DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

Apr 4, 2023

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FUTURE FACING COMMODITIES SINGAPORE 2023

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WWW.DREADNOUGHTRESOURCES.COM.AU

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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.

Refer to Dreadnought announcements for JORC Table 1 and Table 2 for results and information contained in this presentation.

Mangaroon Ni-Cu-PGE, REE & Au Project

• 11 June 2021

High-Grade REE Ironstones Outcropping at Mangaroon High-Grade REE Ironstones Confirmed Over 2.5kms at Mangaroon Airborne Magnetic-Radiometric Survey Commenced at Mangaroon Five Carbonatite Intrusions Identified at Mangaroon Rare Earths, Phosphate, Niobium & Zirconium Results from Mangaroon Drilling Commenced C1-C5 Carbonatites & Y8 Discovery Mineralised Carbonatites Discovered at C3 and C4 Multiple, Large Scale, REE-Nb-Ti-P Carbonatites Thick Rare Earth Ironstones Confirmed at Sabre (Y3) Discovery Thick Mineralisation Continues at C3, 2022 Drilling Complete Initial High-Grade, Independent Resource Over 3kms at Yin Carbonatite Discovery Shaping up as Regional Rare Earth Source Mineralised REE Ironstones increased by 13kms to 43kms REE Ironstone Exploration Target Defined Yin Resource to Grow, Carbonatite Drilling Commenced

• 19 July 2021

• 24 September 2021

• 29 November 2021

• 2 February 2022

• 28 September 2022

• 17 October 2022

• 23 November 2022

• 5 September 2022

• 13 December 2022

• 28 December 2022

• 24 January 2023

• 27 January 2023

• 13 February 2023

• 29 March 2023

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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KIMBERLEY
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MANGAROON

BRESNAHAN

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CENTRAL
YILGARN
P
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Mangaroon Projects

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Mangaroon REE & Au (100%)

• ➢ ~5,300km[2] in the Gascoyne

• ➢ Initial JORC Resource delivered in December 2022

• ➢ Six carbonatites to be tested for Mt Weld style

• ➢ 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

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Mangaroon REE Projects

REE: Ironstones & Carbonatites (100%)

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• ➢ 25km to Hastings Yangibana REE Project (in development)

• ➢ Ironstones (Yin, Sabre, Y2, Y8, Y9, Y42):

• ➢ Second mover advantage

• ➢ High NdPr:TREO Ratio

• ➢ Derisked metallurgy

➢ Carbonatites (C1-C5, C6, C7):

• ➢ Potential for Mt Weld, Mountain Pass, Palabora, Ngualla, Bayan Obo, Araxa, Kangankunde style mineralisation

• ➢ High grade, large tonnage potential

• ➢ Polymetallic: REE, Phosphate, Niobium, Titanium, Scandium (Copper, Gold)

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Yin Resource

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• ✓ Discovery to Initial Inferred Resource in first 6 Months*

• 14.36Mt @ 1.13% TREO (3.4 kg/t Nd+Pr)

• 6.91Mt @ 1.86% TREO (5.7 kg/t Nd+Pr)

• ✓ High NdPr:TREO Ratios

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

• 30-31% NdPr:TREO ratio

✓ Mineralogy Confirmed

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

• Bastnaesite – globally significant REE mineral

✓ Metallurgy Confirmed

• Standard flotation sheet, high grade concentrate

• 12.3% Nd O 2 3 / 40% TREO with 92.8% recovery

*See ASX:DRE 28 December 2022

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Yin Cross Section A- ’

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Yin Complex

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• ✓ Large Scale Opportunity

• Exploration Target Defined*

• 50-100Mt @ 0.9-1.3% TREO

• Excludes Carbonatites

• ✓ Targeting 30-50Mt Resources

• Underpin study work

• Focus on development

✓ Underground Potential

• Current resource only to 100-200m depth

• Potential to significantly enhance resource intensity

✓ Resource Upgrades

• Multiple resource updates in 2023

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• Metallurgical studies advancing

• 3 rigs currently drilling on site

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Mangaroon REE Projects

REE: Ironstones & Carbonatites (100%)

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• ➢ 25km to Hastings Yangibana REE Project (in development)

• ➢ Ironstones (Yin, Sabre, Y2, Y8, Y9, Y42):

• ➢ Second mover advantage

• ➢ High NdPr:TREO Ratio

• ➢ Derisked metallurgy

• ➢ Carbonatites (C1-C5, C6, C7):

• ➢ Potential for Mt Weld, Mountain Pass, Palabora, Ngualla, Bayan Obo, Araxa, Kangankunde style mineralisation

• ➢ High grade, large tonnage potential

• ➢ Polymetallic: REE, Phosphate, Niobium, Titanium, Scandium (Copper, Gold)

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Significant Upside Potential C1-C5

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✓ Large Scale Opportunity

• Multiple carbonatite intrusions identified

• Bulk tonnage potential with near surface supergene enrichment

• ✓ Multiple Critical Metals Confirmed

• 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

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• Complete first pass drilling

• Follow up infill drilling

• Resources and Metallurgy

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Significant Upside Potential C3

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✓ ~600m x 550m Mineralised Footprint

• 7 of 24 follow up holes have been drilled

• Supergene and fresh mineralisation confirmed

• Thick REE, Phosphate, Niobium and Scandium mineralisation intersected in follow up drilling

✓ Mineralogy Work Underway

• Coarse monazite and REE carbonates confirmed

✓ Next Steps

• Follow up infill drilling

• Diamond drilling

• Resources

• Metallurgy

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Mangaroon Section B - ’

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Significant Upside Potential C6

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Significant Upside Potential C6

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C6 C6
Mt Weld C6
Magnetics Gravity
Government Magnetics Dreadnought Imagery
(Low Resolution) (High Resolution)
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YIN
YIN RESOURCE C3 ADDITIONAL
METWORK UPGRADE RESOURCE RESOURCES
Resource Upgrade
Framework Drilling Resource Drilling
Drilling
Exploration Drilling Framework Drilling
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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

2023 Work Plan

• ➢ Prove scale – Find Orions Friends

• ➢ Prove Metallurgy

2024 Work Plan

• ➢ Deliver Resources

• ➢ Commence Studies

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Bresnahan HREEs, (100%)

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

• ➢ Prospective for unconformity HREEs (Northern Minerals Brown’s Range Model)

• ➢ HREE mineralisation confirmed late 2022

2023 Work Plan

• ➢ Generate and Define HREE and Au-AG-SB Targets

2024 Work Plan

• ➢ Discovery focused drilling

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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

2023 Work Plan

• ➢ Generate and Define Nickel and Gold Targets

• ➢ Continue to assess Li and Cu-Pb-Zn potential

2024 Work Plan

• ➢ Discovery focused drilling

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DRE
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ASX Code
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$0.064
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3,308M
Shares on
Issue
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$207.7M ~$23M
Cash
Market Cap
(31/12/2022 +
(Diluted)
Cap Raise)
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Share Price
(31/03/2023)
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97.3M ~0.9M / day
Unlisted
Liquidity
Options
(90-day average)
(Various Strike Prices)
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~15%
Board /
Management
Shareholding
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~$4.8M
Board /
Management
Cash Investment
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0.16
Yin, Sabre, Y8
REE Discoveries
0.14
0.12
0.1
0.08
Orion Cu-Ag-Au-Co
Discovery
0.06
etzke’s and ongmore’s
Au Discoveries
0.04
Drilling
0.02
Kimberley
COVID
0
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Paul Chapman

Non-Executive Chairman

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Philip Crutchfield Non-Executive Director

Robert Gee Non-Executive Director

Dean Tuck Managing Director

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Jessamyn Lyons Company Secretary

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Luke Blais
Senior Geologist
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Nick Chapman Senior Geologist

Matt Crowe Exploration Manager

Frank Murphy Operations Manager

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Scott Rudd
Senior Fieldy
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Sam Busetti Senior Geologist

Kevin Rose Senior Geologist

Leah Dawson Senior Geologist

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