DREADNOUGHT RESOURCES LTD — Regulatory Filings 2021

Jan 11, 2021

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12 January 2021

LONGMORE’S FIND ASSAY RESULTS - ILLAARA GOLD-VMS-IRON ORE PROJECT

HIGHLIGHTS

• Assays have been received from Longmore’s Find (13 holes for 999m), significant intercepts include:

• LMRC014: 1m @ 5.8 g/t Au from 49m • LMRC025: 1m @ 5.7 g/t Au from 66m

• Diamond hole (LMDD001 – assays pending), which twinned LMRC005 (1m @ 100g/t Au from 55m) suggests the lode(s) at Longmore’s Find may be oblique to the current drill direction possibly rendering the recent drilling inconclusive and necessitating rotating the drill rig 90° to test an ~E-W vein orientation.

• This is the first batch of results from the recently completed RC drilling program (83 holes for 6,680m) at the Illaara Gold-VMS-Iron Ore Project (“Illaara”) with additional results expected to be announced throughout January and February 2021.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce the results from RC drilling at Longmore’s Find (13 holes for 999m), part of the extensive work program completed at the end of 2020. The drilling at Longmore’s Find was designed to follow up on a previous high-grade drill intercept, testing a ~N-S foliation parallel lode orientation. High-grade results were patchy and showed limited to no correlation between sections. However, lower-grade results clearly define the host mineralised shear zone.

As part of the wider program, a diamond hole was drilled at Longmore’s Find, twinning hole LMRC005 (1m @ 100g/t Au) to obtain structural information and assist with follow up drilling. Near the target depth, the drill core showed multiple quartz-sulphide veins in two main orientations (~N-S and E-W), with the E-W vein not continuing across the core (Figure 3). This indicates that the vein runs subparallel to the drill direction and/or is intensely folded which means that the current drill program may have been inconclusive.

Assay results are pending for the diamond hole. Once received a follow up drill program will be designed to test the ~E-W lode orientation by rotating the drill rig to drill at a more appropriate angle to adequately test for mineralised lodes. This program is expected to commence in February 2021.

Results for the program (RC: 83 holes for 6,680m, diamond: 7 holes for 1,019.1m and soil sampling) are expected in January and February 2021.

Dreadnought Managing Director, Dean Tuck, commented: “ The RC intercepts at Longmore’s Find combined with structural observations in the diamond core, justifies another round of drilling at Longmore’s Find and underscores the value of early diamond drilling. We remain excited for the results from diamond drilling at Metzke’s Find, RC drilling to the south and southwest of Metzke’s Find and our extensive first pass soils across the Illaara Greenstone Belt. We look forward to a steady stream of results from these activities through to February 2021.”

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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The current field program involved the following activities:

Completed and Announced:

• Extensional RC drilling at Longmore’s Find (13 holes for 999m).

Completed with Assays Pending:

• Diamond hole twinning LMRC005 (1 hole for 66.4m) to assist in determining the structural orientation of the high-grade lode.

• Extensional RC drilling of potential lode offsets along the northern (6 holes for 678m) and southern extensions (2 holes for 270m) of Metzke’s Find.

• Infill diamond drilling to help determine the geometry of the Metzke’s Find lode (2 holes for 167.4m).

• First pass RC drilling of the ~1.5km long anomaly to the southwest (20 holes for 1,620m) and ~1.2km long anomaly to the south (26 holes for 2,106m) of Metzke’s Find.

• Target generation using ultrafine soil sampling at the ~10km long Lawrence’s Corridor.

• Partially Completed with Assays Pending:

• Extensional diamond drilling to follow the Metzke’s Find lode at depth (4 of the planned 12 holes for 1,800m).

• Regional target generation soil sampling across Illaara including infill target definition soil sampling at Black Oak, Bald Hill, Central Illaara and Metzke’s Corridor.

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Figure 1: Plan view of Illaara showing the planned soil survey in relation to gold and VMS targets.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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RC and Diamond Drilling at Longmore’s Find (E29/957: 100%)

RC drilling (13 holes for 999m) was designed to follow up on the high-grade lode intersected in LMRC005: 1m @ 100g/t Au from 56m and consisted of four close spaced RC drill lines (Figure 2). The high-grade results were not consistent nor coherent. However, lower-grade results clearly define the host mineralised shear zone. Diamond drill hole LMDD001, a twin hole of LMRC005, suggests that the mineralised lode is not running in the orientation initially interpreted and instead may be trending subparallel to the drill direction (Figure 3). This would render the current RC drilling inconclusive.

With this new information, mineralisation is now interpreted to be controlled by ENE cross structures (interpreted from airborne magnetics data) where these structures intersect the mineralised shear zone. In order to test the new interpretation, the drill rig will need to be rotated in a more N-S orientation. This program is expected to commence in February 2021.

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Figure 2: Plan view map showing the location of recently drilled holes at Longmore’s Find over a gold in soil

image and lithostructural interpretation.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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Figure 3: Four images showing the quartz-sulphide vein not cutting across the core, indicating a subparallel orientation to the drill direction, and evidence of post mineralisation folding and deformation.

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Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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Background on Longmore’s Find (E29/957: 100%)

Longmore’s Find is located within the Metzke’s Corridor along the sheared western margin of the Illaara Greenstone Belt within high strain mafic volcanic schists. Gold mineralisation is hosted in sheeted quartz veins containing variable iron and copper sulphides sericite alteration. The historical workings are located at the north end of a ~2.6km long gold in soil anomaly.

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Figure 4: Plan view of the >10km long Metzke’s Corridor highlighting gold-in-soil anomalies over a magnetics image and the location of recent drilling (red dots) at Longmore’s Find, Metzke’s Find and to the south and south-west of Metzke’s Find.

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Background on Illaara

Illaara is located 190 kms from Kalgoorlie and comprises seven tenements (~900 sq kms) covering over ~75km of strike along the entire Illaara Greenstone Belt. The Illaara Greenstone Belt has now been consolidated through an acquisition from Newmont and subsequently the purchase of Metzke’s Find and an option to acquire 100% of E30/485 and E29/965.

Recent gold exploration within the Illaara Greenstone Belt was spurred on by a ~55km long Au-As-Sb anomaly generated from regional regolith sampling by the Geological Survey of Western Australia.

Prior to Newmont, the Illaara Greenstone Belt was held by Portman Iron and Cleveland Cliffs who were looking to extend their mining operations north as part of their Koolyanobbing Iron Ore Operation. Given the long history of iron ore mining in the region, Illaara is well situated in relation to existing road and rail infrastructure connecting it to a number of export ports.

Historically gold was discovered and worked at Metzke’s Find and Lawrence’s Find in the early 1900s. In addition to gold, outcropping VMS base metals mineralisation was identified and briefly tested in the 1980s with no subsequent exploration utilising modern techniques.

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Figure 5: Location of Illaara in relation to regional players and gold operations.

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Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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For further information please refer to previous ASX announcements:

• 24 June 2019

• 6 December 2019

• 75 km Long Illaara Greenstone Belt Acquired from Newmont

• Consolidation of 75km Long Illaara Greenstone Belt

• 13 October 2020 100g/t Au from Maiden Drill Program at Longmore’s Find

• 9 November 2020 Drilling Commenced at Longmore’s Find and Metzke’s Find

• 30 November 2020 Exploration Update Illaara Gold-VMS-Iron Ore Project

UPCOMING NEWSFLOW

January to February 2021: Results from RC and diamond drilling at Illaara

January to February: Ground Sub-Audio Magnetics (“SAM”) survey to be trialled at Metzke’s Find and to the south and southwest of Metzke’s Find, detailed airborne magnetics survey to be flown over Metzke’s and Lawrence’s Corridor

January: Quarterly Activities and Cashflow Report

January to February: Results from target generation using regional soils across Illaara

16-18 February: RIU Explorers Conference, Fremantle WA

February to March: RC and diamond drilling at Illaara (including new drill targets at Longmore’s Find, Black Oak and Bald Hill)

January to May: Target definition and generation at work at Mangaroon Ni-Cu-PGE & Au Project

March: Half year accounts

April: Target generation work, including three FLEM surveys over the Orion Ni-Cu-PGE target at TarrajiYampi

April/May: Commence diamond drilling at Texas Ni-Cu-PGE target at Tarraji-Yampi

May/June: Commence RC drilling at Orion Ni-Cu-PGE, Fuso and Paul’s Find Cu-Au 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 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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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

Maganroon 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 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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Table 1: Drill Collar Data (GDA94 MGAz51)

Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH	**Type **	Prospect
LMRC014	212192	6765762	460	-55	90	63	RC	Longmore's Find
LMRC015	212172	6765761	460	-55	90	93	RC
LMRC016	212200	6765762	460	-55	90	87	RC
LMRC017	212202	6765739	460	-55	90	81	RC
LMRC018	212191	6765738	460	-55	90	63	RC
LMRC019	212180	6765739	460	-55	90	75	RC
LMRC020	212201	6765780	460	-55	90	57	RC
LMRC021	212191	6765781	460	-55	90	69	RC
LMRC022	212182	6765781	460	-55	90	81	RC
LMRC023	212220	6765715	460	-55	90	81	RC
LMRC024	212201	6765719	460	-55	90	87	RC
LMRC025	212182	6765721	460	-55	90	81	RC
LMRC026	212158	6765719	460	-55	90	81	RC
LMDD001	212181	6765760	460	-55	90	64.3	DD

Table 2: Significant Results (>0.1 g/t Au and >1.0g/t Au)

Hole ID	From(m) To(m) Interval Sample Type Au(g/t)	Prospect
LMRC014	49 51 2 1m split 3.0	Longmore’s Find
Incl.	49 50 1 1m split 5.8
LMRC015	No significant results
LMRC016	No significant results
LMRC017	No significant results
LMRC018	No significant results
LMRC019	68 69 1 1m split 0.2
LMRC020	No significant results
LMRC021	No significant results
LMRC022	No significant results
LMRC023	45 48 3 3m comp 0.1
LMRC024	No significant results
LMRC025	66 69 3 1m split 2.0
Incl.	66 67 1 1m split 5.7
LMRC026	No significant results
LMDD001	Assays Pending

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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 techniques	• Nature and quality of sampling (e.g. cut channels, 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. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • 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.	Reverse Circulation (RC) drilling Original 1m Splits (All drilling) Every metre drilled a 2-3kg sample (split) was sub- sampled into a calico bag via a Metzke cone splitter. Target Zone Duplicate 1m Splits (Target Zone) When approaching the target zone, a duplicate 1m split was collected into a calico bag via the Metzke cone splitter for each metre of drilling. This results in two 1m split samples. Within the target zone, all remaining spoil from the sampling system was collected in green plastic bags and stored on site. When the main lode was intersected, duplicate 1m samples were submitted along with a blank. 3m and 6m Composites (Outside Target Zone) 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 or 6m composite sample in a calico bag. Diamond Drilling Core is orientated for structural and geotechnical logging where possible. In orientated core, half 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, 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 were then submitted to the laboratory and pulverised to produce a 50g charge for Fire Assay at ALS Laboratories in Perth (Au-ICP22).
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	RC Drilling Ausdrill undertook the program utilising a Drill Rigs Australia truck mounted Schramm T685WS drill rig with additional air from an auxiliarycompressor and

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Criteria	JORC Code explanation	Commentary
	diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	booster. Bit size was 5¾”. Diamond Drilling Diamond drilling is also being undertaken by Ausdrill with a truck mounted KWL1600. Drilling is initially HQ3 and dropping to NQ3 if ground conditions require.
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.	RC Drilling Drilling was undertaken using a ‘best practice’ approach to achieve maximum sample recover and quality through the ore zones. Best practice sampling procedure included: suitable usage of dust suppression, suitable shroud, lifting 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. Diamond Drilling HQ and NQ triple tube (HQ3 and NQ3) drilling has been undertaken to maximise drilling recovery. 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 within the mineralised zones. At this stage, no bias occurs between sample recovery and grade.
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.	RC chips and diamond core were logged by a qualified geologist with sufficient experience in this geological terrane and relevant styles of mineralisation using an industry standard logging system which could eventually be utilised within a Mineral Resource Estimation. Lithology, mineralisation, alteration, veining, weathering and structure were all recorded digitally. Chips were washed each metre and stored in chip trays for preservation and future reference. Diamond core is photographed and stored in core trays for preservation and future reference. Logging is qualitative, quantitative or semi- quantitative in nature.
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	RC Drilling Every metre drilled a 2-3kg sample (split) was sub- sampled into a calico bag via a Metzke cone splitter. Diamond Drilling 20cm – 1m half core samples are sawn and submitted to the lab for analysis. 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 in the form of duplicates and CRM’s (OREAS Standards)were inserted through the ore

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Criteria	JORC Code explanation	Commentary
	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.	zones at a rate of 1:50 samples. Additionally, within each ore zone, a duplicate sample was taken of the lode and a blank inserted directly after. 2-3kg samples samples were then 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 (Au- ICP22). Standard laboratory QAQC is undertaken and monitored.
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 laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Assay technique is Fire Assay which is a ‘Total Technique’. Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival. All QAQC is deemed to have passed internal DRE standards.
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.	Logging and sampling were recorded directly into a digital logging system, verified and eventually stored in an offsite database. LMDD001 was drilled as a twin of LMRC005 approximately 1m north. Sampling of the drill hole has yet to be finalised. No adjustments to any assay data have been undertaken.
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.	Collar position was recorded using a handheld Garmin GPS (+/- 3m). GDA94 Z51s is the grid format for all xyz data reported. Azimuth and dip of the drill hole was recorded after the completion of the hole using a Reflex EZ Gyro. A reading was undertaken every ~18thmetre with an accuracy of +/- 1°.
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.	See drill table for hole positions. Data spacing at this stage is not suitable for Mineral Resource Estimation.
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	Drilling was undertaken at a sub-perpendicular angle to the interpreted strike and dip of any interpreted mineralised structures or lithologies. Lithologies generally are steeply dipping (~70-80°) and thus true widths of mineralisation will have to

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Criteria	JORC Code explanation	Commentary
	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	be extrapolated from any assay results.
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 sealed in polyweave bags and stored in bulka bags 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.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Illaara Project consists of 7 granted Exploration Licenses (E30/471, E30/476, E29/957, E29/959, E29/1050, E29/965 and E30/485) • Tenements E30/471, E30/476, E29/957 and E29/959 are 100% owned by Dreadnought Resources. • These 4 tenements are subject to a 2.5% NSR retained by Newmont • E29/1050 is 100% beneficially owned by Dreadnought Resources but is currently held in the name of Gianni, Peter Romeo with a 1% NSR retained by Gianna, Peter Romeo once the transfer is complete • E29/965 and E30/485 are currently held by Dalla-Costa, Melville Raymond, is in good standing and is subject to an option to acquire 100% by Dreadnought Resources. • There are currently no clear Native Title Claims over the Illaara Project • Part of the Illaara Project is located on Walling Rock Station.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Newmont Exploration has undertaken exploration activities since 2016 which are mentioned in previous reports. • Historical exploration of a sufficiently high standard was carried out by numerous parties which have been outlined and detailed in previous ASX announcements: Eastern Group 1988: WAMEX Report A22743 Anglo Australian 1995: WAMEX Report A45251 Polaris 2006-2007: WAMEX Report A75477
Geology	• Deposit type, geological setting and style	• The Illaara Project is located within the Illaara

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Criteria	JORC Code explanation	Commentary
	of mineralisation.	Greenstone Belt within the Southern Cross Domain of the Youanmi Terrane approximately 60kms west of the Ida Fault. • The Illaara Project is prospective for orogenic gold, VMS and potentially komatiite hosted nickel mineralisation. • Mineralisation at Metzke’s is quartz vein hosted within sheared undifferentiated mafic rocks.
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material 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.	• An overview of the drilling program is given within the text and tables within this document.
Data aggregation methods	• In reporting Exploration Results, weighting 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.	• All results have been reported above 0.1g/t Au. • No top cutting has been applied. • All reported results have been length weighted (arithmetic length weighting). • No metal equivalent values are reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be 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’).	• Drilling is undertaken sub-perpendicular to the dip of the mineralisation. • The true thickness of the mineralisation intersected in RC drill holes is currently unknown; however, thicknesses may be smaller than the reported intercepts within this report. • The true thickness of mineralisation intersected in diamond drill holes is >80% of downhole thickness.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to aplan view	• Refer to figures within this report.

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Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

info@dreadnoughtresources.com.au

+61 (0) 428 824 343

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Criteria	JORC Code explanation	Commentary
	of drill hole collar locations and appropriate sectional views.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): 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.	• Suitable commentary of the geology encountered is given within the text of this document.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Further extensional and infill drilling and diamond drilling at Metzke’s Find is planned for the coming months.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au

info@dreadnoughtresources.com.au

+61 (0) 428 824 343