DREADNOUGHT RESOURCES LTD — Interim / Quarterly Report 2026

Mar 11, 2026

INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

A BN 40 119 031 864 | A SX: DRE

DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

CONTENTS

CORPORATE DIRECTORY	1
DIRECTORS’ REPORT	2
AUDITOR’S INDEPENDENCE DECLARATION	5
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME	6
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	7
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	8
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	9
DIRECTORS’ DECLARATION	16
INDEPENDENT AUDITOR’S REPORT	17

DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

CORPORATE DIRECTORY

DIRECTORS

Paul Chapman (Non-executive Chairman) Dean Tuck (Managing Director) Philip Crutchfield (Non-executive Director)

COMPANY SECRETARIES

SHARE REGISTRY

Automic Pty Ltd Level 5, 191 St Georges Terrace Perth WA 6000 Australia hello@automicgroup.com.au (within Australia): 1300 288 664 (international): +61 2 9698 5414

Jessamyn Lyons Debra Fullarton

AUDITORS

REGISTERED OFFICE & POSTAL ADDRESS

Unit 1, 4 Burgay Court Osborne Park WA 6017 PO Box 712 Osborne Park DC WA 6916 Telephone: +61 (8) 9473 8345 Website: www.dreadnoughtresources.com.au ABN 40 119 031 864

PKF Perth Level 8, 905 Hay Street Perth WA 6000

STOCK EXCHANGE

Australian Securities Exchange (Home Exchange: Perth, Western Australia) ASX Code: DRE

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

DIRECTORS’ REPORT

The Directors submit their Interim Financial Report of the ‘Consolidated Entity’ or ‘Group’, being Dreadnought Resources Limited (‘Dreadnought’ or the ‘Company’) and its Controlled entities, for the half-year ended 31 December 2025 (the ‘half-year’ or the ‘period’).

BOARD OF DIRECTORS

The Directors of the Company at any time during or since the end of the period are as follows:

Paul Chapman

(Non-executive Chairman)

Dean Tuck

(Managing Director)

Philip Crutchfield

(Non-executive Director)

OFFICERS OF THE COMPANY

The Company Secretary of the Company at any time during or since the end of the period are as follows:

Jessamyn Lyons

Debra Fullarton

REVIEW OF OPERATIONS

Group Overview

The Group is an ASX-listed exploration and development company focussing on acquiring and exploring high-quality projects within the state of Western Australia. The Company’s strategy is to discover major deposits on these projects either by itself or in joint venture with major mining companies.

Highlights & Significant Changes in State of Affairs

The highlights and significant changes in state of affairs during and subsequent to the end of the period include:

Project Highlights:

MANGAROON

Au (100%)

• Mangaroon hosts high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres which have seen minimal modern exploration.

• An upgraded scoping study on a conceptual open pit at Star of Mangaroon targets initial production of ~24koz @ 8.3g/t Au with 99% measured and indicated. The commercialisation of these high-grade gold targets is expected to deliver ~$78m in free cashflow @ $5,500oz with a maximum cash drawdown of ~$5.4m.

• The Company has outsourced funding, development, haulage and processing of the Star of Mangaroon to Black Cat to generate cashflow to provide exploration funding for life changing discoveries.

• Discovery focussed exploration is ongoing at Steve’s Reward, Cullens and the High Range.

Nb-REE (100%)

• Mangaroon REE is a globally significant critical minerals complex with a combined Resource at Yin and the Gifford Creek Carbonatite (“GCC”) of 40.82Mt @ 1.03% TREO. The Yin Resource of 29.98Mt @ 1.05 TREO is 87% Measured and Indicated.

• The Nb-REE GCC continues to produce some of WA’s best niobium intercepts outside the Arunta Province with ongoing mineralogy work confirming pyrochlore (a key niobium-bearing mineral) at Stinger.

• Stinger continues to deliver shallow high-grade critical metals and the nature of Gifford Creek and ongoing mineralogy, and metallurgy work will continue to enhance the attractiveness of the project in this current critical metal environment.

• Mangaroon has the potential to evolve as multi-commodity critical metals hub, within proximity to existing infrastructure.

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

CENTRAL YILGARN

Au (100%)

• Illaara covers 70 strike kms and ~800km2 of the Illaara Greenstone Belt within a highly prospective gold province.

• All historic workings and known gold occurrences relate to outcropping mineralisation with minimal modern exploration.

• • Illaara hosts a small shallow, high-grade gold resource at Metzke’s Find of 14,900 Au (oz) at 6.8 Au (g/t). RC drilling was recently undertaken to extend the resource, and results are still pending. Further work is also being undertaken to establish a pathway to bring Metzke’s Find into production. A Mining Lease application has been submitted.

• 2026 will also see the first ever systematic air core drilling program undertaken across the belt.

TARRAJI-YAMPI

Cu-Ag-Au-Co (80%/100%)

• Tarraji-Yampi, located entirely within the Yampi Sound Training Area, a Commonwealth Defence Reserve in the West Kimberley, has outcropping Cu-Au mineralisation and four strong off-hole conductors identified with two Orion offset targets, and off-hole conductors (OR1 and OR2).

• A resource delivering 1.17Mt @ 1.2% Cu, 1.0g/t Au, 19.8g/t Ag and 0.06% Co containing 14,200t of Cu, 38,900oz of Au, 745,900oz Ag and 650t of Co has been defined on Orion in December 2025.

MONEY INSTRUSION (Teck Earn-In)

Ni-Cu-PGE (Teck Earn-In)

• Mangaroon hosts the fertile Ni-Cu-Co-PGE along the >45km long Money Intrusion.

• Dreadnought has partnered with Teck Resources, a leading Canadian resource company, to advance exploration over the Money Intrusion to provide shareholders with exposure to significant nickel and copper potential.

• Teck have committed to a $15m Farm-in and Joint Venture agreement to earn up to 75% of the Money Intrusion tenements.

Corporate Highlights:

The following are the corporate highlights during the half-year ended 31 December 2025:

Performance Rights granted:

On 5 December 2025, the Company issued 12,500,000 Performance Rights to a director and 41,400,000 to employees.

These were divided into four equal tranches subject to the following vesting conditions:

• Class L: The Volume Weighted Average Price ("VWAP") of the Company's shares being at least $0.025 for 30 trading days before 31 December 2026

• Class M: The VWAP of the Company's shares being at least $0.035 for 30 trading days before 31 December 2027

• Class N: Delivery of a 500,000oz gold JORC Resource with a cutoff of at least 0.5g/t Au or equivalent by 31 December 2027

• Class O: Delivery of a 1,000,000oz gold JORC Resource with a cutoff of at least 0.5g/t Au or equivalent by 31 December 2028

• Capital raisings:

• In October 2025, the Company completed a placement at $0.035 per share to institutional and sophisticated investors raising $18,000,000 (before costs). On 16 October 2025, the Company issued 514,285,713 shares relating to the placement.

• In addition, the directors contributed a further $610,000 to the October placement, which was approved by shareholders at the annual general meeting held on 28 November 2025. On 12 December 2025, 17,428,580 shares were accordingly issued to the directors with shareholder approval.

Other share issues:

• 2,612,500 ordinary shares were issued in respect of the exercise of Employee Performance Rights associated with service conditions on 8 December 2025

• 13,475,000 ordinary shares were issued in respect of the exercise of Employee Performance Rights associated with appreciation of the weighted average share price of the Company on 8 December 2025

• 15,100,000 ordinary shares were issued in respect of the exercise of Employee Performance Rights associated with contractual arrangements for production from the Star of Mangaroon on 8 December 2025; and

• 23,207 ordinary shares were issued upon the exercise of options at $0.075 per share on 8 December 2025.

Tenement agreements and acquisitions:

In October Dreadnought secured the option to acquire Rational Resources Pty Ltd from an unrelated party under an Option and Purchase Agreement with the following key terms:

• A non-refundable option fee of $250,000 for the grant of the option to acquire Rational Resources Pty Ltd.

• Consideration upon exercise of that option:

• $300,000;

• Issue of fully paid ordinary shares valued at $1,200,000 based on a 30-day VWAP at Completion; and

• 1% gross revenue royalty.

Other:

The Company received a Research & Development (“R&D”) rebate of ~$278k on 18 November 2025 in respect of the year ended

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

30 June 2025. This is in relation to:

• Continued metallurgical research and development studies to optimise on concentrates from Yin and GCC that are key to understanding the optimal extraction route into intermediate products as a pathway to commericalisation.

• The development of a machine learning model to classify complex geological terrains.

The following are the corporate highlights subsequent to 31 December 2025:

• On 16 February 2026 8,400,000 Performance Rights were issued to a new employee as the incentive component of his remuneration.

• On 2 March 2026 Dreadnought entered into a Binding Heads of Agreement with Kingfisher Mining Limited to acquire 12 tenements with rare earth mineralisation in Mangaroon as a Critical Mineral Consolidation opportunity. The tenements also have strong gold, tungsten and copper potential. The $2,000,000 consideration is payable by issuing 82,682,358 ordinary DRE shares with 50% of those being subject to a 12-month escrow. There are also performance milestone cash payments upon announcing an Inferred Resource of >10 Mt @ 1% TREO ($500,000) and > 20 Mt @ 1 % TREO ($1,000,000).

There has not been any other matter or circumstance occurring subsequent to the end of the financial period that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

FINANCIAL PERFORMANCE & FINANCIAL POSITION

The financial results of the Group for the half-year ended 31 December 2025 are:

	31-Dec-25	30-Jun-25	**% Change **
Cash and cash equivalents ($) Net assets($)	21,834,077 68,365,207	10,186,957 52,032,360
	31-Dec-25	31-Dec-24	**% Change **
Interest income ($) Net loss after tax ($) Lossper share(cents)*	271,168 (1,654,444) (0.03)	2,455 (14,021,615) (0.38)

• see the Consolidated Statement of Profit or Loss and Other Comprehensive Income for further details

The Interim Financial Report has been prepared on a going concern basis which assumes the Company and Group will have sufficient funds to pay its debts, as and when they become payable, for a period of at least 12 months from the date the Interim Financial Report is authorised for issue.

As at 31 December 2025, the Group had net assets of $68,365,207 (30 June 2025: $52,032,360). During the half-year, the Group had cash outflows from operating activities of $656,802 (31 December 2024: $825,770) and cash outflows from investing activities (including payments for exploration and evaluation activities) of $5,089,781 (31 December 2024: $3,536,844).

Based on a cash flow forecast prepared by management, with the Company’s working capital surplus at 31 December 2025 and the Company’s ability to raise funds and to reduce costs, if necessary, the Directors consider the going concern basis of preparation to be appropriate.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the Independence Declaration by the lead auditor under Section 307C is included on page 5 to the Interim Financial Report.

Signed in accordance with a resolution of the Board of Directors.

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Dean Tuck Managing Director Perth, 12 March 2026

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AUDITOR’S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF DREADNOUGHT RESOURCES LIMITED

In relation to our review of the financial report of Dreadnought Resources Limited for the half year ended 31 December 2025, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

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PKF PERTH

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SHANE CROSS PARTNER

12 March 2026

PERTH, WESTERN AUSTRALIA

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

Notes Interest received Other income Unrealised loss on investment Administration expenses Depreciation expense Amortisation expense Interest expense Exploration and evaluation expenditure Profit on disposal of assets Legal fees Staff costs Share-based payment expense Impairment of exploration and evaluation expenditure 3 Loss before income tax for the period Income tax expense Loss after income tax for the period Other comprehensive gain for the period Total comprehensive loss for the period Loss per share attributable to ordinary equity holders Basic loss per share (cents) 7 Diluted loss per share (cents) 7	31-Dec-25 $	31-Dec-24 $
	271,168 1,438 (217,500) (569,484) (66,083) (23,509) (5,384) (259,847) - (25,907) (248,152) (498,821) (12,363) (1,654,444) - (1,654,444) - (1,654,444) (0.03) (0.03)	2,455 - - (527,131) (56,868) (21,220) (6,975) (2,519) 2,661 (58,598) (293,552) (45,528) (13,014,340)
		(14,021,615) -
		(14,021,615)
		-
		(14,021,615)
		(0.38) (0.38)

The Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the accompanying notes.

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Condensed Consolidated Statement of Financial Position

ASSETS Current Assets Cash and cash equivalents Trade and other receivables Other assets Financial assets Total Current Assets Non-Current Assets Property, plant and equipment Right-of-use-assets Financial assets Exploration assets Total Non-Current Assets Total assets LIABILITIES Current Liabilities Trade and other payables Provisions Lease liabilities Total Current Liabilities Non-Current Liabilities	Notes 3 5 6	31-Dec-25 $	30-Jun-25 $
		21,834,077 200,610 563,775 15,008 22,613,470 243,581 82,281 145,000 46,218,399 46,689,261 69,302,731 634,390 201,412 55,437 891,239 46,285 46,285 937,524 68,365,207 142,126,328 501,985 (74,263,106) 68,365,207	10,186,957 246,047 439,194 15,008
			10,887,206
			309,664 105,790 362,500 41,588,506
			42,366,460
			53,253,666
			895,789 198,715 51,938
			1,146,442
			74,864
Lease liabilities
Total Non-Current Liabilities			74,864
Total Liabilities			1,221,306
Net Assets			52,032,360
			124,029,232 935,117 (72,931,989)
EQUITY Issued capital Reserves Accumulated losses Total equity
			52,032,360

The Consolidated Statement of Financial Position is to be read in conjunction with the accompanying notes.

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Condensed Consolidated Statement of Changes in Equity

As at 1 July 2024 Comprehensive income Loss for the period Other comprehensive loss Total comprehensive loss for the period Transactions with owners in their capacity as owners: Share issues, net of transaction costs and tax Shares issues, on the acquisition of tenements	Issued Capital $	Issued Capital $	Share Based Payments Reserve $	Share Based Payments Reserve $	Accumulated Losses $	Accumulated Losses $	Total Equity $
	105,387,633 - - - 3,463,146 400,000		1,165,100 - - - - -		(54,515,204) (14,021,615) - (14,021,615) - -		52,037,529 (14,021,615) -
							(14,021,615)
							3,463,146 400,000
Share issues, for services rendered	502,382		-		-		502,382
Exercise of performance right	132,000		(132,000)		-		-
Exercise of options	2,127		(565)		-		1,562
Expiry of options	-		(465,683)		465,683		-
Lapsing of options	-		(70,960)		-		(70,960)
Lapsing of performance rights	-		(24,101)		-		(24,101)
Issue and vesting of performance rights	-		140,590		-		140,590
Issue and vesting of options	-		32,055		-		32,055
As at 31 December 2024 As at 1 July 2025 Comprehensive income Loss for the period Other comprehensive loss Total comprehensive loss for the period Transactions with owners in their capacity as owners: Share issues, net of transaction costs and tax Exercise of performance rights	109,887,288 124,029,232 - - - 17,422,425 672,300		644,436 935,117 - - - - (672,300)		(68,071,136) (72,931,989) (1,654,444) - (1,654,444) - -		42,460,588
							52,032,360 (1,654,444) -
							(1,654,444)
							17,422,425 -
Exercise of options	2,370		(629)				1,741
Expiry of options	-		(264,284)		264,284		-
Expiry of performance rights	-		(59,043)		59,043		-
Issue and vesting of performance rights	-		498,821		-		498,821
Issue and vesting of options	-		64,303		-		64,303
As at 31 December 2025	142,126,328		501,985		(74,263,106)		68,365,207

The Consolidated Statement of Changes in Equity is to be read in conjunction with the accompanying notes.

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Condensed Consolidated Statement of Cash Flows

Cash flows from operating activities Payment to suppliers and employees Interest received Other income Net cash outflow from operating activities Cash flows from investing activities Payment for property, plant and equipment Proceeds on disposal of equipment Payment for exploration and evaluation activities Payments for tenement acquisitions Proceeds on disposal of tenements Fuel tax credits Government grants Funds placed on from term deposits Net cash outflow from investing activities Cash flows from financing activities Proceeds from the issue of shares Share issue costs Payment of lease liability Proceeds from exercise of options Net cash inflow from financing activities Cash and cash equivalents at the beginning of the period Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the end of the period	31-Dec-25 $	31-Dec-24 $
	(853,983) 195,743 1,438 (656,802) - - (5,469,561) (7,827) - 1,794 385,813 - (5,089,781) 18,610,000 (1,187,574) (30,464) 1,741 17,393,703 10,186,957 11,647,120 21,834,077	(828,225)
		2,455 -
		(825,770)
		(12,771)
		20,001
		(4,855,812)
		(62,215)
		25,000
		1,848
		1,350,388
		(3,283)
		(3,536,844)
		3,710,000
		(246,854)
		(27,447)
		1,563
		3,437,262
		1,448,571 (925,352)
		523,219

The Consolidated Statement of Cash Flows is to be read in conjunction with the accompanying notes.

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Condensed Consolidated Financial Statement

1. Corporate Information

Dreadnought Resources Limited (referred to as ‘Dreadnought’ or the ‘Company’ or ‘Parent Entity’) is a Company domiciled in Australia. The address of the Company’s registered office and principal place of business is disclosed in the Corporate Directory of this report. The Interim Financial Report of the Company as at and for the half-year ended 31 December 2025 (the “half-year” or the “period”) comprises the Company and its subsidiaries (together referred to as the ‘Consolidated Entity’ or the ‘Group’). The Group is primarily involved in exploration and development with a focus on discovering economic deposits in Western Australia.

2. Basis of Preparation

The Interim Financial Report is a condensed financial report prepared in accordance with the requirements of the Corporations Act 2001 and AASB 134: Interim Financial Reporting .

The Interim Financial Report has been prepared on a going concern basis in accordance with the historical cost convention, unless otherwise stated.

The Interim Financial Report does not include all notes of the type normally included within the Annual Financial Report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position, financing and investing activities of the Company as the full financial report. Accordingly, this Interim Financial Report is to be read in conjunction with the Annual Financial Report for the year ended 30 June 2025 and considered together with any public announcements made by the Company during the period and up to the date of this report in accordance with the continuous disclosure obligations of the ASX Listing Rules.

The Interim Financial Report of Dreadnought Resources Limited was authorised for issue in accordance with a resolution of the directors on 12 March 2026.

(a) Summary of the material accounting policy information

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New Accounting Standards and Interpretations

In the period ended 31 December 2025, the Directors have reviewed all the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group and effective for the current reporting period. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Group and, therefore, no material change is necessary to Group accounting policies.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

(b) Key estimates

The preparation of the Interim Financial Report requires management to make estimates and judgments. These estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances.

Please refer to the Group’s 30 June 2025 Annual Financial Report for information on the Group’s judgements, estimates and assumptions.

(c) Going Concern

The Interim Financial Report has been prepared on a going concern basis which assumes the Company and Group will have sufficient funds to pay its debts, as and when they become payable, for a period of at least 12 months from the date the Interim Financial Report is authorised for issue.

As at 31 December 2025, the Group had net assets of $68,356,207 (30 June 2025: $52,032,360).

During the half-year, the Group had cash outflows from operating activities of $656,802 (31 December 2024: $825,770) and cash outflows from investing activities (including payments for exploration and evaluation activities) of $5,089,781 (31 December 2024: $3,536,844).

Based on a cash flow forecast prepared by management, with the Company’s working capital surplus at 31 December 2025 and the Company’s ability to raise funds and to reduce costs, if necessary, the Directors consider the going concern basis of preparation to be appropriate.

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Condensed Consolidated Financial Statement

3. Exploration and Evaluation Expenditure

3. Exploration and Evaluation Expenditure
	31-Dec-25 $	30-Jun-25 $
Capitalised exploration and evaluation expenditure at cost	46,218,399 41,588,506 5,022,036 7,827 - (1,794) (278,068) (107,745) (12,363) 46,218,399	41,588,506
		50,964,784 8,050,224 1,580,086 (503,750) (5,270) (983,246) (367,142) (17,147,180)
Balance at the beginning of the period
Expenditure incurred
Acquisitions
Tenement divestment
Fuel tax credits
Government grant R&D credits
Government grant EIS
Impairment/writtenoff
Balance at the end of the period		41,588,506

The ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful development and commercial exploitation.

4. Segment Information

The directors have considered the requirements of AASB 8 – Operating Segments and the internal reports that are reviewed by the chief operating decision maker (the Board) in allocating resources and have identified segments for the broader project areas under which exploration and evaluation activities have been conducted. Other non-current assets are utilised across all segments and are thus not allocated to individual segments, and non-current liabilities relate to the lease for the business premises which has not been allocated to any operating segments.

Balance: 1 July 2024 Expenditure incurred Acquisitions Fuel tax credits Government grants R&D tax incentive Divestment Impairment1 Balance: 30 June 2025 Balance: 1 July 2025 Expenditure incurred Acquisitions Fuel tax credits Government grants R&D tax incentive Impairment(i) Balance: 31 December 2025	Mangaroon (REE) Mangaroon (Au/Other) Central Yilgarn Bresnahan Kimberley Total $ $ $ $ $ $
	19,942,396 7,609,021 11,247,754 1,469,725 10,695,888 50,964,784 1,361,543 4,899,292 815,015 248,548 725,826 8,050,224 1,756 1,578,330 - - - 1,580,086 (229) (4,643) - - (398) (5,270) (145,818) (104,321) - - (117,003) (367,142) (815,407) - - - (167,839) (983,246) - - (503,750) - - (503,750) (135,432) (4,386,090) (8,217,768) (1,718,273) (2,689,617) (17,147,180)
	20,208,809 9,591,589 3,341,251 - 8,446,857 41,588,506
	Mangaroon (REE) Mangaroon (Au/Other) Central Yilgarn Bresnahan Kimberley Total $ $ $ $ $ $
	20,208,809 9,591,589 3,341,251 - 8,446,857 41,588,506 1,077,063 3,040,941 742,886 - 161,146 5,022,036 - 2,412 - - 5,415 7,827 (136) (1,286) (372) - - (1,794) (107,745) - - - - (107,745) (167,730) (110,338) - - - (278,068) - (12,363) - - - (12,363)
	21,010,261 12,510,955 4,083,765 - 8,613,418 46,218,399

(i) Impairment has been recognised in respect of expenditure on any tenements that had been surrendered or is planned for surrender/divestment.

Reconciliation	Non-current Assets 31-Dec-25 30-Jun-25 $ $	Non-current Liabilities 31-Dec-25 30-Jun-25 $ $	Net Loss 31-Dec-25 31-Dec-24 $ $
Segments Unallocated Total	46,218,399 41,588,506 470,862 777,954 46,689,261 42,366,460	- - 46,285 74,864 46,285 74,864	(12,363) (13,014,340) (1,642,081) (1,007,275)
			(1,654,444) (14,021,615)

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Condensed Consolidated Financial Statement

5. Issued Capital

Date 24/07/2024 24/07/2024 26/07/2024 09/08/2024 12/08/2024 05/09/2024 23/09/2024 23/09/2024 25/09/2024 07/10/2024 06/12/2024 06/12/2024 06/12/2024 06/12/2024 30/01/2025 12/02/2025 12/02/2025 12/02/2025 12/02/2025 04/04/2025 23/04/2025 24/04/2025 09/05/2025 09/05/2025 14/05/2025 14/05/2025 14/05/2025 Date 16/10/2025 08/12/2025 08/12/2025 08/12/2025 08/12/2025 08/12/2025 12/12//202	At 1 July 2024 Issue of share – services provided Issue of share – services provided Issue of shares – tenement acquisition Placement Issue of share – services provided Issue of share – services provided Issue of share – services provided Issue of shares – Class F Performance Rights exercised Issue of share – services provided Issue of shares – Class F Performance Rights exercised Director participation - placement Issue of shares – Class F Performance Rights exercised Exercise of options Exercise of options – transfer from reserves Issue of shares – tenement acquisition Exercise of options Exercise of options – transfer from reserves Placement Subscription Agreement Placement (Tranche 1) Share Purchase Plan Issue of shares – tenement acquisition Issue of shares – tenement acquisition Director participation - placement Exercise of options Exercise of options – transfer from reserves Placement (Tranche 2) Less: Transaction costs At 30 June 2025		31-Dec-25 No. 3,513,072,960 5,927,040 1,000,000 16,000,000 194,444,445 2,555,555 5,000,000 8,000,000 512,500 5,987,500 250,000 11,666,667 3,362,500 20,833 - 3,333,333 66,667 - 288,000,000 100,000,000 510,633,333 143,800,000 30,769,231 15,384,615 22,000,000 12,820 - 197,700,001 - 5,079,500,000 No. 5,079,500,000 514,285,713 2,612,500 15,100,000 13,475,000 23,207 - 17,428,580 - 5,642,425,000	30-Jun-25 $
				105,387,633 100,760 22,000 400,000 3,500,000 56,222 80,000 147,600 16,400 95,800 8,000 210,000 107,600 1,562 564 50,000 5,000 1,807 2,880,000 1,000,000 6,127,600 1,725,600 400,000 200,000 220,000 962 347 2,372,400 (1,088,625)
				**124,029,232 **
				$
	Opening balance 1 July 2025			124,029,232 18,000,000 83,600 211,400 377,300 1,741 629 610,000 (1,187,575)
	Placement Issue of shares – Class G Performance Rights exercised Issue of shares – Class H Performance Rights exercised Issue of shares – Class L Performance Rights exercised Exercise of options Exercise of options – transfer from reserves Director participation - placement Less: Transaction costs Closing balance 31 December 2025
				142,126,328

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Condensed Consolidated Financial Statement

6. Share-Based Payment Reserves

			31-Dec-25 $		30-Jun-25 $
	Options (a)		272,116 229,869		472,726
	Performance rights(b)				462,391
			501,985		935,117
	(a) Options
	Date	Details	No.		$
		At beginning of period	25,522,742 (3,500,000) (6,000,000) 4,721,029 1,840,000 (23,207) (853,098)		472,726 (124,180) (84,698) 32,103 32,200 (629) (55,406)
	14/07/2025	Expiry of options
	09/10/2025	Expiry of options
	29/08/2025	Issue of options to Directors
	28/11/2025	Issue of options to Directors
	05/12/2025	Exercise of options
	16/12/2025	Expiryof options
		At end ofperiod	21,707,466		272,116

At 31 December 2025, there were 21,707,466 unissued ordinary shares under option (30 June 2025: 25,522,742 options). The details of the unlisted options are as follows:

Number	Exercise Price	Expiry Date
1,223,151 1,876,473 3,771,176 3,561,666 4,713,971 4,721,029 1,840,000	0.1200 0.0750 0.0225 0.024 0.018 0.018 0.0465	02/03/2026 14/06/2026 29/11/2028 28/02/2029 30/05/2029 29/08/2029 28/11/2029
21,707,466

The Company granted options to Directors in lieu of Director Fees. Details of the options which were deemed to have a fair value at grant date calculated using the Black-Scholes option pricing model applying the following inputs:

Issued in lieu of fees for the period:	01/06/2025 to 31/08/2025	01/09/2025 to 30/11/2025
Issue date Number of options Equivalent in fees Grant date Fair value at grant Share price Exercise price Expected volatility Risk free interest rate Useful life Expirydate	29 August 2025 4,721,029 $32,103 29 August 2025 $0.0068 $0.012 $0.018 87% 3.5% 4 years 29 August 2029	28 November 2025 1,840,000 $32,200 28 November 2025 $0.0175 $0.031 $0.0465 87% 3.5% 4 years 28 November 2029

(b) Performance rights

Date	Details	No.	$
	At beginning of period	68,237,500 53,900,000 (2,612,500) (15,100,000) (13,475,000) (2,612,500) (2,612,500) (15,100,000) -	462,391 416,303 (83,600) (211,400) (377,300) (36,053) (22,990) (211,400) 293,918
04/12/2025	Class L, M, N & O Rights issued
05/12/2025	Class G Rights vested and exercised
05/12/2025	Class H Rights vested and exercised
05/12/2025	Class L Rights vested and exercised
31/12/2025	Class D Rights expired
31/12/2025	Class E Rights expired
31/12/2025	Class I Rights expired
	Partial expense(grantedprioryears,expensed currentyear)
	At end ofperiod	70,625,000	229,869

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Condensed Consolidated Financial Statement

6. Share-Based Payment Reserves (continued) (b) Performance rights (continued)

There were 70,625,000 unissued ordinary shares under Performance Rights at 31 December 2025 (30 June 2025: 68,237,500 Performance Rights). The details of these Performance Rights are as follows:

**Number **	**Year **	Class	Expiry Date
15,100,000 15,100,000 13,475,000 13,475,000 13,475,000	FY2025 FY2025 FY2026 FY2026 FY2026	Class J Class K Class M Class N Class O	31/12/2026 31/12/2027 31/12/2027 31/12/2027 31/12/2028
70,625,000

The Company issued 53,900,000 FY2026 performance rights on 5 December 2025 divided equally into four classes via the Dreadnought Employee Equity Incentive Plan subject to the following vesting conditions:

Class L	The Volume Weighted Average Price ("VWAP") of the Company's shares being at least $0.025 for 30 trading days before 31 December 2026
Class M	The VWAP of the Company's shares being at least $0.035 for 30 trading days before 31 December 2027
Class N	500,000oz gold JORC Resource delivered with cutoff of at least 0.5g/t Au or equivalent by 31 December 2027
Class O	1,000,000oz gold JORC Resource delivered with cutoff of at least 0.5g/t Au or equivalent by 31 December 2028

The remaining FY2025 performance rights are subject to the following vesting conditions:

Announcing a 250kOz Mineral Resource Estimate in accordance with JORC 2012 requirements of at least 3 Class J grams per tonne of gold (Au) by 31 December 2026 (or in-situ equivalent for other metals) Announcing a 400kOz Mineral Resource Estimate in accordance with JORC 2012 requirements of at least 3 Class K grams per tonne of gold (Au) by 31 December 2027 (or in-situ equivalent for other metals)

Share-based payment expense in relation to vested rights

Dt	Rights vested and exercised /partially vested	Rights vested and exercised /partially vested	Rights vested and exercised /partially vested	Rights vested and exercised /partially vested	Share Based Payment Expense	Share Based Payment Expense
ae Exercised	Year	Class	Employees	Directors	Employees	Directors
			#	#	$	$
	FY2023 FY2023 FY2024 FY2025 FY2025 FY2025 FY2025 FY2026 FY2026 FY2026 FY2026 FY2026	Class D	1,712,500	900,000	4,880 3,119 11,423 58,919 58,919 35,352 23,574 254,800 8,646 10,617 7,077 (141,400)	2,578 1,650 6,000 29,169 29,169 17,502 11,664 122,500 4,156 5,104 3,403 (70,000)
		Class E	1,712,500	900,000
05/12/2025		Class G	1,712,500	900,000
05/12/2025		Class H	10,100,000	5,000,000
		Class I	10,100,000	5,000,000
n/a		Class J	10,100,000	5,000,000
n/a		Class K	10,100,000	5,000,000
05/12/2025		Class L	9,100,000	4,375,000
n/a		Class M	9,100,000	4,375,000
n/a		Class N	9,100,000	4,375,000
n/a		Class O	9,100,000	4,375,000
		LessExpired
					335,926	162,895
Fair value of performance rights issued during the period Thefairvalue of rights was calculatedusing the share price of$0.028 at grantdate, being4 December 2025.
Assumption		Class L	Class M	Class N	Class O	TOTAL
Valuation Model Valuation date Expiry date Underlying security price Exercise Price Risk free interest rate Volatility Value per right		Trinomial 4 December 2025 31 December 2026 $0.028 nil 3.91% 97.32% $0.028	Trinomial 4 December 2025 31 December 2027 $0.028 nil 3.91% 75.67% $0.0228	- 4 December 2025 31 December 2027 $0.028 nil n/a n/a $0.028	- 4 December 2025 31 December 2028 $0.028 nil n/a n/a $0.028
Quantity issued: Director Quantityissued:Employees		4,375,000 9,100,000	4,375,000 9,100,000	4,375,000 9,100,000	4,375,000 9,100,000	17,500,000 36,400,000
Total Quantity Issued		13,475,000	13,475,000	13,475,000	13,475,000	53,900,000
Value: Director Value: Employees		122,500 254,800	99,750 207,480	122,500 254,800	122,500 254,800	$467,250 $971,880
Total Value		$377,300	$307,230	$377,300	$377,300	$1,439,130

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Condensed Consolidated Financial Statement

7. Loss Per Share

Loss Per Share
	31-Dec-25 $	31-Dec-24 $
Lossper share(basic and diluted) (centsper share)	(0.03)	(0.38)
Loss for the period ($)	(1,654,444)	(14,021,615)
Weighted average number of ordinary shares (number)	5,297,623,389	3,701,524,681

The Company has incurred a loss; any exercise of options would be antidilutive so the basic and diluted loss per share is equal.

8. Commitments

The Group will be required to outlay $2,773,400 to maintain current rights of tenure to exploration tenements as at 31 December 2025 (30 June 2025: $2,908,734) in respect of tenement lease rentals and to meet minimum expenditure requirements.

9. Related Parties

(a) Transactions with related parties (Refer to Notes 5 and 6).

During the half-year ended 31 December 2025 the Company:

• Issued 17,428,580 ordinary shares to directors for their $610,000 participation in a placement (31 December 2024 11,666,667 ordinary shares for their $210,000 participation in a placement);

• issued 17,500,000 performance rights to a director (31 December 2024: 20,000,000 performance rights); and

• granted 6,561,029 options to directors in lieu of $64,303 in director fees (31 December 2024: 3,771,176 options).

There are no other transactions with directors during the half-year ended 31 December 2025.

(b) Subsidiaries included in the consolidated financial statements:

Subsidiaries included in the consolidated financial statements:
Name of subsidiary Dreadnought Exploration Pty Ltd Dreadnought (Yilgarn) Pty Ltd Dreadnought (Bresnahan) Pty Ltd (deregistered on 30 July 2025)	% ownership interest 31-Dec-25 % ownership interest 30-Jun-25
	100 100 100 100 - 100

10. Contingent Liabilities

There is a contingent liability of $15,008 for a rental bond on the lease of business premises entered into on 22 September 2021 which has been secured via a term deposit for the same amount.

The Group has royalty arrangements with unrelated parties contingent on potential production on the following tenements:

Project	Royalty	Tenements
Mangaroon	0.5% Gross Revenue	M09/174, M09/175
	1% Gross Revenue	E08/3178, E08/3229, E08/3274, E08/3275, E08/3539, E09/2290, E09/2359, E09/2370, E09/2383, E09/2384, E09/2422, E09/2433, E09/2448, E09/2449, E09/2450, M09/91, M09/146, M09/147
	1% Net Smelter	E09/2195, E09/2479, M09/063
Central Yilgarn	1% Net Smelter	E29/957, E29/959, E29/1050, E30/471, E30/476

There were no other material contingent liabilities or contingent assets for the half-year ended 31 December 2025.

11. Dividends

No dividends have been paid or declared since the start of the half-year, and none are recommended.

12. Subsequent Events

On 16 February 2026 8,400,000 Performance Rights were issued to a new employee as the incentive component of his remuneration.

On 2 March 2026 Dreadnought entered into a Binding Heads of Agreement with Kingfisher Mining Limited to acquire 12 tenements with rare earth mineralisation in Mangaroon as a Critical Mineral Consolidation opportunity. The tenements also have strong gold, tungsten and copper potential. The $2,000,000 consideration is payable by issuing 82,682,358 ordinary DRE shares with 50% of those being subject to a 12-month escrow. There are also performance milestone cash payments upon announcing an Inferred Resource of >10 Mt @ 1% TREO ($500,000) and > 20 Mt @ 1 % TREO ($1,000,000).

There has not been any other matter or circumstance occurring subsequent to the end of the financial period that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

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DREADNOUGHT RESOURCES LIMITED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Directors’ Declaration

The Directors of the Company declare that:

• (a) The financial statements and notes of the Group are in accordance with the Corporations Act 2001 , and:

• (i) give a true and fair view of the Group’s financial position as at 31 December 2025 and its performance for the half-year ended on that date.

• (ii) comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

• (b) In the Director’s opinion there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed on behalf of the Directors by:

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Dean Tuck Managing Director

Perth, 12 March 2026

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INDEPENDENT AUDITOR’S REVIEW REPORT

TO THE MEMBERS OF DREADNOUGHT RESOURCES LIMITED

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Dreadnought Resources Limited (the company) and controlled entities (consolidated entity) which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, and notes to the financial statements, including material accounting policy information and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at 31 December 2025, or during the half year.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Dreadnought Resources Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report.

Independence

We are independent of the company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with the Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine is necessary to enable the preparation of the halfyear financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibilities for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the halfyear financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and its performance for the half year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporation Regulations 2001.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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PKF PERTH

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SHANE CROSS PARTNER 12 MARCH 2026 PERTH, WESTERN AUSTRALIA

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