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DREADNOUGHT RESOURCES LTD Capital/Financing Update 2023

Dec 5, 2023

64785_rns_2023-12-05_da9a5388-3c67-459f-b5db-cbfd6f353c7c.pdf

Capital/Financing Update

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

ASX ANNOUNCEMENT 6 December 2023

Gifford Creek REE-Nb-P-Ti-Sc Carbonatite Drilling Update – Mangaroon (100%)

HIGHLIGHTS

  • First pass, wide spaced (360m x 180m) RC drilling of ~17km Gifford Creek Carbonatite has identified three additional areas of rare earth (“ REE ” or “ TREO ”) mineralisation. Significant new intercepts include:

CBRC139: 12m @ 1.14% TREO 2.8 kg/t Nd2O3+Pr6O11 (24% NdPr:TREO) from 36m within: 27m @ 0.87% TREO 2.2 kg/t Nd2O3+Pr6O11 (25% NdPr:TREO) from 30m CBRC148: 12m @ 1.09% TREO 2.2 kg/t Nd2O3+Pr6O11 (20% NdPr:TREO) from 54m within: 78m @ 0.55% TREO 1.2 kg/t Nd2O3+Pr6O11 (22% NdPr:TREO) from 51m CBRC155: 24m @ 1.24% TREO 3.1 kg/t Nd2O3+Pr6O11 (25% NdPr:TREO) from 60m within: 57m @ 0.80% TREO 2.0 kg/t Nd2O3+Pr6O11 (25% NdPr:TREO) from 48m

  • Additionally, these areas contain other critical minerals and have returned some of the highest-grade niobium, phosphate and scandium (“ Nb-P-Sc ”) results to date including:

CBRC138: 3m @ 1.37% Nb2O5 from 90m and CBRC111: 9m @ 1.40% Nb2O5* from 72m CBRC143: 6m @ 18.4% P2O5 from 114m and CBRC142: 18m @ 13.6% P2O5 from 108m CBRC148: 43m @ 11.9% P2O5 from 87m and CBRC138: 12m @ 319ppm Sc** from 48m

  • Four zones of mineralisation have now been identified with less than 25% of the ~17km long Gifford Creek Carbonatite tested by wide spaced drilling highlighting the potential to discover high grade mineralisation.

  • Detailed 100m x 100m ground gravity and SkyTEM airborne EM data is being used to identify zones within the Gifford Creek Carbonatite with deeper weathering and potentially high-grade residually enriched mineralisation. High priority targets defined from this work will be RC drilled with GSWA Exploration Incentive Scheme (“ EIS ”) co-funding in March/April 2024.

Dreadnought Resources Limited (“Dreadnought”) is pleased to announce results from first pass drilling at the Gifford Creek Carbonatite, part of the 100% owned Mangaroon Project, located in the Gascoyne Region of Western Australia.

Dreadnought’s Managing Director, Dean Tuck, commented: “ The Gifford Creek Carbonatite contains significant areas of

==> picture [329 x 218] intentionally omitted <==

critical metals including rare earths, niobium, phosphate and scandium. With four zones of mineralisation already identified and only ~25% of the intrusion tested by wide spaced, first pass drilling we remain confident of the potential for a significant, high-grade discovery. Through detailed surveys and our knowledge of the current Resource, we have “fingerprinted” potentially highgrade zones. These high priority targets will be RC drilled in early 2024 with the co-funding support of the GSWA’s Exploration Incentive Scheme.

Figure 1: RC drilling at the Gifford Creek Carbonatite.

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

SNAPSHOT – MANGAROON CRITICAL MINERALS

Mangaroon is 100% Owned

  • 100% owned Mangaroon confirmed as a globally significant critical minerals complex with a combined Resource at Yin and the Gifford Creek Carbonatite of 40.82Mt @ 1.03% TREO.

Genuine Scale Potential Already at Yin

  • Independent Yin Resource of 29.98Mt @ 1.04% TREO (ASX 30 Nov 2023) covers only ~4.6km of ~43km of strike - 87% Measured and Indicated.

• Large JORC Exploration Target for the top 150m of the Yin REE Ironstone Complex (ASX 13 Feb 2023) to be updated in 2024. Cautionary Statement: The Exploration Target has been prepared and reported in accordance with the JORC Code 2012. The potential quality and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Resource for all target areas reported. It is uncertain if further exploration will result in the estimation of a Resource.

Significant, Step-Change, Growth Potential at the Gifford Creek Carbonatite

  • The Gifford Creek Carbonatite is considered to be the regional source of REE.

  • In less than 12 months from discovery of the Gifford Creek Carbonatite, a large, independent Resource of 10.84Mt @ 1.00% TREO was delivered (ASX 28 Aug 2023). The Resource contains a range of critical minerals including rare earths, niobium, phosphate, titanium and scandium.

  • The initial Resource covers an area of only ~600m x 550m. With the Gifford Creek Carbonatite now expanding to >17kms x 1km. With further drilling, the Resource is expected to grow substantially.

- - High grade, Multi Metal Potential Including REE (Neodymium, Praseodymium), Phosphate, Niobium, Titanium & Scandium

  • The mineralisation at the Yin REE Ironstone Complex contains a high NdPr to total rare earth oxides (“ NdPr:TREO ”) ratio than most REE deposits and over 50% higher than the global average.

  • Partially completed, first pass, wide-spaced drilling over the Gifford Creek Carbonatite has identified significant critical metal potential with REE, P, Nb, Ti and Sc.

Potentially Attractive Mining Proposition

  • At Yin, broad zones of flat to moderate dipping mineralisation with parallel lodes and Resource intensity of ~6.5Mt/km make for a potentially attractive mining proposition. This is further demonstrated by an initial Measured Resource of 5.17Mt @ 1.34% TREO over just ~250m of strike at Yin where the thick, high-grade Resource occurs at surface.

Positive Metallurgy Results

  • Metallurgical test work from Yin has performed well, achieving recoveries ranging from 85.9% to 92.8% at a concentrate grade of 10.76% to 15.31% Nd2O3+Pr6O11.

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

  • Significant metallurgical studies ongoing – final results expected in March 2024 quarter.

Global Strategic Imperative Driving Rare Earth Growth & Prices

  • Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension.

  • Dreadnought is receiving increasing levels of interest from midstream and downstream industry participants in Mangaroon. While the current focus is on upstream options (mining, milling and concentrating) opportunities to collaborate with midstream and downstream industry participants may represent an opportunity.

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

RC Drill and Regional Gravity Program Gifford Creek Carbonatite

Carbonatite intrusions are known globally to host several different commodities including rare earths, niobium, phosphate, titanium and scandium often as seperate bodies within the same intrusion. Examples of this include Mt Weld in Australia, Ngualla in Tanzania, Araxa in Brasil and Bayan Obo in China. In addition, a world class deposit like Mountain Pass in the USA can fit into a small footprint (700m x 150m = ~0.1km2). The Gifford Creek Carbonatite, in size and age, is similar to Bayan Obo c (Hong-Rui Fan, et al. 2016) which hosts three world class, REE deposits.

While high-grade mineralisation can be contained within fresh carbonatite (eg Mountain Pass), often mineralisation is upgraded via dissolution of fresh carbonatite and accumulation of resistate mineralogy (i.e. monazite, pyrochlore, columbite) within the regolith. Karsting and localised anomalously deeper weathering can significantly enhance mineralisation grades, near surface (eg Mt Weld, Araxa).

The Gifford Creek Carbonatite was identified in November 2021 and has limited outcrop. Drilling and surveys have extended the Gifford Creek Carbonatite to ~17kms long x ~1km wide. To date 147 RC holes (15,767m) and 8 diamond holes (1,257.3m) have been drilled over ~25% of the Gifford Creek Carbonatite. A ~600m x ~550m zone of REE, P, Nb, Ti and Sc mineralisation containing an initial Resource of 10Mt @ 1.00% TREO has already been defined. Recent wide spaced 320m x 180m RC drilling has now identified three new zones of mineralisation including some of the highest-grade niobium, phosphate and scandium with results including:

CBRC139: 12m @ 1.14% TREO 2.8 kg/t Nd2O3+Pr6O11 (24% NdPr:TREO) from 36m within: CBRC148: 12m @ 1.09% TREO 2.2 kg/t Nd2O3+Pr6O11 (20% NdPr:TREO) from 54m within: CBRC155: 24m @ 1.24% TREO 3.1 kg/t Nd2O3+Pr6O11 (25% NdPr:TREO) from 60m within: CBRC138: 3m @ 1.37% Nb2O5 from 90m and CBRC111: 9m @ 1.40% Nb2O5* from 72m CBRC143: 6m @ 18.4% P2O5 from 114m and CBRC142: 18m @ 13.6% P2O5 from 108m CBRC148: 43m @ 11.9% P2O5 from 87m and CBRC138: 12m @ 319ppm Sc** from 48m

==> picture [414 x 323] intentionally omitted <==

Figure 2: Plan view of the Gifford Creek Carbonatite over a greyscale magnetic image (RTP 1VD) and ortho image showing drilled (red dots) hole locations highlighting recent drilling results and the C3 Resource.

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

REE mineralisation has been confirmed in both weathered and fresh carbonatites with petrographic work showing coarse grained (up to 0.25mm) monazite and REE carbonate mineralisation in ferro-carbonatites and magnesiocarbonatite.

Due to the ever-increasing scale of the carbonatite, and on the greater understanding of the carbonatite gained through drilling, a regional geophysical survey was undertaken to more effectively and efficiently target deeper and higher-grade residual mineralisation. The results from this survey combined with knowledge from the existing have been applied in “fingerprinting” high-grade zones.

A 100m x 100m spaced infill gravity survey has been completed to further refine the “fingerprint”. High priority targets defined from this work will be RC drilled with GSWA Exploration Incentive Scheme (“ EIS ”) co-funding in March/April 2024.

==> picture [494 x 389] intentionally omitted <==

Figure 3: Plan view of the Gifford Creek Carbonatite Complex including the Yin and Yangibana Ironstones over a greyscale magnetic image (RTP 1VD) and ortho image showing drilled (red dots) hole locations. The current Resource of 10Mt @ 1.00% TREO is highlighted as are the recently announced niobium and rare earth drill results.

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Background on Mangaroon (E8/3178, E08/3274, E09/2384, E09/2433, E09/2473: FQM Earn-in) (E08/3275, E08/3439, E09/2290, E09/2359, E09/2405, E09/2370, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478, E09/2531, E09/2535, E09/2616, E09/2620, M09/91, M09/146, M09/147, M09/174, M09/175: DRE 100%)

Mangaroon covers >5,200sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia, the world’s top investment jurisdiction as per the Investment Attractiveness Index published in the Fraser Institute’s Annual Survey of Mining Companies. Part of the project is targeting Ni-Cu-PGE and is subject to First Quantum Minerals Ltd (“ FQM ”) earning up to 70%. The region is also host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres and the high NdPr:TREO ratio Yin and Yangibana REE deposits.

Dreadnought has located outcropping high-grade gold bearing quartz veins along the Star of Mangaroon Shear, Edmund and Minga Bar Faults, high-grade REE ironstones, REE-P2O5-Nb2O5-TiO2-Sc mineralised carbonatites and outcropping high tenor Ni-Cu-PGE blebby sulphides at the Money Intrusion.

Dreadnought has already successfully delivered:

  • an independent JORC Inferred + Indicated + Measured Resource of 29.98Mt @ 1.04% TREO and an initial Measured Resource of 5.17Mt @ 1.34% TREO over 4.6kms of the 43kms of strike within the Yin REE Ironstone Complex; and

  • an Exploration Target (ASX 13 Feb 2023) estimated for the top 150m of ~40km of strike within the Yin REE Ironstone Complex.

==> picture [425 x 399] intentionally omitted <==

==> picture [479 x 19] intentionally omitted <==

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

Figure 4: Plan view map of Mangaroon showing the location of gold, nickel and REE prospects in relation to major
structures, geology and roads.
----- End of picture text -----

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

For further information please refer to previous ASX announcements:

• 17 October 2022 Mineralised Carbonatites Discovered at C3 and C4
• 23 November 2022 Multiple, Large Scale, REE-Nb-Ti-P Carbonatites
• 28 December 2022 Initial High-Grade, Independent Resource over 3kms at Yin
• 24 January 2023 Carbonatite Discovery Shaping up as Regional Rare Earth Source
• 29 March 2023 Yin Resource to Grow, Carbonatite Drilling Commenced
• 3 April 2023 Carbonatites Deliver Thick, Near Surface REE Results
• 29 May 2023 Metallurgical Test Work Supports High-Value Concentrate
• 5 July 2023 40% Increase in Resource Tonnage at Yin
• 10 July 2023 High Grade Rare Earth & Niobium Zones at C3 & C5
• 17 July 2023 High Grade Rare Earth & Niobium Zones at C3 & C5
• 7 August 2023 Rare Earth Ironstone and Carbonatite Drilling Update
• 28 August 2023 Initial, Independent REE-Nb-P-Ti-Sc Resource at C3
• 2 October 2023 Mangaroon Carbonatite now >17km – Higher Grade Zones Fingerprinted
• 30 November 2023 Large, High Confidence Yin Ironstone Resource

UPCOMING NEWSFLOW

December: Update on Ni-Cu-Co-PGE Drilling at Mangaroon

December/January: Assays from RC drilling at Tarraji-Yampi (80%, 100%)

December/January: Assay from additional Au, Ni-Cu-Co-3PGE and REE drilling at Mangaroon.

December/January: Results from target generation and definition work at Bresnahan (100%) January 2024: Quarterly Report

January/February 2024: Results of surface sampling from Central Yilgarn and Mangaroon LCT Pegmatites (100%) February 2024: Half Year Financial Report

February 2024: Results from surface sampling and mapping of LCT targets at Mangaroon and Central Yilgarn

March 2024: Commencement of RC and diamond drilling at Mangaroon Ni-Cu-Co-3PGE (Earn-in)

March/April 2024: Commencement of EIS co-funded RC drilling at Mangaroon Rare Earths (100%)

~Ends~

~Ends~
For further information please contact:
Dean Tuck Jessamyn Lyons
Managing Director Company Secretary
Dreadnought Resources Limited Dreadnought Resources Limited
E: [email protected] E: [email protected]

This announcement is authorised for release to the ASX by the Board of Dreadnought.

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Cautionary Statement

This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forwardlooking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk.

Competent Person’s Statement – Mineral Resources

The information in this announcement that relates to Mineral Resources is based on information compiled by Mr. Lynn Widenbar, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Widenbar is a full-time employee of Widenbar and Associates Pty Ltd. Mr. Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr. Widenbar consents to the inclusion in the announcement of the matters based on his information in the form and context that the information appears.

Competent Person’s Statement – Exploration Results

The information in this announcement that relates to geology, exploration results and planning, and exploration targets 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 announcement 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.

RESOURCES SUMMARY

Yin Ironstone Complex – Yin, Yin South, Y2, Sabre Measured, Indicated and Inferred Resources

Table 1: Summary of Yin Resources at 0.20% TREO Cut-off.

Resource
**Classification **		 Geology Resource
(Mt)		 TREO
(%)		 Nd2O3+Pr6O11
(kg/t)		 NdPr:TREO
Ratio (%)
Contained
TREO (t)		 Contained
Nd2O3+Pr6O11(t)
Measured Oxide 2.47 1.61 4.6 29 39,700 11,400
Measured Fresh 2.70 1.09 3.0 27 29,500 8,100
Measured Subtotal 5.17 1.34 3.8 28 69,300 19,500
Indicated Oxide 13.46 1.06 3.1 29 142,600 41,000
Indicated Fresh 7.67 0.95 2.8 29 72,800 21,300
Indicated Subtotal 21.13 **1.02 ** 3.0 29 215,400 62,300
Inferred Oxide 1.51 0.75 1.9 25 11,200 2,800
Inferred Fresh 2.17 0.75 2.1 28 16,300 4,500
Inferred Subtotal 3.68 0.75 2.0 27 27,600 7,300
Total Oxide 17.44 1.11 3.2 29 193,600 55,300
Total Fresh 12.54 0.95 2.7 29 118,700 33,900
TOTAL 29.98 **1.04 ** 2.9 29 312,300 89,300

Gifford Creek Carbonatite – Inferred Resource

Table 2: Summary of the Gifford Creek Carbonatite Inferred Resource at various % TREO Cut-offs.

Cut-Off
(%TREO)		 Resource
(Mt)		 TREO
(%)		 NdPr:TREO
(%)		 Nb2O5
(%)		 P2O5
(%)		 TiO2
(%)		 Sc
(ppm		 )
Contained
TREO(t)		 Contained Nb2O5
(t)
0.90 5.73 1.18 21 0.25 3.8 5.4 92 67,500 14,500
0.70 10.84 1.00 21 0.22 3.5 4.9 85 108,000 23,700
0.50 20.55 0.80 21 0.15 3.0 3.9 68 164,600 31,100
0.30 45.87 0.58 21 0.10 2.7 3.0 52 265,300 44,800

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

INVESTMENT HIGHLIGHTS

Kimberley Ni-Cu-Au Project (80/100%)

The project is located only 85kms from Derby in the West Kimberley region of WA and was locked up as a Defence Reserve since 1978.

The project has outcropping mineralisation and historic workings 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 Tarraji-Yampi, similar to Cloncurry/Mt Isa and Tennant Creek.

Mangaroon Ni-Cu-Co-3PGE JV & Au/REE 100% Project

Mangaroon covers ~5,200sq kms and is located 250kms south-east of Exmouth in the Gascoyne Region of WA. At the Money Ni-Cu-Co-3PGE has been identified and is subject to an earn-in by First Quantum Minerals (up to 70%). Dreadnought also has areas of outcropping high-grade gold including the historic Star of Mangaroon and Diamonds gold mines. In addition, Mangaroon has emerged as a globally significant, rapidly growing, potential source of critical minerals. Highlights include:

  • An Exploration Target estimated for the top 150m of ~40km of the Yin REE Ironstone Complex (ASX 13 Feb 2023).

==> picture [247 x 329] intentionally omitted <==

  • An independent Resource for Yin Ironstones Complex of 29.98Mt @ 1.04% TREO over only ~4.6kms – including an Measured and Indicated Resource of 26.3Mt @ 1.04% TREO (ASX 30 Nov 2023).

  • Regional source of rare earths at the Gifford Creek Carbonatite totaling ~17kms x ~1km (ASX 7 Aug 2023).

  • A large, independent initial Resource of 10.84Mt @ 1.00% TREO at the Gifford Creek Carbonatites, containing a range of critical minerals including rare earths, niobium, phosphate, titanium and scandium (ASX 28 Aug 2023).

Bresnahan HREE-Au-U Project (100%)

Bresnahan is located ~125km southwest of Newman in the Ashburton Basin. The project comprises ~3,700 sq kms covering over 200kms strike along the Bresnahan Basin / Wyloo Group unconformity. Bresnahan is prospective for unconformity related heavy rare earth (“ HREE ”) deposits similar to Browns Range HREE deposits, unconformity uranium (“ U ”) deposits and mesothermal lode gold similar to Paulsens Au-Ag-Sb deposits along strike.

Prior to consolidation by Dreadnought, the Bresnahan Basin had been successfully explored for unconformity uranium with limited exploration for mesothermal gold. Bresnahan is a first mover opportunity to explore for unconformity HREE.

Central Yilgarn Gold, Base Metals, Critical Minerals & Iron Ore Project (100%)

Central Yilgarn is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~1,400 sq kms covering ~150km of strike along the majority of the Illaara, Yerilgee, South Elvire 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-Cesium-Tantalum.

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

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Table 3: Significant Intersections >0.3% TREO with >1% TREO highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 TREO
(%)		 Nd2O3+Pr6O11
(kg/t)		 NdPr:TREO
(%)		 Prospect
CBRC001 17 94 77 0.35 0.8 23 C3
CBRC005 21 24 3 0.50 2.0 40
CBRC006 30 48 18 0.30 0.7 23
CBRC007 15 26 11 0.31 0.7 23
CBRC010 93 145 52 0.63 1.4 22 GCC
incl 116 121 5 1.01 2.2 22
CBRC011 39 54 15 0.37 0.8 22
CBRC012 57 66 9 0.31 0.7 23
CBRC013 165 168 3 0.54 2.0 37
CBRC014 12 15 3 0.38 0.7 18
CBRC015 18 27 9 0.31 0.8 26
CBRC016 9 12 3 0.34 0.9 26
CBRC017 30 60 30 0.34 0.7 21
CBRC018 27 36 9 0.34 0.8 24 C3
CBRC019 18 42 24 0.36 0.8 22
CBRC023 9 42 33 0.58 1.3 22
CBRC025 0 45 45 0.34 0.7 21
CBRC027 6 48 42 0.83 1.9 23
incl 9 30 21 1.25 2.9 23
CBRC028 15 57 42 0.63 1.4 22
incl 24 36 12 1.00 2.3 23
CBRC029 3 75(EOH) 72 0.69 1.5 22
incl 6 37 31 1.26 2.8 22
CBRC030 3 99(EOH) 96 0.70 1.4 20
incl 4 37 33 1.12 2.2 20
CBRC031 12 24 12 0.52 1.2 23
CBRC032 9 81(EOH) 72 0.60 1.4 23
incl 22 34 12 1.02 2.4 24
CBRC033 6 105(EOH) 99 0.64 1.4 22
incl 13 57 44 1.00 2.2 22
CBRC034 15 33 18 0.33 0.8 24 GCC
CBRC036 18 57 39 0.30 0.7 23
CBRC038 9 15 6 0.36 0.7 19
CBRC039 39 57 18 0.30 0.7 23
CBRC041 30 57 27 0.32 0.7 22
CBRC042 21 33 12 0.53 1.3 25
CBRC043 39 69 30 0.30 0.7 23
CBRC044 27 66 39 0.60 1.4 23
incl 40 54 14 0.92 2.2 24
CBRC045 30 63 33 0.42 0.9 21
CBRC046 33 66 33 0.38 0.8 21
CBRC047 24 66 42 0.34 0.7 21
CBRC048 33 54 21 0.37 0.8 22
CBRC049 36 96 60 0.47 1.0 21
CBRC050 27 54 27 0.54 1.1 20
CBRC051 21 52 31 0.57 1.1 19
CBRC052 36 93 57 0.63 1.3 21
CBRC053 30 69 39 0.64 1.4 22

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ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Table 3(continued): Significant Intersections >0.3% TREO with >1% TREO highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 TREO
(%)		 Nd2O3+Pr6O11
(kg/t)		 NdPr:TREO
(%)		 Prospect
CBRC056 36 90 54 0.32 0.8 23 GCC
CBRC058 48 105 57 0.34 0.7 22
CBRC060 39 57 18 0.31 0.7 23
CBRC061 18 45 27 0.33 0.7 21
CBRC063 18 42 24 0.40 0.8 20
CBRC068 30 48 18 0.33 0.7 21
CBRC070 15 24 9 0.36 0.7 19
CBRC071 30 45 15 0.30 0.6 20
CBRC075 42 54 12 0.39 0.8 20
CBRC079 18 27 9 0.33 0.7 21
CBRC080
and		 45 58 13 0.48 1.0 20
84 105 21 0.34 0.7 21
CBRC081 30 45 15 0.37 0.8 21
CBRC082 36 54 18 0.33 0.7 20
CBRC083 8 136 128 0.74 1.6 22 C3
incl 14 48 34 1.31 2.8 21
and 111 123 12 1.09 2.2 20
CBRC084 6 201(EOH) 195 0.57 1.2 21
incl 16 40 24 1.26 2.8 22
CBRC085 9 123(EOH) 114 0.56 1.3 24
incl 37 47 10 0.92 2.1 23
CBRC086 9 117(EOH 108 0.69 1.5 22
incl 15 21 6 1.76 4.7 27
CBRC087 6 201(EOH) 195 0.55 1.1 20
incl 6 39 33 1.10 2.3 21
CBRC088 6 181(EOH) 175 0.54 1.0 19
incl 14 55 41 0.93 2.0 22
CBRC089 8 100 92 0.71 1.5 21
incl 38 69 31 0.95 2.0 21
CBRC107 51 69 18 0.52 1.1 22 GCC
CBRC110 66 105 39 0.28 0.5 17
CBRC111 54 111 57 0.60 1.3 21
incl 72 81 9 1.20 3.0 25
CBRC113 21 66 45 0.58 1.3 22 C3
CBRC114 6 27 21 0.60 1.2 19
CBRC115 3 105 102 1.14 2.6 22
incl 76 104 29 2.05 4.5 22
incl 77 86 9 3.88 8.6 22
CBRC116 1 115 114 0.68 1.3 19
incl 62 87 25 1.03 2.0 20
CBRC117 68 165 97 0.64 1.1 18
CBRC118
and		 69 81 12 0.38 0.7 18
117 147 30 0.45 0.8 18
CBRC120 30 78 48 0.56 1.2 21
incl 50 54 4 1.2 2.8 23
CBRC121 7 69 62 1.68 3.4 20
incl 33 58 25 2.86 5.7 20
incl 34 49 15 3.26 6.5 21
CBRC122 12 165 153 0.52 1.1 22

10

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Table 3(continued): Significant Intersections >0.3% TREO with >1% TREO highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 TREO
(%)		 Nd2O3+Pr6O11
(kg/t)		 NdPr:TREO
(%)		 Prospect
CBRC123 86 158 72 0.41 0.9 21 C3
CBRC124
incl		 9 165(EOH) 158 0.40 0.8 20
10 45 35 0.85 1.9 22
and 15 20 5 1.03 2.4 23
and 26 35 7 1.04 2.3 22
CBRC125 7 120 113 1.13 2.6 23
incl 50 54 4 2.59 5.6 22
and 59 68 9 2.03 4.9 24
CBRC126 6 24 18 0.54 1.1 20
incl 9 11 3 1.02 1.9 19
CBRC127 24 153 129 0.47 1.0 22
incl 93 102 9 1.06 2.6 25
CBRC128 99 165 66 0.36 0.8 21
CBRC138 45 99 54 0.64 1.5 24 GCC
CBRC139
incl		 30 57 27 0.87 2.2 25
36 48 12 1.14 2.8 24
CBRC140 60 63 3 0.35 0.7 20
CBRC142 108 126 18 0.66 1.6 24
CBRC143 114 135 21 0.34 0.9 25
CBRC144 96 99 3 0.38 0.8 21
CBRC147 75 87 12 0.43 0.8 19
CBRC148
incl		 51 129 78 0.55 1.2 22
**54 ** 66 12 1.09 **2.2 ** 20
CBRC153 90 93 3 0.55 1.2 21
CBRC155
incl		 48 105 57 0.80 2.0 25
60 **84 ** 24 1.24 **3.1 ** 25
CBRC168 63 66 3 0.32 0.7 22
CBRC170 54 96 42 0.50 1.0 19
CBRC171 57 78 21 0.44 0.9 21

11

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Table 4: Significant Intersections >0.3%Nb2O5, >1.0% Nb2O5 highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 Nb2O5
(%)		 Prospect
CBRC032 20 28 8 0.30 GCC
CBRC033 75 84 9 0.32
CBRC053 45 54 9 0.33
CBRC080 61 62 1 0.33
CBRC084 21 30 9 0.32 C3
CBRC085 30 78 48 0.79
incl 39 75 36 1.03
CBRC086 16 93 77 0.70
and 39 69 30 0.97
incl 51 69 18 1.09
CBRC089 34 46 12 0.30
CBRC107 54 66 12 0.53 GCC
CBRC109 63 66 3 0.34
CBRC110
incl		 66 105 (EOH) 39 0.63
**81 ** **84 ** 3 1.12
CBRC111
incl		 63 111(EOH) 48 0.70
**72 ** **81 ** 9 1.40
CBRC115 45 54 9 0.36 C3
CBRC124
incl		 18 37 17 0.60
30 33 3 **1.01 **
CBRC125
incl		 63 122 59 0.61
99 118 19 **1.01 **
CBRC138
incl		 45 102 57 0.60 GCC
90 93 3 1.37
CBRC142 108 126 18 0.46
CBRC143 114 120 6 0.82
CBRC148
CBRC155		 105 129 24 0.39
69 78 9 0.43

Table 5: Significant Intersections >5%P2O5, >10% P2O5 highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 P2O5
(%)		 Prospect
CBRC006 154 207 53 5.2 C3
CBRC010
and		 109 113 4 5.1
154 207 53 5.2
incl 172 175 3 15.6
CBRC011
and		 60 66 6 6.4 GCC
162 165(EOH) 3 5.9
CBRC012 153 162 9 7.0
CBRC017 57 66 9 6.5
CBRC019 42 45 3 5.4 C3
CBRC027
and		 23 25 2 7.0
63 66 3 5.1
CBRC030 17 29 12 6.0
CBRC032 23 45 22 6.2 GCC
incl 31 36 5 13.0
CBRC033 17 56 39 6.3
incl 18 33 15 8.0
CBRC042 39 45 6 6.0
CBRC049 48 69 21 6.2
CBRC050 45 48 3 5.1

12

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Table 5 (continued): Significant Intersections >5%P2O5, >10% P2O5 highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 P2O5
(%)		 Prospect
CBRC051
and		 50 52 2 7.6
60 63 3 5.3
CBRC053 48 63(EOH) 15 5.9
CBRC058
and
and
and		 42 45 3 6.2
54 57 3 5.2
90 93 3 6.0
99 102 3 5.6
CBRC060 45 57 12 6.2
CBRC061 45 48 3 5.1
CBRC062 51 54 3 5.5
CBRC075 87 93 6 6.0
CBRC083 39 49 10 7.5 C3
incl 46 47 1 10.3
CBRC084 26 41 15 5.0
and 119 121 3 7.4
CBRC085 30 85 55 6.6
CBRC086 54 105 51 5.4
incl 84 87 3 10.6
CBRC087 36 44 8 6.4
CBRC088 35 55 20 5.4
incl 35 37 3 10.1
and 46 47 1 10.7
CBRC089 46 62 16 5.1
CBRC107 60 69 9 5.5 GCC
CBRC109 63 66 3 6.0
CBRC110
and		 69 72 3 5.3
102 105(EOH) 3 7.2
CBRC111 69 111(EOH) 42 8.3
incl 99 111(EOH) 12 14.0
CBRC112 90 95(EOH) 5 5.4 C3
CBRC115 22 96 74 6.8
incl 48 76 28 10.5
and 89 91 2 12.0
CBRC118 117 144 27 6.0
CBRC120 99 111 12 6.4
CBRC121 45 54 9 5.2
CBRC122
and		 72 78 6 6.5
135 150 15 5.3
incl 135 138 3 10.2
CBRC123 24 30 6 7.8
and 157 158(EOH) 1 17.4
CBRC124 34 43 9 5.0
CBRC125
and
and		 17 21 4 7.1
38 45 7 5.6
100 122 22 5.7
incl 118 120 2 10.3
CBRC127
and		 97 105 8 6.6
129 153(EOH) 24 7.8
incl 150 153(EOH) 3 10.5

13

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Table 5 (continued): Significant Intersections >5%P2O5, >10% P2O5 highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 P2O5
(%)		 Prospect
CBRC138 63 102 39 6.6 GCC
incl 93 102 9 11.9
CBRC139 39 57 18 5.5
CBRC142 75 141(EOH) 66 7.1
incl 108 126 18 13.6
CBRC143 114 132(EOH) 18 8.5
incl 114 120 6 18.4
CBRC146 63 81 18 5.1
CBRC148 87 129(EOH) 43 11.9
CBRC153 90 120 30 6.1

Table 6: Significant Intersections >5% TiO2, >10% TiO2 highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 TiO2
(%)		 Prospect
CBRC011 51 54 3 5.3 GCC
CBRC028 54 57 3 5.1 C3
CBRC029 14 30 16 5.7
CBRC030 16 27 11 5.8
CBRC032 9 32 23 6.7 GCC
CBRC033
and		 13 16 20 5.0
42 46 4 6.2
CBRC044 43 53 10 5.5
CBRC049 42 51 9 5.2
CBRC053 36 66 30 6.3
CBRC058 63 66 3 6.0
CBRC080 57 69 12 6.3
CBRC083 23 42 19 6.7 C3
CBRC084 9 45 36 7.9
incl 25 39 14 12.3
CBRC085 6 85 79 7.4
incl 45 66 21 11.7
CBRC086 12 84 72 8.6
incl 30 36 6 12.3
and 45 63 18 10.0
incl 66 72 6 12.8
CBRC087 10 33 23 6.2
CBRC089 12 69 57 6.4
incl 34 42 8 11.3
and 111 123 12 7.5
incl 117 120 3 10.1
CBRC107 51 66 15 7.1 GCC
incl 54 60 6 11.5
CBRC111 54 84 30 7.9
CBRC112
and		 66 75 9 6.1 C3
90 93 3 6.4
CBRC113 30 108 78 5.7
incl 48 57 9 11.5
CBRC114 75 78 3 5.6

14

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Table 6 (continued): Significant Intersections >5% TiO2, >10% TiO2 highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 TiO2
(%)		 Prospect
CBRC112
and		 66 75 9 6.1 C3
90 93 3 6.4
CBRC113 30 108 78 5.7
incl 48 57 9 11.5
CBRC114 75 78 3 5.6
CBRC115 7 96 89 5.8
incl 47 50 3 10.0
CBRC117 12 15 3 6.1
CBRC118 66 147 81 6.0
incl 69 75 6 11.8
CBRC119 63 129(EOH) 66 5.9
CBRC120
and		 45 78 33 6.1
105 111 6 5.4
CBRC121
and		 15 44 33 5.1
117 120 3 5.4
CBRC122 51 54 3 5.3
CBRC125 16 123 107 7.7
incl 57 59 2 11.2
and 81 98 17 11.1
CBRC127 135 153 18 5.7
CBRC138 45 102 57 8.8 GCC
incl 72 90 18 11.4
CBRC139 42 54 12 5.8
CBRC141 69 81 12 6.1 GCC
CBRC142 75 90 15 5.7
CBRC145 42 81 39 5.1
CBRC146 42 81 39 6.4
CBRC148 99 129 30 5.7
CBRC150 117 147 30 5.5
CBRC151 54 75 21 5.0
CBRC153 51 66 15 5.9
and 90 93 3 9.0
CBRC157 51 63 12 5.3
CBRC158 57 75 18 5.1
CBRC159 69 75 6 6.3
CBRC169 66 75 9 5.5
CBRC170 54 75 21 6.5
incl 57 60 3 10.2
CBRC171 57 78 21 5.6

Table 7: Significant Intersections >200ppm Sc.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 Sc
(ppm)		 Prospect
CBRC027 25 27 2 204 C3
CBRC086 57 66 9 265
CBRC113 48 54 6 227
CBRC125
and		 18 28 10 270
40 45 5 215
CBRC138 48 60 12 319 GCC

15

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Table 8: DrillCollar
Hole ID
CBRC001
CBRC002
CBRC003
CBRC004
CBRC005
CBRC006
CBRC007
CBRC008
CBRC009
CBRC010
CBRC011
CBRC012
CBRC013
CBRC014
CBRC015
CBRC016
CBRC017
CBRC018
CBRC019
CBRC020
CBRC021
CBRC022
CBRC023
CBRC024
CBRC025
CBRC026
CBRC027
CBRC028
CBRC029
CBRC030
CBRC031
CBRC032
CBRC033
CBRC034
CBRC035
CBRC036
CBRC037
CBRC038
CBRC039
CBRC040
CBRC041
CBRC042
CBRC043
CBRC044
CBRC045
CBRC046
CBRC047
CBRC048
CBRC049
CBRC050
CBRC051
CBRC052
CBRC053
CBRC054		 Table 8: DrillCollar
Hole ID
CBRC001
CBRC002
CBRC003
CBRC004
CBRC005
CBRC006
CBRC007
CBRC008
CBRC009
CBRC010
CBRC011
CBRC012
CBRC013
CBRC014
CBRC015
CBRC016
CBRC017
CBRC018
CBRC019
CBRC020
CBRC021
CBRC022
CBRC023
CBRC024
CBRC025
CBRC026
CBRC027
CBRC028
CBRC029
CBRC030
CBRC031
CBRC032
CBRC033
CBRC034
CBRC035
CBRC036
CBRC037
CBRC038
CBRC039
CBRC040
CBRC041
CBRC042
CBRC043
CBRC044
CBRC045
CBRC046
CBRC047
CBRC048
CBRC049
CBRC050
CBRC051
CBRC052
CBRC053
CBRC054		 Data (GDA94 MGAz50) Data (GDA94 MGAz50)
Hole ID Easting Northing RL Dip Azimuth EOH **Type ** Prospect
CBRC001 414383 7350106 305 -60 45 105 RC C3
CBRC002 414211 7349938 313 -60 43 165 RC
CBRC003 414102 7349828 313 -60 49 165 RC
CBRC004 414045 7349772 311 -60 43 165 RC
CBRC005 413985 7349716 306 -60 42 165 RC
CBRC006 413932 7349659 306 -60 43 165 RC
CBRC007 414320 7350049 307 -60 52 165 RC
CBRC008 414278 7349999 307 -60 49 123 RC
CBRC009 414160 7349879 310 -60 50 165 RC
CBRC010 414840 7348989 310 -60 45 249 RC GCC
CBRC011 414673 7348815 310 -60 45 165 RC
CBRC012 414611 7348750 315 -60 46 165 RC
CBRC013 414782 7348929 308 -60 45 171 RC
CBRC014 414727 7348875 309 -60 44 165 RC
CBRC015 414607 7349429 306 -90 0 45 RC
CBRC016 414499 7349307 308 -90 0 57 RC
CBRC017 414395 7349187 306 -90 0 87 RC
CBRC018 413817 7349995 305 -90 0 75 RC C3
CBRC019 413932 7350106 306 -90 0 75 RC
CBRC020 414157 7350106 315 -90 0 57 RC
CBRC021 414044 7349989 321 -90 0 63 RC
CBRC022 413933 7349877 312 -90 0 45 RC
CBRC023 414495 7349989 309 -90 0 93 RC
CBRC024 414383 7349873 308 -90 0 45 RC
CBRC025 414269 7349765 309 -90 0 45 RC
CBRC026 414161 7349644 306 -90 0 51 RC
CBRC027 414615 7349785 319 -90 0 75 RC
CBRC028 414613 7349875 314 -90 0 99 RC
CBRC029 414494 7349762 310 -90 0 75 RC
CBRC030 414388 7349657 314 -90 0 99 RC
CBRC031 414263 7349550 298 -90 0 75 RC
CBRC032 414607 7349660 316 -90 0 81 RC GCC
CBRC033 414498 7349542 310 -90 0 105 RC
CBRC034 414386 7349428 319 -90 0 81 RC
CBRC035 414614 7349202 320 -90 0 39 RC
CBRC036 414495 7349092 318 -90 0 99 RC
CBRC037 414740 7349086 315 -90 0 39 RC
CBRC038 414607 7348977 312 -90 0 57 RC
CBRC039 414528 7348879 314 -90 0 99 RC
CBRC040 414952 7348865 315 -90 0 63 RC
CBRC041 414834 7348745 315 -90 0 93 RC
CBRC042 415068 7348752 316 -90 0 75 RC
CBRC043 414940 7348635 315 -90 0 99 RC
CBRC044 415178 7348632 308 -90 0 87 RC
CBRC045 415330 7348524 315 -90 0 93 RC
CBRC046 415433 7348425 315 -90 0 87 RC
CBRC047 415546 7348319 308 -90 0 93 RC
CBRC048 415656 7348204 309 -90 0 99 RC
CBRC049 415886 7348204 306 -90 0 99 RC
CBRC050 415771 7348340 306 -90 0 123 RC
CBRC051 415658 7348431 306 -90 0 63 RC
CBRC052 415545 7348538 308 -90 0 93 RC
CBRC053 415658 7348657 308 -90 0 93 RC
CBRC054 415422 7348643 309 -90 0 57 RC

16

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Table 8 (continued): Drill Collar Data (GDA94 MGAz50)

Hole ID Easting Northing RL Dip Azimuth EOH **Type **
CBRC055 413819 7350449 307 -90 0 63 RC GCC
CBRC056 413900 7350534 304 -90 0 111 RC
CBRC057 413688 7350449 303 -90 0 45 RC
CBRC058 413818 7350674 300 -90 0 147 RC
CBRC059 413704 7350559 300 -90 0 75 RC
CBRC060 413588 7350674 307 -90 0 93 RC
CBRC061 413476 7350563 307 -90 0 69 RC
CBRC062 413585 7350454 305 -90 0 75 RC
CBRC063 413707 7350785 305 -90 0 111 RC
CBRC064 413474 7350784 291 -90 0 81 RC
CBRC065 413403 7350704 294 -90 0 69 RC
CBRC066 411792 7351282 307 -90 0 57 RC
CBRC067 411655 7351163 307 -90 0 57 RC
CBRC068 411506 7351073 307 -90 0 69 RC
CBRC069 410966 7351418 300 -90 0 69 RC
CBRC070 411706 7351802 300 -90 0 99 RC
CBRC071 411703 7351576 300 -90 0 69 RC
CBRC072 411587 7351689 300 -90 0 81 RC
CBRC073 411596 7351458 300 -90 0 87 RC
CBRC074 411489 7351349 300 -90 0 81 RC
CBRC075 411591 7351924 300 -90 0 123 RC
CBRC076 411478 7351578 300 -90 0 88 RC
CBRC077 411362 7351915 300 -90 0 93 RC
CBRC078 411467 7351996 300 -90 0 99 RC
CBRC079 411475 7351800 300 -90 0 93 RC
CBRC080 411250 7351799 300 -90 0 165 RC
CBRC081 411373 7351696 300 -90 0 93 RC
CBRC082 411283 7351594 300 -90 0 75 RC
CBRC083 414546 7349700 306 -59 36 153 RC C3
CBRC084 414483 7349645 306 -58 45 201 RC
CBRC085 414431 7349587 307 -59 44 123 RC
CBRC086 414540 7349584 307 -59 46 117 RC
CBRC087 414431 7349698 306 -58 47 201 RC
CBRC088 414318 7349587 311 -59 43 181 RC
CBRC089 414654 7349695 309 -59 45 159 RC
CBRC090 410043 7325078 358 -90 0 63 RC C6
CBRC091 409725 7325084 349 -90 0 57 RC
CBRC092 409223 7325080 355 -90 0 81 RC
CBRC093 408919 7325078 355 -90 0 81 RC
CBRC094 410154 7324593 355 -90 0 81 RC
CBRC095 409810 7324580 351 -90 0 99 RC
CBRC096 409491 7324585 350 -90 0 93 RC
CBRC097 409189 7324587 354 -90 0 87 RC
CBRC098 408867 7324584 358 -90 0 87 RC
CBRC099 408689 7324570 350 -90 0 87 RC
CBRC100 409028 7324588 352 -90 0 105 RC
CBRC101 409344 7324583 361 -90 0 87 RC
CBRC102 409656 7324586 361 -90 0 105 RC
CBRC103 409988 7324587 300 -90 0 81 RC
CBRC104 409079 7325081 300 -90 0 81 RC
CBRC105 409401 7325074 300 -90 0 87 RC
CBRC106 409885 7325080 300 -90 0 57 RC

17

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Table 8 (continued): Drill Collar Data (GDA94 MGAz50)

Hole ID Easting Northing RL Dip Azimuth EOH **Type **
CBRC107 416640 7347831 311 -90 0 105 RC GCC
CBRC108 416506 7347918 319 -90 0 93 RC
CBRC109 416381 7348007 317 -90 0 93 RC
CBRC110 416245 7348108 312 -90 0 105 RC
CBRC111 416113 7348148 315 -90 0 111 RC
CBRC112 414598 7349985 306 -59 47 95 RC C3
CBRC113 414544 7349929 308 -59 44 153 RC
CBRC114 414486 7349873 311 -58 43 165 RC
CBRC115 414374 7349761 311 -57 47 165 RC
CBRC116 414322 7349702 309 -57 45 160 RC
CBRC117 414250 7349646 316 -59 40 165 RC
CBRC118 414661 7349928 307 -58 46 165 RC
CBRC119 414707 7349883 314 -59 48 129 RC
CBRC120 414656 7349809 313 -59 44 165 RC
CBRC121 414605 7349754 326 -59 49 165 RC
CBRC122 414374 7349526 324 -59 44 165 RC
CBRC123 414429 7349476 323 -58 43 165 RC
CBRC124 414644 7349596 313 -60 43 165 RC
CBRC125 414605 7349520 333 -59 46 165 RC
CBRC126 414438 7349825 317 -59 47 165 RC
CBRC127 414542 7349472 321 -58 42 153 RC
CBRC128 414482 7349416 319 -57 42 165 RC
CBRC129 419046 7343403 319 -61 40 81 RC C7
CBRC130 418905 7343266 322 -60 44 93 RC
CBRC131 419018 7343376 320 -60 47 105 RC
CBRC132 418877 7343238 322 -60 42 111 RC
CBRC133 418985 7343348 322 -66 40 129 RC
CBRC134 418843 7343207 322 -60 40 111 RC
CBRC135 418957 7343319 324 -60 42 129 RC
CBRC136 418816 7343178 324 -60 37 111 RC
CBRC137 418927 7343290 322 -60 40 123 RC
CBRC137 418927 7343290 315 -60 41 123 RC
CBRC138 416916 7347689 324 -90 0 117 RC GCC
CBRC139 417200 7347518 300 -90 0 81 RC
CBRC140 417446 7347321 313 -90 0 81 RC
CBRC141 417710 7347127 318 -90 0 105 RC
CBRC142 417706 7347145 339 -90 0 141 RC
CBRC143 418224 7346747 280 -90 0 135 RC
CBRC144 418421 7346507 327 -90 0 111 RC
CBRC145 415967 7347969 308 -90 0 93 RC
CBRC146 416195 7347616 309 -90 0 93 RC
CBRC147 416280 7347802 299 -90 0 93 RC
CBRC148 416543 7347644 300 -90 0 129 RC
CBRC149 416466 7347505 310 -90 0 93 RC
CBRC150 416388 7347365 310 -90 0 171 RC
CBRC151 416947 7347057 312 -90 0 93 RC
CBRC152 417302 7347036 311 -90 0 93 RC
CBRC153 416669 7347210 312 -90 0 141 RC
CBRC154 416744 7347349 310 -90 0 105 RC
CBRC155 416823 7347488 308 -90 0 111 RC
CBRC156 417026 7347195 311 -90 0 99 RC
CBRC157 417103 7347334 309 -90 0 87 RC
CBRC158 417223 7346895 312 -90 0 111 RC

18

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Table 8 (continued): Drill Collar Data (GDA94 MGAz50)

Hole ID Easting Northing RL Dip Azimuth EOH **Type **
CBRC161 417581 7346881 311 -90 0 93 RC GCC
CBRC162 417664 7347022 310 -90 0 93 RC
CBRC163 417707 7346447 313 -90 0 111 RC
CBRC164 417788 7346585 312 -90 0 99 RC
CBRC165 417864 7346721 312 -90 0 93 RC
CBRC166 417935 7346857 312 -90 0 93 RC
CBRC167 418141 7346567 312 -90 0 93 RC
CBRC168 418056 7347103 312 -90 0 93 RC
CBRC169 418321 7346895 312 -90 0 93 RC
CBRC170 418388 7347068 306 -90 0 99 RC
CBRC171 418564 7346953 307 -90 0 93 RC
CBRC172 419086 7345847 315 -90 0 99 RC
CBRC173 418330 7346627 313 -90 0 27 RC
CBDD001 414847 7348981 307 -60 43 249.6 DDH C3
CBDD002 414367 7349638 302 -60 45 279.6 DDH
CBDD003 414548 7349699 302 -59 38 92.1 DDH
CBDD005 414430 7349585 303 -59 43 90.6 DDH
CBDD006 414604 7349667 301 -59 314 201.6 DDH
CBDD008 414318 7349699 302 -59 42 99.6 DDH
CBDD009 414597 7349526 303 -60 40 135.6 DDH
CBDD010 414373 7349749 303 -59 45 108.6 DDH

19

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JORC Code, 2012 Edition – Table 1 Report Template Section 1 Sampling Techniques and Data

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

Criteria **JORC Code explanation ** Commentary
Sampling techniques •
Nature and quality of sampling (e.g. cut channels, 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.
•
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 types (e.g.
submarine nodules) may warrant disclosure of detailed
information.		 Reverse Circulation (RC) drilling was undertaken to produce
samples for assaying.
Laboratory Analysis
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 either ALS Laboratories in Perth
for determination of Rare Earth Oxides by Lithium Borate
Fusion XRF (ALS Method ME-XRF30) or Intertek Minerals in
Perth for determination of Rare Earth Oxides by Lithium
Borare Fusion XRF (Intertek Method FB6/OM45).
All 1m samples are also submitted for 48 multi-elements via 4
acid digestion with MS/ICP finish (ALS Code ME-MS61 or
Intertek Code 4A/MS48) to assist with lithological
interpretation.
QAQC samples consisting of duplicates, blanks and CRM’s
(OREAS Standards) will be inserted through the program at a
rate of 1:50 samples. Duplicate samples are submitted as
quarter core.
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
andgrade.
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 and percentage of the relevant
intersections logged.		 RC Drilling
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 chiptrays for

20

ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Criteria **JORC Code explanation ** Commentary
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.		 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.
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)
andprecision have been established.		 Laboratory Analysis
Lithium borate fusion is considered a total digest and Method
ME-XRF30 and FB6/OM45 are appropriate for REE, P2O5,
TiO2 determination. ME-MS61 and 4A/MS48 are considered
a near total digest and is appropriate for Sc determination.
Standard laboratory QAQC is undertaken and monitored by
the laboratory and by the company upon assay result receival.
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.		 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.
10 pairs of twinned RC and DD holes have been drilled at this
time and compared to validate the RC drilling.
No adjustments to any assay data have been undertaken.
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 the grid system used.
•
Quality and adequacy of topographic control.		 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 dip of the drill hole was recorded after the
completion of the hole using a Reflex Sprint IQ Gyro. A
reading was undertaken every 30thmetre with an accuracy of
+/- 1°azimuthand +/-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 table 1to 6 for hole positions and sampling information.
Infill 80m x 80m drilling is suitable spacing for estimating
inferred Mineral Resources.
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.

21

ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Criteria **JORC Code explanation ** Commentary
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 and Jarrahbar Contracting
out of Carnarvon.
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 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 19 granted Exploration
Licenses
(E08/3178,
E08/3274,
E08/3275,
E08/3439,
E09/2290, E09/2359, E09/2370, E09/2384, E09/2405,
E09/2433, E09/2448, E09/2449, E09/2450, E09/2467,
E09/2473, E09/2478, E09/2531, E09/2535, E09/2616) and 5
granted Mining Licenses (M09/91, M09/146, M09/147,
M09/174, M09/175).
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% Gross Revenue Royalty held
by Beau Resources.
E09/2359 is subject to a 1% Gross Revenue Royalty held by
Prager Pty Ltd.
E09/2290, M09/146 and M09/147 are subject to a 1% Gross
Revenue Royalty held by STEHN, Anthony Paterson and
BROWN, Michael John Barry.2
M09/174 is subject to a 0.5% Gross Revenue Royalty held by
STEHN, Anthony Paterson.
M09/175 is subject to a 0.5% Gross Revenue Royalty held by
STEHN, Anthony Paterson and BROWN, Michael John
Barry.
M09/91 is subject to a 1% Gross Royalty held by DOREY,
Robert Lionel.
The
Mangaroon
Project
covers
4
Native
Title
Determinations including the Budina (WAD131/2004),
Thudgari (WAD6212/1998), 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, Edmund,
Williamburyand Towera 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
dreadnoughtresources.com.au 22

22

ASX:DRE +61 (08) 9473 8345 [email protected] Unit 1, 4 Burgay Court Osborne Park WA 6017

ABN 40 119 031 864

Criteria **JORC Code explanation ** Commentary
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, 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.		 All results greater than 0.3% TREO, 0.3% Nb2O5, 5%
P2O5, 5% TiO2 and 200ppm Sc have been reported.
Significant intercepts are length weight averaged for all
samples with TREO values >0.3% TREO with up to 3m of
internal dilution (<0.3% 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.
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.		 Additional RC drilling
Diamond Drilling
Metallurgical test work
Additional Resource Modelling

23

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