DREADNOUGHT RESOURCES LTD — Management Reports 2021

Oct 13, 2021

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14 October 2021

EXPLORATION UPDATE AND FURTHER CONSOLIDATION - MANGAROON PROJECT

HIGHLIGHTS

• Ground based electromagnetic (“EM”) survey designed to highlight Ni-Cu-PGE massive sulphides commenced over ~12km strike of the Money Intrusion – fully funded by First Quantum Minerals (“FQM”) with results expected by December 2021.

• Acquisition of the historical Diamond’s Gold Mine. The mine was discovered in 1979 and has never been drilled – presents a high-grade gold opportunity in addition to Cullen’s Find to be drilled in March 2022 quarter.

• Airborne magnetic–radiometric survey targeting Rare Earth Element (“REE”) ironstones and the Cullen’s Find trend is ~50% complete with results due in November 2021.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to provide an update on exploration work at the Mangaroon Project in the Gascoyne region of Western Australia.

Work is progressing on multiple fronts as Dreadnought advances target definition and generation work on the 100% owned REEs and gold. In addition, Ni-Cu-PGE target definition EM surveys have commenced over the Money Intrusion.

Dreadnought’s Managing Director, Dean Tuck, commented: “Whilst our focus has been on drilling programs at Tarraji-Yampi, we have continued to advance and consolidate Mangaroon in the background. The acquisition of the Diamond’s Gold Mine consolidates our ground position along the Cullen’s find trend. Importantly, all work remains on schedule to deliver a maiden drill program targeting Ni-Cu-PGEs, rare earths and gold in the March 2022 quarter. We look forward to receiving the results of the ground EM and airborne magnetic-radiometric surveys in the meantime.”

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Figure 1: Overview of the ongoing work programs across Mangaroon with two airborne magnetic – radiometric surveys progressing at Cullen’s (targeting gold) and Yin (targeting REEs), an EM survey covering ~12km strike from Bookathanna to Lumpy’s Find (targeting Ni-Cu-PGEs). Also highlighting the acquisition of E09/2359 which contains the historical and undrilled Diamond’s Gold Mine, which is also covered by the Cullen magneticradiometric survey.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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Ground EM Surveys (E08/3274, E09/2384: Option with FQM)

Airborne magnetics, geological mapping and surface sampling have been completed over the entire 45km strike of the Money Intrusion. This work has identified a core ~12kms stretch of the intrusion which contains large, high tenor, blebby, three phase sulphides comprised of pyrrhotite, pentlandite and chalcopyrite. Within this priority zone, outcropping gossanous horizons after remobilised Ni-CuPGE sulphides have been identified at Bookathanna and Lumpy’s Find (see Figure 2) with peak rock chips values of 1.0% Cu, 0.8% Ni and 0.8 g/t Pd+Pt.

A 12km long ground EM survey, comprised of fixed loop and moving loop EM, has commenced over the priority zone and is expected to be completed by mid-December 2021. This survey is designed to identify conductive massive sulphide targets associated with the outcropping mineralisation within the Money Intrusion.

Results are expected throughout December 2021 with drilling expected to commence in March 2022.

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Figure 2: Image showing the location of the 12km long EM survey in relation to mapped sulphide occurrences over magnetic imagery. Close ups of Bookathanna and Lumpy’s Find highlight the extensive gossanous horizons.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

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Diamond’s Gold Mine Acquisition (E09/2359: 100% DRE)

Dreadnought has entered into an agreement to acquire the Diamond’s Gold Mine from an unrelated party (Prager Pty Ltd). The Diamond’s Gold Mine was discovered by pastoralist Alan McDonald in 1979[1] . Alan McDonald was the station owner at Mangaroon and is responsible for identifying and often mining, several gold and base metal occurrences at Mangaroon. The Diamond’s Gold Mine comprises two shafts sunk on mineralised veins running 1-10m wide and 20-200m long[2] . Historical records indicate that the mine produced at ~1oz per tonne of gold when put through the Meekatharra State Battery[1] .

Importantly, asides from historical production, there has been no exploration of the Diamond’s Gold Mine and it has never been drilled.

The Diamond’s Gold Mine presents another outcropping, high grade opportunity at the Mangaroon Project and compliments the Cullen’s Find gold occurrence located ~25kms along strike within the same mineralised corridor. Approvals and additional target definition work will be undertaken at Diamond’s and Cullen’s Find, with drilling to commence in March 2022.

Terms of the transaction:

• Dreadnought to be 100% owner of the E09/2359

• $30k Cash (being reimbursement of tenement application costs)

• 750,000 DRE shares (~$30k @ $0.038)

• 1% Gross Revenue Royalty

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Figure 3: Photo of Alan McDonald’s extractor working at the Diamond’s Gold Mine in 1985[1] . (1. McDonald, Rhonda. Gold in the Gascoyne. Hesperian Press, 2000)

• (2. Martin, D., Sheppard, S., and Thorne, A., Geology of the Maroonah, Ullawarra, Capricorn,

• Mangaroon, Edmund, and Elliot Creek 1:100,000 sheets: Western Australia Geological Survey, 2005)

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

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Airborne Magnetic–Radiometric Survey (E09/2370, E09/2448, E09/2449, E09/2450, E09/2535: 100% DRE)

The detailed survey will be flown with 50m line spacing at a low altitude and will be a significant improvement on the existing public data flown at 500m line spacing in the 1990s. The survey data is expected to highlight additional REE anomalies and to allow for mapping under shallow cover to trace the ironstones. In addition, structural gold targets are also expected to be identified. The survey is ~50% complete with results due in November 2021 and will assist in designing drill programs to commence in the March 2022 quarter.

Ongoing and Upcoming Work Programs at Mangaroon:

Ongoing: Mapping and rock chipping along the Money Intrusion for Ni-Cu-PGE target generation Commenced: Project wide multi-element stream sediment sampling

Commenced: Petrological and mineralogical analysis of rocks from Yin Commenced: Detailed airborne magnetic-radiometric survey over REE ironstones

October: Fixed Loop EM Surveys along the Money Intrusion for Ni-Cu-PGE target definition November: Ground truthing and rock chip sampling additional REE and gold occurrences

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Figure 4: Dreadnought’s Drew Money, who grew up on Lyndon Station at Mangaroon, going through old prospecting maps at the homestead.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

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Background on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: Option with FQM) (E08/3275, E09/2370, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478: 100%)

Mangaroon covers >4,500 sq. kms of the Mangaroon Zone in the Gascoyne Region of Western Australia. The region is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres and the high-grade Yangibana REE deposits. During most of the region’s early history, there was no government support for prospecting and or exploration resulting in a vastly underexplored region in Western Australia.

Dreadnought has located outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults, outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion and outcropping high-grade REE ironstones, similar to those under development at Yangibana.

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Figure 5: Plan view map of Mangaroon showing the location of current prospects in relation to major structures, geology, roads and the Yangibana REE Project.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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For further information please refer to previous ASX announcements:

• 15 March 2021 Exploration Commences at Mangaroon Ni-Cu-PGE & Au Project

• 11 June 2021 High-Grade REE Ironstones Outcropping at Mangaroon

• 19 July 2021 High-Grade REE Ironstones Confirmed Over 2.5kms at Mangaroon

• 1 September 2021 Encouraging Results for Rare Earths at Yin

• 9 September 2021 Four New REE Ironstones Discovered at Mangaroon

• 24 September 2021 Airborne Magnetic-Radiometric Survey Commenced at Mangaroon

UPCOMING NEWSFLOW

October: Quarterly Activities and Cashflow Reports

October-December: Updates and assay results of drilling at Tarraji-Yampi (Orion, Grant’s Find and Fuso)

October/November: Remaining assays from drilling at Tarraji-Yampi (Texas, Orion Ni-Cu-PGE, Grant’s Find, Fuso and Paul’s Find Cu-Au and Chianti-Rufina VMS targets)

October/November: Results of DHEM surveys from Tarraji-Yampi (Texas, Chianti, Orion and Fuso)

November: Target definition and generation work at Mangaroon (Yin, Cullen’s Find and Diamond’s)

November/December: Results of ground EM surveys along the Money Intrusion at Mangaroon

November/December: Results of airborne magnetic-radiometric surveys for REE ironstones and gold along the Cullen’s Find trend at Mangaroon

24 November: Annual General Meeting

~Ends~

For further information please contact: Dean Tuck Jessamyn Lyons Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E:dtuck@dreadnoughtresources.com.au E:jlyons@dreadnoughtresources.com.au

This announcement is authorised for release to the ASX by the Board of Dreadnought.

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.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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INVESTMENT HIGHLIGHTS

Kimberley Ni-Cu-Au Projects

Dreadnought controls the second largest land holding in the highly prospective West Kimberley region of WA. The main project area, Tarraji-Yampi, is located only 85kms from Derby and has been locked up as a Defence Reserve since 1978.

Tarraji-Yampi presents a rare first mover opportunity with known outcropping mineralisation and historic workings from the early 1900’s which have seen no modern exploration.

Results to date indicate that there may be a related, large scale, Proterozoic Cu-AuAg-Bi-Sb-Co system at Tarraji-Yampi, similar to Cloncurry / Mt Isa in Queensland and Tennant Creek in the Northern Territory.

Mangaroon Ni-Cu-PGE, REE & Au Project

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Mangaroon is a first mover opportunity covering ~4,500sq kms of tenure located 250kms south-east of Exmouth in the Gascoyne Region of WA. During the region’s early history, there was limited government support for exploration resulting in the region being vastly underexplored.

Since acquiring the project in late 2020, Dreadnought has located: outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults; outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion; and outcropping high-grade REE ironstones, similar to those under development at the Yangibana REE Project.

Illaara Gold, Base Metals, Critical Minerals & Iron Ore Project

Illaara is located 190km northwest of Kalgoorlie in the Yilgarn Craton and covers 75kms of strike along the Illaara Greenstone Belt. Illaara is prospective for typical Archean mesothermal lode gold deposits, VMS base metals and critical metals including Lithium-Caesium-Tantalum.

Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont. Prior to Newmont, the Illaara Greenstone Belt was predominantly held by iron ore explorers and remains highly prospective for iron ore.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

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Table 1: Significant (>0.2% Cu or >0.2% Ni) Rock Chip Results

Sample ID Easting Northing Cu (%) Ni (%) Co (%) Pt (g/t) Pd (g/t) Au (g/t)	Prospect
MNRK0343 7382312 363912 0.2 0.1 - - - --	Bookathanna
MNRK0344 7382131 363876 0.2 0.1 0.01 0.0 - -
MNRK0346 7381981 363880 0.4 0.5 0.02 0.2 0.1 -
MNRK0349 7381880 363876 0.3 - - 0.2 0.6 0.1
MNRK0351 7381693 363831 0.2 0.1 0.01 0.1 0.1 -
MNRK0356.1 7381165 363444 0.4 0.2 0.01 0.1 0.1 -
MNRK0361 7381454 363609 0.2 0.1 0.01 - 0.1 -
MNRK0366 7382679 363958 0.4 0.4 0.03 0.1 0.2 -
MNRK0367 7382678 363963 1.0 0.6 0.04 - - -
MNRK0416 7383308 365015 0.6 0.1 0.01 0.1 0.1 -
MNRK0417 7383252 364972 0.2 0.1 0.01 - 0.1 -
MNRK0419 7381880 363878 0.3 - - 0.3 0.3 0.1
MNRK0435 7382635 363954 0.2 0.2 0.01 0.1 - -
MNRK0437 7382542 363945 0.3 0.8 0.08 0.1 0.1 -
MNRK0207 7379740 362256 0.2 0.1 0.01 - 0.2 -	High Range
MNRK0374 7377765 361668 0.4 0.4 0.02 0.1 0.4 -
MNRK0391 7377959 361663 0.4 0.3 0.01 0.1 0.4 -
MNRK0392 7377959 361663 0.2 0.3 0.03 - 0.2 -
MNRK0393 7378023 361675 0.4 0.5 0.02 0.1 0.2 -
MNRK0210 7375556 360186 0.2 0.1 - - - -	Lumpy’s Find
MNRK0211 7375529 360187 0.5 0.1 0.01 0.2 0.2 0.1
MNRK0214 7375551 360190 0.2 0.1 - - - -
MNRK0262 7374763 359724 0.2 0.1 0.03 - - -
MNRK0383 7375054 360043 0.2 0.3 0.01 0.2 - -
GLRK01 359255 7373349 0.2 - - - - -
GLRK08 359962 7374811 0.1 0.1 0.01 0.1 0.2 -
GLRK08A 359962 7374811 0.2 0.1 0.01 0.1 0.3 -
GLRK11 360005 7374922 0.2 0.1 0.01 - - -
GLRK12 360039 7374995 0.5 0.1 - 0.1 0.8 -
GLRK15 360190 7375562 0.2 0.1 - - - -

*Some results previously reported 25 November 2020.

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

JORC TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as	Rock Chips • Rock Chips were collected by Dreadnought staff and submitted for analysis. Rock chips are random, subject to bias and often unrepresentative for the typical widths required for economic consideration. They are by nature difficult to duplicate with anyacceptable form of

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

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Criteria	JORC Code explanation	Commentary
	limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	precision or accuracy. • Rock chips have been collected by Dreadnought to assist in characterising different lithologies, alterations and expressions of mineralisation. In many instances, several rock chips were collected from a single location to assist with characterising and understanding the different lithologies, alterations and expressions of mineralisation present at the locality. • Rock chips were submitted to ALS Laboratories in Perth for determination of Au, Pt and Pd by PGM-ICP24 and multiple (48) elements by ME- MS61 Diamond Gold Mine • No information is known
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	No drilling undertaken
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No drilling undertaken
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	No drilling undertaken
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling	Rock Chips Entire rock chips were submitted to the lab for sample prep and analysis. Diamond Gold Mine No information is known

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Criteria	JORC Code explanation	Commentary
	is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Rock Chips • All samples were submitted to ALS Laboratories in Perth where 1-3kg rock chips samples were crushed so that >70% of material passes through -6mm, the sample is then pulverised to >85% passing 75 micron. • A 50 gram aliquot was analysed for Au, Pt and Pd by Fire Assay and ICP-AES finish (ALS Code PGM-ICP24) • Fire Assay is considered a total digest for Au, Pt and Pd • A 0.25 grams aliquot was analysed for 48 elements by a four-acid digest and ICP-MS finish (ALS Code ME-MS61). • Four-acid digest is considered a “near-total” digest for most elements. • No standards, duplicates or blanks submitted with rock chips. Diamond Gold Mine No information is known
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Rock Chips • Rock chip and geological information is written in field books and coordinates and track data saved from hand held GPSs used in the field. • Dreadnought and/or FQM geologists have inspected and logged all rock chips. • Field data is entered into excel spreadsheets to be loaded into a database. Diamond Gold Mine No verification work has been done
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• All sample locations were recorded with a Garmin handheld GPS which has an accuracy of +/- 5m. • GDA94 MGAz50.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	Sample spacing and distribution is not sufficient to establish the degree of geological and grade continuity appropriate for a Mineral Resource.
Orientation of data in relation to	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is	At this early stage of exploration, mineralisation thickness’s, orientation and dips are not known.

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Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

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Criteria	JORC Code explanation	Commentary
geological structure	known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	• All geochemical samples were collected, bagged, and sealed by Dreadnought staff and delivered to Norex General Transport in Exmouth. • Samples were delivered directly to ALS Laboratories Perth by Norex General Transport out of Exmouth.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	The program is continuously reviewed by senior company personnel.

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Mangaroon Project consists of 7 granted Exploration License (E08/3178, E09/2359, E09/2370, E09/2384, E09/2433, E09/2473, E09/2478) and 11 pending Exploration Licenses (E08/3274, E08/3275, E08/3439, E09/2448, E09/2449, E09/2450, E09/2467, E09/2531, E09/2535, E09/2616, E09/2620) • All tenements are 100% owned by Dreadnought Resources. • E08/3178, E08/3274, E09/2384, E09/2433, E09/2473 are subject to an option agreement with First Quantum Minerals over the base metal rights. • E08/3178, E09/2370, E09/2384 and E09/2433 are subject to a 2% Gross Revenue Royalty held by Beau Resources. • E08/3274, E08/3275, E09/2433, E09/2448, E09/2449, E09/2450 are subject to a 1% Gross Revenue Royalty held by Beau Resources. • E09/2359 is subject to a 1% Gross Revenue Royalty held by Prager Pty Ltd. • The Mangaroon Project covers 4 Native Title Determinations including the Budina (WAD131/2004), Thudgari (WAD6212/1998), Gnulli Gnulli (WAD22/2019) and the Combined Thiin-Mah, Warriyangka, Tharrkari and Jiwarli (WAD464/2016) • The Mangaroon Project is located over Lyndon, Mangaroon, Gifford Creek, Maroonah Minnie Creek, Towra and Uaroo Stations

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Dreadnought Resources Limited

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Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

+61 (0) 428 824 343

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Criteria	JORC Code explanation	Commentary
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical exploration of a sufficiently high standard was carried out by a few parties which have been outlined and detailed in this ASX announcement including: Regional Resources 1986-1988s: WAMEX Reports A23715, 23713 Peter Cullen 1986: WAMEX Report A36494 Carpentaria Exploration Company 1980: WAMEX Report A9332 Rodney Drage 2011: WAMEX Report A94155 Sandfire Resources 2005-2012: WAMEX Report 94826
Geology	• Deposit type, geological setting and style of mineralisation.	• The Mangaroon Project is located within Mangaroon Zone of the Gascoyne Province. • The Mangaroon Project is prospective for orogenic gold, magmatic Ni-Cu-PGE mineralisation and Ferrocarbonatite hosted REEs.
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	No drilling undertaken
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	No drilling undertaken
Relationship between	• These relationships are particularly important in the reporting of Exploration Results.	No drilling undertaken

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Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

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+61 (0) 428 824 343

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Criteria	JORC Code explanation	Commentary
mineralisation widths and intercept lengths	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to figures within this report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Suitable commentary of the geology encountered are given within the text of this document.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Additional mapping, surface sampling followed by EM surveys • Environmental and Heritage Surveys • Drilling

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