DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2022

Apr 28, 2022

29 April 2022

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EIS DRILLING GRANTS FOR MANGAROON REE AND ORION Cu-Ag-Au-Co

HIGHLIGHTS

• After a competitive process, Dreadnought awarded two co-funded drilling grants under the WA Government’s Exploration Incentive Scheme (“EIS”) for the Mangaroon REE and Tarraji-Yampi CuAg-Au-Co

• Mangaroon REE: EIS co-fund drilling grant of up to $180,000 to test robust outcropping REE ironstone and carbonatite targets. RC drilling to commence in May/June 2022

• Tarraji-Yampi Cu-Ag-Au-Co: EIS co-funded drilling grant of up to $220,000 to test the Orion massive sulphide deposit at depth. Diamond drilling to commence in August/September 2022

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that it has been awarded two EIS co-funded drilling grants worth up to $400,000 at its Mangaroon REEs and Tarraji-Yampi Cu-Ag-Au-Co projects located in the Gascoyne and Kimberley regions respectively.

EIS funding is managed by the Geological Survey and Resource Strategy Division of the Department of Mines, Industry Regulation and Safety (“DMIRS”) to stimulate exploration leading to mineral discoveries. Dreadnought was one out of 47 successful applicants out of 107 for this EIS round and one of only three applicants who received two grants.

Dreadnought’s Managing Director, Dean Tuck, commented: “Dreadnought is delighted to have received two EIS co-funded drilling grants from the Geological Survey of Western Australia. The program is highly competitive, and the awarding of these grants further recognises the technical merits of the Mangaroon REE and Tarraji-Yampi Orion discoveries. We are thankful to DMIRS and the State of Western Australia for continuing to support explorers in our pursuit of discovery.”

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Figure 1: Dreadnought’s Luke Blais and Nick Chapman (L to R) mapping and sampling an outcropping REE ironstone at Yin, one of the targets which will receive EIS co-funded drilling.

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

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Mangaroon REE ironstones and carbonatites (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 Technology Metals Ltd. (ASX:HAS) on the Yangibana ironstones north of the Lyons River Fault since 2011 (Figure 3).

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 proportion of Nd2O3+Pr6O11 (used for electric vehicle magnets for and renewable power generation) is an important component of the project’s economics.

However, prior to Dreadnought, no significant REE exploration was undertaken south of the Lyons River Fault, which until now was considered to be the southern extent of the Yangibana REE Ironstones.

Mapping and interpretation of the recently flown magnetic and radiometric survey has highlighted Yin, Y2 and Y3 and significant clusters of REE ironstones as well as the C1-C5 carbonatite intrusions. Surface sampling undertaken throughout 2021 has resulted in the confirmation of REE, niobium and phosphate mineralisation in ironstones similar to Yangibana, and five potential carbonatite intrusions which may be the source intrusions for the region offering significant scale.

RC Drilling is set to commence in May 2022.

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Figure 2: REE Ironstones (Yin, Y2, Y3) and carbonatite intrusions (C1-C5) which will be tested with the EIS co-funded drilling grant.

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

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Orion Cu-Ag-Au-Co-Zn (E04/2315: 80%)

Orion is a Cu-Ag-Au-Co-Zn massive sulphide system with multiple lodes situated along a major structure within a 4km long Ruins Dolerite and sediment package. The mineralisation is obscured by 1-5m of cover and has a well-developed oxide-supergene profile up to 30m in depth.

During the 2021 field season, 56 RC holes (6,144m) were drilled at Orion over two programs with significant mineralised intercepts including:

• KMRC022*: 16m @ 2.2% Cu, 38.7g/t Ag, 6.6g/t Au, 0.40% Co from 77m Including: 2m @ <0.1% Cu, 4.8 g/t Ag, 27.6g/t Au, 1.50% Co from 77m And: 7m @ 4.7% Cu, 83.3g/t Ag, 4.9g/t Au, 0.20% Co from 82m

• KMRC039: 20m @ 1.4% Cu, 13.4g/t Ag, 0.5g/t Au, 0.03% Co from 3m Including: 3m @ 7.6% Cu, 116g/t Ag, 2.2 g/t Au, 0.14% Co from 18m

• • KMRC047: 12m @ 3.0% Cu, 21.4g/t Ag, 1.7g/t Au, 0.02% Co from 1m Including: 5m @ 5.9% Cu, 44.9 g/t Ag, 3.7g/t Au, 0.01% Co from 1m

• • KMRC048: 11m @ 2.2% Cu, 31.6g/t Ag, 1.1g/t Au, 0.07% Co, 2.2% Zn from 135m Including: 3m @ 2.9% Cu, 46.5g/t Ag, 0.9g/t Au, 0.05% Co, 4.3% Zn from 141m

Downhole and fixed loop EM surveys modelled the anomaly at Orion to extend >400m of strike and to ~500m in depth (being the limit of the EM survey’s effectiveness). The massive sulphide mineralisation at Orion consists of pyrrhotite-pyrite-chalcopyrite-cobaltite and zones into more pyrrhotite-pyritechalcopyrite-sphalerite and galena rich compositions to the north and occasionally along the margins of the massive sulphide intervals. This zonation is likely due to a temperature gradient and/or multiple overprinted pulses within the mineral system.

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Figure 3: 3D view (looking north) of modelled magnetic body (green blob), FLEM plate (blue plate) and DHEM plates (red) and their associated drill holes showing that only the top of the system has been tested to date at Orion. These surveys indicate that the mineralisation could extend to at least 500m depth.

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

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For further information please refer to previous ASX announcements:

• 25 August 2021 RC Results from Orion, Grant’s & Fuso Indicate a large Cu-Au-Ag-Co System

• 11 October 2021 Massive Sulphides Intersected in Multiple Holes at Orion Cu-Au-Ag-Co

• 2 November 2021 Supergene Confirmed and Massive Sulphides Extended at Orion

• 15 November 2021 High-Grade Cu-Ag-Au-Co Discovery at Orion

• 8 December 2021 Further High-Grade Cu-Ag-Au-Co from Orion Discovery

UPCOMING NEWSFLOW

May: Commencement of RC drilling at Mangaroon Joint Venture (Money Intrusion) and Mangaroon rare earths (Yin, ironstones, carbonatites)

May/June: Assays from Peggy Sue pegmatite sampling (Illaara)

May: Assays and DHEM results from RC drilling at Nelson and Trafalgar (Illaara)

3-5 May: Presenting at RIU Sydney Resources Round-up

May: Results from Central Komatiite Belt nickel sulphide target generation work at Illaara

June: Assays from RC drilling at Metzke’s Find, Kings, Spitfire (Illaara)

June/July: Assays from RC drilling at the Money Intrusion (Mangaroon Joint Venture)

June/July: Results from auger sampling program at Tarraji-Yampi

22-23 June: Presenting at the Gold Coast Investment Showcase

June/July: Rare earth assays from RC drilling at Yin, ironstones, carbonatites

June/July: Initial JORC Resource for Metzke’s Find Au

July: Commencement of RC and diamond drilling at Tarraji-Yampi (Orion, Grant’s, regional targets)

~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

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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 JV & REE Au Project

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Mangaroon is a first mover opportunity covering ~4,500sq 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.

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 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