DREADNOUGHT RESOURCES LTD — Investor Presentation 2008

Aug 13, 2008

1

EROMANGA URANIUM

BROKER PRESENTATION

Kevin Lines Managing Director August 2008

==> picture [171 x 181] intentionally omitted <==

2

DISCLAIMER

This presentation contains forward looking statements that are subject to risk factors associated with the exploration and mining industry. It is believed that the expectations reflected in these statements are reasonable, but they may be effected by a variety of variables which could cause actual results or trends to differ materially.

==> picture [171 x 181] intentionally omitted <==

AUGUST 2008 2

EROMANGA URANIUM

3

EROMANGA URANIUM LIMITED

==> picture [278 x 263] intentionally omitted <==

----- Start of picture text -----

Uranium
Copper, gold, uranium
NT
Illogwa Creek QLD
Abminga East
WA Eromanga Basin
Abminga Welbourn Hill
SA
Kingoonya Marree
Gawler
Craton Billa Kalina
NSW
500km
VIC
26,000km [2] of tenure under management
TAS
EROMANGA URANIUM
----- End of picture text -----

• Dual exploration focus on Iron oxide, copper, gold, uranium (IOCGU) and sandstone hosted uranium mineralisation.

• Strongly South Australia and Northern Territory focussed.

• Over 26,000 sq km under management.

• Actively drilling on multiple fronts.

• Cash on hand of $6.54 million (at 30/06/08). AUGUST 2008 3

4

IOCGU – WELBOURN HILL PROJECT (100% ERO)

==> picture [265 x 285] intentionally omitted <==

----- Start of picture text -----

EL4020 EL4050
Nicholson-2
-27º20'
A EWHDEWHDEWHDEWHD 02020202
Target Body EWHD01EWHD01EWHD01EWHD01
B
WHD-2
Magnetic body as modelled at 1350m depth
Comalco drilhole - 1981 -27º25'
Newcrest drillhole - 1992
0 2 km
Current Eromanga drillholes - 2008
EROMANGA URANIUM
Fault
134º 134º05'
----- End of picture text -----

• High order coincident gravity and magnetic anomalies at the northern limits of the Gawler Craton.

• Highly favourable structural setting.

• PACE support of $100,000.

• Two holes completed to-date over gravity feature.

• Initial results very encouraging. Confirms the presence of significant volumes of IOCGU type fluids.

AUGUST 2008 4

5

IOCGU – WELBOURN HILL PROJECT (continued)

==> picture [288 x 167] intentionally omitted <==

----- Start of picture text -----

� �������������������������� �
���� ������������� ����
����
�
���� ����
��������� ��������
������������ ������������� ����
������� ��������
������� �������������� ����
������ ���������� ����
�������� ��������
����������������������������������� �����
�������������������������������������������������������������
���������
����������������� ����
��������������������
��������������������������������������������������������������
������ ������
----- End of picture text -----

• Best result to-date of 18m at 0.1% Cu in well developed chlorite breccia.

• Strong trend of increasing alteration, brecciation and sulphide mineralisation between holes EWHD01 and EWHD02.

• Target remains open to the north, south and west.

• Further drilling after all results from exploration to-date are received.

• Recognition of the potential for the project area to host unconformityrelated uranium mineralisation.

==> picture [69 x 7] intentionally omitted <==

----- Start of picture text -----

EROMANGA URANIUM
----- End of picture text -----

AUGUST 2008 5

6

IOCGU – NICHOLSON PROJECT (100% ERO)

==> picture [234 x 285] intentionally omitted <==

----- Start of picture text -----

-27º
Coongra 1
Nicholson 1 Nicholson Target
EOB 2
EL4019
EL4020
Nicholson 2
- 27º20'
EWHD 2EWHD 2EWHD 2EWHD 2 EL4050
EWHD 1EWHD 1EWHD 1EWHD 1
WHD 2
Welbourn Hill
Proposed Drillhole
Target Historic Drillhole
Fault
0 5 km
Gravity Contour
EROMANGA URANIUM
134º 134º20'
----- End of picture text -----

• Major gravity anomaly (10Mgals)

• Coincident magnetic signature suggesting buried volcanic complex

• Over 10km x 5km in size

• Never previously explored

• Entire area cleared for drilling

AUGUST 2008 6

7

IOCGU – NICHOLSON PROJECT (Continued)

==> picture [340 x 285] intentionally omitted <==

----- Start of picture text -----

EROMANGA URANIUM
----- End of picture text -----

• Drilling of first deep diamond hole currently underway.

• Approaching target depth of 500-600m below surface.

• Cover sequence sediments intersected to-date are in line with gravity model.

• Anticipate intersecting target position within the next 3-5 days.

AUGUST 2008 7

8

IOCGU – TODMORDEN PROJECT

(ERO earning 80% from InterMet Resources)

• First phase gravity survey completed.

• Modelling suggests the source of moderate 6Mgal anomaly is likely to be greater than 800m.

• Limiting IOCGU potential

• But project area geology retains significant exploration potential

==> picture [257 x 183] intentionally omitted <==

----- Start of picture text -----

0 10 km
EL4001
ELA166/08
-27º
134º30' 135º
----- End of picture text -----

• Review underway to direct future exploration programs.

AUGUST 2008 8

EROMANGA URANIUM

9

SANDSTONE-HOSTED URANIUM

• Targeting sandstone-hosted (rollfront) style uranium mineralisation around the margins of the Eromanga Basin.

• Very limited previous exploration.

• Four major project areas.

• Full airborne EM coverage completed over all projects.

• Drilling scheduled for September 2008 at Billa Kalina and Abminga

==> picture [69 x 7] intentionally omitted <==

----- Start of picture text -----

EROMANGA URANIUM
----- End of picture text -----

==> picture [199 x 284] intentionally omitted <==

----- Start of picture text -----

� Alice Springs
Northern Territory
Queensland
Abminga
Marla �
South Billa Kalina
Australia
Coober Pedy � Marree
Prominent Hill � Marree �
�
Kingoonya �
Olympic Dam Beverley
� Ceduna
� Port Augus t a
� Adelaide
200 km
AUGUST 2008 9
----- End of picture text -----

10

ABMINGA URANIUM PROJECT

(incorporating Abminga East Project)

==> picture [261 x 285] intentionally omitted <==

----- Start of picture text -----

EL3982
EL3602
EL3601
0 10 km
EL3186
-26º30'
EL3964
EL4094
Eromanga Uranium 100% Palaeochannel
Maximus Resources JV Rotary Mud Drillholes
Caldera Resources JV
Baco
Atlas
134º
----- End of picture text -----

• Over 7000 sq km of contiguous tenements under management.

• First phase drilling on two regional traverses completed.

• Results indicate palaeodrainages interpreted from EM are largely in the shallow Tertiary. These are mostly too oxidised.

• Deeper underlying Mesozoic Algebuckina Sandstone remains highly prospective.

URANIUM CONFERENCE 18 MARCH 2008 10

11

==> picture [509 x 360] intentionally omitted <==

----- Start of picture text -----

Granite carbonaceous
Sandstone Pyritic ABMINGA EAST
Abminga Project Muddy sandstone
Hole ID: APRM003 Mudstone
Location:Tenement:53J 0407925 N 7061899 EEnungeranna Hill Reduced Downhole log - APRM003
Hole completion date: 6/3/08 Oxidised
Geologist: Steve Abbott
Depth Gamma_Calibrated Lithology Redox Stratigraphy
1:1300 0 API 200
Accessories
Induction_Calibrated 90.0
0.0 0 mS/m 300 Undifferentiated Tertiary and 100.0 Algebuckina Formation
10.0 Quaternary sand
20.0 110.0
30.0 120.0
40.0
50.0 Bulldog Sh ale 130.0
60.0 140.0
70.0
150.0
80.0 ?Cadna-Owie Formation
90.0 160.0
100.0 Algebuckina Formation
170.0
110.0
120.0 180.0
130.0 190.0
140.0
150.0 200.0
160.0 210.0
170.0
180.0 220.0
190.0 230.0 Weathered granite basement
200.0
210.0
220.0
230.0 Weathe red granite basement
EROMANGA URANIUM AUGUST 2008 11
----- End of picture text -----

12

ABMINGA URANIUM PROJECT (Continued)

• All the critical parameters for uranium deposition have been established at Abminga.

• Improved understanding of the strengths/ limitations of airborne EM.

• Integrating EM with magnetic data to better map deeper Mesozoic drainages at the base of the Algebuckina Sandstone.

• Micro-gravity survey to confirm interpretations to commence late August 2008.

• Second phase drilling to start in midSeptember 2008.

==> picture [147 x 248] intentionally omitted <==

AUGUST 2008 12

EROMANGA URANIUM

13

BILLA KALINA URANIUM

==> picture [231 x 285] intentionally omitted <==

----- Start of picture text -----

Coincident gravity low/REPTEM highCoincident gravity low/REPTEM highCoincident gravity low/REPTEM highCoincident gravity low/REPTEM highCoincident gravity low/REPTEM high ��� �
-29º
Map area
Billa Kalina
Exploration
Licences
-29º10' 0 5 km
EL3526
EROMANGA URANIUM
136º10'
136º
----- End of picture text -----

• Airborne EM and recent new gravity data has identified a discrete sub-basin at the Sunshine Dam prospect.

• Considered to be an ideal site for the development of roll-front or Mulga Springs styles of uranium mineralisation.

• All required clearances are now in place.

• Drilling scheduled to commence in early September 2008.

AUGUST 2008 13

14

PROJECT PIPELINE

Marree

• Micro-gravity survey of eastern basin margin scheduled for late September 2008.

• Second phase drilling to commence in mid-late October 2008.

Kingoonya

• Detailed interpretation of airborne EM ongoing.

• Permitting and clearance surveys progressing.

• Drilling scheduled for late 2008/early 2009.

EROMANGA URANIUM

==> picture [213 x 285] intentionally omitted <==

----- Start of picture text -----

AUGUST 2008 14
----- End of picture text -----

15

NEW PROJECTS

Tanami Uranium – Suplejack Project

• Eromanga Uranium has been successful in its application for EL26625 in the Tanami region of the Northern Territory.

• The Company is now in receipt of the consent to negotiate with the Central Land Council, on behalf of the Traditional Owners, for grant of the exploration licence.

• Previous exploration for gold has highlighted the geology of the licence area to be ideal for the development of unconformity-related uranium mineralisation, similar to that in the Alligator Rivers region of the Northern Territory.

• Eromanga intends to advance the permitting of this project as quickly as possible to allow on-ground exploration to commence.

Project generation

The Company continues to review business opportunities that would strengthen our exploration portfolio.

EROMANGA URANIUM

AUGUST 2008 15

16

SUMMARY

• Eromanga continues to be a very active exploration group with drilling on multiple fronts.

• Initial drill testing at Welbourn Hill has confirmed the potential for the area to host IOCGU mineralisation.

• Drilling underway at the exciting Nicholson Project.

• Company now in a position to maximise the value of its airborne EM data.

• Drilling scheduled to re-commence at Abminga in mid-September.

• Initial testing of Sunshine Dam scheduled for early September 2008.

• Strong project pipeline

• Well funded to succeed.

AUGUST 2008 16

EROMANGA URANIUM