DREADNOUGHT RESOURCES LTD — Investor Presentation 2022

May 2, 2022

==> picture [386 x 220] intentionally omitted <==

HIGHLY ACTIVE WEST AUSTRALIAN MINERAL EXPLORER FOCUSED ON DISCOVERY

RIU SYDNEY RESOURCES ROUND-UP - MAY 2022

==> picture [960 x 42] intentionally omitted <==

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 forwardlooking 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).

Currency

All amounts shown are in Australian dollars unless otherwise stated.

==> picture [149 x 86] intentionally omitted <==

Refer to Dreadnought announcements for JORC Table 1 and Table 2 for results and information contained in this presentation.	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
• 6 December 2019	Consolidation of 75km Long Illaara Greenstone Belt
• 19 March 2020 • 13 July 2020	RC Drilling Hits High Grades at Metzke’s Find RC Drilling Hits High Grade Gold at Metzke’s Find
• 22 July 2020	High-grade Iron Ore Opportunity - Illaara Greenstone Belt
• 25 September • 8 October 2020	2020 Further High-Grade Gold from Metzke’s Find Further High-Grade Gold from Metzke’s Find
• 30 November 2020	Exploration Update Illaara Gold-VMS-Iron Ore Project
• 27 April 2021	Illaara Update and Regional Target Generation
• 31 May 2021	Drilling Results – Illaara Au-Cu-Iron Ore Project
• 7 July 2021	High-Grade Tantalum Results from Peggy Sue – Illaara Project
• 15 February 2022	Eight Conductors to be Drilled at Nelson and Trafalgar Cu-Pb-Zn-Ag Prospects – Illaara Project
Kimberley Ni-Cu-Au Project
• 6 June 2019	Ground EM Survey Lights Up Strong Conductor at the Texas Ni-Cu-PGE Target
• 2 December 2019	Assays and EM Surveys Confirm Massive Sulphide System at Chianti-Rufina
• 23 December 2019	Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets
• 24 August 2020 • 25 August 2021	High Priority Copper Gold Targets at Fuso and Paul’s Find RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System
• 27 August 2021	Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle
• 15 November 2021	High-Grade Cu-Ag-Au-Co Discovery at Orion
• 8 December 2021	Further High-Grade Cu-Ag-Au-Co-Zn Orion Discovery
Mangaroon Ni-Cu-PGE, REE & Au Project
• 25 November 2020	Mangaroon Ni-Cu-PGE & Au Project
• 07 April 2021	Option/JV Agreement Signed with Global Base Metal Miner
• 19 July 2021	High Grade REE Ironstones Outcropping at Mangaroon
• 1 September 2021	Encouraging Results for Rare Earths at Yin
• 9 September 2021	Four New REE Ironstones Discovered at Mangaroon
• 29 November 2021	Five Carbonatite Intrusions Identified at Mangaroon Project
• 14 February 2022	Conductors Defined along the Money Intrusion – Mangaroon FQM JV

2

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

Com an Sna shot p y p

	Capital Structure
	ASX Code Share Price(2/05/2022)		DRE $0.044
	Shares on Issue		2,837.2M
	Market Cap(diluted)		$128.3M
	Cash(31/03/2021) Unlisted Options(various strike prices)		~$4.6M 77.0M
	Top 20 Shareholders		~32%
	Board / Management Cash Investment Board / Management Shareholding	~$1,300,000 ~17%
	Board & Management
	Paul Chapman		Non-Executive Chairman
	Dean Tuck		Managing Director
	Ian Gordon		Non-Executive Director
	Paul Payne		Non-Executive Director
	Jessamyn Lyons Matt Crowe Frank Murphy Nick Chapman / Luke Blais / Sam Busetti		Company Secretary Exploration Manager Operations Manager Senior Geologists

==> picture [149 x 86] intentionally omitted <==

1. Discovery is the ultimate value creator in the resources industry

• Track record of delivering discoveries (Orion Cu-Ag-Au-Co, Mangaroon REEs, Illaara Au)

• Multiple discovery opportunities and resources to be delivered in 2022

2. Leverage and optionality with portfolio of quality projects and critical metals

• Rare earths, copper, nickel, cobalt, silver, lithium, tantalum and niobium

• Not ignoring the backbone of the industry – gold and iron ore

3. Title is vital

• Western Australia - Tier 1 jurisdiction

4. Board and Management with skin in the game

• ~$1.3M invested to date

• ~17% shareholding

5. Well funded and highly active

• 84% Money in the ground

• Consistent year round news flow

3

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

Mangaroon REE & Au (100%) Mangaroon Ni-Cu-PGE (FQM JV)

4

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

Man aroon Pro ect g j

==> picture [434 x 406] intentionally omitted <==

==> picture [149 x 86] intentionally omitted <==

Background

• Dreadnought has acquired a substantial ~4,500sqkm first mover land package in the Proterozoic aged Gascoyne mobile belt

Rare Earths: Yin Camp, Carbonatites – 100% Owned

• Discovered outcropping high grade REEs, Niobium, Zirconium and Phosphate within Ironstones and Carbonatite Plugs

• Next door to Hastings Technology (HAS.ASX) Yangibana Project

• Next Steps: ~12,000m of RC drilling May/June 2022

Ni-Cu-PGE: The Money Intrusion – Option/JV with FQM

• FQM entered into an Option Agreement over 5 tenements covering the Money Intrusion

• Earn 51% interest by spending $15M and a further 19% interest by sole funding up until a Decision to Mine.

• Dreadnought retains rights to any gold discoveries

• Next Steps: ~1,200m of RC drilling targeting FLEM plates and gossans along the Money Intrusion – May 2022

5

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

==> picture [149 x 86] intentionally omitted <==

Man aroon Ni-Cu-PGE – FQM JV g

==> picture [310 x 406] intentionally omitted <==

==> picture [324 x 404] intentionally omitted <==

The Money Intrusion

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

• 1km long outcropping gossanous Ni-CuPGE horizon

• 2 conductors defined

• accumulation?

May 2022: 9 hole ~1,200m Discovery focused RC drilling and DHEM

==> picture [105 x 186] intentionally omitted <==

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

6

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

Mangaroon REE

✓ Scale

• Six REE ironstones identified to date over an area of ~10kms x 5kms

• Carbonatites could be a game changer, evidence of fresh and residual REE mineralisation

✓ Grade

• High grade rock chips, up to 39.7% TREO, with high NdPr to TREO ratios – high value concentrate

• Recently identified Nb-Zr veins and phosphate mineralisation in the system

✓ Mineralogy

• Monazite – globally significant REE mineral with abundant processing capacity with three plants to be built in WA

✓ Metallurgy

• Standard flotation sheet able to produce high grade concentrate

• 12.3% Nd2O3 / 40% TREO with 92.8% process recovery

7

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

REE Drill Program

Discover and resource focused drill y at the Yin REE Ironstones and program the REE Carbonatites

1. REE ironstone discovery drilling: • 90 holes 9,600m

2. REE carbonatite discovery drilling • 86 holes 4,900m

3. Infill REE ironstone resource drilling • TBD

4. Commencing May/June 2022

8

WWW.DREADNOUGHTRESOURCES.COM.AU

ASX:DRE

Tarraji-Yampi Ni-Cu-PGE &

9

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

==> picture [390 x 462] intentionally omitted <==

==> picture [252 x 169] intentionally omitted <==

----- Start of picture text -----

WMC’s David Barr (L) & Roy Woodall (R) at Tarraji
1950s
----- End of picture text -----

~~Tarraji-Yampi~~

• ➢ Located just 80kms from the port of Derby and entirely within the Yampi Sound Training Area – Off limits to exploration since 1978

• ➢ 1900-1970s: Historical exploration / mining on outcropping copper lodes • Grant’s Find, Wilson’s Reward, Rough Triangle, Iron Clad, Chianti

• ➢ Dreadnought has secured first mover advantage within the YSTA

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

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

• From just 1m under the surface, including supergene mineralisation

• ➢ Next Steps: Deliver resources and additional discoveries

• Regional Auger Program

• Resource drilling – Orion and Grant’s Find

• Discovery – dozens of non outcropping targets, ability to geochemically screen

10

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

Orion Cu-A -Au-Co Discover g y

==> picture [350 x 416] intentionally omitted <==

==> picture [222 x 415] intentionally omitted <==

==> picture [149 x 86] intentionally omitted <==

==> picture [384 x 411] intentionally omitted <==

11

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

Auger Program

Well developed, zoned, geochemical dispersion halo exists at Orion under shallow cover – major break though

• ➢ 2,400 auger sampling program

• 200x40m first pass

• 100x40m infill

• ➢ Underway

• Results throughout June/July 2022

• ➢ Results will help rank over a dozen existing targets

==> picture [638 x 540] intentionally omitted <==

----- Start of picture text -----

ASX:DRE 12
----- End of picture text -----

WWW.DREADNOUGHTRESOURCES.COM.AU

Illaara Au-Cu-LCT-Iron Ore

13

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

==> picture [149 x 86] intentionally omitted <==

Illaara Project Overview

==> picture [290 x 409] intentionally omitted <==

Background

• Initially acquired from Newmont and through subsequent deals have consolidated ~70km strike of underexplored greenstone belt

Copper-Lead-Zinc-Silver VMS – Nelson and Trafalgar

• 8 conductors defined with coincident geochemical anomalies at Nelson and magnetic anomalies at Trafalgar

• Massive sulphide intersected along with thick pegmatites (related to Peggy Sue)

• 8 holes for 1,550m recently completed – assays in May/June 2022

Gold – Metzke’s Find and Spitfire

• High-grade gold at Metzke’s Find

• 18 holes for ~1,055m recently completed at Metzke’s – assays June/July 2022, Resource 3Q 2022

• 17 holes for ~2,600 recently completed at Spitfire – assays June/July 2022

Iron Ore - Kings

• High grade, low phosphorus iron ore discovered by Portman and Cleveland Cliffs

• 12 holes for ~980m recently completed – assays June/July 2022

Lithium-Caesium-Tantalum Pegmatites – Peggy Sue

• Outcropping fertile LCT pegmatite swarm over an area of 5km x 2kms with multiple clusters of highgrade tantalum (up to 529ppm Ta2O5)

• Drone survey, mapping and rock chipping completed – assays June/July 2022

Nickel Sulphides – Central Komatiites

• Review complete (Illaara previously considered prospective by Western Areas and Vale – dropped due to nickel price crash)

• • Regional soil sampling and detailed magnetic survey along the central komatiite corridor completed, results expected May/June 2022

14

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM.AU

==> picture [960 x 459] intentionally omitted <==

----- Start of picture text -----

Orion
Tarraji-Yampi
Kimberley ProgramAuger Grant’s
Find
Nickel
Booka
Mangaroon Money
Intrusion
(JV FQM)
High
Copper
Range
C1-5
Iron Ore
Mangaroon Yin
(100%)
Y2/3
Gold
Nelson
Metzke
Find
Illaara Peggy Sue Trafalgar King’s Critical
Spitfire Metals
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Kimberley Auger Program (Cu-Ag-Au-Co) RC and Diamond Drilling (Cu-Ag-Au-Co)
Mangaroon RC Drilling (Ni-Cu-PGE), (REEs) JORC Resource
Illaara RC Drilling (Au, IO, Cu-Zn) Target testing
----- End of picture text -----

15

ASX:DRE

WWW.DREADNOUGHTRESOURCES.COM

Take ~~Away Message~~

• ➢ Strong news flow: Discovery and evaluation / resource drilling focus for the next 12 months

• ➢ Illaara: Consolidated 75km long underexplored greenstone belt with early exploration success

• ➢ Drill program nearly completed

• ➢ Mangaroon Ni-Cu-PGE JV (FQM): Outcropping NI-Cu-PGE mineralisation and free carried to a decision to mine by FQM

• ➢ Ni-Cu-PGE drilling commencing May 2022

• ➢ Mangaroon REE and Au: first mover major land positions with outcropping REE mineralisation

• ➢ REE drilling commencing May/June 2022

• ➢ Kimberley: first mover major land positions with proven Cu-Ag-Au-Co mineralisation and potential to unlock a new mineral province

• ➢ Auger program underway

• ➢ RC and DD Drilling August / September 2022

• ➢ Fully funded with an experienced management team with a track record of success and strongly aligned with shareholders

WWW.DREADNOUGHTRESOURCES.COM.AU

ASX:DRE 16