DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2015

Oct 19, 2015

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Australian Securities Exchange Announcement

20 October 2015

ASX Market Announcements Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

TANAMI EXPLORATION UPDATE

HIGHLIGHTS

• 1346m of drilling conducted over priority Suplejack tenement North of Callie Gold mine

• Anomalous gold encountered in assay samples

• Confirms prospectivity of wider Suplejack target

Update - Tanami Joint Venture (NT) – Tychean 15%

Tychean Resources wishes to update investors on exploration activities carried out by its Joint Venture Partner, Ramelius Resources, at the Suplejack tenement within its Tanami gold project in Western Australia. Under the terms of the JV agreement, Tychean retains a free carried 15% interest in the Joint Venture through to any decision to mine by Ramelius.

In addition to the Suplejack tenement, the Joint Venture partners still await the grant of the six Exploration Licence Applications (ELA’s) highlighted in Figure 1.

Exploration during the quarter involved Ramelius drilling a fence of six infill RC holes (SJRC0048 to SJRC0053) and a single vertical hole (SJRC0054) for an aggregate 1,356m, within the granted Suplejack tenement (EL26625), (see Figure 2). The fence of 100m spaced angled holes was designed to provide important geological information along the sheared contacts of the various rock units (intersected during the reconnaissance drilling programmes), below the +2km striking gold interface anomaly.

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The drilling confirmed the southern extension of the gold interface anomaly. Low order gold anomalism (+10ppb Au) was returned where drilling intersected a graphitic schist unit. The graphitic schist unit also returned elevated trace element determinations (measured using a portable XRF in the field) with up to 0.18% Cu and 56ppm As over single metre intervals, suggesting the unit may be a preferential host where it’s structurally thickened around the fold closure further south. Detectable gold anomalism (2-5ppb Au) was returned on or near the eastern dolerite/siltstone contact and near the western sheared pelite/siltstone contact, further attesting to the prospectivity of the larger Suplejack area being target.

Anomalous (plus 10ppb Au) drill hole assays are highlighted in Table 2.

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Figure 1: Suplejack (EL26625) location north of Newmont’s Callie Gold Mine (NT)

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Figure 2: Suplejack (EL26625) showing Ramelius drill hole locations within the interpreted folded Tanami Group stratigraphy.

Table 1: Suplejack Project (EL26625) RC Drilling

Hole ID	Hole Type	East (GDA94)	North (GDA94)	Dip/Azi	F/Depth	Interface Depth
SJRC0048	RC	614843	7796520	-60/066	192	92m
SJRC0049	RC	614752	7796476	-60/057	204	91m
SJRC0050	RC	614659	7796440	-60/058	228	82m
SJRC0051	RC	614563	7796390	-60/058	198	91m
SJRC0052	RC	614480	7796352	-60/058	192	91m
SJRC0053	RC	614382	7796316	-60/058	222	92m
SJRC0054	RC	614712	7796184	-90/000	120	80m

Note: All RLs are estimated at 367m above sea level.

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Table 2: Anomalous (>10ppb Au) gold intersections from September 2015 RC drilling at Suplejack.

Hole_ID	MGA_E	MGA_N	Hole_Depth	m_from	m_To	Interval (m)	Au_ppb
SJRC0048	614843	7796520	192	91	92	1	29*
				120	120	1	27
SJRC0049	614752	7796476	204	116	118	2	36
				139	140	1	15
SJRC0050	614659	7796440	228	80	81	1	48*
				149	150	1	15
				159	160	1	31
				170	174	4	14.3
				181	183	2	10
				191	193	2	12
				198	201	3	13.3
				207	210	3	12.7
				213	219	6	10.3
SJRC0051	614563	7796390	198	88	90	2	17*
				94	95	1	12
				104	105	1	36
				166	169	3	37.3
				171	172	1	15
SJRC0053	614382	7796316	222	193	194	1	11
SJRC0054	614712	7796184	120	80	81	1	11
				82	83	1	12

• Denotes interface geochemical anomaly (>10ppb Au)

Reported significant gold assay intersections (using a 10ppb Au lower cut) are reported using 1m downhole intervals at plus 10ppb gold, with up to 2m of internal dilution. Gold determination was by Fire Assay using a 50gm charge with AAS finishes and a lower limit of detection of 1ppb Au. NSR denotes no significant results. True widths of the interface geochemistry are 100% of the downhole intersections while the anomalous bedrock intersections are estimated to be 65% of the reported downhole intersections. Coordinates are MGA94-Z50.

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Competent Person

The Information in this report relates to Exploration Results based on information compiled by Kevin Seymour whom is a Competent Person and Member of the Australasian Institute of Mining and Metallurgy. Kevin Seymour is a full-time employee of Ramelius Resources Limited.

Kevin Seymour has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity they have 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”. Kevin Seymour consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For further information please contact

Mr. Robert Kennedy Mr. Duncan Gordon Chairman Executive Director Tychean Resources Limited Adelaide Equity Partners Limited M: 0418 836 965 M: 0404 006 444

Further information relating to Tychean Resources Ltd and its various exploration projects can be found at its website: www.tycheanresources.com

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JORC Table 1 Report for Suplejack, RC Drilling Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
	 Nature and quality of sampling	 Potential gold mineralised intervals are
Sampling	(eg cut channels, random chips, or	systematically sampled using industry standard 1m
techniques	specific specialised industry standard	intervals, collected from reverse circulation (RC)
	measurement tools appropriate to the	drill holes.
	minerals under investigation, such as	 Drill hole locations were designed to allow
	down hole gamma sondes, or handheld	for spatial spread across the interpreted mineralised
	XRF instruments, etc). These examples	zone. All RC samples were collected and riffle split
	should not be taken as limiting the broad	to 3-4kg samples on 1m metre intervals below the
	meaning of sampling.	transported overburden which is not sampled.
	 Include reference to measures	 Standard fire assaying was employed using
	taken to ensure sample representivity	a 50gm charge with an AAS finish. Trace element
	and the appropriate calibration of any	determination was undertaken using pXRF as a
	measurement tools or systems used.	field guide for anomalous geochemical trends only
	 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.
	 Drill type (eg core, reverse	 Drilling was completed using best practice
Drilling	circulation, open-hole hammer, rotary air	5 ¾” face sampling RC drilling hammers for all drill
techniques	blast, auger, Bangka, sonic, etc) and	holes.
	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). _
	 Method of recording and	 Bulk RC drill holes samples were visually
Drill sample	assessing core and chip sample	inspected by the supervising geologist to ensure
recovery	recoveries and results assessed.	adequate clean sample recoveries were achieved.
	 Measures taken to maximise	Any wet, contaminated or poor sample returns are
	sample recovery and ensure	flagged and recorded in the database to ensure no
	representative nature of the samples.	sampling bias is introduced.
	 Whether a relationship exists	 Zones of poor sample return are recorded
	between sample recovery and grade and	in the database and cross checked once assay
	whether sample bias may have occurred	results are received from the laboratory to ensure
	due to preferential loss/gain of	no misrepresentation of sampling intervals has
	fine/coarse material.	occurred. Of note, excellent RC drill recovery is
		reported from all RC holes.
	 Whether core and chip samples	 All RC drill samples are geologically logged
Logging	have been geologically and	on site by professional geologists. Details on the
	geotechnically logged to a level of detail to support appropriate Mineral Resource	host lithologies, deformation, dominant minerals includingsulphide species and alteration minerals

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Criteria	JORC Code explanation	Commentary
	estimation, mining studies and	plus veining are recorded relationally (separately)
	metallurgical studies.	so the logging is interactive and not biased to
	 Whether logging is qualitative or	lithology.
	quantitative in nature. Core (or costean,	 Drill hole logging of RC chips is qualitative
	channel, etc) photography.	on visual recordings of rock forming minerals and
	 The total length and percentage	quantitative on estimates of mineral abundance.
	of the relevant intersections logged.	 The entire length of each RC drill hole is
		geologicallylogged.
	 If core, whether cut or sawn and	 Duplicate samples are collected every 25th
Sub-	whether quarter, half or all core taken.	sample from the RC chips.
sampling	 If non-core, whether riffled, tube	 Dry RC 1m samples are riffle split to 3-4kg
techniques	sampled, rotary split, etc and whether	as drilled and dispatched to the laboratory. Any wet
and sample	sampled wet or dry.	samples are recorded in the database as such and
preparation	 For all sample types, the nature,	allowed to dry before splitting and dispatching to the
	quality and appropriateness of the	laboratory.
	sample preparation technique.	 All samples are pulverized prior to splitting
	 Quality control procedures	in the laboratory to ensure homogenous samples
	adopted for all sub-sampling stages to	with 85% passing 75um. 200gm is extracted by
	maximise representivity of samples.	spatula that is used for the 50gm charge on
	 Measures taken to ensure that	standard fire assays.
	the sampling is representative of the in	 RC samples submitted to the laboratory are
	situ material collected, including for	sorted and reconciled against the submission
	instance results for field duplicate/second-half sampling.  Whether sample sizes are	documents. In addition to duplicates a high grade or low grade standard is included every 25th sample, a controlled blank is inserted every 100th
	appropriate to the grain size of the	sample. The laboratory uses barren flushes to
	material being sampled.	clean their pulveriser and their own internal
		standards and duplicates to ensure industry best
		practice quality control is maintained.
		 The sample size is considered appropriate
		for the type, style, thickness and consistency of
		mineralization.
	 The nature, quality and	 The fire assay method is designed to
Quality of	appropriateness of the assaying and	measure the total gold in the sample. The
assay data	laboratory procedures used and whether	technique involves standard fire assays using a
and	the technique is considered partial or	50gm sample charge with a lead flux (decomposed
laboratory	total.	in the furnace). The prill is totally digested by HCl
tests	 For geophysical tools,	and HNO3acids before measurement of the gold
	spectrometers, handheld XRF instruments, etc, the parameters used in	determination by AAS.  No field analyses of gold grades are
	determining the analysis including	completed. Quantitative analysis of the gold
	instrument make and model, reading	content and trace elements is undertaken in a
	times, calibrations factors applied and	controlled laboratory environment.
	their derivation, etc.	 Industry best practice is employed with the
	 Nature of quality control	inclusion of duplicates and standards as discussed
	procedures adopted (eg standards,	above, and used by Ramelius as well as the
	blanks, duplicates, external laboratory	laboratory. All Ramelius standards and blanks are
	checks) and whether acceptable levels of	interrogated to ensure they lie within acceptable
	accuracy (ie lack of bias) and precision	tolerances. Additionally, sample size, grind size
	have been established.	and field duplicates are examined to ensure no bias
		to gold grades exists.
	 The verification of significant	 Alternative Ramelius personnel have
Verification	intersections by either independent or	inspected the RC chips in the field to verify the
of sampling	alternative company personnel.	correlation of mineralised zones between assay
and	 The use of twinned holes.	results and lithology, alteration and mineralization.
assaying	 Documentation of primary data,	 All holes are digitally logged in the field and

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Criteria	JORC Code explanation	Commentary
	data entry procedures, data verification,	all primary data is forwarded to Ramelius’ Database
	data storage (physical and electronic)	Administrator (DBA) in Perth where it is imported
	protocols.	into Datashed, a commercially available and
	 Discuss any adjustment to assay	industry accepted database software package.
	data.	Assay data is electronically merged when received
		from the laboratory. The responsible project
		geologist reviews the data in the database to
		ensure that it is correct and has merged properly
		and that all the drill data collected in the field has
		been captured and entered into the database
		correctly.
		 The responsible geologist makes the DBA
		aware of any errors and/or omissions to the
		database and the corrections (if required) are
		corrected in the database immediately.
		 No adjustments or calibrations are made to
		any of the assay data recorded in the database.
		 No new mineral resource estimate is
		included in this report.
	 Accuracy and quality of surveys	 All drill hole collars are picked up using
Location of	used to locate drill holes (collar and	accurate DGPS survey control. All down hole
data points	down-hole surveys), trenches, mine	surveys are collected using downhole Eastman
	workings and other locations used in	single shot surveying techniques provided by the
	Mineral Resource estimation.	drilling contractors.
	 Specification of the grid system	 All Suplejack holes are picked up in MGA94
	used.	– Zone 52 grid coordinates.
	 Quality and adequacy of	 DGPS RL measurements captured the
	topographic control.	collar surveys of the drill holes prior to the resource
		estimation work.
	 Data spacing for reporting of	 Infill exploration drill holes were planned on
Data spacing	Exploration Results.	nominal 100m parting at Suplejack to better define
and	 Whether the data spacing and	geological continuity.
distribution	distribution is sufficient to establish the	 Given the limited understanding of the
	degree of geological and grade continuity	target horizon this spacing was considered
	appropriate for the Mineral Resource and	necessary to help define the continuity of
	Ore Reserve estimation procedure(s) and	mineralisation, ahead of further step out drilling.
	classifications applied.	 No sampling compositing has been applied
	 Whether sample compositing has	within key mineralised intervals.
	been applied.
	 Whether the orientation of	 The drilling is completed orthogonal to the
Orientation	sampling achieves unbiased sampling of	interpreted strike of the target horizon. No diamond
of data in	possible structures and the extent to	drilling has been completed by Ramelius on the
relation to	which this is known, considering the	targets thus far.
geological structure	deposit type.  If the relationship between the	 Selected diamond twinning will be considered at Suplejack in due course to confirm no
	drilling orientation and the orientation of	drilling orientation and/or sampling bias is present,
	key mineralised structures is considered	once significant bedrock mineralization is
	to have introduced a sampling bias, this	intersected.
	should be assessed and reported if
	material.
	 The measures taken to ensure	 Sample security is integral to Ramelius’
Sample	sample security.	sampling procedures. All bagged RC samples are
security		delivered directly from the field to the assay
		laboratory in Perth, whereupon the laboratory
		checks thephysicallyreceived samples against

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
			Ramelius’ sample submission/dispatch notes.
Audits or	 reviews	The results of any audits or of sampling techniques and data.	 Sampling techniques and procedures are reviewed prior to the commencement of new work
reviews			programmes to ensure adequate procedures are in
			place to maximize the sample collection and
			sample quality on new projects. No external audits
			have been completed to date.

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Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
	 Type, reference name/number,	 The results reported in this report are on
Mineral	location and ownership including	granted Exploration Licence (EL) 26625 (Suplejack)
tenement and	agreements or material issues with third	owned 85% by Ramelius Resources Limited and
land tenure	parties such as joint ventures,	15% by Tychean Resources Limited. The tenement
status	partnerships, overriding royalties, native	is located on Aboriginal Freehold Land and is
	title interests, historical sites, wilderness	subject to a Exploration Agreement between
	or national park and environmental	Tychean Resources and the Central Land Council
	settings.	(CLC). Heritage surveys were completed prior to
	 The security of the tenure held at	any ground disturbing activities in accordance with
	the time of reporting along with any	Ramelius’ responsibilities under the Aboriginal
	known impediments to obtaining a	Heritage Act.
	licence to operate in the area.	 At this time all the tenements are in good
		standing. There are no known impediments to
		obtaininga licence to operate in the area.
	 Acknowledgment and appraisal	 Exploration by other parties has been
Exploration	of exploration by other parties.	reviewed and is used as a guide to Ramelius’
done by other		exploration activities. Previous parties have
parties		completed shallow RAB and percussion drilling.
		This report concerns only exploration results
		generated byRamelius.
	 Deposit type, geological setting	 The interface anomaly at Suplejack
Geology	and style of mineralisation.	currently extends over 2km strike but a bedrock
		source has not been discovered yet. The
		mineralisation sought at Suplejack is typical of
		orogenic structurally controlled gold lode systems.
		The mineralisation is believed to be controlled by
		anastomosing shear zones passing through
		competent rock units, brittle fracture and stockwork
		mineralization is common on the competent rock
		contacts.
Drill hole	 A summary of all information material to the understanding of the	 All the drill holes reported in this report have the following parameters applied. All drill
Information	exploration results including a tabulation	holes completed, including holes with no significant
	of the following information for all Material drill holes:	results as defined in the Attachments) are reported in this announcement.
	o easting and northing of the drill	 Easting and northing are given in MGA94
	hole collar	coordinates as defined in the Attachments.
	o elevation or RL (Reduced Level –	 RL is AHD
	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	 Dip is the inclination of the hole from the horizontal. Azimuth is reported in magnetic degrees as the direction the hole is drilled. MGA94 and magnetic degrees vary by <50in the project area.
	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.	 Down hole length is the distance measured along the drill hole trace. Intersection length is the thickness of an anomalous gold intersection measured along the drill hole trace.  Hole length is the distance from the surface to the end of the hole measured along the drill hole trace.  No results currently available from the exploration drilling are excluded from this report.
		Gold grade intersections >10ppb Au with up to 2m
		of internal dilution are considered significant in the
		context of regionalgeochemical anomalism.

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Criteria	JORC Code explanation	Commentary
	 In reporting Exploration Results,	 The first gold assay result received from
Data	weighting averaging techniques,	each sample reported by the laboratory is tabled in
aggregation	maximum and/or minimum grade	the list of significant assays. Subsequent repeat
methods	truncations (eg cutting of high grades)	analyses when performed by the laboratory are
	and cut-off grades are usually Material	checked against the original to ensure repeatability
	and should be stated.	of the assay results.
	 Where aggregate intercepts	 Weighted average techniques are applied
	incorporate short lengths of high grade	to determine the grade of the anomalous interval
	results and longer lengths of low grade	when geological intervals less than 1m have been
	results, the procedure used for such	sampled.
	aggregation should be stated and some	 Results are generally reported using a 10
	typical examples of such aggregations	ppb Au lower cut-off (as described above and
	should be shown in detail.	reported in the Attachments) and may include up to
	 The assumptions used for any	2m of internal dilution.
	reporting of metal equivalent values	 No metal equivalent reporting is used or
	should be clearly stated.	applied.
	 These relationships are	 The intersection length is measured down
Relationship	particularly important in the reporting of	the length of the hole and is not usually the true
between	Exploration Results.	width. When sufficient knowledge on the thickness
mineralisatio	 If the geometry of the	of the intersection is known an estimate of the true
n widths and	mineralisation with respect to the drill	thickness is provided in the Attachment.
intercept	hole angle is known, its nature should be	 The known geometry of the mineralisation
lengths	reported.	with respect to the drill holes reported in this report
	 If it is not known and only the down hole lengths are reported, there	is poorly constrained from historical mining and previous drill hole intersections at Milky Way (Mount
	should be a clear statement to this effect	Magnet) at this still early stage of the exploration
	(eg ‘down hole length, true width not
	_known’). _
	 Appropriate maps and sections	 Drillhole plan views of Suplejack have been
Diagrams	(with scales) and tabulations of intercepts	provided in this release to enable the reader to see
	should be included for any significant	the intersections relative to previous drilling and
	discovery being reported These should	previous drill hole intersections plus the current
	include, but not be limited to a plan view	interpretation of the overall geometry. Given the
	of drill hole collar locations and	absence of any bedrock mineralization to date the
	appropriate sectional views.	plan view is considered the best pictorial
		representation of the known spatial extent of the
		anomalism intersected to date.
	 Where comprehensive reporting	 All RC drill holes completed to date are
Balanced	of all Exploration Results is not	reported in this report and all material intersections
reporting	practicable, representative reporting of	as defined) are reported.
	both low and high grades and/or widths
	should be practiced to avoid misleading
	reporting of Exploration Results.
	 Other exploration data, if	 No other exploration data that has been
Other	meaningful and material, should be	collected is considered meaningful and material to
substantive	reported including (but not limited to):	this report.
exploration	geological observations; geophysical
data	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.
	 The nature and scale of planned	 Future exploration may include further step
Further work	further work (eg tests for lateral	out drilling to the south and a detailed ground EM
	extensions or depth extensions or large-	survey designed to map the trend of the graphitic
	_scale step-out drilling). _	shale unit.

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Criteria	JORC Code explanation	Commentary
	 Diagrams clearly highlighting the
	areas of possible extensions, including
	the main geological interpretations and
	future drilling areas, provided this
	information is not commercially sensitive.