DREADNOUGHT RESOURCES LTD — AGM Information 2011

Nov 28, 2011

CHAIRMAN’S ADDRESS TO ERO MINING LIMITED

ANNUAL GENERAL MEETING

29 November 2011

Fellow Shareholders

Good morning ladies and gentlemen, it is my great pleasure to welcome you all to the fifth Annual General Meeting of ERO Mining Limited as a listed company.

Our current focus is centred on:

• Billa Kalina within the Woomera Prohibited Area where a Deed of Access has recently been received from the Federal Government in respect of the Billa Kalina Joint Venture. Billa Kalina is located 70 km north‐north‐west of the Olympic Dam copper‐gold‐uranium (IOCGU) mine, and 45 km south‐east of the more recent discovery and mine development at Prominent Hill, South Australia. The deed will allow us to explore the Peeweena Dam Prospect which is highly prospective for Iron Oxide Copper Gold Uranium.

• Tanami in the Northern Territory which has hosted several high quality gold mines. We have obtained rights to explore for both Gold and Uranium on the Suplejack project which lies on Aboriginal Freehold land.

• Wertaloona where we hope to discover lithium and uranium. Our initial drilling did indicate the presence of lithium so we intend to conduct some follow up drilling in this area testing for brine hosted mineralisation.

• We have farmed out the Padthaway Mineral Sands Project to Iluka Resources Limited who has the opportunity to earn up to 80% of the project.

• Over the last year we have suffered the effects of the Queensland floods at the Georgetown Alluvial Gold Project. After meeting the costs of the flood damage we are now well advanced in the process of selling the project.

You are all aware of the difficulty for small explorers have faced with raising capital in the prevailing post GFC market where promised flow through deductions have been denied and we have had the imposition of Carbon Tax and now the MRRT. Your board considers the company’s projects present a worthwhile suite of exploration projects which are hampered by a lack of funds to explore. So once we have conducted some ground gravity works and finalised arrangement for a drilling program at Billa Kalina we will be seeking to make a capital raising.

I have referred to the changes in the board in my Chairman’s Report in the Annual Report and I would like to thank Hector Gordon and Mike Hatcher for their support as non executive directors. As mentioned in that report Kevin Lines has joined us as Chief Executive Officer and we look forward now to settling down and pursuing the focus set out above.

I’d like to thank our Company Secretary Peter Kupniewski for his support in what have been difficult times for the company. Most importantly, I would like to recognise our loyal shareholders who have continued to support the Company throughout the year.

Thank you ladies and gentlemen for your attention and I now call on Kevin Lines to give his presentation.

R M Kennedy

Chairman