DREADNOUGHT RESOURCES LTD — Investor Presentation 2021

Jul 29, 2021

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HIGHLY ACTIVE WEST AUSTRALIAN MINERAL EXPLORER FOCUSED ON DISCOVERY

JUNE QUARTERLY PRESENTATION - JULY 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 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).

Currency

All amounts shown are in Australian dollars unless otherwise stated.

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Illaara Gold-VMS-Iron Ore Project

75 km Long Illaara Greenstone Belt Acquired from Newmont Illaara Gold Project Update Consolidation of 75km Long Illaara Greenstone Belt RC Drilling Hits High Grades at Metzke’s Find RC Drilling Hits High Grade Gold at Metzke’s Find Three New Gold Targets Along Strike And Adjacent to Metzke’s Find Remaining Metzke’s Find Assays High-grade Iron Ore Opportunity Long Illaara Greenstone Belt 2020 Further High-Grade Gold from Metzke’s Find Further High-Grade Gold from Metzke’s Find Exploration Update Illaara Gold-VMS-Iron Ore Project 100g/t Au from Maiden Drill Program at Longmore’s Find Longmore’s Find Assay Results – Illaara Gold-VMS-Iron Ore Project Illaara Update and Planned Lawrence’s Corridor Drilling Illaara Update and Regional Target Generation Drilling Results – Illaara Au-Cu-Iron Ore Project

• 24 June 2019 • 23 September 2019 • 6 December 2019 • 19 March 2020 • 13 July 2020 • 14 July 2020 • 17 July 2020 • 22 July 2020 • 25 September • 8 October 2020 • 30 November 2020 • 13 October 2020 • 12 January 2021 • 10 March 2021 • 27 April 2021 • 31 May 2021

Kimberley Ni-Cu-Au Project

Ground EM Survey Lights Up Strong Conductor at the Texas Ni-Cu-PGE Target Assays and EM Surveys Confirm Massive Sulphide System at Chianti-Rufina Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets High Priority Copper Gold Targets at Fuso and Paul’s Find Multiple Conductors Identified at Orion Ni-Cu-PGE

• 6 June 2019 • 2 December 2019 • 23 December 2019

• 24 August 2020

• 12 May 2021

Mangaroon Ni-Cu-PGE, REE & Au Project

• 25 November 2020 Mangaroon Ni-Cu-PGE & Au Project

Option/JV Agreement Signed with Global Base Metal Miner High Grade REE Ironstones Outcropping at Mangaroon

• 07 April 2021 • 11 June 2021

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

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Com an Sna shot p y p

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Capital Structure	Capital Structure
ASX Code	DRE
Share Price(26/07/2021)	$0.044
Shares on Issue	2,587.4M
Market Cap(undiluted)	$113.8M
Market Cap(diluted)	$117.8M
Cash(30/06/2021)	~$2.6M
Unlisted Options(various strike prices)	90.5M
Top 20 Shareholders	34%

Board and Management

Paul Chapman – Non-Executive Chairman Board and Management Cash Dean Tuck – Managing Director Investment Ian Gordon – Non-Executive Director ~$1,300,000 Paul Payne – Non-Executive Director Jessamyn Lyons – Company Secretary Board and Management Shareholding Matt Crowe – Exploration Manager ~17% Nick Chapman / Luke Blais – Senior Geologist

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Kimberley Ni-Cu-Au 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

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

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

• ➢ Vastly unexplored with historical work led by local pastoralists

• ➢ Recent option/JV agreement over outcropping fertile Ni-Cu-PGE system

• ➢ Outcropping high grade gold, rare earths and nickel-copper-PGEs

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

• ➢ Consolidated 880km[2] landholding covering 75km strike of the Illaara greenstone belt initially acquired from Newmont

• ➢ High grade gold, outcropping fertile LCT pegmatites, Iron Ore and base metal gossans

• ➢ Significant gold intercepts at Metzke’s Find include:

• MZRC016: 3m @ 21.0g/t Au from 85m • MZRC021: 3m @ 13.8g/t Au from 108m

• MZRC017:. 7m @ 7.5g/t Au from 51m • MZRC022: 2m @ 20.7g/t Au from 19m

• MZRC019: 2m @ 39.2g/t Au from 45m • MZRC030: 2m @ 10.8g/t Au from 102m

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June Quarter 2021 Performance

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Values rounded
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• [1 ] $600k Convertible Note

• *[2 ] ~$25k / month going forward

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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

• Sandfire – Degrussa

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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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Au

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2021 Work Plan

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Target Generation
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Target Testing
Orion
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Target Evaluation
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Resource
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Target Definition
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Wombarella
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Barolo
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Lambrusco
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Grant’s
Find
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Tarraji-
Yampi
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Kimberley

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Cu-Au
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Defiance Black Spitfire Oak Metzke’s Find Illaara Lawrence’s CRA Corridor Homestead

Regional Illaara

Central Illaara

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White Yin Mitchell’s Well Find Cullen’s Lumpy’s Y2 Find

Minga Bar Fault

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Critical
Metals
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Mangaroon

Regional Streams

Edmund Fault

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

Target generation Target definition

Target testing

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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

• Multiple targets ready for drilling – May/June 2021

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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 – unexplored since 1978

• Multiple drill ready targets - drilling to commenced

• ➢

• ➢ Ni-Cu-PGE Targets: Texas and Orion

• Multiple coincident magnetic and EM anomalies

• Similar style of mineralisation being explored by IGO and Chalice along strike

• ➢ Cu-Au Targets: Fuso, Paul’s Find and Rough Triangle

• Coincident magnetic and gravity anomalies – under shallow cover

• ➢ Cu-Ag-Bi-Sb-Au Targets: Rough Triangle, Grants

• Outcropping high grade Cu-Au+/-Bi-Sb-Ag vein systems several hundred meters in strike

• ➢ Cu-Zn-Pb-Ag Targets: Chianti-Rufina

• 7 EM anomalies associated with outcropping gossans and elevated copper-in-soil

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Texas and Orion Ni-Cu-PGE Tar et g

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Coincident EM conductors and intense magnetic anomalies sitting within outcropping Ruins Dolerite

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Opportunity: High grade Ni-Cu-PGE massive sulphide – RC and diamond drilling commenced

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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
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Fuso
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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 commenced

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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 commenced

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Rough Triangle: Cu-Ag-Bi-Sb

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

• ➢ Significant rock chips include:

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

• • RT08: 8.1% Cu, 2.2% Sb, 0.3% Bi, 44.5g/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

• ➢ Detailed sampling and mapping underway with results expected August 2021

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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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➢Ni-Cu-PGE: The Money Intrusion

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

• Detailed airborne magnetics and first pass soil survey underway

• Aim to have drill targets defined September 2021

• Fully funded by First Quantum Minerals

➢Rare Earths: Yin

• Outcropping high-grade Rare-Earth ironstones – similar to Yangibana

• High NdPr ratio – high value product for permanent magnets

• Straight forward exploration and metallurgical methodology

• Aim to have drill targets defined by September 2021

➢Gold: Minga Bar and Edmund Faults

• Known outcropping gold mineralisation along two crustal scale structures

• Target definition and generation soils underway, project wide stream sediment program commencing soon

• Aim to have drill targets defined September 2021

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Mangaroon Ni-Cu-PGE ~~O tion/JV A reement with FQM p g~~

• ➢ Ni-Cu-PGE: The Money Intrusion

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

• 1km long outcropping Ni-Cu-PGE gossan recently identified

• Ground EM survey planned to define drill targets by September 2021

• Fully funded by First Quantum Minerals

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MNRK0366: 0.4% Cu, 0.4% Ni, 0.03% Co,
0.3 g/t Pt-Pd-Au
WWW.DREADNOUGHTRESOURCES.COM.AU
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Coarse grained mafic intrusion showing high tenor three phase disseminated and blebby sulphides comprised of chalcopyrite, pentlandite and pyrrhotite

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Mangaroon Rare Earths ~~100% DRE~~

• ➢ Rare Earths: Yin-Yangibana Ironstones

• 2.5kms of outcropping high grade rare earths identified

• Similar grades and NdPr ratio as Hastings Technology’s Yangibana project next door

• 11 additional anomalies to be followed up

• Detailed airborne magnetic and radiometric survey to refine existing and define additional anomalies

• Aim to have drill targets defined by September 2021

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Illaara Au-Cu-LCT-Iron Ore

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Yil arn Pro ects g j

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Illaara Au-Cu-LCT-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) – Marda Operations

• Ora Banda Mining (OBM) – Davyhurst Gold Project

• Aurenne Group – Mt Ida and Bottle Creek Gold Project

• Mineral Resources (MIN) – Central Yilgarn Operations

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Illaara Project Overview

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Gold

• Near surface high grade gold confirmed at Metzke’s and Lawrence’s Find – potential to host multiple high grade gold deposits.

• MZRC016: 3m @ 21.0g/t Au from 85m

• MZRC019: 2m @ 39.2g/t Au from 45m

• • MZRC022: 2m @ 20.7g/t Au from 19m

• •

• MZRC017:. 7m @ 7.5g/t Au from 51m MZRC022: 2m @ 20.7g/t Au from 19m

• • Regional sampling over central and eastern corridor highlighting new large scale coherent gold in soil anomalies

VMS - Nelson

• ~1.4km long Cu-Pb-Zn-Ag anomaly situated over prospective changes in lithology (peak values 640ppm Pb; 1,100ppm Zn; 300ppm Cu; 0.5 g/t Ag)

• • FLEM survey to define drill target

LCT – Peggy Sue

• Outcropping fertile LCT pegmatite swarm over an area of 5km x 2kms with multiple clusters of high-grade tantalum (up to 529ppm Ta2O5)

• Additional mapping and sampling over mineralised clusters will assist with determining zonation trends and define drill targets

Iron Ore

• 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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Take ~~Away Message~~

• ➢ Strong ~~news flow: >20 drill ready~~ targets to be tested in 2021, and growing

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

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

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

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