DREADNOUGHT RESOURCES LTD — Regulatory Filings 2021

Jul 29, 2021

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30 July 2021

SIGNIFICANT MINERALISATION FROM MULTIPLE PROSPECTS AT TARRAJI-YAMPI PROJECT

HIGHLIGHTS

• RC drilling program (18 RC holes for 3,511m) now completed at the Tarraji-Yampi Project in the West Kimberley region of Western Australia with significant results as follows:

• 13m of massive to semi-massive sulphides intersected at Orion containing ~5-20% chalcopyrite (copper sulphide);

• 5m of chalcopyrite-rich quartz veining (~10-30% chalcopyrite) at Grant’s Find;

- Intense potassic-sulphide alteration and quartz veining at Fuso and Paul’s Find, possibly indicative of a gold bearing system and additional magnetic surveys underway as the magnetic anomaly remains unexplained; and

- 2m of massive sulphide at Chianti containing dominant chalcopyrite, sphalerite and galena.

• Texas diamond drilling has been delayed due to rig breakdown at 55m. Drilling is expected to recommence early August 2021 with initial results mid-August 2021.

• RC rig to return September 2021 for follow-up drilling with a copper-gold focus on Orion and Grant’s Find. Assays for the program are due in late August 2021.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that the RC drilling program at Tarraji-Yampi (18 RC holes for 3,511m) has now been completed. The drilling sequence was Chianti, Fuso, Paul’s Find, Grant’s Find and Orion. The program successfully intersected significant mineralisation and/or alteration across multiple targets.

In total, 18 RC holes for 3,511m have been completed resulting in several significant intercepts including thick chalcopyrite rich massive and semi-massive sulphides in the first hole ever drilled into Orion. RC drilling has demobilised as planned and will recommence in September 2021 with a particular focus on Orion and Grant’s Find.

Dreadnought’s Managing Director, Dean Tuck, commented: “Intersecting massive copper bearing sulphide in the first hole drilled at Orion is a watershed moment for the Tarraji-Yampi project. Furthermore, significant mineralisation and/or alteration was intersected at Grant’s Find, Fuso, Paul’s Find and Chianti with a number of targets still to be tested and new targets emerging. We have rushed assays and expedited downhole and surface geophysical surveys to assist with prioritising follow up drilling. Our obvious priorities are Orion and Grant’s Find with other priorities to be set as further information is forthcoming. We look forward to returning in September 2021 with follow-up RC drilling and to completing the diamond program at Texas in the meantime.”

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Figure 1: KMRC017 chip tray with semi-massive/massive sulphide (44-57m) carrying ~5-20% chalcopyrite.

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

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Drilling at Texas and Orion (E04/2315: 80%)

Texas and Orion are magmatic Ni-Cu-PGE targets hosted within the Ruins Dolerite. In 2015, an airborne VTEM survey was flown resulting in the identification of Texas and Orion as multiple EM anomalies +/- coincident magnetic anomalies hosted within a thick Ruins Dolerite sequence.

Two RC drill holes for 336m were recently drilled at Orion EM Plate C (KMRC018) and into the magnetic anomaly ~850m north of EM Plate C (KMRC017). A ground Fixed Loop EM (“FLEM”) survey was undertaken as planned which highlighted a conductive body associated with the intense magnetic high. While ground truthing the target, a subcropping ironstone with malachite staining was identified and a drill pad was quickly prepared. KMRC017 intersected 13m of massive to semimassive sulphides dominated by pyrite-pyrrhotite and carrying ~5-20% chalcopyrite from 44m

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Figure 2: Image showing the location recently drill and planned holes in relation to the FLEM plates at Texas and Orion Ni-Cu-PGE targets over a magnetics image.

downhole. Downhole EM (“DHEM”) and modelling of the FLEM data is ongoing and will assist with designing follow-up drill holes. Samples have been dispatched to the lab for rush analysis with assay results expected in August 2021.

KMRC018 intersected multiple sulphidic shale horizons dominated by pyrrhotite, pyrite and sphalerite with trace chalcopyrite. A DHEM survey is underway to identify any off-hole conductors.

Based on these encouraging results, further RC drilling at Orion is set to commence in September 2021. This drilling will follow-up on the massive sulphide intercept in KMRC017 and finish testing the A and B EM plates (Figure2).

Diamond drilling at Texas has been delayed due to a breakdown of the diamond rig at 55m depth. Drilling is set to recommence in early August 2021 and to be finished in mid-August 2021.

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Figure 3: Photo showing the RC rig drilling KMRC018 at Orion

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

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Drilling at Grant’s Find (E04/2315: 80%)

Grant’s Find is a ~700m long outcropping copper-gold lode that was identified and mined in the 1910s and explored by Western Mining Corporation (“WMC”) in the 1950s. In 2019, Dreadnought drilled two diamond holes into Grant’s Find to determine the tenor of copper and gold mineralisation in fresh rock as WMC had not previously assayed for gold in their drilling.

Despite intersecting encouraging copper mineralisation, including 1.7m @ 3.8% Cu and 0.5 g/t Au, the overall tenor of the gold mineralisation was disappointing.

Upon relogging the core, a 1-2mm gold nugget was identified in GRDD002 on the unassayed half of the core, reigniting interest in Grant’s Find.

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Figure 4: Photo of diamond core from GRDD002 showing a 1-2mm gold nugget in a copper bearing quartz vein.

After the recent drill program had commenced, approvals were received for RC drilling at Grant’s Find and three holes were drilled (537m). It is considered that the RC drilling would better represent the nuggety nature of the gold mineralisation. All three holes hit chalcopyrite bearing quartz veining with KMRC016 intersecting 5m of chalcopyrite-rich quartz veining (~10-30% chalcopyrite) from 106m within a broader 9m mineralised intercept.

All samples have been dispatched for rush analysis to determine the presence of any significant mineralisation and to assist with the design and prioritisation of follow-up drilling in September 2021.

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Figure 5: KMRC016 chip tray showing significant chalcopyrite-quartz veining from 106-111m downhole at Grant’s Find.

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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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Drilling at Fuso and Paul’s Find (E04/2315: 80%)

Fuso and Paul’s Find are Cu-Au targets defined from airborne magnetics and ground gravity surveys undertaken in 2019. Fuso was defined by an intense magnetic high surrounding the northern extent of a strong density anomaly. The ~500m x 400m ovoid gravity feature is cupped on the northern side by the ~1,700m x 700m magnetic anomaly.

5 RC drill holes for 1,125m were drilled into Fuso. The gravity anomaly was determined to be due to a medium to coarse grained mafic intrusion, following which attention turned to focus on the magnetic anomalies. Four holes were drilled to test the magnetic anomaly and intersected multiple zones of chlorite-sulphide alteration with locally significant quartz-sulphide-carbonate veining. This alteration and mineralisation is suggestive of an orogenic gold system; however, the source of the magnetic anomaly remains unresolved.

One metre samples have been dispatched for rush analysis and additional magnetic surveys are ongoing to assist with defining the magnetic anomalies for follow-up testing.

Paul’s Find is defined by an intense, reversely/remanently magnetised anomaly with a coincident density anomaly. A single RC hole for 249m was drilled into Paul’s Find intersecting a sheared potassic and sulphide altered hornblende-rich lithology with isolated quartz-sulphide veining. The hornblendite is interpreted to be part of a fractionated mafic intrusion with potential to host Ni-CuPGE mineralisation at depth. In addition, the shearing and alteration have the potential to host orogenic gold mineralisation.

All samples have been dispatched for rush analysis to determine the presence of any significant mineralisation and to assist with the design and prioritisation of follow-up drilling in September 2021.

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Figure 6: Photo of the RC drill rig drilling KMRC008 at Fuso.

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

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Drilling at Chianti-Rufina Cu-Zn-Ag (E04/2508: 100%)

Chianti was originally defined and drilled by Australian Consolidated Minerals in 1972. An airborne VTEM survey flown in 2015 highlighted a conductor beneath the 1972 drilling. Since acquiring the project, Dreadnought has carried out a FLEM survey 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 (refer ASX 2 December 2019).

7 RC holes were drilled for 1,264m into seven FLEM plates with associated outcropping gossans, magnetic anomalies and/or soil anomalies within the interpreted prospective VMS horizon (Figure 7).

KMRC001, drilled into Chianti intersected 2m of massive sulphide dominated by pyrrhotite and pyrite with significant chalcopyrite, sphalerite and minor galena.

Barolo, Amarone and Rufina intersected sulphidic mud horizons with minor base metal sulphides indicative of a prospective mineralised exhalative horizon. DHEM surveys are currently underway across all 7 drill holes with results expected in August 2021.

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Figure 7: Plan view of Chianti-Rufina showing the location of recently drilled RC holes in relation to EM plates, soil anomalies and rock chip values from outcropping gossans, over geology and magnetics.

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

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Update on Target Definition at Tarraji-Yampi (E04/2315: 80%)

Detailed mapping at Rough Triangle has identified outcropping masses of cuprite (a high-grade copper oxide) which is encouraging of a preserved oxide and supergene sulphide zone at Rough Triangle. Mapping has confirmed the main lode is 1m to 5m thick with outcropping mineralisation concentrated in the northern ~600m of the ~1.2km long lode, where the lode exploits a zone of structural complexity in the host sediments. Additionally, multiple veins including parallel veins have been identified along strike increasing the potential for additional mineralisation.

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Systematic surface sampling has been completed over Rough Triangle and six additional outcropping copper bearing lodes at Tarraji with assays expected in August/September 2021.

Figure 8: Massive cuprite from Rough triangle.

Airborne magnetic surveys at Yampi and Wombarella (E04/2508, E04/2572, E04/2557, E04/2608, E04/2560: 100%)

A detailed airborne magnetic survey has commenced over the Yampi and Wombarella tenements. The survey consists of ~15,000-line kilometres of 100m and 50m spaced flight lines. The results of this

survey will assist with lithostructural interpretations of the Yampi and Wombarella tenements as well as to generate targets for follow-up work. Results are expected in September 2021.

Figure 9: Map showing the location of the Tarraji-Yampi and Wombarella tenements around IGOs and Chalice’s West Kimberley Tenure.

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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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Ongoing and Upcoming Work Programs at Tarraji-Yampi:

Ongoing: Diamond drilling at Texas.

Ongoing: Target definition work across Tarraji and Yampi.

Completed: RC Drilling at Chianti-Rufina, Fuso, Paul’s Find, Grant’s Find and Orion – drilling to recommence in September 2021.

Completed: Environmental surveys across new targets, including Rough Triangle, for the 2022 field season.

Commenced: Additional FLEM surveys at northern portion of Orion followed by down hole EM surveys.

Commenced: Detailed airborne magnetic survey over Yampi and Wombarella.

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Figure 10: Plan view of Tarraji-Yampi showing the location of prospects in relation to solid geology.

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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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Background on Tarraji-Yampi

Tarraji-Yampi is located entirely within the Yampi Sound Training Area (“YSTA”), a commonwealth owned defence reserve in the West Kimberley, ~80kms from the port of Derby. The YSTA is the second largest defence reserve in Australia after Woomera in South Australia and has been off limits to mineral exploration from 1978 to 2013.

Copper was discovered and mined in the early 1900s with the only significant exploration undertaken by WMC in 1958 and Australian Consolidated Minerals in 1972 with both parties exploring for copper. Since opening for exploration in 2013, Dreadnought has secured the largest ground holding within the YSTA and developed strong working relationships with both the Department of Defence and the Dambimangari People. Dreadnought has completed successful drilling programs at the Chianti-Rufina VMS and Grant’s Find Cu-Au targets. In addition, geophysical and geochemical surveys have resulted in the definition of >12 drill targets.

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Figure 11: RC drilling KMRC016 at the Grant’s Find target showing the outcropping copper-gold lode.

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

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Acknowledgements:

Dreadnought would like to acknowledge the continued support of the Dambimangari People, Department of Defence, Frontier Helicopters, Hagstrom Drilling, Ausdrill, Golden Connection, Onshore Environmental and Derby Stock Supplies which have made this program possible.

For further information please refer to previous ASX announcements:

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

• 2 December 2019 Assays and EM survey confirm Massive Sulphide System at Chianti

• 28 January 2020 Soils and High-Grade Rock Chips Further Validate Chianti-Rufina EM

• 24 August 2020 High Priority Copper Gold Targets at Fuso and Paul’s Find

• 11 May 2021 Multiple Conductors Identified at Orion Ni-Cu-PGE

UPCOMING NEWSFLOW

2-4 August: Attending Diggers and Dealers in Kalgoorlie

August: Results from target definition and generation work at Mangaroon

August: Diamond drilling at Texas Ni-Cu-PGE

August: Results of additional FLEM surveys on the northern portion of Orion Ni-Cu-PGE

August: Results of further mapping and systematic sampling of Rough Triangle Cu-Ag-Sb-Bi

August/September: Results of drilling at Tarraji-Yampi (Texas, Orion Ni-Cu-PGE, Grant’s Find, Fuso and Paul’s Find Cu-Au and Chianti-Rufina VMS targets).

August/September: Commencement of ground EM survey along the Money Intrusion at Mangaroon

August/September: Results of REE floatation test work at Yin – Mangaroon

September: Commencement of detailed airborne magnetic and radiometric survey over Mangaroon

September: Results from additional mapping and surface sampling of REE targets at Mangaroon

~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

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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 1900s which have seen no modern exploration.

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

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Illaara Gold, VMS & 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 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.

Mangaroon Ni-Cu-PGE, REE & Au Project

Mangaroon is a first mover opportunity covering ~4,500sq kms of tenure located 250kms south-east of Exmouth in the Gascoyne Region of Western Australia. During most of the regions early history, it did not receive government support for prospecting and or exploration resulting in a vastly underexplored region in Western Australia.

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. Mangaroon is still in the early stages with limited modern exploration.

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

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Table 1: Drill Collar Data (GDA94 MGAz51)

Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH	**Type **	Prospect
KMRC001	612000	8167152	54	-60	255	147	RC	Chianti
KMRC002	611609	8166414	50	-60	52	177	RC	Borolo
KMRC003	611044	8167544	50	-60	60	201	RC	Rufina South
KMRC004	610726	8167683	50	-60	63	177	RC	Rufina North
KMRC005	611408	8167180	50	-60	60	165	RC	Amarone North
KMRC006	611542	8166968	50	-60	96	220	RC	Amarone South
KMRC007	610448	8167526	50	-60	45	177	RC	Lambrusco
KMRC008	625449	8160147	52	-60	319	249	RC	Fuso
KMRC009	625275	8159988	49	-60	52	225	RC
KMRC010	624750	8160052	62	-60	319	249	RC
KMRC011	624644	8160154	60	-65	317	237	RC
KMRC012	625473	8160373	49	-90	0	165	RC
KMRC013	627320	8159628	52	-65	360	249	RC	Paul’s Find
KMRC014	628810	8168239	71	-49	311	165	RC	Grant’s Find
KMRC015	628901	8168282	67	-50	319	189	RC
KMRC016	628971	8168391	73	-46	316	183	RC
KMRC017	627928	8168656	94	-63	290	177	RC	Orion
KMRC018	627823	8167849	88	-64	282	159	RC

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 • Nature and quality of sampling (e.g. cut channels, Reverse Circulation (RC) drilling techniques random chips, or specific specialised industry Original 1m Splits (All drilling)

• 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 limiting the broad meaning of sampling. samples.

Every metre drilled, two 2-3kg sample (split and duplicate) were sub-sampled into calico bags via a Metzke cone splitter. This results in two 1m split samples.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

3m Composites (unmineralized samples)

Outside the target zone, all remaining spoil from the sampling system was collected in buckets and neatly deposited in rows adjacent to the rig. An aluminium scoop was used to then sub-sample each spoil pile to create a 2-3kg 3m composite sample in a calico bag.

• 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.

QAQC samples, in addition to the target lode duplicates and blanks, consisting of duplicates and CRM’s (OREAS Standards) were inserted through the program at a rate of 1:50 samples.

Samples will be submitted to the ALS Laboratories in Perth and pulverised to produce a 50g charge for Fire Assay to determine Au and PGEs (PGMICP24) and 0.25g aliquot for four acid digest to

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
			determine 48 elements (ME-MS61) with overranges
			as required.
			Diamond Drilling
			Core is orientated for structural and geotechnical
			logging where possible. In orientated core, quarter
			core will be submitted to the lab for analysis in
			intervals ranging from 20cm to 1m depending on the
			geological context. If core is orientated, then the half
			core will be cut so as to preserve the orientation line
			with the same side of the core submitted down the
			hole.
			QAQC samples consisting of duplicates, blanks
			and CRM’s (OREAS Standards) will be inserted
			through the program at a rate of 1:50 samples.
			Samples will be submitted to the ALS Laboratories
			in Perth and pulverised to produce a 50g charge for
			Fire Assay to determine Au and PGEs (PGM-
			ICP24) and 0.25g aliquot for four acid digest to
			determine 48 elements (ME-MS61) with overranges
			as required.
Drilling	•	Drill type (e.g. core, reverse circulation, open-hole	RC Drilling
techniques		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.).	Ausdrill undertook the program utilising a Drill Rigs Australia truck mounted Schramm T685WS drill rig with additional air from an auxiliary compressor and booster. Bit size was 5¾”.
			Diamond Drilling
			Diamond drilling is being undertaken by Hagstrom
			Drilling with a frame mounted LF70. Drilling is
			initially HQ and dropping to NQ once the hole is
			cased off.
			Core is orientated using a Reflex EZ trac and Boart
			Longyear True Core Orientation Tool.
Drill sample	•	Method of recording and assessing core and chip	RC Drilling
recovery		sample recoveries and results assessed.	Drilling was undertaken using a ‘best practice’
	•	Measures taken to maximise sample recovery and	approach to achieve maximum sample recover and
		ensure representative nature of the samples.	quality through the ore zones.
	•	Whether a relationship exists between sample
		recovery and grade and whether sample bias may	Best practice sampling procedure included: suitable
		have occurred due to preferential loss/gain of	usage of dust suppression, suitable shroud, lifting
		fine/coarse material.	off bottom between each metre, cleaning of
			sampling equipment, ensuring a dry sample and
			suitable supervision by the supervising geologist to
			ensure good sample quality.
			At this stage, no bias occurs between sample
			recovery and grade.
			Diamond Drilling
			HQ and NQ drilling has been undertaken. All core
			recoveries are measured and recorded by the drill
			crew for each run and remeasured and checked by
			Dreadnought personnel.
			Core recovery to date has been very high.
			At this stage, no known bias occurs between

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Criteria		JORC Code explanation		Commentary
				sample recovery and grade.
Logging	•	Whether core and chip samples have	been	RC chips and diamond core were logged by a
		geologically and geotechnically logged to a level		qualified geologist with sufficient experience in this
		of detail to support appropriate Mineral Resource		geological terrane and relevant styles of
		estimation, mining studies and metallurgical		mineralisation using an industry standard logging
		studies.		system which could eventually be utilised within a
	•	Whether logging is qualitative or quantitative in		Mineral Resource Estimation.
	•	nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant		Lithology, mineralisation, alteration, veining, weathering and structure were all recorded digitally.
		intersections logged.		Chips were washed each metre and stored in chip
				trays for preservation and future reference.
				Logging is qualitative, quantitative or semi-
				quantitative in nature.
Sub-sampling	•	If core, whether cut or sawn and whether quarter,		RC Drilling
techniques and sample preparation	•	half or all core taken. If non-core, whether riffled, tube sampled, split, etc. and whether sampled wet or dry.	rotary	Every metre drilled a 2-3kg sample (split) was sub- sampled into a calico bag via a Metzke cone splitter.
	•	For all sample types, the nature, quality and		QAQC in the form of duplicates and CRM’s
		appropriateness of the sample preparation		(OREAS Standards) were inserted through the ore
		technique.		zones at a rate of 1:50 samples. Additionally, within
	•	Quality control procedures adopted for all sub-		each ore zone, a duplicate sample was taken of the
		sampling stages to maximise representivity of		lode and a blank inserted directly after.
	• •	samples. Measures taken to ensure that the sampling 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.		2-3kg samples will be submitted to ALS laboratories (Perth), oven dried to 105°C and pulverised to 85% passing 75um to produce a 50g charge for Fire Assay with ICP-AES finish to determine Au and PGEs (PGM-ICP24) and 0.25g aliquot for four acid digest to determine 48 elements (ME-MS61) with overranges as required.
				Standard laboratory QAQC is undertaken and
				monitored.
				Diamond Drilling
				20cm – 1m quarter core samples will be sawn and
				submitted to the lab for analysis. If core is
				orientated, then the core will be cut so as to
				preserve the orientation line with the same side of
				the core submitted down the hole.
				QAQC in the form of duplicates, blanks and CRM’s
				(OREAS Standards) were inserted through the
				mineralised zones at a rate of 1:50 samples.
				Additionally, within each mineralised zone, a
				duplicate sample was taken and a blank inserted
				directly after.
				Samples will be submitted to ALS laboratories
				(Perth), oven dried to 105°C and pulverised to 85%
				passing 75um to produce a 50g charge for Fire
				Assay with ICP-AES finish to determine Au and
				PGEs (PGM-ICP24) and 0.25g aliquot for four acid
				digest to determine 48 elements (ME-MS61) with
				overranges as required.
				Standard laboratory QAQC is undertaken and
				monitored.

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

==> picture [149 x 85] intentionally omitted <==

Criteria		JORC Code explanation	Commentary
Quality of assay	•	The nature, quality and appropriateness of the	Assay technique is Fire Assay which is a ‘Total
data and		assaying and laboratory procedures used and	Technique’ for Au and PGEs. Four acid digest is
laboratory tests		whether the technique is considered partial or	considered a ‘near total’ technique for the 48
		total.	elements received under ME-MS61.
	•	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations	Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival.
		factors applied and their derivation, etc.	No assay results reported, so no comment on the
	•	Nature of quality control procedures adopted (e.g.	outcomes of the QAQC at this stage.
		standards, blanks, duplicates, external laboratory
		checks) and whether acceptable levels of
		accuracy (i.e. lack of bias) and precision have
		been established.
Verification of	•	The verification of significant intersections by	Logging and sampling were recorded directly into a
sampling and		either independent or alternative company	digital logging system, verified and eventually
assaying		personnel.	stored in an offsite database.
	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage	Significant intersections have been inspected by senior company personnel.
		(physical and electronic) protocols.	No twinned holes have been drilled at this time.
	•	Discuss any adjustment to assay data.	No adjustments to any assay data have been
			undertaken.
Location of data	•	Accuracy and quality of surveys used to locate drill	Collar position was recorded using a Emlid Reach
points		holes (collar and down-hole surveys), trenches,	RS2 RTK GPS system (+/- 0.2m x/y, +/-0.5m z).
	•	mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used.	GDA94 Z51s is the grid format for all xyz data reported.
	•	Quality and adequacy of topographic control.	Azimuth and dip of the drill hole was recorded after
			the completion of the hole using a Reflex Sprint IQ
			Gyro. A reading was undertaken every 30thmetre
			with an accuracy of +/- 1° azimuth and +/-0.3° dip.
Data spacing and	•	Data spacing for reporting of Exploration Results.	See drill table for hole positions.
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	Data spacing at this stage is not suitable for Mineral Resource Estimation.
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves	Drilling was undertaken at a near perpendicular
data in relation to		unbiased sampling of possible structures and the	angle to the interpreted strike and dip of the
geological		extent to which this is known, considering the	modelled FLEM plates and known outcrop.
structure	•	deposit type. If the relationship between the drilling orientation	No sample bias is known at this time.
		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 samples from collection at rig through to
			submission at the laboratory have been under the
			supervision of Dreadnought personnel or sub-
			contractors associated with the company. All
			samples are stored is core trays and strapped to
			pallets for storage and transport.
Audits or reviews	•	The results of any audits or reviews of sampling techniques and data.	The program is continuously reviewed by senior company personnel

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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Section 2 Reporting of Exploration Results

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

Criteria				JORC Code explanation	JORC Code explanation	JORC Code explanation	JORC Code explanation	JORC Code explanation				Commentary
Mineral tenement	•	Type,	reference name/number,						location and		•	The Tarraji-Yampi Project consists of 5
and land tenure		ownership		including agreements or material issues								granted (E04/2315, E04/2508,
status		with	third		parties		such	as joint		ventures,		E04/2572, E04/2557, E04/2608)
		partnerships,				overriding		royalties,	native title			exploration Licenses.
		interests, historical sites, wilderness or national park									•	The Tarraji tenement (E04/2315) is a
		and environmental settings.										80/20 JV between IronRinger (Tarraji)
	•	The security				of the	tenure held at the time of					Pty Ltd and Whitewater Resources Pty
		reporting along with					any known impediments to					Ltd.
		obtaining a		licence to			operate in the area.				•	The Yampi Tenements (E04/2508,
												E04/2572, E04/2557, E04/2608) are
												100% owned by Dreadnought
												Exploration Pty Ltd
											•	Dreadnought Exploration Pty Ltd is a
												wholly owned subsidiary of
												Dreadnought Resources Ltd.
											•	E04/2315, E04/2508, E04/2572,
												E04/2557 are located within the Yampi
												Sound Training Area (YSTA) which is
												freehold land owned by the
												Commonwealth Government and
												administered by the Department of
												Defence. Being freehold
												Commonwealth Land, Native Title has
												been extinguished but falls within
												Dambinmangari Land.
											•	E04/2608 is partly located within the
												YSTA and partly on Vacant Crown Land
												which has Native Title claim by the
												Warra Combined (NNTT Number 2901)
Exploration done	•	Acknowledgment and appraisal of							exploration by		•	Regional mapping, basic stream
by other parties		other	parties.									sediment, soil sampling and limited
												diamond drilling was completed by
												WMC in the 1950s.
											•	Shallow percussion and diamond
												drilling was undertaken by ACM at
												Chianti in the 1970s.
											•	The YSTA was off limits to exploration
												from 1978 until 2013.
Geology	•	Deposit type,				geological		setting	and	style of	•	The Tarraji-Yampi Project is located
		mineralisation.										within the Hooper Complex which is a
												Proterozoic Mobile Belt in the West
												Kimberley.
											•	The Hooper Complex has known
												occurrences of Cu-Zn-Pb-Ag VMS
												mineralisation within the Marboo
												Formation, magmatic Ni-Cu-PGE
												mineralisation in the Ruins Dolerite and
												later stage Proterozoic Cu-Au
												mineralisation associated with
												significant structures and late-stage
												intrusions.
Drill hole	•	A summary			of all		information material to the				•	An overview of the drilling program is
information		understanding				of the exploration results including a						given within the text and tables within
		tabulation of the following information							for all Material			this document.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

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	Commentary	Commentary	Commentary	Commentary
		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.
Data aggregation	•	In reporting Exploration Results, weighting	•	No assays reported.
methods		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.
Relationship	•	These relationships are particularly important in the	•	Drilling	is		undertaken					close		to
between		reporting of Exploration Results.		perpendicular				to		the		dip	of	the
mineralisation	•	If the geometry of the mineralisation with respect to		mineralisation.
widths and		the drill hole angle is known, its nature should be	•	The true thickness of the							mineralisation
intercept lengths		reported.		intersected		in			drill holes				cannot
	•	If it is not known and only the down hole lengths are		currently be calculated.
		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	•	Refer to figures within this								report.
		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.
Balanced	•	Where comprehensive reporting of all Exploration	•	The accompanying						document is				a
reporting		Results is not practicable, representative reporting of		balanced		report				with		a	suitable
		both low and high grades and/or widths should be		cautionary note.
		practiced to avoid misleading reporting of
		Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material,	•	Rio Tinto		Exploration					completed a
exploration data		should be reported including (but not limited to):		versatile time			domain electromagnetic
		geological observations; geophysical survey results;		(VTEM)	and			aeromagnetic					survey
		geochemical survey results; bulk samples – size and		covering	206		sq		km of the				Yampi
		method of treatment; metallurgical test results; bulk		tenements		for	901			line	kilometres			of
		density, groundwater, geotechnical and rock		data using 125 and 250 m								line spacing.
		characteristics; potential deleterious or		Targets from			the VTEM survey are
		contaminating substances.		shown in Figure				3	in	this report.			.
Further work	•	The nature and scale of planned further work (e.g.	•	Additional		drilling				is	expected			to
		tests for lateral extensions or depth extensions or		commence		in September					2021.
		large-scale step-out drilling).	•	DHEM surveys are underway.
	•	Diagrams clearly highlighting the areas of possible
		extensions, including the main geological
		interpretations and future drilling areas, provided this
		information is not commercially sensitive.

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