DREADNOUGHT RESOURCES LTD — Investor Presentation 2021

Mar 17, 2021

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HIGHLY ACTIVE WEST AUSTRALIAN FOCUSED GOLD AND BASE METAL EXPLORER

AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE 18 MARCH 2021

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Disclaimer

This presentation includes forward-looking statements. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Dreadnought Resources Limited (“Dreadnought”) believes that the expectation reflected in these forward-looking statements are reasonable, such statement involved risks and uncertainties and no assurance can be given that actual results will be consistent with these forwardlooking statements.

This presentation has been prepared by Dreadnought for the purpose of providing an overview of its current prospects and growth strategy to recipients. This presentation and its contents are provided to recipients on the basis that It may not be reproduced or disclosed in whole or in part to any other person, without the written consent of Dreadnought.

This presentation is provided on the basis that neither Dreadnought nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers, make any representation or warrant (express of implied) as to the accuracy, reliability, relevance or completeness of the material contained in this presentation and nothing contained in the presentation is, or may be relied upon, as a promise, representation or warrant, whether as to the past or the future. Dreadnought hereby excludes all warranties that can be excluded by law.

All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with respect to Dreadnought and evaluating the business, financial performance and operation of Dreadnought. Neither the provision of the presentation nor any information contained in the presentation or subsequently communicated to any person in connection with the presentation is, or should be taken as, constituting the giving of investment advice to any person.

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Refer to Dreadnought announcements for JORC Table 1 and Table 2 for results and information contained in this presentation.

Illaara Gold-VMS-Iron Ore Project

•	24 June 2019	75 km Long Illaara Greenstone Belt Acquired from Newmont
• •	23 September 2019 6 December 2019	Illaara Gold Project Update Consolidation of 75km Long Illaara Greenstone Belt
•	19 March 2020	RC Drilling Hits High Grades at Metzke’s Find
•	13 July 2020	RC Drilling Hits High Grade Gold at Metzke’s Find
•	14 July 2020	Three New Gold Targets Along Strike And Adjacent to Metzke’s Find
•	17 July 2020	Remaining Metzke’s Find Assays
•	22 July 2020	High-grade Iron Ore Opportunity Long Illaara Greenstone Belt
•	25 September	2020 Further High-Grade Gold from Metzke’s Find
•	8 October 2020	Further High-Grade Gold from Metzke’s Find
•	30 November 2020	Exploration Update Illaara Gold-VMS-Iron Ore Project
•	13 October 2020	100g/t Au from Maiden Drill Program at Longmore’s Find
•	12 January 2021	Longmore’s Find Assay Results – Illaara Gold-VMS-Iron Ore Project
•	10 February 2021	Illaara Gold-VMS Iron Ore Project Update

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. (referencing historic and new company announcements).

Kimberley Ni-Cu-Au Project

• 6 June 2019 • 11 June 2019 • 17 October 2019 • 29 October 2019 • 8 November 2019 • 2 December 2019 • 23 December 2019 • 24 August 2020

Ground EM Survey Lights Up Strong Conductor at the Texas Ni-Cu-PGE Target High grade assays from the Grants Target Drilling Commenced at Grants Cu-Au Target Multiple Mineralised Zones at Grants Cu-Au Target Multiple Mineralised Zones in second hole at Grants Cu-Au Target Assays and EM Surveys Confirm Massive Sulphide System at Chianti-Rufina Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets High Priority Copper Gold Targets at Fuso and Paul’s Find

Currency

All amounts shown are in Australian dollars unless otherwise stated.

Mangaroon Ni-Cu-PGE & Au Project

• 25 November 2020 Mangaroon Ni-Cu-PGE & Au Project

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Com an Sna shot p y p

Capital Structure	Capital Structure	Capital Structure
ASX Code	DRE
Share Price(16/03/2021)	$0.017
Shares on Issue	2,262M
Market Cap(undiluted)	$38.5M
Market Cap(diluted)	$40.2M
Cash(31/12/2020)	~$2.6M
Unlisted Options(~$0.008 strike price)	101.0M
Convertible Notes(600,000 @ $1.00, 10% pa coupon, convertible @ $0.0055, redeemable 21 June 2021)	$0.6M
Top 20 Shareholders	36%
Board and Management
Paul Chapman – Non-Executive Chairman		Board and Management Cash Investment ~$1,200,000
Dean Tuck – Managing Director
Ian Gordon – Non-Executive Director
Paul Payne – Non-Executive Director
Jessamyn Lyons – Company Secretary		Board and Management Shareholding ~19%
Matt Crowe – Exploration Manager
Nick Chapman/Luke Blais – Senior Geologists

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Dreadnought’s performance to date (~2 years)

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Discovery Focused: Define targets on good ground and drill

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Illaara Gold-Copper-Iron Ore

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Yil arn Pro ects g j

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Illaara Gold - Copper - Iron Ore Project

• Initially acquired from Newmont and through subsequent deals have consolidated ~75km strike of underexplored greenstone belt

• First significant gold and base metal exploration since the 1980s and 1990s. Previously held by iron ore explorers

 Active neighbours including:

• Ramelius Resources (RMS) – Marda Operations

• Ora Banda Mining (OBM) – Davyhurst Gold Project

• Aurenne Group – Mt Ida and Bottle Creek Gold Project

• Mineral Resources (MIN) – Central Yilgarn Operations

Rocky Dam Gold Project

• Located 45kms east of Kalgoorlie in a tightly held region with active explorers, developers and miners

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Illaara Project Gold-VMS-Iron Ore Targets

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Metzke’s Corridor (12km strike)

• High grade gold confirmed and currently being drilled at Metzke’s Find and Longmore’s Find

• High resolution geophysics data being acquired

• Potential to host multiple high grade gold deposits

Lawrence’s Corridor (10km strike)

• Similar geology and historical mineralization as Metzke’s Corridor

• High resolution geophysics data being acquired

• Potential to host multiple high grade gold deposits

Regional Soils

• Target generation work has only been completed over ~25% of

• prospective gold and VMS ground at Illaara

Iron Ore

• Multiple high-grade iron, low phosphorous prospects drilled 20082013

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Metzke’s Corridor

 Metzke’s Find

• MZRC016: 3m @ 21.0g/t Au from 85m MZRC019: 2m @ 39.2g/t Au from 45m

• • MZRC017: 7m @ 7.5g/t Au from 51m MZRC022: 2m @ 20.7g/t Au from 19m

• Longmore’s Find

• LMRC005: 1m @ 100g/t Au from 55m

 Black Oak

• Thick oxide mineralisation associated with a sheared sediment – ultramafic contact

 Bald Hill

• First drill holes testing under and along strike from outcropping Cu-AuAg veins

• ~3,000m of RC drilling currently underway

• Assay results expected March-May 2021

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Lawrence’s Corridor

• Large coherent gold in soil anomalies, the largest defined to date at Illaara, situated over a major structural corridor wrapping around an internal granitic intrusion

• Strong As, Ag, Bi, Cu, Hg, Te, Tl, W pathfinder association

• 14 drill targets defined and prioritised for drilling

• Coincident geochemical and structural targets

• All approvals in place – earthworks underway

• 3,780m of RC drilling commencing after Metzke’s Corridor (March 2021)

• Assay results expected April-May 2021

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Iron Ore

• Illaara contains significant iron ore potential which was briefly explored by Portman Iron and then Cleveland Cliffs from 2008-2013:

• High iron and low phosphorus grades compared with regional players

• Same geology as the high iron, low phosphorus Mt Richardson development

• Contains a ~75km long internal haul road

• Some of the more advanced prospects include:

• P-North: 29m @ 58.6% Fe, 8.3% SiO2, 3.4% Al2O3, 0.04% P, and 4.0% LOI from 6m • Incl. 16m @ 64.4% Fe, 2.4% SiO ~~2~~ , 1.3% Al ~~2~~ O3, 0.04% P and 3.7% LOI from 8m

• Kings: 49m @ 55.7% Fe, 9.1% SiO2, 3.1% Al2O3, 0.04% P, and 4.0% LOI from 13m • Incl. 11m @ 62.7% Fe, 2.5% SiO2, 1.2% Al2O3, 0.05% P and 6.1% LOI from 48m

• P-3: 20m @ 58.5% Fe, 2.9% SiO2, 1.9% Al2O3, 0.06% P, and 9.5% LOI from 48m • Incl. 5m @ 60.3% Fe, 2.2% SiO2, 1.5% Al2O3, 0.03% P and 8.6% LOI from 55m

• Surrounded by active iron ore miners and developers

• Opportunity for commercialization

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Tarraji-Yampi Ni-Cu-PGE &

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Rare Exploration Opportunity

• Outcropping mineralisation

• Off limits since 1978

• First movers within the YSTA

WMC’s David Barr (L) & Roy Woodall (R) at Tarraji – 1950s

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DRE’s Drew Money (L) & Nick Chapman (R) at Tarraji - 2020

1978-2013: YSTA Defense Reserve “off limits” to mineral exploration

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Texas and Orion Ni-Cu-PGE Tar et g

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Coincident EM conductors and intense magnetic anomalies sitting within outcropping Ruins Dolerite

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Opportunity: High grade Ni-Cu-PGE massive sulphide – RC and diamond drilling planned for May / June 2021

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Fuso and Paul’s Find Cu-Au Tar ets g

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Coincident strong magnetic and gravity anomalies sitting under cover adjacent to significant regional structures

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Paul’s Find
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Fuso
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Examples of coincident magnetic (top) and gravity (middle) and the resultant inversion modelled bodies (bottom) from Brumby and Ernest Henry Proterozoic Cu-Au deposits compared with Paul’s Find (L) and Fuso (R). from Austin and Foss 2012. Rich, attractive and extremely dense: A geophysical review of Australian IOCGs.

Opportunity: Large scale Cu-Au targets – RC drilling planned for June 2021

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Chianti-Rufina: 7 VMS Tar ets g

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Drill targets defined by FLEM anomalies with associated gossans and / or magnetic and surface geochemical anomalies

CHDD001: 61.5-63.5m

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CHDD002: 117.8-119.8m

Opportunity: Multiple high grade massive sulphide deposits, RC drilling planned for June 2021 (EIS co-funded)

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Mangaroon Ni-Cu-PGE & Au

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Man aroon Ni-Cu-PGE and Au Pro ect g j

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Coarse grained mafic intrusion showing high tenor three phase disseminated and blebby sulphides comprised of chalcopyrite, pentlandite and pyrrhotite

Opportunity:

• Outcropping fertile Ni-Cu-PGE system

• • Unexplored high grade Au

• Target generation commencing February 2021

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Au

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12 Month Plan

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Target Evaluation
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Target Generation
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Target Testing
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Resource
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Target Definition
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Wombarella
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Ni-Cu-
PGE
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Orion
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Barolo
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South
Kimberley
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Lambrusco
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Kimberley

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Longmore’s Bald Hill Black Find Central Oak Metzke’s Eastern Illaara Lawrence’s Find VMS Corridor Minga Bar Mitchell’s Cullen’s Fault Find Find Edmund White Fault Well

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Cu-Au
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Illaara

Regional Illaara

Regional Streams

Mangaroon

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Illaara Drilling Kimberley Drilling Mangaroon Drilling

News flow

Target generation Target definition

Target testing

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Take ~~Away Message~~

• Strong ~~news flow: >20 drill ready~~ targets to be tested in 2021

• Kimberley and Mangaroon: first mover with potential for major Cu, Au and Ni deposits

• Illaara: Consolidated 75km long underexplored greenstone belt with early exploration success

• Experienced management team with a track record of success and strongly aligned with shareholders

• Modest market cap - leveraged for exploration success

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