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FINDING THE METALS FOR OUR FUTURE

QUARTERLY PRESENTATION JANUARY 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

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

thirwnindndntdvifrmlifidfinnildvirhvinrrdtthirbtivfinnilittinndndDrdnhtnrnf
e o epee ace o quae aca asos ag ega o e ojeces, aca suao a ees. eaoug o ay o	• 6 December 2019	Consolida
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 Hi
performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or	• 25 September 2020	Further Hi
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 Hi
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	Exploratio
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 Up
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 Re
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-Grad
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 Con
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 Co
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
information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation,	• 25 August 2021	RC Resul
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
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-Grad
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 Hi
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 Drillin
the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or	• 22 June 2022	Orion Aug
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
programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”,	• 19 July 2021	High Grad
“possible”, “future”, “prospective” and similar expressions.	• 1 September 2021	Encourag
Competent Person’s Statement	• 9 September 2021	Four New
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	• 29 November 2021 • 14 February 2022	Five Carb Conducto
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	• 29 April 2022	EIS Drillin
'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the	• 12 October 2022	Broad hig
matters based on the information in the form and context in which it appears.	• 17 October 2022	Mineralise
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	• 24 October 2022	Broad hig
forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. (referencing	• 10 November 2022	Exploratio
historic and new company announcements).

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 Four New REE Ironstones Discovered at Mangaroon 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

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Com an Sna shot p y p

Capital Structure
ASX Code	DRE
Share Price(27/01/2023)	$0.110
Shares on Issue	3,089M
Market Cap(diluted)	$351M
Cash(31/12/2022) Unquoted Securities (Options / Performance Rights)	~$2.9M 101.3M
Top 20 Shareholders	~29%
Board / Management Cash Investment	~$3,300,000
Board / Management Shareholding	~15%

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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Mangaroon REE & Au (100%)

➢ ~5,300km[2] in the Gascoyne
➢ 25km from Yangibana REE Ironstones Project (Hastings - $500m)
➢ Six carbonatites to be tested for Mt Weld style (Lynas - $7,800m)
➢ Initial JORC Resource delivered over <10% of known REE ironstones

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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Performance to Date

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~$3.3M invested by board and management
Yin, Sabre, Y8
$0.16
>85% money in the ground REE Discoveries
63
69 56 $0.14 ~1 ASX announcement / week
51
86 82 87 93
$0.12 Multiple discoveries in critical metals
$0.10
$0.08 Orion Cu-Ag-Au-Co
Discovery
$0.06 Metzke’s Find
& Longmore’s
Au “Discoveries”
$0.04
Drilling Kimberley
$0.02
Illaara Acquired
COVID
DRE Founded
Mangaroon Acquired
$-
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Mangaroon REE & Au (100%) Mangaroon Ni-Cu-PGE (FQM Earn-In)

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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, 27.4Mt @ 0.97% TREO (0.33% NdPr)
Ironstones: high-grade, high NdPr, similar to Hastings (~$500m)
Initial resource delivered in December 2022: 14.4Mt @ 1.13 TREO (30% NdPr:TREO)
Carbonatites: possible Mt Weld style (Lynas ~$7,800m), Mountain Pass (MP Minerals ~$8,500m)

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

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Yin Resource

✓ Discovery to Resource 6 Months

Strong understanding of ironstone trends

✓ 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

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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
7 Carbonatite Intrusions

✓ 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 100-200m depth
Potential to significantly enhance resource intensity based on study work and conceptual economics

✓ Pending Results

Sabre / Y8 drilling – additional ironstone potential
First Pass C1-C5 drilling – source of the region?
Regional Sampling – additional targets

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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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Mangaroon REE Carbonatite S stems y

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~1km

Ngualla- Tanzania

Mountain Pass - USA

Mt Weld - Australia

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Mangaroon REE Carbonatite Foot rints Sim lified p p

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Sulphide Queen MP Materials 30.4Mt @ 6.36% TREO

C1 ?

*16 February 2022 SEC Technical Report Summary – Mountain Pass Mine

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Ngualla Peak Rare Earths 214.4Mt @ 2.15% TREO

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24 October 2022 Completion of Ngualla BFS Update
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Mt Weld Lynas 55.4Mt @ 5.4% TREO

Carbonatite REE Deposit

REE Mineralisation

~1km

*6 August 2018 Lynas announces 60% increase to Mt Weld

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C6
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?
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C2-5 + Extension

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?
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Mangaroon REE Carbonatite First Pass Drilling Program

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C6
Undrilled
Sulphide Queen
MP Materials C1
30.4Mt @ 6.36% TREO ?
16 February 2022 SEC Technical Report Summary – Mountain Pass Mine
C2-5 + Extension
Ngualla
Peak Rare Earths
214.4Mt @ 2.15% TREO
24 October 2022 Completion of Ngualla BFS Update
Carbonatite Mt Weld ?
Lynas
REE Deposit
55.4Mt @ 5.4% TREO
REE Mineralisation 6 August 2018 Lynas announces 60% increase to Mt Weld
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*6 August 2018 Lynas announces 60% increase to Mt Weld

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~1km
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Mangaroon REE First Pass Results

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C6 Undrilled

Sulphide Queen MP Materials 30.4Mt @ 6.36% TREO

C1 Partially drilled

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?
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*16 February 2022 SEC Technical Report Summary – Mountain Pass Mine

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C2-5 + Extension Partially drilled

Ngualla

Peak Rare Earths 214.4Mt @ 2.15% TREO

*24 October 2022 Completion of Ngualla BFS Update

Mt Weld Lynas 55.4Mt @ 5.4% TREO

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?
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Carbonatite REE Deposit

REE Mineralisation

*6 August 2018 Lynas announces 60% increase to Mt Weld

~1km

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Mangaroon REE C3 REE-P-Nb-Ti-Sc Mineralised Area

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C3 REE-P-Nb-Ti-Sc Mineralised Area

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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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Orion Cu-A -Au-Co Discover g y

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Limit of 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 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

  - **2022** : Confirm concept

Establish a significant early stage HREE play to compliment 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: Deliverin Discoveries g

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Yin Orion FQM JV
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mangaroon REEs
Mangaroon Ni-Cu-PGE
Kimberley Cu-Ag-Au-Co
Target generation
Bresnahan HREEs
Target definition
Target testing Central Yilgarn Ni
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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
➢ 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
➢ $3.3M invested to date
➢ ~15% Board and management ownership

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AI assistant

DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

64785_rns_2023-01-29_2e3d888b-e972-41d7-935f-b96174af1194.pdf

FINDING THE METALS FOR OUR FUTURE

Disclaimer

Com an Sna shot p y p

Mangaroon REE & Au (100%)

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

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

Bresnahan HREEs (100%)

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

Performance to Date

Mangaroon REE & Au (100%) Mangaroon Ni-Cu-PGE (FQM Earn-In)

Man aroon Pro ect g j

Opportunity:

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

Yin Resource

✓ Discovery to Resource 6 Months

✓ High NdPr:TREO Ratios

✓ Mineralogy Confirmed

✓ Metallurgy Confirmed

Yin REE Complex

✓ Large Scale Potential

✓ High tonnage intensity

✓ Underground Potential?

✓ Pending Results

Mangaroon REE Si nificant U side Potential – C6 g p

Mangaroon REE Carbonatite S stems y

Ngualla- Tanzania

Mountain Pass - USA

Mt Weld - Australia

Mangaroon REE Carbonatite Foot rints Sim lified p p

Mangaroon REE Carbonatite First Pass Drilling Program

Mangaroon REE First Pass Results

Sulphide Queen MP Materials 30.4Mt @ 6.36% TREO

Mangaroon REE C3 REE-P-Nb-Ti-Sc Mineralised Area

C3 REE-P-Nb-Ti-Sc Mineralised Area

Tarraji-Yampi Cu-Ag-Au-Co,

Tarraji-Yampi

Background

Strategy

Next Steps

Orion Cu-A -Au-Co Discover g y

Auger Program

➢ Nine Orion look-a-likes

Central Yil arn Overview g

Background

Strategy

Next Steps

Bresnahan Project

Bresnahan HREE Project

Strategy

Next Steps

Background

2023: Deliverin Discoveries g

Take Away Message

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