DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2024

Oct 8, 2024

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017

ABN 40 119 031 864

ASX ANNOUNCEMENT 9 October 2024

Exceptional Niobium Intercepts at the Stinger Discovery – Mangaroon (100%)

HIGHLIGHTS

• Assays have been received for a 9 RC hole (1,508m) program in the Gifford Creek Carbonatite. These holes tested the Stinger Zone for oxide and fresh mineralisation and all holes intersected niobium including:

CBRC195: 130m @ 0.7% Nb2O5 from 71m, including:

39m @ 1.3% Nb2O5 from 84m including 4m @ 2.0% Nb2O5 from 86m

CBRC200: 95m @ 0.9% Nb2O5 from 48m, including

20m @ 1.4% Nb2O5 from 102m and 8m @ 1.7% Nb2O5 from 72m

CBRC194: 122m @ 0.6% Nb2O5 from 71m, including 26m @ 1.1% Nb2O5 from 99m CBRC201: 98m @ 0.7% Nb2O5 from 54m, including 41m @ 1.1% Nb2O5 from 85m CBRC193: 57m @ 0.9% Nb2O5 from 51m, including 10m @ 1.2% Nb2O5 from 72m CBRC196: 24m @ 0.7% Nb2O5 from 81m, including 8m @ 1.3% Nb2O5 from 81m

CBRC197: 28m @ 0.8% Nb2O5 from 66m, including 14m @ 1.0% Nb2O5 from 71m

• These are in addition to the first pass drilling which intersected:

• CBRC176: 50m @ 0.9% Nb2O5* from 49m, including 20m @ 1.3% Nb2O5** from 56m

• CBRC174: 38m @ 0.5% Nb2O5* from 58m, including 6m @ 1.2% Nb2O5** from 60m

• CBRC175: 66m @ 0.4% Nb2O5* from 52m, with 15m @ 15.0% P2O5** from 103m

• CBRC189: 24m @ 0.6% Nb2O5* from 39m, including 6m @ 1.0% Nb2O5** from 48m

• The results confirm oxide and fresh bedrock niobium mineralisation at Stinger over ~1.2km of strike which remains open in all directions.

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

Dreadnought’s Managing Director, Dean Tuck, commented: “ The Gifford Creek Carbonatite has delivered the thickest

==> picture [326 x 172] intentionally omitted <==

and highest-grade intercepts to date. All this in a Tier 1 jurisdiction with ready access to infrastructure including sealed roads, ports, regional workforces and airports. We continue to see the potential for Mangaroon to evolve as a multicommodity critical metals hub with ready access to existing infrastructure.”

Figure 1: Photo of Dreadnought Geologist Claudia Tomkins logging at the Stinger Zone.

*Previously announced results, see ASX.DRE 19 August 2024 and 20 September 2024

1

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Overview of Drilling Program: Nb-REE Gifford Creek Carbonatite

The Gifford Creek Carbonatite and the Yin Ironstones together form one of the largest alkali-carbonatite complexes in the world (Figure 2). Carbonatite intrusions are known globally to host several different commodities including rare earths, niobium, phosphate, titanium and scandium, often as separate deposits within the same intrusion. Examples of this include Mt Weld in Australia, Ngualla in Tanzania, Araxa in Brazil and Bayan Obo in China.

Since the initial discovery of the Yin Ironstones and the Gifford Creek Carbonatite in 2021, Dreadnought’s focus has been on rare earths. To date only ~25% of the Gifford Creek Carbonatite has been tested and then only with wide spaced first pass drilling. Importantly, 3 zones of mineralisation have been confirmed (C3, Stinger and Rocky Road) with significant niobium intercepts in the Stinger Zone, including:

CBRC176: 50m @ 0.9% Nb2O5 from 49m, including 20m @ 1.3% Nb2O5 from 56m

CBRC085: 48m @ 0.8% Nb2O5 from 30m, including 36m @ 1.0% Nb2O5 from 39m

CBRC111: 48m @ 0.7% Nb2O5 from 63m, including 9m @ 1.4% Nb2O5 from 72m CBRC125: 59m @ 0.6% Nb2O5 from 63m, including 19m @ 1.0% Nb2O5 from 99m

CBRC138: 57m @ 0.6% Nb2O5 from 45m, including 3m @ 1.4% Nb2O5 from 90m

Recent mineralogical work has confirmed the presence of coarse grained (>0.30mm) pyrochlore niobium from both weathered and fresh carbonatite. Pyrochlore niobium is commercially viable and accounts for ~95% of global niobium production. Additional mineralogical work is ongoing with results expected in December 2024.

==> picture [482 x 378] intentionally omitted <==

Figure 2: Location of significant niobium mineralisation within the limited extent of drilling at the Gifford Creek Carbonatite. Inset image shows globally significant carbonatite complexes at Niobec, Araxa, Catalao II and Luni at similar scale highlighting the footprints of niobium mineralisation.

2

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Recent drilling comprised 9 RC holes (1,508m) which were niobium focused and designed to:

• Test for extensions of the Stinger oxide zone which contains thick intervals of niobium; and

• Confirm the fresh rock source of the oxide mineralisation; and

• Provide further material for mineralogical and metallurgical characterisation.

The program sought to confirm fresh mineralisation and extend oxide enriched mineralisation at Stinger. Stinger is defined by niobium enrichment over an area of ~2,000m x 350m. Fresh niobium mineralisation is interpreted to be hosted in a dyke like geometry with a southwest dip within the Gifford Creek Carbonatite, which has now been confirmed over ~1.2km in strike.

Assays have been received for the 9 RC holes and all holes returned significant mineralisation, including the 4 thickest and highest-grade intercepts to date. Intercepts include:

CBRC195: 130m @ 0.7% Nb2O5 from 71m, including:

39m @ 1.3% Nb2O5 from 84m including 4m @ 2.0% Nb2O5 from 86m

CBRC200: 95m @ 0.9% Nb2O5 from 48m, including

20m @ 1.4% Nb2O5 from 102m and 8m @ 1.7% Nb2O5 from 72m CBRC194: 122m @ 0.7% Nb2O5 from 71m, including 26m @ 1.1% Nb2O5 from 99m CBRC201: 98m @ 0.7% Nb2O5 from 54m, including 41m @ 1.1% Nb2O5 from 85m CBRC193: 57m @ 0.9% Nb2O5 from 51m, including 10m @ 1.2% Nb2O5 from 72m CBRC196: 24m @ 0.7% Nb2O5 from 81m, including 8m @ 1.3% Nb2O5 from 81m

CBRC197: 28m @ 0.8% Nb2O5 from 66m, including 14m @ 1.0% Nb2O5 from 71m

==> picture [396 x 335] intentionally omitted <==

This program has confirmed fresh mineralisation over ~1.2km of strike which remains open in all directions.

Next steps include wide spaced fenceline drilling across the Stinger Zone to better constrain the oxide and fresh boundaries. This work will also collect material for mineralogical and metallurgical assessment.

The program was supported by a co-funded drilling grant of up to $180,000 under the Geological Survey of Western Australia’s merit-based Exploration Incentive Scheme (“EIS”) and a drill-for-equity agreement with Topdrill Pty Ltd.

Figure 3: Plan view of the Gifford Creek Carbonatite over ortho and colored gravity image showing the Stinger and Rocky Road Zones in relation to previous drilling and recently completed drilling at Stinger as well as ~5km x 1km exploration space.

3

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017

ABN 40 119 031 864

==> picture [392 x 326] intentionally omitted <==

Figure 4: Cross section through the Stinger Zone showing the location of previous mineralised intercepts and recent RC drilling in relation to the saprolite hosted mineralisation and fresh niobium enriched carbonatite dykes.

==> picture [392 x 295] intentionally omitted <==

Figure 5: Cross section through the Stinger zone showing the location of recent saprolite and fresh mineralised intercepts. Also shown is

planned follow up RC drilling to extend the saprolite hosted mineralisation and fresh niobium enriched carbonatite dykes.

4

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Significant Infrastructure Advantages:

The Gifford Creek Carbonatite is part of the 100% owned Mangaroon Nb-REE project, located in the Gascoyne Region of Western Australia - a Tier 1 jurisdiction.

This area enjoys a strong competitive advantage over many other projects with ready access to existing infrastructure including:

• Sealed roads: ~200kms from the Northwest Coastal Highway

• ~400km from the Port of Onslow, ~600kms from the Port of Dampier, ~700 kms from Port of Geraldton.

• Regional suppliers/workforces: at Carnarvon, Exmouth, Karratha, Onslow and Newman

• Airports: at Exmouth, Carnarvon and Yangibana.

==> picture [348 x 466] intentionally omitted <==

Figure 6: Location map of the Gifford Creek Carbonatite in relation to other Nb-REE projects and major infrastructure including: sealed roads, ports, regional suppliers/workforces and airports.

5

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

SNAPSHOT – MANGAROON CRITICAL MINERALS

Mangaroon is 100% Owned

• 100% owned Mangaroon confirmed as a globally significant critical minerals complex with proven potential for niobium (Nb), rare earths (REE), scandium (Sc), titanium (Ti) and phosphorous (P).

Genuine Scale Potential for Niobium and other Critical Minerals

• Three zones of thick oxide niobium mineralisation confirmed to date with significant intercepts including: CBRC195: 130m @ 0.7% Nb2O5 from 71m, including 39m @ 1.3% Nb2O5 from 84m (Stinger) CBRC176: 50m @ 0.9% Nb2O5 from 49m, including 20m @ 1.3% Nb2O5 from 56m (Stinger) CBRC194: 122m @ 0.7% Nb2O5 from 71m, including 26m @ 1.1% Nb2O5 from 99m (Stinger) CBRC201: 98m @ 0.7% Nb2O5 from 54m, including 41m @ 1.1% Nb2O5 from 85m (Stinger) CBRC085: 48m @ 0.8% Nb2O5 from 30m, including 36m @ 1.0% Nb2O5 from 39m (C3)

CBRC125: 59m @ 0.6% Nb2O5 from 63m, including 19m @ 1.0% Nb2O5 from 99m (C3)

• Fresh niobium mineralisation has been confirmed over 1.2 km strike, open in all directions at the Stinger Zone providing significant upside tonnage potential.

Multiple Critical Minerals Potential at the Gifford Creek Carbonatite

• The Gifford Creek Carbonatite and associated ironstones is one of the largest carbonatite complexes in the world.

• Wide spaced drilling over <25% of the ~17km long Gifford Creek Carbonatite has already identified 3 zones of mineralisation containing Nb-REE-Sc-Ti-P. This makes for a critical mineral mix of co-products with significant intercepts including:

CBRC115: 102m @ 1.1% TREO from 3m, including 29m @ 2.1% TREO from 76m

CBRC148: 43m @ 11.9% P2O5 from 87m, including 24m @ 14.5% P2O5 from 105m to EOH

CBRC138: 12m @ 319ppm Sc from 48m and CBRC125: 10m @ 270ppm Sc from 18m

CBRC086: 72m @ 8.6% TiO2 from 12m, including 6m @ 12.8% TiO2 from 66m

Positive Mineralogical Results

• Recent mineralogical work at the Gifford Creek Carbonatite has confirmed the presence of pyrochlore, which is a high niobium mineral (>50%) which is commercially viable and from which ~95% of global niobium is produced.

Global Strategic Imperative Driving Critical Minerals Growth

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

• Niobium is a critical mineral primarily used in high strength, low alloy steel with application to renewables, infrastructure and vehicles. The addition of a small amount of niobium increases the strength of steel whilst decreasing weight by ~30%.

• Niobium-based technology breakthroughs are being experienced in the battery sector where niobium is reducing electric vehicle charge times to ~5 minutes.

6

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

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

Mangaroon (Figure 7) 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-Au-Zn-Ag): 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 (Nb-REE-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).

==> picture [491 x 460] intentionally omitted <==

Figure 7: Plan view map of Mangaroon showing the location of the Gifford Creek Carbonatite and associated critical metal occurrences in relation to the gold and base metal prospects at Mangaroon.

7

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

For further information please refer to previous ASX announcements:	For further information please refer to previous ASX announcements:
• 12 September 2022	Star of Mangaroon Acquisition & Consolidation
• 17 October 2022	Mineralised Carbonatites Discovered at C3 and C4
• 23 November 2022	Multiple, Large Scale, REE-Nb-Ti-P Carbonatites
• 28 December 2022	Initial High-Grade, Independent Resource over 3kms at Yin
• 24 January 2023	Carbonatite Discovery Shaping up as Regional Rare Earth Source
• 3 April 2023	Carbonatites Deliver Thick, Near Surface REE Results
• 10 July 2023	High Grade Rare Earth & Niobium Zones at C3 & C5
• 17 July 2023	High Grade Rare Earth & Niobium Zones at C3 & C5
• 7 August 2023	Rare Earth Ironstone and Carbonatite Drilling Update
• 28 August 2023	Initial, Independent REE-Nb-P-Ti-Sc Resource at C3
• 2 October 2023	Mangaroon Carbonatite now >17km – Higher Grade Zones Fingerprinted
• 6 December 2023	Gifford Creek REE-Nb-P-Ti-Sc Carbonatite Drilling Update
• 11 December 2023	Thick, High-Grade Gold Including 7m @ 23.0g/t Au
• 6 June 2024	Gifford Creek REE-Nb Carbonatite Update
• 27 May 2024	High Grade Cu-Zn-Ag-Au Gossans at Tiger
• 18 June 2024	Tiger Cu-Au-Zn-Ag Gossan Confirmed Over ~500m
• 12 August 2024	Gifford Creek Niobium Drilling Update
• 19 August 2024	Thick High-Grade Niobium Intercepts from Gifford Creek Carbonatite

UPCOMING NEWSFLOW (UPDATE)

October: Results of further target generation and definition work at Mangaroon Au (100%)

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

October/November: Results from Au and Cu-Au-Zn-Ag drilling at Mangaroon (100%) October/November: Results from airborne geophysical surveys at Mangaroon (100%) October/November: Results from diamond drilling at the Star of Mangaroon (100%) October/November: Results from metallurgical testing at Star of Mangaroon (100%)

November: Initial Resource for Star of Mangaroon (100%) October: Quarterly Activities and Cashflow Report

28 November: Annual General Meeting

~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.

8

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Cautionary Statement

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

Competent Person’s Statement – Mineral Resources

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

Competent Person’s Statement – Exploration Results and Exploration Targets

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

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports.

RESOURCES SUMMARY

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

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

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

Gifford Creek Carbonatite – Inferred Resource

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

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

9

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

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-TiSc 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 Derby in the

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

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.

10

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Table 3: Significant Intersections >0.3%Nb2O5, >1.0% Nb2O5 highlighted.

Hole ID	From (m)	To (m)	Interval (m)	Nb2O5 (%)	TREO (%)	P2O5 (%)	Prospect
CBRC174	58	96	38	0.5	0.7	3.8	Gifford Creek Carbonatite
Incl.	60	66	6	1.2	1.3	4.2
CBRC175 Incl	52	118	66	0.4	0.6	7.0
	103	118	15	0.4	0.5	15.0
CBRC176	49	99	50	0.9	1.0	4.8
Incl	53	95	42	1.0	1.1	4.6
Incl	56	76	20	1.3	1.3	3.9
CBRC177			No Significant Results
CBRC178	39	55	16	0.5	0.6	3.1
CBRC179	60	69	9	0.3	1.1	3.3
CBRC180			No Significant Results
CBRC181			No Significant Results
CBRC182			No Significant Results
CBRC183			No Significant Results
CBRC184			No Significant Results
CBRC185	69	75	6	0.2	0.5	3.0
CBRC186			No Significant Results
CBRC187			No Significant Results
CBRC188			No Significant Results
CBRC189	39	63	24	0.6	0.6	5.3
Incl	48	54	6	1.0	0.6	4.2
and and	78	84	6	0.3	0.4	9.2
	90	96	6	0.3	0.3	12.8
CBRC190 and	42	48	6	0.1	0.3	3.2
	57	60	3	0.1	0.4	5.7
CBRC191	51	57	6	0.1	0.4	7.6
CBRC192			No Significant Results
CBRC193	51	108	57	0.9	1.1	3.7
	**72 **	**82 **	10	**1.2 **	2.5	**5.4 **
	**94 **	108	14	**1.4 **	0.9	4.9
CBRC194	64	186	122	0.6	0.6	10.0
	99	125	26	**1.1 **	0.8	**5.4 **
CBRC195	71	201	130	0.7	0.6	7.1
	**84 **	123	39	1.3	0.8	4.8
	86	90	4	2.0	1.3	**5.1 **
CBRC196	81	105	24	0.7	0.5	9.8
	**82 **	90	8	1.3	0.7	17.8
CBRC197	66	94	28	0.8	0.6	7.7
	**71 **	85	14	1.0	0.6	9.8
CBRC198	78	88	10	0.5	0.3	7.9
CBRC199	76	95	19	0.5	0.4	8.4
	106	112	6	0.5	0.7	14.2
	128	130	2	0.7	-	-
CBRC200	48	143	95	0.9	1.0	4.9
	**72 **	80	8	1.7	3.0	5.9
	**102 **	122	20	**1.4 **	**1.1 **	**5.2 **
	168	171	3	0.6	0.6	12.1
CBRC201	54	152	98	0.7	0.7	4.2
	85	126	41	**1.1 **	0.7	**6.2 **

11

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

		Table 4: DrillCollar Data (GDA94 MGAz50)	Table 4: DrillCollar Data (GDA94 MGAz50)	Table 4: DrillCollar Data (GDA94 MGAz50)	Table 4: DrillCollar Data (GDA94 MGAz50)
Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH	**Type **	Prospect
CBRC174	416930	7347706	311	-60	31	96	RC	GCC
CBRC175	416902	7347650	309	-60	32	126	RC
CBRC176	416874	7347602	308	-60	29	108	RC
CBRC177	416774	7347762	311	-90	0	72	RC
CBRC178	417058	7347614	313	-90	0	55	RC
CBRC179	418475	7346758	315	-90	0	120	RC
CBRC180	420351	7345128	300	-90	0	108	RC
CBRC181	421512	7344421	300	-90	0	96	RC
CBRC182	420500	7344289	300	-90	0	108	RC
CBRC183	421442	7343434	300	-90	0	90	RC
CBRC184	419313	7345338	300	-90	0	90	RC
CBRC185	418723	7346770	310	-90	0	102	RC
CBRC186	418842	7346427	314	-90	0	66	RC
CBRC187	419133	7346357	314	-90	0	90	RC
CBRC188	418903	7346052	315	-90	0	114	RC
CBRC189	417057	7347608	314	-90	0	108	RC
CBRC190	414130	7349350	309	-90	0	72	RC
CBRC191	413569	7349755	311	-90	0	72	RC
CBRC192	413164	7350471	307	-90	0	102	RC
CBRC193	416847	7347539	306	-60	30	108	RC
CBRC194	415993	7348105	303	-60	30	186	RC
CBRC195	416018	7348149	303	-60	30	210	RC
CBRC196	416170	7348103	304	-60	30	168	RC
CBRC197	416154	7348063	302	-60	30	168	RC
CBRC198	416294	7348031	305	-60	30	168	RC
CBRC199	416270	7347990	303	-60	30	162	RC
CBRC200	416849	7347541	306	-60	30	186	RC
CBRC201	416824	7347489	307	-60	30	152	RC

12

ASX:DRE

+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

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 Niobium and Rare Earth Oxides by Lithium Borate Fusion and ICP-MS and ICP-AES (ALS Method ME- MS81h and ME-ICP06h). QAQC samples consisting of duplicates, blanks and CRM’s (OREAS Standards) were inserted through the program at a rate of 1:50 samples. Duplicate samples are submitted as a B- bag from the Metzke’s cone splitter.
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 Topdrill undertook the program utilising a truck mounted Schramm T685WS drill rig with additional air from an auxiliary compressor and booster. Bit size was 5 ½ ”.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	RC Drilling Drilling was undertaken using a ‘best practice’ approach to achieve maximum sample recovery and quality through the mineralised zones. Best practice sampling procedure included: suitable usage of dust suppression, suitable shroud, lifting off bottom between each metre, cleaning of sampling equipment, ensuring a dry sample and suitable supervision by the supervising geologist to ensure good sample quality. At this stage, no known bias occurs between sample recovery 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 Drilling RC chips were logged by a qualified geologist with sufficient experience in this geological terrane and relevant styles of mineralisation using an industry standard logging system which could eventually be utilised within a Mineral Resource Estimation. Lithology, mineralisation, alteration, veining, weathering and 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.

13

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Criteria	**JORC Code explanation **	Commentary
		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 0.1g charge for determination of Niobium and Rare Earth Oxides by Lithium Borate Fusion and ICP-MS and ICP- AES (ALS Method ME-MS81h and ME-ICP06h). Standard laboratory QAQC is undertaken and monitored.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) andprecision have been established.	Laboratory Analysis Lithium borate fusion is considered a total digest and Methods ME-MS81h and ME-ICP06h are appropriate for Nb2O5, REE, P2O5, TiO2determination. Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Logging and Sampling Logging and sampling were recorded directly into a digital logging system, verified and eventually stored in an offsite database. Significant intersections are inspected by senior company personnel. 10 pairs of twinned RC and DD holes have been drilled at this time and compared to validate the RC drilling. No adjustments to any assay data have been undertaken.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	Collar position was recorded using a Emlid Reach RS2 RTK GPS system (+/- 0.2m x/y, +/-0.5m z). GDA94 Z50s is the grid format for all xyz data reported. Azimuth and dip of the drill hole was recorded after the completion of the hole using an Axis Champ North-seeking Gyro. A reading was undertaken every 10thmetre with an accuracyof +/- 0.75° azimuth and +/-0.15° 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 4 hole positions and 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.	Orientation of residual mineralisation is interpreted to be flat lying near the base of weathering for which vertical drill holes are generally perpendicular and represent true thickness. Fresh mineralisation is interpreted to have a dyke like geometry with a southerly dip, based off the resource drilling at C3. Angled drill holes are interpreted to be generally perpendicular to this mineralisation. No sample biasisknownat 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 and Jarrahbar Contracting out of Carnarvon.

14

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864

Criteria	**JORC Code explanation **	Commentary
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	The program is continuously reviewed by senior company personnel.
	Section 2 Reporting of Exploration Results (Criteria inthis section apply to allsucceeding 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, E08/3229, 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), 1 pending Exploration License (E08/3539) and 5 granted Mining Licenses (M09/91, M09/146, M09/147, M09/174, M09/175). All tenements are 100% owned by Dreadnought Resources. E08/3178, 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. E09/2422, E08/*3229 and E08/3539 are subject to a 1% Gross Revenue Royalty held by Redscope Enterprises Pty Ltd. E09/2290, M09/146 and M09/147 are subject to a 1% Gross Revenue Royalty held by STEHN, Anthony Paterson and BROWN, Michael John Barry. M09/174 is subject to a 0.5% Gross Revenue Royalty held by STEHN, Anthony Paterson. M09/175 is subject to a 0.5% Gross Revenue Royalty held by STEHN, Anthony Paterson and BROWN, Michael John Barry. M09/91 is subject to a 1% Gross Royalty held by DOREY, Robert Lionel. The Mangaroon Project covers 4 Native Title Determinations including the Budina (WAD131/2004), Thudgari (WAD6212/1998), Gnulli (WAD22/2019) and the Combined Thiin-Mah, Warriyangka, Tharrkari and Jiwarli (WAD464/2016). The Mangaroon Project is located over Lyndon, Mangaroon, Gifford Creek, Maroonah, Minnie Creek, Edmund, Williamburyand Towera Stations.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Historical exploration of a sufficiently high standard was carried out by a few parties which have been outlined and detailed in this ASX announcement including: Regional Resources 1986-1988s: WAMEX Reports A23715, 23713 Peter Cullen 1986: WAMEX Report A36494 Carpentaria Exploration Company 1980: WAMEX Report A9332 Newmont 1991: WAMEX Report A32886 Hallmark Gold 1996: WAMEX Report A49576 Rodney Drage 2011: WAMEX Report A94155 Sandfire Resources 2005-2012: WAMEX Report 94826
Geology	• Deposit type, geological setting and style of mineralisation.	The Mangaroon Project is located within Mangaroon Zone of the Gascoyne Province. The Mangaroon Project is prospective for orogenic gold, VMS base metals, magmatic Ni-Cu-PGE mineralisation and carbonatitehosted Nb-REEs.

15

ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017

ABN 40 119 031 864

Criteria	**JORC Code explanation **	Commentary
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	An overview of the drilling program is given within the text and tables within this document.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	All results greater than 0.3% Nb2O5have been reported. Significant intercepts are length weight averaged for all samples with Nb2O5values >0.3% Nb2O5with up to 3m of internal dilution (<0.3% Nb2O5). No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Drilling is undertaken close to perpendicular to the dip and strike of the mineralisation.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to figures within this report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Suitable commentary of the geology encountered are given within the text of this document.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Additional RC drilling Diamond Drilling Metallurgical test work Additional Resource Modelling

16