DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2022

Sep 27, 2022

==> picture [149 x 85] intentionally omitted <==

28 September 2022

DRILLING COMMENCED C1-C5 CARBONATITES & Y8 DISCOVERY EXTENDS RARE EARTHS TO >6KMS

HIGHLIGHTS

• RC drilling has commenced at the C1-C5 rare earth element (“REE”) carbonatites where wide-spaced, first-pass drilling is designed to test the carbonatites undercover. Importantly, the carbonatites could be the source REE intrusions for the region and are analogous to the mineralisation style at Mt Weld (ASX.LYC) and Mountain Pass (NYSE.MP).

• Drilling at C1-C5 (83 holes for ~6,600m) is expected to take 6-8 weeks with assays expected through to the end of the March 2023 quarter. Regular updates will be provided as appropriate.

• First-pass, wide-spaced drilling at the Sabre and Y8 ironstones is complete. These ironstones sit within the Yin Ironstone Complex and are comprised of multiple REE lodes over ~3kms of strike. This brings the total strike length of mineralised ironstones discovered in the Complex to ~6kms (Yin 3kms, Sabre ~1.5kms, Y8 ~1.5kms).

• In addition, high-grade rock chip results have been received from the outcropping ironstones at Y8 including:

• MNRK0574: 7.56% TREO (1.33% Nd2O3+Pr6O11) • MNRK0575: 8.02% TREO (1.71% Nd2O3+Pr6O11)

• Assays from Sabre and Y8 are expected in early November 2022 with follow up JORC Resource drilling to commence upon completion of the C1-C5 drilling. A JORC Resource for Sabre and Y8 is expected in the June 2023 quarter.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that RC drilling has commenced at the C1-C5 carbonatite prospects within its 100% owned Mangaroon Project, in the Gascoyne Region of Western Australia. Dreadnought is also pleased to announce the Y8 discovery as confirmed by drilling and rock chip results adding ~1.5kms of mineralised ironstones with a significant opportunity to extend in all directions.

Drilling is now underway at C3 as part of a wide-spaced, first-pass program comprising 83 holes for ~6,600m. Drilling will commence with two fence lines across C3 and C4 before moving to the wide spaced ~160m x 160m drill pattern across all five carbonatites. Assays for the program are expected through to the end of the March 2023 quarter.

Dreadnought’s Managing Director, Dean Tuck, commented: “The scale of the REE opportunity at Mangaroon is rapidly expanding with our third discovery within the Yin Ironstone Complex with over 20kms of ironstones identified and ~6kms confirmed by drilling date. All the excitement has been building for us to commence drilling at the C1-C5 carbonatites and explore for the source intrusions for the region. The next few months will be extremely exciting for

==> picture [412 x 203] intentionally omitted <==

Dreadnought shareholders as the team delivers our first pass wide spaced program with an aim to discover a world class carbonatite deposit.”

Figure 1: Photo of the RC drill rig commencing fence line drilling at the C3 carbonatite.

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

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

SNAPSHOT - MANGAROON RARE EARTHS

100% Controlled by Dreadnought

• Mangaroon REE are 100% owned and controlled by Dreadnought.

Genuine Scale Potential Already at Yin Ironstone Complex

• Yin discovery contains 3km of confirmed mineralised strike and remains open along 16kms of strike – JORC Resource in December 2022 quarter, extensional drilling over 13km of strike planned.

• Sabre and Y8 discoveries contain ~3km of confirmed mineralised strike and remain open along strike – JORC Resource in June 2023 quarter, extensional and infill drilling planned.

• Long term incentives fully triggered at JORC Resource of at least 30Mt @ >1% TREO, 31 December 2024.

- Significant, Step Change, Growth Potential Beyond Yin Ironstone Complex

• Seven carbonatite targets (C1-C7) may be the regional source of REE – drilling in September 2022.

• Confirmed mineralisation at 22 outcropping targets with another 10 prospective targets requiring further work – drilling planned.

• 100 additional outcropping targets prospective for REE identified – under assessment.

High-Grade TREO Potential

• Numerous thick, high-grade assays already announced from first drill program at Yin.

- High grade Neodymium and Praseodymium Concentrate Potential

• Yin, like the Yangibana REE project controlled by the ~$550M Hastings Technology Metals Ltd (ASX.HAS), (“ Hastings ”) is a globally unique REE deposit due to the high proportion of neodymium and praseodymium in the total rare earth oxide (NdPr ratio). NdPr values up to ~40%, nearly double the global average.

Positive Metallurgy Results

• Initial metallurgical test work from Yin performed well, achieving a recovery of 92.8% at a concentrate grade of 12.3% Nd2O3 and an average 40% TREO.

• Yin is predominantly hosted in monazite which is amenable to commercial processing.

Analogous to a Globally Unique, Commercially Viable Development 25kms Away

• Yangibana is Dreadnought’s immediate neighbour located only 25km to the northeast of Yin and currently has a JORC Resource* of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3+Pr6O11.

• Yangibana is under construction and development with first production planned for 2024.

Global Strategic Imperative Driving Rare Earth Growth & Prices

• Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension pushing supply away from China.

*HAS.ASX: 5 May 2021 “Yangibana Project updated Measured and Indicated Resource tonnes up by 54%”

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Technical Discussion on the Carbonatite Drill Program

Carbonatite intrusions are known globally to host a number of different commodities including rare earths, phosphate, titanium and niobium often as different mineralised bodies within the same intrusion. Great examples include Mt Weld in Australia, Ngualla in Tanzania and Araxa in Brasil. We also know that a world class deposit like Mountain Pass in California can fit into a deposit with a footprint of 700m x 150m.

Since the C1-C5 carbonatites have minimal outcrop, the zones within these intrusions that may host mineralisation are unknown. Accordingly, the first-pass RC drilling program (83 holes for ~6,600m) will pattern drill all five intrusions with potentially only a handful of holes intersecting a potential world class deposit like Mountain Pass. This program will commence with two fencelines, one drilled across C3 and one across C4. These will provide a continuous section across the intrusions to get an initial interpretation of composition of the carbonatites, depth of cover and weathering and potentially intersecting mineralisation. Once the fenceline drilling is complete, drilling will commence on a ~160m x 160m spaced pattern over all five carbonatites to test for economic mineralisation.

Any areas of mineralisation will then be prioritised for follow up drilling after the completion of the pattern drilling. The program is expected to take 6-8 weeks and regular updates will be provided as appropriate. Assays are expected through to the end of the March 2023 quarter.

==> picture [399 x 312] intentionally omitted <==

Figure 2: Plan view of the Yin Ironstone Complex (Yin, Sabre and Y8) over an orthoimage showing the location of the recently drilled holes (red dots) successfully identifying mineralised ironstones over ~20kms of strike with ~6km confirmed by drilling. Planned holes (white dots) are also shown.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Sabre and Y8 RC Drill Program (Y3RC001-Y3RC038)

The RC program at Sabre and Y8 consisted of 38 RC holes (4,246m).

Given the general lack of outcrop at Sabre, the initial program was designed to determine the location and orientation of the mineralised ironstones identified in sporadic outcrops that had been sampled in reconnaissance work. This is done through wide spaced fence line drilling and scissor holes.

The program has successfully intersected mineralised ironstones ranging from 1-21m thickness over ~1.5km in strike and the mineralisation remains open in all directions. Additionally, the program intersected significant ironstones in parallel lodes to the main trend seen in section 7347000mN. This opens up potential for a new trend which is yet to be tested.

Drilling at Y8 was a late addition to the Sabre program following the discovery of outcropping mineralised ironstones off the side of a recently cleared track. Assays from Y8 rock chips have recently been received with results including:

• MNRK0574: 7.56% TREO (1.33% Nd2O3+Pr6O11) • MNRK0575: 8.02% TREO (1.71% Nd2O3+Pr6O11)

Drilling at Y8 has successfully intersected multiple mineralised ironstones associated with and in addition to the high-grade rock chips. Sub-vertical mineralised ironstones up to 9m thick have been intersected in three holes in the Y8 trend as adding ~1.5kms of confirmed mineralised strike.

==> picture [353 x 386] intentionally omitted <==

The current focus for RC drilling at Mangaroon is to rapidly add strike kilometres of mineralised ironstones to the Yin Ironstone Complex. These discoveries will then be converted to JORC Resources.

Assays from Sabre and Y8 are expected in November 2022.

Figure 3: Cross section through Y8 shows multiple subvertical dipping ~1-9m wide oxide and fresh ferrocarbonatite ironstones.

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

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Yangibana REE ironstones (E09/2448, E09/2450, E09/2535: DRE 100%)

The Yangibana ironstones are readily accessible and located 5-20kms from the Cobra-Gifford Creek Road. The ironstones were first explored in 1972 for base metals. The REE potential of the ironstones was first assessed in 1985 and has seen substantial work by Hastings since 2011. The ~$550m Hastings controls the Yangibana REE Project and is Dreadnought’s immediate neighbour being to the north of the Lyons River Fault.

Yangibana currently has a JORC 2012 Mineral Resource* of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3+Pr6O11 and is under construction and development. The high NdPr ratio (used for electric vehicle magnets and renewable power generation) is an important component of Yangibana’s economics.

Prior to Dreadnought, no significant REE exploration was undertaken south of the Lyons River Fault being the point at which the Yangibana REE ironstones were considered to terminate.

Mangaroon REE ironstones (E09/2448, E09/2450, E09/2535: DRE 100%)

==> picture [179 x 208] intentionally omitted <==

----- Start of picture text -----

Yin
Y3
New
Targets
----- End of picture text -----

==> picture [78 x 75] intentionally omitted <==

----- Start of picture text -----

New
Targets
----- End of picture text -----

The outcropping Yangibana REE ironstones have a distinctive radiometric anomaly and appear as gossanous iron rich outcrops visible in ortho-imagery. From June to September 2021, Dreadnought announced the identification of the Yin, Y2 and Sabre REE ironstones using wide spaced 1990s government radiometric data and modern ortho-imagery. Subsequently, Dreadnought undertook a ~43,000-line kilometre magneticradiometric survey resulting in the identification of seven carbonatite targets to date (C1-C7).

Dreadnought has recently completed a project wide targeting exercise of the substantial and detailed magnetic-radiometric survey which has resulted in the identification of 140 anomalies prospective for REE mineralisation. To date, only 40 of these anomalies have been mapped and sampled resulting in the confirmation of outcropping REE mineralisation at 22 targets with an additional 10 targets determined to be prospective but requiring further work and 8 targets considered un-prospective. Most of these targets make up and are located around Yin, Y2, Y3 and C1-C5. There remain 100 targets to be mapped and sampled and are all located within the 40km radius of the Yin Ironstone Complex.

Mapping and sampling of the remaining 100 targets is ongoing with further results throughout 2022.

Figure 4: Image of a portion of the thorium radiometric image showing the location of Yin, Sabre (Y3) and some of the new targets to be assessed.

*HAS.ASX: 5 May 2021 “Yangibana Project updated Measured and Indicated Resource tonnes up by 54%”

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Background on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: FQM Earn-in) (E08/3275, E09/2370, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478: 100%)

Mangaroon covers >4,900 sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia. Part of the project is targeting Ni-Cu-PGE and is subject to an earn in with First Quantum Minerals Ltd (earning up to 70%) – Figure 8. The region is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres and the high NdPr Yangibana REE deposits.

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

==> picture [454 x 424] intentionally omitted <==

Figure 5: Plan view map of Mangaroon showing the location of the FQM Earn-in and 100% DRE ground in relation to major structures, geology and roads.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

For further information please refer to previous ASX announcements:

• 11 June 2021

• High-Grade REE Ironstones Outcropping at Mangaroon

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

• 24 September 2021 Airborne Magnetic-Radiometric Survey Commenced at Mangaroon

• 2 February 2022 Rare Earths, Phosphate, Niobium & Zirconium Results from Mangaroon

• 16 June 2022 First Drilling at Yin Intersects High-Grade Rare Earths

UPCOMING NEWSFLOW

September: Audited Financial Report

September/October: Commencement of Auger sampling at Tarraji-Yampi

October-December: Further updates on and assays from REE drilling at Yin Ironstone Complex and C1-C5 Carbonatites (Mangaroon 100%)

October: Commencement of Heli-EM survey over Wombarella

October: Assays from Peggy Sue pegmatite sampling (Central Yilgarn)

October: Assays from RC drilling at Nelson, Trafalgar, Metzke’s Find, Spitfire (Central Yilgarn)

October: Results from Central Komatiite Belt target generation work (Central Yilgarn)

October: Assays for Ni-Cu sulphides at the Money Intrusion (Mangaroon First Quantum Earn-in)

19-21 October: Southwest Connect ASX Showcase Conference

October/November: Initial JORC Resource for Metzke’s Find Au (Central Yilgarn)

23 November: Annual General Meeting

9-11 November: Noosa Mining Investor Conference

November/December: Further results from metallurgical test work at Yin (Mangaroon 100%)

December Quarter: Initial Yin JORC Resource (Mangaroon 100%)

~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 Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

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, TarrajiYampi, 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-Au-Ag-Bi-Sb-Co system at TarrajiYampi, similar to Cloncurry / Mt Isa in Queensland and Tennant Creek in the Northern Territory.

==> picture [271 x 361] intentionally omitted <==

Mangaroon Ni-Cu-PGE JV & REE Au 100% Project

Mangaroon is a first mover opportunity covering ~4,900sq kms located 250kms south-east of Exmouth in the vastly underexplored Gascoyne Region of WA. Part of the project is targeting Ni-Cu-PGE and is subject to a joint venture with First Quantum Minerals (earning up to 70%). The joint venture area contains outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion. Dreadnought’s 100% owned areas contain outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults and outcropping high-grade REE ironstones, similar to those under development at the Yangibana REE Project. Recently six potentially REE bearing carbonatite intrusions have been identified which may also be the source of the regional rare earths.

Central Yilgarn Gold, Base Metals, Critical Minerals & Iron Ore Project

Central Yilgarn is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~1,600 sq kms covering ~150km of strike along the majority of the Illaara, Yerilgee and Evanston greenstone belts. Central Yilgarn is prospective for typical Archean mesothermal lode gold deposits, VMS base metals, komatiite hosted nickel sulphides and critical metals including Lithium-CaesiumTantalum.

Prior to consolidation by Dreadnought, the Central Yilgarn was predominantly held by iron ore explorers and remains highly prospective for iron ore.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Table 1: Significant (>0.4% TREO) ironstone rock chip results (GDA94 MGAz50)

Sample ID	Easting Northing TREO % Nd2O3 + Pr6O11% (Nd2O3 + Pr6O11) % of TREO Nb2O5 (%) ZrO2 (%) P2O5 (%)	Prospect
MNRK0574	410028 7344583 7.56 1.33 18 - - 3.9	Y8
MNRK0575	409988 7344633 8.02 1.71 21 - - 6.7
MNRK0576	409940 7344682 1.85 0.36 19 - - -
MNRK0577	409888 7344715 0.88 0.16 18 - - -
MNRK0578	410034 7344579 6.15 1.03 17 0.1 - 4.1
MNRK0579	410079 7344525 0.40 0.07 18 - - -
MNRK0580	410058 7344548 1.62 0.32 20 - - -

Table 2: Mineralised intervals as confirmed by an infield preliminary pXRF analysis >0.2% TREO.

Hole ID	From (m)	To (m)	Interval (m)	Lithology	Prospect
Y3RC001 And	22	24	2	Oxide ironstone and fenite alteration	Sabre
	30	32	2	Oxide ironstone and fenite alteration
Y3RC002	8	16	8	Oxide ironstone
Y3RC003 And	15	17	2	Oxide ironstone
	21	22	1	Oxide ironstone
Y3RC006	53	56	3	Oxide ironstone and fenite alteration
Y3RC009	50	63	13	Oxide ironstone
Y3RC010	159	161	2	Oxide ironstone
Y3RC012 And	20	21	1	Magnetite ironstones
	25	26	1	Magnetite ironstones
Y3RC013 And	12	17	5	Oxide ironstone
	27	29	2	Fenite alterations
Y3RC015 And	19	21	2	Oxide ironstone
	71	72	1	Oxide ironstone
Y3RC018	17	25	8	Oxide ironstone
Y3RC019	142	163	21	Fresh ferrocarbonatite ironstone and fenite alteration
Y3RC023	55	59	4	Oxide ironstone and fenite alteration
Y3RC024	139	145	6	Fresh ferrocarbonatite ironstone and fenite alteration
Y3RC026	80	82	2	Glimmerite and fenite alteration
Y3RC028	53	66	13	Fenite alteration and magnetite veins
Y3RC031	65	69	4	Oxide ironstone
Y3RC032 And	42	44	2	Oxide ironstone and fenite alteration
	59	63	4	Oxide ironstone and fenite alteration
Y3RC033	33	34	1	Oxide ironstone and fenite alteration
Y3RC034	13	15	2	Oxide ironstone and fenite alteration	Y8
Y3RC035 And	56	57	1	Oxide ironstone and fenite alteration
	85	87	2	Oxide ironstone and fenite alteration
Y3RC036 And And And And	29	30	1	Weathered saprolite
	37	40	3	Oxide ironstone
	74	79	4	Oxide ironstone and fenite alteration
	140	141	1	Fresh ferrocarbonatite ironstone
	160	169	9	Fresh ferrocarbonatite ironstone and fenite alteration

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Table 3: Drill Collar Data (GDA94 MGAz50)

Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH	**Type **	Prospect
Y3RC001	410603	7344281	304	-60	212	105	RC	Sabre
Y3RC002	409300	7346158	304	-60	98	63	RC
Y3RC003	409300	7346182	304	-60	89	105	RC
Y3RC004	409201	7346168	304	-60	96	177	RC
Y3RC005	409249	7345171	304	-60	92	105	RC
Y3RC006	409345	7346180	304	-60	270	75	RC
Y3RC007	409603	7346177	304	-60	96	105	RC
Y3RC008	409542	7346155	304	-60	90	69	RC
Y3RC009	409355	7346998	304	-60	92	105	RC
Y3RC010	409302	7346994	304	-60	92	183	RC
Y3RC011	409253	7347001	309	-60	93	105	RC
Y3RC012	409203	7346999	311	-60	90	105	RC
Y3RC013	409152	7346998	307	-60	93	105	RC
Y3RC014	409406	7347244	306	-60	93	105	RC
Y3RC015	409353	7347249	307	-60	91	105	RC
Y3RC016	409300	7347252	307	-60	93	105	RC
Y3RC017	409379	7346796	308	-60	91	104	RC
Y3RC018	409327	7346793	301	-60	90	105	RC
Y3RC019	409275	7346800	311	-60	96	171	RC
Y3RC020	409229	7346797	307	-60	92	105	RC
Y3RC021	409175	7346800	307	-60	94	105	RC
Y3RC022	409351	7346495	307	-60	92	105	RC
Y3RC023	409298	7346495	307	-60	89	105	RC
Y3RC024	409252	7346501	307	-60	94	165	RC
Y3RC025	409206	734502	307	-60	89	105	RC
Y3RC026	409659	7346398	307	-60	85	105	RC
Y3RC027	409606	7346402	307	-60	90	105	RC
Y3RC028	409425	7346401	307	-60	91	105	RC
Y3RC029	409368	7346401	307	-60	92	183	RC
Y3RC030	409507	7346178	308	-60	88	105	RC
Y3RC031	409379	7346800	320	-60	272	105	RC
Y3RC032	409199	7347003	309	-60	275	105	RC
Y3RC033	409253	7347003	311	-60	271	105	RC
Y3RC034	409674	7344859	309	-60	227	81	RC	Y8
Y3RC035	409708	7344888	310	-60	226	93	RC
Y3RC036	409739	7344918	309	-60	225	177	RC
Y3RC037	410627	7344331	327	-60	226	111	RC
Y3RC038	410566	7344678	313	-60	225	38	RC

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

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

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

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 techniques channels, random chips, or specific produce samples for assaying. specialised industry standard measurement Preliminary pXRF analysis 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. the rigs Metzke cone splitter. • Include reference to measures taken to ensure sample representivity and the completed for each drill metre sample. appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public instrument calibration 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 in first pass exploration drilling. 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 (e.g. submarine analysis when it becomes available. nodules) may warrant disclosure of detailed Laboratory Analysis information.

Reverse Circulation (RC) drilling was undertaken to produce samples for assaying. Preliminary pXRF analysis

Preliminary assays were obtained using an Olympus Vanta M Series pXRF analyser. The pXRF was placed on the reject sample piles from the rigs Metzke cone splitter.

One 3 beam, 35 second measurement was completed for each drill metre sample.

The pXRF instrument is calibrated and serviced annually or more frequently as required with daily instrument calibration checks completed. Additionally, silica blanks and OREAS standards, appropriate to the style of mineralisation are routinely analysed to confirm performance. This procedure is in line with normal industry practice and deemed fit for purpose for preliminary analysis in first pass exploration drilling.

This report relates to exploration results of a preliminary nature. pXRF analysis is a preliminary technique which will be superseded by laboratory analysis when it becomes available.

Two sampling techniques were utilised for this program, 1m metre splits directly from the rig sampling system for each metre and 3m composite sampling from spoil piles. Samples submitted to the laboratory were determined by the site geologist.

1m Splits

From every metre drilled a 2-3kg sample (split) was sub-sampled into a calico bag via a Metzke cone splitter from each metre of drilling.

3m Composites

All remaining spoil from the sampling system was collected in buckets from the sampling system and neatly deposited in rows adjacent to the rig. An aluminium scoop was used to then sub-sample each spoil pile to create a 2-3kg 3m composite sample in a calico bag.

A pXRF is used on site to determine mineralised samples. Mineralised intervals have the 1m split collected, while unmineralised samples have 3m composites collected.

All samples are submitted to ALS Laboratories in

Dreadnought Resources Limited

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

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		Perth for determination of Rare Earth Oxides by Lithium Borate Fusion XRF (ALS Method ME- XRF30). All 1m samples are also submitted for 48 multi- elements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61) to assist with lithological interpretation. Rock Chips 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 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 Rare Earth Oxides by Lithium Borate Fusion XRF (ALS Method ME- XRF30).
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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.).	RC Drilling Ausdrill undertook the program utilising a Drill Rigs Australia truck mounted Schramm T685WS drill rig with additional air from an auxiliary compressor and booster. Bit size was 5¾”.
Drill sample recovery	• Method of recording and assessing 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.	RC Drilling Drilling was undertaken using a ‘best practice’ approach to achieve maximum sample recovery and quality through the mineralised zones. Best practice sampling procedure included: suitable usage of dust suppression, suitable shroud, lifting off bottom between each metre, cleaning of sampling equipment, ensuring a dry sample and suitable supervision by the supervising geologist to ensure good sample quality. At this stage, no known bias occurs between sample recovery and grade.
Logging	• Whether core and chip samples have 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 andpercentage of the	RC chips were logged by a qualified geologist with sufficient experience in this geological terrane and relevant styles of mineralisation using an industry standard logging system which could eventually be utilised within a Mineral Resource Estimation. Lithology, mineralisation, alteration, veining, weathering and structure were all recorded digitally. Chips were washed each metre and stored in chip

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	relevant intersections logged.	trays for preservation and future reference. RC pulp material is also analysed on the rig by pXRF, scintillometer and magnetic susceptibility meter to assist with logging and the identification of mineralisation. Logging is qualitative, quantitative or semi- quantitative in nature.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether 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.	Preliminary pXRF analysis pXRF analysis of pulverised and partially homogenised reject RC sample piles is fit for purpose as a preliminary exploration technique. pXRF is a spot reading on raw (unprocessed) RC sample piles with variable grain sizes and states of homogenisation. High grade results were repeated at multiple locations to confirm repeatability. The competent person considers this acceptable within the context of reporting preliminary exploration results. RC Drilling From every metre drilled, a 2-3kg sample (split) was sub-sampled into a calico bag via a Metzke cone splitter. QAQC in the form of duplicates and CRM’s (OREAS Standards) were inserted through the ore zones at a rate of 1:50 samples. Additionally, within mineralised zones, a duplicate sample was taken and a blank inserted directly after. 2-3kg samples are submitted to ALS laboratories (Perth), oven dried to 105°C and pulverised to 85% passing 75um to produce a 0.66g charge for determination of Rare Earth Oxides by Lithium Borate Fusion XRF (ALS Method ME-XRF30) and to produce a 0.25g charge for determination of 48 multi-elements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61). Standard laboratory QAQC is undertaken and monitored. Rock Chips Entire rock chips were submitted to the lab for sample prep and analysis.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered 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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and	Preliminary pXRF analysis Olympus Vanta M Series pXRF analyser is used to provide preliminary quantitative measurement of mineralisation. A 3-beam, 35 second reading time was used with a single reading on unprepared raw RC chip sample piles. High grade samples were repeated to confirm repeatability of grade. Calibration checks of the pXRF are undertaken daily, a silica blank and certified REE standard OREAS 461 is routinely analysed to monitor pXRF performance. Laboratory Analysis Lithium borate fusion is considered a total digest

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	precision have been established.	and Method ME-XRF30 is appropriate for REE determination. Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival. Rock Chips All samples were submitted to ALS Laboratories in Perth where 1-3kg rock chips samples were crushed so that >70% of material passes through - 6mm, the sample is then pulverised to >85% passing 75 micron. A 66-gram aliquot of pulverised sample is fused with 12:22 lithium borate flux containing an oxidizing agent, and poured to form a fused disk. The resultant disk is in then analysed by XRF spectrometry specifically for Rare Earths (ALS Method ME-XRF30). Lithium borate fusion is considered a total digest and Method ME-XRF30 is appropriate for REE determination. No standards, duplicates or blanks submitted with rock chips.
Verification of sampling and assaying	• The verification of significant intersections by 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. • Discuss any adjustment to assay data.	Preliminary pXRF analysis Analytical data was collected directly by the Olympus Vanta M Series pXRF analyser and downloaded by digital transfer to an excel spreadsheet with inbuilt QAQC. All data was checked by the responsible geologist and filed on the company server. Logging and Sampling Logging and sampling were recorded directly into a digital logging system, verified and eventually stored in an offsite database. Significant intersections are inspected by senior company personnel. No twinned holes have been drilled at this time. No adjustments to any assay data have been undertaken. Rock Chips Rock chip and geological information is written in field books and coordinates and track data saved from hand held GPSs used in the field. Dreadnought geologists have inspected and logged all rock chips. Field data is entered into excel spreadsheets to be loaded into a database.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of thegrid system used.	Collar position was recorded using a Emlid Reach RS2 RTK GPS system (+/- 0.2m x/y, +/-0.5m z). GDA94 Z50s is the grid format for all xyz data reported. Azimuth and dipof the drill hole was recorded after

Dreadnought Resources Limited

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

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• Quality and adequacy of topographic control.	the completion of the hole using a Reflex Sprint IQ Gyro. A reading was undertaken every 30thmetre with an accuracy of +/- 1° azimuth and +/-0.3° dip.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • 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.	See drill table for hole positions. Data spacing at this stage is not suitable for Mineral Resource Estimation.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the 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.	Drilling was undertaken at a near perpendicular angle to the interpreted strike and dip of the ironstone outcrops and modelled magnetic data. No sample bias is known at this time.
Sample security	• The measures taken to ensure sample security.	All geochemical samples were collected, bagged, and sealed by Dreadnought staff and delivered to Exmouth Haulage in Exmouth. Samples were delivered directly to ALS Laboratories Perth by Exmouth Haulage out of Exmouth.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	The program is continuously reviewed by senior company personnel.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Mangaroon Project consists of 16 granted Exploration License (E08/3178, E08/3274, E08/3439, E09/2359, E09/2370, E09/2384, E09/2405, E09/2433, E09/2448, E09/2449, E09/2450, E09/2467E09/2473, E09/2478, E09/2531, E09/2535) and 3 pending Exploration Licenses (E08/3275, E09/2616, E09/2620). • All tenements are 100% owned by Dreadnought Resources. • E08/3178, E08/3274, E09/2384, E09/2433, E09/2473 are subject to an option agreement with First Quantum Minerals over the base metal rights. • E08/3178, E09/2370, E09/2384 and E09/2433 are subject to a 2% Gross Revenue Royalty held by Beau Resources. • E08/3274, E08/3275, E09/2433, E09/2448, E09/2449, E09/2450 are subject to a 1%

Dreadnought Resources Limited

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

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		Gross Revenue Royalty held by Beau Resources. • E09/2359 is subject to a 1% Gross Revenue Royalty held by Prager Pty Ltd. • The Mangaroon Project covers 4 Native Title Determinations including the Budina (WAD131/2004), Thudgari (WAD6212/1998), Gnulli Gnulli (WAD22/2019) and the Combined Thiin-Mah, Warriyangka, Tharrkari and Jiwarli (WAD464/2016). • The Mangaroon Project is located over Lyndon, Mangaroon, Gifford Creek, Maroonah, Minnie Creek, Towera and Uaroo Stations.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Historical exploration of a sufficiently high standard was carried out by a few parties which have been outlined and detailed in this ASX announcement including: Regional Resources 1986-1988s: WAMEX Reports A23715, 23713 Peter Cullen 1986: WAMEX Report A36494 Carpentaria Exploration Company 1980: WAMEX Report A9332 Newmont 1991: WAMEX Report A32886 Hallmark Gold 1996: WAMEX Report A49576 Rodney Drage 2011: WAMEX Report A94155 Sandfire Resources 2005-2012: WAMEX Report 94826
Geology	• Deposit type, geological setting and style of mineralisation.	The Mangaroon Project is located within Mangaroon Zone of the Gascoyne Province. The Mangaroon Project is prospective for orogenic gold, magmatic Ni-Cu-PGE mineralisation and carbonatite hosted REEs.
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – 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 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.	An overview of the drilling program is given within the text and tables within this document.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques,	All results with a preliminary pXRF value over 0.2% TREO have been reported.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	maximum and/or minimum grade truncations (e.g. 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.	Significant intercepts are length weight averaged for all samples with a preliminary pXRF value >0.2% TREO with up to 3m of internal dilution (<0.2% TREO). No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Drilling is undertaken close to perpendicular to the dip and strike of the mineralisation. The true thickness of the mineralisation intersected in drill holes cannot currently be calculated.
Diagrams	• Appropriate maps and sections (with scales) and 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.	Refer to figures within this report.
Balanced reporting	• Where comprehensive reporting of all 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.	The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): 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.	Suitable commentary of the geology encountered are given within the text of this document.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Preliminary pXRF results to be confirmed by laboratory analysis as soon as possible. Additional RC drilling Diamond Drilling Metallurgical test work Resource Modelling

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 (08) 9473 8345