DREADNOUGHT RESOURCES LIMITED (DRE)
Share Price Analysis and Chart

13/09/2024

3

Downgrade to Hold from Speculative Buy

$0.02

33.33%

Bell Potter lowers its target for Dreadnought Resources to 2c from 15c and downgrades to Hold from Speculative Buy. Management is increasing exploration for niobium across its Mangaroon project and focusing less on rare earths, explains the broker.

This is a similar move to near neighbour Hastings Rare Earths ((HAS)), observes Bell Potter, which has pivoted to a niobium by-product stream at its Yangibana project.

In the event rare earth pricing recovers, the analysts see some chance for consolidation of the Yangibana and Mangaroon
tenements, but at this point talk of consolidation is highly speculative.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -5.00 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.00 cents.

02/09/2024

1

Speculative Buy

$0.05

233.33%

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker's long-term pricing remains anchored to "incentive" levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Dreadnought Resources, the target falls to 5c from 7c. Speculative Buy.