DREADNOUGHT RESOURCES LTD — AGM Information 2022

Nov 29, 2022

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FINDING THE METALS FOR OUR FUTURE

AGM PRESENTATION NOVEMBER 2022

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This presentation has been prepared by Dreadnought Resources Limited (Dreadnought or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified financial advisors having regard to their objectives, financial situation and needs. Dreadnought nor any of their related bodies corporate is licensed to provide financial product advice. This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the prospects of Dreadnought. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and should obtain independent professional advice before making any decision based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the Company or any of its officers, employees, agents or consultants or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative. The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Dreadnought's other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Dreadnought website. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions.

Disclaimer

Refer to Dreadnought announcements for JORC Table 1 and Table 2 for results and information contained in this presentation. Illaara Gold-VMS-Iron Ore Project

Consolidation of 75km Long Illaara Greenstone Belt Drilling Hits High Grades at Metzke’s Find Further High-Grade Gold from Metzke’s Find Further High-Grade Gold from Metzke’s Find Exploration Update Illaara Gold-VMS-Iron Ore Project Illaara Update and Regional Target Generation Drilling Results – Illaara Au-Cu-Iron Ore Project High-Grade Tantalum Results from Peggy Sue – Illaara Project Eight Conductors to be Drilled at Nelson and Trafalgar Cu-Pb-Zn-Ag Prospects – Illaara Project Drilling Complete at Illaara Project

• 6 December 2019 their related bodies corporate is licensed to provide financial product advice. This presentation and information, opinions or conclusions expressed in the • 19 March 2020 RC course of this presentation contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or • 25 September 2020 implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial • 8 October 2020 performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, • 30 November 2020 stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory • 27 April 2021 risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation, or any information, • 31 May 2021 opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information • 7 July 2021 which its recipients may require in order to make an informed assessment of the prospects of Dreadnought. You should conduct your own investigation • 15 February 2022 and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in • 9 May 2022 this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and should obtain independent professional advice before making any decision Kimberley Ni-Cu-Au Project based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the • 23 December 2019 information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation, • 25 August 2021 warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the • 27 August 2021 Company or any of its officers, employees, agents or consultants or any other person as to the adequacy, accuracy, completeness or reasonableness • 15 November 2021 of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative. The • 8 December 2021 exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of • 29 April 2022 the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or • 22 June 2022 conclusions expressed in the course of this presentation should be read in conjunction with Dreadnought's other periodic and continuous disclosure Mangaroon Ni-Cu-PGE, REE & Au Project announcements lodged with the ASX, which are available on the Dreadnought website. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration • 07 April 2021 programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, • 19 July 2021 “possible”, “future”, “prospective” and similar expressions. • 1 September 2021 Competent Person’s Statement • 9 September 2021 • 29 November 2021 The information in this announcement that relates to geology and exploration results and planning was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and • 14 February 2022 type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the • 29 April 2022 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the • 12 October 2022 matters based on the information in the form and context in which it appears. • 17 October 2022 The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the • 24 October 2022 forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. (referencing • 10 November 2022 historic and new company announcements).

Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle High-Grade Cu-Ag-Au-Co Discovery at Orion Further High-Grade Cu-Ag-Au-Co-Zn Orion Discovery EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co Orion Auger Program – Taraji-Yampi Project Option/JV Agreement Signed with Global Base Metal Miner High Grade REE Ironstones Outcropping at Mangaroon Encouraging Results for Rare Earths at Yin Four New REE Ironstones Discovered at Mangaroon Five Carbonatite Intrusions Identified at Mangaroon Project Conductors Defined along the Money Intrusion – Mangaroon FQM JV EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co Broad high-grade assays at Yin REE Discovery Mineralised carbonatite discovered at C3 and C4 Broad high-grade assays at Yin REE Discovery Exploration Update Mangaroon Ni-Cu-PGE

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Com an Sna shot p y p

Capital Structure	Capital Structure			$- $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 $0.16 DRE Founded Illaara Acquired Drilling Kimberley COVID Metzke’s Find & Longmore’s Au “Discoveries” Mangaroon Acquired Orion Cu-Ag-Au-Co Discovery Yin, Sabre, Y8 REE Discoveries >85% money in the ground ~1 ASX announcement / week ~$3.3M invested by board and management Multiple discoveries in critical metals
ASX Code	DRE
Share Price(22/11/2022)	$0.100
Shares on Issue	3,074M
Market Cap(diluted)	$315.4M
Cash(30/09/2022)	~$8.5M
Unlisted Options(various strike prices)	80.1M
Top 20 Shareholders	~30%
Board / Management Cash Investment	~$3,300,000
Board / Management Shareholding	~15%
Board & Management
Paul Chapman			Non-Executive Chairman
Dean Tuck			Managing Director
Ian Gordon			Non-Executive Director
Philip Crutchfield			Non-Executive Director
Jessamyn Lyons			Company Secretary
Matt Crowe			Exploration Manager
Frank Murphy			Operations Manager
Nick Chapman / Luke Blais / Sam Busetti / Leah Dawson			Senior Geologists

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Performance to Date

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~$3.3M invested by board and management
Yin, Sabre, Y8
$0.16
>85% money in the ground REE Discoveries
63
69 $0.14 ~1 ASX announcement / week
51 51
86 82 87 93
$0.12 Multiple discoveries in critical metals
$0.10
$0.08 Orion Cu-Ag-Au-Co
Discovery
$0.06 Metzke’s Find
& Longmore’s
Au “Discoveries”
$0.04
Drilling Kimberley
$0.02
Illaara Acquired
COVID
DRE Founded
Mangaroon Acquired
$-
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Yin, Sabre, Y8
REE Discoveries
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Year in Review

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2022 Plan

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Kimberley
Mangaroon
Illaara
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2022 Actual

Early Rain Delays

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Kimberley
Mangaroon
Illaara
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Target generation Target definition

Target testing

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Mangaroon REE & Au (100%) Mangaroon Ni-Cu-PGE (FQM Earn-In)

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Man aroon Pro ect g j

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Opportunity:

REE: Ironstones & Carbonatites (100%)

• 25km to Hastings Yangibana REE Project, 27.4Mt @ 0.97% TREO (0.33% NdPr)

• Ironstones: high-grade, high NdPr, similar to Hastings (~$450m)

• Carbonatites: possible Mt Weld style (Lynas ~$8,000m), Mountain Pass (MP Minerals ~$8,500m)

Ni-Cu-PGE: Magmatic Sulphides (FQM earning up to 70%)

• FQM earning 51% by spending $12M and a further 19% by sole funding to a Decision to Mine

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Mangaroon REE

✓ Large Scale

• 30kms of REE Ironstones

• 7 Carbonatite Intrusions

✓ Mineralogy Confirmed

• Monazite – processing capacity with three plants to be built in WA

✓ High NdPr:TREO Ratios

• Gifford Creek Ferrocarbonatite Complex produces some of the highest NdPr:TREO ratios in the world

• NdPr:TREO ratios, up to 46%

✓ Metallurgy Confirmed

• Standard flotation sheet, high grade concentrate

• 12.3% Nd O 2 3 / 40% TREO with 92.8%

• recovery

✓ Significant Drill Program 2022

• ~250 RC, 20 DD holes drilled to date for ~25,000m

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Mangaroon REE Carbonatite S stems y

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~1km

Ngualla- Tanzania

Mountain Pass - USA

Mt Weld - Australia

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Mangaroon REE Carbonatite Foot rints Sim lified p p

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Sulphide Queen MP Materials 30.4Mt @ 6.36% TREO

C1 ?

*16 February 2022 SEC Technical Report Summary – Mountain Pass Mine

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Ngualla
Peak Rare Earths
214.4Mt @ 2.15% TREO
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24 October 2022 Completion of Ngualla BFS Update
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Mt Weld Lynas 55.4Mt @ 5.4% TREO

Carbonatite REE Deposit REE Mineralisation

~1km

• *6 August 2018 Lynas announces 60% increase to Mt Weld

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C6
?
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C2-5 + Extension

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Mangaroon REE Carbonatite First Pass Drilling Program

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C6
Undrilled
Sulphide Queen
MP Materials C1
30.4Mt @ 6.36% TREO ?
16 February 2022 SEC Technical Report Summary – Mountain Pass Mine
C2-5 + Extension
Ngualla
Peak Rare Earths
214.4Mt @ 2.15% TREO
24 October 2022 Completion of Ngualla BFS Update
Carbonatite Mt Weld ?
Lynas
REE Deposit
55.4Mt @ 5.4% TREO
REE Mineralisation 6 August 2018 Lynas announces 60% increase to Mt Weld
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REE Mineralisation ~1km

• *6 August 2018 Lynas announces 60% increase to Mt Weld

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Mangaroon REE First Pass Results

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C6 Undrilled

Sulphide Queen MP Materials 30.4Mt @ 6.36% TREO

C1 Partially drilled

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?
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*16 February 2022 SEC Technical Report Summary – Mountain Pass Mine

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C2-5 + Extension Partially drilled

Ngualla

Peak Rare Earths 214.4Mt @ 2.15% TREO

*24 October 2022 Completion of Ngualla BFS Update

Mt Weld Lynas 55.4Mt @ 5.4% TREO

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?
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Carbonatite REE Deposit

REE Mineralisation

*6 August 2018 Lynas announces 60% increase to Mt Weld

~1km

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Mangaroon REE C3 REE-Nb-P Mineralised Area

~600m x 550m

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Hole ID	From (m)	To (m)	Interval (m)
CBRC023	11	42	31
CBRC025	1	45 (EOH)	44
CBRC027	7	40	33
CBRC028	17	41	24
CBRC029	3	75 (EOH)	72
CBRC030	2	99 (EOH)	97
CBRC031	14	27	13
CBRC032	7	81(EOH)	74
CBRC033	7	84	77

- Multi Metal Potential: Neodymium, Praseodymium, Niobium, Titanium and Phosphorus

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Mangaroon REE Si nificant U side Potential – C6 g p

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C1-5
C6 Yin Yang
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Mick Well (KFM) C6 Yin Yang
Mt Weld C6 C6 Magnetics C6 Gravity
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Government magnetics (low resolution)

(high resolution)

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Man aroon Timeline g

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C5
Y2 C3
Th
Yin C1
Anomalies Extensions C4 Critical
Metals
Sabre Nickel
C6
Cullen’s
Star of C7
Mangaroon Yin
Two
Gold
Peaks C2-5
ext
Stream
Mitchell’s Money Y8
Sediments White
Intrusion
Well
(FQM)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Target Definition
Drilling
Assay Results
Resources
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Metallurgy
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Tarraji-Yampi Cu-Ag-Au-Co,

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WMC’s David Barr (L) & Roy
Woodall (R) at Tarraji 1950s
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Tarraji-Yampi

Background

• ~80kms from the port of Derby and entirely within the Yampi Sound Defence Training Area – off limits to exploration since 1978

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Orion Discovery 2021
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• Last exploration undertaken in the 1950s and 1970s

• Significant potential for critical metal discoveries with outcropping Cu, Au, Ag, Co, Sb mineralisation

• Dreadnought delivered the Orion Cu-Ag-Au-Co discovery in 2021

Strategy

• Discover, and convert to resources, a cluster of high-grade Cu-Ag-Au-Co massive sulphide deposits

Next Steps

• 2022: Auger results

• 1H 2023: Geophysical surveys, target definition

• 2H 2023: Discovery and resource drilling

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Auger Program

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• ➢ Modern geochemistry + geophysics ➢ Filling the target pipeline

• ➢ Nine Orion look-a-likes

• ➢ Some with gossans and EM conductors

• ➢ New Gossans discovered at Thunderer

• ➢ KMRK0289: 37% Cu, 163g/t Ag, 1.0g/t Au, 0.03% Co

• ➢ KMRK0290: 39.4% Cu, 165g/t Ag, 1.6g/t Au, 0.02% Co

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Kimberle Timeline y

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Recently completed Copper
Thunderer
Orion
Tarraji-Yampi Vanguard
Critical
Auger
Metals
Program
Grant’s
OR2
OR1 Find
OR3
Nickel
OR5
OR4
Mt Humbert OR6
1. Fill the pipeline 2. Discovery and Resource Drilling
Wombarella
Rough
Triangle
2023 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Target Definition
Drilling
Assay Results
Resources
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Metallurgy
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Central Yil arn Overview g

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Background

• ~1,600sqkms of tenure covering 4 banded iron formation

• Vastly underexplored region within the Yilgarn Craton

• Significant potential for gold, iron ore, komatiite hosted nickel sulphide, base metal massive sulphide and LCT pegmatites

Strategy

• Assess opportunities to commercialise iron ore

• Focus on exploring for komatiite hosted nickel sulphides

• Continue to assess gold, lithium and copper in the background

Next Steps

• Continue reviewing commercial opportunity

• Continue technical review post consolidation

• Commence active nickel focused exploration for 2023

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Bresnahan Project

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Bresnahan Introduction

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Strategy

Next Steps

Background

  - **2022** : Confirm critical metal concept

• Establish a significant early stage critical metals play to

• ~3,700sqkms of 100% owned tenure

• compliment our rapidly advancing portfolio of critical metals project

• Pegged in August 2022, consolidated through two deals announced in October 2022

• 2023 : Generate targets for testing, acquire all approvals

• Conceptual early-stage critical metals play

• 2024 : Discovery drilling

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6 Month Catalysts – Driven by discovery, delivering resources

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Nelson Orion Sabre
Yin
Money Intrusion
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Steady news flow from Mangaroon REE drilling

• December-March 2023 : Assay results from Yin, Sabre, Y8, C1-C5

• • February/March 2023: Recommence RC and DD drilling

JORC Resources

• December 2023: First 3km of Yin • May/June 2023: Yin resource upgrade + additional resources

Additional REE discoveries

• December/January 2023: Surface sampling results

• • December-May 2023: Carbonatites C1-C7 • February-May 2023: Ironstones Yin Extensions, new targets

Metallurgical test work

• March/April 2023: Yin

Mangaroon Ni-Cu-PGE Earn-in with FQM

• December 2022: FLEM results

Tarraji-Yampi Finding Orion’s friends

• December 2022: FLEM results

• • May/June 2023: Discovery and resource drilling

Central Yilgarn

• Ongoing: Commercial / technical review

• • 1H 2023: Nickel focused exploration

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Take Away Message

• ➢ Strong news flow throughout 2022/2023

• ➢ Average >1 ASX announcement / week

• ➢ Track record of delivering discoveries

• ➢ Yin REE ironstone

• ➢ C1-C5 REE carbonatites

• ➢ Sabre/Y8 REE ironstones

• ➢ Orion Cu-Ag-Au-Co massive sulphide

• ➢ Metzke’s and Longmore’s gold

• ➢ Four substantial projects, all in Western Australia, with optionality in geography and commodity

• ➢ Mangaroon REEs, Au (100%) & Ni-Cu-PGE (FQM Earn-in/ JV)

• ➢ Kimberley Cu-Ag-Au-Co & Ni-Cu-PGE

• ➢ Bresnahan TBC

• ➢ Central Yilgarn Ni-Cu, Cu-Pb-Zn, Au, Li-Cs-Ta, Fe

• ➢ Experienced management team with a track record of success and strongly aligned with shareholders

• ➢ $3.3M invested to date

• ➢ ~15% Board and management ownership

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