DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

Aug 7, 2023

Finding the Metals for Our Future DIGGERS AND DEALERS CONFERENCE 8 AUGUST 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 31 May 2021 7 July 2021 15 February 2022

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

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

• 25 August 2021

• 27 August 2021

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

• 15 November 2021 8 December 2021 29 April 2022

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

Option/JV Agreement Signed with Global Base Metal Miner Five Carbonatite Intrusions Identified at Mangaroon Project Conductors Defined along the Money Intrusion – Mangaroon FQM JV

• 07 April 2021 29 November 2021 14 February 2022

EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-AuCo

• 29 April 2022

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

• 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

Bresnahan REE-Au Project

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

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).

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Discoveries are made by Juniors

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Between 2012-21 Junior Companies accounted for 45% of expenditure, and 73% of Discoveries in Australia

MinEx Consulting 14 June 2023: Outlook for the Australian Junior Sector

The DREam Team

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Company Snapshot
Capital Structure
ASX Code DRE
Share Price (07/08/2023) $0.052
Shares on Issue 3,342M
Market Cap $173.7M
Cash (30/06/2023) ~$11.7M
Unlisted Securities (various strike prices) 74.7M
Liquidity (90-day average) ~$0.5M / day
Board and Management Cash Investment ~$5,300,000
Board & Management
Paul Chapman Non-Executive Chairman
Dean Tuck Managing Director
Philip Crutchfield Non-Executive Director
Robert Gee Non-Executive Director
Debbie Fullarton Chief Financial Officer
Matt Crowe COO & Exploration Manager
ASX:DRE 8 AUGUST 2023 5
Jessamyn Lyons Company Secretary
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Central Yilgarn Ni-Cu-Au (Li)

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Why are we here?

• Bermuda triangle of the Yilgarn

• No tracks, no water, no support = no prospecting

• Consolidated 200 strike kilometers of greenstone belt

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Nelson Cu-Pb-Zn 2022
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The Opportunity

• Nickel – Forrestania / Lake Johnston analogue

• Lithium – dozen pegmatite swarms identified

• Gold – Metzke’s Resource delivered – tip of the iceberg

• Cu-Pb-Zn – Nelson VMS prospect

Next Steps

• Complete the Ni-Li-Au Review – August

• Mapping, Geochemistry, Geophysics – August / September

• Define drill targets for drilling 2024

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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 – August / September

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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

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Orion Discovery 2021
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• 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

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Mangaroon Project

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

Gold: (100%)

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

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

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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 blebby Ni-Cu-Co-PGE Sulphides

FQM Earn-In

• FQM to spend $12M to earn an initial 51% and addition 19% upon a decision to Mine

Next Steps

• 5 strong conductors identified including Bookathanna North with a 37,000S plate at 60m depth.

• Drilling October 2023

8 AUGUST 2023

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ASX:DRE
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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
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
Large Scale Potential
•
43kms of REE Ironstones
•
Yin Resource is only ~10% of known strike
Next Steps
•
Infill drilling – underway
• Resource Upgrade September / October 2023 Mt TREO (%) Nd2O3+Pr6O11 NdPr:TREO Contained Contained Cut-Off
• (kg/t) (%) TREO (t) Nd2O3+Pr6O11 (t) (%TREO)
Ongoing Metallurgical Test work
20.06 1.03 2.9 28% 205,900 58,400 0.20
•
MREC Test work
12.49 1.41 4.3 29% 182,800 53,300 0.40
ASX:DRE • Deliver Scoping Study 8.38 1.88 5.6 30% 157,700 21 47,000JULY 2023 11 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.
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Recovery and NdPr:TREO Impact on Grades
Mineral Concentrate Grades of Australian, Canadian
Recoverable Nd+Pr Grade of Global Deposits
and American LREE Projects
0.90%
12% 70%
0.80%
0.70%
60%
10%
0.60%
50%
0.50%
8%
0.40%
40%
0.30%
6%
0.20%
30%
0.10%
4%
20%
0.00%
2%
10%
0% 0%
Yangibana Yin Mountain Necholacho Mt Weld Wicheeda Cummins Nolans
Pass Range Bore
Concentrate Nd2O6+Pr6O11% Concentrate TREO%
The simple mineralogy and high recoveries means that the recoverable Nd+Pr grade moves the
region up behind the world class deposits, and the resulting concentrate contains some of the
ASX:DRE 8 AUGUST 2023 12
highest NdPr grades globally
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CI-C5 Carbonatites
Large Scale Potential
•
Multiple carbonatite intrusions identified
•
Bulk tonnage with near surface supergene
enrichment
Multiple Critical Metals
•
Rare Earths
•
Niobium
•
Phosphate
•
Titanium
•
Scandium
First pass work only just commenced
•
~30% of wide spaced first pass drilling completed
to date with multiple zones of mineralisation
identified
Next Steps
•
Complete first pass drilling
•
Follow up infill drilling
•
Resources and Metallurgy
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Mangaroon Gold

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Star of Mangaroon

• Mined by Pastoralists 1960s

• MA10: 4m @ 26.0g/t Au from 9m

• SMC07: 4m @ 18.7 g/t Au from 8m

• 7m @ 14.3 g/t Au from 21m

14km long mineralised shear zone

• Dozens of historical workings

• No historical drilling, no modern exploration

The Opportunity

• Define a camp of high grade gold deposits

Next Steps

• Soil geochemical and airborne magnetics survey completed – Results August 2023

• Drilling October 2023

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Bresnahan HREEs, Au-Ag-Sb

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The Opportunity

• Conceptual HREE Play

• Similar to Northern Minerals Brown’s Range

Next Steps

• Detailed Mag/Rad recently flown

• Mapping, rock chipping and stream sediment sampling – September 2023

• Define targets for drilling in 2024

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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 Au (100%)

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

• Kimberley Cu-Ag-Au-Co

• 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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8 AUGUST 2023 16

ASX:DRE

ASX:DRE Dreadnought Resources Ltd

dreadnoughtresources.com.au

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References: Global REE Deposits
Yangibana: ASX:HAS 28 November 2017. “Successful Completion of Yangibana Definitive Feasibility Study”
Tardiff/Nechalacho: ASX:VML 23 June 2021 “Vital’s Metallurgical Testwork at Tardiff Returns Positive Results fort Stage 2 Operations”
Longonjo: ASX:PM8 15 November 2019 “Preliminary Feasibility Study”
Wicheeda: SRK January 2022 “Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada”
Mountain Pass: SRK 16 February 2022, “Technical Report Summary, Pre-Feasibility Study, Mountain Pass Mine, San Bernardina County, California”
Nolans Bore: ASX:ARU August 2012 Nolans Project Update; and ASX:ARU 7 February 2019 “Nolans Project Definitive Feasibility Study Summary Report”
Cummins Range: ASX:REE 15 September 2022 “Positive Scoping Study for Cummins Range Shows Potential for Sustainable, Long Life Rare Earths Project
Mt Weld: ASX:LYN 21 September 2012 “Significant Increase in Ore Reserves at Mount Weld” and 6 August 2018 “Lynas announces a 60% increase to Mt weld Ore Reserves,
ond of the worlds richest sources of Rare Earths”
Ngualla: ASX:PEK 24 October 2022 “Ngualla Rare Earths Project Completion of Bankable Feasibility Study Update”
Deposit TREO (%) Nd 2 O 3 +Pr 6 O 11 (%) NdPr:TREO (%) TREO Recovery (%) Recoverable TREO (%) Recoverable Nd 2 O 3 +Pr 6 O 11 (%)
Yangibana 0.93 0.32 34.4 85 0.79 0.27
Yangibana Reserve 1.22 0.43 34.4 85 1.04 0.37
Nechalacho 1.46 0.37 25.2 70 1.02 0.26
Longonjo 1.43 0.31 22.0 35 0.50 0.11
Longonjo high grade 2.38 0.52 22.0 35 0.83 0.18
Wicheeda 2.95 0.29 14.0 75 1.37 0.22
Wicheeda high grade 1.83 0.41 16.0 75 2.21 0.31
Mountain Pass 4.80 0.78 16.3 68 3.26 0.53
Nolans Bore 2.60 0.69 26.0 70 1.82 0.48
Cummins Range 1.15 0.23 20.0 59 0.68 0.14
Mt Weld 5.40 1.22 22.6 65 3.50 0.79
ASX:DRE Ngualla 2.15 0.47 22.0 43 0.92 21 JULY 2023 0.20 18
Table of referenced data used for comparisons
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