DREADNOUGHT RESOURCES LTD — Investor Presentation 2021

May 5, 2021

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HIGHLY ACTIVE WEST AUSTRALIAN FOCUSED GOLD AND BASE METAL EXPLORER

RIU RESOURCES ROUNDUP SYDNEY MAY 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 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.

Illaara Gold-VMS-Iron Ore Project

•	24 June 2019	75 km Long Illaara Greenstone Belt Acquired from Newmont
•	23 September 2019	Illaara Gold Project Update
•	6 December 2019	Consolidation of 75km Long Illaara Greenstone Belt
•	19 March 2020	RC Drilling Hits High Grades at Metzke’s Find
•	13 July 2020	RC Drilling Hits High Grade Gold at Metzke’s Find
•	14 July 2020	Three New Gold Targets Along Strike And Adjacent to Metzke’s Find
•	17 July 2020	Remaining Metzke’s Find Assays
•	22 July 2020	High-grade Iron Ore Opportunity Long Illaara Greenstone Belt
•	25 September	2020 Further High-Grade Gold from Metzke’s Find
• •	8 October 2020 30 November 2020	Further High-Grade Gold from Metzke’s Find Exploration Update Illaara Gold-VMS-Iron Ore Project
•	13 October 2020	100g/t Au from Maiden Drill Program at Longmore’s Find
•	12 January 2021	Longmore’s Find Assay Results – Illaara Gold-VMS-Iron Ore Project
• •	10 March 2021 27 April 2021	Illaara Update and Planned Lawrence’s Corridor Drilling Illaara Update and Regional Target Generation
•	29 April 2021	Drilling Completed at Illaara

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

• 6 June 2019

• 2 December 2019 • 23 December 2019 • 24 August 2020

Mangaroon Ni-Cu-PGE & Au Project

Mangaroon Ni-Cu-PGE & Au Project

• 25 November 2020

Option/JV Agreement Signed with Global Base Metal Miner

• 07 April 2021

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			Kimberley Projects (100%, E04/2315 80 • 2,660km2land holding in the West Kimberley, 2nd larg land owner behind IGO and ahead of Chalice • Unexplored since 1978 with known outcropping mineralisation • Outcropping Ni-Cu-PGE, Cu-Au and Cu-VMS system Mangaroon Ni-Cu-PGE (Option with FQ & Au Project (100%) • ~4,000km2 land holding in the Gascoyne Provence • Vastly unexplored • Recent option/JV agreement Ni-Cu-PGE system • Significant potential for high grade gold mineralisation Illaara Au-Cu-Fe Project (100%) • Consolidated 880km2 landholding covering 75km strik 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: 3m @ 21.0g/t Au• MZRC019: 2m @ 39.2g/t •MZRC017: 7m @ 75/t Au• MZRC022: 2m @ 207/t
ASX Code	DRE
Share Price (29/04/2021)	$0.021
Shares on Issue	2,441M
Market Cap (undiluted)	$51.3M
Market Cap (diluted)	$53.0M
Cash (unaudited 29/04/2021)	~$4.0M
Unlisted Options	84.5M
Convertible Notes (600,000 @ $1.00, 10% pa coupon, convertible @ $0.0055, redeemable 21 June 2022)	$0.6M
Top 20 Shareholders	35%
Board and Management
Paul Chapman – Non-Executive Chairman			Board and Management Cash Investment ~$1,300,000
Dean Tuck – Managing Director
Ian Gordon – Non-Executive Director
Paul Payne – Non-Executive Director
Jessamyn Lyons – Company Secretary			Board and Management Shareholding ~19%
Matt Crowe – Exploration Manager
Nick Chapman / Luke Blais – Senior Geologist

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

• • Outcropping Ni-Cu-PGE, Cu-Au and Cu-VMS systems

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

• Consolidated 880km2 landholding covering 75km strike of the Illaara greenstone belt

• High grade gold intercepts at Metzke’s Find • MZRC016: 3m @ 21.0g/t Au • MZRC019: 2m @ 39.2g/t Au • MZRC017:. 7m @ 7.5g/t Au • MZRC022: 2m @ 20.7g/t Au

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Strate and Performance gy

DELIVER SIGNIFICANT SHAREHOLDER RETURNS

EFFECTIVE AND EFFICIENT EXPLORATION

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

• 80% of funds go into the ground

• Maintain a pipeline of strong targets and drill results

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

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

• Water bores for pastoralists

• Upgrades to homestead outcamp

• Fire fighting trailers

• Site recycling to local sports clubs

• Low impact exploration

• Engagement with CSIRO and universities

• Gold Road – Gruyere

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2021 Work Plan

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Target
Generation
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Target
Evaluation
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Resource
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Target
Testing
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Target
Definition
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Western
VMS Bald Hill Spitfire Black Oak Longmore’s Find
Regional Eastern Metzke’s
Illaara VMS Nelson Find Illaara Ni-Cu-PGE
CRA
Central Homestead
Defiance
Illaara Lawrence’s
Corridor
Cu-Zn-Pb
Fuso Texas
Tarraji- Paul’s
Wombarella Yampi Rufina Find Chianti Cu-Au
North
Orion
South Tarraji- Lambrusco Barolo Kimberley
Kimberley Yampi Amarone Amarone
Rufina
South North
South Au
Regional Minga Bar Fault IntrusionMoney Mitchell’s Find Cullen’s Find
Streams White
Edmund Well Mangaroon
Fault
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
News flow
Illaara Drilling Drilling
Target generation
Kimberley Drilling Target definition
Mangaroon Drilling Target testing
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Rare Exploration Opportunity

• Outcropping mineralisation

• Off limits since 1978

• First movers within the Yampi Sound Training Area

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• Multiple targets ready for drilling – May/June 2021

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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

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

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~~Tarra i-Yam i j p~~

• 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 commence May/June 2021

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 and Paul’s Find

• Coincident magnetic and gravity anomalies – under shallow cover

• Spatially associated with known outcropping Cu-AuBi-Co-Ag veins

• Cu-Zn-Pb-Ag Targets: Chianti-Rufina

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

• Proven mineralisation, potential to become a VMS camp

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Texas and Orion Ni-Cu-PGE

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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 planned for May / June 2021

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Fuso and Paul’s Find Cu-Au

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.

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Chianti-Rufina: 7 VMS Tar ets g

FLEM anomalies with associated gossans and / or magnetic and surface geochemical anomalies

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CHWR02
CHDD002: 117.8-119.8m
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Opportunity: Multiple high grade massive sulphide deposits, RC drilling planned for June 2021 (EIS co-funded)

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Mangaroon Ni-Cu-PGE & Au

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~~Proterozoic Mobile Belt~~ s

• 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 Ni-Cu-PGE and Au 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

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 May 2021

Drill targets defined August / September 2021

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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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Yil arn Pro ects g j

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Illaara Au-Cu-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

Rocky Dam Gold Project

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

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Illaara Project

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Metzke’s Corridor (12km strike)

• Near surface high grade gold 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

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

• 3,513m recently drilled at Metzke’s Find, Longmore’s Find, Black Oak, Bald Hill and Little Dove - assays expected May 2021

Lawrence’s Corridor (10km strike)

• First pass drilling (3,864m) at 14 gold targets recently completed – assays expected May 2021

• Potential to host multiple high grade gold deposits

• Recently identified Lithium-Ceasium-Tantalum Pegmatite

• swarm and VMS prospects

Regional Soils

• Generated a number of new gold and base metal VMS anomalies along the eastern and central portions of the Illaara Greenstone Belt – no historical drilling

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Iron Ore

Significant iron ore potential:

• High iron and low phosphorus grades compared with regional players

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

• Contains a ~75km long internal haul road

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~~ O ~~3~~ , 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

Surrounded by active iron ore miners and developers

• Opportunity for commercialisation

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Take Away ~~Message~~

• Strong news flow: >20 drill ready targets to be tested in 2021

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

• Modest market cap - leveraged for exploration success

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