DREADNOUGHT RESOURCES LTD — Board/Management Information 2022

Aug 29, 2022

30 August 2022

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MANGAROON Ni-Cu-PGE PROJECT ADVANCES TO $12M EARN-IN WITH MAJOR MINING COMPANY

HIGHLIGHTS

• First Quantum Minerals Ltd (TSE:FM “First Quantum”), a ~A$20B TSX listed company, has exercised its earnin option over the Mangaroon Ni-Cu-PGE Project. First Quantum has funded the option period and can now earn an initial 51% interest by funding $12M of expenditure by 1 March 2026. First Quantum may withdraw at any time during the earn-in phase with 0% interest. First Quantum must also pay Dreadnought $150,000 by 30 September 2022.

• Disseminated to net-textured/brecciated magmatic Ni-Cu sulphide (pyrrhotite-chalcopyrite-pentlandite) mineralisation has been intersected in 9 out of 12 RC holes. The drilling covers only ~10% of strike along the ~45km long Money Intrusion, located within the Mangaroon Ni-Cu-PGE Project. Assays are expected in September 2022.

• The Money Intrusion has been confirmed as having a bladed/funnel shape with mineralisation along both sides of the intrusion, highlighting the potential for massive sulphide mineralisation at depth.

• Fixed loop electromagnetics (“FLEM”) surveys will commence in October 2022 with drill targets expected in December 2022.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that First Quantum has exercised its option in relation to earn-in and joint venture rights over the Mangaroon Ni-Cu-PGE Project located in the Gascoyne region of Western Australia. For the avoidance of doubt, Dreadnought’s 100% owned rare earths ground is separate and unrelated to the earn-in.

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Dreadnought’s Managing Director, Dean Tuck, commented: “The potential of the Money Intrusion to host significant, highgrade Ni-Cu-PGE mineralisation has been underscored with nine out of twelve drill holes intersecting disseminated to nettextured Ni-Cu sulphides along both sides of a bladed to funnel shaped mafic intrusion. With only a handful of relatively shallow holes drilled to date, the Dreadnought-First Quantum team has confirmed a large scale, fertile Ni-CuPGE system. We look forward working with First Quantum on the $12m phase of the earn-in.”

Figure 1: RC chips from REYRC002 79-80m showing net-textured / brecciated Ni-Cu sulphides (~15-20%) comprised of pyrrhotite, chalcopyrite and pentlandite.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 8 9473 8345

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Work Program

The confirmation of a fertile magmatic Ni-Cu-PGE system within the Money Intrusion highlights the potential of the ~45km long intrusion to host multiple Ni-Cu-PGE deposits. The Money Intrusion has been dated to ~0.8 Ga, similar in age and tectonic setting to the Jinchuan Ni-Cu-PGE deposit in China (>500 Mt @ 1.2% Ni, 0.7% Cu, ~0.4 g/t PGE).

The first 9 of 12 RC holes have intersected disseminated mineralisation along significant strike showing increasing width and intensity near subtle changes in the walls of the intrusion highlighting the potential for mineralisation to concentrate and form massive sulphide mineralisation at favourable "trap sites” along the intrusion. This is similar to Eagle and Eagle East (~5Mt @ 3.5% Ni, 2.7% Cu, 1.7g/t PGE, 0.1% Co) located in North America. These high tenor massive sulphide targets, like Eagle, are the preferred exploration target for First Quantum.

There remains significant potential for this system to host high tenor Ni-Cu-PGE massive sulphides. Activities will therefore focus on identifying conductive bodies within keel positions along the intrusion through ground-based FLEM surveys. The FLEM surveys will commence in October 2022 with drill targets expected by December 2022.

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Figure 2: Plan view image of 12 recently drilled RC holes (red dots) in relation to mineralised rock chips and mapped gossanous horizon along the ~45km long Money Intrusion over magnetics and orthoimage.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

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Earn-in and Joint Venture Principles (see ASX 7 April 2021)

First Quantum has elected to exercise its option to enter an earn-in and possibly Joint Venture phase with Dreadnought to explore the Money Intrusion for Ni-Cu-PGE massive sulphides. The key terms of the earn-in and Joint Venture Agreement include:

• The Agreement covers the base metal rights over five tenements being E09/2384, E09/2473, E09/2433, E08/3178 and E08/3274.

• First Quantum can earn an initial 51% interest by sole funding $12M of expenditure by 1 March 2026. First Quantum may withdraw from the project at any time during the earn-in phase with 0% interest.

• Upon satisfying the earn-in requirements, a Joint Venture will be formed where First Quantum may elect to increase its interest to 70% by sole funding expenditure up until a Decision to Mine. If First Quantum elects to cease funding expenditure, it will revert to a 49% interest.

• Once a Decision to Mine has been made, Dreadnought can elect to either:

• Maintain its 30% by co-contributing.

• Dilute to 20% and be loan carried by First Quantum, repaid through revenue.

• Divest its 30% interest to First Quantum at fair market value.

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Figure 3: Plan view map of Mangaroon showing the location of the Mangaroon Earn-in and 100% DRE ground in relation to major structures, geology and roads.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 8 9473 8345

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Mangaroon Ni-Cu-PGE (E08/3178, E08/3274, E09/2384, E09/2433, E09/2473: (First Quantum Earn-in)

To date, ~45km of the Money Intrusion has been flown with detailed airborne magnetics, mapped and surface sampled resulting in the identification of 32 outcropping areas containing high-tenor, three-phase blebby sulphides and a ~1.2km long gossanous horizon. Ground-based FLEM surveys were undertaken over ~12kms of the Money Intrusion with the most developed outcropping mineralisation to screen for near surface conductive bodies.

Two conductors associated with prospective lithostructural settings were identified. The northern conductor is associated with a ~1.2km long gossanous horizon. Outcrop at the southern conductor sits under shallow cover.

Twelve RC drill holes (1,862m) have been completed along only ~10% of the ~45km long Money Intrusion. Eight holes (1,394m) targeted both margins of the intrusion that contained gossanous outcrops and a small coincident FLEM conductor. Drilling confirmed that both sides of the dyke were dipping inwards supporting a bladed/funnel shaped dyke. Pleasingly, all eight drill holes intersected disseminated sulphides. All sulphide mineralisation consists of pentlandite (Fe,Ni)9S8, chalcopyrite (CuFeS2) and pyrrhotite (Fe(1-x)S). In addition to the observed mineralisation, the presence of Ni and Cu was confirmed by handheld XRF.

A single hole REYRC009 (153m) successfully drilled a gossanous outcrop within the High Range – where the Money Intrusion crosses a basin of Edmund Group sediments. Drilling collared into a coarse to medium grained pyroxenite intrusion before passing into an olivine and disseminated sulphide bearing unit near the contact with the underlying sulphidic sedimentary rocks. The confirmation of pyrrhotite-chalcopyrite-pentlandite mineralisation within the High Range is significant as the majority of the Money Intrusion does not outcrop within the High Range. This result indicates that the mineralisation could extend to at least ~4.5kms in strike.

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Figure 4: Image of the RC rig drilling hole REYRC009 within the High Range.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 8 9473 8345

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For further information please refer to previous ASX announcements:

• 7 April 2021 Option/JV Agreement Signed with Global Base Metal Miner

• 16 July 2021 ~1km Long Gossanous Ni-Cu-PGE Outcrop at Mangaroon

• 14 February 2022 Conductors Defined Along the Money Intrusion - Mangaroon FQM JV

• 16 May 2022 Drilling Intersects Magmatic Ni-Cu Sulphides at Mangaroon

• 10 June 2022 Drilling Successfully Completed at Mangaroon Ni-Cu-PGE JV

UPCOMING NEWSFLOW

August/November: Further updates on REE drilling at Yin, Y2, Y3 ironstones and C1-C5 Carbonatites (Mangaroon 100%)

August: Assays from Peggy Sue pegmatite sampling (Central Yilgarn)

August: Assays from RC drilling at Nelson, Trafalgar, Metzke’s Find, Kings, Spitfire (Central Yilgarn) August: Results from Central Komatiite Belt nickel sulphide target generation work (Central Yilgarn) August-November: REE assays from RC drilling ironstones/carbonatites (Mangaroon 100%)

September: Assays for Ni-Cu sulphides at the Money Intrusion (Mangaroon First Quantum Option) 8 September: Presenting at New World Metals Conference in Perth

September: Initial JORC Resource for Metzke’s Find Au (Central Yilgarn)

20-22 September: Presenting at New World Metals Conference in Sydney and Melbourne

September: Audited Financial Report

October/November: Further results from Metallurgical test work at Yin (Mangaroon 100%)

November: Annual General Meeting

November: Noosa

December Quarter: initial Yin JORC Resource (Mangaroon 100%)

~Ends~

For further information please contact:

Dean Tuck Jessamyn Lyons Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E:dtuck@dreadnoughtresources.com.au E:jlyons@dreadnoughtresources.com.au

This announcement is authorised for release to the ASX by the Board of Dreadnought.

Competent Person’s Statement

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 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 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. 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 forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 8 9473 8345

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INVESTMENT HIGHLIGHTS

Kimberley Ni-Cu-Au Projects

Dreadnought controls the second largest land holding in the highly prospective West Kimberley region of WA. The main project area, TarrajiYampi, is located only 85kms from Derby and has been locked up as a Defence Reserve since 1978.

Tarraji-Yampi presents a rare first mover opportunity with known outcropping mineralisation and historic workings from the early 1900’s which have seen no modern exploration.

Results to date indicate that there may be a related, large scale, Proterozoic Cu-Au-Ag-Bi-Sb-Co system at TarrajiYampi, similar to Cloncurry / Mt Isa in Queensland and Tennant Creek in the Northern Territory.

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Mangaroon Ni-Cu-PGE JV & REE Au 100% Project

Mangaroon is a first mover opportunity covering ~4,500sq kms located 250kms south-east of Exmouth in the vastly underexplored Gascoyne Region of WA. Part of the project is targeting Ni-Cu-PGE and is subject to a joint venture with First Quantum Minerals (earning up to 70%). The joint venture area contains outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion. Dreadnought’s 100% owned areas contain outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults and outcropping high-grade REE ironstones, similar to those under development at the Yangibana REE Project. Recently six potentially REE bearing carbonatite intrusions have been identified which may also be the source of the regional rare earths.

Central Yilgarn Gold, Base Metals, Critical Minerals & Iron Ore Project

Central Yilgarn is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~1,600 sq kms covering ~150km of strike along the majority of the Illaara, Yerilgee and Evanston greenstone belts. Central Yilgarn is prospective for typical Archean mesothermal lode gold deposits, VMS base metals, komatiite hosted nickel sulphides and critical metals including Lithium-CaesiumTantalum.

Prior to consolidation by Dreadnought, the Central Yilgarn was predominantly held by iron ore explorers and remains highly prospective for iron ore.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 8 9473 8345

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Table 1: Significant Sulphide Intervals – visual estimates

Hole ID	From	To	Interval (m)	Mineralisation Style	Sulphide Type	Sulphide %	Prospect
REYRC001	76	79	3	Disseminated – Net- Textured	Pyrrhotite-chalcopyrite pentlandite	1-5	Money Intrusion
REYRC002	71	84	13	Disseminated to Net- textured/brecciated	Pyrrhotite-chalcopyrite pentlandite	1-20
REYRC003	45	48	3	Disseminated	Pyrrhotite-chalcopyrite pentlandite	1-5
REYRC004	42	46	4	Disseminated	Pyrrhotite-chalcopyrite pentlandite	1-5
REYRC005	84	103	19	Disseminated	Pyrrhotite-chalcopyrite pentlandite	1-5
REYRC006	139	156	17	Disseminated-Stringer	Pyrrhotite-chalcopyrite pentlandite	1-5
REYRC007	73	88	15	Disseminated-Stringer	Pyrrhotite-chalcopyrite pentlandite	1-5
REYRC008	148	156	8	Disseminated	Pyrrhotite-chalcopyrite pentlandite	1-5
REYRC009	30	39	9	Disseminated	Pyrrhotite-chalcopyrite pentlandite	1-5	High Range

		Table 2: Drill Collar Data (GDA94 MGAz50)	Table 2: Drill Collar Data (GDA94 MGAz50)	Table 2: Drill Collar Data (GDA94 MGAz50)	Table 2: Drill Collar Data (GDA94 MGAz50)	Table 2: Drill Collar Data (GDA94 MGAz50)
Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH	**Type **	Prospect
REYRC001	363921	7382673	321	-60	90	153	RC	Money Intrusion
REYRC002	363831	7382116	311	-60	90	153	RC
REYRC003	363835	7381839	313	-60	110	153	RC
REYRC004	363481	7381126	316	-60	332	123	RC
REYRC005	363831	7382114	312	-72	90	219	RC
REYRC006	363819	7382113	311	-80	90	242	RC
REYRC007	363870	7382323	322	-60	110	144	RC
REYRC008	363781	7382105	312	-55	270	207	RC
REYRC009	361640	7377983	336	-60	135	153	RC	High Range
REYRC010	355725	7364248	293	-60	135	105	RC	Money Intrusion
REYRC011	358026	7370563	309	-90	0	51	RC
REYRC012	366269	7389629	281	-60	180	159	RC

Jinchuan References:

Chai, G. and Naldrett, A.J., 1992. Characteristics of Ni-Cu-PGE mineralization and genesis of the Jinchuan Deposit, Northwest China; Economic Geology, v. 87, pp. 1475-1495.

Li, C., and Ripley, E.M., 2011. The giant Jinchuan Ni-Cu-(PGE) deposit: Tectonic setting, magma evolution, ore genesis and exploration implications: Reviews in Economic Geology, v. 17, pp. 163-180.

Naldrett, A.J., 2004. The Jinchuan deposit, China; in Naldrett, A.J., 2004, Magmatic Sulphide Deposits, Geology, Geochemistry and Exploration; Springer, pp. 373-404.

Song X.-Y., Danyushevsky. L.V., Keays, R.R., Chen, L.-M., Wang, Y.-S., Tian, Y.-L. and Xiao, J.-F., 2012. Structural, lithological, and geochemical constraints on the dynamic magma plumbing system of the Jinchuan Ni-Cu sulfide deposit, NW China; Mineralium Deposita, v.47, pp. 277-297

Song, X.-Y. , Chen, L.-M., Tian, Y.-L. and Qiao, F.-G., 2012a. Simple introduction of the Jinchuan Intrusion and hosted Ni-Cu-(PGE) ore bodies; Post-Meeting Jinchuan field trip, 12th International Ni-Cu-(PGE) Symposium Guiyang, China, 9p.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 8 9473 8345

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

JORC TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Reverse Circulation (RC) drilling was undertaken to produce samples for assaying. Two sampling techniques were utilised for this program, 1m metre splits directly from the rig sampling system each metre and 3m composite sampling from spoil piles. Samples submitted to the laboratory were determined by the site geologist. 1m Splits Every metre drilled a 2-3kg sample (split) was sub- sampled into a calico bag via a Metzke cone splitter from each metre of drilling. 3m Composites All remaining spoil from the sampling system was collected in buckets from the sampling system and neatly deposited in rows adjacent to the rig. An aluminium scoop was used to then sub-sample each spoil pile to create a 2-3kg 3m composite sample in a calico. For gold and PGEs, all samples are submitted to the laboratory and pulverised to produce a 50g charge for Fire Assay (ALS Code PGM-ICP24). Base Metal and lithological samples are analysed for 48 multi-elements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61).
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	RC Drilling Ausdrill undertook the program utilising a Drill Rigs Australia truck mounted Schramm T685WS drill rig with additional air from an auxiliary compressor and booster. Bit size was 5¾”.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	RC Drilling Drilling was undertaken using a ‘best practice’ approach to achieve maximum sample recovery and quality through the mineralised zones. Best practice sampling procedure included: suitable usage of dust suppression, suitable shroud, lifting off bottom between each metre, cleaning of sampling equipment, ensuring a dry sample and suitable supervision by the supervising geologist to ensure good sample quality. At this stage, no known bias occurs between

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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Criteria	JORC Code explanation	Commentary
		sample recovery and grade.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	RC chips were logged by a qualified geologist with sufficient experience in this geological terrane and relevant styles of mineralisation using an industry standard logging system which could eventually be utilised within a Mineral Resource Estimation. Lithology, mineralisation, alteration, veining, weathering and structure were all recorded digitally. Chips were washed each metre and stored in chip trays for preservation and future reference. Logging is qualitative, quantitative or semi- quantitative in nature.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	RC Drilling Every metre drilled a 2-3kg sample (split) was sub- sampled into a calico bag via a Metzke cone splitter. QAQC in the form of duplicates and CRM’s (OREAS Standards) were inserted through the ore zones at a rate of 1:50 samples. Additionally, within mineralised zones, a duplicate sample was taken and a blank inserted directly after. 2-3kg samples will be submitted to ALS laboratories (Perth), oven dried to 105°C and pulverised to 85% passing 75um to produce a 50g charge for Fire Assay with ICP-AES finish to determine Au and PGEs (PGM-ICP24) and 0.25g aliquot for four acid digest to determine 48 elements (ME-MS61) with overranges as required. Standard laboratory QAQC is undertaken and monitored.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Assay technique is Fire Assay which is a ‘Total Technique’ for Au and PGEs. Four acid digest is considered a ‘near total’ technique for the 48 elements received under ME-MS61. Sodium peroxide and lithium borate fusions are considered “Total digests.” Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Logging and sampling were recorded directly into a digital logging system, verified and eventually stored in an offsite database. Significant intersections have been inspected by senior company personnel. No twinned holes have been drilled at this time. No adjustments to any assay data have been undertaken.

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Criteria		JORC Code explanation	Commentary
Location of data points	• • •	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Collar position was recorded using a Emlid Reach RS2 RTK GPS system (+/- 0.2m x/y, +/-0.5m z). GDA94 Z50s is the grid format for all xyz data reported. Azimuth and dip of the drill hole was recorded after the completion of the hole using a Reflex Sprint IQ Gyro. A reading was undertaken every 30thmetre with an accuracy of +/- 1° azimuth and +/-0.3° dip.
Data spacing and distribution	• • •	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	See drill table for hole positions. Data spacing at this stage is not suitable for Mineral Resource Estimation.
Orientation of data in relation to geological structure	• •	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Drilling was undertaken at a near perpendicular angle to the interpreted strike and dip of the modelled FLEM plates and known outcrop. No sample bias is known at this time.
Sample security	•	The measures taken to ensure sample security.	All samples from collection at rig through to submission at the laboratory have been under the supervision of Dreadnought personnel or sub- contractors associated with the company.
Audits or reviews	•	The results of any audits or reviews of sampling techniques and data.	The program is continuously reviewed by senior company personnel.
		Section 2 Reporting of Exploration Results (Criteria in this section apply to all succeeding sections.) JORC Code explanation Commentary • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Mangaroon Project consists of 7 granted Exploration License (E08/3178, E09/2359, E09/2370, E09/2384, E09/2433, E09/2473, E09/2478) and 11 pending Exploration Licenses (E08/3274, E08/3275, E08/3439, E09/2448, E09/2449, E09/2450, E09/2467, E09/2531, E09/2535, E09/2616, E09/2620). • All tenements are 100% owned by Dreadnought Resources. • E08/3178, E08/3274, E09/2384, E09/2433, E09/2473 are subject to an option agreement with First Quantum Minerals over the base
Criteria		JORC Code explanation	Commentary
Mineral tenement and land tenure status		• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Mangaroon Project consists of 7 granted Exploration License (E08/3178, E09/2359, E09/2370, E09/2384, E09/2433, E09/2473, E09/2478) and 11 pending Exploration Licenses (E08/3274, E08/3275, E08/3439, E09/2448, E09/2449, E09/2450, E09/2467, E09/2531, E09/2535, E09/2616, E09/2620). • All tenements are 100% owned by Dreadnought Resources. • E08/3178, E08/3274, E09/2384, E09/2433, E09/2473 are subject to an option agreement with First Quantum Minerals over the base

Dreadnought Resources Limited

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info@dreadnoughtresources.com.au

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 8 9473 8345

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Criteria	JORC Code explanation	Commentary
		metal rights. • E08/3178, E09/2370, E09/2384 and E09/2433 are subject to a 2% Gross Revenue Royalty held by Beau Resources. • E08/3274, E08/3275, E09/2433, E09/2448, E09/2449, E09/2450 are subject to a 1% Gross Revenue Royalty held by Beau Resources. • E09/2359 is subject to a 1% Gross Revenue Royalty held by Prager Pty Ltd. • The Mangaroon Project covers 4 Native Title Determinations including the Budina (WAD131/2004), Thudgari (WAD6212/1998), Gnulli Gnulli (WAD22/2019) and the Combined Thiin-Mah, Warriyangka, Tharrkari and Jiwarli (WAD464/2016). • The Mangaroon Project is located over Lyndon, Mangaroon, Gifford Creek, Maroonah, Minnie Creek, Towera and Uaroo Stations.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical exploration of a sufficiently high standard was carried out by a few parties which have been outlined and detailed in this ASX announcement including: Regional Resources 1986-1988s: WAMEX Reports A23715, 23713 Peter Cullen 1986: WAMEX Report A36494 Carpentaria Exploration Company 1980: WAMEX Report A9332 Newmont 1991: WAMEX Report A32886 Hallmark Gold 1996: WAMEX Report A49576 Rodney Drage 2011: WAMEX Report A94155 Sandfire Resources 2005-2012: WAMEX Report 94826
Geology	• Deposit type, geological setting and style of mineralisation.	• The Mangaroon Project is located within Mangaroon Zone of the Gascoyne Province. • The Mangaroon Project is prospective for orogenic gold, magmatic Ni-Cu-PGE mineralisation and Ferrocarbonatite hosted REEs.
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information	An overview of the drilling program is given within the text and tables within this document.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 8 9473 8345

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Criteria	JORC Code explanation	Commentary
	is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	No assays reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Drilling is undertaken close to perpendicular to the dip and strike of the mineralisation. The true thickness of the mineralisation intersected in drill holes cannot currently be calculated.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to figures within this report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Suitable commentary of the geology encountered are given within the text of this document.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future	• RC Drilling • DHEM

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 8 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	drilling areas, provided this information is not commercially sensitive.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 8 9473 8345