DREADNOUGHT RESOURCES LTD — Investor Presentation 2022

Nov 22, 2022

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FINDING THE METALS FOR OUR FUTURE

RIU RESURGENCE CONFERENCE NOVEMBER 2022

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This presentation has been prepared by Dreadnought Resources Limited (Dreadnought or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified financial advisors having regard to their objectives, financial situation and needs. Dreadnought nor any of their related bodies corporate is licensed to provide financial product advice. This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the prospects of Dreadnought. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and should obtain independent professional advice before making any decision based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the Company or any of its officers, employees, agents or consultants or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative. The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Dreadnought's other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Dreadnought website. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions.

Disclaimer

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

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er own nepenen avce rom quae nanca avsors avng regar o er ojecves, nanca suaon an nees. reanoug nor any o	• 6 December 2019	Consolidation of 75km Long Illaara Greenstone Belt
their related bodies corporate is licensed to provide financial product advice. This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future	• 19 March 2020 RC	Drilling Hits High Grades at Metzke’s Find
performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or	• 25 September 2020	Further High-Grade Gold from Metzke’s Find
implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial	• 8 October 2020	Further High-Grade Gold from Metzke’s Find
performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions,	• 30 November 2020	Exploration Update Illaara Gold-VMS-Iron Ore Project
stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining	• 27 April 2021	Illaara Update and Regional Target Generation
development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation, or any information,	• 31 May 2021	Drilling Results – Illaara Au-Cu-Iron Ore Project
opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information	• 7 July 2021	High-Grade Tantalum Results from Peggy Sue – Illaara Project
which its recipients may require in order to make an informed assessment of the prospects of Dreadnought. You should conduct your own investigation	• 15 February 2022	Eight Conductors to be Drilled at Nelson and Trafalgar Cu-Pb-Zn-Ag Prospects – Illaara Project
and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and should obtain independent professional advice before making any decision	• 9 May 2022 Kimberley Ni-Cu-Au Project	Drilling Complete at Illaara Project
based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the	• 23 December 2019	Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets
information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation,	• 25 August 2021	RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System
warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the	• 27 August 2021	Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle
Company or any of its officers, employees, agents or consultants or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation	• 15 November 2021	High-Grade Cu-Ag-Au-Co Discovery at Orion
whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative. The	• 8 December 2021	Further High-Grade Cu-Ag-Au-Co-Zn Orion Discovery
exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of	• 29 April 2022	EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co
the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or	• 22 June 2022	Orion Auger Program – Taraji-Yampi Project
conclusions expressed in the course of this presentation should be read in conjunction with Dreadnought's other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Dreadnought website. They involve risk and uncertainties that could cause actual	Mangaroon Ni-Cu-PGE, REE & Au Project
results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration	• 07 April 2021	Option/JV Agreement Signed with Global Base Metal Miner
programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”,	• 19 July 2021	High Grade REE Ironstones Outcropping at Mangaroon
“possible”, “future”, “prospective” and similar expressions.	• 1 September 2021	Encouraging Results for Rare Earths at Yin
Competent Person’s Statement	• 9 September 2021	Four New REE Ironstones Discovered at Mangaroon
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	• 29 November 2021	Five Carbonatite Intrusions Identified at Mangaroon Project
the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and	• 14 February 2022	Conductors Defined along the Money Intrusion – Mangaroon FQM JV
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	• 29 April 2022	EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co
'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the	• 12 October 2022	Broad high-grade assays at Yin REE Discovery
matters based on the information in the form and context in which it appears.	• 17 October 2022	Mineralised carbonatite discovered at C3 and C4
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	• 24 October 2022	Broad high-grade assays at Yin REE Discovery
forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. (referencing	• 10 November 2022	Exploration Update Mangaroon Ni-Cu-PGE
historic and new company announcements).

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Com an Sna shot p y p

Capital Structure	Capital Structure			$- $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 $0.16 DRE Founded Illaara Acquired Drilling Kimberley COVID Metzke’s Find & Longmore’s Au “Discoveries” Mangaroon Acquired Orion Cu-Ag-Au-Co Discovery Yin, Sabre, Y8 REE Discoveries >85% money in the ground ~1 ASX announcement / week ~$3.3M invested by board and management Multiple discoveries in critical metals
ASX Code	DRE
Share Price(22/11/2022)	$0.094
Shares on Issue	3,074M
Market Cap(diluted)	$296.5M
Cash(30/09/2022)	~$8.5M
Unlisted Options(various strike prices)	80.1M
Top 20 Shareholders	~31%
Board / Management Cash Investment	~$3,300,000
Board / Management Shareholding	~15%
Board & Management
Paul Chapman			Non-Executive Chairman
Dean Tuck			Managing Director
Ian Gordon			Non-Executive Director
Philip Crutchfield			Non-Executive Director
Jessamyn Lyons			Company Secretary
Matt Crowe			Exploration Manager
Frank Murphy			Operations Manager
Nick Chapman / Luke Blais / Sam Busetti / Leah Dawson			Senior Geologists

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Mangaroon REE & Au (100%) Man aroon Ni-Cu-PGE FQM Earn-In g ( )

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Man aroon Pro ect g j

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Opportunity:

REE: Ironstones & Carbonatites (100%)

• 25km to Hastings Yangibana REE Project, 27.4Mt @ 0.97% TREO (0.33% NdPr)

• Ironstones: high-grade, high NdPr, similar to Hastings (~$450m)

• Carbonatites: possible Mt Weld style (Lynas ~$8,000m), Mountain Pass (MP Minerals ~$8,500m)

Ni-Cu-PGE: Magmatic Sulphides (FQM earning up to 70%)

• FQM earning 51% by spending $12M and a further 19% by sole funding to a Decision to Mine

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Mangaroon REE Scale – Grade

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30kms of ironstones - 7 carbonatite intrusions

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Thickest and highest-grade intercepts from the region

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Mangaroon REE Minerolo – Metallur gy gy

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Monazite

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Monazite
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High quality concentrate from preliminary work: 12.3% Nd2O3 / 40% TREO with 92.8% recovery – Significant metallurgical study underway

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Mangaroon REE NdPr:TREO Ratio

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Gifford Creek Ferrocarbonatite Complex produces some of the highest NdPr:TREO ratios in the world: ~31% NdPr:TREO average to date

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Mangaroon REE Carbonatite S stems y

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~1km

Ngualla- Tanzania

Mountain Pass - USA

Mt Weld - Australia

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Mangaroon REE Carbonatite Foot rints Sim lified p p

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Sulphide Queen
MP Materials
30.4Mt @ 6.36% TREO
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C1 ?

*16 February 2022 SEC Technical Report Summary – Mountain Pass Mine

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Ngualla
Peak Rare Earths
214.4Mt @ 2.15% TREO
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24 October 2022 Completion of Ngualla BFS Update
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Mt Weld Lynas 55.4Mt @ 5.4% TREO

Carbonatite REE Deposit

REE Mineralisation

~1km

*6 August 2018 Lynas announces 60% increase to Mt Weld

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C6
?
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C2-5 + Extension

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?
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Mangaroon REE Carbonatite First Pass Drillin Pro ram g g

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C6
Undrilled
Sulphide Queen
MP Materials C1
30.4Mt @ 6.36% TREO ?
16 February 2022 SEC Technical Report Summary – Mountain Pass Mine
C2-5 + Extension
Ngualla
Peak Rare Earths
214.4Mt @ 2.15% TREO
24 October 2022 Completion of Ngualla BFS Update
Carbonatite Mt Weld ?
Lynas
REE Deposit
55.4Mt @ 5.4% TREO
REE Mineralisation 6 August 2018 Lynas announces 60% increase to Mt Weld
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REE Mineralisation ~1km

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Mangaroon REE First Pass Results

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C6 Undrilled

Sulphide Queen MP Materials 30.4Mt @ 6.36% TREO

C1 Partially drilled

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*16 February 2022 SEC Technical Report Summary – Mountain Pass Mine

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C2-5 + Extension Partially drilled

Ngualla

Peak Rare Earths 214.4Mt @ 2.15% TREO

*24 October 2022 Completion of Ngualla BFS Update

Mt Weld Lynas 55.4Mt @ 5.4% TREO

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?
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Carbonatite

REE Deposit

REE Mineralisation

*6 August 2018 Lynas announces 60% increase to Mt Weld

~1km

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Mangaroon REE C3 REE-Nb-P Mineralised Area

~600m x 550m

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Hole ID	From(m)	To(m)	Interval(m)
CBRC023	11	42	31
CBRC025	1	45(EOH)	44
CBRC027	7	40	33
CBRC028	17	41	24
CBRC029	3	75(EOH)	72
CBRC030	2	99(EOH)	97
CBRC031	14	27	13
CBRC032	7	81(EOH)	74
CBRC033	7	84	77

- Multi Metal Potential: Neodymium, Praseodymium, Niobium, Titanium and Phosphorus

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Mangaroon REE Si nificant U side Potential – C6 g p

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C1-5
C6 Yin Yang
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Mick Well (KFM) C6 Yin Yang
Mt Weld C6 C6 Magnetics C6 Gravity
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(high resolution)

Government magnetics (low resolution)

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Man aroon Rare Earth Timeline g

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2022 December Quarter
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2023 March Quarter
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2023 September Quarter
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2023 June Quarter
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Remaining Yin assays Yin Resource – 3 of 16 strike kms Sabre / Y8 assays First carbonatite assays New targets

Carbonatite assays Yin assays Recommencement of RC and diamond drilling Yin Extensions, C1-C5, Sabre, Y8, C6, C7

Yin metallurgical results Yin Resource upgrade

Additional Resources Additional metallurgical work

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6 Month Catalysts – Driven by discovery, delivering resources

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Nelson Orion Sabre
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Steady news flow from Mangaroon REE drilling

• Assay results from Yin, Sabre, Y8, C1-C5 December-March 2023

• Recommence drilling in February/March 2023

Additional REE discoveries

• Carbonatites: C1-C7 - December-May 2023

• Ironstones: Yin Extensions

• Surface sampling results – December/January 2023

Metallurgical test work

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Money Intrusion
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• Yin drilling – March/April 2023

JORC Resources

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Yin
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• First 3km of Yin – December 2022 quarter

• Additional resources and resource upgrades in 2023

Mangaroon Ni-Cu-PGE Earn-in with FQM

• FLEM ongoing

• Results due December 2022

Tarraji-Yampi Finding Orion’s friends

• Auger program recently completed – Assays December 2022

• Discovery and resource drilling – May/June 2023

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Take Away Message

• Strong news flow throughout 2022/2023

• Mangaroon REE:

• Yin Initial resource: Dec 2022

• C1-C5 discovery drilling: Ongoing

• Yin metallurgical work: March/April 2023

• Additional discovery and resource drilling

• Mangaroon Ni-Cu-PGE (FQM Earn in):

• Ongoing FLEM surveys to define drill targets

• Tarraji-Yampi Cu-Ag-Au-Co:

• Filling the pipeline to deliver additional discoveries and convert to resources

• Central Yilgarn:

• strong regional iron ore interest, commercial & technical review underway

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

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