DREADNOUGHT RESOURCES LTD — Regulatory Filings 2020

Jun 3, 2020

4 June 2020

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SUCCESSFUL EIS DRILLING GRANT FOR THE TARRAJI-YAMPI PROJECT

HIGHLIGHTS

• $125,000 grant awarded to Dreadnought under the WA Government’s Exploration Incentive Scheme (“EIS”)

• The EIS scheme is a highly competitive program and the grant further recognizes the technical merits of the Chianti-Rufina VMS Prospect in the Kimberley

• This is the third successful EIS grant underscoring Dreadnought’s commitment to generating and drill testing high quality targets

Dreadnought Resources Limited (“ Dreadnought ” or “ the Company ”) is pleased to announce that it has been awarded a $125,000 EIS grant to co-fund RC drilling at Chianti-Rufina within the 100% owned E04/2508 tenement as part of the Tarraji-Yampi Project in the Kimberley.

EIS funding is managed by the Geological Survey and Resource Strategy Division of the Department of Mines, Industry Regulation and Safety (“ DMIRS ”) to stimulate exploration leading to mineral discoveries. Dreadnought acknowledges this significant support from DMIRS.

Dreadnought has a another EIS co-funded grant of $125,000 for RC drilling at our Illaara Gold-VMS project.

Dreadnought was one of 49 successful applicants out of 61 for this EIS round.

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Figure 1: Plan view map of the Chianti-Rufina VMS Prospect highlighting the coincidence of Cu in soils, rock chips and FLEM plates over a geological interpretation and analytical signal magnetics image.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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Background on the Chianti-Rufina VMS Prospect

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Figure 2: Location of the Chainti-Rufina Prospect within the Tarraji-Yampi Project

Chianti was originally defined by Australian Consolidated Minerals (“ ACM ”) in 1972. An airborne electromagnetic (“ VTEM ”) survey flown in 2015 highlighted a conductor beneath the 1972 ACM drilling. Since acquiring the project in 2019, Dreadnought initially carried out a ground fixed loop electromagnetic survey (“ FLEM ”) covering a portion of the VTEM conductor which contained outcropping gossans and historical drilling. The FLEM survey identified two strong EM plates which were then drilled in late 2019 and successfully intersected highly magnetic massive sulphide mineralisation.

During the drill program, Dreadnought immediately applied the geological and geophysical learnings from the first drill holes, to identify additional gossans within an

interpreted VMS horizon with coincident magnetic anomalies. Additional FLEM surveys were undertaken as was a soil survey to identify and add confidence to defining drill targets.

Dreadnought has now defined seven FLEM plates with associated outcropping gossans, magnetic anomalies and/or soil anomalies. Each of these targets will be drilled once restrictions to access in the Kimberley are restored and permits finalised.

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Figure 3: Massive sulphide from CHDD001 61.4m-61.9m grading 6.0% Zn, 0.7% Pb, 0.2% Cu, 14.1 g/t Ag

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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:

• 28 January 2020 Soil Anomalism and High-Grade Rock Chips Further Validate the Chianti-

• 2 December 2019 Assays and EM confirm Massive Sulphides System at Chianti-Rufina

• 25 October 2019 Emerging VMS Camp around the Chianti VMS Prospect

• 15 October 2019 Massive Sulphides Confirmed in Lower EM Plate at Chianti VMS Target

• 10 October 2019 Massive Sulphides Confirmed in Upper EM Plate at Chianti VMS Target

UPCOMING NEWSFLOW

Early June: Assay results from RC drilling program at Rocky Dam

June: Results of magnetic and gravity 3D inversions at Fuso and Paul’s Pipe, part of the Tarraji-Yampi Project

June: Successful EIS application for RC drilling at Chianti-Rufina, part of the Tarraji-Yampi Project

June: Extraordinary General Meeting

June/July: Drill targets from geological mapping at Illaara Central and Metzke’s Find corridor work

July: Assay results from RC drilling programs at the VMS targets at Rodney, Warspite, Bismarck and Reindler’s

July: Assay results from RC drilling programs at the deeper bedrock targets at Metzke’s Find

July: Quarterly Activities and Cashflow Report

July: Outcome of the 2020-2021 JMEI Tax Credits application

Ends

For further information please contact:

Dean Tuck Nick Day Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E:dtuck@dreadnoughtresources.com.au E:info@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. Oliver Judd, who is a Member of the AusIMM, exploration manager and shareholder of the Company. Mr. Judd 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. Judd 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 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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. The area was only recently opened under the Commonwealth Government’s co-existence regime that balances Defence’s needs with the requirements of others including Aboriginal groups, the resources industry, pastoralists and State Governments.

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

Three styles of mineralisation occur at Tarraji-

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Yampi including: volcanogenic massive sulphide (“ VMS ”); Proterozoic Cu-Au (“ IOCG ”); and magmatic sulphide Ni-Cu-PGE. Numerous high priority nickel, copper and gold drill targets have been identified from recent VTEM surveys, historical drilling and surface sampling of outcropping mineralisation.

Illaara Gold & VMS 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 and base metals VMS mineralisation.

Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont. Newmont defined several camp-scale targets which were undrilled due to a change in corporate focus. Prior to Newmont, the Illaara Greenstone Belt was predominantly held by iron ore explorers and has seen minimal gold and base metal exploration since the 1990s. Illaara contains several drill ready gold targets. In addition, the Eastern and Western VMS Horizons are expected to produce exciting drill targets with the application of modern exploration technology.

Rocky Dam Gold & VMS Project

Rocky Dam is located 45kms east of Kalgoorlie in the Eastern Goldfields Superterrane of Western Australia. Rocky Dam is prospective for typical Archean mesothermal lode gold deposits and Cu-Zn VMS mineralisation. Rocky Dam has known gold and VMS occurrences with drill ready gold targets including the recently defined CRA-North Gold Prospect.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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

+61 (0) 428 824 343