,606
17,297
202,605
435,046
35%
11%
M Crowe6
257,659
10,577
27,500
295,736
2,588
-
155,354
17,297
175,239
470,975
37%
1%
Total 
975,038
27,306
100,185
1,102,529
71,108
-
594,541
65,730
731,379
1,833,908
2023
Directors
D Tuck
250,000
26,028
25,292
301,320
37,636
46,725
166,667
135,595
386,623
687,943
56%
12%
P Chapman
55,961
-
5,876
61,837
-
-
30,000
24,407
54,407
116,244
47%
-
P Crutchfield1
47,076
-
4,943
52,019
55,406
-
30,000
24,407
109,813
161,832
34%
34%
R Gee2
20,000
-
2,100
22,100
60,778
-
13,944
74,722
96,822
14%
63%
I Gordon3
22,038
-
2,314
24,352
-
-
-
-
-
24,352
-
-
P Payne4
10,385
-
1,090
11,475
-
-
-
-
-
11,475
-
-
Other
D Fullarton5
9,615
740
1,010
11,365
-
4,518
-
14,393
18,911
30,276
48%
15%
Total 
415,075
26,768
42,625
484,468
153,820
51,243
226,667
212,746
644,476
1,128,944
1Appointed 13 September 2022. 
2Appointed 2 March 2023. 
3Appointed 17 December 2017, resigned 30 November 2022. 
4Appointed 17 December 2017, resigned 13 September 2022. 
5Appointed 14 June 2023. 
6Appointed 1 July 2023. 
(a) There were no short-term cash bonuses or non-monetary benefits. 
(b) There were no post-employment retirement benefits. 
(c) There were no termination benefits or long-term incentives plans. 

 
Annual Report 2024 
14 
Directors’ Report 
continued 
C. Share-based compensation 
 
Equity Incentive Plan 
 
The Company has an Equity Incentive Plan approved by shareholders that enables the Board to offer eligible employees and directors 
the option to acquire ordinary fully paid shares in the Company. Under the terms of the Plan, options to acquire ordinary fully paid 
shares may be offered to the Company's eligible employees at no cost unless otherwise determined by the Board in accordance with 
the terms and conditions of the Plan.  
 
Options granted as remuneration 
  
There were no options granted as remuneration. 
 
Shares issued on exercise of remuneration options 
  
On 9 April 2024, Dean Tuck exercised 31,500,000 options granted as remuneration during prior years for an amount of $157,500. 
 
Performance rights granted as remuneration  
 
The terms and conditions of performance rights over ordinary shares granted to key management personnel of the Company during 
the year affecting their remuneration in this financial year or future reporting years are as follows: 
 
Name
Number of 
performance rights 
granted
Grant date
Tranche
Exercise 
Price
Fair value per 
right at grant 
date
Director
D Tuck
900,000
4 December 2023
Class D
$0.0000
$0.0138
900,000
4 December 2023
Class E 
$0.0000
$0.0088
900,000
4 December 2023
Class F 
$0.0000
$0.0320
900,000
4 December 2023
Class G 
$0.0000
$0.0320
Other
D Fullarton
500,000
4 December 2023
Class D 
$0.0000
$0.0138
500,000
4 December 2023
Class E 
$0.0000
$0.0088
500,000
4 December 2023
Class F 
$0.0000
$0.0320
500,000
4 December 2023
Class G 
$0.0000
$0.0320
M Crowe
500,000
4 December 2023
Class D 
$0.0000
$0.0138
500,000
4 December 2023
Class E 
$0.0000
$0.0088
500,000
4 December 2023
Class F 
$0.0000
$0.0320
500,000
4 December 2023
Class G 
$0.0000
$0.0320
10,600,000
 
Class D: The Company’s Volume Weighted Average Market Price over a period of 20 consecutive Trading Days (20-day VWAP) 
being at least $0.10. 
Class E:  The 20-day VWAP being at least $0.15.  
Class F:  Completion of 12 months continued service from the date of issue of the Performance Rights. 
Class G:  Completion of 24 months continued service from the date of issue of the Performance Rights. 
 
Shares issued on exercise of remuneration performance rights 
 
Name
Number of 
performance rights
Vested
Tranche
Exercise 
Price
Directors
D Tuck
1,666,667
1 August 2023
Class B 
$0.0000
1,666,667
4 September 2023
Class C 
$0.0000
P Chapman
300,000
1 August 2023
Class B
$0.0000
300,000
4 September 2023
Class C 
$0.0000
P Crutchfield
300,000
1 August 2023
Class B 
$0.0000
300,000
4 September 2023
Class C 
$0.0000
R Gee
300,000
1 August 2023
Class B 
$0.0000
300,000
4 September 2023
Class C 
$0.0000
Other
D Fullarton
1,500,000
1 August 2023
Class B 
$0.0000
1,500,000
4 September 2023
Class C 
$0.0000
M Crowe
1,466,667
1 August 2023
Class B 
$0.0000
1,466,666
4 September 2023
Class C 
$0.0000
11,066,667
  
 

 
15 
Dreadnought Resources Ltd 
Directors’ Report 
continued 
D. Key management personnel interests in options, performance rights and shares 
 
Options 
 
The number of options held by key management personnel of the Group during the financial year is as follows: 
 
Performance rights 
 
The number of performance rights held by key management personnel of the Group during the financial year is as follows: 
 
Shareholdings 
 
The number of ordinary shares held by key management personnel of the Group during the financial year is as follows: 
 
1Appointed 13 September 2022.  
2Appointed 2 March 2023. 
3Appointed 14 June 2023. 
4Appointed 1 July 2023. 
5Represents interest held prior to appointment as a KMP. 
6Relates to off-market transfers. 
 
 
 
 
Name
Balance at 
beginning of 
year
Granted as 
remuneration 
during the 
year
Options 
exercised
Net 
change 
other
Balance at 
year end
Total vested 
30/06/24
Total 
exercisable 
30/06/24
Directors
P Chapman
-
-
-
-
-
-
-
D Tuck
36,500,000
-
(31,500,000)
-
5,000,000
5,000,000
5,000,000
P Crutchfield1
853,098
-
-
-
853,098
853,098
853,098
R Gee2
1,223,151
-
-
-
1,223,151
1,223,151
1,223,151
Other
D Fullarton3
2,000,000
-
-
-
2,000,000
2,000,000
2,000,000
M Crowe4
-
-
-
4,600,0005
4,600,000
4,600,000
4,600,000
40,576,249
-
(31,500,000)
4,600,000
13,676,249
13,676,249
13,676,249
Name
Balance at 
beginning of 
year
Granted as 
remuneration 
during the 
year
Performance 
rights 
exercised
Net change 
other
Balance at 
year end
Total vested 
30/06/24
Total 
exercisable 
30/06/24
Directors 
 
 
 
 
 
 
 
P Chapman
600,000
-
(600,000)
-
-
-
-
D Tuck
3,333,334
3,600,000
(3,333,334)
-
3,600,000
-
-
P Crutchfield1
600,000
-
(600,000)
-
-
-
-
R Gee2
600,000
-
(600,000)
-
-
-
-
Other
D Fullarton5
3,000,000
2,000,000
(3,000,000)
-
2,000,000
-
-
M Crowe4
-
2,000,000
(2,933,333)
2,933,3335
2,000,000
-
-
 
8,133,334 
10,600,000 
(11,066,667) 
2,933,333 
10,600,000 
- 
- 
Name
Balance at 
beginning of year
Participation in 
Placement during 
the year
Issued on exercise 
of options / 
performance rights 
during the year
Other changes 
during the year 
Balance at end 
of year
Directors 
 
 
 
 
 
P Chapman
317,338,084
851,064
600,000
6,250,0006
325,039,148
D Tuck
24,376,983
-
34,833,334
(20,000,000)6
39,210,317
P Crutchfield1
93,679,001
21,276,596
600,000
7,187,5006
122,743,097
R Gee2
-
-
600,000
-
600,000
Other
D Fullarton3
-
425,532
3,000,000
-
3,425,532
M Crowe4
-
-
2,933,333
6,605,5235
9,538,856
 
435,394,068 
22,553,192 
42,566,667 
43,023 
500,556,950 

 
Annual Report 2024 
16 
Directors’ Report 
continued 
E. Use of Remuneration Consultants 
 
The Board seeks external remuneration advice as required. 
 
F. Relationship between remuneration and Company performance 
  
Earnings and total shareholder returns 
 
Remuneration for certain individuals is directly linked to the performance of the Group which is determined by exploration and 
evaluation outcomes.  However, as required by regulation, details of the earnings, share price and total shareholders return for the 
last five years are as follows: 
 
Market capitalisation at year end 
 
Market capitalisation as at 30 June 2024 was $70,261,459. 
 
G. Other transactions with key management personnel and their related parties 
 
There were no transactions with key management personnel and their related parties recognised during the year (excluding 
 reimbursement of expenses incurred on behalf of the Company) relating to directors and their director related entities. (2023: Nil) 
 
No amounts were owing to related parties as at 30 June 2024 (2023: Nil) 
 
H. Key Management Personnel Loans 
 
There were no loans issued during the financial year (2023: Nil).  
 
Remuneration report ends. 
 
 
AUDITOR’S INDEPENDENCE DECLARATION 
 
A copy of the Auditor's Independence Declaration as required under section 307C of the Corporations Act 2001 is set out 
immediately after this Directors' Report. 
 
The Directors’ Report, incorporating the Remuneration Report, is signed in accordance with the resolution of the Board of Directors.  
 
 
 
Dean Tuck 
Managing Director 
 
Dated 3 September 2024
2024
2023
2022
2021
2020
$
$
$
$
$
Operating revenue
242,788
338,777
91,927
149,198
72,163
Net loss
6,319,382
5,521,985
1,740,126
1,435,981
1,215,539
Share price at year end
0.0200
0.0520
0.0470
0.0240
0.0060
Annual VWAP
0.0358
0.0915
0.0424
0.0184
0.066

 
 
17 
Dreadnought Resources Ltd 
Auditor’s Independence Declaration 
 
 
 
 
 
 
 
 
AUDITOR’S INDEPENDENCE DECLARATION 
TO THE DIRECTORS OF DREADNOUGHT RESOURCES LIMITED 
 
In relation to our audit of the financial report of Dreadnought Resources Limited for the year ended 30 June 
2024, to the best of my knowledge and belief, there have been no contraventions of the auditor 
independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. 
 
 
PKF PERTH 
 
SHANE CROSS 
PARTNER 
 
3 SEPTEMBER 2024 
WEST PERTH, 
WESTERN AUSTRALIA 
 
 
 
 
 
 
 

 
 
Annual Report 2024 
18 
Consolidated Statement of Profit or Loss 
and other Comprehensive Income 
for the year ended 30 June 2024
Consolidated
30 June 2024
30 June 2023
Note
$
$
Other income
2
242,788
338,777
Administration expenses
3
(1,278,587)
(2,025,575)
Finance expense
3
(15,323)
(18,213)
Exploration expenditure
(47,681)
(329,511)
Legal fees
(145,430)
(176,339)
Loss on disposal of assets
(13,177)
-
Depreciation and amortisation expense
3
(159,750)
(132,811)
Impairment of exploration expenditure
10
(2,224,757)
(342,431)
Director and employee benefits expense
3
(2,677,465)
(2,835,882)
Loss from continuing operations before income tax
(6,319,382)
(5,521,985)
Income tax benefit 
4
-
-
Loss from continuing operations before income tax
(6,319,382)
(5,521,985)
Other comprehensive loss, net of income tax
-
-
Total comprehensive loss for the year
(6,319,382)
(5,521,985)
 
Loss per share for loss attributable to the ordinary equity holders of the Company 
 
 
Note 
Cents
Cents
Basic loss per share (cents) 
17
(0.18) 
 
(0.18) 
Diluted loss per share (cents) 
17
(0.18) 
 
(0.18) 
 
 
The above consolidated statement of profit or loss and comprehensive income  
should be read in conjunction with the accompanying notes.

 
 
19 
Dreadnought Resources Ltd 
Consolidated Statement of Financial Position 
as at 30 June 2024 
Consolidated
30 June 2024
30 June 2023
Note
$
$
ASSETS
Current Assets
Cash and cash equivalents
5
1,448,571
5,664,368
Trade and other receivables
6
115,125
348,328
Other assets
7
433,268
446,801
Financial assets
8
11,725
6,011,725
Total Current Assets
2,008,689
12,471,222
Non-Current Assets
Property, plant, and equipment
9
303,519
450,526
Right-of-use-assets
9
123,055
160,919
Exploration assets
10
50,964,784
42,278,019
Total Non-Current Assets
51,391,358
42,889,464
Total Assets
53,400,047
55,360,686
LIABILITIES
Current Liabilities
Trade and other payables
12
1,049,788
4,197,297
Provisions
169,346
144,397
Lease liability
13
39,217
34,192
Total Current Liabilities
1,258,351
4,375,886
Non-Current Liabilities
Lease liability
13
104,167
143,384
Total Non-Current Liabilities
104,167
143,384
Total Liabilities
1,362,518
4,519,270
Net Assets
52,037,529
50,841,416
EQUITY
Issued capital
14
105,387,633
97,104,008
Reserves
15
1,165,100
1,933,230
Accumulated losses
16
(54,515,204)
(48,195,822)
Total Equity
52,037,529
50,841,416
 
 
The above consolidated statement of financial position 
should be read in conjunction with the accompanying notes. 
 
 
 
 

 
 
Annual Report 2024 
20 
Consolidated Statement of Changes in Equity 
for the year ended 30 June 2024 
 
 
Issued 
Capital 
$
 
 
Accumulated 
Losses 
$
Share 
Based 
Payments 
Reserve 
$
 
 
Total 
Equity 
$
Balance at 1 July 2022
60,954,153
(42,673,837)
770,418
19,050,734
Loss for the year
-
(5,521,985)
-
(5,521,985)
Other comprehensive loss
-
-
-
-
Total comprehensive loss for the year
-
(5,521,985)
-
(5,521,985)
Transactions with owners in their capacity as 
owners
Share issues, net of transaction costs (Note 14)
34,523,693
-
-
34,523,693
Issue of options
-
-
617,418
617,418
Issue of performance rights 
-
-
1,823,056
1,823,056
Exercise of options (Note 15a)
702,829
-
(354,329)
348,500
Redemption of performance rights (Note 15b) 
923,333
-
(923,333)
-
Balance at 30 June 2023
97,104,008
(48,195,822)
1,933,230
50,841,416
Balance at 1 July 2023
97,104,008
(48,195,822)
1,933,230
50,841,416
Loss for the year
-
(6,319,382)
-
(6,319,382)
Other comprehensive loss
-
-
-
-
Total comprehensive loss for the year
-
(6,319,382)
-
(6,319,382)
Transactions with owners in their capacity as 
owners
Share issues, net of transaction costs (Note 14)
5,418,672
-
-
5,418,672
Issue of options
-
-
173,374
173,374
Issue of performance rights 
-
-
1,765,949
1,765,949
Exercise of options (Note 15a)
342,017
-
(184,517)
157,500
Redemption of performance rights (Note 15b) 
2,522,936
-
(2,522,936)
-
Balance at 30 June 2024
105,387,633
(54,515,204)
1,165,100
52,037,529
 
 
The above consolidated statement of changes in equity 
should be read in conjunction with the accompanying notes.

 
 
21 
Dreadnought Resources Ltd 
Consolidated Statement of Cash Flows 
for the year ended 30 June 2024 
Consolidated
30 June 2024
30 June 2023
Note
$
$
CASH FLOWS FROM OPERATING ACTIVITIES:
Payments to suppliers and employees
(2,333,830)
(2,319,987)
Interest received
134,181
59,197
Receipts from JV Partner
-
375,000
Government grants 
-
144,000
Other income
108,607
-
Net cash (used in) operating activities
18
(2,091,042)
(1,741,790)
CASH FLOWS FROM INVESTING ACTIVITIES:
Funds invested in term deposits
8
-
(6,011,725)
Funds released from term deposits
6,000,000
-
Payments for exploration and exploration activities
(17,106,846)
(18,419,893)
Payments for acquisition of tenements
(176,157)
(2,457,595)
Government grants received
2,679,472
-
Fuel tax credits
179,206
-
Receipt from JV partner
846,271
-
Payment for property, plant, and equipment
(25,330)
(253,976)
Proceeds from disposal of equipment
37,273
-
Payments for acquisition of subsidiary
-
(150,000)
Proceeds from sale of financial assets
-
183,039
Net cash (used in) investing activities
(7,566,111)
(27,110,150)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of shares 
5,628,000
33,750,000
Proceeds from the exercise of options
157,500
348,500
Share issue costs 
(294,630)
(2,036,207)
Payment of lease liability
(49,514)
(47,956)
Net cash provided by financing activities
5,441,356
32,014,337
Net (decrease)/increase in cash and cash equivalents held
(4,215,797)
3,162,397
Cash and cash equivalents at beginning of year
5,664,368
2,501,971
Cash and cash equivalents at end of financial year
1,448,571
5,664,368
 
 
The above consolidated statement of cash flows 
should be read in conjunction with the accompanying notes. 

 
 
Annual Report 2024 
22 
Notes to the Consolidated Financial Statements 
for the year ended 30 June 2024 
1. 
SUMMARY OF MATERIAL ACCOUNTING POLICIES 
The principal accounting policies adopted in the preparation of these consolidated Financial Statements are set out below. These 
policies have been consistently applied to all the periods presented, unless otherwise stated. The Financial Statements are for 
the consolidated entity consisting of Dreadnought Resources Limited and its subsidiaries. 
  
(a) Basis of Preparation  
These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards and 
interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. Dreadnought 
Resources Ltd is a for profit entity for the purpose of preparing the financial statements. 
(i) 
Compliance with IFRS 
These consolidated financial statements also comply with International Financial Reporting Standards (IFRS) as issued 
by the International Accounting Standards Board (IASB). 
(ii) 
Historical cost convention 
 
These financial statements have been prepared on an accrual basis, under the historical cost convention, as modified 
by the revaluation of financial assets through other comprehensive income.  
(iii) Critical accounting estimates 
 
The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge 
and best available current information. Estimates assume a reasonable expectation of future events and are based 
on current trends and economic data, obtained both externally and within the Group. Refer to note 1(m) for further 
details. 
(iv) Comparative amounts 
 
Comparatives are consistent with prior years, unless otherwise stated. Where a change in comparatives has also 
affected the opening retained earnings previously presented in a comparative period, an opening statement of 
financial position at the earliest date of the comparative period has been presented. 
(v) 
Consolidation 
 
The Group financial statements consolidate those of the Parent and all its subsidiaries. The Parent controls a 
subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and can affect 
those returns through its power over the subsidiary. All subsidiaries have a reporting date of 30 June. All transactions 
and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on 
transactions between Group companies.  
(vii) Joint control 
 
Whilst there are agreements in place with other parties there is no joint control over decisions about relevant 
activities required to progress these projects. The Group does have an 80% interest in a tenement which form part 
of its Tarraji-Yampi project however it the Group’s view that it controls this project through its 80% interest. 
(vii) Authorisation 
 
The financial report was authorised for issue on 3 September 2024 by the Board of Directors.  
(b) Going concern 
The financial statements have been prepared on a going concern basis which assumes the Group will have sufficient funds 
to pay its debts, as and when they become payable, for a period of at least 12 months from the date the financial report 
is authorised for issue.  
As at 30 June 2024, the Group had net assets of $52,037,529 (2023: $50,841,416) and a working capital surplus of $750,338 
(2023: $8,095,336). In addition, Group had cash of $1,448,571 and trade and other payables of $1,049,788 and a lease 
liability of $39,217. During the financial year, the Group had cash outflows from operating activities of $2,091,042 (2023: 
$1,741,790) and cash outflows from investing activities (including payments for exploration) of $7,566,111 (2023: 
$27,110,150).  The Group has no means of generating cash from operating activities and the Group is dependent upon 
successfully raising additional funds to continue its operation. 
In August 2024, the Company completed a placement at a placement at $0.018 per share to institutional and sophisticated 
investors raising $3,500,000 (before costs). In addition, the directors contributed a further $210,000 to the placement, 
which is subject to shareholders approval at the annual general meeting scheduled for 28 November 2024. 
The Group’s cash flow forecast out to 30 September 2025 indicates that the Group will have sufficient cash flows to meet 
all commitments and working capital requirements for the 12-month period from the date of signing this financial report.  
To address the future funding requirements of the Group, the directors have: 
 
developed a business plan that provides encouragement for investors to invest;  
 
continued their focus on maintaining an appropriate level of corporate overheads and projects spending in line with 
the Group’s available cash; and 
 
developed a strategy to transform into a self-funded explorer by outsourcing the funding, development, haulage & 
processing of a potential high-grade open pit at the Star of Mangaroon.  
Based on the cash flow forecasts, the directors are satisfied that the going concern basis of preparation is appropriate. 

 
 
23 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
1. 
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED) 
 
(c) 
Other income 
Interest is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised 
cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which 
is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net 
carrying amount of the financial asset. 
  
(d) Impairment of non-financial assets 
The Group’s exploration assets are subject to the requirements of AASB 6 Exploration assets are tested for impairment 
to the requirements of AASB 6 Exploration and Evaluation, the Group’s other non-financial assets are tested for 
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An 
impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The 
recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing 
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are 
largely independent of the cash inflows from other assets or groups of assets (cash generating units). Non-financial assets 
other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting 
date. 
 
(e) Share-based payments  
Equity-settled compensation benefits are provided to employees and non-employees.  
 
The fair value of the equity to which employees become entitled is measured at grant date and recognised as an expense 
over the vesting period, with a corresponding increase to an equity account. The fair value of shares is ascertained as the 
market bid price. The fair value of options is ascertained using a Black Scholes pricing model which incorporates all market 
vesting conditions. The fair value of performance rights with non-market vesting conditions are valued at the closing share 
price of the Company on the grant date. The fair value of performance rights with market vesting conditions are estimated 
at fair value using a relevant Valuation Model which considers the grant date, the exercise price the expected life of the 
instrument, the current share price of the underlying share, the expected volatility, expected dividends and the risk-free 
interest rate for the expected life of the instrument. 
 
The amount to be expensed is determined by reference to the fair value of the instruments granted.  This expense takes 
in account any market performance conditions and the impact of any non-vesting conditions but ignores the effect of any 
service and non-market performance vesting conditions. Non-market vesting conditions are considered when considering 
the number of instruments expected to vest. At the end of each reporting period, the Group revises its estimate of the 
number of instruments which are expected to vest based on the non-market vesting conditions. Revisions to the prior 
period estimate are recognised in profit or loss and equity. 
 
(f) 
Income tax  
The tax expense recognised in the profit or loss and other comprehensive income relates to current income tax expense 
plus deferred tax expense (being the movement in deferred tax assets and liabilities and unused tax losses during the year). 
 
Dreadnought Resources Limited and its wholly owned Australian subsidiaries have formed an income tax consolidated 
group under tax consolidation legislation. Each entity in the Group recognises its own current and deferred tax assets and 
liabilities. Such taxes are measured using the ‘stand-alone taxpayer’ approach to allocation. 
 
Current tax liabilities (assets) and deferred tax assets arising from unused tax losses and tax credits in the subsidiaries are 
immediately transferred to the head entity. 
 
The tax consolidated group has entered a tax funding arrangement whereby each company in the Group contributes to 
the income tax payable by the Group in proportion to their contribution to the Group’s taxable income. Differences 
between the amounts of net tax assets and liabilities derecognised and the net amounts recognised pursuant to the funding 
arrangement are recognised as either a contribution by, or distribution to the head entity. 
 
(g) Loss per share  
The Group presents basic and diluted loss per share information for its ordinary shares. 
 
Basic loss per share is calculated by dividing the profit attributable to owners of the Company by the weighted average 
number of ordinary shares outstanding during the year. 
 
Diluted earnings per share adjusts the basic earnings per share to consider the after-income tax effect of interest and 
other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional 
ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. 

 
 
Annual Report 2024 
24 
Notes to the Consolidated Financial Statements 
continued 
1. 
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED) 
 
(h) Cash and cash equivalents  
For presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits 
held at call with financial institutions, other short term, highly liquid investments with original maturities of twelve months 
or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in 
value.  
 
(i) 
Property, plant and equipment  
Assets are carried at its cost less any accumulated depreciation and any impairment losses. Costs include purchase price, 
other directly attributable costs, and the initial estimate of the costs of dismantling and restoring the asset, where 
applicable. 
 
Plant and equipment are measured on a cost basis. The carrying amount of plant and equipment is reviewed annually by 
directors to ensure it is not exceeding the recoverable amount. The recoverable amount is assessed based on the expected 
net cash flows that will be received from the assets’ employment and subsequent disposal. The expected net cash flows 
have been discounted to their present values in determining recoverable amounts. 
 
Subsequent costs are included in the assets’ carrying amounts or recognised as separate assets as appropriate, only when 
it is probable that future economic benefits associated with the item will flow to the Group and the cost can be measured 
reliably. All other repairs and maintenance are charged to the statement of profit or loss and other comprehensive income 
during the financial year in which they are incurred. 
 
Depreciation 
The depreciable amount of all property, plant, and equipment, except for freehold land is depreciated on a reducing 
balance method from the date that management determine that the asset is available for use. The depreciation rates used 
for each class of depreciable assets vary from 20% to 40%. Where the asset qualifies for the ATO instant write-off 
deduction, it is written off in the statement of profit or loss and other comprehensive income. 
 
(j) 
Exploration and development expenditure  
Exploration, evaluation, and development expenditure incurred is accumulated in respect of each identifiable area of 
interest. These costs are only carried forward to the extent that they are expected to be recouped through successful 
development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment 
of the existence of economically recoverable reserves. As the asset is not available for use it is not depreciated or 
amortised. Accumulated costs in relation to an abandoned area are impaired in full against profit or loss in the period in 
which the decision to abandon that area is made. A regular review is undertaken of each area of interest to determine the 
appropriateness of continuing to carry forward costs in relation to that area of interest. 
 
(k) Employee benefits  
Short-term employee benefits 
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within 
twelve months after the end of the period in which the employees render the related service.  Examples of such benefits 
include wages and salaries and non-monetary benefits.  Short-term employee benefits are measured at the undiscounted 
amounts expected to be paid when the liabilities are settled. 
 
Other long-term employee benefits 
The Group does not currently have any long service leave liabilities. 
 
The Group presents employee benefit obligations as current liabilities in the statement of financial position if the Group 
does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period, 
irrespective of when the actual settlement is expected to take place. 
 
(l) 
Leases  
At inception of a contract, the Group, as lessee, assesses if the contract contains a lease or is a lease. If there is a lease 
present, a right-of-use asset and a corresponding lease liability are recognised by the Group where the Group is a lessee. 
However, all contracts that are classified as short-term leases (i.e. a lease with a remaining lease term of 12 months or 
less) and leases of low-value assets are recognised as an operating expense on a straight-line basis over the term of the 
lease. 
 
Initially the lease liability is measured at the present value of the lease payments still to be paid at the commencement 
date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, 
the Group uses the incremental borrowing rate. 

 
 
25 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
1. 
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED) 
 
(l) 
Leases (continued) 
 
Lease payments included in the measurement of the lease liability are as follows: 
• 
fixed lease payments less any lease incentives 
• 
variable lease payments that depend on an index or rate, initially measured using the index or rate at the 
commencement date 
• 
the amount expected to be payable by the lessee under residual value guarantees 
• 
the exercise price of purchase options if the lessee is reasonably certain to exercise the options 
• 
lease payments under extension options if the lessee is reasonably certain to exercise the options 
• 
payments of penalties for terminating the lease if the lease term reflects the exercise of an option to terminate the 
lease 
 
The right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease payments made at 
or before the commencement date and any initial direct costs. The subsequent measurement of the right-of-use assets is 
at cost less accumulated depreciation and impairment losses. 
 
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the shortest. 
Where a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group 
anticipates exercising a purchase option, the specific asset is depreciated over the useful life of the underlying asset.  
 
(m) Key accounting estimates and judgments 
The preparation of the consolidated financial statements requires management to make estimates and judgments. These 
estimates and judgments are continually evaluated and are based on historical experience and other factors, including 
expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under 
the circumstances. 
 
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, 
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material 
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:  
 
(i) 
Estimated impairment 
The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead 
to impairment of assets as noted in note 1(d). Where an impairment trigger exists, the recoverable amount of the 
asset is determined.   
 
(ii) 
Exploration and evaluation 
The Group policy for exploration and evaluation is discussed in note 1 (j). The application of this policy requires 
management to make certain assumptions as to future events and circumstances. Any such estimates and 
assumptions may change as new information becomes available. If, after having capitalised exploration and evaluation 
expenditure, management concludes that the capitalised expenditure is unlikely to be recovered by future sale or 
exploration, then the relevant capitalised amount will be written off through the statement of profit or loss. 
 
(iii) AASB 2 – Fair value of tenements acquired 
The Group has determined that, due to the nature of the asset acquired, it cannot obtain a reliable estimate of the 
fair value of the tenements, and therefore has measured the value of the tenements acquired indirectly by 
reference to the fair value of the shares issued and the cash paid by the company. 
 
(iv) AASB 137 – Provisions, contingent liabilities and contingent assets 
Judgement is required to determine the applicable accounting standard that applies to the gross royalty 
arrangements entered into by the Group as consideration for tenement acquisitions. The Directors have 
determined that AASB 137 Provisions, Contingent Liabilities and Contingent Assets applies as it is impracticable 
to determine if the tenements will ever go into production. As at year end, the gross royalty arrangements are 
disclosed as contingent liabilities because it is not possible to determine whether an outflow is probable and to 
reliably estimate the amount payable. 
 
 

 
 
Annual Report 2024 
26 
Notes to the Consolidated Financial Statements 
continued 
1. 
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED) 
 
(m) Key accounting estimates and judgements (continued) 
 
(v) 
Estimation of tax losses carried forward 
Potential future income tax benefits attributable to gross tax losses of $75,005,533 (2023: $67,603,578) carried 
forward have not been brought to account at 30 June 2024 because the directors do not believe it is appropriate to 
regard realisation of the future tax benefit as probable. 
 
These benefits will only be obtained if: 
a. the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from 
the losses and deductions to be released; 
b. the Group continues to comply with the conditions for deductibility imposed by the law; and 
c. no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the losses. 
 
Tax losses carried forward have no expiry date.  
 
(vi) Share based payment transactions 
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair 
value of the equity instruments at the date at which they are granted.  
 
The fair value of options is determined based on the underlying share price or by using the Black & Scholes model 
considering the terms and conditions upon which the instruments were granted.  
 
The fair value of performance rights with non-market vesting conditions are valued at the closing share price of 
the Company on the grant date. The fair value of performance rights with market vesting conditions are estimated 
at fair value using a relevant Valuation Model which considers the grant date, the exercise price the expected life 
of the instrument, the current share price of the underlying share, the expected volatility, expected dividends 
and the risk-free interest rate for the expected life of the instrument.   
 
The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact 
on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or 
loss and equity.  
 
(n) Adoption of new and revised accounting standards and interpretations 
In the year ended 30 June 2024, the directors have reviewed all the new and revised Standards and Interpretations issued 
by the AASB that are relevant to the Group and effective for the current reporting periods beginning on or after 1 July 
2024. As a result of this review, the directors have determined that there is no material impact of the new and revised 
Standards and Interpretations on the Group and, therefore, no material change is necessary to the Group’s accounting 
policies. 
 
(o) New accounting standards and interpretations that are not yet mandatory  
The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet 
effective.  
 
IFRS 18 Presentation and Disclosure in Financial Statements Amendments includes requirements for all entities applying 
IFRS for presentation and disclosure of information in financial statements. It is applicable to annual reporting periods 
beginning on or after 1 January 2027.  
 
The Group is currently assessing the impact of new accounting standards and amendments. The Group does not believe 
that the IFRS 18 will require any significant additional disclosures about the Group’s assets, liabilities, equity, income, or 
expenses that is useful to users of financial statements in assessing the prospects for future net cash inflows to the Group 
and in assessing managements’ stewardship of the Group’s economic resources. 
 
 

 
 
27 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
2. 
OTHER INCOME 
Consolidated
30 June 2024
30 June 2023
$
$
Receipts from JV
-
150,000
Fuel rebate
-
95,966
Interest received
134,181
59,197
Other
108,607
33,614
242,788
338,777
3. 
EXPENSES 
Consolidated
30 June 2024
30 June 2023
$
$
Administration expenses
Compliance and regulatory
251,843
508,917
Computer expenses
108,339
69,815
Consulting fees – corporate, accounting and secretarial services
228,202
309,531
Consulting fees – tenement related
-
53,465
Insurance
140,097
107,738
Seminar/conference
-
105,231
Share registry
55,455
69,370
Travel and accommodation
65,649
143,078
Marketing / investor relations
268,313
252,952
Other
160,689
405,478
1,278,587
2,025,575
Director and employee benefit expenses
Non-executive directors’ fees
227,550
155,462
Salaries and wages
296,456
-
Share-based payment (a) (Note 15 and 25)
- Directors
353,535
625,565
- Employees
1,501,090
1,814,909
Superannuation 
266,384
203,595
Other employee benefit
32,450
36,351
2,677,465
2,835,882
Salaries and wages recharged to exploration assets during the year
2,197,152
1,831,710
(a)
Share-based payments
Options
88,676
617,418
Performance rights
1,765,949
1,823,057
1,854,625
2,440,475
Finance expense
Interest on lease liability
15,323
18,213
15,323
18,213
Depreciation expense
Depreciation of property, plant, and equipment
121,887
94,948
Amortisation of right-of-use assets
37,863
37,863
159,750
132,811
 
 

 
 
Annual Report 2024 
28 
Notes to the Consolidated Financial Statements 
continued 
4. 
INCOME TAX EXPENSE 
Consolidated
30 June 2024
30 June 2023
$
$
Income tax expense/(benefit)
Current tax
-
-
Deferred tax
-
-
Income tax expense/(benefit)
-
-
-
-
Reconciliation of income tax to accounting loss:
Prima facie loss from ordinary activities 
(6,319,382)
(5,521,985)
Tax at the Australian tax rate of
25%
25%
Prima facie tax expenses/(income) on ordinary activities
(1,579,846)
(1,380,496)
Add:
Tax effect of amounts which are not deductible (taxable) in 
calculating taxable income:
Other non-allowable items
2,924
4,231
Share-based payments
463,656
610,119 
Research and development grant offset
(559,194)
-
Adjustments recognised in the current year in relation to the 
current tax of previous years
2,224,804
27,001
Tax effect of tax losses not brought to account as they do not meet 
the recognition criteria
(552,344)
739,145
-
-
Deferred income tax
Deferred income tax at 30 June relates to the following:
Deferred tax liabilities
Prepayments
(108,317)
(111,700)
Property, plant and equipment
(75,880)
(112,632)
Exploration assets
(11,549,696)
(9,287,997)
Right-of-use-assets
(30,764)
(40,230)
Deferred tax assets
Accruals
4,750
4,313
Leases
35,846
44,394
Provision for employee entitlements
44,212
38,388
Section 40-880 expenditure
462,080
555,696
Revenue tax losses
18,751,383
16,900,895
Capital losses
383,363
383,363
Deferred tax assets not brought to account as 
realisation is not probable
(7,916,977)
(8,374,490)
Deferred tax assets 
-
-
 
 
 

 
 
29 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
4. 
INCOME TAX EXPENSE (CONTINUED) 
 
A deferred tax liability of $Nil (2023: $Nil) was recognised in equity during the financial year.  
 
A deferred tax asset (DTA) has not been recognised in respect of temporary differences as they do not meet the recognition 
criteria per AASB 112 Income Taxes. A DTA has not been recognised in respect of tax losses as realisation of the benefit is not 
regarded as probable. 
 
The Group is part of a tax consolidated group in accordance with the tax consolidation legislation. The Group has unrecognised 
assessed gross tax losses of $75,005,533 (2023: $ 67,603,578) that are available indefinitely for offset against future taxable 
profits of the Group subject to satisfaction of the relevant tax losses recoupment tests.  
 
The tax rates applicable to each potential tax benefit are as follows:  
• 
Timing differences – 25%;  
• 
Tax losses – 25%. 
 
The Group has JMEI credits available from the Australian Taxation Office of $1,488,500 in respect of the year ending 30 June 
2025 (2024: $1,357,500). The JMEI entitles Australian resident investors in eligible minerals exploration companies to obtain 
either a refundable tax offset or (where the Eligible Investor is a corporate tax entity) franking credits. 
 
 
5. 
CASH AND CASH EQUIVALENTS 
Consolidated
30 June 2024
30 June 2023
$
$
Cash at bank and in hand
1,448,571
5,664,368
Total cash and cash equivalents
1,448,571
5,664,368
 
 
6. 
TRADE AND OTHER RECEIVABLES  
Consolidated
30 June 2024
30 June 2023
$
$
Current:
GST receivable
96,927
348,265
Other receivables
18,198
63
Total current trade and other receivables
115,125
348,328
 
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financial statements. 
As at 30 June 2024 there were no material trade and other receivables that were considered to be past due or impaired (2023: 
Nil) and therefore there no expected loss credit provision required. 
 
 
7. 
OTHER CURRENT ASSETS 
 
 
Consolidated 
 
 
30 June 2024 
 
30 June 2023 
 
 
$
$
 
 
 
 
 
Prepayments 
 
433,268 
 
446,801 
Total other assets 
 
433,268 
 
446,801 
 
 

 
 
Annual Report 2024 
30 
Notes to the Consolidated Financial Statements 
continued 
8. 
FINANCIAL ASSETS 
 
 
Consolidated 
 
 
30 June 2024 
 
30 June 2023 
 
 
$
$
Investment in term deposits: 
 
 
 
 
Funds held in term deposits held with financial institutions 
 
11,725 
 
6,011,725 
 
 
 
 
 
Investment in listed entity: 
 
 
 
 
Fair value at beginning of the year 
 
- 
 
150,000 
Disposal 
 
- 
 
(183,255) 
Change in fair value 
 
- 
 
33,255 
 
 
- 
 
- 
Fair value at end of the year 
 
11,725 
 
6,011,725 
500,000 Lycaon shares, received as part consideration in the divestment of the Rocky Dam projects (June 2021), were reflected 
at fair value of $150,000 (June 2022), and disposed of for a net consideration of $183,255 during the year ended 30 June 2023. 
 
9. 
FIXED ASSETS 
 
 
Consolidated 
 
 
30 June 2024 
 
30 June 2023 
 
 
$
$
Property, plant and equipment: 
 
 
 
 
Leasehold improvements – at cost 
 
170,635 
 
155,505 
Less: Accumulated depreciation 
 
(62,531) 
 
(31,963) 
 
 
108,104 
 
123,542 
Equipment – at cost 
 
132,301 
 
122,101 
Less: Accumulated depreciation 
 
(62,678) 
 
(24,128) 
 
 
69,623 
 
97,973 
Motor vehicles – at cost 
 
241,264 
 
301,585 
Less: Accumulated depreciation 
 
(115,472) 
 
(72,574) 
 
 
125,792 
 
229,011 
 
 
303,519 
 
450,526 
Right-of-use assets: 
 
 
 
 
Right of use assets – at cost (see Note 13) 
 
227,179 
 
227,179 
Less: Accumulated amortisation 
 
(104,124) 
 
(66,260) 
 
 
123,055 
 
160,919 
Total fixed assets 
 
426,574 
 
611,445 
 
Reconciliations 
Reconciliations of the written down values at the beginning and end of the current financial year are set out below: 
 
Leasehold
Improvements
Equipment
Motor
vehicles
Right of
use assets
Total
$
$
$
$
$
Balance at 1 July 2023
123,542
97,973
229,010
160,919
611,445
Additions
15,130
10,200
-
-
25,330
Disposals
-
-
(50,449)
-
(50,449)
Depreciation expense
(30,568)
(38,550)
(52,7689)
-
(121,887)
Amortisation of right of use asset
-
-
-
(37,864)
(37,864)
Balance at 30 June 2024
108,104
69,623
125,792
123,055
426,574

 
 
31 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
10. EXPLORATION AND EVALUATION ASSETS 
30 June 2024
30 June 2023
$
$
Exploration and evaluation expenditure
Capitalised exploration and evaluation expenditure
50,964,784
42,278,019
Balance at the beginning of the period
42,278,019
17,196,520
Expenditure incurred
14,270,314
20,130,695
Acquisitions (i), (ii), (iii), (iv), (v), (vi), (vii) 
346,157
4,922,495
Acquired through Odette Seven Pty Ltd (vii)
-
514,740
Impairment (ix)
(2,224,757)
(342,431)
JV Contribution
(846,271)
-
Fuel tax credits
(179,206)
-
Government grant received (x)
(442,695)
(144,000)
R&D tax incentive
(2,236,777)
-
Balance at the end of the period
50,964,784
42,278,019
 
The recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and 
commercial exploitation, or alternatively, sale of the respective areas of interest.   Refer to Note 11. for operating segments. 
 
Acquisitions 
(i) 
2024:  The Group acquired 100% interest in mining tenement M09/091 from unrelated vendors for $120,000 in cash 
and 2,500,000 fully paid ordinary shares in the Company issued at a fair value price of $0.046 per share on 18 August 
2023 equating to $115,000. ($60,000 of the cash fee was paid in 2023 refer (vii) below).  
(ii) 
2024:  The Group acquired 100% interest in in exploration tenement E52/3412 and E52/3462 from unrelated vendors 
for $100,000 in cash and 2,500,000 fully paid ordinary shares in the Company issued at a fair value price of $0.022 per 
share on 13 February 2024 equating to $55,000.  
(iii) 
2023: The Group exercised its option to acquire 100% ownership of E29/965 and E30/485 within the Central Yilgarn 
and paid $1,000,000 to an unrelated party to settle the transaction. 
(iv) 
2023: The Group acquired 100% interest in tenements E16/495, E30/493, E30/494, E77/2403, E77/2416, E77/2432 and 
E77/2634 from Arrow Minerals Limited (ASX:AMD) for $600,000 in cash and 2,350,000 fully paid ordinary shares in the 
Company issued at a fair value price of $0.046 per share on 1 August 2022 equating to $108,100.  
(v) 
2023: The Group acquired 100% interest in tenements E52/4082, E52/4083, E08/3495 and E08/3496 from an unrelated 
vendor for $150,000 in cash and 2,778,000 fully paid ordinary shares in the Company issued at a fair value price of 
$0.100 per share on 31 October 2022, equating to $277,800. 
(vi) 
2023: The Group acquired 100% interest in M09/174 E09/2290, M09/146, M09/147 and M09/175 from unrelated vendors 
for $375,000 in cash and 21,000,000 fully paid ordinary shares in the Company issued at a fair value price of $0.099 on 
10 November 2022 equating to $2,079,000. 
(vii) 
The balance of the acquisition cost relates to stamp duty, option fees and tenement rent application fee refunds on the 
above-mentioned transactions of $16,157 (2023: $332,595 including $60,000 option fee on (i) above). 
(viii) 
2023: The Company acquired the rights to tenements E08/3356, E52/3936 and E52/3937 through acquiring 100% of the 
ordinary shares of Odette Seven Pty Ltd. The transaction did not meet the definition of a business combination under 
AASB 3 Business Combinations and was therefore accounted for as an asset acquisition.  The total consideration was 
3,000,000 fully paid and issued shares of the Company, at a fair value price of $0.115 per share on 31 October 2022, for 
a total amount of $345,000. The Company took on trade payables of $19,740 and settled the amount due to the previous 
shareholder amounting to $150,000 after settlement date. 
 
Impairment 
(ix) 
The impairment of the exploration assets relates to the surrender of tenements during the year. 
 
Grants 
(x) 
Government assistance is recognised when it is received or when the right to receive payment is established. 
 
Royalties 
(xi) 
As none of the tenements have reached a stage of production all royalties associated with them have been disclosed as 
a contingent liability within in Note 28. 
 
 
 
 

 
 
Annual Report 2024 
32 
Notes to the Consolidated Financial Statements 
continued 
11. OPERATING SEGMENTS 
 
The directors have considered the requirements of AASB 8 – Operating Segments and the internal reports that are reviewed 
by the chief operating decision maker (the Board) in allocating resources and have identified segments for the broader project 
areas under which exploration and evaluation activities have been conducted.  (Refer to Note 10 for further information on 
Exploration and evaluation assets.) Other non-current assets are utilised across all segments and are thus not allocated to 
individual segments, and non-current liabilities relate to the lease for the business premises which has not been allocated to any 
operating segments. 
 
Mangaroon 
(REE)
Mangaroon 
(Other)
Mangaroon
(Total)
Central 
Yilgarn
Bresnahan
Kimberley
Total
$
$
$
$
$
$
$
Balance at 1 July 2022
-
-
2,317,582
7,368,409
-
7,510,529
17,196,520
Expenditure incurred
-
-
17,100,194
942,598
242,970
1,844,933
20,130,695
Acquisitions
-
-
3,000,476
1,920,568
520,940
(4,749)
5,437,235
Government grants
-
-
(144,000)
-
-
-
(144,000)
Impairment
-
-
(141,427)
-
(58,207)
(142,797)
(342,431)
Balance at 30 June 2023
-
-
22,132,825
10,231,575
705,703
9,207,916
42,278,019
Segments
Unallocated
Total
$
$
$
Reconciliation
Total Non-current Assets
42,278,019
611,445
42,889,464
Total Non-current Liabilities
-
(143,384)
(143,384)
Net loss
(342,431)
(5,179,554)
(5,521,985)
Mangaroon 
(REE)
Mangaroon 
(Other)
Mangaroon
(Total)
Central 
Yilgarn
Bresnahan
Kimberley
Total
$
$
$
$
$
$
$
Balance at 1 July 2023
-
-
22,132,825
10,231,575
705,703
9,207,916
42,278,019
Segment apportionment1
16,473,792
5,209,043
(22,132,825)
(13,107)
463,128
(31)
-
Expenditure incurred
5,879,547
3,119,971
-
1,849,262
628,257
2,793,277
14,270,314
Acquisitions
608
175,911
-
190
169,558
(110)
346,157
JV Contributions
-
(846,271)
-
-
-
-
(846,271)
Fuel tax credits
(139,417)
(34,427)
-
(3,214)
(929)
(1,219)
(179,206)
Government grants 
(142,197)
-
-
(240,320)
-
(60,178)
(442,695)
R&D tax incentive
(2,112,598)
-
-
-
-
(124,179)
(2,236,777)
Impairment2
(17,339)
(15,206)
-
(576,632)
(495,992)
(1,119,588)
(2,224,757)
Balance at 30 June 2024
19,942,396
7,609,021
-
11,247,754
1,469,725
10,695,888
50,964,784
Segments
Unallocated
Total
$
$
$
Reconciliation
Total Non-current Assets
50,964,784
426,574
51,391,358
Total Non-current Liabilities
-
(104,167)
(104,167)
Net loss
(2,224,757)
(4,094,625)
(6,319,382)
 
 
1 During the current period Mangaroon has been subdivided to distinguish exploration activities in respect of rare earths from other 
commodities, as well as apportioning expenditure for tenements which fell within the broader Bresnahan Project area. The opening 
balances have accordingly been re-apportioned.  
2 Impairment was recognised for any expenditure on tenements that had been surrendered or that were planned to be surrendered. 
 
 

 
 
33 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
12. TRADE AND OTHER PAYABLES 
Consolidated
30 June 2024
30 June 2023
$
$
Trade payables
906,591
3,483,847
Accrued expenses
75,776
423,143
Accrued expenses - JV partner commitments
-
225,000
PAYG and wages payable
67,421
56,154
Superannuation payable
-
9,153
Total trade and other payables
1,049,788
4,197,297
 
All amounts are short term and the carrying values are a reasonable approximation of fair value. 
 
 
13. LEASE LIABILITY 
Consolidated
30 June 2024
30 June 2023
$
$
Office space lease:
Current portion
39,217
34,192
Non-current portion
104,167
143,384
Total lease liability
143,384
177,576
 
The lease liability relates to the Company’s office space in Unit 1, 4 Burgay Court, Osborne Park, WA 6017 for an initial period 
of 3 years. The Company has exercised the option to extend the lease for another 3 years. 
 
 
14. ISSUED CAPITAL 
 
(a) Ordinary shares 
30 June 2024
30 June 2023
$
$
Ordinary shares fully paid
105,387,633
97,104,008
No.
$
Date
At 1 July 2023
3,327,728,220 
97,104,008
01/08/2023
Issue of shares – Class B Performance Rights exercised
14,550,001
1,261,468
18/08/2023
Issue of shares – tenement acquisition
2,500,000
115,000
09/10/2023
Placement
84,255,319
3,960,000
30/10/2023
Share purchase plan
13,361,764
628,000
04/09/2023
Issue of shares – Class C Performance Rights exercised
14,549,996
1,261,468
22/12/2023
Director participation - placement
22,127,660
1,040,000
13/02/2024
Issue of shares – tenement acquisition
2,500,000
55,000
09/04/2024
Options exercised
31,500,000
157,500
09/04/2024
Exercise of options – transfer from reserve
-
184,517
Less: Transaction costs
-
(379,328)
At 30 June 2024
3,513,072,960 
105,387,633
 
 
 

 
 
Annual Report 2024 
34 
Notes to the Consolidated Financial Statements 
continued 
14. ISSUED CAPITAL (CONTINUED)  
No.
$
Date
At 1 July 2022
2,838,683,551
60,954,153
01/08/2022
Issue of shares – tenement acquisition
2,350,000
108,100
04/08/2022
Placement
200,000,000
12,000,000
15/09/2022
Options exercised
1,500,000
60,000
31/10/2022
Options exercised
4,400,000
78,500
31/10/2022
Issue of shares – tenement acquisition
2,778,000
277,800
31/10/2022
Acquisition of a subsidiary
3,000,000
345,000
10/11/2022
Issue of shares – tenement acquisitions
21,000,000
2,079,000
16/12/2022
Director participation - placement
5,833,334
350,000
13/01/2023
Issue of shares – Class A Performance Rights exercised
10,183,335
923,334
08/02/2023
Placement
200,000,000
20,000,000
08/02/2023
Options exercised
4,000,000
90,000
04/04/2023
Director participation – placement
14,000,000
1,400,000
04/04/2023
Options exercised
5,000,000
30,000
24/05/2023
Options exercised
15,000,000
90,000
Exercise of options – transfer from reserve
-
354,328
Less: Transaction costs
-
(2,036,207)
At 30 June 2023
3,327,728,220 
97,104,008
 
Capital management 
 
Management controls the capital of the Group to maintain and generate long-term shareholder value and ensure that the Group 
can fund its operations and continue as a going concern. The Group is not subject to any externally imposed capital requirements. 
Management effectively manages the Group capital by assessing the Group financial risks and adjusting its capital structure in 
response to changes in these risks and in the market. These responses include the management of debt levels, distributions to 
shareholders and share issues. 
 
(b) Options 
 
The details of the unlisted options as at 30 June 2024 are as follows: 
Number
Exercise Price $
Expiry Date
12,100,000
0.0400
2 July 2024
2,000,000
0.0600
11 August 2024
2,000,000
0.0600
26 November 2024
8,500,000
0.0650
14 July 2025
6,000,000
0.0940
9 October 2025
853,098
0.1575
16 December 2025
1,223,151
0.1200
02 March 2026
2,000,000
0.0750
14 June 2026
34,676,249
Refer Note 15(a) for further information.  
 
(c) 
Performance rights 
 
The details of the unlisted performance rights as at 30 June 2024 are as follows: 
Number
Class
Exercise Price $
Expiry Date
4,125,000
D
0.0000
31 December 2025
4,125,000
E
0.0000
31 December 2025
4,125,000
F
0.0000
31 December 2025
4,125,000
G
0.0000
31 December 2025
16,500,000
Refer Note 15(b) for further information.  
 
 

 
 
35 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
15. SHARE-BASED PAYMENTS RESERVES 
Consolidated
30 June 2024
30 June 2023
$
$
Options (a)
1,022,363
1,033,508
Performance rights (b)
142,738
899,724
1,165,101
1,933,232
(a)
Options Reserve
2024 Movements
No.
$
Grant Date
At 1 July 2023
60,176,249
1,033,508
Options granted – brokers1
6,000,000
84,696
Options granted in prior years but partly vesting during the 
current year
-
88,676
Options exercised during the year2
(31,500,000)
(184,517)
At 30 June 2024
34,676,249
1,022,363
 
1 On 26 September 2023, the Company granted 6,000,000 to Shaw and Partner and their nominees for their role as Lead 
Manager in the Company’s placement. The options were issued on 9 October 2023 and have an exercise price of $0.094 and 
an expiry date of 9 October 2025. 
2 On 8 April 2024, 31,500,000 options were exercised @ $0.005 per share. 
 
2023 Movements
No.
$
Grant Date
At 1 July 2022
77,500,000
770,418
14/07/2022
Options granted – employees3
8,500,000
291,041
16/12/2022
Options granted – Director4
853,098
55,406
02/03/2023
Options granted – Director5
1,223,151
60,778
31/05/2023
Options granted – employee6
2,000,000
4,518
Options granted in prior years but partly vesting during the 
current year
-
205,675
Options exercised during the year
(29,900,000)
(354,328)
At 30 June 2023
60,176,249
1,033,508
 
3 On 14 July 2022, the Company granted 8,500,000 options via the Equity Incentive Plan to employees who are not related 
parties of the Company. The options have an exercise price of $0.065 and expire on 14 July 2025.  These options will vest on 
12 months of continued employment. 
4 On 30 November 2022, shareholders approved the grant of 853,098 options to a director as part of the director’s 
remuneration package. The options have an exercise price of $0.1575 and expire on 16 December 2025. There are no vesting 
conditions. 
5 On 2 March 2023, the Company granted 1,223,151 options to a director as part of the director’s remuneration package. The 
options have an exercise price of $0.1200 and expire on 2 March 2026. There are no vesting conditions.   
6 On 31 May 2023, the Company granted 2,000,000 options via the Equity Incentive Plan to an employee. The options have an 
exercise price of $0.0750 and expire on 14 June 2026. They vest after 12 months of continuous service. 
 
 

 
 
Annual Report 2024 
36 
Notes to the Consolidated Financial Statements 
continued 
15. SHARE-BASED PAYMENTS RESERVES (CONTINUED) 
 
(b)
Performance rights reserve
2024 Movements
No
$
Grant Date
At 1 July 2023
27,599,997
899,724
Partial vesting of rights granted in prior year
-
1,623,212
01/08/2023
Exercise of performance rights Class B granted in prior year1
(14,550,001)
(1,268,468)
04/09/2023
Exercise of performance rights Class C granted in prior year2
(14,549,996)
(1,268,468)
04/12/2023
Performance rights granted – Directors3
3,600,000
31,136
04/12/2023
Performance rights granted – Employees3
13,900,000
120,253
13/06/2024
Lapse of performance rights - Employees
(1,000,000)
(8,651)
At 30 June 2024
16,500,000
142,738
 
1 On 1 August 2023, the vesting condition for Class B was achieved with 14,550,001 performance rights vesting.  2,566,667 fully 
paid ordinary shares and 11,983,334 fully paid ordinary shares were issued to the Directors and employees, respectively.  
2 On 4 September 2023, the vesting condition for Class C was achieved with 14,549,996 performance rights vesting.  2,566,667 
fully paid ordinary shares and 11,983,329 fully paid ordinary shares were issued to the Directors and employees, respectively.  
3 On 4 December 2023, the Company issued 3,600,000 Performance Rights to the Managing Director and 13,900,000 
Performance Rights to employees. These performance rights were granted via the Equity Incentive Plan and into four equal 
tranches subject to the following vesting conditions: 
 
Class D: The Company’s Volume Weighted Average Market Price over a period of 20 consecutive Trading Days (20-day 
VWAP) being at least $0.10. 
 
Class E: The 20-day VWAP being at least $0.15.  
 
Class F: Completion of 12 months continued service from the date of issue of the Performance Rights. 
 
Class G: Completion of 24 months continued service from the date of issue of the Performance Rights. 
4 On 13 June 2024, 1,000,000 Performance Rights previously issued to an employee lapsed upon his departure from the Company. 
 
2023 Movements
No.
$
Grant Date
At 1 July 2022
-
-
30/11/2022
Performance rights granted – Directors5
6,800,000
411,076
08/12/2022
Performance rights granted – Employees5
23,750,000
1,251,445
13/01/2023
Exercise of performance rights6
(10,183,335)
(923,334)
30/01/2023
Performance rights granted – Employees7
3,633,332
132,200
02/03/2023
Performance rights granted – Director8
600,000
13,944
31/05/2023
Performance rights granted – Employees9
3,000,000
14,393
At 30 June 2023
27,599,997
899,724
 
5 On 30 November 2022, the Company issued 6,800,000 performance rights to directors and on 8 December 2022, the Company 
issued 23,750,000 performance rights to employees. These performance rights were granted via the Equity Incentive Plan and 
are subject to the following vesting conditions: 
• 
Class A: A Resource of at least the Inferred category of 10Mt @ > 1% TREO by 31 December 2022.  
• 
Class B: A Resource of at least the Inferred category of 20Mt @ > 1% TREO by 31 December 2023.  
• 
Class C: A Resource of at least the Inferred category of 30Mt @ > 1% TREO by 31 December 2024. 
6 On 31 December 2022, the vesting condition for Class A was achieved and 10,183,335 performance rights vested. On 13 January 
2023, 2,266,667 fully paid ordinary shares and 7,916,668 fully paid ordinary shares were issued to the Directors and employees, 
respectively.  
7 On 30 January 2023, the Company granted 3,633,332 unlisted performance rights via the Equity Incentive Plan to additional 
eligible employees who are not related parties of the Company. These performance rights are subject to the vesting conditions 
of class B and Class C above. 
8 On 2 March 2023, the Company granted 600,000 unlisted performance rights via the Equity Incentive Plan to a newly appointed 
director. These performance rights are subject to the vesting conditions of Class B and Class C above. 
9 On 31 May 2023, the Company granted 3,000,000 unlisted performance rights via the Equity Incentive Plan to a newly appointed 
Chief Financial Officer. These performance rights are subject to the vesting conditions of Class B and Class C above. 
 
 

 
 
37 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
16. ACCUMULATED LOSSES 
Consolidated
30 June 2024
30 June 2023
$
$
Balance at the beginning of the period
(48,195,822)
(42,673,837)
Net loss in current period
(6,319,382)
(5,521,985)
Balance at the end of the period
(54,515,204)
(48,195,822)
 
 
17. LOSS PER SHARE 
Consolidated
30 June 2024
30 June 2023
$
$
(a) 
Basic loss per share
Loss attributable to ordinary equity holders
(6,319,382)
(5,521,985)
Weighted average number of shares outstanding during the year
3,444,557,489
3,136,162,345
Basic loss per share (cents)
(0.18)
(0.18)
 
(b) 
Dilutive earnings per share 
In accordance with AASB 133 Earnings per Share, potential ordinary shares in the form of options are antidilutive when 
their conversion to ordinary shares decrease loss per share from continuing operations. The calculation of diluted 
earnings/(losses) per share does not assume conversion, exercise, or other issue of potential ordinary shares that would 
have an antidilutive effect on earnings/(losses) per share. 
 
 
18. CASH FLOW INFORMATION 
 
Reconciliation of result of loss for the year to cashflows used in operating activities: 
Consolidated
30 June 2024
30 June 2023
$
$
Reconciliation of net loss to net cash used in operating activities:
Loss for the year
(6,319,382)
(5,521,985)
Cash flows excluded from loss attributable to operating activities
Non-cash flows in loss:
- share based payments
1,854,625
2,440,474
- impairment loss on exploration assets
2,224,757
342,431
- gain on sale of financial assets
-
(33,255)
- interest on lease liability
15,323
18,213
- depreciation expense
121,887
94,948
- amortisation of ROU asset
37,863
37,863
- loss on disposal of fixed assets
13,177
-
- government grant received (refer Note 10)
-
144,000
Changes in assets and liabilities, net of the effects of purchase and 
disposal of subsidiaries:
- (increase)/decrease in trade and other receivables
251,401
(23,401)
- (increase)/decrease in prepayments
155,876
(32,829)
- Increase/(decrease) in trade and other payables
(446,569)
791,751
Cash outflow from operations
(2,091,042)
(1,741,790)
Non-cash investing and financing activities
Non-cash assets acquisition
170,000
2,464,900

 
 
Annual Report 2024 
38 
Notes to the Consolidated Financial Statements 
continued 
19. DIVIDENDS  
 
There were no dividends paid during the year (2023: nil). 
 
 
20. EXPLORATION COMMITMENTS 
Consolidated
30 June 2024
30 June 2023
$
$
Exploration expenditure commitments payable:
Not later than 12 months
3,580,960
4,405,928
Between 12 months and five years
719,000
994,000
Later than five years
-
-
Total exploration tenement minimum expenditure
4,299,960
5,399,928
  
The Group can seek deferral of minimum expenditures or relinquish tenements as required. 
 
 
21. FINANCIAL RISK MANAGEMENT 
 
The Group is exposed to a variety of financial risks through its use of financial instruments. This note discloses the Group’s 
objectives, policies, and processes for managing and measuring these risks. The Group’s overall risk management plan seeks to 
minimise potential adverse effects due to the unpredictability of financial markets. The Group does not speculate in financial 
assets.  
 
Specific risks: 
• 
Market risk - currency risk, interest rate risk and equity price risk 
• 
Credit risk  
• 
Liquidity risk 
 
The principal categories of financial instrument used by the Group are: 
• 
Cash at bank 
• 
Financial assets (term deposits) 
• 
Trade and other receivables 
• 
Trade and other payables  
 
Objectives, policies and processes  
 
Specific information regarding the mitigation of each financial risk to which the Group is exposed is provided below. 
 
Market risk 
 
(i) 
Foreign currency sensitivity 
All Group transactions are carried out in Australian Dollars, the Group is therefore not exposed to foreign exchange risk. 
 
(ii) 
Cash flow interest rate sensitivity 
 
The Group is not exposed to interest rate sensitivity on its financial assets and liabilities during the year ended 30 June 
2023. 
 
(iii) Price sensitivity  
 
The Group is not exposed to price sensitivity. 
 
Credit risk   
 
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Group. 
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions. Management considers that 
all the financial assets that are not impaired for each of the reporting dates under review are of good credit quality, including 
those that are past due. The credit risk for liquid funds and other short-term financial assets is considered negligible since the 
counterparties are reputable banks with high quality external credit ratings. The long term and short-term ratings are AA- and 
A-1+ respectively (Source: S&P Global Ratings). 
 
 
 

 
 
39 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
21. FINANCIAL RISK MANAGEMENT (CONTINUED) 
 
Liquidity risk  
 
Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter difficulty in 
meeting its financial obligations as they fall due. The Group’s policy is to ensure that it will always have sufficient cash to allow 
it to meet its liabilities when they become due. The Group maintains cash to meet its liquidity requirements for up to 30-day 
periods. The Group manages its liquidity needs by carefully monitoring cash-outflows due in day-to-day business.  Liquidity needs 
are monitored in various time bands, on a day-to-day and week-to-week basis, as well as since a rolling 30-day projection. At 
the reporting date, these reports indicate that the Group expected to have sufficient liquid resources to meet its obligations 
under all reasonably expected circumstances. 
 
The Group’s assets and liabilities have undiscounted contractual maturities which are summarised below: 
Consolidated
Within 1 year
More than 1 year
30 June 2024 
$
30 June 2023 
$
30 June 2024 
$
30 June 2023 
$
Financial assets
Cash and cash equivalents
1,448,571
5,664,368
-
-
Financial assets (term deposits)
11,725
6,011,725
-
-
Trade and other receivables
115,125
348,328
-
-
Total financial assets
1,575,421
12,024,421
-
-
Financial Liabilities
Trade and other payables
1,049,788
4,197,297
-
-
Lease liability
50,876
49,394
115,310
166,186
Total financial liabilities
1,100,664
4,246,691
115,310
166,186
 
Fair value estimation 
 
The carrying amount of the entity’s financial instruments approximates its fair value. 
 
22. RELATED PARTIES 
 
The Group’s main related parties are as follows: 
 
(i) 
Key management personnel: 
Any person(s) having authority and responsibility for planning, directing, and controlling the activities of the entity, directly 
or indirectly, including any director (whether executive or otherwise) of that entity are considered key management 
personnel. 
 
For details of remuneration disclosures relating to key management personnel, refer to the remuneration report in the 
Directors' Report. 
 
The aggregate amounts recognised during the year (excluding re-imbursement of expenses incurred on behalf of the 
Company) relating to directors and their director related entities were nil (2023: Nil). 
 
No amounts were outstanding and owing to related parties as at 30 June 2024 (2023: nil). 
 
(ii) 
Subsidiaries: 
The consolidated financial statements include the financial statements of Dreadnought Resources Ltd and the following 
subsidiaries: 
 
Place of 
Incorporation 
% ownership 
interest 
2024
 
% ownership 
interest 
2023
Name of subsidiary
 
 
 
 
Dreadnought Exploration Pty Ltd
 
Australia 
100 
 
100 
Dreadnought (Yilgarn) Pty Ltd
 
Australia 
100 
 
100 
Dreadnought (Bresnahan) Pty Ltd
 
Australia 
100 
 
100 
 

 
 
Annual Report 2024 
40 
Notes to the Consolidated Financial Statements 
continued 
23. 
DEED OF CROSS-GUARANTEE 
 
The Company has not entered into any guarantees, in the current or previous financial year, in relation to the debts of its 
subsidiaries. 
 
 
24. 
KEY MANAGEMENT PERSONNEL DISCLOSURES  
 
The totals of remuneration paid to the key management personnel of Dreadnought Resources Ltd during the year are as follows: 
 
Consolidated
30 June 2024
30 June 2023
$
$
Short term employee benefits
1,002,344
441,483
Post employment benefits
100,185
42,625
Share-based payments
731,379
644,476
Total Remuneration
1,833,908
1,128,944
 
The Remuneration Report contained in the Directors' Report contains details of the remuneration paid or payable to each 
member of the Group’s Key Management Personnel for the years ended 30 June 2024 and 30 June 2023. 
 
Other key management personnel transactions  
 
For details of other transactions with key management personnel, refer to Note 22 Related Parties. 
 
25. SHARE-BASED PAYMENTS 
 
(a) Options 
Number
$
Weighted Average 
Exercise Price
At 1 July 2023
60,176,249
1,033,508
$0.030
Options exercised
(31,500,000)
(184,517)
Options granted
6,000,000
84,696
Options vesting
-
88,676
At 30 June 2024
34,676,249
1,022,363
$0.030
 
The share options outstanding at the end of the financial year had a weighted average remaining contractual life of 0.08 
years (2023: 1.18 years) and weighted average exercise price of $0.058 (2023: $0.031). 
 
Share-based payment arrangements granted in prior years under the Equity Incentive Plan and exercised 
during the financial year ended 30 June 2024 or remaining outstanding as at 30 June 2024: 
 
1) On 16 August 2019, the Group granted 10,500,000 unlisted incentive options exercisable at $0.005 per option on or 
before 30 June 2024 to the Managing Director. These options have fully vested. 1,500,000 options were exercised 
during the year (2023: 2,000,000 options were exercised). There are no options remaining as at 30 June 2024. 
 
2) On 23 December 2019, the Group granted 30,000,000 unlisted incentive options exercisable at $0.005 per option on 
or before 9 April 2024 to the Managing Director. These options have fully vested. 30,000,000 options were exercised 
during the year (2023: Nil). There are no options remaining as at 30 June 2024. 
 
3) On 2 July 2021, the Company granted 11,500,000 unlisted options exercisable at $0.04 per option on or before 2 July 
2024 to employees.  These options have fully vested.  No options were exercised during the year (2023: 4,400,000 
options were exercised.)  There are 7,100,000 options outstanding as at 30 June 2024. 
 
4) On 11 August 2021, the Company granted 2,000,000 unlisted options exercisable at $0.06 on or before 11 August 
2024 to an employee. These options have fully vested. No options were exercised during the year (2023: Nil). There 
are 2,000,000 options outstanding as at 30 June 2024. 
 
5) On 24 November 2021, the Company granted 5,000,000 unlisted incentive options exercisable at $0.04 per option 
on or before 2 July 2024 to the Managing Director. These options have fully vested. No options were exercised during 
the year (2023: Nil). There are 5,000,000 options outstanding as at 30 June 2024. 

 
 
41 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
25. SHARE-BASED PAYMENTS (CONTINUED) 
 
(a) Options (continued) 
 
6) On 29 November 2021, the Company granted 2,000,000 unlisted incentive options exercisable at $0.06 per option 
on or before 26 November 2024 to an employee. These options have fully vested. No options were exercised during 
the year (2023: Nil). There are 2,000,000 options outstanding as at 30 June 2024. 
 
7) On 14 July 2022, the Company granted 8,500,000 unlisted incentive options exercisable at $0.065 per option on or 
before 14 July 2024 to employees. These options have fully vested. No options were exercised during the year (2023: 
Nil). There are 8,500,000 options outstanding as at 30 June 2024. 
 
8) On 30 November 2023, the Company granted 853,098 unlisted incentive options exercisable at $0.1575 per option 
on or before 16 December 2025 a director. These options have fully vested. No options were exercised during the 
year. 2023: Nil). There are 853,098 options outstanding as at 30 June 2024. 
 
9) On 2 March 2023, the Company granted 1,223,151 unlisted incentive options exercisable at $0.12 per option on or 
before 2 March 2026 a director. These options have fully vested. No options were exercised during the year (2023: 
Nil). There are 1,223,151 options outstanding as at 30 June 2024. 
 
10) 31 May 2023, the Company granted 2,000,000 unlisted incentive options exercisable at $0.075 per option on or before 
14 June 2026. These options have fully vested. No options were exercised during the year (2023: Nil). There are 
2,000,000 options outstanding as at 30 June 2024. 
 
11) On 26 September 2023, the Company granted 6,000,000 options to Shaw and Partners and their nominees for their 
role as Lead Manager in the Company’s placement. The options were issued on 9 October 2023 and have an exercise 
price of $0.094 and an expiry date of 9 October 2025. There are 6,000,000 options outstanding as at 30 June 2024. 
 
Share-based payments granted during the year: 
 
6,000,000 Broker Options granted on 26 September 2023 
 
On 26 September 2023, the Company granted 6,000,000 options to Shaw and Partners and their nominees for their 
role as Lead Manager in the Company’s placement. The options were issued on 9 October 2023 and have an exercise 
price of $0.094 and an expiry date of 9 October 2025. 
 
The options were deemed to have a fair value at grant date of $0.0141 per option.  This value was calculated using the 
Black-Scholes option pricing model applying the following inputs: 
 
Share price 
$0.052 
Exercise price 
0.0094 
Expected volatility 
76% 
Risk free interest rate 
3.83% 
Useful life 
2.04 years 
 
 
(b) Performance rights 
No.
$
Grant Date
At beginning of period
27,599,997
899,724
04/07/2023
Class B Rights – issued - Employees
750,000
39,000
04/07/2023
Class c Rights- – issued - Employee
750,000
39,000
Class B Rights – vesting expense during period1
-
625,200
Class C Rights – vesting expense during period2
920,012
Class B Rights - vested and exercised1
(14,550,001)
(1,261,468)
Class C Rights - vested and exercised2
(14,549,996)
(1,261,468)
01/12/2023
Class D, E F & G Rights – issued - Director3
3,600,000
4,778
01/12/2023
Class D, E F & G Rights – issued - Employees4
13,900,000
151,389
13/06/2023
Class D, E F & G Rights – cancelled - Employees4
(1,000,000)
(8,651)
At end of period
16,500,000
142,737
 

 
 
Annual Report 2024 
42 
Notes to the Consolidated Financial Statements 
continued 
25. SHARE-BASED PAYMENTS (CONTINUED) 
 
(b) Performance rights (continued) 
 
Share-based payments granted during the year: 
 
On 4 December 2023, the Company issued 17,500,000 unlisted performance rights divided equally into four classes via 
the Dreadnought Employee Equity Incentive Plan. 3,600,000 rights were issued to a director and 13,900,000 rights were 
issued to employees of the Company subject to the following vesting conditions: 
• 
Class D: The Company’s Volume Weighted Average Market Price over a period of 20 consecutive Trading Days (20-
day VWAP) being at least 10 cents.  
• 
Class E: The 20-day VWAP being at least 15 cents.  
• 
Class F: Completion of 12 months continued service from the date of issue of the Performance Rights. 
• 
Class G: Completion of 24 months continued service from the date of issue of the Performance Rights. 
 
On 13 June 2024, the Company cancelled 1,000,000 conditional rights because the conditional rights had become incapable 
of being satisfied. 
 
Share-based payment expense in relation to vested rights 
 
(1)   The vesting conditions for Class B were achieved on 5 July 2023 and 14,550,001 performance rights vested resulting 
in 2,566,667 fully paid ordinary shares being issued to the Directors on 1 August 2023 and 11,983,334 fully paid 
ordinary shares being issued to employees on 1 August 2023. The total share-based payment expense arising from 
these performance rights was $664,200 during the period ended 31 December 2023, of which $120,028 was for 
Directors and $544,172 was for employees. 
(2)   The vesting conditions for Class C were achieved on 28 August 2023 and 14,549,996 performance rights vested 
resulting in 2,566,667 fully paid ordinary shares being issued to the Directors on 4 September 2023 and 11,983,329 
fully paid ordinary shares being issued to employees on 4 September 2023. The total share-based payment expense 
arising from these performance rights was $959,012 during the period ended 31 December 2023, of which $183,553 
was for Directors and $775,459 was for employees. 
 
Fair value of performance rights issued during the period 
 
Performance rights with non-market vesting conditions are valued at the closing share price of the Company on the 
grant date.  
 
Performance rights with market vesting conditions are estimated at fair value using a relevant Valuation Model which 
considers the grant date, the exercise price the expected life of the instrument, the current share price of the 
underlying share, the expected volatility, expected dividends and the risk-free interest rate for the expected life of the 
instrument.   
 
The grant date is the date of acceptance by the employee or the date of shareholder approval if required. 
 
(3)    The fair value of 3,600,000 performance rights issued to a director has been calculated at $77,940.   
(4)    The fair value of 13,900,000 performance rights issued to employees has been calculated at $300,936.  
(5)    The fair value of Class D and Class E were valued using a combination of the Hoadley’s Barrier 1 Model and 
Hoadley’s Parisian Model. 
(6)    The fair value of Class F and Class G was calculated using the share price of $0.032 at grant date, being 1 December 
2023. 
 
Assumption
Class D
Class E
Class F
Class G
Valuation date
1 December 2023
1 December 2023
1 December 2023
1 December 2023
Expiry date
31 December 2025
31 December 2025
31 December 2025
31 December 2025
Underlying security price
$0.032
$0.032
$0.032
$0.032
Exercise Price
Nil
Nil
Nil
Nil
Risk free interest rate
4.06%
4.06%
n/a
n/a
Volatility
80%
80%
n/a
n/a
Implied barrier price
$0.1318
$0.1978
n/a
n/a
Value per right
$0.0138
$0.0088
$0.032
$0.032
Quantity issued
4,375,000
4,375,000
4,375,000
4,375,000
Total Value
$60,376
$38,500
$140,000
$140,000
 
 
 

 
 
43 
Dreadnought Resources Ltd 
Notes to the Consolidated Financial Statements 
continued 
26. REMUNERATION OF AUDITORS 
Consolidated
30 June 2024
30 June 2023
$
$
Remuneration of the auditor, for:
Auditing or reviewing the financial report (PKF Perth)
41,775
48,531
41,775
48,531
 
 
27. PARENT ENTITY 
30 June 2024
30 June 2023
Statement of financial position
$
$
Assets
Current assets
2,008,689
14,308,698
Non-current assets
51,780,434
41,385,515
Total Assets
53,789,123
55,694,213
Liabilities
Current liabilities
1,258,351
4,375,886
Non-current liabilities
104,167
143,384
Total Liabilities
1,362,518
4,519,270
Equity
Issued capital
105,387,633
97,104,008
Accumulated losses
(54,126,128)
(47,862,295)
Reserves
1,165,100
1,933,230
Total Equity
52,426,605
51,174,943
Statement of profit or loss and other comprehensive income
Total loss for the year
(6,263,833)
(5,316,915)
Total comprehensive loss
(6,263,833)
(5,316,915)
 
 
28. CONTINGENT LIABILITIES 
  
There is a contingent liability of $11,725 for a rental bond on the lease of business premises entered into on 22 September 2021 
which has been secured via a term deposit for the same amount. 
 
The Group has royalty arrangements with unrelated parties contingent on potential production on the following tenements: 
 
Project Area 
Nature 
Tenements 
Mangaroon 
0.5% Gross Revenue Royalty 
M09/174, M09/175 
 
1% Gross Revenue Royalty 
E08/3274, E08/3275, E09/2290, E09/2422, E09/2433, E09,2359, 
E09/2448, E09/2449, E09/2450, E08/3229, E08/3539, M09/91, 
M09/146, M09/147 
 
2% Gross Revenue Royalty 
E08/3178, E09/2370, E09/238, E09/2433 
Central Yilgarn 
1% Net Smelter Royalty 
E16/495, E29/957, E29/959, E29/1050, E30/471, E30/476, E30/493, 
E30/494, E77/2403, E77/2416, E77/2432, E77/2634 
Bresnahan 
1% Gross Revenue Royalty 
E52/3412, E52/3462, E52/3936, E52/4083 
 
There were no other material contingent liabilities or contingent assets for the year ended 30 June 2024. 
 

 
 
Annual Report 2024 
44 
Notes to the Consolidated Financial Statements 
continued 
29. EVENTS OCCURRING AFTER THE REPORTING DATE 
 
Subsequent to 30 June 2024, the following significant events were undertaken by the Group:  
 
• 
On 25 July 2024, the Company announced the issue of 6,927,040 shares to Topdrill Pty Ltd under a drill for equity 
arrangement for drilling services performed at the Tarraji Yampi Project in June / July 2024. 
• 
On 26 July 2024, the Company announced a strategic acquisition of ~300km2 of highly prospective and strategic ground 
along the Mangaroon Shear Zone from Redscope Enterprises Pty Ltd. The key commercial terms included $50,000 in 
cash, 16,00,000 fully paid ordinary shares and a 1.0% gross royalty to complete the acquisition. The shares were issued 
on 26 July 2024 and were subject to voluntary escrow conditions. 
• 
On 26 Jully 2024, the Company announced a gold commercialisation strategy for Mangaroon as part of its strategy to 
transform into a self funded explorer. 
• 
On 5 August 2024, the Company announced a $3,500,000 (before costs) capital raise and a further $210,000 for director 
participation subject to shareholder approval. 
 
Other than the events detailed above, there has not arisen in the interval between 1 July 2024 and the date of this report any 
item, transaction, or event of a material and unusual nature likely, in the opinion of the directors of the Group, to significantly 
affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, 
in future years. 
 
 
30. COMPANY DETAILS 
 
Registered Office
Principal Place of Business
Postal Address
Dreadnought Resources Ltd
Level 3, 88 William Street 
Perth WA 6000
Dreadnought Resources Ltd
Unit 1, 4 Burgay Court 
Osborne Park WA 6017
Dreadnought Resources Ltd
PO Box 712 
Osborne Park DC WA 6916
www.dreadnoughtresources.com.au 
Email: info@dreres.com.au 
 

 
 
45 
Dreadnought Resources Ltd 
Consolidated Entity Disclosure Statement 
A public company required to prepare consolidated financial statements under accounting standards, the CEDS(i) must include the 
following information about each entity that is part of the consolidated entity at the end of the financial year (s295(3A)(a)): 
 
Name of entity 
Dreadnought 
Resources Limited 
Dreadnought 
Exploration Pty Ltd 
Dreadnought 
(Yilgarn) Pty Ltd 
Dreadnought 
(Bresnahan) Pty Ltd 
Type of entity 
Body Corporate 
Body Corporate 
Body Corporate 
Body Corporate 
Trustee of a trust, 
partner in a 
partnership or 
participant in joint 
venture
n/a 
n/a 
n/a 
n/a 
% of share capital 
held 
Public listed entity 
100 
100 
100 
Country of 
incorporation 
Australia 
Australia 
Australia 
Australia 
Australian resident 
or foreign resident 
(for tax purposes) 
Australian 
Australian 
Australian 
Australian 
Foreign tax 
jurisdiction of 
foreign residents 
n/a 
n/a 
n/a 
n/a 
 
(i) 
Determination of Tax Residency 
 
Section 295(3A) Corporation Act requires that the tax residencies of each entity which is included in the Consolidated Entity 
Disclosure Statements (CEDS) be disclosed. In the context of an entity which was an Australian resident, “Australian 
resident” has he meaning provided in the income tax Assessment Act 1997 (Cth) The determination of tax residency is 
highly fact dependent and there are currently several different interpretations that could be adopted, and which could give 
rise to a different conclusion on residency. 
 
Australian tax residency: 
In determination of tax residency of Australian Entities, the Group has adopted the current legislation and judicial precedent, 
including having regard to the commission of Taxation’s public guidance in tax ruling TR 2018/5. 

 
Annual Report 2024 
46 
Directors’ Declaration 
for the year ended 30 June 2024 
In the directors' opinion: 
  
• 
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the 
Corporations Regulations 2001 and other mandatory professional reporting requirements; 
 
• 
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the 
International Accounting Standards Board as described in Note 1 to the financial statements; 
 
• 
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 
2024 and of its performance for the financial year ended on that date; 
 
• 
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable; 
and 
 
• 
the information disclosed in the Consolidated Entity Disclosure Statement is true and correct. 
 
The directors have been given the declarations required by section 295A of the Corporations Act 2001. 
  
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. 
  
On behalf of the directors 
 
 
 
Dean Tuck 
Managing Director 
 
Dated 3 September 2024

 
 
 
47 
Dreadnought Resources Ltd 
Independent Auditor’s Report 
to the Members 
PKF Perth 
ABN 64 591 268 274 
Dynons Plaza, 
Level 8, 905 Hay Street, 
Perth WA 6000 
PO Box 7206, 
Cloisters Square, WA 6850 
Australia 
 
+61 8 9426 8999 
perth@pkfperth.com.au 
pkf.com.au 
 
INDEPENDENT AUDITOR’S REPORT 
TO THE MEMBERS OF DREADNOUGHT RESOURCES LIMITED 
 
Report on the Financial Report 
Opinion 
We have audited the accompanying financial report of Dreadnought Resources Limited (the company), which 
comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of 
profit or loss and other comprehensive income, the consolidated statement of changes in equity and the 
consolidated statement of cash flows for the year then ended, and notes to the financial statements, 
including material accounting policy information, the consolidated entity disclosure statement, and the 
directors’ declaration of the company and the consolidated entity comprising the company and the entities it 
controlled at the year’s end or from time to time during the financial year. 
 
In our opinion the accompanying financial report of Dreadnought Resources Limited is in accordance with 
the Corporations Act 2001, including: 
 
i) Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of its 
performance for the year ended on that date; and 
 
ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001. 
 
Basis for Opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section 
of our report. 
 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion. 
 
Independence 
We are independent of the consolidated entity in accordance with the auditor independence requirements 
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical 
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) 
(the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other 
ethical responsibilities in accordance with the Code. 
 
 
 
 
PKF Perth is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separately owned legal 
entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s). 
Liability limited by a scheme approved under Professional Standards Legislation. 

 
 
Annual Report 2024 
48 
Independent Auditor’s Report 
continued 
 
 
 
Key Audit Matters 
A key audit matter is a matter that, in our professional judgement, was of most significance in our audit of the 
financial report of the current year. This matter was addressed in the context of our audit of the financial 
report as a whole, and in forming our opinion thereon, and we do not provide a separate audit opinion on this 
matter. For the matter below, our description of how our audit addressed this matter is provided in that 
context. 
1. Valuation of capitalised exploration expenditure 
 
Why significant 
As at 30 June 2024 the carrying value of exploration and 
evaluation assets was $50,964,784 (2023: $42,278,019), as 
disclosed in Note 10. 
The consolidated entity’s accounting policy in respect of 
exploration and evaluation expenditure is outlined in Note 
1(j). 
Significant judgement is required: 
 
in determining whether facts and circumstances 
indicate that the exploration and evaluation assets 
should be tested for impairment in accordance with 
Australian Accounting Standard AASB 6 Exploration for 
and Evaluation of Mineral Resources (“AASB 6”); and
 
in determining the treatment of exploration and 
evaluation expenditure in accordance with AASB 6, 
and the consolidated entity’s accounting policy. In 
particular:
o 
whether the particular areas of interest meet the 
recognition conditions for an asset; and 
o 
which elements of exploration and evaluation 
expenditures qualify for capitalisation for each 
area of interest. 
 
 
 
 
How our audit addressed the key audit matter 
Our work included, but was not limited to, the following 
procedures: 
 
conducting 
a 
detailed 
review 
of 
management’s 
assessment of impairment trigger events prepared in 
accordance with AASB 6 including: 
o 
assessing whether the rights to tenure of the areas of 
interest remained current at reporting date as well as 
confirming that rights to tenure are expected to be 
renewed for tenements that will expire in the near 
future; 
o 
obtaining specific representations with the directors 
and management as to the status of ongoing 
exploration programmes for the areas of interest, as 
well as assessing if there was evidence that a decision 
had been made to discontinue activities in any 
specific areas of interest; and 
o 
obtaining and assessing evidence of the consolidated 
entity’s future intention for the areas of interest, 
including reviewing future budgeted expenditure and 
related work programmes. 
 
considering whether exploration activities for  the areas 
of interest had reached a stage where a reasonable 
assessment of economically recoverable reserves existed; 
 
testing, on a sample basis, exploration and evaluation 
expenditure incurred during the year for compliance with 
AASB 6 and the consolidated entity’s accounting policy; 
and 
 
reviewing the impairment calculations provided and 
related assumptions and disclosures in Notes 1(j), 1(m) 
and 10 for accuracy and completeness. 
 
 
 
 

 
 
 
49 
Dreadnought Resources Ltd 
Independent Auditor’s Report 
continued 
 
 
 
2. 
Share Based Payments 
Why significant 
For the year ended 30 June 2024, the value of share- based 
payments expense totalled $1,854,625 (2023: $2,440,475) 
as disclosed in Note 3 and 15. This has been recognised as 
a share-based payment expense in the Statement of Profit 
or Loss and Other Comprehensive Income for $1,854,625. 
The consolidated entity’s accounting judgement and 
estimates in respect of share-based payments is outlined in 
Note 1(m). Significant judgement is required in relation to: 
 The valuation method used in the model; and 
 The assumptions and inputs used within the model. 
 
 
 
How our audit addressed the key audit matter 
Our work included, but was not limited to, the following 
procedures: 
 
Reviewed the company’s valuations of the equity 
instruments issued, including:
o assessing the appropriateness of the valuation 
method used; and 
o assessing the reasonableness of the assumptions 
and inputs used within the valuation model. 
 
Reviewed 
Board 
meeting 
minutes 
and 
ASX   
announcements as well as enquired of relevant personnel 
to ensure all share-based payments had been recognised; 
 
Assessed the allocation and recognition to ensure these  
are reasonable; and 
 
Assessed the appropriateness of the related disclosures in 
Notes 1(m), 3 and 15. 
Other Information 
Those charged with governance are responsible for the other information. The other information comprises 
the information included in the consolidated entity’s annual report for the year ended 30 June 2024, but does 
not include the financial report and our auditor’s report thereon. 
Our opinion on the financial report does not cover the other information and accordingly we do not express 
any form of assurance conclusion thereon, with the exception of the Remuneration Report. 
In connection with our audit of the financial report, our responsibility is to read the other information and, in 
doing so, consider whether the other information is materially inconsistent with the financial report or our 
knowledge obtained in the audit or otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
 
Responsibilities of Directors’ for the Financial Report 
The Directors of the company are responsible for the preparation of:- 
a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair 
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and 
b. the consolidated entity disclosure statement that is true and correct in accordance with the 
Corporations Act2001; and 
 
and for such internal control as the Directors determine is necessary to enable the preparation of:- 
i. the financial report (other than the consolidated entity disclosure statements) that gives a true and fair 
view and is free from material misstatement, whether due to fraud or error; and 
ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, 
whether due to fraud or error. 
 
 

 
 
Annual Report 2024 
50 
Independent Auditor’s Report 
continued 
 
 
In preparing the financial report, the Directors are responsible for assessing the consolidated entity’s ability to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going 
concern basis of accounting unless the Directors either intend to liquidate the consolidated entity or to cease 
operations, or have no realistic alternative but to do so. 
 
Auditor’s Responsibilities for the Audit of the Financial Report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Australian Auditing Standards will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they 
could reasonably be expected to influence the economic decisions of users taken on the basis of this financial 
report. 
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and 
maintain professional scepticism throughout the audit. We also: 
 Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient 
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement 
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the override of internal control. 
 
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness 
of the consolidated entity’s internal control. 
 
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 
and related disclosures made by the Directors. 
 
 Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based 
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that 
may cast significant doubt on the consolidated entity’s ability to continue as a going concern. If we 
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the 
related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our 
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, 
future events or conditions may cause the consolidated entity to cease to continue as a going concern. 
 
 Evaluate the overall presentation, structure and content of the financial report, including the disclosures, 
and whether the financial report represents the underlying transactions and events in a manner that 
achieves fair presentation. 
 
 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business 
activities within the consolidated entity to express an opinion on the group financial report. We are 
responsible for the direction, supervision and performance of the group audit. We remain solely 
responsible for our audit opinion. 

 
 
 
51 
Dreadnought Resources Ltd 
Independent Auditor’s Report 
continued 
 
 
We communicate with the Directors regarding, among other matters, the planned scope and timing of the 
audit and significant audit findings, including any significant deficiencies in internal control that we identify 
during our audit. 
We also provide the Directors with a statement that we have complied with relevant ethical requirements 
regarding independence, and to communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats 
or safeguards applied. 
From the matters communicated with the Directors, we determine those matters that were of most 
significance in the audit of the financial report of the current period and are therefore the key audit matters. 
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about 
the matter or when, in extremely rare circumstances, we determine that a matter should not be  
communicated in our report because the adverse consequences of doing so would reasonably be expected to 
outweigh the public interest benefits of such communication. 
Report on the Remuneration Report 
Opinion 
We have audited the Remuneration Report included in the Directors’ Report for the year ended 30 June 2024. 
 
In our opinion, the Remuneration Report of Dreadnought Resources Limited for the year ended 30 June 2024 
complies with section 300A of the Corporations Act 2001. 
 
Responsibilities 
The directors of the company are responsible for the preparation and presentation of the Remuneration 
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an 
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing 
Standards. 
PKF PERTH 
 
SHANE CROSS 
AUDIT PARTNER 
 
3 SEPTEMBER 2024 
WEST PERTH 
WESTERN AUSTRALIA 
 

 
 
Annual Report 2024 
52 
ASX Additional Information 
Additional information required by the ASX Listing Rules is set out below. 
 
1. 
Shareholdings 
 
The issued capital of the Company as at 30 August 2024 is: 
 
3,733,000,000 ordinary fully paid shares 
 
 
All issued ordinary fully paid shares carry one vote per share.  
 
 
2. 
Distribution of Equity Securities as at 30 August 2024 is: 
Ordinary Shares (ASX Code: DRE) 
Holding Ranges 
Holders 
Total Units 
% Issued Share Capital 
1 - 1,000 
123 
30,126
0.00 
1,001 - 5,000 
216 
895,820
0.02 
5,001 - 10,000 
696 
5,701,045
0.15 
10,001 - 100,000 
3,937 
181,464,441
4.86 
100,001 Over 
3,238 
3,544,908,568
94.96 
Totals
8,210
3,733,000,000
100.00%
 
 
3. 
Unmarketable parcels 
There were 2,427 holders of less than a marketable parcel of ordinary shares. 
 
 
4. 
Substantial shareholders as at 30 August 2024 is: 
Name 
Number of Shares 
% Holding 
Paul Chapman and associated entities
325,039,148
8.71%
 
 
5. 
Restricted Securities Subject to Escrow as at 30 August 2024 is: 
 
There following restricted securities subject to Escrow. 
Holder Name 
Expiry of Escrow
Holding 
Redscope Enterprises Pty Ltd 
20/09/2024
4,000,000 
Redscope Enterprises Pty Ltd
20/12/2024
4,000,000 
Redscope Enterprises Pty Ltd
20/03/2025
4,000,000 
Redscope Enterprises Pty Ltd
20/06/2025
4,000,000 
 
 
6. 
On-market buy back  
 
There is currently no on-market buyback program for any of the Company’s listed securities. 
 
 
7. 
Group cash and assets 
 
In accordance with Listing Rule 4.10.19, the Group confirms that it has been using the cash and assets for the year ended 30 
June 2024 consistent with its business objective and strategy. 
 
 
8. 
Voting Rights 
 
All ordinary fully paid shares have one voting right per share. Unlisted options have no voting rights.

 
 
53 
Dreadnought Resources Ltd 
ASX Additional Information 
continued 
9. 
Top 20 Largest Holders of Listed Securities as at 30 August 2024 is: 
 
Holder Name 
Holding 
% 
1 
Stone Poneys Nominees Pty Ltd  
325,039,148 
8.71 
2 
Mr Philip David Crutchfield (Group) 
122,743,097 
3.28 
3 
Pareto Nominees Pty Ltd  
65,000,000 
1.74 
4 
DRM Technologies Pty Ltd 
59,542,520 
1.60 
5 
CITICORP Nominees PTY Limited 
59,300,140 
1.59 
6 
BLJ Technologies Pty Ltd 
56,960,417 
1.53 
7 
Mr Lizhong Wu + Ms Weiping Qui ,Wu&Qui Superfund A/A. 
47,500,000 
1.27 
8 
PARKRANGE Nominees Pty Ltd 
46,311,111 
1.24 
9 
Mr David James Delfante 
45,311,821 
1.21 
10 
Mr Dean Tuck + Mrs Dianne Mae Tuck  
39,210,317 
1.05 
11 
Kaos Investments Pty Limited 
31,000,000 
0.83 
12 
BNP Paribas Nominees Pty Ltd ACF CLEARSTREAM  
30,269,501 
0.81 
13 
Mr Nevres Crljenkovic 
29,027,776 
0.78 
14 
SUPERHERO SECURITIES LIMITED  
28,170,658 
0.75 
15 
Mr David Michael Chapman + Ms Michele Wollens 
28,000,000 
0.75 
16 
Paul Ainsworth 
19,940,476 
0.53 
17 
Mr Stephen James Foley & Ms Natalie Chantal Mellonius 
18,333,330 
0.49 
18 
HSBC Custody Nominees (Australia) Limited-GSCO ECA 
18,260,103 
0.49 
19 
Mr Michael MCKIERNAN 
18,097,452 
0.48 
20 
JE International Pty Ltd 
17,500,000 
0.47 
Total held by top 20 registered shareholders 
1,105,517,867 
29.61 
 
 
10. 
Unquoted securities 
 
The unquoted options over unissued shares issued under the Employee Incentive Plan are listed below.  
Class 
Securities on Issue 
Holder(s) 
Unlisted Options @ $0.06 Expiring 26/11/2024 
2,000,000 
1 
Unlisted Options @ $0.065 Expiring 14/07/2025 
8,500,000 
7 
Unlisted Options @ $0.1575 Expiring 16/12/2025 
853,098 
1 
Unlisted Options @ $0.12 Expiring 02/03/2026 
1,223,151 
1 
Unlisted Options @ $0.075 Expiring 14/06/2026 
2,000,000 
1 
Unlisted Options @ $0.104 Expiring 9/10/2025 
6,000,000 
6 
 
 

 
 
Annual Report 2024 
54 
ASX Additional Information 
continued 
11. 
ASX Additional Information – Tenement List 
 
Project 
Tenement 
Location 
Status 
% Owned 
by DRE 
Holder 
Mangaroon 
M09/0091 
Gascoyne, WA 
Granted 
100% 
Robert Dorey 
Mangaroon 
M09/0146 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
M09/0147 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
M09/0174 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
M09/0175 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E08/3178 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E08/3229 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E08/3274 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E08/3275 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E08/3439 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E08/3539 
Gascoyne, WA 
Application 
100% 
Redscope Enterprises Pty Ltd 
Mangaroon 
E08/3740 
Gascoyne, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2290 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2359 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2370 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2384 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2405 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2422 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2433 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2448 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2449 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2450 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2467 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2473 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2478 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2535 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2616 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
E09/2937 
Gascoyne, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
L09/0104 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
L09/0108 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Mangaroon 
L09/0114 
Gascoyne, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/3412 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/3462 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/3936 
Gascoyne, WA 
Granted 
100% 
Dreadnought (Bresnahan) Pty Ltd  
Bresnahan 
E52/4083 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/4139 
Gascoyne, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/4141 
Gascoyne, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/4142 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/4143 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/4144 
Gascoyne, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/4145 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Bresnahan 
E52/4228 
Gascoyne, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Kimberley 
E04/2315 
Kimberley, WA 
Granted 
80% 
Dreadnought Exploration Pty Ltd (80%) 
Whitewater Resources Pty Ltd (20%) 
Kimberley 
E04/2508 
Kimberley, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Kimberley 
E04/2557 
Kimberley, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 

 
 
55 
Dreadnought Resources Ltd 
ASX Additional Information 
continued 
Project 
Tenement 
Location 
Status 
% Owned 
by DRE 
Holder 
Kimberley 
E04/2608 
Kimberley, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Kimberley 
E04/2860 
Kimberley, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Kimberley 
E04/2861 
Kimberley, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Kimberley 
E04/2862 
Kimberley, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Kimberley 
E04/2863 
Kimberley, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E16/0495 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E29/0957 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E29/0959 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E29/0965 
Yilgarn, WA 
Granted 
100% 
Dreadnought (Yilgarn) Pty Ltd 
Central Yilgarn 
E29/1050 
Yilgarn, WA 
Granted 
100% 
Dreadnought (Yilgarn) Pty Ltd 
Central Yilgarn 
E29/1153 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E29/1204 
Yilgarn, WA 
Granted 
100% 
Dreadnought Resources Ltd 
Central Yilgarn 
E29/1205 
Yilgarn, WA 
Granted 
100% 
Dreadnought Resources Ltd 
Central Yilgarn 
E30/0471 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E30/0476 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E30/0485 
Yilgarn, WA 
Granted 
100% 
Dreadnought (Yilgarn) Pty Ltd 
Central Yilgarn 
E30/0493 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E30/0494 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E30/0554 
Yilgarn, WA 
Granted 
100% 
Dreadnought Resources Ltd 
Central Yilgarn 
E30/0558 
Yilgarn, WA 
Application 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E77/2403 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E77/2416 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E77/2432 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
Central Yilgarn 
E77/2634 
Yilgarn, WA 
Granted 
100% 
Dreadnought Exploration Pty Ltd 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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