DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2021

Sep 13, 2021

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14 September 2021

DREADNOUGHT RESOURCES FULLY FUNDED FOLLOWING PLACEMENT

HIGHLIGHTS

• High demand for placement at $0.035 has raised $8,000,000 (before costs) to institutional and sophisticated investors.

• Proceeds to be used for building on recent successes at the Tarraji-Yampi, Mangaroon and Illaara Projects with drilling of massive sulphides at Tarraji-Yampi to commence immediately.

• Directors are contributing $158,699 via the placement (subject to shareholder approval) and exercise of options and will maintain a 15% ownership, bringing their total investment to ~$1.46 million.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that a placement has raised $8,000,000 at $0.035 per share before costs (5.5% discount to last closing price).

The placement funds will be used to build on recent successes at the Tarraji-Yampi, Mangaroon and Illaara, including:

• Immediately commence RC drilling at Orion, Fuso, and Grant’s Find Cu-Au-Ag-Co targets at TarrajiYampi.

• Complete other priority activities at Tarraji-Yampi, during the 2021 field season.

• Extend the airborne magnetic survey over rare earth ironstone targets around Yin and undertake RC drilling in the March 2022 quarter with the aim of delivering a maiden rare earth JORC 2012 Resource in the second half of 2022.

• Complete Resource definition work at Metzke’s Find and the Kings iron ore prospect in the December 2021 quarter.

• Undertake target definition work at the Peggy Sue Lithium-Caesium-Tantalum prospect.

Shaw and Partners acted as Sole Lead Manager to the placement, which was strongly supported, providing endorsement of Dreadnoughts’ progress.

Dreadnought Managing Director, Dean Tuck, commented: “Dreadnought is aiming to deliver a number of maiden Resources over the coming year. These includes the rare earths at Yin, high-grade gold at Metzke’s Find and iron ore at Kings. In addition, drilling will recommence at Tarraji-Yampi by 30 September 2021 to follow up on the massive sulphides at Orion Fuso and Grant’s Find and to complete other high priority activities during the current field season. We will also be advancing several earlier stage targets such as the Peggy Sue Lithium-Caesium-Tantalum prospect and the Rough Triangle CuAg-Sb-Bi. This will amount to continuous news flow and an exciting period ahead for Dreadnought as we advance our planned programs.

Dreadnought would like to thank our shareholders, new and existing, for the continued support and looks forward to delivering on its programs.”

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, Werst Perth WA 6872

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

+61 (0) 428 824 343

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Capital Structure Post Placement:

Quoted Securities
FullyPaid OrdinaryShares	2,834,433,551
Unquoted Securities
Options@ $0.006 expiring25/05/2023	20,000,000
Options@ $0.005 expiring09/04/2024	30,000,000
Options@ $0.005 expiring30/06/2024	3,500,000
Options@ $0.01 expiring1/10/2023	5,500,000
Options@ $0.02 expiring31/10/2023	1,500,000
Options@$0.04 expiring02/07/2024	11,500,000
Options@ $0.06 expiring11/08/2024	2,000,000

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Figure 1: Plan view of Tarraji-Yampi showing the location of copper-gold targets where drilling of massive sulphides will commence immediately

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

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 July 2021 High-grade Cu-Ag-Sb-Bi Mineralisation at Rough Triangle – Tarraji-Yampi

• 19 July 2021 High-Grade REE Ironstones Confirmed Over 2.5kms at Mangaroon

• 25 August 2021 Large Cu-Au-Ag-Co System at Orion, Grant’s Find and Fuso

• 27 August 2021 Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at Rough Triangle

• 31 August 2021 Texas Diamond Drilling Update

• 1 September 2021 Encouraging Results for Rare Earths at Yin

• 9 September 2021 Four New REE Ironstones Discovered at Mangaroon

UPCOMING NEWSFLOW

September: Results of DHEM and FLEM surveys from Orion and Chianti

September: Commencement of ground EM survey along the Money Intrusion at Mangaroon

September: Commencement of detailed airborne magnetic and radiometric survey over Mangaroon

September: Recommencement of RC drilling at Orion, Grant’s Find and Fuso – Tarraji-Yampi

September/October: Remaining assays from drilling at Tarraji-Yampi (Texas, Orion Ni-Cu-PGE, Grant’s Find, Fuso and Paul’s Find Cu-Au and Chianti-Rufina VMS targets)

October/November: Results of drilling at Tarraji-Yampi (Orion, Grant’s Find and Fuso)

October/November: Results of ground EM surveys along the Money Intrusion at Mangaroon

October: Quarterly Activities and Cashflow Reports

30 September: Audited Financials

November: Results of airborne magnetic surveys for REE ironstones at Mangaroon

11 November: Annual General Meeting

~Ends~

For further information please contact: Dean Tuck Jessamyn Lyons Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E:dtuck@dreadnoughtresources.com.au E:jlyons@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. Dean Tuck, who is a Member of the AIG, Managing 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 Person’s findings are presented have not been materially modified from the original reports.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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INVESTMENT HIGHLIGHTS

Kimberley Ni-Cu-Au Projects

Dreadnought controls the second largest land holding in the highly prospective West Kimberley region of WA. The main project area, Tarraji-Yampi, is located only 85kms from Derby and has been locked up as a Defence Reserve since 1978.

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

Results to date indicate that there may be a related, large scale, Proterozoic Cu-AuAg-Bi-Sb-Co system at Tarraji-Yampi, similar to Cloncurry / Mt Isa in Queensland and Tennant Creek in the Northern Territory.

Mangaroon Ni-Cu-PGE, REE & Au Project

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Mangaroon is a first mover opportunity covering ~4,500sq kms of tenure located 250kms south-east of Exmouth in the Gascoyne Region of WA. During the region’s early history, there was limited government support for exploration resulting in the region being vastly underexplored.

Since acquiring the project in late 2020, Dreadnought has located: outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults; outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion; and outcropping high-grade REE ironstones, similar to those under development at the Yangibana REE Project.

Illaara Gold, Base Metals, Critical Minerals & Iron Ore Project

Illaara is located 190km 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, VMS base metals and critical metals including Lithium-Caesium-Tantalum.

Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont. Prior to Newmont, the Illaara Greenstone Belt was predominantly held by iron ore explorers and remains highly prospective for iron ore.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 (0) 428 824 343