Resources Top 5: Sparkling gold results for Dreadnought at Star of Mangaroon

• Shallow, thick, high-grade gold results for DRE at Star of Mangaroon
• WWI secures approval for US$12.5m loan facility for Qala Shallows 
• Maiden work program completed by DAL at Blue Lagoon in Greenland

Your standout small cap resources stocks for Monday, September 8, 2025

Dreadnought Resources (ASX:DRE)

Sparkling gold results of up to 15m at 20.5 g/t from surface at the Star of Mangaroon deposit within the broader Mangaroon project in WA’s Gascoyne region saw Dreadnought Resources (ASX:DRE) hit a 12-month high of 2.3c, a lift of 35.3% on the previous close.

The final 14 infill holes for 1,182m on the central sections of Star of Mangaroon returned shallow, thick, high-grade intercepts and the 15m intersection included 2m at 148g/t from 4m.

Other results include:

• 9m at 14.7g/t Au from 42m, including 2m at 63.7g/t from 43m;
• 2m at 27.9g/t Au from 70m, including 1m at 54.4g/t from 70m;
• 4m at 14.6g/t Au from 99m, including 2m at 28.7g/t from 100m; and
• 7m at 7.7g/t Au from 21m, including 2m at 19.9 g/t from 21m, which includes a ~1m collapsed mining void from ~23.5m.

These results returned thick, high-grade mineralisation in the northern section of the Star of Mangaroon including in areas previously thought to be mined out, as well as the southernmost line of drilling. 

Being shallow and high-grade, the results are expected to have a material, positive impact on the resource of 23,300oz at 12.8 g/t. There is 83% of the resource in the higher confidence indicated category.

The next RC drilling program at Mangaroon will begin early this month and given results to date, some additional holes are planned at depth and to the north of the Star of Mangaroon.

“Infill drilling has continued to deliver standout results from the Star of Mangaroon. These intercepts have resulted in thicker and higher-grade intercepts across the lode and importantly, confirm that the high-grade lode comes to surface,” Dreadnought’s MD Dean Tuck said.

“The resource update is well underway and expected in September 2025. The mine plan and a revised study will be completed soon after.

“Drilling is set to commence later this week with ~5,500m of RC drilling to be undertaken testing Star of Mangaroon at depth and to the north, in addition to follow up on encouraging results from Steve’s Reward, Pritchard’s and Lesgo as well as testing new targets at Midnight Star, Midday Moon and Cullens.”

West Wits Mining (ASX:WWI)

Qala Shallows gold project in South Africa moved closer to production after West Wits Mining secured approval for a US$12.5m (A$19m) loan facility.

The Nebari Natural Resources Credit Fund facility will support stage 1 of the larger Witwatersrand Basin Project (WBP).

It also safeguards existing shareholder interests while retaining optionality to access a ZAR875m (US$50m) South African bank facility as the company works towards the first gold pour in Q1 2026.

This has seen West Wits Mining (ASX:WWI) hit a new high of almost four years at 4.6c, an increase of 24.33% on the previous close.

“Securing credit approval from Nebari, a highly experienced financier to the mining sector, for this significant financing package is a major milestone for West Wits and underscores the strong fundamentals of the Qala Shallows project,” West Wits Mining MD and CEO Rudi Deysel said.

“With mobilisation well underway and first gold pour targeted for Q1 2026 under the DFS execution plan, securing this funding package will provide a clear pathway to deliver on our production goals.”

Additional funding of up to US$22.5m may be made available via two further tranches of US$12.5m and US$10m on the same commercial terms, offering scalability as the project advances. The dispersal of those tranches will be subject to further Nebari Investment Committee approval and additional conditions precedent being met.

The company said the long-term relationship with Nebari underscored the strong fundamentals of the Qala Shallows project and validated its near-term gold production potential.

An updated DFS in July showed the Qala Shallows project alone would deliver 70,000ozpa over 12 years at a steady state with a peak funding requirement of just US$44m and low all in sustaining costs of US$1289/oz.

All up, WWI expects to produce 944,000oz over a 16.8 year mine life.

The DFS outlined close to US$1bn in free cash using a gold price of just US$2850/oz, which already looks conservative compared to today’s ~US$3600/oz spot.

Dalaroo Metals (ASX:DAL)

After completing its maiden work program for the Blue Lagoon zircon-niobium-rare earths project in Greenland, Dalaroo Metals (ASX:DAL) expects to receive sampling assays from mid-September.

Dalaroo’s field teams completed an initial sediment sampling program and collected 26 sediment samples and seven auger sediment samples.

It is anticipated that a follow-up field trip will be conducted to the site before the end of this month.

A portable XRF will assist the teams to identify any anomalous or mineralised areas, which should expedite the planning for follow-up work along with the sampling assays.

The exploration season in this part of Greenland is more extensive than most of Greenland, running from May to September each year.

Experienced Greenland geologist Ole Christiansen has designed and is leading Dalaroo’s work program. 

Christiansen has been instrumental in the new wave of critical minerals exploration in Greenland, including at the Tanbreez project of Critical Metals Corp and European Lithium.

Invictus Energy (ASX:IVZ)

Recent progress at the Cabora Bassa project in Zimbabwe has seen Invictus Energy (ASX:IVZ) make a strong move, up from 5.3c at the close on August 28 to 25.5c, a high of more than two years.

The grant of National Project Status by Zimbabwe’s Finance Minister Mthuli Ncube followed a series of constructive meetings which resulted in terms being finalised for a Petroleum Production Sharing Agreement.

“Agreement of the PPSA terms and the granting of National Project Status represent two pivotal milestones for Invictus and the Cabora Bassa Project,” MD Scott Macmillan said.

“The PPSA provides the stable and transparent framework required to progress development, while NPS delivers tangible fiscal benefits to reduce costs and accelerate execution. 

“This recognition underscores the strategic importance of our discovery and the potential it holds to transform Zimbabwe’s energy landscape.”

Atlantic Lithium (ASX:A11)

After entering into binding financing agreements to secure up to £28m to support its Ewoyaa lithium project in Ghana, Atlantic Lithium (ASX:A11) reached 23.5c, a 20.51% lift on the last close.

The agreements with Long State Investments, a global investment company specialising in funding growth-orientated companies, are a key step on the company’s path to deliver Ghana’s first lithium mine.

They comprise a share placement agreement to raise up to £8m ($16.4m) over the next 24 months and a committed equity facility to raise up to £20m ($41.1m). 

Through the first agreement, A11 will raise £2m ($4.1m) through an initial placing of 24,786,526 shares.

After this, the company, at its discretion, can undertake three additional placings of £2m each.

The equity facility will see up to £20m raised through placement tranches of shares in the company over the next 24 months, subject to shareholder approval.

Having secured all necessary regulatory approvals, the company is awaiting ratification by Ghana’s parliament of the Ewoyaa Mining Lease.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While West Wits Mining is a Stockhead advertiser, it did not sponsor this article.