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DREADNOUGHT RESOURCES LTD Capital/Financing Update 2023

Jun 6, 2023

64785_rns_2023-06-06_75e84b8d-e9ed-49b5-b2d7-eca4f031fb43.pdf

Capital/Financing Update

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7 June 2023

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AMENDMENT - MANGAROON GOLD REVIEW AND FURTHER CONSOLIDATION

Dreadnought Resources Limited (“ Dreadnought ”) provides some supplementary information regarding Figures 1 and 4 of the rock chips taken from the recently acquired Lead Gold Mine (M09/91) in the attached amended version of the ASX release titled Mangaroon Gold Review and Further Consolidation dated 6 June 2023 (“the release”).

Furthermore, the Company notes there was an incorrect reference on pages 1-3 of the previous version of the release with regards to one of the rock chips from the historical workings as follows:

Incorrect: RNCYD048: 53.0 g/t Au, 552 g/t AG (Popeye) Correct: RN L YD048: 30.1 g/t Au, 552 g/t Ag (Popeye)

The Company notes these results were outlined correctly in Table 1 (page 10) of the previous release and that investors should not depend on the incorrect results referenced on pages 1-3.

The attached version of the release has been amended to reflect these changes.

For further information please contact:

Dean Tuck Managing Director Dreadnought Resources Limited E:[email protected]

Jessamyn Lyons Company Secretary Dreadnought Resources Limited E:[email protected]

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

www.dreadnoughtresources.com.au [email protected] +61 (08) 9473 8345

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6 June 2023

MANGAROON GOLD REVIEW AND FURTHER CONSOLIDATION – MANGAROON 100%

HIGHLIGHTS

  • A six-month review into the high-grade gold at Mangaroon has identified significant potential in a ~40km x ~20km focus area around the Mangaroon Shear Zone - a linkage structure between the crustal scale Minga Bar and Edmund Faults. There are numerous historical workings along the >10km Shear Zone which has remarkably only seen significant drilling (34 holes) over ~200m strike at the Star of Mangaroon mine (Figure 2).

  • The historical drilling at the Star of Mangaroon includes significant (post mining) intercepts:

  • MA10: 4m @ 26.0 g/t Au from 4m

  • MA23: 2m @ 29.8 g/t Au from 19m

  • SMC07: 4m @ 18.7 g/t Au from 18m

    • MA17: 7m @ 14.3 g/t Au from 7m

    • MA43: 1m @ 53.0 g/t Au from 18m

    • SMC09: 4m @ 16.4 g/t Au from 14m

  • Rock chips from historical workings within the focus area include:

  • MNRK0515: 74.8 g/t Au (Diamond)

  • SM7: 121.2 g/t Au, 179 g/t Ag (Popeye)

  • TPRK05: 41.7 g/t Au (Two Peaks)

  • RNLYD048: 30.1 g/t Au, 552 g/t Ag (Popeye)

  • The Lead Gold Mine (M09/91), the last remaining mining lease within the area, has now been conditionally acquired from an unrelated third party*. Dreadnought now has 100% ownership of all significant historical workings around the Mangaroon Shear Zone. The Lead Gold Mine has never been drilled.

  • Significant ultrafine soils geochemical and stream sediment surveys are being undertaken over the focus area.

  • RC drilling will commence in August 2023 at the Star of Mangaroon, the Lead Gold Mine, Cullen’s Find, Two Peaks and Diamond following the completion of the current Resource focussed drilling at the Yin ironstones.

  • Drilling at the Yin ironstones, the C1-C7 carbonatites and metallurgical studies ongoing.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that it has completed a six-month review into the high-grade gold potential, and acquired* the Lead Gold Mine, at Mangaroon in the Gascoyne Region of Western Australia.

Dreadnought’s Managing Director, Dean Tuck, commented: “The Gascoyne remains one of the most underexplored terrains, with minimal cover, in all of Western Australia. The results of this review underscores our belief that this region will continue to deliver at and near surface opportunities across a range of commodities. Having now consolidated the historical workings around the Star of Mangaroon, we are well positioned to progress a significant high grade gold opportunity to our portfolio.”

Figure 1: Image of visible gold within a quartz vein with secondary oxides and carbonates after sulphides from a mullock sample at the recently acquired* Lead Gold Mine (M09/091). The field of view is ~5cm. The sample has not been assayed. Sample collected from 371655E, 7361095N GDA95 MGAz50. See Figure 6 at rear of JORC table for scale, location of collection and picture of entire rock chip.

*Cautionary Statement: Dreadnought has entered into a binding agreement with an unrelated, third party to acquire 100% of the Lead Gold Mine. The acquisition is subject to the satisfaction of certain conditions prior to completion. The Lead Gold Mine is not yet owned by Dreadnought. Conditions precedent are to be satisfied prior to completion.

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

www.dreadnoughtresources.com.au [email protected] +61 (08) 9473 8345

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SNAPSHOT – MANGAROON GOLD

Mangaroon Gold is 100% Owned by Dreadnought

  • Over 5,000sq kms of highly prospective ground, with minimal historical and no modern exploration.

  • Initial focus area is a ~40km x ~20km area around the Mangaroon Shear Zone - a linkage structure between the crustal scale Minga Bar and Edmund Faults.

  • There are numerous historical workings along the >10km Shear Zone which has remarkably only seen drilling over ~200m at the Star of Mangaroon mine.

No Modern Exploration

  • All historical workings and gold occurrences were discovered by pastoralists and prospectors over outcropping mineralisation.

  • No detailed geophysical, or geochemical surveys undertaken.

  • Limited drilling, with only shallow drilling over ~200m strike at the Star of Mangaroon in the 1990s and a handful of shallow drill holes at Two Peaks (800m), Cullen’s (352m) and Pritchard (2 holes, unverified).

Genuine Camp Scale Potential

  • Five historical mines developed on outcropping mineralisation and dozens of gold occurrences along highly prospective structural corridors.

  • Majority of historical workings cover an ~800km[2] area within Dreadnought’s consolidated land holding.

- Significant, Step change, Growth Potential

  • Dreadnought will deploy modern geochemical and geophysical techniques to explore for mineralisation under shallow cover.

  • Target generation and definition work is underway with results in August 2023

  • RC drilling will commence in August 2023 with further drilling in November 2023.

- - Shallow, High grade, Au Ag Potential

  • Historical drill results include:

  • MA10: 4m @ 26.0 g/t Au from 4m

  • MA23: 2m @ 29.8 g/t Au from 19m

  • SMC07: 4m @ 18.7 g/t Au from 18m

    • MA17: 7m @ 14.3 g/t Au from 7m

    • MA43: 1m @ 53.0 g/t Au from 18m

    • SMC09: 4m @ 16.4 g/t Au from 14m

  • Rock chip results include:

  • MNRK0515: 74.8 g/t Au (Diamond)

  • SM7: 121.2 g/t Au, 179 g/t Ag (Popeye)

  • TPRK05: 41.7 g/t Au (Two Peaks)

  • RNLYD048: 30.1 g/t Au, 552 g/t Ag (Popeye)

- Gold is a Long term, Strategic, Global Asset During Uncertain Times

  • Gold is a long-term, strategic, global asset that provides a store of value in uncertain times. With banking sector uncertainty, geopolitical tensions and a challenging economic environment, gold’s role as a safe haven has come to the fore.

  • Demand for gold ETFs is strong as is Central Bank buying of physical gold.

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

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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Mangaroon Gold Review

Dreadnought began the consolidation of the Mangaroon region in late 2020, initially to pursue the nickel and highgrade gold potential which had been identified by Allan McDonald, a pastoralist who owned Mangaroon Station.

The completion of the current Resource focussed drilling at the Yin ironstones provides a window of opportunity to focus on the high-grade gold opportunity at Mangaroon.

Over the past six months, Dreadnought has undertaken a review of the high-grade gold potential within the consolidated land holding. This has consisted of:

  • Review of historic, publicly available information;

  • Discussions with pastoralists and prospectors who have worked the area over the years;

  • Discussions with industry geologists who have explored the ground in the past; and

  • Acquisition of detailed magnetic data (ongoing).

This is the first-time information on the historical workings and gold occurrences from such a wide range of sources has been compiled and has resulted in highlighting the significant scale of gold mineralisation along the >10km long Mangaroon Shear Zone - a significant splay structure linking the Minga Bar and Edmund Faults. Importantly, no modern exploration has been undertaken (Figure 2). Remarkably only ~200m of drilling has been undertaken along the >10km Shear Zone.

Occurrences such as Popeye with rock chips including (SM7: 121.2 g/t Au, 179 g/t Ag and RNLYD048: 30.1 g/t Au,

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552 g/t Ag) , the recently acquired Lead Gold Mine (rock chips pending, but significant visible gold identified), Diamond Gold Mine (MNRK0515: 74.8 g/t Au) and Mitchell’s Find (RNLYD029: 16.4 g/t Au, 126 g/t Ag)* have never been drilled.

Figure 2: Image of the >10km long Mangaroon Shear Zone highlighting historic mines/workings, and highly prospective results.

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

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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Star of Mangaroon

The Star of Mangaroon mine has been the largest historic gold producer in the Gascoyne region. Between 1960 and 1983 the mine produced 7,464 oz at an average grade of 34.8g/t Au[1] . The mine was discovered in 1956 by the local pastoralist, Allan McDonald. Most of the gold production was mined from underground with the lowest extraction level ~90m below surface.

The Two Peaks mine is located ~9kms northwest of the Star of Mangaroon. The small open pit produced ~5,000 oz at a grade of ~7.9 g/t Au[1] .

The Star of Mangaroon has received little exploration work since its discovery. Drilling undertaken in the 1990s produced significant results including:

  • MA10: 4m @ 26.0 g/t Au from 4m

  • MA23: 2m @ 29.8 g/t Au from 19m

  • SMC07: 4m @ 18.7 g/t Au from 18m

  • MA17: 7m @ 14.3 g/t Au from 7m

  • MA43: 1m @ 53.0 g/t Au from 18m

  • SMC09: 4m @ 16.4 g/t Au from 14m

The majority of historical drilling is within 50m of the surface with only one hole drilled below 100m which returned 4m @ 3.8 g/t Au from 176m (STMRC005) and highlights the potential of the lode to continue at depth (Figure 3).

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Figure 3: Long section of the Star of Mangaroon showing historical intercepts and workings.

1. Prime Minerals Annual Report 2008, WAMEX Report A79994

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

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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Next Steps

With historical exploration in the region dominated by pastoralists and prospectors, there has been no significant modern exploration undertaken over the now consolidated land holding. All the known gold occurrences were mineralised outcrops, in an area dominated by shallow colluvial cover. There is significant opportunity for further discovery by:

  • expanding upon the known mineralisation, most of which will be drilled for the first time; and

  • deploying modern techniques to explore undercover to unlock the controlling mechanisms on mineralisation in the region.

A detailed airborne magnetic survey (100m line spacing) has been flown, with even higher resolution (50m line spacing) flown over the ~40km x ~20km focus area. Results are being received and interpretation has commenced.

Target definition focused ultrafine soil survey is currently underway over the Mangaroon Shear Zone. Additionally, target definition focused stream sediment sampling is nearly complete over the region which may result in the identification of further gold camps.

RC drilling will commence over historical workings at the Star of Mangaroon, Diamond Gold Mine, Lead Gold Mine, Two Peaks and Cullen’s Find in August 2023. A second round of drilling, to follow up on the initial program and to test any targets defined following the geophysical and geochemical surveys, is planned for November 2023.

Lead Gold Mine Key Commercial Terms with the Unrelated Vendor (subject to Completion)

Key commercial terms to acquire 100% of M09/091 are summarised below:

  • Dreadnought to own 100% upon Completion;

  • Dreadnought to pay $60,000 upon signing the Sale & Purchase Agreement (paid);

  • Dreadnought to pay $60,000 at Completion;

  • Vendor to receive 2,500,000 fully paid ordinary shares at Completion; and

  • 1.0% gross royalty.

Completion is expected to occur in July 2023

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Figure 4: Image of visible gold within a quartz vein with secondary oxides and carbonates after sulphides from a mullock sample at the Lead Gold Mine (M09/091). The field of view is ~6cm. See Figure 6 at rear of JORC table for scale, location of collection and picture of entire rock chip.

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

www.dreadnoughtresources.com.au

[email protected]

+61 (08) 9473 8345

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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, M09/146, M09/147, M09/174, M09/175: DRE 100%)

Mangaroon covers >5,300sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia. Part of the project is targeting Ni-Cu-PGE and is subject to an earn-in with First Quantum Minerals Ltd ( “FQM” ) (earning up to 70%) – Figure 5. The region is 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, similar to those under development at Yangibana, 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 initial independent JORC Inferred Resource of 14.36Mt @ 1.13% TREO (ASX 28 Dec 2022 ) covering only 3kms of the 43kms of strike within the Yin Ironstone Complex; and

  • an Exploration Target of 50-100Mt at 0.9-1.3% TREO (ASX 13 Feb 2023) estimated over the remaining 40 kms of strike within the Yin Ironstone Complex.

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Figure 5: Plan view map of Mangaroon showing the location of gold, nickel and REE prospects in relation to major structures, geology and roads.

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

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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For further information please refer to previous ASX announcements:

  • 25 November 2020

  • Mangaroon Ni-Cu-PGE & Au Project

  • 15 March 2021 Exploration Commences at Mangaroon Ni-Cu-PGE & Au Project

  • • 7 April 2021 Option/JV Agreement Signed with Global Base Metal Miner • 17 May 2021 Update on Mangaroon Ni-Cu-PGE & Au Project • 12 September 2022 Star of Mangaroon Acquisition & Consolidation

UPCOMING NEWSFLOW

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

21-22 June: Gold Coast Investment Showcase

June: FLEM Results from Thunderer and Orion (Tarraji 80%, Yampi 100%)

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

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

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

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:[email protected] E:[email protected]

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

Competent Person’s Statement

The information in this announcement that relates to geology and exploration results and planning was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports.

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

www.dreadnoughtresources.com.au [email protected]

+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

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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 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 regions rare earth mineralisation.

Dreadnought has delivered an initial JORC Inferred Resource over just 3kms 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 [email protected] +61 (08) 9473 8345

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Table 1: Some Significant Historical Rock Chips (location in GDA94 MGAz50 and Degrees, Minutes, Seconds)

Sample ID
Easting
Northing
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)		 Prospect
LS-02
346957
7377661
0.8
-
5.5
-		 Cullen’s Find
MNRK0515
354327
7358767
74.8
1.1
0.6
-		 Diamond
MNRK0513
354315
7358762
4.19
2.0
0.3
-
RNLYD029
361642
7374782
16.4
126
7.2
3.5		 Mitchell’s Find
BDRK06
361586
7374774
2.8
10.0
0.5
0.6
BDRK01
361586
7374774
1.0
0.3
3.6
-
MNRK0431
349765
7369360
0.9
0.6
-
-		 Nail
RNLYD048
372599
7359406
30.1
552
1.8
2.3		 Popeye
RNLYD050C
372707
7359460
17.9
769
0.6
1.7
RNLYD047A
372599
7359418
10.2
518
0.8
4.4
SM7
115 44’ 54”
23 52’ 20”
121.2
179
2.7
2.8
RWK11
372304
7359795
44.6
1.8
-
-		 Star of Mangaroon
RWK14
372313
7359809
11.9
33.2
0.3
0.7
RWK13
372313
7359811
9.4
1.0
-
-
RNLYD059
372322
7359769
2.5
3.4
-
-
TPRK05
367657
7367056
41.7
3.5
1.0
2.1		 Two Peaks
TPRK04
367657
7367056
9.6
47.1
1.2
4.7
TPRK07
367657
7367056
2.4
212
6.7
34.6
TPRK08
367657
7367056
1.5
2.12
1.9
10.5
SM16
115 44’ 22”
23 51’ 20”
0.2
185
6.9
10.7		 Lead Au Mine
SM17
115 44’ 22”
23 51’ 20”
0.3
75
0.1
23.4

Table 2: Significant Drill Results (>0.1 g/t Au and >1.0g/t Au)

Hole ID From (m) To (m) Interval Sample
**Type **		 Au (g/t) Prospect
MA2 9 15 6 1m split 2.4 Star of
Mangaroon
MA5 14 16 2 1m split 0.8
MA6 17 21 4 1m split 6.5
MA7 13 18 5 1m split 3.6
MA8 15 19 4 1m split 6.4
MA9 12 13 1 1m split 6.3
MA10 9 13 4 1m split 26.0
MA14 29 31 2 1m split 17.2
MA15 23 28 5 1m split 4.2
MA16 25 28 3 1m split 10.3
MA17 21 28 7 1m split 14.3
MA20 49 51 2 1m split 10.9
MA22 1 2 1 1m split 2.7
MA22 47 51 4 1m split 6.3
MA23 19 21 2 1m split 29.8
MA26 3 10 7 1m split 0.8
MA27 0 1 1 1m split 4.0
MA29 5 6 1 1m split 1.2
MA30 3 7 4 1m split 0.5
MA34 8 9 1 1m split 2.5
MA36 82 84 2 1m split 4.2
MA37 95 97 2 1m split 1.9
MA38 51 52 1 1m split 8.2
MA40 68 72 4 1m split 6.0
MA41 42 43 1 1m split 1.4

www.dreadnoughtresources.com.au

[email protected]

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

+61 (08) 9473 8345

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

Hole ID From (m) To (m) Interval Sample
**Type **		 Au (g/t) Prospect
MA43 18 19 1 1m split 53.0 Star of
Mangaroon
STMRC001 54 55 1 1m split 8.5
STMRC005 176 180 4 1m split 3.8
SMC01 9 10 1 1m split 12.2
SMC04 33 35 2 1m split 12.1
SMC05 8 11 3 1m split 12.1
SMC07 8 12 4 1m split 18.7
SMC08 20 24 4 1m split 3.9
SMC09 14 18 4 1m split 16.4
A 0 63 Not Assayed Cullen’s Find
B 0 19 Not Assayed
and 19 27 8 1m sample 0.3
and 29 50 Not Assayed
C 7 16 9 1m sample 0.6
incl.
12		 14 2 1m sample 2.0
and 21 62 Not Assayed
D 3 15 12 1m sample 0.5
and 25 36 11 1m sample 0.5
incl. 25 26 1 1m sample 1.4
E 0 45 Not Assayed
F 0 30 Not Assayed
L 2 15 13 1m sample 0.3
incl. 13 14 1 1m sample 1.5
and 24 31 7 1m sample 3.0
incl. 26 29 3 1m sample 6.5
TPC020 36 37 1 1m sample 3.4 Two Peaks

Table 3: Drill Collar Data (GDA94 MGAz50)

Hole ID Easting Northing RL Dip Azimuth EOH **Type ** Prospect
MA2 372335 7359860 290 -60 310 30 RC Star of Mangaroon
MA5 372328 7359838 290 -60 276 35 RC
MA6 372327 7359828 290 -60 276 35 RC
MA7 372325 7359815 290 -60 300 30 RC
MA8 372327 7359811 290 -60 272 30 RC
MA9 372327 7359802 290 -60 278 25 RC
MA10 372320 7359786 290 -60 322 27 RC
MA14 372335 7359825 290 -60 270 49 RC
MA15 372333 7359818 290 -60 270 39 RC
MA16 372332 7359806 290 -60 272 50 RC
MA17 372328 7359779 290 -60 290 45 RC
MA20 372351 7359825 290 -60 270 60 RC
MA22 372355 7359782 290 -60 285 60 RC
MA22 372355 7359782 290 -60 285 60 RC
MA23 372322 7359774 290 -60 302 30 RC
MA26 372273 7359925 290 -60 30 20 RC
MA27 372309 7359809 290 -90 0 20 RC
MA29 372248 7359935 290 -60 205 40 RC
MA30 372278 7359936 290 -60 204 45 RC

www.dreadnoughtresources.com.au [email protected]

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

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Hole ID Easting Northing RL Dip Azimuth EOH **Type ** Prospect
MA34 372330 7359894 290 -60 206 40 RC Star of Mangaroon
MA36 372385 7359825 290 -60 270 90 RC
MA37 372408 7359826 290 -60 270 110 RC
MA38 372362 7359806 290 -60 270 65 RC
MA40 372385 7359786 290 -60 270 90 RC
MA41 372344 7359753 290 -60 303 75 RC
MA43 372309 7359747 290 -60 303 50 RC
STMRC001 372376 7359826 290 -60 270 >55m RC
STMRC005 372466 7359861 290 -60 270 >180m RC
SMC01 372300 7359752 290 -60 305 15 RC
SMC04 372337 7359772 290 -60 290 40 RC
SMC05 372318 7359779 290 -60 290 16 RC
SMC07 372321 7359789 290 -60 290 15 RC
SMC08 372328 7359781 290 -60 290 26 RC
SMC09 372324 7359782 290 -60 290 20 RC
A 346073 7379672 287 -60 245 63 RC Cullen’s Find
B 346102 7379628 287 -60 245 50 RC
C 346112 7379634 287 -60 245 62 RC
D 346121 7379639 287 -60 245 51 RC
E 346129 7379646 287 -60 245 45 RC
F 346150 7379598 287 -60 245 30 RC
L 346093 7379680 287 -60 245 51 RC
TPC001 367654 7367055 316 -60 195 20 RC Two Peaks
TPC002 367657 7367065 317 -60 195 20 RC
TPC003 367659 7367073 317 -60 195 20 RC
TPC004 367664 7367084 318 -60 195 20 RC
TPC005 367666 7367094 317 -60 195 20 RC
TPC006 367669 7367103 317 -60 195 20 RC
TPC007 367670 7367111 318 -75 195 16 RC
TPC008 367675 7367129 317 -50 195 24 RC
TPC009 367676 7367133 317 -60 195 20 RC
TPC010 367680 7367143 317 -60 195 20 RC
TPC011 367682 7367153 317 -60 195 20 RC
TPC012 367686 7367162 317 -60 195 20 RC
TPC013 367688 7367171 316 -60 195 20 RC
TPC014 367691 7367181 316 -60 195 20 RC
TPC015 367641 7367079 315 -60 195 40 RC
TPC016 367647 7367100 315 -60 195 40 RC
TPC017 367652 7367115 315 -60 195 40 RC
TPC018 367657 7367137 315 -60 195 40 RC
TPC019 367662 7367157 315 -60 195 40 RC
TPC020 367667 7367178 315 -60 195 40 RC
TPC021 367627 7367106 314 -60 195 50 RC
TPC022 367637 7367143 314 -60 195 50 RC
TPC023 367648 7367183 314 -60 195 50 RC
TPC024 367697 7367063 317 -60 195 30 RC
TPC025 367703 7367084 317 -60 195 30 RC
TPC026 367709 7367102 316 -60 195 30 RC
TPC027 367690 7367112 318 -60 195 40 RC

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.		 Historical Rock Chips
Quality of assay data and lab techniques are
unknown and should be treated as indicative.
Further work will be undertaken to confirm
historical prospects and mineralised occurrences.
Special attention is drawn to WAMEX reports:
Regional
Resources
1986-1988s:
WAMEX
Reports A23715, 23713
Welcome Stranger Mining 1995: WAMEX Report
A43137
Hallmark Gold 1996: WAMEX Report A49576
Prime Minerals 2008: WAMEX Report A79994
Fox Resources 2002: WAMEX Report A82353
Historical Drilling
MA1-28 (Balde Exploration 1988: A24641):
Every meter a ~2kg sample (split) was
subsampled into a plastic bag via a two-tier riffle
splitter. A meter was logged geologically and “the
most promising drill intersections” were sent to
Australian Assay Laboratories in Perth for gold
determination by fire assay and a AAS finish.
(it is worth noting in the geological discussion that
“It was virtually impossible to distinguish the
orebody from the barren biotite gneiss in rock
chips” and the impact that would have on their
selective sampling approach)
MA29-43 Welcome Stranger Mining 1995:
WAMEX Report A43137
Every meter a ~1-2kg sample (split) was
subsampled into a calico bag via a three-tier riffle
splitter.
A four meter composite sample was made from
the bulk reject material and sent to Genalysis
Laboratories in Perth for determination of gold “at
ppm levels” using an aqua regia digest and flame
atomic absorption spectrometry (B/AAS) to
determine gold values.
If the 4 composite produced a gold value >0.09
g/t Au, then the 1m splits were collected and sent
to
Genalysis
Laboratories
in
Perth
for

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Criteria JORC Code explanation Commentary
determination of gold by fire assay.
(it is worth noting in the geological discussion that
“In holes MA29-33 the gold anomalies reflecting
a fine stockwork or disseminated type of
mineralisation. In all the other drill holes which
encountered
anomalous
gold
values
the
mineralised rock could not be distinguished from
host rock in the drill chips”)
STMRC001 and 005 (Fox Annual Reports and
ASX Announcements):
No details provided asides from discussion of
some results and collar details of two holes. No
further details could be verified, including drill
holes undertaken at Prichard which produced 3m
@ 10g/t Au from a quartz vein.
SM1-9 (Anthony Stehn)
No detailed information asides from collar and
survey details and assay results.
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.).		 Historical Drilling
All historical drilling reported was completed with
Reverse Circulation drilling.
Limited information is available and was sourced
from:
Balde Exploration 1988: A24641
Welcome Stranger Mining 1995: WAMEX Report
A43137
Fox Resources Annual Report 2003
Anthony Stehn 2017 Annual Report (unpublished
– due to sunset clause)
Anthony Stehn EIS Report 2016: A112527
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.		 Historical Drilling
Unknown, no details reported.
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.		 Historical Drilling
MA1-28 (Balde Exploration 1988: A24641):
Holes geologically logged; logging is qualitative.
MA29-43 Welcome Stranger Mining 1995:
WAMEX Report A43137):
Holes geologically logged; logging is qualitative.
STMRC001 and 005 (Fox Annual Reports and
ASX Announcements):
Unknown, no details reported.

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

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

Criteria JORC Code explanation Commentary
SM1-9 (Anthony Stehn)
Unknown, no details reported.
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.		 Historical Drilling
MA1-28 (Balde Exploration 1988: A24641):
Every meter a ~2kg sample (split) was
subsampled into a plastic bag via a two-tier riffle
splitter. No QAQC reported.
MA29-43 Welcome Stranger Mining 1995:
WAMEX Report A43137):
Every meter a ~1-2kg sample (split) was
subsampled into a calico bag via a three-tier riffle
splitter. No QAQC Reported.
A four meter composite sample was made from
the bulk reject material. No QAQC Reported.
STMRC001 and 005 (Fox Annual Reports and
ASX Announcements):
Unknown, no details reported.
SM1-9 (Anthony Stehn)
Unknown, no details reported.
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.		 Historical Rock Chips
Quality of assay data and lab techniques
unknown and should be treated as indicative.
Further work will be undertaken to confirm
historical prospects and mineralised occurrences.
Historical Drilling
Limited information is recorded regarding the
quality of and appropriateness of the assay data.
Those that were reported, were with reputable
labs and via fire assay with a AAS finish which is
an appropriate technique for the determination of
gold.
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.		 Historical Rock Chips
No verification yet undertaken.
Historical Drilling
No verification of sampling or assaying has been
undertaken. Historical drilling will be verified via
twin holes and further drilling.
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.		 Historical Rock Chips
Unknown
Historical Drilling
All drilling reported at the Star of Mangaroon, Two
Peaks and Cullen have been verified and
resurveyed by Dreadnought. At Cullen and Two
Peaks this was done with a handheld GPS

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

Criteria JORC Code explanation Commentary
(Garmin with +/- 3m x/y accuracy), At the Star of
Mangaroon with a using a Emlid Reach RS2 RTK
GPS system (+/- 0.2m x/y, +/- 0.5m z);
GDA94 Z50 is the grid format for all xyz data
reported.
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.		 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.		 Historical Rock Chips
Rock chips are inherently biased and selective in
nature and should only be treated as indicative of
mineralisation.
Historical Drilling
All historical drilling was drilled perpendicular to
the targeted structures as understood at the time.
The true orientation and relationship with drilling
will be determined and confirmed through further
drilling.
Sample security •
The measures taken to ensure sample
security.		 Historical Rock Chips
Unknown
Historical Drilling
Unknown
Audits or reviews •
The results of any audits or reviews of
sampling techniques and data.		 Historical Rock Chips
None yet
Historical Drilling
Collar locations have been visited and confirmed.
No other formal audit has been undertaken.

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		 •
he Mangaroon Project consists of 20
granted Exploration License (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, E09/2620) and 4
granted
Mining
Licenses
(M09/146,
M09/147, M09/174, M09/175).
•
All tenements are 100% owned by

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Criteria JORC Code explanation Commentary
operate in the area. 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.
•
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.
•
The Mangaroon Project covers 4 Native
Title Determinations including the Budina
(WAD131/2004),
Thudgari
(WAD6212/1998),
Gnulli
Gnulli
(WAD22/2019) and the Combined Thiin-
Mah, Warriyangka, Tharrkari and Jiwarli
(WAD464/2016).
•
The Mangaroon Project is located over
Lyndon,
Mangaroon,
Gifford
Creek,
Maroonah, Minnie Creek, Edmund and
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:
Balde Exploration 1988: A24641
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
Welcome Stranger Mining 1995: WAMEX
Report A43137
Hallmark Gold 1996: WAMEX Report A49576
Prime Minerals 2008: WAMEX Report A79994
Fox Resources 2002: WAMEX Report A82353
Rodney Drage 2011: WAMEX Report A94155
Sandfire
Resources
2005-2012:
WAMEX

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Criteria JORC Code explanation Commentary
Report 94826
Geology •
Deposit type, geological setting and style of
mineralisation.		 The Mangaroon Project is located within
Mangaroon Zone of the Gascoyne Province.
The Mangaroon Project is prospective for
orogenic
gold,
magmatic
Ni-Cu-PGE
mineralisation and carbonatite hosted REEs.
Drill hole information •
A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drill holes:
o
easting and northing of the drill hole
collar
o
elevation or RL (Reduced Level –
elevation above sea level in metres) of
the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception
depth
o
hole length.
•
If the exclusion of this information is
justified on the basis that the information is
not Material and this exclusion does not
detract from the understanding of the
report, the Competent Person should
clearly explain why this is the case.		 An overview of the drilling program is given
within the text and tables within this document.
Data aggregation
methods		 •
In reporting Exploration Results, weighting
averaging techniques, 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 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’).		 Historical Drilling
All historical drilling was drilled perpendicular to
the targeted structures as understood at the
time. The true orientation and relationship with
drilling will be determined and confirmed
through further drilling. Once this work is
completed then the relationship with true widths
can be determined.
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.

Dreadnought Resources Limited

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[email protected]

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
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
Resource Modelling

==> picture [420 x 298] intentionally omitted <==

Figure 6: Plan view map showing the location of the mullock heap where the gold in rock specimen was collected from the Lead Gold Mine on M09/91.

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

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