DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2023

Jun 19, 2023

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20 June 2023

HIGHLY CONDUCTIVE ANOMALIES ENHANCE ORION LOOK-ALIKES – TARRAJI-YAMPI (80%/100%)

HIGHLIGHTS

• The high-grade Cu-Ag-Au-Co-Zn Orion discovery (~350m wide x ~150m long and modelled to at least 500m deep) was made in 2021. The Orion discovery was followed by extensive auger sampling programs in 2022 designed to geochemically “fingerprint” Orion and apply that knowledge across other under cover areas at Tarraji-Yampi. The auger program has now identified 14 high-quality Orion look-alikes to date with a similar geochemical signature (ASX 18 May 2023).

• A Fixed Loop Electromagnetic (“FLEM”) survey has been completed to define conductive bodies associated with the geochemical anomalism. Of the 9 geochemical anomalies now surveyed, 6 have produced strong coincident conductors (3 with outcropping mineralisation) and 3 with moderate to weak conductors.

• Discovery focused RC and diamond drilling is to commence in August / September 2023.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce the results from the recently completed FLEM survey at Tarraji-Yampi, in the Kimberley Region of Western Australia.

The FLEM survey has complimented the recently announced auger results that identified 14 high-quality targets with similar geochemical and geophysical signatures to Orion. Significantly, the combined results have identified 6 coincident geochemical, magnetic and strong conductor (>2,000S) anomalies, 3 of which have identified outcropping mineralisation. There are a further 3 moderate to weak conductors with coincident geochemical anomalies, including Thunderer North where an outcropping mineralised vein was identified with similarities to Grant’s Find and Vanguard. All targets sit within prospective lithostructural settings and will be RC drilled in August / September 2023.

Dreadnought’s Managing Director, Dean Tuck, commented: “Tarraji-Yampi had been unexplored for over 50 years prior to becoming Dreadnought’s original flagship project upon listing in 2019. Since the Orion discovery in 2021, Dreadnought has significantly enhanced the geological, geochemical and geophysical understanding of this unexplored region. This has resulted in fourteen geochemical and geophysical anomalies, hosted within prospective lithostructural settings similar to the known massive sulphide mineralisation at Orion and vein hosted mineralisation at Grant’s. With our new understandings and datasets now available, it is worth highlighting that several of these anomalies are stronger, larger and/or higher tenor than those over Orion. We are excited about the prospect of making additional discoveries and proving the scale of the Cu-Ag-Au-Co opportunity at Tarraji-Yampi.”

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Figure 1: SGC Niche Acquisitions team and Frontier Helicopters prepare to set up FLEM loops at Orion.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC WA 6916

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

+61 (08) 9473 8345

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SNAPSHOT – Tarraji-Yampi Cu-Ag-Au-Co

Unexplored since the 1970s

• Outcropping mineralisation discovered in 1905 and mined for copper at Grant’s Find, Wilson’s Reward, Monarch, Iron Clad and Tarraji from 1907-1920.

• Only historical exploration within the area was by WMC Resources in the 1950s and Australian Consolidated Minerals in the 1970s with both parties exploring for copper.

• Contained entirely within the Yampi Sound Training Area (“YSTA”), Commonwealth land that was off limits to mineral exploration from 1978 to 2013.

Genuine Camp Scale Potential

• Five clusters of historical mining on outcropping mineralisation.

• Orion discovery (~350m wide x ~150m long and modelled to at least 500m deep), under just 1m of cover, made in 2021.

• 14 additional Orion look-alikes defined through geochemical and geophysical surveys including 5 with known outcropping mineralisation, and 6 with coincident highly conductive bodies.

• Lithostructural and geochemical similarities to Cu-Au mineralisation in the Cloncurry IOCG province.

- Significant, Step Change, Growth Potential

• Dreadnought is the first company to deploy modern geochemical and geophysical techniques to explore for mineralisation under shallow cover in the region.

• Discovery focused drilling planned to commence in August / September 2023.

High-Grade, Multi-Metal Potential Including Cu-Ag-Au-Co

• Previous drilling at Orion includes thick high-grade intersections:

• 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

Global Energy Decarbonisation Driving Copper Fundamentals

• S&P Global forecasts that global demand for copper could double by 2035, from 25M tonnes to 50M tonnes. Under this scenario, by 2030, supply from both existing and projected copper mines will meet just 80% of demand (S&P Global: The Future of Copper, July 2022).

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Figure 2: Photograph of massive cuprite (copper oxide) at Rough Triangle.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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Figure 3: Plan view image of the Orion Trend, Ironclad, Grant’s, Vanguard and Thunderer showing the location of recently completed auger sampling (grey) in relation to the geochemical anomalies, outcropping mineralisation, and EM conductance.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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Discussion of Results

Geochemical orientation work at Orion has shown that black soil plains, which cover most of Tarraji-Yampi, obscure the geochemical signature of the massive sulphide mineralisation at surface, rendering surface geochemical surveys ineffective. A benchmark auger program was conducted over Orion where the cover is only 1-5m thick. Pleasingly, the weathered saprolite material beneath the cover expressed a ~350m x ~150m geochemical anomaly with a peak value of ~1,400ppm Cu+Pb+Zn+As above the massive sulphide mineralisation.

“ ” - The implication of fingerprinting Orion being that a broader auger program over Tarraji Yampi would identify Orion look-alikes. Results have been highly encouraging with 14 look-alikes identified highlighting the camp scale potential at Tarraji-Yampi.

Orion Trend: First pass, 200m x 40m and 100m x 40m auger sampling over the 4km x 1km Orion trend has highlighted 9 targets (Ironclad, OR1-8) all with >10x background (~80ppm Cu+Pb+Zn+As) with similar lithostructural settings and geophysical signatures to Orion.

Other Areas: Outside of the Orion trend, over a dozen prospective areas were prioritised for auger work based on their known mineralisation, magnetic anomalism and or interpreted lithostructural setting. Of these areas, 5 returned significant anomalism with Thunderer East, Thunderer West and Neptune also having similar lithostructural settings to Orion. Vanguard and Thunderer North are similar to and a possible extension of Grant’s Find (Cu-Au).

Gossanous and mineralised outcrops: Pleasingly, 6 new gossanous and mineralised outcrops were identified at Ironclad, OR4, Vanguard, Thunderer North, East and West.

The recent FLEM survey has resulted in 6 highly conductive bodies coincident with defined geochemical anomalism at Orion and Thunderer. In particular, the modelled conductors at OR2 (4,590S) and OR7 (4,200S) are stronger than the original Orion anomaly (4,146S) with similar geochemical and magnetic signatures. A further 3 weak to moderate conductors have been defined coincident with geochemical anomalism and outcropping mineralisation which are analogous to the Grant’s Find style of vein hosted mineralisation. Additional FLEM surveys are planned for OR1, OR5, OR6 and Neptune in August with IP surveys at Vanguard following a trial orientation at Grants.

RC drilling of the 14 Orion look-alikes will commence in August / September 2023.

Table 1: Description of 14 Orion look-alikes (GDA94 MGA z51).

Location	Location	Location	Auger Geochemistry	Auger Geochemistry	Auger Geochemistry	FLEM Survey	FLEM Survey	FLEM Survey
Target ID	Easting	Northing	Strike (m)	Width (m)	Peak Value (Cu+Pb+Zn+As)**	Strike (m)	Dip (m)	Conductance (S)	Magnetic Anomaly	Outcropping Mineralisation
Orion	627920	8168750	350	150	**1,418ppm **	425	315	4,146	Yes	No
Ironclad	626960	8167000	1,550	150	2,750ppm	Not Surveyed			No	Yes
OR1	627720	8168850	300	150	2,566ppm	Weak or Masked			No	Under Cover
OR2	627760	8169400	300	150	1,170ppm	220	245	4,590	Yes	Under Cover
OR3	627480	8167400	420	130	1,380ppm	540	375	3,170	Yes	Under Cover
OR4	627320	8166800	780	200	1,244ppm	510	370	3,320	Yes	Yes
OR5	626840	8166500	400	200	1,069ppm	Not Surveyed			Yes	Under Cover
OR6	627280	8166300	350	100	941ppm	Not Surveyed			Yes	Under Cover
OR7	627640	8167900	580	100	985ppm	410	290	4,200	Yes	Under Cover
OR8	627200	8167500	1,500	200	953ppm	300	220	660	No	Under Cover
Thunderer East	626920	8160700	450	150	1,496ppm	340	215	2,590	No	Yes
Thunderer West	626640	8160800	500	100	1,205ppm	400	600	2,590	Yes	Yes
Thunderer North	626680	8161600	200	80	520ppm	300	470	180	Yes	Yes
Vanguard	628800	8164800	500	40	579ppm	Not Surveyed			Yes	Yes
Neptune*	598160	8171200	N/A*	N/A*	1,221ppm*	Not Surveyed			Yes	Under Cover

Auger program over Neptune <25% complete *Background value ~80ppm Cu+Pb+Zn+As

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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+61 (08) 9473 8345

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Figure 4: Plan view image of the Orion Trend showing the location of prospects in relation to surface geochemical anomalism over a merged mid-time conductance image.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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Figure 5: Plan view image of the Thunderer Trend showing the location of prospects in relation to surface geochemical anomalism over a merged mid-time conductance image.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au +61 (08) 9473 8345

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Background on Tarraji-Yampi (E04/2508, E04/2557, E04/2572, E04/2608, E04/2860, E04/2861, E04/2862, E04/2863: 100%, E04/2315: 80%)

Tarraji-Yampi is located entirely within the Yampi Sound Training Area (“ YSTA ”), a Commonwealth Defence Reserve in the West Kimberley, ~80kms from the port of Derby. The YSTA is the second largest defence reserve in Australia after Woomera in South Australia and was off limits to mineral exploration from 1978 to 2013.

The only significant exploration undertaken in the area was by WMC Resources in 1958 and Australian Consolidated Minerals in 1972, with both parties exploring for copper. Since opening for exploration in 2013, Dreadnought has secured the largest ground holding within the YSTA and developed strong working relationships with both the Department of Defence and the Dambimangari People.

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Figure 6: Plan view image showing the location of Cu-Au and VMS prospects over geological interpretation at Tarraji-Yampi.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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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

• 22 June 2022 Orion Auger Program – Tarraji-Yampi Project

• 15 August 2022 Nine Orion Look-alikes from Auger Program, More to Come

• 3 October 2022 Commencement of Regional Auger Program

• 18 May 2023 Additional Orion Look-Alikes from Auger Program

UPCOMING NEWSFLOW

June-December: Ongoing drilling results from Mangaroon REE (100%)

21-22 June: Gold Coast Investment Showcase

June/July: REE Resource upgrade (Mangaroon 100%)

June/July: Results of nickel review with Newexco (Central Yilgarn 100%)

July: Commencement of RC drilling at the Money Intrusion (Mangaroon First Quantum Earn-in)

July: Quarterly Activities and Cashflow Report

19-21 July: Noosa Mining Investor Conference

August: Commencement of RC drilling at Mangaroon Au (100%)

7-9 August: Diggers and Dealers Conference

August / September: Commencement of drilling at Tarraji-Yampi (80% and 100%)

September: Drilling and DHEM results from Money Intrusion (Mangaroon First Quantum Earn-in)

November: Follow-up RC drilling at Mangaroon Au (100%)

December 2023 quarter: REE Resource upgrade (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.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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-Au-Ag-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 100% Project

Mangaroon is a first mover opportunity covering ~5,300 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 at

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the Money Intrusion. Dreadnought’s 100% owned areas contain outcropping high-grade gold bearing quartz veins including the historic Star of Mangaroon and Diamond’s gold mines, along the Edmund and Minga Bar Faults and outcropping high-grade REE ironstones and seven carbonatite intrusions which may be the source of the region’s rare earth mineralisation.

Dreadnought has delivered an initial JORC Inferred Resource over just 3kms of the Yin REE Ironstone Complex delivering 14.36Mt @ 1.13% TREO (30% NdPr:TREO Ratio) (ASX 28 Dec 2022 ) with an additional 40 strike kilometres still to be tested.

Bresnahan HREE and Au Project

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 and mesothermal lode gold similar to Paulsen’s Au-Ag-Sb deposits along strike.

Prior to consolidation by Dreadnought, the Bresnahan Basin had only been 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

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-Caesium-Tantalum.

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 712, Osborne Park DC, WA 6916

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

+61 (08) 9473 8345

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Cautionary Statement

This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forward-looking 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 – Exploration Results

The information in this announcement that relates to geology, Exploration Results 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.

Table 2: Significant Rock Chips (>0.1% Cu or > 0.1g/t Au or >0.01% Co) (location in GDA94 MGAz51)

Sample ID Easting Northing Cu (%) Ag (g/t) Au (g/t) Co (%) Zn (%)	Prospect
KMRK0288 625800 8160968 16.5 16.3 0.3 0.08 -	Fuso NE
KMRK0289 626603 8161689 37.0 163.0 1.0 0.03 -	Thunderer
KMRK0290 626601 8161681 39.4 165.0 1.6 0.02 -
KMRK0291 626596 8161692 14.0 17.4 0.6 0.10 -
KMRK0292 626596 8161702 1.9 4.0 - 0.01 -
KMRK0293 626492 8161357 2.4 10.3 - - 0.3
KMRK0294 626801 8161570 2.2 7.8 - 0.01 -
KMRK0295 626958 8161414 12.9 51.5 - 0.02 0.1
KMRK0296 626720 8160784 0.1 0.1 - - -
KMRK0297 626773 8160606 0.6 0.7 - - -
TJRK21 628815 8164411 5.4 1.8 1.0 0.01 -	Vanguard
TJRK27 629157 8164341 6.7 0.6 1.2 - -
TARR301 628821 8164411 14.3 3.5 0.7 0.02 -
KMRK0299 627325 8166805 0.1 0.6 - - 0.4	OR4
KMRK0300 627325 8166805 0.1 0.5 - - 0.6
KMRK0301 627325 8166805 0.2 0.9 - - -
KMRK0305 627325 8166805 - 0.1 - - 0.5

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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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 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.	FLEM Survey Fixed Loop EM (FLEM) surveyed at 25m and 50m station spacing with 50m and 100m spaced lines. FLEM stations were planned perpendicular to geological strike of target horizons. Auger Soils Soil auger sampling was undertaken to produce samples for assaying. For the purposes of this program, auger is considered a surface sampling technique and not a drilling technique. ~500 grams of material was collected from the end of hole auger spoils (holes are between 1 and 9m deep) and placed into prenumbered plastic bags. All samples were submitted to ALS Laboratories in Perth and pulverised to produce a 0.5g charge for determination of 53 elements by an aqua regia digest and ICP-MS finish (ALS Code ME-MS41L). Samples were backfilled on completion of each hole to ensure minimal disturbance and evidence of drilling. 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 Au, Pt and Pd by PGM- ICP24 and multiple (48) elements by ME-MS61
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	Auger Sampling OzEx undertook the program utilising a CF moto 1000cc UTV towing a custom built heli-portable auger rig mounted on a trailer and a second auger rig mounted on a Toyota Landcruiser. Holes were drilled verticallyto a depth of between 1

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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Criteria	JORC Code explanation	Commentary
	what method, etc.).	and 9m depending on the depth of cover with a 4” drill pilot and 3” ¾ drill rods powered by a 25 hp Perkins air-cooled diesel engine.
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.	Auger Sampling Auger sample recoveries are considered to be near 100%. There is potential for contamination from bringing the sample to surface, however assays are used as indicative values and not to be used for any resource studies. Auger sampling was undertaken using a ‘best practice’ approach to achieve maximum sample recovery and quality. Best practice sampling procedure included a shovel and trowel to separate material based on colour and geological changes downhole and every 1.5m rod, cleaning of sampling equipment every hole and suitable supervision by supervising DRE geologist to ensure good sample quality and the sampling of the correct material. At the end of each hole the auger is cleaned 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 and percentage of the relevant intersections logged.	Logging is qualitative, quantitative or semi- quantitative in nature. Data was recorded on depth of hole, colour change and blade refusal.
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.	Auger Sampling A 500g scoop sample of partially homogenised saprolite regolith from an auger sample pile is fit for purpose as a preliminary exploration technique for the material being sampled. 500g auger samples are submitted to ALS laboratories in Perth where they are pulverised to 85% passing 75um to produce a 0.5g charge for aqua regia digestion with an ICP-MS finish to determine Au and 52 other elements (ME-MS41L). The competent person considers this acceptable within the context of reporting preliminary exploration results. Rock Chips Entire rock chips were submitted to the lab for sample prep and analysis.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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Criteria	JORC Code explanation	Commentary
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 precision have been established.	FLEM Survey The Company commissioned Southern Geoscience Consultants (SGC) of Perth to supervise the (FLEM) surveys that were undertaken by SGC Niche Acquisitions across the Tarraji- Yampi Project. The geophysical FLEM program parameters were as follows: Contractor:SGC Niche Acquisition Configuration:Fixed-Loop EM (FLEM) Tx Loop size:200 x 300 m Transmitter:DRT Receiver:Smartem24 Sensor:3C Fluxgate (B-field) Line spacing:50 and 100 m Line bearing:E/W Station spacing:25 and 50 m Tx Freq.:1 Hz Duty cycle:50% Current:7 to 8 Amp Auger Sampling The aqua regia digest technique is a weak acid ‘partial leach technique’ for Au and other elements. Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival. Duplicate samples were taken every 50 holes, whereby a second auger sample was completed ~1m from the original auger location and sampled to the same depth. All QAQC performed to an acceptable standard. 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 50 gram aliquot was analysed for Au, Pt and Pd by Fire Assay and ICP-AES finish (ALS Code PGM- ICP24) Fire Assay is considered a total digest for Au, Pt and Pd. A 0.25 grams aliquot was analysed for 48 elements by a four-acid digest and ICP-MS finish (ALS Code ME-MS61). Four-acid digest is considered a “near-total” digest for most elements. 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.	FLEM Survey Geophysical data has been assessed by Southern Geoscience Consultants. Geophysical data was recorded by the Smartem24 and downloaded in the field and emailed to Southern Geoscience Consultants daily. Geophysical data is backed up to tape weekly.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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

+61 (08) 9473 8345

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Criteria	JORC Code explanation	Commentary
		Auger Sampling All anomalous areas were visited by company personnel. No twinned holes are used, however duplicate holes performed to an acceptable standard. Logging and Sampling Sample data was recorded directly into a paper logging system, verified and converted to a digital format, eventually stored in an offsite database. Significant readings are inspected by senior company personnel. 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 the grid system used. • Quality and adequacy of topographic control.	All sample locations were recorded with a Garmin handheld GPS which has an accuracy of +/- 5m. GDA94 MGAz51.
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.	FLEM Survey 25m and 50m station spacing and 50m and 100m line spacing. The geophysical anomalies cross multiple stations and lines and as such the data spacing is sufficient to model the anomalies. Auger Sampling Auger sampling was completed on a 100m x 40m grid or 200m x 40m grid as a first pass exploration approach. 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.	FLEM Survey FLEM stations were planned perpendicular to geological strike of the target units. No drilling was undertaken. Auger Soils Auger sampling was undertaken as shallow vertical holes across the project area designed to penetrate beneath transported cover. No sample bias is known at this time. Rock Chips Rock chip sampling by its nature is highly biased.
Sample security	• The measures taken to ensure sample security.	FLEM Survey FLEM data was recorded by the Smartem24 and downloaded in the field and emailed to Southern

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Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

+61 (08) 9473 8345

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Criteria	JORC Code explanation	Commentary
		Geoscience Consultants daily and is backed up to tape weekly.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	FLEM Survey Geophysical data has been audited and reviewed by Southern Geoscience Consultants 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 Tarraji-Yampi Project consists of 9 granted (E04/2315, E04/2508, E04/2572, E04/2557, E04/2608, E04/2860, E04/2861, E04/2862, E04/2863) exploration Licenses. The Tarraji tenement (E04/2315) is a 80/20 JV between IronRinger (Tarraji) Pty Ltd and Whitewater Resources Pty Ltd. The Yampi Tenements (E04/2508, E04/2572, E04/2557, E04/2608) and Tarraji Tenements (E04/2860, E04/2861, E04/2862, E04/2863) are 100% owned by Dreadnought Exploration Pty Ltd. Dreadnought Exploration Pty Ltd is a wholly owned subsidiary of Dreadnought Resources Ltd. E04/2315, E04/2508, E04/2572, E04/2557, E04/2860, E04/2861, E04/2862, E04/2863 are located within the Yampi Sound Training Area (YSTA) which is freehold land owned by the Commonwealth Government and administered by the Department of Defence. Being freehold Commonwealth Land, Native Title has been extinguished but falls within Dambimangari Land. E04/2608 is partly located within the YSTA and partly on Vacant Crown Land which has Native Title claim by the Warra Combined (NNTT Number 2901).
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Regional mapping, basic stream sediment, soil sampling and limited diamond drilling was completed by WMC in the 1950s. Shallow percussion and diamond drilling was undertaken by ACM at Chianti in the 1970s. The YSTA was off limits to exploration from 1978 until 2013.
Geology	• Deposit type, geological setting and style of mineralisation.	The Tarraji-Yampi Project is located within the Hooper Complex which is a Proterozoic Mobile Belt in the West Kimberley. The Hooper Complex has known occurrences of Cu-Zn-Pb-Ag VMS mineralisation within the Marboo Formation, magmatic Ni-Cu-PGE mineralisation in the

Dreadnought Resources Limited

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

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

+61 (08) 9473 8345

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Criteria	JORC Code explanation	Commentary
		Ruins Dolerite and later stage Proterozoic Cu-Au mineralisation associated with significant structures and late-stage intrusions.
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.	No drilling reported.
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.	No drilling 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’).	For the purposes of this program, auger is considered a surface sampling technique and not a drilling technique. No drilling thicknesses or widths have been reported.
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.	Rio Tinto Exploration completed a versatile time domain electromagnetic (VTEM) and aeromagnetic survey covering 206 sq km of the Yampi tenements for 901-line kilometres of data using 125 and 250 m line spacing.

Dreadnought Resources Limited

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

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

+61 (08) 9473 8345

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Criteria	JORC Code explanation	Commentary
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 auger sampling is expected to commence in 2023. Fixed Loop EM. RC and Diamond drilling in 2023.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916

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

+61 (08) 9473 8345