DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2014

May 26, 2014

27 May 2014 For Immediate Release (ASX: RMS / TYK)

TANAMI FARM-IN AND JOINT VENTURE AGREEMENT

Highlights:

• Farm-in deal secured over a 1,700km[2] prospective land package within the Tanami Complex – Northern Territory

The Directors of gold producer Ramelius Resources Limited, (ASX:RMS) are pleased to announce that the Company has finalised terms with explorer Tychean Resources Limited (ASX:TYK) for Ramelius to farm-in on a package of two granted Exploration Licences (ELs) and six EL applications in the Northern Territory.

The tenement package, located within 100km of Newmont’s 4.5 million plus ounce Callie gold mine within the Northern Territory Tanami Complex (Figure 1) represents a unique opportunity to explore over 1,700km[2] of prospective Palaeoproterozoic stratigraphy within a significant yet underexplored gold province.

Farm-in and Joint Venture Agreement Terms:

• Ramelius will pay Tychean $50,000 cash upon execution of the agreement to assist Tychean facilitate the grant of the Highland Rocks and Officer Hills South exploration licences within the land package

• Subject to all necessary statutory and regulatory approvals plus the grant of the two Highland Rocks and Officer Hills South ELs Ramelius will commit to a minimum exploration expenditure of $100,000 within 2 years

• Ramelius may earn an 85% interest in the project by exploration expenditure of $500,000 within 3 years

• Tychean will be free carried until a Decision to Mine at which time it may elect to contribute its interest or convert to a 1.5% NSR Royalty.

Background:

Research by Geoscience Australia* (circa 2006) included the application and interpretation of deep seismic transects throughout the Tanami region in the Northern Territory. The regional seismic transects enabled Geoscience Australia to model the crustal architecture within the province and to interpolate that known lode gold deposits within the Tanami may be associated with major crustal penetrating shear zones and antiformal thrust stacks, nested on deep seated thrusts propagating off the Proterozoic-Archaean basement detachment. Linear magnetic trends, interpreted as thrust faults, extend into the Tychean tenements (Figure 2) and may represent potential conduits for the ingress of gold mineralising fluids.

Tychean’s tenement package was originally applied for in 2010 to 2011. Ramelius will now advance exploration over the tenements within this under-explored and highly prospective gold province.

Over 80 line km of prospective structural trends are believed to exist within the Highland Rocks ELAs alone. These trends will be the focus of detailed regolith/outcrop mapping plus rock chip sampling along with shallow vacuum and surface soil sampling programmes over the next 12 months.

Results will be reported as they become available.

For further information contact: Ian Gordon Managing Director Ph: (08) 9202 1127

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Figure 1: Tanami Farm-in project location

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==> picture [453 x 321] intentionally omitted <==

Figure 2: Tanami regional gravity image highlighting interpreted seismic sutures (red lines) passing through the Tanami farm-in tenements – image modified after Goleby et al (2007). Gold occurrences are highlighted by the yellow dots

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Attachment 1: Tanami Farm-in tenement schedule

TenementId	Name	Area (Blocks)	GrantDate
EL27806	Talbot North	12	14/7/2010
EL26625	Suplejack	26	24/5/2011
ELA27921	Groundrush	18	Application
ELA28493	GroundrushSth	2	Application
ELA27997	MountSolitaire	57	Application
ELA27995	Officer Hills Sth	40	Application
ELA27511	HighlandRocks	151	Application
ELA29829	HighlandRocks2	250	Application

• Goleby, B., Lyons, P. and Huston, D. (2007) – New Model for Tanami Gold Mineralisation in AusGeo News, Issue No. 85 published by Geoscience Australia

The Information in this release that relates to Exploration Results is based on information compiled by Kevin Seymour.

Kevin Seymour is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the styles of mineralisation and type of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Kevin Seymour is a full-time employee of Ramelius Resources Limited and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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JORC Code, 2012 Edition –

Table 1 Report for Tanami Farm-in and JV

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut	•Not Applicable, as tenure still in application.
techniques	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 (eg ‘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
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,	•Not Applicable
	auger, Bangka, sonic, etc) and details
	(eg 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). _
Drill sample	• Method of recording and assessing	•Not Applicable
recovery	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.

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Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have	•Not Applicable
	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.
Sub-	• If core, whether cut or sawn and	•Not Applicable
sampling	whether quarter, half or all core taken.
techniques	• If non-core, whether riffled, tube
and sample	sampled, rotary split, etc and whether
preparation	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.
Quality of	• The nature, quality and	•Not Applicable
assay data	appropriateness of the assaying and
and	laboratory procedures used and
laboratory	whether the technique is considered
tests	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 (eg standards, blanks,
	duplicates, external laboratory checks)
	and whether acceptable levels of
	accuracy (ie lack of bias) and
	precision have been established.
Verification	• The verification of significant	•Not Applicable
of sampling	intersections by either independent or
and	alternative company personnel.
assaying	• 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.

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Criteria	JORC Code explanation	Commentary
Location of	• Accuracy and quality of surveys used	•Not Applicable
data points	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.
Data spacing	• Data spacing for reporting of	•Not Applicable
and	Exploration Results.
distribution	• 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.
Orientation	• Whether the orientation of sampling	•Not Applicable
of data in	achieves unbiased sampling of
relation to	possible structures and the extent to
geological	which this is known, considering the
structure	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.
Sample	• The measures taken to ensure sample	•Not Applicable
security	security.
Audits or	• The results of any audits or reviews of	•Not Applicable
reviews	sampling techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	•The results reported in this report are based on
tenement	location and ownership including	a compilation of regional datasets
and land	agreements or material issues with	encompassing the group of tenements listed in
tenure status	third parties such as joint ventures,	Attachment 1. The exploration licences and
	partnerships, overriding royalties,	exploration licence applications are located on
	native title interests, historical sites,	pastoral lease or Aboriginal Freehold land as
	wilderness or national park and	annotated in Figure 1. Heritage surveys will be
	environmental settings.	completed prior to any ground disturbing
	• The security of the tenure held at the	activities in accordance with the Company’s
	time of reporting along with any known	responsibilities under the Aboriginal Heritage
	impediments to obtaining a licence to	Act.
	operate in the area.	•At this time the two granted ELs are in good
		standing. There are no known impediments to
		obtaininga licence to operate in the area.

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Criteria	JORC Code explanation	Commentary
Exploration	• Acknowledgment and appraisal of	•Exploration by other parties has been reviewed
done by	exploration by other parties.	and is used as a guide to Ramelius’ exploration
other parties		activities. Previous parties have completed
		shallow RAB, Aircore and RC drilling,
		geophysical data collection and interpretation
		over portions of the licences. No new
		exploration results have been generated by
		Tychean or Ramelius at this stage.
Geology	• Deposit type, geological setting and	•The target mineralisation within the Tanami
	style of mineralisation.	Province is for orogenic structurally controlled
		Proterozoic gold lode systems. The
		mineralisation is believed controlled by a NNW
		trending seismic sutures manifesting as shear
		zones passing through the available land
		package.
Drill hole Information	• A summary of all information material to the understanding of the	•Not Applicable – all available historical exploration data currently available on open file
	exploration results including a	that pertains to these tenements has been
	tabulation of the following information	reviewed and it is concluded the land package
	for all Material drill holes:	has not been adequately explored or drill tested.
	o easting and northing of the drill	•As the majority of the ground is still under
	hole collar	application Tychean is negotiating land access
	o elevation or RL (Reduced Level –	and compensation agreements with the
	elevation above sea level in	traditional owners of the land.
	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 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	• In reporting Exploration Results,	•Not Applicable
aggregation	weighting averaging techniques,
methods	maximum and/or minimum grade
	truncations (eg 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.
Relationship	• These relationships are particularly	•Not Applicable
between	important in the reporting of
mineralisatio	Exploration Results.
n widths and	• If the geometry of the mineralisation
intercept	with respect to the drill hole angle is
lengths	known, its nature should be reported.
	• If it is not known and only the down

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Criteria	JORC Code explanation	Commentary
	hole lengths are reported, there
	should be a clear statement to this
	effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with	•A plan view is provided in this report to enable
	scales) and tabulations of intercepts	the reader to see the relationship between the
	should be included for any significant	interpreted structures and the available land
	discovery being reported These	package
	should include, but not be limited to a
	plan view of drill hole collar locations
	and appropriate sectional views.
Balanced	• Where comprehensive reporting of all	•Not Applicable
reporting	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.
Other	• Other exploration data, if meaningful	•No other exploration data that has been
substantive	and material, should be reported	collected is considered meaningful and material
exploration	including (but not limited to):	to this report.
data	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.
Further work	• The nature and scale of planned	•Future exploration includes reconnaissance
	further work (eg tests for lateral	regolith and outcrop mapping, rock chip
	extensions or depth extensions or	sampling followed by shallow auger/vacuum
	large-scale step-out drilling).	drilling and/or surface soil sampling as required.
	• Diagrams clearly highlighting the
	areas of possible extensions,
	including the main geological
	interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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