HIGHLY ACTIVE WEST AUSTRALIAN MINERAL EXPLORER FOCUSED ON DISCOVERY ANNUAL GENERAL MEETING PRESENTATION – 24 NOVEMBER 2021 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 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). Currency All amounts shown are in Australian dollars unless otherwise stated. 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 • 6 December 2019 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 • 17 July 2020 Remaining Metzke’s Find Assays • 22 July 2020 High-grade Iron Ore Opportunity - 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 • 27 April 2021 Illaara Update and Regional Target Generation • 31 May 2021 Drilling Results – Illaara Au-Cu-Iron Ore Project Kimberley Ni-Cu-Au Project • 6 June 2019 Ground EM Survey Lights Up Strong Conductor at the Texas Ni-Cu-PGE Target • 2 December 2019 Assays and EM Surveys Confirm Massive Sulphide System at Chianti-Rufina • 23 December 2019 Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets • 24 August 2020 High Priority Copper Gold Targets at Fuso and Paul’s Find • 25 August 2021 RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System • 27 August 2021 Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle • 11 October 2021 Massive Sulphide Intersected in Multiple Holes at Orion • 2 November 2021 Supergene Confirmed and Massive Sulphide Extended at Orion Mangaroon Ni-Cu-PGE, REE & Au Project • 25 November 2020 Mangaroon Ni-Cu-PGE & Au Project • 07 April 2021 Option/JV Agreement Signed with Global Base Metal Miner • 19 July 2021 High Grade REE Ironstones Outcropping at Mangaroon • 1 September 2021 Encouraging Results for Rare Earths at Yin • 9 September 2021 Four New REE Ironstones Discovered at Mangaroon • 24 September 2021 Airborne Magnetic-Radiometric Survey Commenced at Mangaroon ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 2 Company Snapshot Capital Structure ASX Code DRE Share Price (23/11/2021) $0.047 Shares on Issue 2,831.9M Market Cap (fully diluted) $136.9M Cash (30/09/2021) ~$7.8M Unlisted Options (various strike prices) 74.0M Top 20 Shareholders 32% Board / Management Cash Investment ~$1,300,000 Board / Management Shareholding 17% ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 3 Board & Management Paul Chapman Non-Executive Chairman Dean Tuck Managing Director Ian Gordon Non-Executive Director Paul Payne Non-Executive Director Jessamyn Lyons Company Secretary Matt Crowe Exploration Manager Frank Murphy Operations Manager Nick Chapman / Luke Blais Senior Geologists Kimberley Cu-Ag-Au-Co 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 • Orion – High-grade Cu-Ag-Au-Co Massive Sulphides • Rough Triangle – High-grade Cu-Ag-Bi-Sb Veins • Texas, Fuso and Grants – Cu-Co-Au mineralisation Mangaroon Ni-Cu-PGE (Option with FQM), REE & Au Project (100%) ? ~4,500km 2 land holding in the Gascoyne Provence ? Vastly unexplored with historical work led by local pastoralists ? Outcropping rare earth ironstones, nickel-copper-PGE sulphides and gold Illaara Gold-Base Metals-LCT-Iron Ore Project (100%) ? Consolidated 880km 2 landholding covering 75km strike of the Illaara greenstone belt. ? High grade gold, outcropping fertile LCT pegmatites, Iron Ore and base metal gossans. ? Metzke’s Find maiden gold resource underway: Strategy and Performance ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 4 *1 *2 DELIVER SIGNIFICANT SHAREHOLDER RETURNS • Increase value through advancing exploration targets through discovery to resource • Chalice – Julimar • De Grey – Hemi • Sirius – Nova Bollinger • Sandfire – Degrussa EFFECTIVE AND EFFICIENT EXPLORATION • >80% of funds go into the ground • Maintain a pipeline of strong targets and drill results • Maintain a stable of large scale projects with potential for multiple commodities STRONG COMMUNITY AND STAKEHOLDER ENGAGEMENT We strive to develop win-win relationships with key stakeholders – our licence to operate • Water bores for pastoralists • Upgrades to homestead outcamp • Fire fighting trailer for the Dambimangari • Site recycling to local sports clubs • Low impact exploration • Engagement with CSIRO and Universities Tarraji-Yampi Ni-Cu-PGE & Gold Project ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 5 Rare Exploration Opportunity ? 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 ? West Kimberley is controlled by IGO, Dreadnought and Chalice 1978-2013: YSTA Defense Reserve “off limits” to mineral exploration 1956-1959: Last significant mineral exploration at Tarraji undertaken by WMC • Outcropping mineralisation • Off limits since 1978 • First movers within the YSTA ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 6 WMC’s David Barr (L) & Roy Woodall (R) at Tarraji – 1950s Tarraji-Yampi ? Located just 80kms from the port of Derby and entirely within the Yampi Sound Training Area ? Abundant outcropping Cu-Au-Ag-Bi-Sb-Co mineralisation – vectors to mineralisation undercover • Grant’s Find – Discovered 1906 • Rough Triangle – Discovered 1958 (but was never assayed) ? Hunting the elephants under shallow cover • Orion – Multiple massive sulphide intercepts with high grade Cu-Ag- Au-Co – additional assays pending • Fuso – First program confirmed high-grade mineralisation, but the magnetic anomalies remain to be tested ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 7 Orion Cu-Ag-Au-Co Target ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 8 Oxide and Supergene from 1m depth, massive sulphide confirmed to ~150m, getting stronger and thicker at depth Next Steps: Assays results and resource drilling November 2021: Assays results June/July 2022: Resource drilling Max depth of drilling ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 9 Grant’s Find and Fuso Cu-Au-Co ? Grant’s Find • Outcropping breccia vein over 800m strike. • Best intercept to date – most northern drill hole. • 10m @ 2.3% Cu, 0.03% Co ? Fuso • Multiple strong magnetic anomalies, completely under shallow cover. • New magnetic data indicating we missed the target due to hole deviation. • 1m @ 2.1% Cu, 0.24% Co, 0.1g/t Au Next Steps: Explain the magnetic anomaly and does Grant’s Find improve to the north? June/July 2022: Continue to test new targets at Yampi – Tarraji June/July 2022: Resource drilling at Grant’s Find Rough Triangle: Cu-Ag-Bi-Sb ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 10 ? 1.2km long outcropping vein of high-grade Cu-Ag-Bi-Sb mineralisation ? Significant rock chips include: • RT07: 20.4% Cu, 4.6% Sb, 0.9% Bi, 101g/t Ag • RTC01: 83.7% Cu, 142g/t Ag • RT09: 18.9% Cu, 14.1% Sb, 1.6% Bi, 196g/t Ag • RT12: 18.5% Cu, 10.8% Sb, 1.9% Bi, 291g/t Ag ? Drilling expected May/June 2022 Mangaroon Ni-Cu-PGE, REE & Au Project ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 11 Proterozoic Mobile Belts ? Proterozoic mobile belts are attractive with the potential to host world class deposits across a range of commodities ? Mangaroon compliments the Kimberley • Both have potential Tier 1 discoveries • Both have been historically underexplored despite outcropping mineralisation • Dreadnought has acquired a substantial first mover land package in both provi nces ? Recently announced Option/JV Agreement regarding base metal rights with First Quantum Minerals • Dreadnought to manage early-stage exploration and retains certain rights to gold discoveries • First Quantum Minerals to fully fund exploration through decision to mine ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 12 Mangaroon Project ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 13 ? Rare Earths: Yin Camp – 100% Owned • Outcropping high-grade rare earth ironstones – similar to Yangibana • High NdPr to TREO ratio – high value product for permanent magnets • Mineralogy and metallurgic work confirms high grade concentrate product ? Ni-Cu-PGE: The Money Intrusion – Option/JV with FQM • 50km long, outcropping mafic/ultramafic intrusion with high tenor blebby Cu-Ni-PGE bearing sulphides • FQM entered into an Option Agreement over 5 tenements covering the Money Intrusion • earn 51% interest by spending $15M and a further 19% interest by sole funding up until a Decision to Mine. • Dreadnought retains rights to any gold discoveries. ? Gold: Minga Bar and Edmund Faults – 100% Owned • Known outcropping gold mineralisation along two crustal scale structures • Historical high grade gold drilled at Cullen’s Find and mined at Diamond’s Mine Next door to Yangibana – Hastings Technology Metals (HAS.ASX) Market Cap ~$500M Discovery and Resource drilling to commence March Quarter 2022 ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 14 Yin REE Ironstones ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 15 Yin REE Ironstones Nd Pr Nd Pr Ce La ? Scale • Six REE ironstones identified to date with over an area of ~10kms x 5kms ? Grade • High grade rock chips, up to 11.37% TREO, with high NdPr to TREO ratios – high value concentrate ? Mineralogy • Monazite – globally significant REE mineral with abundant processing capacity with three plants to be built in WA ? Metallurgy • Standard flotation sheet able to produce high grade concentrate • 12.3% Nd2O3 / 40% TREO with 92.8% process recovery Next Steps: How big is it and how many more are there? September-November 2021: Airborne magnetic and radiometric survey October/November 2021: Environmental and heritage surveys March 2022: Discovery and resource focused drilling Mid-Late 2022: Deliver maiden JORC resource Mangaroon Ni-Cu-PGE ? The Money Intrusion • 50km long, outcropping mafic / ultramafic intrusion with high tenor blebby Cu-Ni-PGE bearing sulphides • 1km long outcropping gossanous Ni-Cu-PGE horizon at Bookathanna Next Steps: Is there a massive sulphide accumulation? September – December 2021: Ground EM surveys March 2022: Discovery focused drilling ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 16 Coarse grained mafic intrusion showing high tenor three phase disseminated and blebby sulphides comprised of chalcopyrite, pentlandite and pyrrhotite MNRK0366: 0.4% Cu, 0.4% Ni, 0.03% Co, 0.3 g/t Pt-Pd-Au Illaara Au-Cu-LCT-Iron Ore Project ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 17 Illaara Project Illaara Au-Cu-LCT-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 ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 18 Illaara Project Overview ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 19 Lithium Caesium Tantalum Pegmatites – Peggy Sue • Outcropping fertile LCT pegmatite swarm over an area of 5km x 2kms with multiple clusters of high-grade tantalum (up to 529ppm Ta 2 O 5 ) • Additional mapping and sampling over mineralised clusters to define drill targets for early 2022 VMS - Nelson • ~1.4km long Cu-Pb-Zn-Ag anomaly situated over prospective changes in lithology (peak values 640ppm Pb; 1,100ppm Zn; 300ppm Cu; 0.5 g/t Ag) • FLEM survey to define drill target Gold • High-grade gold resource at Metzke’s Find in March quarter 2022 • Regional sampling over central and eastern corridor highlighting new large scale coherent gold in soil anomalies Iron Ore • Resource evaluation drilling in June quarter 2022 • P-North: 29m @ 58.6% Fe, 8.3% SiO 2 , 3.4% Al 2 O 3 , 0.04% P, and 4.0% LOI from 6m • Incl. 16m @ 64.4% Fe, 2.4% SiO 2 , 1.3% Al 2 O 3 , 0.04% P and 3.7% LOI from 8m • Kings: 49m @ 55.7% Fe, 9.1% SiO 2 , 3.1% Al 2 O 3 , 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 Peggy Sue: LCT Pegmatite ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 20 • ~200 Rock Chips of pegmatite swarm collected • Some large outcropping pegmatites 10-30m wide 300-500m long. • Early results showing very high Tantalum – fertile system. • Further mapping and sampling around clusters to determine zonation and fractionation trends to locate Lithium rich zones. Metzke’s Find: High-grade Gold ASX:DRE WWW.DREADNOUGHTRESOURCES.COM.AU 21 Resource work underway – expected March 2022 CRA Homestead 2021 Work Plan ASX:DRE WWW.DREADNOUGHTRESOURCES.COM 22 Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Kimberley Drilling Drilling Mangaroon Drilling Illaara Drilling Drilling Target Generation Target Definition Target Testing Target Evaluation Resource Metzke’s Find Paul’s Find Texas Chianti Fuso Gold Copper Nickel Iron Ore Edmund Fault Western VMS Eastern VMS Regional Illaara Minga Bar Fault Central Illaara White Well Mitchell’s Find Cullen’s Find Black Oak Regional Streams Money Intrusion Kimberley Illaara Mangaroon Wombarella Target generation Target definition Target testing Lawrence’s Corridor Nelson Spitfire Defiance Tarraji- Yampi Tarraji- Yampi Critical Metals Peggy Sue Yin Y2-6 Booka- thanna Lumpy’s Grant’s Find Monarch Wilson’s Find Rough Triangle REE Ironstones Orion Orion Diamond’s Ironclad King’s Take Away Message ? Strong news flow: Discovery and evaluation / resource drilling focus for the next 12 months ? Metzke’s Find Gold: March 2022 ? Yin REE: August 2022 ? Orion: Cu-Ag-Au-Co: December 2022 ? Grant’s Find: Cu-Au-Co ? Kimberley and Mangaroon: first mover with potential for major Cu, Au, Ni and REE 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 WWW.DREADNOUGHTRESOURCES.COM.AU ASX:DRE 23
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