DREADNOUGHT RESOURCES LTD — Investor Presentation 2022

Nov 10, 2022

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FINDING THE METALS FOR OUR FUTURE

NOOSA MINING 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

Consolidation of 75km Long Illaara Greenstone Belt Drilling Hits High Grades at Metzke’s Find Further High-Grade Gold from Metzke’s Find 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 High-Grade Tantalum Results from Peggy Sue – Illaara Project Eight Conductors to be Drilled at Nelson and Trafalgar Cu-Pb-Zn-Ag Prospects – Illaara Project Drilling Complete at Illaara Project

thirwnindndntdvifrmlifidfinnildvirhvinrrdtthirbtivfinnilittinndndDrdnhtnrnf
e o epee ace o quae aca asos ag ega o e ojeces, aca suao a ees. eaoug o ay o	• 6 December 2019	Consolida
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 Hi
performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or	• 25 September 2020	Further Hi
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 Hi
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	Exploratio
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 Up
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 Re
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-Grad
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 Con
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 Co
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
information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation,	• 25 August 2021	RC Resul
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
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-Grad
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 Hi
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 Drillin
the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or	• 22 June 2022	Orion Aug
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
programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”,	• 19 July 2021	High Grad
“possible”, “future”, “prospective” and similar expressions.	• 1 September 2021	Encourag
Competent Person’s Statement	• 9 September 2021	Four New
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	• 29 November 2021 • 14 February 2022	Five Carb Conducto
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 Drillin
'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 hig
matters based on the information in the form and context in which it appears.	• 17 October 2022	Mineralise
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 hig
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	Exploratio
historic and new company announcements).

Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle High-Grade Cu-Ag-Au-Co Discovery at Orion Further High-Grade Cu-Ag-Au-Co-Zn Orion Discovery EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co Orion Auger Program – Taraji-Yampi Project Option/JV Agreement Signed with Global Base Metal Miner High Grade REE Ironstones Outcropping at Mangaroon Encouraging Results for Rare Earths at Yin Four New REE Ironstones Discovered at Mangaroon Five Carbonatite Intrusions Identified at Mangaroon Project Conductors Defined along the Money Intrusion – Mangaroon FQM JV EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co Broad high-grade assays at Yin REE Discovery Mineralised carbonatite discovered at C3 and C4 Broad high-grade assays at Yin REE Discovery Exploration Update Mangaroon Ni-Cu-PGE

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Com an Performance p y

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~$3.3M Invested by board and management

~1 ASX Announcement / week Yin, Sabre, Y8 REE Discoveries

>85% Money in the ground

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$0.16
REE Discoveries
$0.14
$0.12
$0.10
Orion Cu-Ag-Au-Co
$0.08 Discovery
Metzke’s Find
$0.06
& Longmore’s REEs at C4
Au “Discoveries”
$0.04
REEs at Yin
Drilling Kimberley
$0.02 Illaara Acquired
DRE Founded COVID Mangaroon Acquired
$-
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Mangaroon REE & Au (100%) Mangaroon Ni-Cu-PGE (FQM Earn-In)

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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

✓ Large Scale

• Outcropping ironstones confirmed: Yin, Sabre, Y8 – drilling underway

• Carbo ~~natites could be regional source of~~ ironstones (including Yangibana)

✓ High-Grade, High NdPr

• Rock chips, up to 39.7% TREO

• NdPr to TREO ratios, up to 46%

✓ Mineralogy Confirmed

• Monazite – processing capacity with three plants to be built in WA

✓ Metallurgy Confirmed

• Standard flotation sheet, high grade concentrate

• 12.3% Nd O 2 3 / 40% TREO with 92.8%

• recovery

✓ Significant Drill Program 2022

• ~250 RC, 20 DD holes drilled to date for ~25,000m

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complex

Simandl G. J. and Paradis, S, Carbonatites: related ore deposits, resources, footprint, and exploration methods. Applied Earth Science v127, No4, pp123-6 152, 2018

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Mangaroon REE Ironstones and Carbonatites

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Man aroon Timeline g

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C3
Y2
C1-5
Th
Anomalies Critical
C4 Metals
Yin
Extensions
Sabre Nickel
C6
Cullen’s
Star of
Mangaroon C7 Yin
Two
Gold
Peaks
Y8
Stream Money
Mitchell’s
Sediments White Intrusion
Well (FQM)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Target Definition
Drilling
Assay Results
Resources
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Metallurgy
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Man aroon Rare Earth Timeline g

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December Quarter 2022
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March Quarter 2023
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June Quarter 2023
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September Quarter 2023
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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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- - – - Mangaroon Ni Cu PGE FQM Earn in

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

• FQM to spend $12M to earn 51% and additional 19% upon a decision to mine

• ~12 strike kms of FLEM surveys

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

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Tarraji-Yampi Cu-Ag-Au-Co,

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Tarraji-Yampi

• ➢ ~80kms from the port of Derby and entirely within –

• the Yampi Sound Defence Training Area off limits to exploration since 1978

➢ 2019-2020: First boots on ground since 1978

• ➢ Gold and cobalt mineralisation confirmed with historical copper lodes

• ➢ New geophysical datasets acquired to explore black plain soil

➢ 2021: Orion Discovery

• ➢ KMRC022: 16m @ 2.2% Cu, 38.7g/t Ag, 6.6g/t Au, 0.4% Co

• ➢ Better regolith understanding – very thin soil horizon (ideal for auger)

➢ 2022: Fill the target pipeline

• ➢ Auger sampling identifying Orion look-a-likes

➢ Next steps:

• ➢ 2022 – Auger results

• ➢ 2023 – JORC Resource drilling – Orion and Grant’s Find

• ➢ 2023 – Discovery drilling – regional auger anomalies, deep diamond drilling at Orion (EIS Co-funded)

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WMC’s David Barr (L) & Roy
Woodall (R) at Tarraji 1950s
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Orion Discovery 2021
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Auger Program

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• ➢ Modern geochemistry + geophysics ➢ Filling the target pipeline

➢ Nine Orion look-a-likes

• ➢ Some with gossans and EM conductors

• ➢ New Gossans discovered at Thunderer

• ➢ KMRK0289: 37% Cu, 163g/t Ag, 1.0g/t Au, 0.03% Co

• ➢ KMRK0290: 39.4% Cu, 165g/t Ag, 1.6g/t Au, 0.02% Co

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Kimberle Timeline y

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Copper
Thunderer
Orion
Tarraji-Yampi Vanguard
Critical
Auger
Metals
Program
Grant’s
OR2
OR1 Find
Nickel
OR3 OR5
Mt Humbert OR4 OR6
Fill the pipeline
Wombarella Rough
Triangle
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Target Definition
Drilling
Assay Results
Resources
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Metallurgy
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2022 Catalysts – Driven by discovery, delivering resources

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Nelson Orion Sabre
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Steady news flow from Mangaroon REE drilling – Ongoing

• Assay results from Yin, Sabre, Y8, Carbonatites

Additional REE discoveries – In progress

• Ironstones: Yin extensions, Sabre, Y7, Y8

• Carbonatites: C1 C7

• 100 REE anomalies to be reviewed and drilled as appropriate

Metallurgical test work

• Yin drilling – March/April 2023

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Money Intrusion
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JORC Resources

• First 3km of Yin – December 2022 quarter

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Yin
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• Additional resources and resource upgrades in 2023

Mangaroon Ni-Cu-PGE Earn-in with FQM

• FLEM ongoing

• Drill targets December 2022

Tarraji-Yampi Finding Orion’s friends

• Two auger rigs currently working – Assays Nov/Dec 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: Nov/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

WWW.DREADNOUGHTRESOURCES.COM.AU

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Com an Sna shot p y p

	Capital Structure
	ASX Code Share Price(10/11/2022)	DRE $0.100
	Shares on Issue	3,074M
	Market Cap(diluted)	$315.4M
	Cash(30/06/2021 + Cap Raise)	~$8.5M
	Unlisted Options(various strike prices) Top 20 Shareholders	80.1M ~31%
	Board / Management Cash Investment	~$3,340,000
	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%)

• ➢ ~5,300km[2 ] in the Gascoyne, WA

• ➢ 25km from Yangibana REE Ironstones Project (Hastings - ~$500m)

• ➢ High-grade, high NdPr, large scale ironstones similar to Yangibana

• ➢ Six carbonatites to be tested for Mt Weld / Mountain Pass style (Lynas - $7,500m, MP Minerals ~$8,000M)

Mangaroon Ni-Cu-PGE (FQM earning up to 70%)

• ➢ ~1,100km[2 ] in the Gascoyne, WA

• ➢ FQM to spend $15M for 51% and 70% upon decision to mine

• ➢ High tenor Ni-Cu-PGE confirmed

Kimberley Cu-Ag-Au-Co-Ni-PGE (100%, E04/2315 80%)

• ➢ ~2,400km[2 ] in the West Kimberley, WA

• ➢ Outcropping mineralisation, unexplored since 1978

• ➢ Orion Cu-Ag-Au-Co massive sulphide discovery

Central Yilgarn Gold-Base Metal-LCT-Iron Ore (100%)

• ➢ ~1,600km[2] covering ~150km strike over four greenstone belts

• ➢ Technical & commercial review underway

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Central Yil arn Overview g

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Background

• ~1,600sqkms of tenure covering 4 banded iron formation

• Hancock Prospecting and Mineral Resources seeking iron ore

Strategy

• Assess opportunities for commercialisation

• Generate targets for testing

• Dedicated geologist appointed

Next Steps

• Project wide commercial & technical review

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