DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

Feb 15, 2023

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FINDING THE METALS FOR OUR FUTURE

RIU EXPLORERS CONFERENCE FEBRUARY 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.

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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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

Consolidation of 75km Long Illaara Greenstone Belt Drilling Hits High Grades at Metzke’s Find Further High-Grade Gold from Metzke’s Find Further High-Grade Gold from Metzke’s Find Exploration Update Illaara Gold-VMS-Iron Ore Project Illaara Update and Regional Target Generation Drilling Results – Illaara Au-Cu-Iron Ore Project High-Grade Tantalum Results from Peggy Sue – Illaara Project Eight Conductors to be Drilled at Nelson and Trafalgar Cu-Pb-Zn-Ag Prospects – Illaara Project Drilling Complete at Illaara Project

• 6 December 2019 • 19 March 2020 RC • 25 September 2020 • 8 October 2020 • 30 November 2020 • 27 April 2021 • 31 May 2021 • 7 July 2021 • 15 February 2022 • 9 May 2022 Kimberley Ni-Cu-Au Project • 23 December 2019 • 25 August 2021 • 27 August 2021 • 15 November 2021 • 8 December 2021 • 29 April 2022 • 22 June 2022 Mangaroon Ni-Cu-PGE, REE & Au Project • 07 April 2021 • 19 July 2021 • 1 September 2021 • 29 November 2021 • 14 February 2022 • 29 April 2022 • 12 October 2022 • 17 October 2022 • 24 October 2022 • 10 November 2022 • 28 December 2022 • 27 January 2023

Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System 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-Au-Co Orion Auger Program – Taraji-Yampi Project Option/JV Agreement Signed with Global Base Metal Miner High Grade REE Ironstones Outcropping at Mangaroon Encouraging Results for Rare Earths at Yin Five Carbonatite Intrusions Identified at Mangaroon Project Conductors Defined along the Money Intrusion – Mangaroon FQM JV EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-Au-Co Broad high-grade assays at Yin REE Discovery Mineralised carbonatite discovered at C3 and C4 Broad high-grade assays at Yin REE Discovery Exploration Update Mangaroon Ni-Cu-PGE Initial High-Grade, Independent Resource Over 3kms at Yin Mineralised REE Ironstones increased by 13kms to 43kms

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Com an Sna shot p y p

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Capital Structure
~$4.8M invested by board and management
ASX Code DRE Yin, Sabre, Y8
$0.16 REE Discoveries
Share Price (15/02/2023) $0.091 >85% money in the ground
Shares on Issue ~3,308M
$0.14 ~1 ASX announcement / week
Market Cap (diluted) $310.2M
Cash (31/12/2022 + cap raise) ~$23M $0.12 Multiple discoveries in critical metals
2022 RIU
Unquoted Securities (Options /
100.9M $0.040
Performance Rights)
~$100M
$0.10
Liquidity (90-day average) ~0.9M / day
Orion Cu-Ag-Au-Co
Board / Management Cash Investment ~$4,800,000 $0.08 Discovery
2021 RIU
Board / Management Shareholding ~15% $0.017
~$40M
Board & Management $0.06
Metzke’s and Longmore’s
Paul Chapman Non-Executive Chairman Au Discoveries
Dean Tuck Managing Director $0.04 2019 DRE
Drilling Kimberley
$0.003
Philip Crutchfield Non-Executive Director
~$3M
$0.02
Jessamyn Lyons Company Secretary
COVID
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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Opportunity: REE: Ironstones & Carbonatites (100%)

• 25km to Hastings Yangibana REE Project, 29.9Mt @ 0.93% TREO (0.33% NdPr)

• Ironstones: high-grade, high NdPr, similar to Hastings (~$400m)

• Initial resource delivered 28 December 2022 : 14.4Mt @ 1.13% TREO (30% NdPr:TREO)

• Carbonatites: possible Mt Weld style (Lynas ~$7,400m), Mountain Pass (MP Minerals ~$8,800m)

Ni-Cu-PGE: Magmatic Sulphides (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:HAS: 11 Oct 2022 Drilling along 8km long Bald Hill-Fraser’s trend increases indicated resources by 50%;

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Yin Resource

✓ Discovery to Resource 6 Months

✓ High N ~~dPr: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

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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.

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Yin REE Complex

✓ Large Scale Potential

• 43kms of REE Ironstones

• Yin Resource is only ~7% of known strike

• High NdPr:TREO ratios

• High metallurgical recoveries

✓ High tonnage intensity

• 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

• Drilling to recommence in February 2023

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Si nificant U side Potential – C1-C5 g p

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• Drilling C1-C5 less than 50% Complete

• 6 areas of mineralisation identified

• Drilling to recommence in March/April 2023

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Mangaroon REE Si nificant U side Potential – C6 g p

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C1-5
C6 Yin Yang
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Mick Well (KFM)
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Mt Weld C6 C6 Magnetics C6 Gravity
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Government magnetics (low resolution) (high resolution)

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2023: Deliverin Resources and Discoveries g

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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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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

Ausdrill Rig 14 (Rocket’s Rig) set up and ready to drill Yin SouthASX:DRE 12

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