DREADNOUGHT RESOURCES LTD — Investor Presentation 2021

Dec 1, 2021

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HIGHLY ACTIVE W EST AUSTRALIAN EXPLORER FOCUSED ON COPPER, RARE EARTH AND NICKEL DISCOVERIES

RIU RESURGENCE CONFERENCE – DECEMBER 2021

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Disclaimer

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 forwardlooking 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 maybe relied upon, as a promise, representation or warrant, whether as to the past or the future. Dreadnought herebyexcludesall warrantiesthat can be excluded bylaw.

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 anyperson.

CompetentPerson’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 historicand newcompanyannouncements).

Currency

All amounts shown are in Australian dollars unless otherwise stated.

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Illaara Gold-VMS-IronOre Project

75 km Long Illaara Greenstone Belt Acquiredfrom Newmont Consolidation of 75km Long Illaara GreenstoneBelt RC Drilling HitsHigh Gradesat Metzke’sFind RC Drilling HitsHigh Grade Gold at Metzke’sFind Remaining Metzke’sFind Assays High-grade Iron Ore Opportunity- Illaara Greenstone Belt 2020 Further High-Grade Gold from Metzke’sFind Further High-Grade Gold from Metzke’s Find Exploration Update Illaara Gold-VMS-Iron Ore Project Illaara Update and Regional Target Generation Drilling Results– Illaara Au-Cu-Iron Ore Project

• 24 June 2019 • 6 December 2019 • 19 March 2020 • 13 July2020 • 17 July2020 • 22 July2020 • 25 September • 8 October 2020 • 30 November 2020 • 27 April 2021 • 31 May 2021 Kimberley Ni-Cu-Au Project • 6 June 2019 • 2 December 2019 • 23 December 2019 • 24 August 2020 • 25 August 2021 • 27 August 2021 • 11 October 2021 • 2 November 2021 • 15 November 2021 Mangaroon Ni-Cu-PGE, REE & Au Project • 25 November 2020 • 07 April 2021 • 19 July2021 • 1 September 2021 • 9 September 2021 • 24 September 2021 • 29 November 2021

Ground EM Survey Lights Up Strong Conductor at the Texas Ni-Cu-PGETarget Assays and EM Surveys Confirm Massive Sulphide System at Chianti-Rufina Grants Cu-Au Assays and Coincident Magnetic/GravityTargets High PriorityCopper Gold Targetsat Fuso and Paul’s Find RC Results from Orion, Grant’sFind&Fuso Indicate Large Cu-u-Ag-CoSystem Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle Massive Sulphide Intersected in Multiple Holes at Orion Supergene Confirmed and Massive Sulphide Extended at Orion High-Grade Cu-Ag-Au-Co Discoveryat Orion & Au Project Mangaroon Ni-Cu-PGE& Au Project Option/JV Agreement Signed with Global Base Metal Miner High Grade REE Ironstones Outcropping at Mangaroon Encouraging Results for Rare Earthsat Yin Four New REE Ironstones Discovered at Mangaroon Airborne Magnetic-Radiometric SurveyCommenced at Mangaroon Five Carbonatite IntrusionsIdentified at Mangaroon Project

Refer to Dreadnought announcements for JORC Table 1 and Table 2 for resultsand information contained in this presentation. ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU

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Com an Sna shot p y p

	Capital Structure
	ASX Code		DRE
	Share Price(30/11/2021)		$0.044
	Shares on Issue		2,831.9M
	Market Cap(fully diluted)		$124.6M
	Cash(30/09/2021)		~$7.8M
	Unlisted Options(various strike prices) Top 20 Shareholders Board / Management Cash Investment	79.0M 32% ~$1,300,000
	Board / Management Shareholding		17%
	Board & Management
	Paul Chapman		Non-Executive Chairman
	Dean Tuck Ian Gordon		Managing Director Non-Executive Director
	Paul Payne		Non-Executive Director
	Jessamyn Lyons		Company Secretary
	Matt Crowe		Exploration Manager
	Frank Murphy		Operations	Manager
	Nick Chapman / Luke Blais		Senior Geologists

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Tarraji-Yampi Cu-Ag-Au-Co Project (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

• Orion – High-grade Cu-Ag-Au-Co-Zn Massive Sulphides

• Rough Triangle – High-grade Cu-Ag-Bi-Sb Veins

• Texas, Fuso and Grants – Cu-Co-Au mineralisation

Mangaroon Ni-Cu-PGE (Option with FQM), REE Project (100%)

• ➢ ~4,500km[2 ] land holding in the Gascoyne Provence

• ➢ Vastly unexplored with historical work led by local pastoralists

• ➢ Outcropping rare earth ironstones, nickel-copper-PGE sulphides and gold

Illaara Li-Cs-Ta, Cu-Zn-Ag, Au and Iron Ore Project (100%)

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

• ➢ Fertile LCT pegmatites, gold, base metals and iron ore.

• ➢ Currently assessing Peggy Sue LCT pegmatite swarm

• ➢ Background project managed by Omni GeoX

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Strate and Performance gy

EFFECTIVE AND EFFICIENT EXPLORATION

DELIVER SIGNIFICANT SHAREHOLDER RETURNS

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STRONG COMMUNITY AND STAKEHOLDER ENGAGEMENT

• Increase value through advancing exploration targets through discovery to resource

• Chalice – Julimar

• De Grey – Hemi

• Sirius – Nova Bollinger

• Liontown – Kathleen Valley

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We strive to develop win-win relationships with key stakeholders – our licence to operate

• 80% of funds go into the ground

• Maintain a pipeline of strong targets and drill results

  • *2

• Water bores for pastoralists

• Upgrades to homestead outcamp

• Maintain a stable of large scale projects with potential for multiple commodities

• Fire fighting trailer for the Dambimangari

• Site recycling to local sports clubs

• Low impact exploration

• Engagement with CSIRO and Universities

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Tarraji-Yampi Ni-Cu-PGE &

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Rare Exploration Opportunity

• Outcropping mineralisation

• Off limits since 1978

• First movers within the YSTA

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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

• ➢ West Kimberley is controlled by IGO, Dreadnought and Chalice

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~~Tarraji-Yampi~~

• ➢ Located just 80kms from the port of Derby and entirely within the Yampi Sound Training Area

• ➢ Historical exploration / mining on outcropping copper lodes

• Grant’s Find, Wilson’s Reward, Rough Triangle, Iron Clad, Tarraji

• ➢ Recent Cu-Ag-Au-Co discovery under cover

• Orion: Massive sulphide with high grade Cu-Ag-Au-Co

• From just 1m under the surface, including supergene mineralisation

• ➢ Next Steps: Deliver resources and additional discoveries

• Resource drilling – Orion and Grant’s Find

• • Discovery – dozens of non outcropping targets, ability to geochemically screen

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Orion Cu-A -Au-Co Tar et g g

Oxide and Supergene from ~1m depth, massive sulphide from ~30m. Remains open with assays pending

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Orion Cu-A -Au-Co Tar et g g

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Depth of cover is only 1-5m – amendable to shallow auger drilling to assist with target screening and ranking Stronger and higher tenor at depth?

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Next Steps: How big is it?
June/July 2022: Resource drilling
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Tarraji-Yampi Regional Targeting

Numerous targets remain to be tested at Tarraji. *All targets to be screened by low impact auger drilling

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Yampi survey only recently completed
Tarraji
Yampi
Next Steps: How many more are there?
June/July 2022: Auger drilling
August/September 2022: RC Drilling
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Gr ~~ant~~ ’ ~~s Find and~~ Fuso Cu-Au-Co

➢ Grant’s Find

• Outcropping breccia vein over 800m strike.

• Best intercept to date – most northern drill hole.

• 10m @ 2.3% Cu, 0.03% Co

➢ Fuso

• Multiple strong magnetic anomalies, completely under shallow cover.

• New magnetic data indicating we missed the target due to hole deviation.

• 1m @ 2.1% Cu, 0.24% Co, 0.1g/t Au

Next Steps: Deliver resource on Grants, screen Fuso with Auger

June/July 2022: Auger drilling at Fuso along with regional targets July/August 2022: Resource drilling at Grants Find

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Rough Triangle: Cu-Ag-Bi-Sb

• ➢ 1.2km long outcropping vein of high-grade Cu-Ag-Bi-Sb mineralisation

• ➢ Significant rock chips include:

• RT07: 20.4% Cu, 4.6% Sb, 0.9% Bi, 101g/t Ag

• • RTC01: 83.7% Cu, 142g/t Ag

• • RT09: 18.9% Cu, 14.1% Sb, 1.6% Bi, 196g/t Ag

• • RT12: 18.5% Cu, 10.8% Sb, 1.9% Bi, 291g/t Ag

• ➢ Drilling expected May/June 2022

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Mangaroon Ni-Cu-PGE, REE & Au Project

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~~Proterozoic Mobile Belts~~

• ➢ Proterozoic mobile belts are attractive with the potential to host world class deposits across a range of commodities

• ➢ Mangaroon compliments the Kimberley

• Both have potential Tier 1 discoveries

• Both have been historically underexplored despite outcropping mineralisation

• Dreadnought has acquired a substantial first mover land package in both provinces

• ➢ Recently announced Option/JV Agreement regarding base metal rights with First Quantum Minerals

• Dreadnought to manage early-stage exploration and retains certain rights to gold discoveries

• First Quantum Minerals to fully fund exploration through decision to mine

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Man aroon Pro ect g j

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➢Rare Earths: Yin Camp – 100% Owned

• Outcropping high-grade rare earth ironstones – similar to Yangibana

• High NdPr to TREO ratio – high value product for permanent magnets

• Mineralogy and metallurgic work confirms high grade concentrate product

• Next Steps: Resource drilling Yin, drill test the Carbonatites

➢Ni-Cu-PGE: The Money Intrusion – Option/JV with FQM

• 50km long, outcropping mafic/ultramafic intrusion with high tenor blebby Cu-Ni-PGE bearing sulphides

• FQM entered into an Option Agreement over 5 tenements covering the Money Intrusion

• earn 51% interest by spending $15M and a further 19% interest by sole funding up until a Decision to Mine.

• Dreadnought retains rights to any gold discoveries.

• Next Steps: Finish FLEM Survey, drill gossans at Bookathanna and any conductors

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Yin REE Ironstones
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Yin REE Ironstones

✓ Scale

• Six REE ironstones identified to date over an area of ~10kms x 5kms

✓ Grade

• High grade rock chips, up to 11.37% TREO, with high NdPr to TREO ratios – high value concentrate

✓ Mineralogy

• Monazite – globally significant REE mineral with abundant processing capacity with three plants to be built in WA

✓ Metallurgy

• Standard flotation sheet able to produce high grade concentrate

• 12.3% Nd2O3 / 40% TREO with 92.8% process recovery

➢ Since the 1990s, where are the source carbonatite intrusions?

• REE Ironstones dykes and Nb bearing veins known at Yangibana – classical model

• Interpreted to stop at the Lyons River Fault – source carbonatite at depth

➢ July – September 2021

• REE Ironstones dykes confirmed south of the Lyons River Fault

• ~50,000-line kilometer airborne magnetic survey commenced to identify: Outcropping ironstones, buried ironstones, carbonatites

➢ November – December 2021

• Carbonatites identified in new mag data, confirmed on the ground - assays pending

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Possible REE Carbonatites

• ➢Potential for large scale REE mineralisation

• Residual – ex. Mt Weld, Araxa, Yangibana,

• Fresh Rock – ex. Mountain Pass, Mt Weld

• ~~➢Evidence for both fresh and residual mineralis~~ ation

• 99.8% of inter ~~preted intrusions under calcrete cover~~

• Outcrops within C3 and C4 have been confirmed

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Next Steps: Is it mineralised?

November / December 2021: Surface sampling and mapping March / April 2022: Discovery focused drilling

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Mangaroon Ni-Cu-PGE

~~➢ The Money Intrusion~~

• 50km long, outcropping mafic / ultramafic intrusion with high tenor blebby Cu-Ni-PGE bearing sulphides

• 1km long outcropping gossanous Ni-Cu-PGE horizon at Bookathanna

Next Steps: Is there a massive sulphide accumulation? September – December 2021: Ground EM surveys March 2022: Discovery focused drilling

Coarse grained mafic intrusion showing high tenor three phase disseminated and blebby sulphides comprised of chalcopyrite, pentlandite and pyrrhotite

MNRK0366: 0.4% Cu, 0.4% Ni, 0.03% Co, 0.3 g/t Pt-Pd-Au

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Gold

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2022 Work Plan

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Target Generation
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Target Definition
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Target Testing
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Target Evaluation
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Resource
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Paul’s
Find
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Tarraji-Yampi
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Ironclad
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Mt Humbert
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Grant’s
Find
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Kimberley

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Iron Ore
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Mangaroon

Regional Streams

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Peggy
Sue
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Metzke Find King

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Critical
Metals
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Illaara

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Kimberley Mangaroon Illaara

Target generation Target definition

Target testing

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Take ~~Away Message~~

➢ Strong news flow: Discovery and Resourc ~~e drilling focus for the next 12~~ months

• ➢ March – May 2022: Mangaroon ➢ Yin REE: Discovery Drilling

• ➢ Carbonatite REE: Discovery Drilling ➢ Money Intrusion Ni-Cu-PGE: Discovery Drilling

• ➢ Yin REE: Resource Drilling

• ➢ June – September 2022: Tarraji-Yampi ➢ Orion Cu-Ag-Au-Co: Resource Drilling ➢ Grant’s Find Cu-Au-Co: Resource Drilling ➢ Tarraji-Yampi Cu-Ag-Au-Co: Discovery Drilling

• ➢ October – December 2022: Mangaroon ➢ Carbonatite REE: Resource Drilling? ➢ Money Intrusion Ni-Cu-PGE: Resource Drilling?

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

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