DREADNOUGHT RESOURCES LTD - Capital/Financing Update 2019

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20 May 2019

2019 FIELD PROGRAM COMMENCES AT THE TARRAJI-YAMPI NI-CU-AU PROJECT

HIGHLIGHTS

Surface sampling and reconnaissance surveys of high priority Ni-Cu-Au targets has commenced
Ground Fixed-Loop Electro-Magnetic (“FLEM”) surveys over priority massive sulphide targets underway
Detailed definition of priority drill targets to be completed by mid-June 2019
Drilling approvals well advanced:
Heritage and environmental surveys planned for July 2019
Programme of Works lodged
Drilling to commence in September 2019 quarter

Dreadnought Resources Ltd (“Dreadnought” or “the Company”) is pleased to announce that the 2019 field program at the Tarraji-Yampi Ni-Cu-Au Project (“Tarraji” or “the Project”) in the West Kimberley Region of Western Australia has commenced.

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Dreadnought Managing Director, Dean Tuck, commented “The commencement of the 2019 field season is a major milestone for Dreadnought. Observations from my recent field trip have confirmed the significant potential at Tarraji and our forthcoming drill program will be exciting. This area has not seen exploration for over 40 years, applying modern techniques like our FLEM survey will help us unlock the full potential of Tarraji. Furthermore, I look forward to continuing to build strong relationships with our local stakeholders including the Department of Defence, Dambimangari Aboriginal Corporation and the people and businesses in Derby.”

Figure 1: Dreadnought’s Drew Money in front of a Cu lode at the Grant’s Find Cu-Au Prospect. (GDA94 MGA z51 628950E 8168490N)

Dreadnought Resources Limited DIRECTORS Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman Subiaco WA 6008 Dean Tuck Managing Director T: +61 (0) 428 824 343 David Chapman Non-Executive Director E: [email protected] Ian Gordon Non-Executive Director W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director

CORPORATE STRUCTURE ASX Code: DRE Shares on Issue: 1,081M Market Cap: $4.3M Share Price $0.004 Cash (1/4/19): $0.35M

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Background on Tarraji Ni-Cu-Au Project

Dreadnought controls over 870 sq kms of the highly prospective West Kimberley located only 85 kms from Derby, Western Australia (see Figure 2). The project area was locked up as a military reserve for >40 years and has only recently been opened up under the Commonwealth Government’s coexistence regime that balances Defence needs with the requirements of others including Aboriginal groups, the resources industry, pastoralists and State Governments. The area has seen minimal exploration since the 1950s and has numerous pre-WW1 workings and outcropping mineralisation.

Three styles of mineralisation occur at Tarraji including: volcanogenic massive sulphide (“VMS”); Proterozoic Cu-Au; and magmatic sulphide Ni-Cu-PGE (see Figure 2). Within these mineralisation styles, numerous high priority Ni-Cu-Au targets have been identified from recent VTEM surveys, historical geochemical sampling and outcropping mineralisation.

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Figure 2: Maps showing the location of Tarraji in relation to other Proterozoic Mobile Belts within Western Australia. Location of Dreadnought’s high priority targets also shown: VMS (red), Proterozoic Cu-Au (yellow) and magmatic sulphide Ni-Cu-PGE (green) targets highlighted.

DIRECTORS CORPORATE STRUCTURE Paul Chapman Non-Executive Chairman ASX Code: DRE Dean Tuck Managing Director Shares on Issue: 1,081M David Chapman Non-Executive Director Market Cap: $4.3M Ian Gordon Non-Executive Director Share Price $0.004 Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

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Summary of Initial Field Program

The initial field program is focused on the Texas Ni-Cu-PGE magmatic sulphide target, the Chianti CuZn-Pb-Ag VMS target and a number of outcropping Cu-Au targets (see Figure 2). The objectives of this initial field program are to:

Complete initial heritage reconnaissance over priority targets;
Develop a logistical plan for 2019;
Undertake mapping and rock chipping of surficial exposures of bedrock and mineralisation;
Complete FLEM surveys to define EM plates for drill testing; and
Provide further definition of high priority drill targets for drilling commencing in the September 2019 quarter.

The initial heritage reconnaissance and a welcome to country smoking ceremony were conducted by helicopter with representatives of the Dambimangari people, the Traditional Owners of the project area (see Figure 3). The site visit and ceremony were conducted on the first day of the program and indicated that there were no significant ethnographic sites that would be impacted by the planned work.

In terms of logistics, the Department of Defence is grading all roads into the area. Logistical planning is still underway but early observations indicate that drill site access will not require significant, if any, earthworks due to the open and generally flat grassland country.

Initial reconnaissance work at all targets consists of mapping and rock chipping surficial exposures of bedrock and mineralisation.

For the VMS and magmatic Ni-Cu-PGE massive sulphide targets, Southern Geoscience Consultants (“SGC”) are currently undertaking FLEM surveys to define EM plates for drill testing.

The initial field program is expected to be completed by the end of May 2019. Rock chip assay results, FLEM results and proposed drilling locations will be released as received. The results of this program will define high priority drill targets for drill testing commencing in the September 2019 quarter.

Figure 3: Dreadnought’s MD, Dean Tuck being welcomed to country by Leah Umbagai, a senior member of the Dambimangari people.

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Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,081M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $4.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.004 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Texas Ni-Cu-PGE Target

The Texas Ni-Cu-PGE magmatic sulphide target is similar in style to Buxton and IGO’s Double Magic project (50kms to the SE) and Panoramic’s Savannah Ni-Cu-Co mine in the East Kimberley. Texas has a coincident airborne EM and magnetic anomaly hosted within a thick outcropping Ruins Dolerite sequence (see Figure 4).

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Figure 4: Three images showing the magnetics (L), airborne EM (C), and Ruins Dolerite (R) at Tarraji – Texas anomaly to the NW.

Importantly, surface sampling and mapping has confirmed outcropping fine grained to porphyritic Ruins Dolerite with local brecciation and disseminated sulphides. The FLEM survey to be carried out over Texas will define an EM plate for drill testing.

Chianti Cu-Zn-Pb-Ag VMS Target

Chianti was originally defined by Australian Consolidated Minerals (“ACM”) in 1972 (see Figures 6&7). ACM drilled under the outcropping Central Gossan (see Figure 4) and confirmed massive sulphides at a shallow depth (see Figure 6) as shown below:

‒ PD1 (drilled under the Central Gossan): 4.57m @ 1.13% Cu, 0.69% Pb, 2.05% Zn, 21.7 g/t Ag from 10.7m; and ‒ DDH3 (drilled under PD1): 6.55m @ 1.23% Cu, 0.93% Pb, 2.85% Zn, 32.2 g/t Ag from 36m.

An airborne EM survey flown in 2015 highlighted an EM conductor at depth beneath the 1972 ACM drilling. SGC is currently conducting a FLEM survey over Chianti with results expected late May 2019.

Figure 5: Outcropping Chianti gossan samples with malachite. (GDA94 MGA Z51 611890E, 8167100N)

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Figure 6: 1972 ACM shallow percussion and diamond drilling over the Chianti VTEM anomaly.

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Figure 7: Cross-section through the central gossan, PD1 and DDH3 shallow drill holes drilled by ACM in 1972.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

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Proterozoic Cu-Au Targets – Grant’s Find (“Grants”), Wilson’s Reward (“Wilsons”), Rough Triangle

Numerous Proterozoic Cu-Au targets occur within the Project. Initially identified and mined on a small scale for high grade copper pre-WW1, the last significant exploration was undertaken in the 1950s by Western Mining Corporation (“WMC”) who undertook surface sampling, mapping and diamond drilling at Grants and Wilsons. Importantly, WMC only assayed for copper due to low gold prices at the time, with recent exploration confirming the presence of gold in the system.

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Figure 8: Geological Maps showing the location and results of WMC’s drilling at Grants and Wilsons.

Proterozoic Cu-Au deposits are highly attractive targets with examples in Australia including the Patterson Province (ex. Telfer, Winu) Tennant Creek Inlier (ex. Gecko, Peko) and Mt Isa Inlier/Cloncurry District (ex. Ernest Henry).

There are also numerous outcropping Cu-Au lodes which are currently being sampled and mapped (see Figures 9, 10 & 11). The results of this initial work will be used to plan drilling into the most prospective outcropping Cu-Au targets with drilling to commence in the September 2019 quarter.

Figure 9: Outcropping quartz-ironstone vein with malachite (right) at contact with highly altered fine grained grey sedimentary unit with abundant malachite staining (left) at Grants. (GDA94 MGA 628910E, 8168420N)

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Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

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Figure 10: Dreadnought’s Drew Money at Wilsons showing malachite staining of a fine grained sedimentary unit (left) adjacent to a white quartz vein (right) with a quartz, malachite, chalcocite contact zone. (GDA94 MGA Z51 629785E, 8161525N)

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Figure 11: Outcropping Cu-lode sample with malachite, chalcocite and cuprite from Rough Triangle. (GDA94 MGA Z51 6253000E, 8169510N)

Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

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Concluding Comments

Dreadnought is extremely pleased to commence exploration at Tarraji within a proven terrain that has seen limited exploration completed and with numerous outcropping and walk up drill targets.

We would like to acknowledge the assistance of our stakeholders including the Department of Defence, the Dambimangari Aboriginal Corporation and our shareholders for bringing us to this point.

Planned Activities

Dreadnought has planned an aggressive exploration strategy for the remainder of 2019 including:

Late May 2019: Release of initial mapping and rock chipping results
Late May 2019: FLEM results over Chianti
Late May 2019: FLEM results over Texas
Early June 2019: FLEM results over Fuso
Early June 2019: Corporate Roadshow
Early June 2019: Results from larger surface sampling campaign
Mid-June 2019: Identification of FLEM conductors and refined drill targets
June/July 2019: Receive final approvals for drilling
July/August 2019: Commence diamond drilling of priority targets
August/September 2019: Drilling assay results
August/September 2019: Corporate Roadshow
September/October2019: Follow up Tarraji drilling, pending results
October-December 2019: Rocky Dam initial field program to commence

Dreadnought looks forward to reporting a strong news flow for the remainder of 2019.

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 and a 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 Persons findings are presented have not been materially modified from the original reports.

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INVESTMENT HIGHLIGHTS

Dreadnought has recently acquired the following projects, including:

Tarraji-Yampi Ni-Cu-Au:

area locked up as a military reserve for >40 years and has seen minimal exploration since the 1950s;
large scale Ni-Cu-Au opportunity with numerous, high priority nickel-copper-gold targets identified from VTEM survey and supported by 1960’s geochemical sampling;
VTEM targets similar to the targets successfully drilled by Buxton Resources Ltd (ASX:BUX) and Independence Group NL (ASX:IGO) at the Double Magic base metals project located ~50km to the south east;
successful EIS grant of $120,000 awarded via independent, competitive process;
significant land holding of 877sqkms of tenements; and
historic workings and known mineralisation.

Rocky Dam Au:

gold and base metal prospectivity defined by previous exploration; and
surrounded by Riversgold; Northern Star; Sumitomo and Aruma with gold targets identified by CRA and Delta Gold.

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Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

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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	•	Nature and quality of sampling (e.g. cut channels,	Current Exploration
techniques	•	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.	• •	Rock Chips were collected by Dreadnought staff and submitted for analysis. Rock chips are random, subject to bias and often unrepresentative for the typical widths required for economic consideration. They are by nature difficult to duplicate with any acceptable form of precision or accuracy. Rock chips have been collected by Dreadnought to assist in characterising different
	• •	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	•	lithologies, alterations and expressions of mineralisation. In many instances, several rock chips were collected from a single location to assist with characterising and understanding the different lithologies, alterations and expressions of mineralisation present at the locality. Rock chips were submitted to ALS Laboratories in Perth for determination of Au, Pt and Pd by PGM-ICP24 and multiple (48) elements by ME- MS61
		types (e.g. submarine nodules) may warrant	Historical Exploration
		disclosure of detailed information.
			•	WMC completed diamond drilling at Yampi in
				the 1950s. The drilling intersected copper
				mineralisation, but sampling techniques are not
				known.
			•	ACM completed percussion and diamond drilling
				at Chianti in the 1970s. The drilling intersected
				base metal mineralisation, but sampling
				techniques are not known.
			•	Versatile time domain electromagnetic (VTEM)
				and aeromagnetic data acquired for Rio Tinto
				Exploration in October 2015 were flown by UTS
				Geophysics using an A-star 350 B3 helicopter
				with a VTEM max receiver and transmitter and
				Geometrics caesium vapour magnetic sensor.
Drilling	•	Drill type (e.g. core, reverse circulation, open-hole	Current Exploration
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or	•	No drilling undertaken.
		standard tube, depth of diamond tails, face-	Historical Exploration
		sampling bit or other type, whether core is oriented
		and if so, by what method, etc.).	•	Diamond drilling at Grants and Wilsons,
				percussion and diamond drilling at Chianti.
Drill sample	•	Method of recording and assessing core and chip	Current Exploration

Dreadnought Resources Limited DIRECTORS				CORPORATE STRUCTURE
Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE
Subiaco WA 6008		Dean Tuck Managing Director Shares on Issue: 1,081M
T: +61 (0) 428 824	343	David Chapman Non-Executive Director Market Cap: $4.3M
E: [email protected] Ian Gordon Non-Executive Director Share Price $0.004
W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Criteria		JORC Code explanation		Commentary
recovery		sample recoveries and results assessed.	•	No drilling undertaken.
	•	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Historical Exploration
	•	Whether a relationship exists between sample	•	Not known.
		recovery and grade and whether sample bias may
		have occurred due to preferential loss/gain of
		fine/coarse material.
Logging	•	Whether core and chip samples have been	Current Exploration
		geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical	•	Basic mineralogy, textures and lithology logged in the field.
		studies.	Historical Exploration
	•	Whether logging is qualitative or quantitative in
		nature. Core (or costean, channel, etc.)	•	Not known.
		photography.
	•	The total length and percentage of the relevant
		intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether quarter,	Current Exploration
techniques and sample preparation	•	half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	•	Entire rock chips were submitted to sample prep and analysis.	the lab for
	•	For all sample types, the nature, quality and	Historical Exploration
		appropriateness of the sample preparation technique.	•	Not known.
	•	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 assay	•	The nature, quality and appropriateness of the	Current Exploration
data and laboratory tests		assaying and laboratory procedures used and whether the technique is considered partial or total.	•	No assay results reported, no standards, duplicates or blanks submitted with rock chips.
	•	For geophysical tools, spectrometers, handheld	Historical Exploration
		XRF instruments, etc., the parameters used in
		determining the analysis including instrument	•	Not known.
		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.
Verification of	•	The verification of significant intersections by	Current Exploration
sampling and assaying	• •	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.	• •	Rock chip coordinates and geological information is written in field books and coordinates and track data saved from hand held GPSs used in the field. Field data is entered into excel spreadsheets to be loaded into a database.

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Criteria			JORC Code explanation			Commentary
	•	Discuss any adjustment to assay data.			Historical Exploration
					•	No verification of historical drilling has been
						made at this time. There is no core or samples
						preserved on site or in any known storage
						facility. Data procedures are unknown.
Location of data	•	Accuracy	and quality of surveys used to	locate drill	Current Exploration
points		holes (collar and down-hole surveys), mine workings and other locations used Resource estimation.		trenches, in Mineral	•	All rock chip locations were recorded with a Garmin handheld GPS which has an accuracy
	• •	Specification of the grid system used. Quality and adequacy of topographic control.			•	of +/- 5m. GDA94 MGAz51.
					Historical Exploration
					•	Not known.
Data spacing and	•	Data spacing for reporting of Exploration		Results.	Current Exploration
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.			•	The rock chip spacing and distribution is not sufficient to establish the degree of geological and grade continuity appropriate for a Mineral Resource.
	•	Whether sample compositing has been applied.			Historical Exploration
					•	Historical drilling is not sufficient to establish the
						degree of geological and grade continuity
						appropriate for a Mineral Resource.
Orientation of	•	Whether	the orientation of sampling	achieves	Current Exploration
data in relation to geological structure	•	unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation			• •	The rock chip sampling is by nature highly biased. No drilling was undertaken.
		and the orientation of key mineralised structures is			Historical Exploration
		considered to have introduced a sampling bias,
		this should be assessed and reported if material.			•	2015 VTEM data was acquired in three blocks
						on lines orientated 137° (Block A), 164° (Block
						B) and 000° (Block C), slightly oblique to the
						strike of the predominant structural/geological
						trend.
					•	Drilling at Chianti was drilled at 60 degrees to
						the west into a N-S trending and east dipping
						mineralised lode, this drilling is believed to be
						largely perpendicular, but reported thicknesses
						are down hole thicknesses and cannot be
						converted to true thickness based on current
						knowledge.
					•	Grants and Wilsons were drilled at 60 degrees to
						the west into a N-S trending and near vertical
						dipping mineralised lode. This drilling is believed
						to be largely perpendicular, but reported
						thicknesses are down hole thicknesses and
						cannot be converted to true thickness based on
						current knowledge.
Sample security	•	The measures taken to ensure sample security.			Current Exploration
					•	All samples were collected, bagged and sealed
						by Dreadnought staff. Sealed sample bags were
						placed into a bulk sample container and

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Criteria		JORC Code explanation		Commentary
				dispatched from a reputable trucking company
				in Derby to ALS Laboratories in Perth with
				tracking con notes recording dispatch and
				delivery.
			Historical Exploration
			•	Not known.
Audits or reviews	•	The results of any audits or reviews of sampling	Current Exploration
		techniques and data.	•	No audits or reviews have been undertaken at
				this time.
			Historical Exploration
			•	No external audits or reviews of sampling
				techniques and data collection have been
				undertaken.

Section 2 Reporting of Exploration Results

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

Criteria				JORC Code explanation	JORC Code explanation			Commentary
Mineral tenement	•	Type,	reference		name/number, location	and	•	The Tarraji-Yampi Project consists of 3
and land tenure		ownership including			agreements or material	issues		granted (E04/2315, E04/2508,
status		with third parties such as joint ventures, partnerships,						E04/2572) and 2 pending exploration
		overriding		royalties,	native title interests, historical			Licenses (E04/2557, E04/2608)
		sites, wilderness or national park and environmental					•	The Tarraji tenement (E04/2315) is a
		settings.						80/20 JV between IronRinger (Tarraji)
	•	The security of the tenure held at the time of						Pty Ltd and Whitewater Resources Pty
		reporting		along with any known impediments to				Ltd.
		obtaining a licence to operate in the area.					•	The Yampi Tenements (E04/2508,
								E04/2572, E04/2557, E04/2608) are
								100% owned by IronRinger (Tarraji) Pty
								Ltd
							•	IronRinger (Tarraji) Pty Ltd is a 95%
								ultimately owned subsidiary of
								Dreadnought and ~5% owned by
								Whitewater Pty Ltd.
							•	E04/2315, E04/2508, E04/2572,
								E04/2557 are located within the Yampi
								Sound Training Area (YSTA) which is
								freehold land owned by the
								Commonwealth Government and
								administered by the Department of
								Defence. Being freehold Commonwealth
								Land, there is no Native Title over these
								tenements.
							•	E04/2608 is partly located within the
								YSTA and partly on Vacant Crown Land
								which has Native Title claim by the
								Warra Combined (NNTT Number 2901)

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Criteria		JORC Code explanation	Commentary
Exploration done	•	Acknowledgment and appraisal of exploration by	• Regional mapping, basic stream
by other parties		other parties.	sediment, soil sampling and limited
			diamond drilling was completed by
			WMC in the 1950s.
			• Shallow percussion and diamond drilling
			was undertaken by ACM at Chianti in
			the 1970s.
			• The YSTA was off limits to exploration
			from 1978 until 2013.
Geology	•	Deposit type, geological setting and style of	• The Tarraji-Yampi Project is located
		mineralisation.	within the Hooper Complex which is a
			Proterozoic Mobile Belt in the West
			Kimberley.
			• The Hooper Complex has known
			occurrences of Cu-Zn-Pb-Ag VMS
			mineralisation within the Marboo
			Formation, magmatic Ni-Cu-PGE
			mineralisation in the Ruins Dolerite and
			later stage Proterozoic Cu-Au
			mineralisation associated with
			significant structures and late stage
			intrusions.
Drill hole	•	A summary of all information material to the	Current Exploration
information		understanding of the exploration results including a tabulation of the following information for all Material	• No drilling reported.
		drill holes:	Historical Exploration
		`o` easting and northing of the drill hole collar
		`o` elevation or RL (Reduced Level – elevation	• Drilling was completed in the 1950s and
		above sea level in metres) of the drill hole collar	1970s and limited information is
		`o` dip and azimuth of the hole	available.
		`o` down hole length and interception depth	• Drill collar locations are not visible on
		`o` hole length.	the surface and have not been verified.
	•	If the exclusion of this information is justified on the	• Locations have been georeferenced
		basis that the information is not Material and this	from historical mapping and drill plans.
		exclusion does not detract from the understanding of	.
		the report, the Competent Person should clearly
		explain why this is the case.
Data aggregation	•	In reporting Exploration Results, weighting averaging	Current Exploration
methods		techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off	• No drilling reported.
		grades are usually Material and should be stated.	Historical Exploration
	•	Where aggregate intercepts incorporate short lengths
		of high grade results and longer lengths of low grade results, the procedure used for such aggregation	• Reported mineralised intercepts are from historical reports and sections.
		should be stated and some typical examples of such	• Historical intercepts appear to be
		aggregations should be shown in detail.	weighted averages, but no information is
	•	The assumptions used for any reporting of metal equivalent values should be clearly stated.	known regarding techniques or cut offs used.
Relationship	•	These relationships are particularly important in the	Current Exploration
between mineralisation	•	reporting of Exploration Results. If the geometry of the mineralisation with respect to	• No drilling was undertaken.
widths and		the drill hole angle is known, its nature should be	Historical Exploration
intercept lengths	•	reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this	•Chianti was drilled at 60 degrees to the west into a N-S trending and east
Dreadnought Resources		Limited DIRECTORS	CORPORATE STRUCTURE
Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE
Subiaco WA 6008		Dean Tuck Managing	Director Shares on Issue: 1,081M
T: +61 (0) 428 824 343		David Chapman Non-Executive Director Market Cap: $4.3M
E: [email protected] Ian Gordon Non-Executive Director Share Price $0.004
W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Criteria		JORC Code explanation				Commentary
		effect (e.g. ‘down hole length, true width not known’).				dipping mineralised lode. This drilling is
						believed to be largely perpendicular, but
						reported thicknesses are down hole
						thicknesses and cannot be converted to
						true thickness based on current
						knowledge.
					•	Grants and Wilsons were drilled at 60
						degrees to the west into a N-S trending
						and near vertical dipping mineralised
						lode. This drilling is believed to be
						largely perpendicular and with some
						bias, but reported thicknesses are down
						hole thicknesses and cannot be
						converted to true thickness based on
						current knowledge.
Diagrams	•	Appropriate maps and sections (with scales)		and	•	Refer to figures within this report.
		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.
Balanced reporting	•	Where comprehensive reporting of all	Exploration		Current Exploration
		Results is not practicable, representative reporting of both low and high grades and/or widths should be			•	No assays reported.
		practiced to avoid misleading reporting of	Exploration		Historical Exploration
		Results.
					•	All collar locations have been shown in
						plan view. Further information can be
						found in WAMEX in reports
						WMC: A405, A407, A413, A415, A417
						ACM: 7506.
Other substantive	•	Other exploration data, if meaningful and material,			•	Rio Tinto Exploration completed a
exploration data		should be reported including (but not	limited	to):		versatile time domain electromagnetic
		geological observations; geophysical survey results;				(VTEM) and aeromagnetic survey
		geochemical survey results; bulk samples – size		and		covering 206 sq km of the Yampi
		method of treatment; metallurgical test results;		bulk		tenements for 901 line kilometres of
		density, groundwater, geotechnical	and	rock		data using 125 and 250 m line spacing.
		characteristics; potential deleterious or contaminating				Targets from the VTEM survey are
		substances.				shown in Figure 3 in this report.
					•	Whitewater Resources Pty Ltd
						completed rock chip sampling of copper
						gossans in 2013.
					•	Maldron Minerals NL completed rock
						chip sampling of gossans in 1993.
Further work	•	The nature and scale of planned further work (e.g.			•	Dreadnought is continuing rock chip
		tests for lateral extensions or depth extensions or				sampling with results expected in June
		large-scale step-out drilling).				2019.
	•	Diagrams clearly highlighting the areas	of possible		•	FLEM surveys are ongoing with results
		extensions, including the main	geological			expected by June 2019
		interpretations and future drilling areas, provided this			•	Further Heritage and Environmental
		information is not commercially sensitive.				Surveys are planned to be carried out in
						July 2019.
					•	Once all approvals are in place, drilling
						is expected to commence in August
						2019.

AI assistant

DREADNOUGHT RESOURCES LTD Capital/Financing Update 2019

64785_rns_2019-05-19_d13b6ae2-9af9-41bc-a767-28cfbf43e13b.pdf

20 May 2019

2019 FIELD PROGRAM COMMENCES AT THE TARRAJI-YAMPI NI-CU-AU PROJECT

HIGHLIGHTS

Background on Tarraji Ni-Cu-Au Project

Summary of Initial Field Program

Texas Ni-Cu-PGE Target

Chianti Cu-Zn-Pb-Ag VMS Target

Proterozoic Cu-Au Targets – Grant’s Find (“Grants”), Wilson’s Reward (“Wilsons”), Rough Triangle

Concluding Comments

Planned Activities

Competent Person’s Statement

INVESTMENT HIGHLIGHTS

JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data

JORC TABLE 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2019

64785_rns_2019-05-19_d13b6ae2-9af9-41bc-a767-28cfbf43e13b.pdf

20 May 2019

2019 FIELD PROGRAM COMMENCES AT THE TARRAJI-YAMPI NI-CU-AU PROJECT

HIGHLIGHTS

Background on Tarraji Ni-Cu-Au Project

Summary of Initial Field Program

Texas Ni-Cu-PGE Target

Chianti Cu-Zn-Pb-Ag VMS Target

Proterozoic Cu-Au Targets – Grant’s Find (“Grants”), Wilson’s Reward (“Wilsons”), Rough Triangle

Concluding Comments

Planned Activities

Competent Person’s Statement

INVESTMENT HIGHLIGHTS

JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data

JORC TABLE 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

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DREADNOUGHT RESOURCES LTD Capital/Financing Update 2019