DREADNOUGHT RESOURCES LTD — Investor Presentation 2020

Sep 15, 2020

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HIGHLY ACTIVE WEST AUSTRALIAN FOCUSED GOLD AND BASE METAL EXPLORER

RIU RESURGENCE CONFERENCE SEPTEMBER 2020

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Disclaimer

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This presentation includes forward-looking statements. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Dreadnought Resources Limited (“Dreadnought”) believes that the expectation reflected in these forward-looking statements are reasonable, such statement involved risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

This presentation has been prepared by Dreadnought for the purpose of providing an overview of its current prospects and growth strategy to recipients. This presentation and its contents are provided to recipients on the basis that It may not be reproduced or disclosed in whole or in part to any other person, without the written consent of Dreadnought.

This presentation is provided on the basis that neither Dreadnought nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers, make any representation or warrant (express of implied) as to the accuracy, reliability, relevance or completeness of the material contained in this presentation and nothing contained in the presentation is, or may be relied upon, as a promise, representation or warrant, whether as to the past or the future. Dreadnought hereby excludes all warranties that can be excluded by law.

All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with respect to Dreadnought and evaluating the business, financial performance and operation of Dreadnought. Neither the provision of the presentation nor any information contained in the presentation or subsequently communicated to any person in connection with the presentation is, or should be taken as, constituting the giving of investment advice to any person.

Competent Person’s Statement

The information in this announcement that relates to geology and exploration results and planning 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 report 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. (referencing historic and new company announcements).

Refer to Dreadnought announcements for JORC Table 1 and Table 2 for results and information contained in this presentation.

Currency

All amounts shown are in Australian dollars unless otherwise stated.

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Com an Sna shot p y p

Capital Structure	Capital Structure
ASX Code	DRE
Share Price(11/09/2020)	$0.017
Shares on Issue	2,096M
Market Cap(undiluted)	$35.6M
Market Cap(diluted)	$37.8M
Cash(unaudited, 31/08/2020)	~$1.4M
Unlisted Options(~$0.007 strike price)	130M
Convertible Notes(600,000 @ $1.00, 10% pa coupon, convertible @ $0.0055, redeemable 21 June 2021)	$0.6M
Top 20 Shareholders	38%
Board and Management
Paul Chapman – Non-Executive Chairman	Board and Management Cash Investment ~$1,100,000
Dean Tuck – Managing Director
Ian Gordon – Non-Executive Director	Board and Management Shareholding ~19%
Paul Payne – Non-Executive Director
Jessamyn Lyons –Company Secretary	Non-Executive Director Fees $0
Nick Chapman – Senior Geologist

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Illaara Gold-VMS-Iron Ore Project (100%)

• ➢ Consolidated 880km[2] landholding covering 75 strike kms of the Illaara greenstone belt

• ➢ Acquired from Newmont, limited gold and base metal exploration since the 1980s and 1990s

• ➢ High grade gold intercepts at Metzke’s Find

• MZRC016: 8m @ 8.1 g/t Au from 51m incl. 3m @ 21.0 g/t Au from 85m

• MZRC017: 13m @ 4.2 g/t Au from 48m incl. 7m @ 7.5 g/t Au from 51m

Rocky Dam Gold-VMS Project (100%)

• ➢ Currently 80km[2 ] land holding in the Eastern Goldfields

• ➢ Gold mineralisation has not been followed up since the 1990s with known VMS mineralisation

• ➢ Shallow oxide gold mineralisation at CRA-North

• RDRC001: 4m @ 4.1 g/t Au from 62m incl. 1m @ 13.8 g/t Au from 67m

• RDRC002: 29m @ 0.9 g/t Au from 34m incl. 9m @ 1.7 g/t Au from 40m

Kimberley Projects (100%, E04/2315 80%)

• ➢ 2,660km[2 ] land holding in the West Kimberley, 2[nd] largest land owner behind IGO and ahead of Chalice

• ➢ Unexplored since 1978 with known outcropping mineralisation

• Texas Ni-Cu-PGE: Coincident EM and magnetic target in the Ruins Dolerite

• Fuso and Paul’s Find Cu-Au: Coincident magnetic and gravity target

• Chianti VMS: 7 EM plates with outcropping mineralisation

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Dreadnou ht’s Performance to Date g

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Values rounded
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• [1 ] $600k Convertible Note

• *[2 ] ~$25k / month going forward

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Strate gy

DELIVER SIGNIFICANT SHAREHOLDER RETURNS

• Discover economic gold and base metal deposits in Western Australia

• Release constant news flow

• Spend money in the ground

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EFFECTIVE AND EFFICIENT EXPLORATION

• Low over-head, textbook exploration focused on discoveries

• Sandfire Resources, DeGrussa

• Sirius Resources, Nova-Bollinger

• Gold Road Resources, Gruyere

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STRONG COMMUNITY AND STAKEHOLDER ENGAGEMENT

• Licence to operate underpins our success

• Actively engage and build strong lasting win-win relationships with traditional owners, environmental, government and community stakeholders

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Yilgarn Gold-VMS Projects

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Yil arn Pro ects g j

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Illaara Gold – VMS – Iron Ore Project

• ➢ Initially acquired from Newmont and through subsequent deals have consolidated ~75km strike of underexplored greenstone belt

• ➢ First significant gold and base metal exploration since the 1980s and 1990s. Previously held by iron ore explorers

• ➢ Active neighbours including:

• Ramelius Resources (RMS)

• Ora Banda Mining (OBM)

• Alt Resources (ARS) – Recently taken over by Aurenne

• Mineral Resources (MIN)

Rocky Dam Gold – VMS Project

• ➢ Located 45kms east of Kalgoorlie in a tightly held region with active explorers, developers and miners

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Illaara Project Gold-VMS-Iron Ore Targets

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Metzke’s Find Corridor (12km strike)

• Significant historical workings, has not been drilled since the 1990s

• High grade gold confirmed and currently being drilled at Metzke’s Find

• Multiple drill targets recently defined within the corridor

Central Illaara Corridor (10km strike)

• Newmont concept – Felsic intrusive hosted gold (e.g. Wallaby / Jupiter)

• Target definition work ongoing

Lawrence’s Corridor (10km strike)

• Target generation work to commence 2020

• Target generation work has only commenced on ~25% of gold prospective ground across Illaara

Iron Ore

• Multiple high grade iron, low phosphorous prospects drilled 2008-2013

• Several regional iron ore players including Mineral Resources, Jupiter and MacArthur Minerals

• Potential for near term commercialisation

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Metzke’s Find: Gold

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RC Drilling program currently underway – results expected throughout October

• *See ASX announcement 17 July 2020, 13 July 2020 and 19 March 2020

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Metzke’s Corridor: Gold

• ➢ 12km long gold corridor with classic orogenic gold pathfinder anomalism identified through wide spaced soil sampling

• ➢ No historical work along strike of Metzke’s Find

• ➢ Multiple discreet gold-in-soil anomalies

• Longmore’s Find: High grade rock chips, multiple lodes

• Black Oak: Open in all directions

• Bald Hill: Multiple lodes

• Target definition work ongoing around Metzke’s Corridor

• ➢ RC Drilling to commence at Longmore’s Find and Black Oak immediately after Metzke’s Find, further target definition work underway to the south of Metzke’s Find

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Iron Ore

• ➢ Illaara Project contains significant iron ore potential which was briefly explored by Portman Iron and then Cleveland Cliffs from 2008-2013:

• High iron and low phosphorus grades compared with regional players

• Same geology as the high iron, low phosphorus Mt Richardson development

• Near existing and planned infrastructure and developments

• ➢ Some of the more advanced prospects include:

• P-North: 29m @ 58.6% Fe, 8.3% SiO2, 3.4% Al2O3, 0.04% P, and 4.0% LOI from 6m • Incl. 16m @ 64.4% Fe, 2.4% SiO ~~2~~ , 1.3% Al ~~2~~ O3, 0.04% P and 3.7% LOI from 8m

• Kings: 49m @ 55.7% Fe, 9.1% SiO2, 3.1% Al2O3, 0.04% P, and 4.0% LOI from 13m • Incl. 11m @ 62.7% Fe, 2.5% SiO2, 1.2% Al2O3, 0.05% P and 6.1% LOI from 48m

• P-3: 20m @ 58.5% Fe, 2.9% SiO2, 1.9% Al2O3, 0.06% P, and 9.5% LOI from 48m • Incl. 5m @ 60.3% Fe, 2.2% SiO2, 1.5% Al2O3, 0.03% P and 8.6% LOI from 55m

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Rare Exploration Opportunity

• Outcropping mineralisation

• Off limits since 1978

• Multiple untested drill targets

• Tier 1 jurisdiction – Western Australia

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WMC’s David Barr (L) & Roy Woodall (R) at Tarraji – 1950s

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1956-1959: Last 1978-2013: YSTA significant mineral Defense Reserve exploration at Tarraji “off limits” to undertaken by WMC mineral exploration

• ➢ Half of all mineral deposits in Australia discovered after 1983

• ➢ No exploration since 1958 (Tarraji) / 1972 (Chianti-Rufina)

• ➢ Yampi Sound Training Area (Defense Reserve) off-limits to exploration from 1978-2013

• ➢ Tarraji-Yampi contains several outcropping mineralised bodies and significant potential under shallow cover

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The West Kimberle y

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Texas Ni-Cu-PGE Tar et g

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Coincident shallow EM conductor and intense magnetic anomaly sitting within outcropping Ruins Dolerite

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Opportunity: High grade Ni-Cu-PGE massive sulphide – Diamond drilling planned for 2020

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Fuso and Paul’s Find Cu-Au Tar ets g

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Coincident strong magnetic and gravity anomalies sitting under cover adjacent to significant regional structures

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Paul’s Find Fuso
Examples of coincident magnetic (top) and
gravity (middle) and the resultant inversion
modelled bodies (bottom) from Brumby and
Ernest Henry Proterozoic Cu-Au deposits
compared with Paul’s Find (L) and Fuso (R).
from Austin and Foss 2012. Rich, attractive and
extremely dense: A geophysical review of Australian
IOCGs.
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Examples of coincident magnetic (top) and gravity (middle) and the resultant inversion modelled bodies (bottom) from Brumby and Ernest Henry Proterozoic Cu-Au deposits compared with Paul’s Find (L) and Fuso (R). from Austin and Foss 2012. Rich, attractive and extremely dense: A geophysical review of Australian IOCGs.

Opportunity: Large scale Cu-Au targets – RC Drilling planned for 2020/2021

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Chianti-Rufina: 7 VMS Tar ets g

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Drill targets defined by FLEM anomalies with associated gossans and / or magnetic and surface geochemical anomalies

CHDD001: 61.5-63.5m

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CHDD002: 117.8-119.8m

Opportunity: Multiple high grade massive sulphide deposits – RC Drilling planned for 2020/2021 (EIS Co-funded)

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Take ~~Away Message~~

• ➢ Active ~~explorer putting money in the~~ ground and news flow into the market

• ➢ Kimberley: first mover with potential for major Cu, Au and Ni deposits

• ➢ Illaara: Consolidated 75km long underexplored greenstone belt with early exploration success

• ➢ Rocky Dam: Shallow mineralisation close to Kalgoorlie in an area experiencing significant consolidation

• ➢ Experienced management team with a track record of success and strongly aligned with shareholders

• ➢ Modest market cap - leveraged for exploration success

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THE END

5/16 NICHOLSON ROAD SUBIACO WA 6018 PO BOX 572 FLOREAT WA 6014

WWW.DREADNOUGHTRESOURCES.COM.AU INFO@DREADNOUGHTRESOURCES.COM.AU TELEPHONE: +61(0) 428 824 343 DRE.ASX

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