DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2012

Dec 12, 2012

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ASX Announcement

13[th] December 2012

Maximus receives Woomera Deed of Access covering the 100% owned Billa Kalina Tenements in South Australia

Summary

• Deed of Access received paving the way for on-ground exploration to commence in Woomera area

• Joint Venturer to fund exploration activities to complete earn-in on project

• Exploration activities planned to commence in January 2013.

Maximus Resources Limited (ASX: MXR) is pleased to confirm that it has received a Deed of Access (Minerals Exploration) from the Commonwealth of Australia authorising on-ground exploration activities to commence on the Billa Kalina tenement located within the Woomera Prohibited Area, 600km north-northwest of Adelaide, South Australia.

Receipt of the Deed of Access is the culmination of more than 12 months’ of collaboration between Maximus, the Federal Department of Defence personnel and our Joint Venturer, ERO Mining Ltd (ASX: ERO). Maximus is very pleased to achieve this outcome and intends immediately progressing plans for on-ground exploration activities to be commenced in 2013.

The planned on-ground exploration activities in January 2013 include a ground gravity survey to validate the dataset that previously identified the Peeweena Dam anomaly. The historical dataset indicates that the Peeweena Dam anomaly is a significant 10 mgal gravity feature of potential iron oxide, copper, gold and Uranium (IOCGU) mineralisation, located between the major Olympic Dam mining operation (BHPB) and the Prominent Hill Mine (Oz Minerals).

The planned ground gravity survey and potential follow-up drilling requirements are to be funded by our Joint Venturer, ERO as part of its earn-in requirements under the Farm-in and Joint Venture agreement between Maximus and ERO. Under the Farm-in agreement, ERO has the option to earn a 50% interest in the tenements by expending $3 million over the life of the Agreement.

ERO plans to commence the ground gravity survey as early as possible, and has indicated January 2013 as the next window of opportunity. Preliminary discussions have been held with survey contractors to complete the initial ground gravity survey work.

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Figure 1: Peeweena Dam gravity anomaly location map and tenement holding

Maximus is delighted with this outcome, as it allows the Company to recommence exploration activities on the Billa Kalina tenements within the Woomera Prohibited Area (WPA) to be funded initially by our joint venturer, whilst continuing discussions with potential joint venture partners on the Adelaide Hills gold focused tenement holding in South Australia and continuing to explore on the highly prospective Narndee poly metallic tenements in Western Australia.

Kevin Malaxos Managing Director

For further information please contact

Kevin Malaxos on 08 7324 3172 Duncan Gordon, Adelaide Equity Partners Kmalaxos@maximusresources.com on 08 8232 8800 or 0404 006 444 dgordon@adelaideequity.com.au

Further information relating to Maximus Resources Limited and its diversified exploration projects will be found on Maximus’ website: www.maximusresources.com

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Kevin Malaxos who is a Member of the Australasian Institute of Mining and Metallurgy, and who has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration, and the activities being undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (the JORC Code). This report is issued in the form and context in which it appears with the written consent of the Competent Person.