DREADNOUGHT RESOURCES LTD — Investor Presentation 2022

Sep 5, 2022

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HIGHLY ACTIVE WEST AUSTRALIAN MINERAL EXPLORER FOCUSED ON DISCOVERY

A MINUTE WITH DREADNOUGHT RESOURCES - MEET THE ASX TREASURE HUNTERS WEBINAR

6 SEPTEMBER 2022

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Disclaimer

Illaara Gold-VMS-Iron Ore Project

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.

Consolidation of 75km Long Illaara Greenstone Belt RC 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 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 Drilling Successfully Completed at Mangaroon Ni-Cu-PGE JV First Drilling at Yin Intersects High-Grade Rare Earths Rare Earth Ironstones Confirmed Over 3km of Strike at Yin

This presentation includes forward-looking statements. When used in this document, the words such as “could”, “plan”, “estimate”, “”“”“”“”“”	Illaara Gold-VMS-Iron Ore P	roject
expect, intend, may, potential, should, and similar expressions are forward-looking statements. Although Dreadnought	• 6 December 2019	Consolidation
Resources Limited (“Dreadnought”) believes that the expectation reflected in these forward-looking statements are reasonable, such	• 19 March 2020	RC Drilling Hit
statement involved risks and uncertainties and no assurance can be given that actual results will be consistent with these forward- looking statements.	• 25 September 2020 • 8 October 2020	Further High-G Further High-G
This presentation has been prepared by Dreadnought for the purpose of providing an overview of its current prospects and growth	• 30 November 2020	Exploration Up
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.	• 27 April 2021	Illaara Update
	• 31 May 2021	Drilling Result
This presentation is provided on the basis that neither Dreadnought nor its respective officers, shareholders, related bodies	• 7 July 2021	High-Grade T
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	• 15 February 2022	Eight Conduct
presentation is, or may be relied upon, as a promise, representation or warrant, whether as to the past or the future. Dreadnought	• 9 May 2022	Drilling Compl
hereby excludes all warranties that can be excluded by law.	Kimberley Ni-Cu-Au Project
All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with	• 23 December 2019	Grants Cu-Au
respect to Dreadnought and evaluating the business, financial performance and operation of Dreadnought. Neither the provision of	• 25 August 2021	RC Results fro
the presentation nor any information contained in the presentation or subsequently communicated to any person in connection with	• 27 August 2021	Bonanza Grad
the presentation is, or should be taken as, constituting the giving of investment advice to any person.	• 15 November 2021	High-Grade C
Competent Person’s Statement	• 8 December 2021	Further High-G
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	• 29 April 2022 • 22 June 2022	EIS Drilling Gr Orion Auger P
relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a	Mangaroon Ni-Cu-PGE, REE & Au Project
Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources	• 07 April 2021	Option/JV Agr
and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the matters based on the information in the form and context	• 19 July 2021	High Grade R
in which it appears.	• 1 September 2021	Encouraging R
The Company confirms that it is not aware of any new information or data that materially affects the information in the original	• 9 September 2021	Four New RE
reports, and that the forma and context in which the Competent Person’s findings are presented have not been materially modified	• 29 November 2021	Five Carbonat
from the original reports. (referencing historic and new company announcements).	• 14 February 2022	Conductors D
Currency	• 29 April 2022	EIS Drilling Gr
All amounts shown are in Australian dollars unless otherwise stated.	• 10 June 2022	Drilling Succe
	• 16 June 2022	First Drilling at
	• 25 July 2022	Rare Earth Iro

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

Com an Sna shot p y p

	Capital Structure
	ASX Code Share Price(06/09/2022)	DRE $0.130
	Shares on Issue	3,041M
	Market Cap(diluted)	$406.5M
	Cash(30/06/2021 + Cap Raise)	~$2.5+12M
	Unlisted Options(various strike prices)	86M
	Top 20 Shareholders	~31%
	Board / Management Cash Investment	~$1,800,000
	Board / Management Shareholding Board & Management	~14%
	Paul Chapman				Non-Executive Chairman
	Dean Tuck				Managing Director
	Ian Gordon				Non-Executive Director
	Paul Payne				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%)

• ~4,900km[2 ] in the Gascoyne, WA

• 25km from Yangibana REE Ironstones Project (Hastings - $450m)

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

• Six carbonatites to be tested for Mt Weld style (Lynas - $7,500m)

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

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

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Mangaroon

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Background

• ~4,900km[2] first mover land package in the Proterozoic aged Gascoyne mobile belt

REE: Ironstones & Carbonatites (100%)

• 25km to Hastings Yangibana REE Project, 27.4Mt @ 0.97% TREO (0.46% NdPr)

• Ironstones: high-grade, high NdPr, large scale, similar to Hastings ($400m)

• Carbonatites: possible Mt Weld style (Lynas $7,500m)

• 2022: initial JORC Resource, ongoing ironstone drilling, six carbonatites tested

• Significant regional scale opportunity

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

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

• First 9 out of 12 drill holes intersected Ni-Cu sulphides, assays pending

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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% Nd2O3 / 40% TREO with 92.8% recovery

• Significant Drill Program 2022

• ~140 RC holes drilled to date

• 25,000m planned by the end of 2022

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Mangaroon REE Yin Ironstone – First Line

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Significant results include:

• YINRC005: 35m @ 2.75% TREO from 94m, including 15m @ 4.08% TREO from 105m

• YINRC001: 34m @ 2.59% TREO from surface, including 10m @ 6.05% TREO from 11m

• YINRC002: 31m @ 1.73% TREO from 24m, including 7m @ 3.47% TREO from 29m

• YINRC003: 21m @ 2.01% TREO from 50m, including 11m @*

• 3.11% TREO from 58m (*does not include a 4m cavity from 54-

• 58m – otherwise a 25m thick intercept)

ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU Ross Chandler (ANU) at Yin June 2021 7

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Mangaroon REE Yin Ironstone – 3kms and Growin g

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Multiple lodes:

• Will be targeted further in future drilling

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Mangaroon REE Yin Ironstone – 3kms and Growin g

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Thick intercepts over 3km of strike:

• Yin remains open in all directions and at depth, significant growth potential

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Mangaroon REE Sabre Discover formall Y3 y ( y )

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New discovery :

• Y3 had very limited outcrop, requiring wide spaced fence line drilling to determine location and orientation of ironstone lodes

• Parallel lodes intersected in wide spaced first pass drilling

Underscores scale potential:

• 2-3km strike ironstone trend(s) with thick intercepts located 8-10kms SE of Yin

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2022 Drilling

Discovery and JORC Resource drilling for 2022/ ~~2023~~

1. Ironstone discovery drilling: • Yin - Complete

2. Sabre – Underway

3. Y8 – September 2022

4. Yin Extensions – 2022

5. Carbonatite discovery drilling • C1-C5 – September 2022

   • EIS co-funded

6. C6, C7 – 2022/2023

7. Ironstone JORC Resource drilling • Completed at Yin

8. Only 3 of 16 strike kms

9. • Sabre – 2022/2023

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Mangaroon REE Carbonatite Model

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ASX.HAS
Over a decade of exploration
Yangibana West
Bald Hill
Yangibana
Simon’s Find
Yangibana South
C1 ASX.LNR
Yin Auer
Lyon 12
Fraser’s
C2-5
Lyon 11
Sabre
Y8 Y42
C7
ASX.DRE
Tip of the iceberg
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(REE Ironstones)
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(REE Ironstones)
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(REE Carbonatite Plugs)
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Above Left:: Schematic 3D presentation of relationship between magmatic chamber, ring dykes, radial dikes, cone sheets and volcanic neck of a carbonatite complex

Below Left: Block diagram summarizing the spatial relationships and timing between events related to carbonatite intrusions – of particular note is the relationship of REE-bearing veins (ironstones) and Nb-bearing veins forming outwards from a central carbonatite intrusive centre[1] .

Elliot, H.A.L., et. al., Fenites associated with carbonatite complexes: A review. Ore Geology Reviews v93, pp28-59, 2018

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

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Yin
ther Upside
Sabre
New
22 mineralised targets
Targets
3 undercover targets
15 un-prospective
This work will define additional
drill targets for 2022
New
Targets
Significant potential under shallow
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Further Upside

43,000-line km survey has identified over 140 anomalies identified to date

• 40 anomalies inspected:

• 22 mineralised targets

• 3 undercover targets

• 15 un-prospective

• 100 targets to be inspected:

• This work will define additional drill targets for 2022

• These are only outcropping targets:

• Significant potential under shallow cover

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2022 Catalysts – Driven by Discovery

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

• 4,000 samples pending assay

• 25,000m of RC and diamond drilling at the ironstones & carbonatites

• Additional metallurgical testing

Additional REE discoveries – In progress

• Ironstones: Yin extensions, Sabre, Y7, Y8

• Carbonatites: C1-C7

• 100 REE anomalies to be reviewed and drilled as appropriate

JORC Resources

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Money Intrusion
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• First 3km of Yin – December 2022 quarter

• Sabre – March 2023 quarter

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Yin
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Mangaroon Ni-Cu-PGE Earn-in with FQM

• Assays September/October 2022

• FLEM October-November 2022

• Drill Targets December 2022

Tarraji-Yampi Finding Orion’s friends

• Two auger rigs commencing September 2022

Assays from previous drilling at Central Yilgarn

• September 2022

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Take Away Message

• Strong news flow throughout 2022/2023

• Mangaroon REE: high-grade, high NdPr, large sc ~~ale:~~

• Yangibana (Hastings $550m) type ironstones confirmed: Yin, Sabre – drilling underway

• Mt Weld (Lynas $7,500m) and Mountain Pass (MP $8,500m) style carbonatites to be tested and could be regional source of ironstones (including Yangibana)

• Mangaroon Ni-Cu-PGE (FQM):

• 9 out of first 12 holes intersected Ni-Cu sulphides

• Tarraji-Yampi: Cu-Ag-Au-Co discovery at Orion and potential for look a likes

• 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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