DREADNOUGHT RESOURCES LTD — Interim / Quarterly Report 2021

Jan 28, 2021

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HIGHLY ACTIVE WEST AUSTRALIAN FOCUSED GOLD AND BASE METAL EXPLORER

QUARTERLY UPDATE 29 JANUARY 2021

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Disclaimer

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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 forward-looking 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.

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).

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

Currency

All amounts shown are in Australian dollars unless otherwise stated.

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Com an Sna shot p y p

Capital Structure	Capital Structure	Capital Structure		Illaara Gold-VMS-Iron Ore Project (100%) Consolidated 880km2 landholding covering 75 strik greenstone belt Acquired from Newmont, limited gold and base me 1980s and 1990s High grade gold intercepts at Metzke’s Find • MZRC016: 3m @ 21.0g/t Au from 85m • MZRC021: 3 • MZRC017:. 7m @ 7.5g/t Au from 51m • MZRC022: 2 • MZRC019: 2m @ 39.2g/t Au from 45m • MZRC030: 2 Kimberley Projects (100%, E04/2315 80%) 2,660km2land holding in the West Kimberley, 2nd l behind IGO and ahead of Chalice Unexplored since 1978 with known outcropping mi • Texas Ni-Cu-PGE: Coincident EM and magnetic targe • Fuso and Paul’s Find Cu-Au: Coincident magnetic an • Chianti VMS: 7 EM plates with outcropping mineralis Mangaroon Ni-Cu-PGE and Au Project (100 ~4,000km2land holding in the Gascoyne Provence Vastly unexplored with historical work led by local Outcropping fertile Ni-Cu-PGE system with the pre Money Intrusion Significant potential to identify high grade gold min
ASX Code	DRE
Share Price(27/01/2021)	$0.022
Shares on Issue	2,262M
Market Cap(undiluted)	$49.8M
Market Cap(diluted)	$52.0M
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 – Senior Geologist

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Illaara Gold-VMS-Iron Ore Project (100%)

• Consolidated 880km[2] landholding covering 75 strike kms of the Illaara greenstone belt

• Acquired from Newmont, limited gold and base metal exploration since the 1980s and 1990s

• High grade gold intercepts at Metzke’s Find

• MZRC016: 3m @ 21.0g/t Au from 85m • MZRC021: 3m @ 13.8g/t Au from 108m

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

• MZRC019: 2m @ 39.2g/t Au from 45m • MZRC030: 2m @ 10.8g/t Au from 102m

Kimberley Projects (100%, E04/2315 80%)

• 2,660km[2 ] land holding in the West Kimberley, 2[nd] largest land owner behind IGO and ahead of Chalice

• Unexplored since 1978 with known outcropping mineralisation

• Texas Ni-Cu-PGE: Coincident EM and magnetic target in the Ruins Dolerite

• Fuso and Paul’s Find Cu-Au: Coincident magnetic and gravity target

• Chianti VMS: 7 EM plates with outcropping mineralisation

Mangaroon Ni-Cu-PGE and Au Project (100%)

• ~4,000km[2 ] land holding in the Gascoyne Provence

• Vastly unexplored with historical work led by local pastoralists

• Outcropping fertile Ni-Cu-PGE system with the previously unrecognised Money Intrusion

• Significant potential to identify high grade gold mineralisation

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Se tember 2020 Performance p

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Values rounded
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• [1 ] $600k Convertible Note

• *[2 ] ~$25k / month going forward

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DELIVER SIGNIFICANT SHAREHOLDER RETURNS

• Discover economic gold and base metal deposits in Western Australia

• Release constant news flow

• Spend money in the ground

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EFFECTIVE AND EFFICIENT EXPLORATION

• Low over-head, textbook exploration focused on discoveries

• Spectrum Metals, Penny West

• Sirius Resources, Nova-Bollinger

• Chalice, Julimar

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STRONG COMMUNITY AND STAKEHOLDER ENGAGEMENT

• Licence to operate underpins our success

• Actively engage and build strong lasting win-win relationships with traditional owners, environmental, government and community stakeholders

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Yilgarn Gold-VMS Projects

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Yil arn Pro ects g j

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Illaara Gold – VMS – 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 – VMS 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

• Potential to host multiple high grade gold deposits

Central Illaara Corridor (10km strike)

• Target definition work ongoing

Lawrence’s Corridor (10km strike)

• Similar geology and historical mineralization as Metzke’s Corridor

• Target generation work commenced - ultrafine soil sampling

• High resolution geophysics data being acquired

• Target generation work has only been completed over ~25% of gold prospective ground across Illaara

Iron Ore

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

• Several regional iron ore players including Mineral Resources, Jupiter and MacArthur Minerals

• Potential for commercialisation

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Metzke’s Find: Gold

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1,115m of RC and diamond drilling completed; assays expected February 2021

• *See ASX announcement 17 July 2020, 13 July 2020 and 19 March 2020

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Lon more’s Find g

• Two drilling programs have been completed at Longmore’s Find with significant results including:

• LMRC005: 1m @ 100 g/t Au from 56m

• LMRC014: 1m @ 5.8 g/t Au from 49m

• LMRC025: 1m @ 5.7 g/t Au from 66m

• A diamond twin of LMRC005 showed multiple quartz-sulphide veins in two main orientations indicating that the veins could be running subparallel to the drill direction.

• RC drilling to is set to recommenced in February 2021 to test this new interpretation.

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Metzke’s South

• First pass RC fence line drilling was completed, 20 holes for 1,620m.

• Drilling was designed to test the ~1.2 km long gold in soil anomaly extending south from Metzke’s Find and a ~1.5km long gold-in-soil anomaly identified along a splay lode to the southwest with associated pathfinder anomalism

• Results are still pending and expected in February 2021.

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Metzke’s Corridor: Gold

• 12km long gold corridor with classic orogenic gold pathfinder anomalism identified through wide spaced and infill soil sampling

• No historical work along strike of Metzke’s Find

• Multiple discreet gold-in-soil anomalies

• Longmore’s Find: LMRC005: 1m @ 100g/t Au

  • Black Oak: Extensive gold-in-soil anomaly with significant oxide gold anomalism confirmed in first pass drilling
• • Bald Hill: Multiple lodes and rock chips up to 2g/t Au

• Target definition work ongoing around Metzke’s Corridor

• Further target definition work along the corridor to refine additional drill targets for February 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

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Rare Exploration Opportunity

• Outcropping mineralisation

• Off limits since 1978

• Multiple untested drill targets

• Tier 1 jurisdiction – Western Australia

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

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1956-1959: Last 1978-2013: YSTA significant mineral Defense Reserve exploration at Tarraji “off limits” to undertaken by WMC mineral exploration

• Half of all mineral deposits in Australia discovered after 1983

• No exploration since 1958 (Tarraji) / 1972 (Chianti-Rufina)

• Yampi Sound Training Area (Defense Reserve) off-limits to exploration from 1978-2013

• Tarraji-Yampi contains several outcropping mineralised bodies and significant potential under shallow cover

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The West Kimberle y

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Texas and Orion Ni-Cu-PGE Tar et g

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

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Opportunity: High grade Ni-Cu-PGE massive sulphide – RC and diamond drilling planned for mid-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 mid-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 mid-2021 (EIS Co-funded)

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Mangaroon Ni-Cu-PGE and

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Proterozoic Mobile Belts: Large ~~Scale Ni-Cu-Au O ortunities pp~~

• Proterozoic mobile belts are attractive geological provinces with the potential to host world class deposits across a range of commodities

• Mangaroon compliments the Kimberley within Dreadnought’s project portfolio

• Both have potential for Dreadnought’s target commodities of Ni, Cu and Au

• Kimberley and Mangaroon have been historically underexplored despite outcropping mineralisation

• Dreadnought has acquired a substantial first mover land package in both provinces

• Mangaroon will contribute high quality Ni-Cu-PGE and Au targets to Dreadnought's target pipeline

• The Kimberley is at the target testing phase with over 10 drill ready targets

• Target generation work will commence at Mangaroon in January 2021 with an aim to define drill targets by July 2021

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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 and unexplored high-grade Au – Target generation commencing February 2021

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Take ~~Away Message~~

• Active ~~explorer putting money in the~~ ground and news flow into the market

• 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

• Rocky Dam: Shallow mineralisation close to Kalgoorlie in an area experiencing significant consolidation

• 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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