DREADNOUGHT RESOURCES LTD — Investor Presentation 2022

Jul 28, 2022

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HIGHLY ACTIVE WEST AUSTRALIAN MINERAL EXPLORER FOCUSED ON DISCOVERY

CORPORATE PRESENTATION - JULY 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(28/07/2022)		DRE $0.065
	Shares on Issue		2,838.7M
	Market Cap(diluted) Cash(30/06/2021)		$184.5M ~$2.5M
	Unlisted Options(various strike prices)		77.5M
	Top 20 Shareholders		~32%
	Board / Management Cash Investment	~$1,300,000
	Board / Management Shareholding		~17%
	Board & Management
	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		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

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

• FQM earning 51% by spending $15M 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, Y2, Y3 – drilling underway

• Carbonatites could be regional source of ironsto ~~nes (including Yangibana)~~

 High-Grade, High NdPr

• Rock chips, up to 39.7% TREO

• NdPr to TREO ratios, up to 46%

• •First drill holes

• 33m @ 2.5% TREO

• 17m @ 2.2% TREO

• 34m @ 2.9% TREO

 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

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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

Thick intercepts over 3km of strike:

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

Infill and extensional JORC Resource drilling underway:

• Initial Yin JORC Resource in December 2022 quarter

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2022 Drilling

Discover and JORC Resource drillin y g for 2022

1. Ironstone discovery drilling:

2. Yin, Y2, Y3

3. 90 holes for 9,600m

4. Carbonatite discovery drilling

5. 86 holes for 4,900m

6. EIS co-funded

7. Ironstone JORC Resource drilling

8. Ongoing

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Yin
ther Upside
Y3
New
13 mineralised targets
Targets
3 undercover targets
3 un-prospective
This work will define additional
drill targets for 2022
New
Targets
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Further Upside

43,000-line km survey has identified over 85 anomalies identified to date

• 19 anomalies inspected:

• 13 mineralised targets

• 3 undercover targets

• 3 un-prospective

• 66 targets to be inspected:

• This work will define additional drill targets for 2022

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- - – Mangaroon Ni Cu PGE FQM Option

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MNRK0366: 0.4% Cu, 0.4% Ni,
0.03% Co, 0.3 g/t Pt-Pd-Au
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• 50km long, outcropping mafic/ultramafic intrusion with high tenor blebby Cu-NiPGE bearing sulphides

• FQM to spend $15M to earn 51% and additional 19% upon a decision to mine

• 2021: ~1km long outcropping gossanous Ni-Cu-PGE horizon

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• 2022: 12 RC holes for 1,862m recently drilled

• 9 holes intersected disseminated to net-textured Ni-Cu sulphides

• DHEM survey currently underway

• Assays expected August 2022

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Tarraji-Yampi Cu-Ag-Au-Co-Ni-PGE

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WMC’s David Barr (L) & Roy Woodall (R) at Tarraji
1950s
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~~Tarra i-Yam i j p~~

• ~80kms from the port of Derby and entirely within the Yampi Sound Defence Training Area – off limits to exploration since 1978

• Recent Cu-Ag-Au-Co discovery under cover

• Orion: Massive sulphides with high grade Cu-Ag-Au-Co

• Auger sampling successfully identifying additional Orion look-a-likes

• Next steps:

• Ongoing auger sampling

• JORC Resource drilling – Orion and Grant’s Find

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

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Orion Cu-A -Au-Co Discover g y

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Au er Results – Orion Trend g

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Orion Orientation

300x60m – 3,150ppm CuPbZnAs*

*collected over the blind Orion gossan

Targets

• Ironclad: 1,150x150m – 2,145ppm CuPbZnAs • Major structure, significant scale

OR1: 300x150m – 1,040ppm CuPbZnAs

• Same structure as Orion

OR3: 650x100m – 1,230ppm CuPbZnAs

• Coincident EM conductor

OR4: 700x100m – 630ppm CuPbZnAs

• Coincident EM conductor

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Central Yil arn Overview g

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Background

• ~1,600sqkms of tenure covering 4 greenstone belts

• Hancock Prospecting and dominated by Mineral Resources seeking iron ore

Strategy

• Assess opportunities for commercialisation

• Generate targets for testing

• Dedicated geologist appointed

Next Steps

• Thousands of assays pending

• Project wide commercial & technical review

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2022 Catalysts

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Nelson Orion

Steady news flow from Mangaroon REE drilling

• 4,000 samples pending assay

• 12,000m of RC and diamond drilling, ironstones & carbonatites

• Additional metallurgical testing

Additional REE discoveries

• Ironstones: Yin extensions, Y2, Y3

• Carbonatites: C1-C5

• 82 REE anomalies to be reviewed and drilled as appropriate

Yin Ironstone JORC Resource

• December 2022 quarter

Mangaroon Ni-Cu-PGE assays and JV decision from FQM

• August/September 2022

Additional Tarraji-Yampi auger results

• Orion extensions and look a likes

Assays from previous drilling at Central Yilgarn

• Ongoing

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Yin
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Take Away Message

• Strong news flow throughout 2022/2023

• Mangaroon REE: high-grade, high NdPr, large scale:

• Yangibana (Hastings $450m) type ironstones confirmed: Yin, Y2, Y3 – drilling underway

• Mt Weld (Lynas $7,500m) 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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