DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

Jun 20, 2023

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FINDING THE METALS FOR OUR FUTURE

GOLD COAST INVESTMENT SHOWCASE 21 JUNE 2023

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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 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.

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 Cu-Pb-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	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 • 29 April 2022	Further High-Grade Cu-Ag-Au-Co-Zn Orion Discovery EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co
• 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-Au-Co
• • 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 Testowrk 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

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.

Bresnahan REE-Au Project

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 • 8 February 2023 historic and new company announcements).

Bresnahan Emerging As a Light & Heavy Rare Earth Province

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Com an Sna shot p y p

	Capital Structure
	ASX Code	DRE
	Share Price(20/06/2023)	$0.055
	Shares on Issue	3,328M
	Market Cap(diluted) Cash(31/03/2023)	$181.2M ~$17.5M
	Unlisted Securities(various strike prices)	87.7M
	Liquidity (90-day average)	~$0.5M / day
	Board / Management Cash Investment	~$5,200,000
	Board / Management Shareholding	~13%
	Board & Management
	Paul Chapman			Non-Executive Chairman
	Dean Tuck Philip Crutchfield			Managing Director Non-Executive Director
	Robert Gee			Non-Executive Director
	Debbie Fullarton Matt Crowe			Chief Financial Officer Exploration Manager
	Jessamyn Lyons			Company Secretary
	Frank Murphy			Operations Manager

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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-Ni-PGE (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)

• Waiting proof of concept

Central Yilgarn Ni-Au-LCT-Iron Ore (100%)

• ~1,600km[2] covering ~150km strike over four greenstone belts in the Yilgarn

• Newexco engaged to assist with nickel sulphide exploration

• Significant gold and LCT pegmatite potential

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Man aroon Pro ect g j

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Rare Earths: (100%)

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

• Initial inferred Resource : 14.4Mt @ 1.13% TREO (30% NdPr:TREO)

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

• Carbonatites: possible Mt Weld style (Lynas), Mountain Pass (MP Minerals)

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

ASX:DRE: 28 December 2022 Initial High-Grade, independent Resource Over 3kms at Yin ASX:DRE: 13 February 2023 REE Ironstone Exploration Target Defined

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Yin Resource

 Discover to Resource 6 Months y

• Covers less than 10% of ironstone trends identified to date

 High NdPr:TREO Ratios

• Region contains the highest NdPr:TREO ratios in the world

• • 30-31% NdPr:TREO ratio

• Thickest, highest-grade material in Gifford Creek Region, outcropping at surface.

 Mineralogy & Metallurgy Confirmed

• Monazite – processing capacity with three plants to be built in WA

• Standard flotation sheet, high grade concentrate

• 15.31% Nd O + Pr O with 92.8% 2 3 6 11

• recovery

• 10.76% Nd O + Pr O with 85.9% 2 3 6 11

• recovery

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Mt	TREO (%)	Nd2O3+Pr6O11(%)	NdPr:TREO (%)	Contained TREO (t)	Contained Nd2O3+Pr6O11(t)	Cut-Off(%TREO)
14.36	1.13	0.34	30%	162,291	48,529	0.20
8.67	1.65	0.50	31%	142,973	43,646	0.60
4.59	2.17	0.67	31%	99,625	30,989	1.50

Yin Inferred Resource of 14.36Mt @ 1.13% TREO as adjusted for different cut-off grades. ASX:DRE: 28 December 2022 Initial High-Grade, independent Resource Over 3kms at Yin WWW.DREADNOUGHTRESOURCES.COM.AU

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Yin REE Complex

 Building the Resource

• Targeting 20-30Mt of Ironstone Resource

• Ironst ~~ones to be prioritised~~

• Grade, Thickness, NdPr, Depth

• Scoping Study Ready

• 70% Indicated resource to support study work

 Next Steps

• Complete first pass drilling – June

• Resource update July

• Infill drilling to inferred and indicated – July/August

• Collect material for ongoing metallurgical studies

• Further Resource update December Quarter

• Study ready December Quarter

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- - – - Mangaroon Ni Cu PGE FQM Earn in

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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-Ni-PGE bearing sulphides

• FQM to spend a further $12M to earn 51% and additional 19% upon a decision to mine

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• 5 strong conductors identified, including Bookathanna North (37,000S) sitting at just 60m depth at the interpreted base of the intrusion.

• Drilling of EM conductors targeted for July

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Man aroon Gold g

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Tarraji-Yampi Cu-Ag-Au-Co,

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WMC’s David Barr (L) & Roy
Woodall (R) at Tarraji 1950s
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Tarraji-Yampi

Background

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

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Copper Oxides at Rough
Orion Discovery 2021
Triangle
ASSAYS
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• Significant potential for critical metal discoveries with outcropping Cu, Au, Ag, Co, Sb mineralisation

Strategy

• Discover, and convert to resources, a cluster of high-grade Cu-Ag-Au-Co massive sulphide deposits

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Orion Cu-A -Au-Co Discover g y

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Textbook Exploration

• VTEM & magnetic anomaly in prospective unit – Ruins Dolerite

• FLEM survey – Design hole, test plate.

Discovery in First Drill Program

• High-grade polymetallic massive sulphide

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

• Thickness appears to be increasing down-dip.

Lessons Learnt

 Shallow Regolith Cover

• ~4-6m thick across Project

• Dispersion of pathfinders from ore beneath black soil cover – Cu, Pb, Zn, As

 Amenable to Surface Geochemistry

• Penetrate through cover

• Gather geochemical dataset

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Auger Program

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• Modern geochemistry + geophysics

• Filling the target pipeline

• Fourteen Orion look-a-likes

• Some with gossans and EM conductors

• New Gossans discovered at Thunderer

• KMRK0289: 37% Cu, 163g/t Ag, 1.0g/t Au, 0.03% Co

• KMRK0290: 39.4% Cu, 165g/t Ag, 1.6g/t Au, 0.02% Co

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WMC’s David Barr (L) & Roy
Woodall (R) at Tarraji 1950s
Orion Discovery 2021
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Discovery Drilling 2023

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Resource Conversion & Metallurgy

• Looking to define a camp with potential of >20Mt Cu resource.

• Collect samples for metallurgical testing

• Deliver resources and scoping studies

Orion Framework Drilling

• What is the lateral and down-dip extent of Orion?

• Has only been tested down to 100m vertical depth & EM suggests it extends >500m.

Further Exploration

• Auger drilling to generate more targets for the pipeline

• RC & DDH Drilling

• Geophysical surveys – FLEM/DHEM

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LCT-Iron Ore Bresnahan Project

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Central Yil arn Overview g

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Background

• ~1,600sqkms of tenure covering 4 banded iron formation

• Vastly underexplored region within the Yilgarn Craton

• Significant potential for gold, iron ore, komatiite hosted nickel sulphide, base metal massive sulphide and LCT pegmatites

Strategy

• Assess opportunities to commercialise iron ore

• Focus on exploring for komatiite hosted nickel sulphides

• Continue to assess gold, lithium and copper in the background

Next Steps

• Commence active nickel, gold, LCT focused exploration for 2023

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Bresnahan HREE Project

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Strategy

Next Steps

Background

  - **2022** : Confirm concept

• Establish a significant early stage HREE play to complement our rapidly advancing portfolio of LREEs and critical metal project

• ~3,700sqkms of 100% owned tenure

• 2023 : Generate targets for testing, acquire all approvals

• Pegged in August 2022, consolidated through two deals announced in October 2022

• 2024 : Discovery drilling

• Conceptual early-stage heavy rare earth (HREE) play

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2023 U comin Catal sts p g y

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• Yin REE Ironstone Resource Upgrade

• Mangaroon Money Intrusion Ni-Cu-PGE Drilling

• •

• Tarraji-Yampi Tarraji-Yampi Orion Regional Discovery Drilling Results Drilling •

• REE Resource Upgrade

• C3 Maiden Resource

• Results of Money Intrusion Ni-Cu-PGE Drilling

• Discovery Drilling at Mangaroon and / or Central Yilgarn

July

August September

October November December

• Mangaroon Au Drilling

• Tarraji-Yampi Orion Framework Drilling

• Tarraji-Yampi Regional Discovery Drilling

• Results of Mangaroon Au Drilling

• Tarraji-Yampi Regional Discovery Drilling results

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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

• C1-C5 REE carbonatites

• Sabre/Y8 REE ironstones

• Orion Cu-Ag-Au-Co massive sulphide

• Metzke’s and Longmore’s gold

• Four substantial projects, all in Western Australia, with optionality in geography and commodity

• Mangaroon REEs, Au (100%) & Ni-Cu-PGE (FQM Earn-in/ JV)

• Kimberley Cu-Ag-Au-Co & Ni-Cu-PGE

• Bresnahan HREEs, Au-Ag-Sb

• Central Yilgarn Ni-Cu, Cu-Pb-Zn, Au, Li-Cs-Ta, Fe

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

• $4.8M invested to date

• ~15% Board and management ownership

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