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DREADNOUGHT RESOURCES LTD Capital/Financing Update 2023

Apr 2, 2023

64785_rns_2023-04-02_cb72840a-9810-4073-b89c-51975f8f2ff0.pdf

Capital/Financing Update

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3 April 2023

CARBONATITES DELIVER THICK, NEAR SURFACE REE RESULTS – MANGAROON (100%)

HIGHLIGHTS

  • In late 2022, 89 holes (8,948m) out of a ~260-hole RC drill program were completed over the C1-C5 carbonatites which had minimal outcrop and hence no definitive drill targets. This “first pass” program involved wide-spaced, mostly vertical holes looking to identify mineralisation in carbonatite intrusions considered to be the source of the large-scale Yin REE Ironstone Complex.

  • The program has already been an outstanding success with assays defining a ~600m x ~550m zone of REE-P2O5Nb2O5-TiO2-Sc mineralisation at the C3 discovery. C3 is now subject to Resource infill RC drilling (24 holes) and remains open. A total of 7 of the infill holes have been completed with shallow, broad zones of multi-metals intersected (many ending in mineralisation). Results include:

  • CBRC084: 195m @ 0.57% TREO from 6m (ending in mineralisation) , including:

    • 24m @ 1.26% TREO (22% NdPr:TREO), 4.4% P2O5, 0.24% Nb2O5, 4.4% TiO2 and 100ppm Sc from 16m

  • CBRC083: 128m @ 0.74% TREO from 8m, including:

    • 34m @ 1.31% TREO (21% NdPr:TREO), 4.4% P2O5, 0.16% Nb2O5, 4.4% TiO2 and 80ppm Sc from 14m

    • 12m @ 1.09% TREO (20% NdPr:TREO), 2.5% P2O5, 1.1% TiO2 and 58ppm Sc from 111m

  • CBRC087: 195m @ 0.55% TREO from 6m (ending in mineralisation) , including:

    • 33m @ 1.10% TREO (21% NdPr:TREO), 3.7% P2O5, 0.17% Nb2O5, 5.5% TiO2 and 82ppm Sc from 6m

  • CBRC088: 187m @ 0.54% TREO from 6m (ending in mineralisation) , including:

    • 41m @ 0.93% TREO (22% NdPr:TREO), 3.5% P2O5, 0.08% Nb2O5, 3.5% TiO2 and 83ppm Sc from 14m

  • CBRC085: 114m @ 0.56% TREO from 9m, including (ending in mineralisation) :

    • 10m @ 0.92% TREO (23% NdPr:TREO), 8.1% P2O5, 1.2% Nb2O5, 5.5% TiO2 and 110ppm Sc from 37m

    • 11m @ 8.0% P2O5 from 36m; 21m @ 11.7% TiO2 from 45m; and 7m @ 1.38% Nb2O5 from 39m

  • A second RC rig has commenced first pass, wide spaced drilling at the C1-C6 carbonatites. The first RC rig will continue drilling along the ironstone Exploration Target. A diamond rig has commenced metallurgical and QAQC drilling at the Yin Resource and the C3-C4 carbonatites.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce assay results from the remaining 66 holes drilled at the end of the 2022 season continue to highlight large-scale REE-P2O5-Nb2O5-TiO2-Sc mineralisation at the C1-C5 carbonatites, part of the 100% owned Mangaroon Project, located in the Gascoyne Region of Western Australia.

Dreadnought’s Managing Director, Dean Tuck, commented: “ The carbonatites at Mangaroon continue to deliver

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significant REE-P2O5-Nb2O5-TiO2-Sc mineralisation. Despite only completing roughly a third of the planned first pass drilling, the large scale of the critical metal opportunity at Mangaroon is already apparent. We are excited to have two RC rigs on site and to be re-commencing our unfinished first pass drilling of the C1C6 carbonatites. Our infill Resource drilling at C3 is also showing significant promise. The high-grade niobium intercepts may also be a sign of things to come as we infill the wide spaced drilling.”

Figure 1: Photo of the RC rig drilling at C3.

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 RARE EARTHS

Mangaroon is 100% Owned by Dreadnought

Genuine Scale Potential Already at Yin Ironstone Complex

  • Initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO (ASX 28 Dec 2022 ) covers only 3km of 43km of strike and is based on only 2.5 months of RC drilling (12,255m).

  • 40km long Exploration Target of 50-100Mt at 0.9-1.3% TREO estimated for the top 150m of the Yin Ironstone Complex (ASX 13 Feb 2023) .

  • First tranche of long-term incentives now triggered with balance on track to be triggered at JORC Resource of at least 30Mt @ >1% TREO by 31 December 2024.

  • Resource extension and first pass wide spaced drilling currently underway.

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

  • C1-C7 carbonatites are shaping up as the regional source of REE – initial drill program expands C1-C5 to ~6.5kms in strike length x 1km wide.

  • C6 Carbonatite located ~25kms south of C1-5 and C7 is situated over a crustal scale structural splay off the Lyons River Fault, is associated with an outcropping pyroxenite intrusion, and has a geophysical signature similar to other globally significant carbonatites such as Mt Weld, Araxa, Phalaborwa and Ngualla.

  • First pass, wide spaced discovery focused drilling has recommenced.

- - High grade, Multi Metal Potential Including REE (Neodymium, Praseodymium), Phosphorus, Niobium, Titanium & Scandium (REE-P2O5-Nb2O5-TiO2-Sc)

  • The mineralisation at the Yin REE Ironstone Complex contains significantly higher NdPr as a fraction of the rare earth oxides (“ NdPr:TREO “ ratio) than most other REE deposits globally, over 50% higher than the global average.

  • Partially completed, first pass, wide spaced drilling over the C1-C6 carbonatites has identified significant critical metal potential with REE, P2O5, Nb2O5, TiO2, and Sc within the C1-C5 carbonatites.

  • A ~600m x 550m zone of REE-P2O5-Nb2O5-TiO2-Sc mineralisation now confirmed at the C3 discovery.

Potentially Attractive Mining Proposition

  • Broad zones of flat to shallow dipping mineralisation with parallel lodes and Resource intensity of ~4.8Mt/km make for a potentially attractive mining proposition.

Positive Metallurgy Results

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

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

  • Significant metallurgical study from 16 diamond holes drilled at Yin underway – results expected April/May 2023.

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 mid/downstream industry participants. While the current focus is on upstream options (mining, milling, and concentrating) opportunities for mid/downstream industry participants to add value to Dreadnought shareholders will be assessed.

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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Technical Discussion on the Carbonatite Drill Program

Carbonatite intrusions are known globally to host several different commodities including rare earths (REE), phosphate (P2O5), niobium (Nb2O5), titanium (TiO2) and scandium (Sc) often as different mineralised bodies within the same intrusion. Great examples of this include Mt Weld in Australia, Ngualla in Tanzania, Araxa in Brasil and Bayan Obo in China. We also know that a world class deposit like Mountain Pass in California can fit into a relatively small footprint (700m x 150m).

Since the C1-C6 carbonatites have minimal outcrop, a first pass RC drilling program was designed on a ~160m x ~160m grid spaced pattern to drill through cover and into fresh rock. The objective of this program was to confirm the extent and complexity of the interpreted carbonatite intrusions, define zones of mineralisation and to better understand the cover regolith and depth of weathering.

This first pass program is only partially complete with 89 RC holes for 8,948m completed over most of C1 and less than half of C2-C5. Initial drilling at C6 is expected to commence in April 2023.

Assays for 23 holes were announced on 24 January 2023 with results including:

  • CBRC030: 96m @ 0.70% TREO from 3m (ending in mineralisation) , including:

  • 31m @ 1.26% TREO (22% NdPr:TREO), 4.4% P2O5, 0.09% Nb2O5 and 73ppm Sc from 4m

  • CBRC033: 99m @ 0.64% TREO from 6m (ending in mineralisation) , including:

  • 44m @ 1.00% TREO (24% NdPr:TREO), 5.7% P2O5, 0.13% Nb2O5 and 103ppm Sc from 13m

  • CBRC029: 72m @ 0.69% TREO from 3m (ending in mineralisation) , including:

  • 31m @ 1.12% TREO (22% NdPr:TREO), 3.2% P2O5, 0.14% Nb2O5, 4.5% TiO2 and 73ppm Sc from 4m

  • CBRC032: 72m @ 0.60% TREO from 9m (ending in mineralisation) , including:

  • 12m @ 1.02% TREO (24% NdPr:TREO), 6.0% P2O5, 0.23% Nb2O5, 7.1% TiO2 and 112ppm Sc from 22m

  • CBRC027: 42m @ 0.83% TREO from 6m, including:

• 21m @ 1.25% TREO (23% NdPr:TREO), 2.4% P2O5, 0.13% Nb2O5 and 110ppm Sc from 9m

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Figure 2: Plan view of the C1-C5 carbonatites over a greyscale magnetic image (RTP 1VD) showing drill hole locations coloured by %TREO x m which is an indication of mineralisation by taking the mineralised interval and multiplying by the TREO grade.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au [email protected]

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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Despite only completing 89 holes out of a ~260-hole first pass program, there has already been numerous successes including:

  • delineating 6 coherent zones of REE-P2O5-Nb2O5-TiO2 and/or Sc; and

  • delineating an extensive ~600m x ~550m mineralised zone at C3 which is now subject to JORC Resource infill RC drilling (24 holes) and which remains open.

A total of 7 of the infill holes have been completed with significant results over broad zones and ending in mineralisation including:

  • CBRC084: 195m @ 0.57% TREO from 6m (ending in mineralisation) , including:

  • 24m @ 1.26% TREO (22% NdPr:TREO), 4.4% P2O5, 0.24% Nb2O5, 4.4% TiO2 and 100ppm Sc from 16m

  • CBRC083: 128m @ 0.74% TREO from 8m, including:

  • 34m @ 1.31% TREO (21% NdPr:TREO), 4.4% P2O5, 0.16% Nb2O5, 4.4% TiO2 and 80ppm Sc from 14m

  • 12m @ 1.09% TREO (20% NdPr:TREO), 2.5% P2O5, 1.1% TiO2 and 58ppm Sc from 111m

  • CBRC087: 195m @ 0.55% TREO from 6m (ending in mineralisation) , including:

  • 33m @ 1.10% TREO (21% NdPr:TREO), 3.7% P2O5, 0.17% Nb2O5, 5.5% TiO2 and 82ppm Sc from 6m

  • CBRC088: 187m @ 0.54% TREO from 6m (ending in mineralisation) , including:

  • 41m @ 0.93% TREO (22% NdPr:TREO), 3.5% P2O5, 0.08% Nb2O5, 3.5% TiO2 and 83ppm Sc from 14m

  • CBRC085: 114m @ 0.56% TREO from 9m (ending in mineralisation), including:

  • 10m @ 0.92% TREO (23% NdPr:TREO), 8.1% P2O5, 1.2% Nb2O5, 5.5% TiO2 and 110ppm Sc from 37m

  • 11m @ 8.0% P2O5 from 36m; 21m @ 11.7% TiO2 from 45m; and 7m @ 1.38% Nb2O5 from 39m

REE mineralisation has been confirmed in both weathered and fresh carbonatites with petrographic work

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showing coarse grained (up to 0.25mm) monazite and REE carbonate mineralisation in P-rich ferrocarbonatites and Ba and Ferich magnesiocarbonatite. XRD analysis of the weathered carbonatites has confirmed the presence of monazite with further mineralogical work ongoing.

In addition to REE mineralisation, other significant critical metal intercepts have been returned including phosphate (peak value 17.6% P2O5), niobium (peak value 1.84% Nb2O5), titanium (peak value 22.8% TiO2) and scandium (peak value 332ppm Sc).

The first pass drilling is underway again at C1- C6 and is expected to be completed in August 2023. This will be followed by Resource infill drilling as required.

Figure 3: Plan view of C3 highlighting mineralised intercepts and planned holes over a magnetics image.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au [email protected]

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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Figure 4: Cross section through C3 highlighting the recent mineralised infill holes (red) and planned follow up holes (white).

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Figure 5: Cross section through C3 highlighting the mineralised intercepts (red), initial shallow vertical holes (black) and a diamond hole (blue).

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 Carbonatite C6 (E09/2448: 100% DRE)

C6 is another potential carbonatite intrusive complex located between the Minnie Creek and Minga Bar Faults, being structural splays linked with the crustal scale Lyons River Fault which is the interpreted conduit for carbonatite intrusions. C6 occurs ~25kms south of the C1-C5 carbonatites. C6 is defined by a large ~4.2km x 2.4km ovoid magnetic and gravity feature. The majority of C6 is under cover and drilling is required to confirm the lithology and presence of mineralisation.

Part of C6 that outcrops is an intense 900m x 600m magnetic feature which has been confirmed as an outcropping pyroxenite cumulate intrusion. Pyroxenite intrusions are known to be associated with carbonatite intrusions and this is interpreted to be part of the C6 carbonatite intrusive complex.

Part of the learnings to date at C1-C5 has been the apparent association between magnetic features and rare earths, making C6 a particularly exciting target. First pass RC drilling at C6 will be commence in April 2023.

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Figure 6: Analytical Signal magnetic image (L) and 1VD gravity image (R) highlighting the ~4.2km x 2.4km coincident geophysical feature that defines the interpreted C6 carbonatite intrusive complex.

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

Mangaroon covers >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 (earning up to 70%) – Figure 7. 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 Yangibana REE deposits.

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

In December 2022, Dreadnought delivered an initial independent Inferred Resource of 14.36Mt @ 1.13% TREO covering only 3km of the 30km strike Yin REE Ironstone Complex.

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Figure 7: Plan view map of Mangaroon showing the location of the FQM Earn-in and 100% DRE ground in relation to major structures, geology and roads.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 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:

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

  • 29 November 2021 Five Carbonatite Intrusions Identified at Mangaroon

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

  • 28 September 2022 Drilling Commenced C1-C5 Carbonatites & Y8 Discovery

  • 17 October 2022 Mineralised Carbonatites Discovered at C3 and C4

  • 23 November 2022 Multiple, Large Scale, REE-Nb-Ti-P Carbonatites

  • 24 January 2022 Carbonatite Discovery Shaping up as Regional Rare Earth Source

  • 29 March 2023 Yin Resource to Grow, Carbonatite Drilling Commenced

UPCOMING NEWSFLOW

April: Results from Kimberley auger sampling (Tarraji-Yampi 80% and 100%)

April: Initial Resource for Metzke’s Find Au (Central Yilgarn 100%)

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

April: Results from Wombarella Heli-EM survey (Tarraji-Yampi 100%)

4-6 April: Presenting at Future Facing Commodities (Singapore)

April: Quarterly Activities and Cashflow Report

April / May: Results of Central Yilgarn Nickel Review with Newexco

April / May: Metallurgical results from Yin Ironstone Complex (Mangaroon 100%)

May / June: REE Resource upgrades for Mangaroon 100%

May / June: Results of Mangaroon high-grade gold review (Mangaroon 100%)

July: Commencement of RC drilling at the Money Intrusion (FQM Earn-in)

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

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 targeting Ni-Cu-PGE and is subject to a joint venture with First Quantum Minerals (earning up to 70%). The joint venture area

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contains outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion. Dreadnought’s 100% owned areas contain outcropping high-grade gold bearing quartz veins including the historic Star of Mangaroon and Diamond’s gold mines, along the Edmund and Minga Bar Faults and outcropping high-grade REE ironstones, similar to those under development at the Yangibana REE Project and seven carbonatite intrusions which may be the source of the regions rare earth mineralisation.

Dreadnought has delivered an initial Inferred Resource over just 3kms Yin REE Ironstone Complex delivering 14.36Mt @ 1.13% TREO (30% NdPr:TREO Ratio) with an additional 27 strike kilometres to be tested in 2023.

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, 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-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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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.

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.

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

Hole ID From
(m)		 To (m) Interval
(m)		 TREO
(%)		 Nd2O3+Pr6O11
(%)		 NdPr:TREO
(%)		 P2O5
(%)		 Nb2O5
(%)		 TiO2
(%)		 Sc
(ppm)		 Prospect
CBRC001 17 94 77 0.35 0.08 23% 1.2 - 1.5 76 C3
CBRC005 21 24 3 0.50 0.20 40% 2.6 - - 107
CBRC006 30 48 18 0.30 0.07 23% 1.5 - 1.5 103
CBRC007 15 26 11 0.31 0.07 23% 1.6 - - 67
CBRC010
Incl.		 93 145 52 0.63 0.14 22% 1.9 - 1.5 - C4
116 121 5 1.01 0.22 22% 2.2 - 1.7 -
CBRC011 39 54 15 0.37 0.08 22% 1.5 0.11 3.2 89
CBRC012 57 66 9 0.31 0.07 23% 1.1 - 2.0 -
CBRC013 165 168 3 0.54 0.2 37% - - -
CBRC014 12 15 3 0.38 0.07 18% - - 1.5 -
CBRC015 18 27 9 0.31 0.08 26% 3.0 - 2.1 72
CBRC016 9 12 3 0.34 0.09 26% - - 1.9 -
CBRC017 30 60 30 0.34 0.07 21% 2.0 - 2.0 75
CBRC018 27 36 9 0.34 0.08 24% 1.4 0.10 2.1 102 C3
CBRC019 18 42 24 0.36 0.08 22% 1.7 0.09 1.1 87
CBRC023 9 42 33 0.58 0.13 22% 1.1 0.10 1.7 93
CBRC025 0 45 45 0.34 0.07 21% 2.2 - 1.1 -
CBRC027
Incl.		 6 48 42 0.83 0.19 23% 1.7 0.10 - 95
9 30 21 1.25 0.29 23% 2.4 0.13 1.4 110
CBRC028
Incl.		 15 57 42 0.63 0.14 22% 1.6 0.09 - 101
24 36 12 1.00 0.23 23% 1.8 0.11 1.5 96
CBRC029
Incl.		 3 75(EOH) 72 0.69 0.15 22% 2.6 0.08 - 45
6 37 31 1.26 0.28 22% 3.2 0.14 4.5 73
SBRC030
Incl.		 3 99(EOH) 96 0.70 0.14 20% 2.8 0.07 - 49
4 37 33 1.12 0.22 20% 4.4 0.09 3.6 73
CBRC031 12 24 12 0.52 0.12 23% - - - -
CBRC032
Incl.		 9 81(EOH) 72 0.60 0.14 23% 3.5 0.10 - 64 C4
22 34 12 1.02 0.24 24% 6 0.23 7.1 112
CBRC033
Incl		 6 105(EOH) 99 0.64 0.14 22% 4.2 0.13 - 72
13 57 44 1.00 0.22 22% 5.7 0.13 2.8 103
CBRC034 15 33 18 0.33 0.08 24% 0.8 0.08 - 84
CBRC036 18 57 39 0.30 0.07 23% 1.4 0.09 - 74
CBRC038 9 15 6 0.36 0.07 19% - - - -
CBRC039 39 57 18 0.30 0.07 23% 1.1 0.09 - 73
CBRC041 30 57 27 0.32 0.07 22% 1.5 0.10 - 81
CBRC042 21 33 12 0.53 0.13 25% 0.7 0.10 - 79
CBRC043 39 69 30 0.30 0.07 23% 1.3 0.07 - 78
CBRC044
Incl.		 27 66 39 0.60 0.14 23% 1.8 0.11 - 86
40 54 14 0.92 0.22 24% 2.7 0.17 5.1 104
CBRC045 30 63 33 0.42 0.09 21% 1.6 0.08 - 87 C5
CBRC046 33 66 33 0.38 0.08 21% 1.6 0.09 - 91
CBRC047 24 66 42 0.34 0.07 21% 2.0 0.07 - 85
CBRC048 33 54 21 0.37 0.08 22% 1.0 0.07 - 86
CBRC049 36 96 60 0.47 0.10 21% 3.5 0.08 - 47
CBRC050 27 54 27 0.54 0.11 20% 3.0 0.10 2.5
CBRC051 21 52 31 0.57 0.11 19% 1.9 1.90
CBRC052 36 93 57 0.63 0.13 21% 2.7 1.8
CBRC053 30 69 39 0.64 0.14 22% 3.7 5.7 83

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

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

Hole ID From
(m)		 To (m) Interval
(m)		 TREO
(%)		 Nd2O3+Pr6O11
(%)		 NdPr:TREO
(%)		 P2O5
(%)		 Nb2O5
(%)		 TiO2
(%)		 Sc
(ppm)		 Prospect
CBRC056 36 90 54 0.32 0.08 23% 2.6 0.7 85 C2
CBRC058
CBRC060		 48 105 57 0.34 0.07 22% 3.4 1.4 72
39 57 18 0.31 0.07 23% 4.8 0.6 70
CBRC061 18 45 27 0.33 0.07 21% 2.2 0.08 1.4 60 C2
CBRC063 18 42 24 0.40 0.08 20% 1.8 - 1.4 88
CBRC068 30 48 18 0.33 0.07 21% 2.0 - 1.1 56 C1
CBRC070 15 24 9 0.36 0.07 19% - - - -
CBRC071 30 45 15 0.30 0.06 20% 3.1 - 1.2 -
CBRC075 42 54 12 0.39 0.08 20% 3.5 - 1.3 65
CBRC079 18 27 9 0.33 0.07 21% - - - -
CBRC080
and		 45 58 13 0.48 0.10 20% 1.8 0.06 2.2 -
84 105 21 0.34 0.07 21% - - - 56
CBRC081 30 45 15 0.37 0.08 21% 1.1 - 1.1 68
CBRC082 36 54 18 0.33 0.07 20% 1.7 - 1.8 -
CBRC083
Incl.
and		 8 136 128 0.74 0.16 22% 2.9 0.08 2.6 - C3
14 48 34 1.31 0.28 21% 4.4 0.16 5.2 80
111 123 12 1.09 0.22 20% 2.5 1.1 58
CBRC084
Incl.		 6 201(EOH) 195 0.57 0.12 21% 2.7 0.06 3.1 -
16 40 24 1.26 0.28 22% 4.4 0.24 7.8 100
CBRC085
Incl.		 9 123(EOH) 114 0.56 0.13 24% 4.3 0.37 5.4 71
37 47 10 0.92 0.21 23% 8.1 1.20 5.5 110
CBRC086
Incl.		 9 117(EOH 108 0.69 0.15 22% 4.1 0.52 6.3 117
15 21 6 1.76 0.47 27% 3.6 0.47 6.2 115
CBRC087
Incl.		 6 201(EOH) 195 0.55 0.11 20% 2.2 0.06 - -
6 39 33 1.10 0.23 21% 3.7 0.17 5.5 82
CBRC088
Incl.		 6 181(EOH) 175 0.54 0.10 19% 2.5 0.06 2.5 -
14 55 41 0.93 0.20 22% 3.5 0.08 3.5 83
CBRC089 8 100 92 0.71 0.15 21% 2.6 0.10 4.6 63
Incl. 38 69 31 0.95 0.20 21% 4.5 0.16 6.5 77

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

Table 2: Significant Intersections >3%P2O5, >5% TiO2, >0.10% Nb2O5, >100ppm Sc highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 P2O5
(%)		 Nb2O5
(%)		 TiO2
(%)		 Sc
(ppm)		 Prospect
CBRC001 65 71 6 113 C3
CBRC006 36 48 12 110
CBRC009 24 33 9 3.3
And 96 249 153 3.3
Incl. 154 207 53 5.2
CBRC011 45 51 6 107 C4
And 60 66 6 6.4
CBRC012 147 162 15 6.2
CBRC015 12 30 18 3.2
CBRC017 57 66 18 6.5
CBRC018 27 33 6 105 C3
CBRC019 39 45 18 4.4
CBRC023 24 39 15 111
CBRC027
And		 20 26 6 4.8
21 36 15 148
CBRC028 31 54 23 137
CBRC029
And		 12 37 25 3.5
13 32 19 5.5 79
CBRC030
Incl.
And		 11 62 51 4.0
17 29 12 6.0
17 27 10 5.9 107
CBRC032
Incl.
And		 23 45 22 6.2 C4
31 36 5 13.0
12 32 20 7.3 112
CBRC033
Incl.
And		 17 56 39 6.3
18 33 15 8.0
24 51 27 3.0 120
CBRC041 60 87 27 3.5
CBRC042 39 45 6 6.0
CBRC043 39 57 18 4.8 100
CBRC044 40 54 14 104
CBRC045 48 57 9 115 C5
CBRC046 42 54 12 118
CBRC047
And		 48 69 21 3.3
39 51 12 133
CBRC048
And		 42 51 9 140
66 78 12 3.4
CBRC049 48 69 21 6.2
CBRC050 39 54 15 4.5
CBRC053
And
And
And		 39 54 15 113
33 81 48 5.2
39 54 15 0.28
48 63 15 5.9
CBRC056 42 51 9 115 C2
CBRC056 54 111 57 3.0
CBRC058 30 108 78 3.7
CBRC060 27 69 42 3.7
CBRC062 33 60 27 3.5
CBRC064 42 63 21 3.0
CBRC068 42 69 27 3.3 C1
CBRC075 45 69 24 3.2

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

Table 2 continued: Significant Intersections >3%P2O5, >5% TiO2, >0.10% Nb2O5, >100pp

highlighted.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 P2O5
(%)		 Nb2O5
(%)		 TiO2
(%)		 Sc
(ppm)		 Prospect
CBRC080 57 69 12 0.15 6.3
CBRC083 9 49 40 0.15 C3
And 11 44 33 5.4
And 20 72 52 4.0
Incl. 40 48 8 8.1
CBRC084 9 45 36 0.20 7.9
Incl. 25 39 14 12.3
And 18 44 26 4.5
and 19 27 8 115
And 109 121 12 3.9
CBRC085 6 85 79 7.4 C3
Incl 45 66 21 11.7
and 21 72 51 106
And 30 78 48 0.79
Incl. 39 54 15 1.16
And 30 85 55 6.6
Incl. 36 47 11 8.0
CBRC086 9 90 81 8.0
And 16 93 77 0.70
Incl. 39 69 30 0.97
and 16 90 74 146
Incl. 57 66 9 265
And 16 117 101 4.4
Incl. 75 93 18 7.1
CBRC087 6 36 30 5.8
and 10 21 11 0.20
And 10 44 34 4.2
Incl. 36 44 8 6.1
CBRC088 35 55 20 5.4
And 12 69 57 6.4
Incl. 34 42 8 11.3
CBRC089 34 46 12 0.30
and 29 43 14 109
and 38 74 36 4.1

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Table 3: Drill Collar 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 C4
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 C4
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 C4
CBRC042 415068 7348752 316 -90 0 75 RC C4
CBRC043 414940 7348635 315 -90 0 99 RC
CBRC044 415178 7348632 308 -90 0 87 RC
CBRC045 415330 7348524 315 -90 0 93 RC C5
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

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Hole ID Easting Northing RL Dip Azimuth EOH **Type **
CBRC052 415545 7348538 308 -90 0 93 RC C5
CBRC053 415658 7348657 308 -90 0 93 RC
CBRC054 415422 7348643 309 -90 0 57 RC
CBRC055 413819 7350449 307 -90 0 63 RC C2
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 C1
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
CBDD001 414847 7348981 312 -60 43 249.6 DDH C4
CBDD002 414367 7349638 307 -60 45 279.6 DDH C3

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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 ALS Laboratories in
Perth for determination of Rare Earth Oxides by
Lithium Borate Fusion XRF (ALS Method ME-
XRF30) and for 48 multi-elements via 4 acid
digestion with MS/ICP finish (ALS Code 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
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.

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Criteria JORC Code explanation Commentary
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.		 RC chips were logged by a qualified geologist with
sufficient experience in this geological terrane and
relevant styles of mineralisation using an industry
standard logging system which could eventually be
utilised within a Mineral Resource Estimation.
Lithology, mineralisation, alteration, veining,
weathering and structure were all recorded
digitally.
Chips were washed each metre and stored in chip
trays for preservation and future reference.
RC pulp material is also analysed on the rig by
pXRF 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) and
precision have been established.		 Laboratory Analysis
Lithium borate fusion is considered a total digest
and Method ME-XRF30 is appropriate for REE,
P2O5, TiO2determination. ME-MS61 is 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.		 Logging and Sampling
Logging and sampling were recorded directly into
a digital logging system, verified and eventually

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Criteria JORC Code explanation Commentary
•
Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
•
Discuss any adjustment to assay data.		 stored in an offsite database.
Significant intersections are inspected by senior
company personnel.
No twinned holes have been drilled at this time.
No adjustments to any assay data have been
undertaken.
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° azimuth and +/-0.3° dip.
Data spacing and
distribution		 •
Data spacing for reporting of Exploration
Results.
•
Whether the data spacing and distribution is
sufficient to
establish the
degree
of
geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.
•
Whether sample compositing has been
applied.		 See table 1, 2 and 3 for hole positions and
sampling information.
Orientation of
data in relation to
geological
structure		 •
Whether
the
orientation
of
sampling
achieves unbiased sampling of possible
structures and the extent to which this is
known, considering the deposit type.
•
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.		 Drilling was undertaken at a near perpendicular
angle to the interpreted strike and dip of the
ironstone outcrops and modelled magnetic data.
No sample bias is known at this time.
Sample security •
The measures taken to ensure sample
security.		 All geochemical samples were collected, bagged,
and sealed by Dreadnought staff and delivered to
Exmouth Haulage in Exmouth.
Samples were delivered directly to ALS
Laboratories Perth by Exmouth Haulage out of
Exmouth.
Audits or reviews •
The results of any audits or reviews of
sampling techniques and data.		 The program is continuously reviewed by senior
company personnel.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

(CRITERIA IN THIS SECTION APPLY TOALLSUCCEEDING SECTIONS.) (CRITERIA IN THIS SECTION APPLY TOALLSUCCEEDING SECTIONS.)
Criteria JORC Code explanation Commentary
Mineral tenement
and land tenure
status		 •
Type, reference name/number, location
and ownership including agreements or
material issues with third parties such as
joint ventures, partnerships, overriding
royalties, native title interests, historical
sites, wilderness or national park and
environmental settings.
•
The security of the tenure held at the time
of reporting along with any known
impediments to obtaining a licence to
operate in the area.		 •
The Mangaroon Project consists of 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
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.
•
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:
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

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

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

Criteria JORC Code explanation Commentary
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, orthomagmatic Ni-Cu-PGE
mineralisation and carbonatite hosted REE-P-
Nb-Ti-Sc mineralisation.
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 1, 2 and 3 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, 3% P2O5, 5%
TiO2and 100ppm 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.
The true thickness of the mineralisation
intersected in drill holes cannot currently be
calculated.
Diagrams •
Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These should
include, but not be limited to a plan view
of
drill
hole
collar
locations
and
appropriate sectional views.		 Refer to figures within this report.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

[email protected]

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 <==

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
Additional Resource Modelling

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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