DREADNOUGHT RESOURCES LTD — Regulatory Filings 2021

Jul 5, 2021

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• 6 July 2021

HIGH-GRADE Cu-Ag-Sb-Bi MINERALISATION AT ROUGH TRIANGLE – TARRAJI-YAMPI

HIGHLIGHTS

• From a total of 16 reconnaissance rock chip samples, 13 have returned highly mineralised polymetallic results from Rough Triangle. Significant results include:

• RT07: 20.4% Cu, 4.6% Sb, 0.9% Bi, 101g/t Ag

• RT08: 8.1% Cu, 2.2% Sb, 0.3% Bi, 44.5g/t Ag

• RT09: 18.9% Cu, 14.1% Sb, 1.6% Bi, 196g/t Ag • RT12: 18.5% Cu, 10.8% Sb, 1.9% Bi, 291g/t Ag

• Rough Triangle is an outcropping lode over 1.2kms long, 1m to 5m in width with multiple parallel lodes.

• Systematic sampling and mapping are underway with further results expected in August 2021.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce results of reconnaissance sampling at Rough Triangle, part of the Tarraji-Yampi Project in the West Kimberley region of Western Australia.

Rough Triangle was identified and mapped by Western Mining Corporation ( “WMC” ) in 1958. Even though it was declared a “significant lode” after mapping by WMC, Rough Triangle was not sampled. No exploration has been undertaken at Rough Triangle since 1958.

Rough Triangle was sampled by Dreadnought as part of a project wide reconnaissance program assessing historically mapped mineralisation and more recently generated anomalies. The results of this sampling have confirmed high tenor polymetallic mineralisation, including critical minerals Antinomy (Sb) and Bismuth (Bi), in addition to Copper (Cu) and Silver (Ag) over ~600m of strike length.

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Systematic sampling and mapping of the outcropping lodes is currently underway with an aim to define drill targets. Further assay results are expected in August 2021.

Dreadnought’s Managing Director, Dean Tuck, commented: “We have no shortage of outcropping mineralisation at TarrajiYampi. There is certainly nothing more exciting than walking along walls of outcrop with copper staining. The confirmation of high tenor antimony, bismuth, copper and silver is highly encouraging for a substantial system at Rough Triangle. We will continue to assess additional targets while undertaking our drilling programs at Texas, Fuso, Paul’s Find, Orion and Chianti-Rufina.”

Figure 1: Dreadnought’s Nick Chapman inspecting the outcropping lode at Rough Triangle with copper oxides in the foreground.

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

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Rough Triangle Cu-Ag-Sb-Bi (E04/2315: 80%)

From 1957-1959 WMC explored the “Tarraji Copper Project” for sedimentary copper deposits. This was the only exploration conducted before the area was declared a Defence Reserve in 1978.

lode hosted within intensely bleached and silicified sediments. The lode was mapped continuously over 1,280m and ranged thickness from 1m to 5m with copper mineralisation evident throughout the lode. In addition to the main lode, parallel lodes were observed running >300m in length before going under cover.

The Rough Triangle lode was never sampled by WMC.

Recently, 16 reconnaissance rock chips were collected over ~600m along the outcropping lode to assess the tenor of mineralisation at Rough Triangle. Of these samples, 13 returned high grades of Cu-Ag-Sb-Bi with accessory Au (Table 1.).

Results from additional sampling and mapping are expected in August 2021.

Figure 2: Plan view map showing the location of rock chips recently collected over the Rough Triangle lode as mapped by WMC in 1958 (red line).

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:

Commenced: Diamond drilling at Texas – Second hole commencing July

Commenced: Target definition work across Tarraji and Yampi

Commenced: Further rock chip sampling at Rough Triangle – Assays Expected August

July: RC Drilling at Fuso, Paul’s Find, Orion and Chianti-Rufina.

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

July: Detailed airborne magnetic survey over Yampi and Wombarella.

July: Environmental surveys across new targets for the 2022 field season.

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Figure 3: 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

+61 (0) 428 824 343

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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 since undertaken by Western Mining Corporation 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 Grants Cu-Au targets. In addition, geophysical and geochemical surveys have resulted in the definition of >12 drill targets.

Figure 4: Scan of the historical lode outcrop map of the Rough Triangle Lode Area made by WMC in 1958/1959.

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

info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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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 and Derby Stock Supplies which have made this program possible.

For further information please refer to previous ASX announcements:

• 23 December 2019 Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets

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

• 23/06/2021 Drilling Commenced at Texas Ni-Cu-PGE, Tarraji-Yampi Project

UPCOMING NEWSFLOW

July: Rock chip results from Peggy Sue LCT pegmatite swarm at Illaara

July: Results from target definition and generation work at Mangaroon

July: Commencement of RC drilling at Fuso and Paul’s Find Cu-Au, Orion Ni-Cu-PGE and ChiantiRufina VMS targets

July: Commencement of additional FLEM surveys on the northern portion of Orion Ni-Cu-PGE

July: Commencement of detailed airborne magnetic survey over Yampi and Wombarella

July: Additional rock chip results from REE targets at Mangaroon

July: Quarterly Activities and Cash Flow Report

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

July/August: Results from additional target definition and generation work at Tarraji-Yampi

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

~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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+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 1900s which have seen no modern exploration.

Three styles of mineralisation occur at Tarraji-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.

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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: All Rock Chip Results (location in GDA94 MGAz51)

Sample ID Easting Northing Cu (%) Sb (%) Bi (%) Ag (g/t) Au (g/t)	Prospect
RT01 625346 8169295 3.9 0.1 1.8 2.6 0.1	Rough Triangle
RT02 625346 8169295 16.3 0.1 0.0 12.5 0.1
RT03 625339 8169327 3.1 0.0 0.5 1.2 0.0
RT04 625353 8169262 0.1 0.0 0.0 0.1 0.0
RT05 625406 8169331 0.3 0.2 0.1 4.5 0.0
RT06 625329 8169351 3.8 0.1 0.7 4.2 0.1
RT07 625292 8169471 20.4 4.6 0.9 101 0.1
RT08 625299 8169510 8.1 2.2 0.3 44.5 0.0
RT09 625324 8169609 18.9 14.1 1.6 196 0.1
RT10 625332 8169608 3.3 3.5 0.6 58.2 0.0
RT11 625326 8169649 0.7 0.2 0.0 4.6 0.0
RT12 625310 8169584 18.5 10.8 1.9 291 0.1
RT13 625377 8169151 16.1 0.3 0.1 15.5 0.1
RT14 625377 8169151 0.2 0.0 0.0 0.9 0.0
RT15 625377 8169151 0.0 0.0 0.0 0.2 0.0
RT16 625384 8169105 11.6 0.2 0.2 8.0 0.3

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 Rock Chips techniques channels, random chips, or specific • Rock Chips were collected by Dreadnought specialised industry standard measurement staff and submitted for analysis. Rock chips are tools appropriate to the minerals under random, subject to bias and often investigation, such as down hole gamma unrepresentative for the typical widths required sondes, or handheld XRF instruments, etc.). for economic consideration. They are by nature These examples should not be taken as difficult to duplicate with any acceptable form of limiting the broad meaning of sampling. • Include reference to measures taken to precision or accuracy. • Rock chips have been collected by ensure sample representivity and the Dreadnought to assist in characterising appropriate calibration of any measurement different lithologies, alterations and tools or systems used. • Aspects of the determination of expressions of mineralisation. In many instances, several rock chips were collected mineralisation that are Material to the Public from a single location to assist with Report. characterising and understanding the different • In cases where ‘industry standard’ work has lithologies, alterations and expressions of been done this would be relatively simple mineralisation present at the locality. (e.g. ‘reverse circulation drilling was used to • Rock chips were submitted to ALS Laboratories obtain 1 m samples from which 3 kg was in Perth for determination of Au, Pt and Pd by pulverised to produce a 30 g charge for fire PGM-ICP24 and multiple (48) elements by ME- assay’). In other cases more explanation MS61

• 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

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
	mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
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 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.	Rock Chips Entire rock chips were submitted to the lab for sample prep and analysis.
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	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

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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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Criteria	JORC Code explanation	Commentary
	laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• 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.
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 geologists have inspected and logged all rock chips. • Field data is entered into excel spreadsheets to be loaded into a database.
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 MGAz51.
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 geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is 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.	• Rock chip sampling by its nature is highly biased. • Samples are collected from the outcropping lodes which are striking ~N-S with a steep easterly dip with localised folding. • No drilling undertaken.
Sample security	• The measures taken to ensure sample security.	• All geochemical samples were collected, bagged, and sealed by Dreadnought staff and delivered to ALS Laboratories in Kalgoorlie. • Samples were delivered directly to ALS Laboratories Perth by ALS.
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

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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				•	No drilling reported.
information		understanding				of the exploration results including a
		tabulation of the following information							for all Material

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Criteria		JORC Code explanation		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 drilling	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	•	No drilling	was undertaken
between		reporting of Exploration Results.
mineralisation	•	If the geometry of the mineralisation with respect to
widths and		the drill hole angle is known, its nature should be
intercept lengths		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	•	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,	•	WMC identified and mapped the Rough
exploration data		should be reported including (but not limited to):		Triangle Lode in 1958.
		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.
Further work	•	The nature and scale of planned further work (e.g.	•	Systematic rock chip sampling, detailed
		tests for lateral extensions or depth extensions or		mapping and environmental surveys
		large-scale step-out drilling).		will be undertaken over		the Rough
	•	Diagrams clearly highlighting the areas of possible		Triangle with an aim to drill		in 2022.
		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

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