DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

May 2, 2023

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FINDING THE METALS FOR OUR FUTURE

WEBINAR PRESENTATION MAY 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

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er own nepenen avce rom quae nanca avsors avng regar o er ojecves, nanca suaon an nees. reanoug nor any o	• 6 December 2019	Consolidation of 75km Long Illaara Greenstone Belt
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	• 19 March 2020 RC	Drilling Hits High Grades at Metzke’s Find
performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or	• 25 September 2020	Further High-Grade Gold from Metzke’s Find
implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial	• 8 October 2020	Further High-Grade Gold from Metzke’s Find
performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions,	• 30 November 2020	Exploration Update Illaara Gold-VMS-Iron Ore Project
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	• 27 April 2021	Illaara Update and Regional Target Generation
development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation, or any information,	• 31 May 2021	Drilling Results – Illaara Au-Cu-Iron Ore Project
opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information	• 7 July 2021	High-Grade Tantalum Results from Peggy Sue – Illaara Project
which its recipients may require in order to make an informed assessment of the prospects of Dreadnought. You should conduct your own investigation	• 15 February 2022	Eight Conductors to be Drilled at Nelson and Trafalgar Cu-Pb-Zn-Ag Prospects – Illaara Project
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	• 9 May 2022 Kimberley Ni-Cu-Au Project	Drilling Complete at Illaara Project
based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the	• 23 December 2019	Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets
information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation,	• 25 August 2021	RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System
warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the	• 27 August 2021	Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle
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	• 15 November 2021	High-Grade Cu-Ag-Au-Co Discovery at Orion
whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative. The	• 8 December 2021	Further High-Grade Cu-Ag-Au-Co-Zn Orion Discovery
exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of	• 29 April 2022	EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co
the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or	• 22 June 2022	Orion Auger Program – Taraji-Yampi Project
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	Mangaroon Ni-Cu-PGE, REE & Au Project
results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration	• 07 April 2021	Option/JV Agreement Signed with Global Base Metal Miner
programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”,	• 19 July 2021	High Grade REE Ironstones Outcropping at Mangaroon
“possible”, “future”, “prospective” and similar expressions.	• 1 September 2021	Encouraging Results for Rare Earths at Yin
Competent Person’s Statement	• 29 November 2021	Five Carbonatite Intrusions Identified at Mangaroon Project
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	• 14 February 2022	Conductors Defined along the Money Intrusion – Mangaroon FQM JV
the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and	• 29 April 2022	EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co
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	• 12 October 2022	Broad high-grade assays at Yin REE Discovery
'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the	• 17 October 2022	Mineralised carbonatite discovered at C3 and C4
matters based on the information in the form and context in which it appears.	• 24 October 2022	Broad high-grade assays at Yin REE Discovery
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	• 10 November 2022	Exploration Update Mangaroon Ni-Cu-PGE
forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. (referencing	• 28 December 2022	Initial High-Grade, Independent Resource Over 3kms at Yin
historic and new company announcements).	• 27 January 2023	Mineralised REE Ironstones increased by 13kms to 43kms

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Com an Sna shot p y p

	Capital Structure
	ASX Code		DRE
	Share Price(2/05/2023)		$0.059
	Shares on Issue		3,313M
	Market Cap(diluted)		$194.3M
	Cash(31/03/2023)		~$17M
	Unlisted Options(various strike prices)		73.1M
	Liquidity (90-day average)		~0.9M / day
	Board Cash Investment		~$4,750,000
	Board Shareholding		~13%
	Board & Management
	Paul Chapman				Non-Executive Chairman
	Dean Tuck				Managing Director
	Philip Crutchfield				Non-Executive Director
	Jessamyn Lyons				Company Secretary
	Matt Crowe				Exploration Manager
	Frank Murphy				Operations Manager
	Nick Chapman / Luke Blais / Sam Busetti				Senior Geologists
	Leah Dawson / Kevin Rose / Scott Rudd				Senior Geologists / Fieldy

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Man aroon Pro ect g j

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Work programs underway:

REE: Ironstones & Carbonatites (100%)

• 2 x RC and 1 x Diamond rig turning on site

• Resource, first pass and reconnaissance drilling on the Ironstones and Carbonatites underway

• Metallurgical test work underway

• Resource upgrades pending assay results

• Yin and Yin South

• Samples dispatched to the lab, results expected May / June 2023

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

• 5 strong FLEM conductors identified

• ~1,000m RC drilling program planned for July 2023

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Mangaroon REE Drillin Pro rams Underwa g g y

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Yin North RC Drilling “Where along the Yin trend is the best place to deliver 3050Mt of resource?”

Yin South RC and DD Drilling - Resource and Metallurgical sampling

Yin South RC Drilling “Where along the Yin trend is the best place to deliver 3050Mt of resource?”

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C3 Follow Up RC and DD Drilling “Is there high-grade mineralisation at C3 or is it a large low-grade system”

C5 Extension Reconnaissance RC Drilling “Is C1-C5 larger than originally interpreted?”

C6 Reconnaissance RC Drilling “What is C6, is it a carbonatite complex?”

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Yin REE Complex

• Large Scale Potential

• 43kms of REE Ironstones

• Yin Resource is only ~7% of known strike

Planned Resource Drilling

Yin North RC Drilling

“Where along the Yin trend is the best place to deliver 30-50Mt of ~~resource?”~~

• High NdPr:TREO ratios

• High metallurgical recoveries

 High tonnage intensity

Y2 Target Testing

Planned Resource Drilling

• Regionally significant thicknesses

• ~4.8 Mt / strike km at Yin

• ~1.25 Mt / strike km at Yangibana

 Underground Potential?

• Current resource only to 100-180m depth

• Potential to significantly enhance resource intensity based on study work and conceptual economics

 Next Steps

• Deliver additional resources to underpin study work

• Commence project de-risking to become a REE concentrate producer

Wildcat Drilling

Yin South Resource Extension Drilling will feed into resource upgrade (June 2023)

Yin South RC Drilling “Where along the Yin trend is the best place to deliver 30-50Mt of resource?”

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C1-C5 Carbonatites

 Large Scale Potential

• Multiple carbonatite intrusions identified

• Bulk tonnage with near surface superg ~~ene enrichment~~

C3 Follow Up RC and DD Drilling “Is there high-grade ~~mineralisation at C3 or is it a large~~ low-grade system? What is the Metallurgy?”

 Multiple Critical Metals

• Rare Earths

• Phosphate

• Niobium

• 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

C5 Extension Reconnaissance RC Drilling “Is C1-C5 larger than originally interpreted?”

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Mangaroon REEs

 Stage 0

• Prove ~~up resources and metallurgy~~

• First Pass and resource drilling, metallurgical test work

• Complete study work and approvals

 Stage 1

• Produce a sellable concentrate

• Partner with midstream operators

• Low relative CAPEX, de-risk mining and concentrate operation

 Stage 2

• Assess midstream options

• Much larger CAPEX requirements, look for Australian and international opportunities

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2023: Deliverin Resources and Discoveries g

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

Yin Sabre
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Ironstones Framework Drilling Yin Upgrade Ironstone Extensions
Ironstones Resource Drilling
Carbonatite Exploration Drilling
Carbonatite Framework Drilling
Carbonatite Resource Drilling
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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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Orion Discovery 2021
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• Last exploration undertaken in the 1950s and 1970s

• Significant potential for critical metal discoveries with outcropping Cu, Au, Ag, Co, Sb mineralisation

• Dreadnought delivered the Orion Cu-Ag-Au-Co discovery in 2021

Strategy

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

Next Steps

• 2023: Auger results

• 1H 2023: Geophysical surveys, target definition

• 2H 2023: Discovery and framework drilling

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Auger Program

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• Modern geochemistry + geophysics

• Filling the target pipeline

 Nine 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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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 and gold focused exploration for 2023

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Bresnahan Project

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Bresnahan HREE Project

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Strategy

Next Steps

Background

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

• 2022 : Confirm concept

• ~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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Dreadnou ht Pro ect Portfolio g j

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Mangaroon Au (100%)

• ~5,300km[2] in the Gascoyne

• 2023: Generate and define Au targets

• 2023/2024: Deliver high grade Au discoveries

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

• ~1,100km[2] in the Gascoyne

• FQM to spend $15M for 51% and 70% upon decision to mine

• 2023: Discover high grade Ni-Cu-Co-PGE massive sulphides

Tarraji-Yampi Cu-Ag-Au-Co-Ni-PGE (100%, E04/2315 80%)

• ~2,400km[2] in the West Kimberley, unexplored since 1978

• 2021: Orion Cu-Ag-Au-Co massive sulphide discovery

• 2023: Deliver additional Cu-Ag-Au-Co discoveries to prove scale and metallurgy

• 2024: Deliver resources

Bresnahan HREEs, Au-Ag-Sb (100%)

• ~3,700km[2] covering the Bresnahan Basin in the Gascoyne

• Prospective for unconformity HREEs (Northern Minerals) and Au-Ag-Sb (Black Cat Syndicate)

• 2023: Generate and define targets

• 2024: Deliver HREE and Au-Ag-Sb discoveries

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

• 2023: Generate and define Ni sulphide and Au targets +/- LCT pegmatites

• 2023/2024: Deliver Ni sulphide and Au discoveries

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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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