DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2024

Nov 26, 2024

Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345

ASX ANNOUNCEMENT

27 November 2024

Shallow, High-Grade, 84% Indicated Au Resource - Mangaroon (100%)

HIGHLIGHTS

• Initial independent JORC Code 2012 Mineral Resource Estimate (“ Resource ”) for the Star of Mangaroon delivers a high confidence Resource with ~84% in the Indicated category . The Resource sits on a mining lease with minimal production permits required. The Resource is considered amenable to open pit mining and remains open at depth and along strike.

• The Resource contains shallow, high-grade gold as defined in Table 1 below:

_Table 1: Resource Estimate (2g/t Au cut-off grade) - Numbers _	_Table 1: Resource Estimate (2g/t Au cut-off grade) - Numbers _	_Table 1: Resource Estimate (2g/t Au cut-off grade) - Numbers _	_Table 1: Resource Estimate (2g/t Au cut-off grade) - Numbers _	_Table 1: Resource Estimate (2g/t Au cut-off grade) - Numbers _	_may not add up due to _	_may not add up due to _	rounding.
Type		Indicated			Inferred			**Total **
	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)
Transition	1,900	26.9	1,700	-	-	-	1,900	26.9	1,700
Fresh	42,500	13.0	17,800	12,200	9.8	3,900	54,700	12.3	21,700
Total	44,400	13.6	19,500	12,200	9.8	3,900	56,600	12.8	23,300

• This initial Resource is a major milestone in the Company’s strategy to become a self-funded explorer and will form the foundation for an open pit scoping study that is currently underway and expected to be completed in the March 2025 quarter.

• Commercial discussions to outsource funding, development, haulage and processing are also underway and expected to be finalised during the June 2025 quarter.

Dreadnought Resources Limited (“Dreadnought”) is pleased to announce an initial independent, shallow, high-grade Resource for the Star of Mangaroon gold deposit, part of the 100% owned Mangaroon project, located in the Gascoyne Region of WA.

Dreadnought’s Managing Director, Dean Tuck, commented: “We are pleased that the Star of Mangaroon has delivered a high-grade Resource that supports the prospects for commercialisation. High grades, near surface and with exceptionally high metallurgical recoveries make the Star of Mangaroon a strong foundation for our self-funded explorer strategy. Over the next 12 months, Dreadnought will be focused on bringing the Star of Mangaroon into production and producing cashflow while outsourcing funding, development, haulage & processing to third parties. In parallel with this focus on development, will be delivering additional mineable ounces from our other advanced prospects also located on mining leases while building a pipeline of high-grade gold targets for drill testing in 2025.”

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Figure 1: Image of panned gold from SOMRC004 16-17m which assayed 19.8g/t Au. Field of view ~5cm.

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Discussion

The Star of Mangaroon gold mine was discovered in 1956 by the local pastoralist, Allan McDonald. The mine is the largest historic gold producer in the Gascoyne and between 1960 and 1983 produced 7,464 oz @ 34.8 g/t Au[1] . Most of the gold came from underground with the lowest extraction level ~90m below surface.

The Star of Mangaroon has seen little exploration since its discovery. Prior to Dreadnought’s acquisition in 2022, ~34 holes for ~1,382m were drilled within the Star of Mangaroon mining lease. Since acquisition, Dreadnought has drilled 47 RC holes for 4,794m (including at the Popeye prospect located within the same mining lease) and 6 diamond holes for 457.1m.

The Star of Mangaroon Resource of 23,300oz @ 12.8g/t Au (84% Indicated) is contained within ~110m of surface and does not include mineralisation intersected at depth, along strike or at Popeye which is also located on the same mining lease.

This initial Resource provides a strong foundation for Dreadnought’s self-funded explorer strategy with a scoping study now underway for a potential high-grade open pit where funding, development, haulage & processing are outsourced to third parties. This is a common model in WA given the robust gold price. Once successful, this model may be extended to Popeye, Two Peaks, Lead, Pritchard Well, etc. In this way, there is reduced reliance on market funding and internal cashflows are aimed at making life-changing discoveries.

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Figure 2: Long Section from Popeye through the Star of Mangaroon showing the location of historic and recent drilling highlighting the lack of drilling along strike and at depth within the Star of Mangaroon mining lease.

Dreadnought’s planned transition to self-funded explorer

	Dec 2024 Quarter	Mar 2025 Quarter	Jun 2025 Quarter	Sep 2025 Quarter	Dec 2025 Quarter
Star of Mangaroon Open Pit	Resource	Scoping Study	Mining, Haul, Process Agreement	Approvals and Commencement of Production
Additional Resource Drilling		Granted Mining Leases including: Star of Mangaroon underground, Popeye, Pritchards, Lead
Gold Exploration	Target Generation Bordah and High Range		Target Definition Bordah and High		Exploration
			Range		Drilling

1 Prime Minerals Annual Report 2008, WAMEX Report A79994

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Material Information Summary – Resource Estimation

Pursuant to ASX listing rule 5.8.1 and complementing JORC Table 1 (attached), Dreadnought advises that the Resource was estimated by an independent consultant from Payne Geological Services Pty Ltd (“ PayneGeo ”) in conjunction with Dreadnought’s geologists. Commentary on the relevant input parameters for the Resource process is contained at the end of this announcement.

Location and Region

The Star of Mangaroon is located within Dreadnought’s Mangaroon project located ~250kms south-east of Exmouth, in the Gascoyne Region of Western Australia.

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Figure 3: Location of the Star of Mangaroon within the wider Mangaroon project in relation to major towns and gold operations in Western Australia.

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Geological Interpretation

Mangaroon occurs within the Gascoyne Province of the Capricorn Orogen, situated between the Archean Pilbara and Yilgarn cratons. The Gascoyne Province consists of a basement suite of Neoarchean to Palaeoproterozoic granite gneisses that are overlain by various Proterozoic rocks. These Proterozoic rocks include:

• the 1830–1780 Ma Moorarie Supersuite consisting of granitic rocks;

• the Durlacher Supersuite, a unit comprising granitic and minor gabbroic intrusions that are heavily deformed and believed to be largely synchronous with the 1680-1620 Ma Mangaroon Orogeny; and

• the c.1680 Ma Pooranoo Metamorphics comprising of pelitic gneiss and metamorphosed feldspathic sandstones.

The host sequence of the Star of Mangaroon gold deposit consists mainly of two metamorphosed Proterozoic gneisses. The hanging-wall sequence consists of variably magnetic quartz-cordierite-muscovite paragneiss of the Pooranoo Metamorphics, which were occasionally intruded by <5m wide vertical garnet-muscovite rich pegmatites. The footwall sequence consists of homogeneous quartz dominant orthogneiss.

At Star of Mangaroon, the principal goldbearing horizon consists of a quartzite unit, with a strike of roughly 010° dipping to the east at ~60°. The gold-bearing lode is ~110m long and 2 to 10m thick and defined over a dip length of 120m, hosted in a N-S trending foliation. Petrographic analysis of hand specimens and diamond core, suggests the mineralisation at Star of Mangaroon is hosted in a proto-sedimentary quartzite, consisting of quartz-muscovite-plagioclasebiotite assemblage with accessory tourmaline-apatite-garnet. Geochemical pathfinders for the gold mineralisation observable in orientation soil surveys and whole rock geochemistry include Te, Sb, Bi, & As, as well as elevated Ag, Cu, Pb.

Retrogressive alteration weakly modified all rocks at a later time, in response to infiltration by Au-bearing aqueous fluid at relatively low P-T conditions of the greenschist facies. This produced finegrained selective pervasive alteration minerals (sericite, chlorite, pyrrhotite, sphalerite, tennantite, biotite, native gold). Plagioclase was partly to completely replaced by sericite, chlorite, zoisite, biotite, sulfides (pyrrhotite, sphalerite, tennantite), and native gold. The close physical association between sericite and native gold after plagioclase provides good textural evidence for timing of gold mineralisation. Cordierite was partly replaced by fine-grained sericite + chlorite + garnet. Biotite was partly replaced by sericite, biotite, chlorite, ilmenite and titanite.

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Figure 4: Combined transmitted and reflected light micrographs of free gold from the Star of Mangaroon (by Mason Geoscience Pty Ltd, 2024)

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Mineralisation Interpretation

Gold mineralisation was confined to an interpreted quartzite horizon located at the contact of the hangingwall paragneiss with the footwall orthogneiss. The quartzite is not fully mineralised and the Resource was defined within the quartzite using a 0.2g/t Au cut-off. This resulted in the interpretation of a single mineralised structure varying from 2m to 10m in thickness.

Several drill holes intersected a void within the mineralisation. These void intersections were used in conjunction with the surveyed surface extent of the main workings to create a three-dimensional model of the historic main lode stope at the deposit. The stope shape was used to deplete the model to account for historic mining.

Weathering at the deposit is limited to a zone of transitional material extending up to 15m below surface. The majority of the mineralisation is within fresh rock.

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Figure 5: Geological wireframes for the Star of Mangaroon deposit showing drill traces. The modelled lode is in blue and mining void as estimated from drilling and historical stope maps in red.

Drilling Techniques

The project database contains records for 56 historic holes and 52 recent holes completed by Dreadnought in 2023 and 2024. However, no historic drilling was used to estimate the Resource due to uncertainties in location, lack of down hole surveys and unknown sample quality.

In total, 20 RC and 4 diamond holes have been used to estimate the Resource. The drilling has resulted in a relatively even spread of intersections throughout the Resource at spacings of 20-25m.

All holes used in the Resource have been previously announced with the necessary collar and assay details provided. These holes are also shown in Tables 5 and 6.

RC holes were drilled with a 5¾-inch or 5½-inch bit and face sampling hammer. RC holes are drilled with some water injection at the bit for dust suppression and with the use of booster/auxiliary air if ground water is encountered.

Diamond holes were drilled as orientated HQ3 size with no RC pre-collars.

Collar positions were 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 each drill hole were recorded by Ausdrill and Hagstrom after the completion of the hole using a Reflex Sprint IQ Gyro. A reading was undertaken every 30th metre with an accuracy of +/- 1° azimuth and +/-0.3° dip.

Azimuth and dip of the drill hole was recorded by Topdrill after the completion of the hole using an Axis Champ North-seeking Gyro. A reading was undertaken every 10th metre with an accuracy of +/- 0.5° azimuth and +/-0.15° dip.

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Sampling and Subsampling Techniques

For the Resource drilling, RC samples were collected in 1m intervals directly from the rig sampling system. From every 1m drilled, a 2-3kg sample (split) was sub-sampled into a calico bag via a Metzke cone splitter. All remaining spoil from the sampling system was collected in buckets and deposited in rows adjacent to the rig.

Orientated diamond core samples were collected with a diamond drill rig drilling HQ3 core. After geological logging and processing, the core was marked up for sampling at a typical minimum interval of 0.2m to ensure adequate sample weight and to a typical maximum interval of 1.0m. The selected sample intervals of drill core were cut in half or quartered along the length of the drill core.

Sample sizes for both RC and diamond are considered appropriate for the style of mineralisation.

Assaying and QAQC

Samples were submitted to the ALS Perth laboratory for preparation and analysis of gold by Photon Assay and for 48 additional elements using a four-acid digest and ICP mass spectrometry.

The 2-3kg samples were oven dried to 105°C and crushed to >90% passing 3mm to produce a 500g charge for determination of gold Photon Assay from crushed sample (ALS Method Au-PA01).

Additional material is then pulverised to 85% passing 75um to produce a 0.25g charge for determination of 48 multielements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61).

QAQC in the form of duplicates and CRM’s (OREAS Standards) were inserted through the mineralised zones at a rate of 1:50 samples. Additionally, within mineralised zones, a duplicate sample was taken and a blank inserted directly after. All QAQC returned satisfactory results.

Standard laboratory QAQC is undertaken and monitored.

14 samples were sent to Intertek for PhotonAssay (PAAU02) for 3rd party lab verification of ALS assay results. All verified assay results were within an acceptable range.

Estimation Methodology

Mineralisation interpretations were prepared using 0.2g/t Au envelopes. This was based on statistical analysis and visual examination of intersections suggesting a natural cut-off to the mineralisation of 0.2g/t Au. The wireframes were used as hard boundaries to all grade estimation.

The deposit was estimated using ordinary kriging (“OK”) grade interpolation of 1m composited data within the mineralisation wireframe. A high-grade cut of 70g/t was applied to gold. Only gold was estimated.

Interpolation parameters were based on the geometry of the mineralised zone and geostatistical parameters determined by variography. Search ranges of 30m with a minimum of 6 samples and maximum of 12 samples were used for grade estimation. These were expanded as required to allow interpolation in areas of sparse drilling.

The block dimensions used in the model were 10m NS by 2m EW by 10m vertical with sub-cells of 2.5m x 0.5m x 2.5m. The parent block size is ~50% of the average drill hole spacing in the more intensely drilled part of the deposit.

Density determinations were available for fresh rock from the Dreadnought drill core and derived a density of 2.70t/m[3] in fresh rock. An assumed density of 2.5t/m[3] was applied to the small amount of transitional mineralisation.

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Figure 6: Long Section view showing the drill hole traces and grade distribution.

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Cut-off Grade

The reporting cut-off grade of 2.0g/t Au was derived considering the potential for open pit mining of the upper portion of the deposit with substantial haulage to a toll milling facility. This potential for eventual economic extraction has been confirmed by early-stage studies using typical industry costs for haulage and third-party processing. As mining studies are developed and the mining scenario is clarified, the cut-off grade will be modified accordingly.

Resource Classification

The Resource has been classified in the Indicated and Inferred categories, in accordance with the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (“ 2012 JORC Code’ ).

The mineralisation is constrained within a clearly defined horizon that can be identified in all drill holes in the deposit. This, coupled with the observations in surface workings, confirms the continuity of the host geology. The high-quality drilling and sampling has provided intersections at spacings of 20-25m through the high-grade portion of the Resource allowing that portion to be classified as Indicated.

The parts of the Resource defined by drilling at greater than 25m spacings or where grade continuity could not be reasonably assumed have been classified as Inferred.

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Figure 7: Long Section view showing the drill hole traces and Resource classifications. Indicated in green, Inferred in blue and undefined (due to interpreted mining voids) in pink.

Metallurgy

Excellent metallurgical characteristics have been demonstrated in a recent test work program. The metallurgical program assessed conventional gravity and CIL gold recovery at a range of grind sizes. The results confirm that exceptional gold recoveries are achieved using conventional gravity and CIL processing with total gold recovery of 97-99% and gravity gold recovery of 74%.

Further information regarding metallurgical results can be found in previous announcement:

• DRE Announcement 14 October 2024: Exceptional Gold Recoveries from Star of Mangaroon.

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Resource Estimate

A summary of the initial Resource of 56,700t @ 12.8 g/t Au for 23,300oz is shown below. The Resource has been estimated at a cut-of grade of 2g/t Au, has been depleted for known historic underground workings and lies above 110m vertical depth.

110m vertical depth.	110m vertical depth.	110m vertical depth.
_Table 2: Resource (2g/t Au cut-off grade) _			_- Numbers _	may not add up due to rounding.
Type		Indicated			Inferred			**Total **
	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)
Transition	1,900	26.9	1,670				1,900	26.9	1,700
Fresh	42,500	13.0	17,800	12,200	9.8	3,900	54,700	12.3	21,700
Total	44,400	13.6	19,500	12,200	9.8	3,900	56,600	12.8	23,300

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Figure 8: Star of Mangaroon grade/tonnage curve.

Future Work

The Resource will form the basis of a scoping study. The Resource sits on a mining lease with minimal production permits required. The Resource is considered amenable to open pit mining and remains open at depth and along strike.

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Figure 9: RC Rig drilling at the Star of Mangaroon.

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Snapshot – Mangaroon Gold (100%)

Mangaroon Gold is 100% Owned by Dreadnought

• Mangaroon covers >5,300kms[2] with an initial focus on the ~15km x 10km gold system situated over the Mangaroon Shear Zone between the crustal scale Minga Bar and Edmund Faults with multiple phases of intrusions. Numerous historical workings along the Mangaroon Shear Zone have only seen limited, shallow drilling along ~200m of strike near the Star of Mangaroon mine.

Self-Funded Explorer Strategy

• Dreadnought’s strategy is to transform into a self-funded explorer. This involves a potential high-grade open pit at the Star of Mangaroon where funding, development, haulage & processing are outsourced to third parties. This is a common model in WA given the robust gold price. Once successful, extend this model to Popeye, Two Peaks, Lead, Pritchard Well, etc. In this way, there is reduced reliance on market funding and internal cashflows are aimed at making life changing discoveries.

Consolidation Provides for First Ever Modern Exploration

• All historical workings and known gold occurrences relate to outcropping mineralisation. There has been minimal historical and modern exploration due to fractured, small-scale ownership with Dreadnought now undertaking modern exploration for the first time.

Significant, Step-change, Growth Potential

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

• Dreadnought is deploying modern geochemical and geophysical techniques to explore for mineralisation under shallow cover. These techniques have already generated new prospects with stronger and larger signatures than the historical mines, including the region’s largest high-grade producer at the Star of Mangaroon mine.

• Project-wide stream sediment sampling and geophysical surveys have identified additional camp scale prospects at Bordah and High Range.

Shallow, High-grade Gold

• The Resource contains shallow, high-grade gold as defined in Table 1 below:

_Table 1: Resource (2g/t Au cut-off grade) - Numbers may not _	_Table 1: Resource (2g/t Au cut-off grade) - Numbers may not _	_Table 1: Resource (2g/t Au cut-off grade) - Numbers may not _	_Table 1: Resource (2g/t Au cut-off grade) - Numbers may not _	_Table 1: Resource (2g/t Au cut-off grade) - Numbers may not _	_add up due _	to rounding.	to rounding.
Type		Indicated			Inferred			**Total **
	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)
Transition	1,900	26.9	1,700	-	-	-	1,900	26.9	1,700
Fresh	42,500	13.0	17,800	12,200	9.8	3,900	54,700	12.3	21,700
Total	44,400	13.6	19,500	12,200	9.8	3,900	56,600	12.8	23,300

• Popeye, located <1km from the Star of Mangaroon, contains significant shallow high-grade gold intersections including:

POPRC001: 3m @ 22.8 g/t Au from 13m POPRC002: 1m @ 1.6 g/t Au, 15.5g/t Ag from 11m

Exceptional Metallurgical Recoveries

• The region is known for its free gold. Accordingly, recent metallurgical work at Star of Mangaroon produced exceptional recoveries from standard gravity and carbon in leach circuits averaging 96.7% combined recovery including an average 74.4% gravity recovery (ASX.DRE 14 October 2024) .

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Background on Mangaroon (E8/3178, E08/3229, E08/3274, E08/3275, E08/3439, E09/2290, E09/2359, E09/2370, E09/2384, E09/2405, E09/2422, E09/2433, E09/2448, E09/2449, E09/2450, E09/2467, E09/2473, E09/2478, E09/2535, E09/2616, M09/91, M09/146, M09/147, M09/174, M09/175: 100%)

Mangaroon (Figure 10) covers >5,300kms[2] of the Mangaroon Zone in the Gascoyne Region of Western Australia and is comprised of:

• 45km long Money Intrusion (Ni-Cu-Co-PGE): containing high tenor magmatic Ni-Cu-Co-PGE.

• ~10km x 15km Mangaroon Gold Camp (Au, Cu-Zn-Ag-Au): where fractured, small-scale ownership has limited previous gold exploration with only ~200m of the >12km long Mangaroon Shear Zone having been drilled.

• ~43km long Yin Ironstone (REE): which already contains: an independent Resource of 20.06Mt @ 1.03% TREO (ASX 5 Jul 2023) over only ~4km of the ~43km of ironstones including an initial Indicated Resource of 5.52Mt @ 1.23% TREO over only ~250m of strike (ASX 5 Jul 2023).

• ~17km long Gifford Creek Carbonatites (REE-Nb-Ti-P-Sc): which contains a suite of critical minerals and an initial independent Inferred Resource of 10.84Mt @ 1.00% TREO at C3 (ASX 28 Aug 2023).

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Figure 10: Plan view map of Dreadnought’s 100% owned Mangaroon projects: the >45km long Money Intrusion (Ni-Cu-CoPGE); the ~10km x 15km Mangaroon gold camp (Cu-Zn-Ag-Au); Yin Ironstone Complex (REE) and the Gifford Creek Carbonatites (REE-Nb-Ti-P-Sc) in relation to major structures, geology and roads.

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Upcoming Newsflow

28 November: Annual General Meeting

December 2024: Results from EIS co-funded IP surveys at Tarraji-Yampi (80%/100%)

December 2024: Results of further target generation and definition work at Mangaroon Au (100%) December 2024: Results of target generation and definition work at Bordah – Mangaroon Au and Cu (100%) March Quarter 2025: Commencement of gold drilling at Mangaroon Au (100%)

March Quarter 2025: Commencement of target generation and definition at Mangaroon Au (100%) March Quarter 2025: Delivery of Star of Mangaroon Scoping Study

June Quarter 2025: Delivery of Mining, Haulage and Processing Agreement for Star of Mangaroon September/December Quarter 2025: Mining Approvals and Commencement of production from Star of Mangaroon

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 • 7 June 2023 Mangaroon Gold Review and Further Consolidation • 4 September 2023 Outstanding Gold Opportunities Along >10km Mangaroon Shear Zone • 1 November 2023 Gold Drilling Commenced at Star of Mangaroon • 11 December 2023 Thick, High-Grade Gold Including 7m @ 23.0g/t Au • 22 January 2024 Star of Mangaroon Extended • 12 February 2024 Star of Mangaroon Camp Scale Prospect Continues to Expand • 13 March 2024 Star of Mangaroon Camp Scale Gold Prospect Expands to ~15km x 10km • 26 July 2024 Strategic & Prospective Consolidation • 26 July 2024 Consolidation, Growth & Commercialisation • 1 October 2024 Shallow, High-Grades at Star of Mangaroon & Popeye • 14 October 2024 Exceptional Gold Recoveries from Star of Mangaroon • 6 November 2024 High-Grade from Star of Mangaroon

~Ends~

For further information please contact: Dean Tuck Jessamyn Lyons Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E: dtuck@dreres.com.au E: jlyons@dreres.com.au

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

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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 – Mineral Resources

The information in this announcement that relates to the Star of Mangaroon Mineral Resource is based on information compiled by Mr. Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Payne is a full-time employee of Payne Geological Services Pty Ltd and is a shareholder of Dreadnought Resources Limited. Mr. Payne 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. Payne consents to the inclusion in the announcement of the matters based on his information in the form and context that the information appears.

Competent Person’s Statement – Exploration Results

The information in this announcement that relates to geology, exploration results and planning, and exploration targets was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.

The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcements by Dreadnought Resources Limited referenced in this report and in the case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

RESOURCES SUMMARY

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

- Table 3: Summary of Yin Resources at 0.20% TREO Cut off.

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

Gifford Creek Carbonatite – Inferred Resource

Table 4: Summary of the Gifford Creek Carbonatite Inferred Resource at various % TREO Cut-offs.

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

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Investment Highlights

Mangaroon Au, Nb-REE, Ni-Cu-PGE Project (100%)

Mangaroon covers ~5,300kms[2] and is located 250kms south-east of Exmouth in the Gascoyne Region of WA. At Mangaroon, Dreadnought has consolidated areas of outcropping high-grade gold and historical high grade gold mines including the historic Star of Mangaroon and Diamond gold mines. Exploration at the Money Intrusion has identified high tenor Ni-Cu-PGE sulphides. In addition, Mangaroon has emerged as a globally significant, rapidly growing, potential source of critical minerals. Highlights include:

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

• Discovery of the globally significant, Nb-REE-P-Ti-Sc enriched Gifford Creek Carbonatite (ASX 7 Aug 2023).

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

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

The project is located only 85kms from

==> picture [301 x 401] intentionally omitted <==

Derby in the West Kimberley region of WA and was locked up as a Defence Reserve since 1978.

The project has outcropping mineralisation and historical workings which have seen no modern exploration.

Results to date indicate that there may be a related, large scale, Proterozoic Cu-Au VMS system at Tarraji-Yampi, similar to DeGrussa and Monty in the Bryah Basin.

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

Central Yilgarn is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~1,400kms[2] 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, komatiitehosted nickel sulphides and critical metals including Lithium-Cesium-Tantalum.

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

Bresnahan HREE-Au-U Project (100%)

Bresnahan is located ~125km southwest of Newman in the Ashburton Basin. The project comprises ~3,700kms[2] covering over 200kms strike along the Bresnahan Basin / Wyloo Group unconformity. Bresnahan is prospective for unconformity related heavy rare earth (“ HREE ”) deposits similar to Browns Range HREE deposits, unconformity uranium (“ U ”) deposits and mesothermal lode gold similar to Paulsens Au-Ag-Sb deposits along strike.

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

Dreadnought Resources Ltd 13

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Table 5: Significant Intersections >0.3g/t Au with >10g/t Au highlighted.

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Prospect
SOMRC002	51	52	1	0.8	Star of Mangaroon
SOMRC004 incl	9	18	9	**13.4 **
	16	18	2	**59.4 **
SOMRC005 incl	53	60	7	23.0
	**54 **	57	3	48.9
SOMRC006 incl	89	97	8	15.5
	90	93	3	**30.4 **
SOMRC007	19	20	1	4.0
SOMRC008	68	70	2	4.8
SOMRC013 and	88	92	4	0.9
	102	105	3	0.6
SOMRC014	157	160	3	0.6
SOMRC015	0	3	3	2.9
SOMRC018 incl	10	33	23	0.4
	30	33	3	1.2
SOMRC019	16	17	1	0.6
SOMRC020	58	**61 **	3	23.7
SOMRC021	76	77	1	5.2
SOMRC022	101	103	2	0.6
SOMRC023	112	113	1	0.3
SOMRC024 and	0	3	3	4.9
	114	115	1	1.2
SOMRC025	12	14	2	0.5
SOMRC026	30	31	1	0.3
and	31	32.5	1.5	Void
SOMRC027	76	77	1	2.3
SOMRC028	106	110	4	5.1
SOMRC029	34	37	3	1.2
SOMRC030	80	**84 **	4	**27.4 **
SOMRC031	25	26	1	0.3
SOMRC033	64	66	2	0.5
SOMRC034 and	78	79	1	2.5
	89	90	1	0.3
SOMRC036	62	63	1	0.6
SOMRC039	54	55	1	0.4
SOMRC040	154	155	1	0.5
SOMRC041	148	149	1	0.3
SOMRC042	245	247	2	0.7
SOMRC043	277	278	1	0.4
SOMDD001	16.0	**17.4 **	**1.4 **	87.9
SOMDD002	68.2	70.7	2.5	3.3
SOMDD003	32.7	**35.4 **	2.7	55.5
SOMDD005	48.0	50.0	2.0	22.6
POPRC001	13	16	3	22.8	Popeye
POPRC002	11	12	1	1.6

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		Table 6: Drill Collar Data (GDA94 MGAz50)	Table 6: Drill Collar Data (GDA94 MGAz50)	Table 6: Drill Collar Data (GDA94 MGAz50)	Table 6: Drill Collar Data (GDA94 MGAz50)	Table 6: Drill Collar Data (GDA94 MGAz50)
Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH	**Type **
SOMRC001	372308	7359748	285	-60	274	33	RC	Star of Mangaroon
SOMRC002	372340	7359748	285	-60	270	75	RC
SOMRC003	372373	7359748	284	-60	274	123	RC
SOMRC004	372324	7359784	284	-60	274	36	RC
SOMRC005	372362	7359779	284	-61	274	84	RC
SOMRC006	372403	7359783	283	-61	272	114	RC
SOMRC007	372332	7359823	284	-59	272	42	RC
SOMRC008	372376	7359824	284	-58	273	90	RC
SOMRC009	372420	7359823	283	-56	271	126	RC
SOMRC010	372448	7359822	283	-61	270	180	RC
SOMRC011	372326	7359863	285	-58	277	42	RC
SOMRC012	372371	7359863	285	-60	274	84	RC
SOMRC013	372410	7359863	284	-61	274	138	RC
SOMRC014	372452	7359859	284	-61	277	204	RC
SOMRC015	372263	7359710	286	-58	267	84	RC
SOMRC016	372296	7359709	286	-60	267	84	RC
SOMRC017	372330	7359709	286	-61	265	84	RC
SOMRC018	372280	7359924	288	-60	30	102	RC
SOMRC019	372319	7359766	284	-61	273	30	RC
SOMRC020	372360	7359765	284	-61	271	78	RC
SOMRC021	372374	7359765	283	-64	269	96	RC
SOMRC022	372409	7359767	283	-56	272	126	RC
SOMRC023	372421	7359766	283	-61	271	138	RC
SOMRC024	372421	7359785	283	-60	270	138	RC
SOMRC025	372324	7359804	284	-60	271	30	RC
SOMRC026	372344	7359804	284	-59	269	54	RC
SOMRC027	372384	7359804	283	-61	271	102	RC
SOMRC028	372422	7359804	283	-60	271	138	RC
SOMRC029	372338	7359827	284	-73	268	60	RC
SOMRC030	372386	7359826	283	-61	271	102	RC
SOMRC031	372329	7359846	285	-60	272	36	RC
SOMRC032	372356	7359846	285	-56	270	66	RC
SOMRC033	372370	7359846	284	-60	270	90	RC
SOMRC034	372391	7359846	284	-60	268	108	RC
SOMRC035	372323	7359748	284	-60	269	54	RC
SOMRC036	372354	7359748	285	-61	269	84	RC
SOMRC037	372310	7359732	285	-61	271	54	RC
SOMRC038	372328	7359731	285	-59	272	66	RC
SOMRC039	372334	7359731	285	-75	272	78	RC
SOMRC040	372490	7359782	282	-61	262	234	RC
SOMRC041	372455	7359717	284	-60	268	180	RC
SOMRC042	372536	7359859	283	-60	269	312	RC
SOMRC043	372535	7359939	286	-60	270	306	RC
SOMDD001	372325	7359789	284	-57	271	41.2	DDH
SOMDD002	372385	7359791	283	-59	254	96.7	DDH
SOMDD003	372339	7359786	284	-60	270	59.6	DDH
SOMDD004	372339	7359765	284	-60	271	59.6	DDH
SOMDD005	372360	7359802	284	-60	274	80	DDH
SOMDD006	372403	7359803	283	-60	269	120	DDH
POPRC001	372598	7359436	290	-61	168	51	RC	Popeye
POPRC002	372598	7359461	289	-61	168	102	RC
POPRC003	372663	7359460	288	-61	168	54	RC
POPRC004	372658	7359482	287	-61	166	102	RC

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Dreadnought Resources Ltd 15

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) and Diamond (DD) drilling was undertaken to produce samples for assaying. RC Drilling Two sampling techniques were utilised for the RC drilling, 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 help determine mineralised samples. Mineralised intervals have the 1m split collected, while unmineralised samples have 3m composites collected. Diamond Core Core is orientated for structural and geotechnical logging where possible. In orientated core, half core is submitted to the lab for analysis in intervals ranging from 20cm to 1m depending on the geological context. If core is orientated, then the half core is cut so as to preserve the orientation line with the same side of the core submitted down the hole. All samples are submitted to ALS Laboratories in Perth for determination of gold by PhotonAssay from crushed sample (ALS Method Au-PA01). Select samples are also submitted for 48 multi-elements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61) to assist with lithological interpretation. QAQC samples consisting of duplicates, blanks and CRM’s (OREAS Standards) are inserted through the program at a rate of 1:50 samples. Historical Drilling MA1-28 (Balde Exploration 1988: A24641): Every metre a ~2kg sample (split) was subsampled into a plastic bag via a two-tier riffle splitter. A metre 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 metre a ~1-2kg sample (split) was subsampled into a calico bag via a three-tier riffle splitter. A four metre 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 4m composite produced a gold value >0.09 g/t Au, then the 1m splits were collected and sent to Genalysis Laboratories in Perth for determination of gold by fire assay. 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 Well which produced 3m @ 10g/t Au from a quartz vein. SM1-9 (Anthony Stehn) No detailed information aside from collar and survey details and assay results.

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Criteria	**JORC Code explanation **	Commentary
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.).	Dreadnought RC Drilling The first 3 drill holes were completed by Ausdrill utilising a Drill Rigs Australia truck mounted Schramm T685WS drill rig with additional air from an auxiliary compressor and booster. Bit size was 5¾“. The remaining drill holes were completed by Topdrill utilising a Schramm T685WS drill rig with additional air from an auxiliary compressor and booster. Bit size was 5½ ”. Dreadnought Diamond Drilling The first 2 holes were completed by Hagstrom Drilling with a truck-mounted low impact diamond drill rig. Drilling is either HQ to end of hole or initially HQ and dropping to NQ once the hole is cased off for deeper drill holes. Core was orientated using a Reflex Sprint gyro and True Core Orientation Tool. The remaining diamond holes were completed by Topdrill with a truck-mounted Sandvik DE880 diamond rig. All drilling was HQ3 to improve core recovery and preservation for geotechnical logging. Core was orientated using an Axis Champ North-seeking Gyro and True Core Orientation Tool. 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.	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. Diamond Drilling HQ and NQ drilling has been undertaken. All core recoveries are measured and recorded by the drill crew for each run and remeasured and checked by Dreadnought personnel. Core recovery to date has been very high. At this stage, no known bias occurs between sample recovery and grade. 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.	RC Drilling RC chips were logged under the supervision of a Senior 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 texture 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. RC logging is qualitative, quantitative or semi-quantitative in nature. Diamond Drilling Diamond core is logged under supervision of a Senior 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,texture,

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Criteria	**JORC Code explanation **	Commentary
		weathering and structure are recorded digitally. DD logging is qualitative, quantitative or semi-quantitative in nature. 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 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.	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 crushed to >90% passing 3mm to produce a 500g charge for determination of gold PhotonAssay from crushed sample (ALS Method Au-PA01). Additional material is then pulverised to 85% passing 75um 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. Diamond Drilling 20cm – 1m half or quarter core samples are sawn and submitted to the lab for analysis. If core is orientated, then the core is cut so as to preserve the orientation line with the same side of the core submitted down the hole. 2-3kg samples are submitted to ALS laboratories (Perth), oven dried to 105°C and crushed to >90% passing 3mm to produce a 500g charge for determination of gold PhotonAssay from crushed sample (ALS Method Au-PA01). Additional material is then pulverised to 85% passing 75um 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. Historical Drilling MA1-28 (Balde Exploration 1988: A24641): Every metre 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 metre a ~1-2kg sample (split) was subsampled into a calico bag via a three-tier riffle splitter. No QAQC Reported. A four metre 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)	Laboratory Analysis PhotonAssay is considered a total analysis and Method Au- PA01 is appropriate for Au determination. ME-MS61 is considered a near total digest and is appropriate for pathfinder determination. Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival. Historical Drilling Limited information is recorded regarding the quality of and appropriateness of the assay data. Those that were reported, were with reputablelabs andviafire assay withaAASfinish

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Criteria	**JORC Code explanation **	Commentary
	and precision have been established.	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.	Logging and Sampling Logging and sampling were recorded directly into a digital logging system, verified and eventually stored in an offsite database. Significant intersections are inspected by senior company personnel. 3 historical RC holes have been diamond twinned and 4 RC twinned to compare and validate historical RC drilling. No adjustments to any assay data have been undertaken. 14 samples were sent to Intertek for PhotonAssay (PAAU02) for 3rdparty lab verification of ALS assay results. All verified assay results were within an acceptable range. Historical Drilling No verification of sampling or assaying has been undertaken. Drilling undertaken by Dreadnought in 2023 was done in similar areas to historical drilling and additional drilling will focus in these areas to increase confidence.
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 by Ausdrill and Hagstrom 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. Azimuth and dip of the drill hole was recorded by Topdrill after the completion of the hole using an Axis Champ North- seeking Gyro. A reading was undertaken every 10thmetre with an accuracy of +/- 0.5° azimuth and +/-0.15° dip. 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 Garmin with +/- 3m x/y accuracy) and at the Star of Mangaroon using a Emlid Reach RS2 RTK GPS system (+/- 0.2m x/y, +/- 0.5m z); GDA94 Z50is the grid formatforall xyz datareported.
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 5 and 6 for hole positions and sampling information. Data spacing at this stage is 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.	Drilling was undertaken at a near perpendicular angle to the interpreted strike and dip of the mineralised lode. No sample bias is known at this time. 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 confirmedthrough further drilling.
Sample security	• The measures taken to ensure sample security.	All geochemical samples were collected, bagged, and sealed by Dreadnought staff and were delivered directly to ALS Laboratories Perth by Jarrahbar Contracting or Exmouth Haulage out of Carnarvon or Exmouth. Historical Drilling Unknown
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	The program is continuously reviewed by senior company personnel. SOMDD001-002 have been reviewed and logged by Gerard Tripp of Gerard Tripp PhD Consulting Geologist Pty Ltd. SOMDD003-006 have been reviewed by Paul Payne of PayneGeo Pty Ltd. Historical Drilling Collar locations have been visited and confirmed. No other formal audit has been undertaken. Dreadnought drilling has been and will be undertaken over areas historically drilled.

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Dreadnought Resources Ltd 19

Section 2 Reporting of Exploration Results (Criteria in this section apply to all succeeding sections.)

Criteria	**JORC Code explanation **	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Star of Mangaroon Deposit is located within granted Mining M09/175. M09/175 is 100% owned by Dreadnought Resources. M09/175 is subject to a 0.5% Gross Revenue Royalty held by STEHN, Anthony Paterson and BROWN, Michael John Barry. The Star of Mangaroon is covered by the Thudgari (WAD6212/1998) Native Title Determination. The Star of Mangaroon is located within the Maroonah- Mangaroon Pastoral Station.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Historical exploration of a sufficiently high standard was carried out by a few parties which have been outlined and detailed in this ASX announcement including: Regional Resources 1986-1988s: WAMEX Reports A23715, 23713 Peter Cullen 1986: WAMEX Report A36494 Carpentaria Exploration Company 1980: WAMEX Report A9332 Newmont 1991: WAMEX Report A32886 Hallmark Gold 1996: WAMEX Report A49576 Rodney Drage 2011: WAMEX Report A94155 Sandfire Resources 2005-2012: WAMEX Report 94826
Geology	• Deposit type, geological setting and style of mineralisation.	The Mangaroon Project is located within Mangaroon Zone of the Gascoyne Province. The Mangaroon Project is prospective for orogenic gold, VMS and intrusion-related base metals, magmatic Ni-Cu- PGE mineralisation and carbonatite hosted REEs and Nb. Gold mineralisation at SoM occurs within a tabular, siliceous horizon at the contact of an paragneiss and underlyingorthogneiss.
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	An overview of the drilling program is given within the text and tables within this document.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	All sample intervals with a minimum length of 1m and gold assays greater than 0.3g/t Au have been reported. No top cuts have been applied to exploration results. A top-cut of 70g/t Au has been applied to the Resource. No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect _(e.g. ‘down hole length, true width not known’). _	Drilling is undertaken close to perpendicular to the dip and strike of the mineralisation.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to figures within this report.

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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.	RC drilling Diamond drilling Metallurgical test work Resource estimation Mining studies

Section 3 Estimation and Reporting of Mineral Resources (Criteria listed inthe preceding section also apply to this section.)	Section 3 Estimation and Reporting of Mineral Resources (Criteria listed inthe preceding section also apply to this section.)	Section 3 Estimation and Reporting of Mineral Resources (Criteria listed inthe preceding section also apply to this section.)
Criteria	**JORC Code Explanation **	Commentary
Database integrity	• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. • Data validationprocedures used.	All drilling data in the Mineral Resource estimate has been generated by Dreadnought in 2023 and 2024. The data has been systematically recorded and stored using industry best practice for data management. Assay data was manually validated against database entries.
Site visits	• Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case.	A site visit was carried out by the Competent Person on 19 and 20 August 2024. RC drilling was in progress at the time. Drilling and sampling procedures were observed and confirmed to be of best industry practice. General site geology was confirmed including the location of historic workings.
Geological interpretation	• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. • Nature of the data used and of any assumptions made. • The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation. • The factors affecting continuity both of grade and geology.	The confidence in the underlying geological interpretation is considered to be high and is based on high quality RC and core drilling. Geological logging has been used to assist with identification of lithology, mineralisation and weathering. The deposit consists of a well defined zone of gold mineralisation within a clearly identifiable siliceous horizon. The mineralised zone is variably developed, with the limit of mineralisation based on a gold cut-off grade. Detailed drilling has confirmed geological and grade continuity in the high grade portion of the deposit. A petrographic study conducted by Dr Douglas Mason of Mason Geoscience Pty Ltd during 2024 provided supplementary information that was incorporated into the geological interpretation.
Dimensions	• The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	The SoM deposit comprises a single tabular main mineralised zone with a strike length of 110m, is 2m to 10m thick and defined over a dip length of 120m. The deposit has been drilled and interpreted to a maximum vertical interval of 110m from surface.
Estimation and modelling techniques	• The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. • The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by-products. • Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation).	Using parameters derived from modelled variograms, Ordinary Kriging (“OK”) was used to estimate average block grades in two passes using Surpac software. Linear grade estimation was considered suitable for the deposit due to the generally well defined, disseminated nature of the mineralisation and the absence of erratic high grade outliers in most of the mineralised zones. Maximum extrapolation of wireframes from drilling was 25m down-dip in the poorly tested eastern portion of the deposit. Only gold was estimated. A single block model encompassed the mineralisation. Parent block dimensions used were: 10m y by 2m x by 10m z with sub-cells of 2.5m by 0.5m by 2.5m, The parent block size dimension was selected on the basis of deposit geometry and the drill hole spacing in the well drilled parts of the deposits. For the Mineral Resource area,an orientated ‘ellipsoid’

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Criteria	**JORC Code Explanation **	Commentary
	• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. • Any assumptions behind modelling of selective mining units. • Any assumptions about correlation between variables. • Description of how the geological interpretation was used to control the resource estimates. • Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	search was used to select data and adjusted to account for the variations in zone orientations, however all other parameters were taken from the variography. Multiple passes with expanded search ranges were used for some blocks. A first pass search range of 30m with a minimum of 6 samples and maximum of 12 samples were used. Within the Mineral Resource area, the deposit mineralisation was constrained by wireframes constructed using 0.2g/t Au cut-off grade. The wireframes were applied as hard boundaries. Statistical analysis was carried out on data from the estimation domain. A high grade cut of 70g/t Au was applied to the estimate. Validation of the model included detailed comparison of composite grades and block grades by strike, cross strike and elevation. Validation plots showed reasonable correlation between the compositegrades and the block modelgrades.
Moisture	• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Tonnages and grades were estimated on a dry in situ basis.
Cut-off parameters	• The basis of the adopted cut-off grade(s) or quality parameters applied.	The model has been reported at a cut-off grade of 2.0g/t Au. The reporting cut-off grade was selected based on a potential haulage and toll milling scenario being studied by Dreadnought.
Mining factors or assumptions	• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	The shallow nature and high grade of the of the mineralisation suggests that the deposit could be mined with open pit mining techniques. Early-stage studies by Dreadnought based on third party processing have demonstrated reasonable potential for eventual economic extraction.
Metallurgical factors or assumptions	• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	Metallurgical test work was carried out by Dreadnought in 2024. The metallurgical program assessed conventional gravity and CIL gold recovery at a range of grind sizes. The results confirm that exceptional gold recoveries are achieved using conventional gravity and CIL processing with total gold recovery of 97-99% and gravity gold recovery of 74%.
Environmental factors or assumptions	• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	Environmental studies have been carried out on site with Level 1 and Level 2 Flora and Fauna surveys completed. No declared rare species or threatened ecological communities have been identified. Dreadnought will work to mitigate environmental impacts as a result of any future mining or mineral processing.
Bulk density	• Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluationprocess of the different materials.	Bulk density values applied to the Mineral Resource were based on a number of density determinations carried out on drill core. Competent core was tested using immersion methods. Bulk density applied to the model included Transitional 2.4t/m3, fresh 2.70t/m3
Classification	• The basis for the classification of the Mineral Resources into varying confidence categories. • Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity _and distribution of the data). _	The Mineral Resource estimate is reported in compliance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ by the Joint Ore Reserves Committee (JORC). The detailed drilling at SoM is sufficient to confirm the continuity and extent of the mineralisation within the drilled

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Criteria	**JORC Code Explanation **	Commentary
	• Whether the result appropriately reflects the Competent Person’s view of the deposit.	extent of the deposit. There is limited drilling below the limit of the Mineral Resource. The mineralisation at SoM is constrained within a clearly defined horizon that can be identified in all drill holes in the deposit. This, coupled with the observations in surface workings confirms the continuity of the geology. The high quality drilling and sampling has provided intersections at spacings of 20-25m through the high grade portion of the deposit allowing that portion of the deposit to be classified as Indicated Mineral Resource. The parts of the deposit defined by drilling at greater than 25m spacings or where grade continuity could not be reasonably assumed have been classified as Inferred Mineral Resource Extrapolation of the mineralisation was generally limited to 25m along strike and down dip of drill hole intersections. The input data is comprehensive in its coverage of the mineralisation and does not favour or misrepresent in-situ mineralisation. The definition of mineralised zones is based on a high data density producing a robust model of the mineralised domain. The Mineral Resource estimate appropriately reflects the view of the Competent Person.
Audits or reviews	• The results of any audits or reviews of Mineral Resource estimates.	No audits have been completed.
Discussion of relative accuracy/ confidence	• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The deposit geometry and continuity have been adequately interpreted to reflect the classification applied to the Mineral Resource. The data is of good quality and the drill holes have detailed logs produced by qualified geologists. A recognised laboratory has been used for all gold analyses. The Mineral Resource statement relates to global estimates of tonnes and grade after depletion for historic mine production.

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