DREADNOUGHT RESOURCES LTD — Regulatory Filings 2021

May 11, 2021

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12 May 2021

MULTIPLE CONDUCTORS IDENTIFIED AT ORION Ni-Cu-PGE

HIGHLIGHTS

• Fixed Loop Electromagnetic (“FLEM”) survey over Orion Ni-Cu-PGE target has defined three strong, large conductors, coincident with magnetic anomalies within the Ruins Dolerite.

• These are the three strongest conductors defined to date at Tarraji-Yampi, additional FLEM surveys to be undertaken at Orion once field crews mobilise in June 2021.

• All approvals received for Orion drilling to commence June 2021.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce the results of the ground based FLEM survey at Orion, part of the Tarraji-Yampi Project in the Kimberley Region of Western Australia. This program was designed to define Ni-Cu-PGE targets at Orion ahead of the 2021 RC drilling program.

The FLEM survey has defined three large, strong conductors at Orion which are coincident with magnetic anomalies within the Ruins Dolerite. The correlation of the FLEM and magnetic anomalies is supportive of massive pyrrhotite mineralisation as seen in magmatic Ni-Cu-PGE systems. Previous mapping at Orion identified blebby pyrrhotite-chalcopyrite mineralisation within the Ruins Dolerite, further supporting the potential of the system.

Dreadnought Managing Director, Dean Tuck, commented: “Dreadnought is pleased to have defined

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three conductors at Orion ahead of the 2021 drilling program. These are the strongest conductors defined to date at Tarraji-Yampi and are highly encouraging of a mineralised Ni-CuPGE system at Orion. There are other prospective areas at Orion which will also be in June 2021. We look forward to testing these targets as part of the drilling program commencing in June 2021.

Figure 1: Image showing the location of modelled EM plates over airborne magnetics image of Texas (L) and Orion (R) and area of planned additional FLEM surveys.

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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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FLEM Survey at Orion Ni-Cu-PGE (E04/2315: 80%)

In April 2021, three FLEM surveys were undertaken at Orion covering coincident VTEM and airborne magnetic anomalies to define drill targets ahead of planned drilling in June 2021.

The FLEM survey successfully defined three highly conductive anomalies, the strongest defined yet at Tarraji-Yampi. The anomalies sit within the Ruins Dolerite which is prospective for massive sulphide Ni-Cu-PGEs mineralisation. Encouragingly, these FLEM conductors correlate with magnetic anomalism suggesting massive pyrrhotite sulphide which is often associated with magmatic Ni-Cu-PGE mineralisation. Previous mapping at Orion identified blebby pyrrhotite-chalcopyrite sulphides within the Ruins Dolerite further supporting a fertile system.

Table 1: Orion and Texas FLEM modelled EM plate parameters

Plate Name	Orion A	Orion B	Orion C	Texas
Length	510m	540m	410m	550m
Width	370m	375m	290m	280m
Conductance	3,320 S	3,170 S	4,200 S	1,300 S
Depth to Top	-75m	-105m	-65m	-40m

Due to time constraints, not all VTEM-mag anomalies at Orion were surveyed. Additional surveys will be undertaken when field crews mobilise to site in June 2021. Any additional drill targets defined will be drilled as part of the June 2021 RC drilling program.

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Figure 2: Cross section image of modelled FLEM plates B and C over inverted magnetics showing the correlation of FLEM plates with the magnetic anomalies.

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

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Background on Texas and Orion Ni-Cu-PGE targets (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.

In 2019, Dreadnought conducted a detailed airborne magnetics survey and a FLEM survey at Texas identifying a strong conductor within the Ruins Dolerite.

Recent field work at Orion identified outcropping disseminated and blebby sulphides in sub-cropping Ruins Dolerite in close proximity to the airborne VTEM anomalies. This indicates sulphur saturation within the Ruins Dolerite and means the VTEM anomalies may be associated with massive sulphide accumulations.

With all approvals in place, drilling will commence as soon as the roads are opened after the late wet season in June 2021.

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Figure 3: Two images showing the airborne VTEM late time anomaly (L), and interpreted Ruins Dolerite ® over the Texas (L) and Orion ® targets.

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 defense reserve in Australia after Womera in South Australia and was 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 up for exploration in 2013, Dreadnought has managed to secure the largest footprint 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 over a dozen drill targets.

The Texas and Orion Ni-Cu-PGE, Fuso and Paul’s Find Cu-Au and Chianti-Rufina VMS have all approvals in place for drilling to commence in June 2021.

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Figure 4: Plan view of Tarraji-Yampi showing the location of targets 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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For further information please refer to previous ASX announcements:

• 6 June 2019 Strong EM Conductor at the Texas Ni-Cu-PGE Target

• 13 April 2021 Fieldwork Underway in the Kimberley

UPCOMING NEWSFLOW

May: Results from RC drilling at Illaara (Lawrence’s Corridor, Metzke’s Find)

May: Rock Chip results from Peggy Sue LCT pegmatite swarm

May: Results of target definition and generation work at Mangaroon Ni-Cu-PGE & Au Project

May/June: Results from target definition and generation work at Mangaroon Ni-Cu-PGE & Au Project

June: Commencement of diamond drilling at Texas Ni-Cu-PGE target at Tarraji-Yampi

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

July: Quarterly Activities and Cash flow Report

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

~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 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.

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.

Mangaroon Ni-Cu-PGE & Au Project

Mangaroon is a first mover opportunity covering ~4,000sq kms of tenure located 250kms southeast of Exmouth in the Gascoyne Region of Western Australia. Mangaroon is prospective for magmatic NiCu-PGE mineralisation and high grade gold with evidence of both outcropping within the project area and virtually unexplored for the past 40 years.

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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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,	Current Exploration
techniques		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 limiting the broad meaning of sampling.	• •	Fixed Loop EM (FLEM) surveyed at 25m and 50m station spacing with 50m and 100m spaced lines. FLEM stations were planned perpendicular to geological strike of target horizons.
	•	Include reference to measures taken to ensure	Historical Exploration
		sample representivity and the appropriate
		calibration of any measurement tools or systems	•	Versatile time	domain electromagnetic (VTEM)
		used.		and aeromagnetic data acquired for Rio Tinto
	•	Aspects of the determination of mineralisation that are Material to the Public Report.		Exploration in October 2015 were flown by UTS Geophysics using an A-star 350 B3 helicopter
	•	In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse		with a VTEM max receiver and transmitter and Geometrics caesium vapour magnetic sensor.
		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.
Drilling	•	Drill type (e.g. core, reverse circulation, open-hole	•	No drilling undertaken.
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.). _
Drill sample	•	Method of recording and assessing core and chip	•	No drilling undertaken.
recovery		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.
Logging	•	Whether core and chip samples have been	•	No drilling undertaken.
		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.
Sub-sampling	•	If core, whether cut or sawn and whether quarter,	•	No drilling undertaken.
techniques and		half or all core taken.

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
sample	•	If non-core, whether riffled, tube sampled, rotary
preparation		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.
Quality of assay	•	The nature, quality and appropriateness of the	Current Exploration
data and laboratory tests		assaying and laboratory procedures used and whether the technique is considered partial or total.	•	The Company commissioned Southern Geoscience Consultants (SGC) of Perth to
	• •	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.	•	supervise the (FLEM) surveys that were undertaken by SGC Niche Acquisitions across the Tarraji-Yampi Project. The geophysical FLEM program parameters were as follows: Contractor:SGC Niche Acquisition Configuration:Fixed-Loop EM (FLEM) Tx Loop size:200 x 300 m Transmitter:DRT Receiver:Smartem24 Sensor:3C Fluxgate (B-field)
				Line spacing:50 and 100 m
				Line bearing:E/W
				Station spacing:25 and 50 m
				Tx Freq.:1 Hz
				Duty cycle:50%
				Current:7 to 8 Amp
			•	No assay results reported, no standards,
				duplicates or blanks submitted with rock chips.
Verification of	•	The verification of significant intersections by	Current Exploration
sampling and assaying	•	either independent or alternative company personnel. The use of twinned holes.	•	Geophysical data has been assessed by Southern Geoscience Consultants.
	• •	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	• •	Geophysical data was recorded by the Smartem24 and downloaded in the field and emailed to Southern Geoscience Consultants daily. Geophysical data is back up to tape weekly.
Location of data	•	Accuracy and quality of surveys used to locate drill	Current Exploration
points		holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	•	Surface geophysics was positioned with a Garmin 64 hand held GPS which has an
	• •	Specification of the grid system used. Quality and adequacy of topographic control.	•	accuracy of +/- 5m. GDA94 MGAz51.
Data spacing and	•	Data spacing for reporting of Exploration Results.	Current Exploration
distribution	•	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	• •	25m and 50m station spacing and 50m and 100m line spacing. The geophysical anomalies cross multiple
	•	procedure(s) and classifications applied. Whether sample compositing has been applied.		stations and lines and as such the data spacing is sufficient to model the anomalies.
			•

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
Orientation of	•	Whether the orientation of sampling achieves	Current Exploration
data in relation to geological structure	•	unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation	• •	FLEM stations were planned perpendicular to geological strike of the target units. No drilling was undertaken.
		and the orientation of key mineralised structures is	Historical Exploration
		considered to have introduced a sampling bias,
		this should be assessed and reported if material.	•	2015 VTEM data was acquired in three blocks
				on lines orientated 137° (Block A), 164° (Block
				B) and 000° (Block C), slightly oblique to the
				strike of the predominant structural/geological
				trend.
Sample security	•	The measures taken to ensure sample security.	Current Exploration
			•	FLEM data was recorded by the Smartem24
				and downloaded in the field and emailed to
				Southern Geoscience Consultants daily and is
				backed up to tape weekly.
Audits or reviews	•	The results of any audits or reviews of sampling	Current Exploration
		techniques and data.	•	Geophysical data has been audited and
				reviewed by Southern Geoscience Consultants

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					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 bythe

Dreadnought Resources Limited

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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
				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	Current Exploration
information		understanding of the exploration results including a tabulation of the following information for all Material	•	No drilling reported.
		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	Current Exploration
methods		averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and	•	No drilling reported.
		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	Current Exploration
between mineralisation	•	reporting of Exploration Results. If the geometry of the mineralisation with respect to	•	No drilling was undertaken.
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

Dreadnought Resources Limited

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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
		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	Current Exploration
reporting		Results is not practicable, representative reporting of both low and high grades and/or widths should be	•	No assays reported.
		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.	•	Drilling is expected to commence		in
		tests for lateral extensions or depth extensions or		June 2021.
		large-scale step-out drilling).	•	Further FLEM surveys	will	be
	•	Diagrams clearly highlighting the areas of possible		undertaken at Orion to define additional
		extensions, including the main geological		targets.
		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