DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2020

Feb 26, 2020

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27 February 2020

RC DRILLING COMPLETED AT METZKE’S FIND GOLD PROSPECT

HIGHLIGHTS

• 12 RC holes for 864m completed at Metzke’s Find targeting the depth extension of mineralised lodes under old diggings and historic significant drill intercepts

• 2 early stratigraphic EIS Co-funded RC holes for 180m drilled into Illaara Central

• Drill results expected by the end of March 2020

• FLEM survey to commence the first week in March 2020 at Rodney, Warspite, Reindler’s and Bismarck VMS prospects

Dreadnought Resources Limited (“Dreadnought”) is pleased to announce that its maiden RC drilling program has been completed at Metzke’s Find, part of the Illaara Gold-VMS Project. The drill program consisted of 12 RC holes for a total of 864m. Drilling was designed to target mineralised quartz sulphide veins along ~400m of strike and at depth under old workings and historic significant intercepts.

In addition to the drilling at Metzke’s Find, 2 RC holes for 180m were drilled into Illaara Central. These two drill holes were designed to test lithological and structural features seen in the magnetics and will be used in combination with the infill soil samples to define drill targets for testing in April 2020.

All samples for the program have been delivered to the lab with assay results expected by the end of March 2020.

Dreadnought Managing Director, Dean Tuck, commented: “We are pleased to have kicked off the year drilling at Metzke’s Find and some early stratigraphic holes into Illaara Central. We look forward to announcing results in late March 2020. Our other work at Illaara Central, the Eastern and Western VMS Horizons and elsewhere within Illaara is ongoing and will contribute to generating additional drill targets at the Illaara Gold-VMS Project.”

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Figure 1: RC Drill Rig drilling at Metzke’s Find.

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

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

+61 (0) 428 824 343

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Background on Metzke’s Find (100%)

Metzke’s Find was discovered by prospectors in 1911 while travelling from Mt Ida to Southern Cross. The then remote location, being 160kms from the nearest railhead, and lack of readily available fresh water limited follow up development work. Notwithstanding these challenges, Metzke’s Find contains historic workings with ~20 shafts over ~700m of strike. Today, Metzke’s Find is readily accessible via sealed road and is well serviced from Kalgoorlie.

The only significant drilling at Metzke’s Find was in the late 1980s and early 1990s by junior gold explorers who drilled shallow (average depth 24m) percussion holes. A number of attractive intercepts were recorded (see Figure 4) including:

• MZ07: 5m @ 4.0 g/t Au from 11m

• MZ19: 2m @ 15.7 g/t Au from 19m

• MZ25: 1m @ 18.0 g/t Au from 22m

• MZ28: 2m @ 3.6 g/t Au from 37m to EOH

• MZ23: 3m @ 11.7 g/t Au from 18m

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Figure 4: Plan view of Metzke’s Find showing the surface projection of mineralisation, old shafts, historical drilling and drilled RC hole locations from the current program.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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

+61 (0) 428 824 343

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Background on Illaara

Illaara comprises seven tenements (~900 sq kms) covering over ~75km of strike along the entire Illaara Greenstone Belt (see Figure 5). The Illaara Greenstone Belt has now been consolidated through an acquisition from Newmont Goldcorp (“Newmont”) and subsequently the purchase of Metzke’s Find and an option over two tenements sitting over the Eastern VMS Horizon.

Recent gold exploration within the Illaara Greenstone Belt was spurred on by a ~55km long Au-As-Sb anomaly generated from regional regolith sampling by the Geological Survey of Western Australia.

Prior to Newmont, the Illaara Greenstone Belt was held by iron ore explorers with no focused gold or base metal exploration since the 1990s.

In addition to the gold, outcropping VMS mineralisation was identified and briefly tested in the 1980s with no subsequent exploration utilising modern techniques.

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Figure 5: Location of prospects within Illaara.

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

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

+61 (0) 428 824 343

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Figure 6: Location of Illaara in relation to regional players and gold operations.

Ongoing Work Programs

Soil surveys are currently ongoing at Illaara Central and Metzke’s Find with results expected over the coming months to generate drill targets at Illaara Central and identify extensions to the north and south at Metzke’s Find along the mineralised structural corridor.

In early March 2020, a ground geophysics crew will be mobilising to Illaara to carry out FLEM surveys over the Warspite, Rodney, Reindler’s and Bismarck VMS prospects. This program is designed to generate drill targets for testing in 2020.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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

+61 (0) 428 824 343

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For further information please refer to previous ASX announcements:

• 6 December 2019 Consolidation of 75km Long Illaara Greenstone Belt

• 17 January 2020 Metzke’s Find and Wombarella Completion and Cleansing Notice

• 5 February 2020 Approvals Received for Metzke’s Find RC Drilling

• 17 February 2020 RC Drilling Commenced at Metzke’s Find Gold Prospect

UPCOMING NEWSFLOW

Early March: Initial soil results from Illaara Central

Early March: FLEM Surveys commence at Illaara VMS prospects: Warspite, Rodney, Reindler’s and Bismarck

March: Results of soil sampling over Rocky Dam

March: 31 December 2019 Financial Statements released

March: Results of FLEM surveys at Illaara VMS prospects: Warspite, Rodney, Reindler’s and Bismarck March: Results of infill soil sampling at Illaara Central

Late March: Assay results from Metzke’s Find RC drilling

Early April: Commence drilling at Illaara Central and any follow up drilling at Metzke’s Find April/May: Assay results from Illaara Central

Late June quarter: Mobilise to commence drilling programs at Texas, Chianti-Rufina, Fuso and Paul’s Find at Tarraji-Yampi

Dreadnought looks forward to reporting a strong news flow through 2020.

~Ends~

For further information please contact:

Dean Tuck Nick Day Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E:dtuck@dreadnoughtresources.com.au E:info@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. Oliver Judd, who is a Member of the AusIMM, exploration manager and shareholder of the Company. Mr. Judd 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. Judd 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 Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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INVESTMENT HIGHLIGHTS

Tarraji-Yampi Ni-Cu-Au Project

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. The area was only recently opened under the Commonwealth Government’s co-existence regime that balances Defence’s needs with the requirements of others including Aboriginal groups, the resources industry, pastoralists and State Governments.

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

Three styles of mineralisation occur at TarrajiYampi including: volcanogenic massive sulphide (“ VMS ”); Proterozoic Cu-Au (“ IOCG ”); and magmatic sulphide Ni-Cu-PGE. Numerous high priority nickel, copper and gold drill targets have been identified from recent VTEM surveys, historical drilling and surface sampling of outcropping mineralisation.

Illaara Gold & VMS Project

Illaara is located 160km northwest of Kalgoorlie in the Yilgarn Craton and covers 75kms of strike along the Illaara Greenstone Belt. Illaara is prospective for typical Archean mesothermal lode gold deposits and Cu-Zn VMS mineralisation.

Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont Goldcorp (“ Newmont ”). Newmont defined several camp-scale targets which were undrilled due to a change in corporate focus. Prior to Newmont, the Illaara greenstone belt was held predominantly by iron ore explorers and has seen minimal gold and base metal exploration since the 1990s. Illaara contains several drill ready gold targets. In addition, the Eastern and Western VMS Horizons are expected to produce exciting drill targets with the application of modern exploration technology.

Rocky Dam Au-Cu-Zn Project

Rocky Dam is located 45kms east of Kalgoorlie in the Eastern Goldfields Superterrane of Western Australia. Rocky Dam is prospective for typical Archean mesothermal lode gold deposits and Cu-Zn VMS mineralisation. Rocky Dam has known gold and VMS occurrences with drill ready gold targets based on 1990s mineralised gold intercepts which have not been followed up.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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

+61 (0) 428 824 343