DREADNOUGHT RESOURCES LTD — Capital/Financing Update 2026

Mar 3, 2026

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ASX ANNOUNCEMENT 4 March 2026

Air Core Drillin Commenced at Illaara Gold g

HIGHLIGHTS

• A ~550-hole (~40,000m) air core drilling program has commenced at the Illaara Gold Project (‘ Illaara ”), with a focus on making a large-scale gold discovery as part of Dreadnought’s Finding More Gold, Faster strategy.

• The program will test ~24km strike of the Illaara greenstone belt with wide-spaced, first-pass air core at ~800m x 100m spacing with some closer 400m x 100m spacing around the CRA-Homestead target.

• This program is expected to take 3-4 months with assays regularly announced starting in April 2026.

• This is the first ever, systematic program completed at Illaara and has been designed to identify gold anomalism within weathered saprolite that has the potential to host a large gold deposit.

Dreadnought Resources Ltd (“Dreadnought”) is pleased to announce the commencement of air core drilling covering an initial 24km strike over the 100% owned Illaara Gold Project, in the Yilgarn region of WA.

Dreadnought’s Managing Director, Dean Tuck, commented: “We have commenced the largest exploration drilling program of our company’s history.

The Illaara greenstone belt has never been systematically drilled with air core despite being located adjacent to multimillion-ounce belts that have seen decades of gold production.

This is the sort of program that Newmont planned to undertake nearly 10 years ago before we consolidated the belt.

These are the sorts of programs that lead to major discoveries, and we firmly believe that if a major discovery is to be made at Illaara, this is the sort of drill program that will deliver that discovery.

A major gold discovery is a core pillar of our Finding More Gold Faster Strategy, and we look forward to a steady stream of news flow throughout the year from this first pass air core program and any follow up drilling.”

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Figure 1: Image of the Wallis air core rig drilling at Illaara.

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Overview of Drilling Program

Illaara is one of the most underexplored greenstone belts in the Yilgarn Craton being one of the only belts that has not been covered by systematic air core drilling.

Air core drilling is an essential tool in the search for gold deposits being a relatively cheap and quick method to explore vast areas for gold. Systematic air core drilling has been key in many gold discoveries including Hemi, Gruyere, Tropical and Garden Well.

This program is comprised of ~550 holes (~40,000m) testing ~24km strike of the central Illaara structural zone. The program will take ~3–4 months with assays expected from April 2026 onwards.

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Figure 2: Plan view geology map of Illaara showing the location of planned air core hole locations in relation to known gold prospects.. ASX:DRE 2

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Background on Illaara

Illaara is a consolidated landholding covering ~800km[2] and ~70km strike of a greenstone belt located ~190kms from Kalgoorlie. Illaara is one of the most underexplored greenstone belts in the Yilgarn Craton and is situated nearby to mills at Davyhurst (OBM.ASX) and Bottle Creek (Aurenne).

Historically gold was worked at Metzke’s Find and the nearby Lawrence’s Find in the early 1900s. However, the remoteness, lack of water and access hindered early prospecting.

Recent exploration within Illaara was spurred on by a ~55km long Au-As-Sb anomaly generated from regional regolith sampling by

the Geological Survey of Western

Australia which led to Newmont taking acquiring Illaara in 2016. Prior to Newmont, iron ore companies held the project as part of the Koolyanobbing Iron Ore Operation. Given the long history of iron ore mining in the region, Illaara has and is well situated in relation to existing road and rail infrastructure.

Dreadnought acquired Illaara from Newmont in 2019 and has consolidated the rest of the greenstone belt through a series of acquisitions. Early drilling by Dreadnought focused on the historical workings at Metzke’s Find resulting in a high-grade Resource (14,900oz @ 6.8g/t Au) that remains open along strike and at depth. Given the lack of systematic exploration, Illaara presents a strong opportunity to make a major gold discovery within the world-renowned Yilgarn Craton.

Figure 3: Map showing the location of Illaara relative to other gold operations and major players in the region.

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Dreadnought’s work plan summary

	Mar 2026 Quarter	June 2026 Quarter	June 2026 Quarter
				Sept 2026 Quarter	Dec 2026 Quarter
Star of Mangaroon Mine	Approvals and commencement of mining, production and processing through Paulsens Gold Operations (BC8 JV)
Mangaroon Discovery Drilling			RC drilling at Cullens -
				RC drilling of defined targets at Bordah (Steve’s Find), High Range
			Midnight Star Trend (Minga
				North, High Range South, Minga Bar camp scale targets
			Bar camp scale target)
Mangaroon Exploration	Ongoing target definition work at Bordah, High Range North, High Range South, Minga
	Bar camp scale targets
Metzke’s Find Studies and Approvals	Mining Lease Application			Resource update and Scoping Study
	Technical and Environmental Studies			Mining Proposal and Closure Plan submission
Metzke’s Find Drilling	Metzke’s Find infill and	Metzke’s Find Resource and study related RC and diamond
	extension RC drilling	drilling
Illaara Exploration and Discovery					Phase 3 air core drilling / RC
	Phase 1wide-spaced air core drilling over 40km strike			Phase 2 air core drilling
					drilling (pending results)

Upcoming News

• March: North American critical minerals delgation with WA government

• March: Mineralogy results from diamond drilling at Stinger Nb-REE

• March: Commencement of RC drilling at Metzke’s Find - Illaara Gold

• March: Results from diamond drilling at Stinger Nb-REE and Steve’s Reward Gold

• March: Half Year Accounts

• April: Quarterly Activities and Cashflow Report

• April/May: Commencement of RC drilling at Cullen’s Find and Midnight Star – Mangaroon Gold

• • April/May: Results from RC drilling at Metzke’s Find - Illaara Gold

• April to June: Results from air core drilling – Illaara Gold

For further information please refer to previous ASX announcements:

• 24 June 2019 75 km Long Illaara Greenstone Belt Acquired from Newmont

• • 6 December 2019 Consolidation of 75km Long Illaara Greenstone Belt • 19 March 2020 RC Drilling Hits High Grades at Metzke’s Find • 13 July 2020 RC Drilling Hits High Grade Gold at Metzke’s Find • 25 September 2020 Further High-Grade Gold from Metzke’s Find • 27 April 2021 Illaara Update and Regional Target Generation • 1 November 2022 Successful Drill Results Across Multiple Metals • 27 April 2023 Initial High-Grade Gold Resource at Metzke’s Find ~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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Snapshot – Illaara Gold (100%)

Illaara Gold is Large Scale and Underexplored

• Illaara covers over 70 strike kms and ~800km[2] of the Illaara Greenstone Belt within the richly endowed Yilgarn Craton of Western Australia.

• The Illaara Greenstone Belt is one of the most under explored and under drilled greenstone belts in the Yilgarn providing plenty of space for a major discovery.

• Covering ~800km[2] is a significant consolidated landholding within a tightly held and highly prospective gold province.

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 remoteness and iron ore exploration.

• 2026 will see the first ever systematic air core drilling program undertaken across the belt, a drilling program that previous owners Newmont wanted to undertake prior to Dreadnought acquiring the project in 2019 and consolidating the remainder of the belt.

Significant, Step-change, Growth Potential

• Illaara contains multiple highly prospective structural corridors with known gold anomalism providing near term drilling targets and discovery potential.

• Dreadnought is deploying modern geochemical and geophysical techniques to explore for mineralisation under shallow cover.

Shallow, High-grade Gold at Metzke’s Find

• The Resource at Metzke’s contains shallow, high-grade gold which provides a strong foundation for the project.

• Mineralisation at Metzke’s Find remains open along strike and at depth.

Metzke’s Find – Indicated and Inferred Resources (ASX 27 April 2023)

Table 1: Resource (0.5g/t Au cutoff grade) - Numbers may not add up due to rounding

Type	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes	Au(g/t)	Au (Oz)	Tonnes	Au(g/t)	Au (Oz)	Tonnes	Au(g/t)	Au (Oz)
Transition	800	1.1	30	1,100	17.4	600	1,900	10.3	600
Fresh	44,600	7.4	10,600	21,800	5.2	3,600	66,500	6.7	14,300
Total	45,00	7.3	10,700	22,900	5.8	4,200	68,400	6.8	14,900

Self-Funded Explorer Strategy – Pathway to Production

• Dreadnought’s strategy is to transform into a self-funded explorer. This includes a high-grade open pit at the Metzke’s Find where funding, development, haulage & processing are outsourced to third parties. This is a common model in WA given the robust gold price. In this way, there is reduced reliance on market funding and internal cashflows are aimed at making life-changing discoveries.

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Mangaroon Project

Mangaroon covers ~5,000kms[2] and is located 250kms south-east of Exmouth in the Gascoyne Region of WA. Since 2020, Dreadnought has identified three major focus areas within the Mangaroon Project:

Mangaroon Gold (100%)

Outcropping gold mineralisation was first identified and mined at Mangaroon by local pastoralists and prospectors in the 1960s and has seen no modern gold exploration. Dreadnought has consolidated this gold field and is undertaking the first modern exploration across the region which has identified five camp scale gold opportunities at Bordah, High Range, Alma, Minga Bar and Star of Mangaroon.

In addition, the project contains granted mining leases that provide an opportunity for cashflow including the Star of Mangaroon Mine where Dreadnought has delivered a 23,400 oz Resource at 12.8g/t Au (84% Indicated)

Gifford Creek Critical Metals (100%)

Dreadnought discovered the Yin Ironstones and the Gifford Creek Carbonatite in 2021. Since then, the Gifford Creek Carbonatite Complex has emerged as a globally significant, rapidly growing, potential source of critical minerals. Highlights include:

• Discovery of the Yin REE Ironstone Complex and delivery of a 30.0Mt @ 1.04% TREO Resource over only ~4.6kms – including a Measured and Indicated Resource of 26.3Mt @ 1.04% TREO (ASX 30 Nov 2023).

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

• Delivery of a large, independent initial Resource of 10.8Mt @ 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).

• Discovery of Stinger Nb-REE-P-Ti-Sc-Zr bearing carbonatite and delivery of the Stinger Niobium Exploration Target (ASX 3 Mar 2025, 29 Sept 2025).

Money Intrusion Ni-Cu-PGEs (Teck Earn-In)

The Money Intrusion is a ~45km long mafic intrusion prospective for Ni-Cu-PGE massive sulphides. In 2023, Dreadnought discovered high tenor nickel-copper massive sulphides confirming the potential of this new system. Dreadnought entered in to a $15M Farm-In and Joint Venture agreement with Teck Resources, a leading Canadian resource company, to earn up to 75% of the Money Intrusion tenements.

Illaara Gold Project (100%)

Illaara is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~800km[2] covering ~70km of strike along the Illaara greenstone belts. Illaara was acquired off Newmont in 2019 as an early stage exploration project prospective for typical Archean mesothermal lode gold deposits. Dreadnought has delivered a 14,900 oz @ 6.8g/t Au Resource at Metzke’s Find (72% Indicated). Prior to consolidation by Dreadnought, Illaara was predominantly held by iron ore explorers and remains highly prospective for iron ore amongst other commodities.

Kimberley Cu-Au-Sb Project (Tarraji 80% / Yampi 100%)

Tarraji-Yampi covers ~420km[2] is located only 85kms from 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.

In 2021, Dreadnought discovered high grade Cu-Au massive sulphides at Orion with results to date indicating a large scale, Proterozoic Cu-Au VMS system at Tarraji-Yampi, similar to DeGrussa and Monty in the Bryah Basin.

In addition, the project contains outcropping high-grade Cu-Ag-Sb-Bi Veins at Rough Triangle and Grant’s Find.

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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. Shaun Searle, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Searle is an employee of Ashmore Advisory Pty Ltd. Mr. Searle 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. Searle consents to the inclusion in the announcement of the matters based on his information in the form and context that the information appears in relation to Mineral Resource estimates.

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, Production Targets, forecast financial information and Ore Reserves, 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

Star of Mangaroon – Indicated and Inferred Resources (ASX 27 November 2024)

Table 2: Resource (2g/t Au cut off grade) - Numbers may not add up due to rounding. *Surface reported at a 0.5g/t Au cut-off.

Type	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	**Total **	**Total **	**Total **
	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)	Tonnes	Au(g/t)	Au(Oz)
Surface*							8,300	1.0	300	8,300	1.0	300
Transition	6,300	24.9	5,100	3,300	6.5	700				9,600	18.6	5,800
Fresh	33,200	13.5	14,400	23,500	8.5	6,400	1,000	5.1	200	57,700	11.3	21,000
Total	39,500	15.3	19,400	26,800	8.2	7,100	9,300	1.4	400	75,600	11.1	27,000

Metzke’s Find – Indicated and Inferred Resources (ASX 27 April 2023) Table 3: Resource (0.5g/t Au cut off grade) - Numbers may not add up due to rounding

Type	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes	Au(g/t)	Au (Oz)	Tonnes	Au(g/t)	Au (Oz)	Tonnes	Au(g/t)	Au (Oz)
Transition	800	1.1	30	1,100	17.4	600	1,900	10.3	600
Fresh	44,600	7.4	10,600	21,800	5.2	3,600	66,500	6.7	14,300
Total	45,00	7.3	10,700	22,900	5.8	4,200	68,400	6.8	14,900

Yin Ironstone Complex – Yin, Yin South, Y2, Sabre Measured, Indicated and Inferred Resources (ASX 30 November 2023) Table 4: Summary of Yin Resources at 0.20% TREO Cut off.

Type Measured Indicated Inferred Total Tonnes (Mt) TREO (%) TREO (kt) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) NdPr:TREO Ratio (%) Oxide 2.47 1.61 39.7 13.46 1.06 142.6 1.51 0.75 11.2 17.44 1.11 193.6 29 Fresh 2.70 1.09 29.5 7.67 0.95 72.8 2.17 0.75 16.3 12.54 0.95 118.7 29 Total 5.17 1.34 69.3 21.13 1.02 215.4 3.68 0.75 27.6 29.98 1.04 312.3 29 Table 5: Summary of Yin Resources at 1.00% TREO Cut off. Type Measured Indicated Inferred Total Tonnes (Mt) TREO (%) TREO (kt) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) NdPr:TREO Ratio(%) Oxide 1.60 2.22 35.6 5.34 1.99 106.4 0.26 1.67 4.3 7.20 2.03 146.3 30 Fresh 1.36 1.68 22.8 2.65 1.81 47.9 0.42 1.72 7.3 4.43 1.76 78.0 29 Total 2.96 1.97 58.4 7.99 1.93 154.3 0.68 1.70 11.6 11.63 1.93 224.3 29 Gifford Creek Carbonatite – Inferred Resource(ASX 28 August 2023) Table 6: 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) 0.70 10.84 1.00 21 0.22 3.5 4.9 85 108,000 23,700	Type	Measured	Measured	Measured	Indicated	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Inferred	Inferred	Inferred	**Total **	**Total **	**Total **	**Total **	**Total **	**Total **	**Total **
		Tonnes (Mt)	TREO (%)	TREO (kt)	Tonnes (Mt)	TREO (%)		TREO (t)	Tonnes (Mt)		TREO (%)		TREO (t)		Tonnes (Mt)		TREO (%)		TREO (t)		NdPr:TREO Ratio (%)
	Oxide	2.47	1.61	39.7	13.46	1.06		142.6	1.51		0.75		11.2		17.44		1.11		193.6		29
	Fresh	2.70	1.09	29.5	7.67	0.95		72.8	2.17		0.75		16.3		12.54		0.95		118.7		29
	Total	5.17	1.34	69.3	21.13	1.02		215.4	3.68		0.75		27.6		29.98		1.04		312.3		29
	Table 5: Summary of Yin Resources at 1.00% TREO Cut off.
	Type	Measured			Indicated				Inferred						Total
		Tonnes (Mt)	TREO (%)	TREO (kt)	Tonnes (Mt)	TREO (%)		TREO (t)	Tonnes (Mt)		TREO (%)		TREO (t)		Tonnes (Mt)		TREO (%)		TREO (t)		NdPr:TREO Ratio(%)
	Oxide	1.60	2.22	35.6	5.34	1.99		106.4	0.26		1.67		4.3		7.20			2.03	146.3		30
	Fresh	1.36	1.68	22.8	2.65	1.81		47.9	0.42		1.72		7.3		4.43			1.76	78.0		29
	Total	2.96	1.97	58.4	7.99	1.93		154.3	0.68		1.70		11.6		11.63			1.93	224.3		29
	Cut-Off (%TREO)		Resource (Mt)		TREO (%)		NdPr:TREO (%)			Nb2O5 (%)		P2O5 (%)		TiO2 (%)		Sc (ppm)		Contained TREO (t)		Contained Nb2O5 (t)
	0.70		10.84		1.00		21			0.22		3.5		4.9		85		108,000		23,700

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