DREADNOUGHT RESOURCES LTD — Investor Presentation 2008

Mar 17, 2008

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EROMANGA URANIUM

URANIUM EXPLORATION in the “NORTH of the SOUTH”

Kevin Lines Managing Director

PayDirt Uranium Conference - March 2008

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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.

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EROMANGA URANIUM

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EXPLORATION STRATEGY

Dual Focus

• 1 Iron Oxide Copper-Gold- Uranium in the northern Gawler Craton (IOCGU):

• primary target at Welbourn Hill with drilling currently underway.

• advancing the Nicholson project

• 2 Sandstone-hosted Uranium around the margins of the Eromanga Basin:

• major focus at Abminga/Abminga East with drilling currently underway.

• Excellent project pipeline throughout SA and NT.

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PROJECT LOCATIONS

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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
Maintaining strong SA/NT focus
TAS
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Northern Gawler Craton
IOCG Project
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NORTHERN GAWLER CRATON - IOCGU

• Targeting large ironoxide copper, gold, ±uranium ‘systems’.

• Manageable depths of cover near craton margin.

• Pre-existing magnetics, gravity and IP data allow accelerated exploration.

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EROMANGA URANIUM
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NT QLD
Northern Gawler Craton
��������������� � ������� � Welbourn HillWelbourn HillWelbourn HiWelbourn Hi ll IOCG Project
Marla
Coober Pedy ����������������
���� Prominent Hill
Gawler ���� Olympic Dam
Craton
Carrapeteena �� � [�]
Ceduna
��������������� �
Port Augusta ��������������� �
Port Lincoln ��������������� � AdelaideAdelaideAdelaideAdelaide �������������� � �
200 km
EROMANGA URANIUM
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(Copper, gold, uranium)

WELBOURN HILL (ERO 100%)

• Positioned over the northern margins of the Gawler Craton.

• Region virtually untested for IOCG mineralisation.

• Eromanga has early mover status.

• Good access with strong local support for exploration and mining.

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7,000,000 mN
Coongra 1Coongra 1CoongraCoongra 1 [ 1]
Nicholson TargetNicholson TargetNicholson TargetNicholson Target
Nicholson 1Nicholson 1Nicholson 1 Nicholson 1 EOB 2EOB 2EOB 2EOB 2
EL4019EL4019EL4019EL4019
EL4020EL4020EL4020EL4020
6,980,000 mN
Nicholson 2Nicholson 2Nicholson 2Nicholson 2
EWHD 2EWHD 2EWHD 2EWHD 2 ELA 532/07
��� � EWHD 1EWHD 1EWHD 1EWHD 1
��� �
WHD 2WHD 2WHD 2WHD 2
��� � Current Drillholes
Welbourn HillWelbourn HillWelbourn HillWelbourn Hill
Historic Drillholes
TargetTargetTargetTarget
Fault
0 5 km
Gravity Contour
G 6,960,000 mN ravity contours over a magnetic image. EROMANGA URANIUM
400,000 mE 420,000 mE
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WELBOURN HILL and NICHOLSON

• Primary target at Welbourn Hill.

• • $100K PACE Grant.

• Drilling currently underway.

• Secondary target at Nicholson with detailed gravity survey completed in February 2008.

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B EL4020 ELA
2007/532
6,980,000 mN6,980,000 mN6,980,000 mN6,980,000 mN
Nicholson-2Nicholson-2Nicholson-2Nicholson-2 ����
EWHD-EWHDEWHD-EWHD-- 2222
������� �
TaTaTTaa rget Bodyrgetrgetrget BodyBodyBody EWHD-1EWHDEWHD-1EWHD--11
��� ��� �� �� �� � �� �
WHDWHD-2WHDWHD-2--22
6,970,000 mN6,970,000 mN6,970,000 mN6,970,000 mN
A
Magnetic body as modelled at 1350m depth 2 km
���� Comalco drilhole - 1981
������� � Newcrest drillhole - 1992
���� Current Eromanga drillholes - 2008
Gravity contours over a magnetic image. EROMANGA URANIUM
Fault
400,000 mE400,000 mE400,000 mE400,000 mE 410,000 mE410,000 mE410,000 mE410,000 mE
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WELBOURN HILL MAGNETICS and GRAVITY

• Strong coincident ‘bullseye’ magnetic anomaly (plus 1000 nanotesla).

• Adjacent to major NW structure.

• Similarities to Olympic Dam geophysical signature.

• 6km x 1km high order gravity anomaly

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� �
������� ���������
����������� ���������������� WELBOURN HILL
��
•
Ground gravity surveys
���� provide quality data for
��
geophysical modelling
� • Previous drill-hole
����
provides important
������� geological constraints
������������������
���������� ������� ������������ ���������������� • Geology from Nicholson 2 indicates
�������
������ ����� proximity to major
����
volcanic centre with
���������������������������
�������� �������� anomalous copper,
�����
������� barium, phosphorus and
������
��� fluorine.
�����
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����
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WHD-2 CORE
Steely/specular haematite
and quartz veining.
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WELBOURN HILL LOCATION OF DRILL SITE

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7,010,000 mN
EL4019
Planned GravityPlanned GravityPlanned Gravity Planned Gravity
7,000,000 mN
Survey LinesSurvey LinesSurvey Lines Survey Lines
Gravity contours over a magnetic image. EROMANGA URANIUM
-470
-460
-560
-550
-500
-410
-480
-450
-420
-430
-510
-400
-440
480
-520
-540
-530
-510
-490
-390
-500
-520
-490
-520
Fault
420,000 mE 430,000 mE
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NICHOLSON (ERO 100%)

• Significant gravity anomaly in regional data.

• Anomaly centred over large magnetic feature. • Ground gravity survey to provide detail for later drill testing.

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NICHOLSON GRAVITY

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10km
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• 115km of detailed gravity (minimum 250m station spacing) has confirmed significant anomaly.

• 10km x 5km gravity high to 10mgals.

• Very strong correlation between gravity response and observed magnetics.

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NICHOLSON MODEL

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N S •
Synthesis of
mGals nT
40 20
geophysical data
41 1510 supports the
42
5
43 potential for IOCGU
0
44
-5 target centred within
45
-10
46 -15 volcanic complex.
47 -20 •
48 -25 Target IOCGU
49 -30 system at
0m
approximately 500m
2.9 2.87 TARGET 2.83 below surface.
BODY
3.6
•
Testing to follow
1000
2.75 Welbourn Hill drilling
program.
(g/cc SG)
Gravi t
y
cs
eti
agn
Grou
nd M
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• Synthesis of geophysical data supports the potential for IOCGU target centred within volcanic complex.

• Testing to follow Welbourn Hill drilling program.

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SANDSTONE HOSTED

• Major uranium exploration initiative around Eromanga Basin margins.

• 4 large project areas.

• All projects with full airborne EM coverage - over 22,000 line/km.

• Priority targets at Abminga and Abminga East. • Substantial project pipeline.

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� 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
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Lilla Creek
Finke
Umbeara
Kulgera
Northern Territory
26°S
South Australia
Tieyon
Agnes Creek Mount Irwin
Lambina
Granite Downs
27°S
Marla
Welbourn Hill
Wallatinna
20km
EROMANGA URANIUM
133°E 134°E
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ABMINGA (ERO earning 70%) and ABMINGA EAST (ERO 100%)

• Major tenement package of over 9,800km[2] .

• Large palaeodrainage system identified from ongoing data processing.

• Very limited previous exploration.

• Rotary mud drilling now underway.

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ABMINGA AND ABMINGA EAST Palaeodrainages identified

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EL3602
Mount Anthony EL3982
Mount Treloar
Miller
Eromanga Uranium 100%
Gassendi Maximus Resources JV
Caldera Resources JV
Palaeochannel
EL3186
Delambre
Warrataddy Hill
-26º30'
20 km
EL3601
Black Hill Dam
EL3964
Enungarenna Hill
ELA 594/07 Lambina
14 new palaeodrainages identified
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Kepler
Baco
Julius
Lamb ert
Euler
Franklin
Capella
Zeno
Atlas
Halley
Isidorus
134º 30'
134º
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ATLAS/BACO DRILLING

(100% ERO)

• Commenced late February 2008.

• 25-30 rotary-mud holes.

• Designed to confirm palaeodrainage geometries and test uranium mineralisation.

• Initial results confirm the presence of favourable stratigraphy, oxidation state and anomalous gamma responses.

• Quality target with extensive palaeodrainage development in area of known uranium deposition.

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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
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PROJECT PIPELINE

Marree

• Second phase drilling scheduled for 2nd quarter 2008 Kingoonya

• Early outputs from processing of airborne EM are encouraging with drill testing scheduled for second half of 2008

• Prospective for both sandstone-hosted and unconformity style uranium mineralisation

Billa Kalina

• Exploration ongoing for sandstone-hosted uranium and deeper IOCGU mineralisation

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SUMMARY

• Two major drill programs currently underway. - Deep diamond drill testing at the exciting Welbourn Hill IOCG target (ERO 100%)

• Initial drilling of the expansive palaeodrainage system at Abminga East (ERO 100%).

• Over 250km of new drainage identified in the Abminga region providing multiple new targets.

• Strong project pipeline supported by major airborne EM database.

SET FOR AN EXCITING 2008!

EROMANGA URANIUM

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CORPORATE SUMMARY

Listed 31 October 2006 Shares 125.4 million Major shareholder Maximus Resources (35.4% escrowed until Oct 2008) Total raised $14.76 million Cash as at 31/12/07 $9.26 million Current Market Capitalisation (14 March 2008) $17.56 million Board

Chairman (non-executive) Robert Kennedy Managing Director Kevin Lines Non Executive Director Ewan Vickery Non Executive Director Kevin Wills

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