DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

Sep 11, 2023

Finding the Metals for Our Future CORPORATE PRESENTATION SEPTEMBER 2023

ASX:DRE

dreadnoughtresources.com.au

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

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 CuPb-Zn-Ag Prospects – Illaara Project 9 May 2022 Drilling Complete at Illaara Project

Kimberley Ni-Cu-Au Project

25 August 2021 RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System

• 27 August 2021 15 November 2021 8 December 2021 29 April 2022

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-AuCo

22 June 2022 Orion Auger Program – Taraji-Yampi Project 20 June 2023 Highly Conductive Anomalies Enhance Orion Look-Alikes– Taraji-Yampi Project

Mangaroon Ni-Cu-PGE, REE & Au Project

07 April 2021 Option/JV Agreement Signed with Global Base Metal Miner 29 November 2021 Five Carbonatite Intrusions Identified at Mangaroon Project 14 February 2022 Conductors Defined along the Money Intrusion – Mangaroon FQM JV 29 April 2022 EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-AuCo

17 October 2022 Mineralised carbonatite discovered at C3 and C4 24 October 2022 Broad high-grade assays at Yin REE Discovery 10 November 2022 Exploration Update Mangaroon Ni-Cu-PGE 28 December 2022 Initial High-Grade, Independent Resource Over 3kms at Yin 27 January 2023 Mineralised REE Ironstones increased by 13kms to 43kms 13 February 2023 Rare Earth Ironstone Exploration Target Defined 3 April 2023 Carbonatites deliver thick near surface REE Results 29 May 2023 Metallurgical TestwOrk Supports High Grade Concentrate 6 June 2023 Mangaroon Gold Review and Further Consolidation 13 June 2023 Yin Extended by 1km & 2.5km of High Grade NdPr Discoveries 5 July 2023 40% Increase in Resource Tonnage at Yin 28 August 2023 Initial, Independent REE-Nb-P-Ti-Sc Resource at C3

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

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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.

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).

Bresnahan REE-Au Project

8 February 2023 Bresnahan Emerging As a Light & Heavy Rare Earth Province

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ASX:DRE

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ASX:DRE

Company Snapshot

Capital Structure
ASX Code		DRE
Share Price (12/09/2023)		$0.055
Shares on Issue		3,359M	60	59
Market Cap Cash (30/06/2023)		$184.7M ~$11.7M	Nd	Pr
Unlisted Securities (various strike prices)		60.2M	Neodymium	Praseodymium
Liquidity (90-day average)		~$0.5M / day
Board and Management Cash Investment		~$5,300,000
Board & Management			28	29
Paul Chapman Dean Tuck		Non-Executive Chairman Managing Director	Ni	Cu
Philip Crutchfield		Non-Executive Director	Nickel	Copper
Robert Gee		Non-Executive Director
Debbie Fullarton		Chief Financial Officer
Matt Crowe	COO & Exploration Manager
Jessamyn Lyons		Company Secretary

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Project Overview
Mangaroon REE & Au (100%)
➢ ~5,300km [2] in the Gascoyne
➢ Initial JORC Resource delivered over <10% of known REE
ironstones
➢ Six carbonatites to be tested for Mt Weld style (Lynas - $7,800m)
➢ Three rigs on site delivering discovery and resource drill outs
Mangaroon Ni-Cu-PGE (FQM earning up to 70%)
➢ ~1,100km [2] in the Gascoyne
➢ FQM to spend $15M for 51% and 70% upon decision to mine
➢ High tenor Ni-Cu-PGE sulphide confirmed in drilling
Tarraji-Yampi Cu-Ag-Au-Co (100%, E04/2315 80%)
➢ ~2,400km [2] in the West Kimberley
➢ Outcropping mineralisation, unexplored since 1978
➢ Orion Cu-Ag-Au-Co massive sulphide discovery
Bresnahan HREEs (100%)
➢ ~3,700km [2] covering the Bresnahan Basin in the Gascoyne
➢ Prospective for unconformity HREEs (Northern Minerals - $300M)
Central Yilgarn Ni-Au-LCT-Iron Ore (100%)
ASX:DRE ➢ ~1,600km [2] covering ~150km strike over four greenstone belts in the Yilgarn 4
➢ Significant gold, nickel and LCT pegmatite potential
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Mangaroon Project

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Rare Earths - Niobium: (100%)

• Ironstones: high-grade, high NdPr, de-risked metallurgy

• Carbonatites: Multiple pulses of high-grade Rare Earths, Niobium, Phosphate, Titanium and Scandium

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

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

Gold: (100%)

• Historical high-grade gold mined by pastoralists and prospectors, no modern exploration

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Mangaroon Rare Earths – Yin Ironstones
High NdPr:TREO Ratios
•
Region contains the highest NdPr:TREO ratios in the world: 28-31%
NdPr:TREO ratio
•
Currently bringing higher >40% NdPr:TREO ironstones into Resource
Metallurgy Confirmed
•
Region contains some of the highest rare earth recoveries in the world
•
15.31% Nd2O3 + Pr6O11 with 92.8% recovery
•
10.76% Nd2O3 + Pr6O11 with 85.9% recovery
Significant Resource Drilling Completed
•
Converting higher NdPr:TREO material
•
Significant upgrade to Indicated to support Scoping Study
•
Project de-risking
Mt TREO Nd2O3+Pr6O11 NdPr:TREO Contained Contained Cut-Off
(%) (kg/t) (%) TREO (t) Nd 2 O 3 +Pr 6 O 11 (t) (%TREO)
20.06 1.03 2.9 28% 205,900 58,400 0.20
12.49 1.41 4.3 29% 182,800 53,300 0.40
8.38 1.88 5.6 30% 157,700 47,000 1.00
5.66 2.18 6.5 30% 123,400 37,000 1.50
Yin Indicated + Inferred Resource as adjusted for different cut-off grades.
ASX:DRE 5 July 2023 40% Increase in Resource Tonnage at Yin 6
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Mangaroon Rare Earths – Gifford Creek Complex

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Large Scale Potential

• 43kms of REE Ironstones

• Ever expanding carbonatite complex

Ironstones

• Similar to the Yangibana Ironstones next door

• Resource Drilling Complete over only 10% of known strike

• Exploration Target: 50-100mt @ 0.9-1.3% TREO

Carbonatites

• New to the region, recent discovery

• Still finding the edges

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TREO NdPr:TREO Nb2O5 P2O5 TiO2 Sc (ppm)
Mt
(%) (%) (%) (%) (%)
5.73 1.18 21 0.25 3.8 5.4 92
CI-C5 Carbonatites 10.8420.55 1.000.80 2121 0.220.15 3.53.0 4.93.9 8568
45.87 0.58 21 0.10 2.7 3.0 52
C3 Inferred Resource as adjusted for different cut-off grades.
28 August 2023 Initial, Independent REE-Nb-P-Ti-Sc Resource at C3
Large Scale Potential
•
Multiple carbonatite intrusions identified
•
Bulk tonnage with near surface supergene
enrichment
Multiple Critical Metals
•
Rare Earths, Niobium, Phosphate, Titanium,
Scandium
Next Steps
•
Complete geophysical review
•
Targeted first pass drilling
•
Metallurgy
ASX:DRE SEPTEMBER 2023 8
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ASX:DRE

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Mangaroon Ni-Cu-PGE (FQM Earn-In)

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Money Intrusion

• ~50km long, outcropping mafic-ultramafic intrusion

• High tenor magmatic Ni-Cu-Co-PGE Sulphide System

FQM Earn-In

• FQM to spend $12M to earn an initial 51% and additional

• 19% upon a decision to Mine

Next Steps

• Additional geophysics: DHEM, IP

• Drilling November 2023

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Mangaroon Ni-Cu-PGE (FQM Earn-In)

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Drill Program

• Originally 5 RC holes testing 5 EM plates with DHEM

• Massive sulphides confirmed – thick halo of mineralisation blind to geophysical surveys completed to date

• Mineralisation confirmed over 400m of blind step out holes – open in all directions

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Mangaroon Ni-Cu-PGE (FQM Earn-In)

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Money Intrusion

• Technically, mineralisation open all the way to Bookathanna, 2.5kms to the South and still open.

• High tenors mean even non massive sulphide can produce high grades (Jinchuan)

• With a fertile system confirmed, deeper trap sites remain highly prospective for high tenor massive sulphides (Eagle)

• Continues to underscore the potential of the rest of the

• intrusion

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Tarraji-Yampi Cu-Ag-Au-Co

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Why are we here?

• Off-limits to exploration since 1978

• Mineralisation sticking out of the ground

The Opportunity

• Cloncurry / Tennant Creek in WA

• High Grade Cu-Ag-Au-Co

• Unexplored, no modern exploration

Next Steps

• Discovery Drilling – September

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DRE’s Nicholas Chapman at Tarraji 2021
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WMC’s David Barr (L) & Roy
Woodall (R) at Tarraji 1950s
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Tarraji-Yampi Cu-Ag-Au-Co

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2021 Orion Discovery

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

• Confirmed over 250m strike, to a depth of ~150m

• Geophysics shows it down to 500m

Shallow Cover

• Black plain soils only 1-9m thick

• Auger geochemistry a transformative dataset

Orion’s Friends

• 13 Orion look-a-likes defined

• Similar geochemical and geophysical signature

• Some with outcropping gossans

• Ready to drill

Prove the Scale, prove the met, prepare for 2024 Drilling to commence next week

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Orion Discovery 2021
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Take Away Message

Strong news flow throughout 2023

• Average >1 ASX announcement / week

Track record of delivering discoveries

• Yin REE ironstone

• C3 and C5 REE-Nb carbonatites

• Sabre/Y8 REE ironstones

• Orion Cu-Ag-Au-Co massive sulphide

• Metzke’s and Longmore’s gold

Poised to deliver additional discoveries in 2023/2024

• Mangaroon Ni-Cu-PGE (FQM Earn-in/ JV)

• Kimberley Cu-Ag-Au-Co

• Mangaroon Au (100%)

• Bresnahan HREEs, Au-Ag-Sb

• Central Yilgarn Ni, Au, Li

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

• $5.3M invested to date

• ~15% Board and management ownership

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ASX:DRE Dreadnought Resources Ltd

dreadnoughtresources.com.au

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