Announcement PDF ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 ASX ANNOUNCEMENT 27 October 2023 $180,000 DRILLING GRANT FOR MANGAROON REEs (100%) Amendment Dreadnought Resources Limited (“Dreadnought” or “the Company”) provides an amendment to the announcement that was released on 25 October 2023 titled $180,000 Drilling Grant for Mangaroon REEs to cover off on additional information with respect to the reference to the Exploration Target of 50-100Mt at 0.9-1.3% TREO estimated for the top 150m of the Yin REE Ironstone Complex in accordance with the ASX release of 13 February 2023. The Company has annexed the ASX release of 13 February 2023 titled REE Ironstone Exploration Target Defined – Mangaroon to provide additional supplementary information required in accordance with paragraph 17 of the JORC code concerning the Exploration Target. The Company has revised the cautionary statement where the Exploration Target is referenced and has also inserted a Competent Persons Statement with reference to the Exploration Target and a disclaimer confirming that there has been no new information or data that materially affects the information in any of the releases referenced throughout the body of the release. There have been no other changes made to the amended release. For further information please contact: Dean Tuck Managing Director Dreadnought Resources Limited E: dtuck@dreres.com.au Jessamyn Lyons Company Secretary Dreadnought Resources Limited E: jlyons@dreres.com.au This announcement is authorised for release to the ASX by the Managing Director and Company Secretary of Dreadnought. dreadnoughtresources.com.au 1 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 ASX ANNOUNCEMENT 25 October 2023 $180,000 DRILLING GRANT FOR MANGAROON REEs (100%) HIGHLIGHTS • Dreadnought is pleased to advise that it has been awarded a co-funded drilling grant under the Geological Survey of Western Australia’s merit-based Exploration Incentive Scheme (“EIS”) for the Gifford Creek REE Carbonatite at Mangaroon (100%). • EIS grant of $180,000 for RC drilling to target gravity anomalies within the ~17km long Gifford Creek Carbonatite and test for REE, niobium, titanium, phosphate and scandium mineralisation. • Dreadnought has received three EIS grants in 2023 totaling $620,000 to support drilling at the Yin ironstones, the Gifford Creek Carbonatite (both at Mangaroon) and at Orion (TarrajiYampi). • The EIS grant for RC drilling at the Gifford Creek Carbonatite commences in December 2023, therefore drill testing of the gravity anomalies will commence in 2024. • Results of the recently completed gravity survey over the Gifford Creek Carbonatite are expected in November 2023. Drilling of the gravity anomalies will commence in March 2024. Dreadnought Resources Limited (“Dreadnought”) is pleased to announce that it has been awarded an EIS co-funded drilling grant at the 100% owned Mangaroon REE-Nb-P-Ti-Sc project located in the Gascoyne Region of Western Australia. EIS funding is managed by the Geological Survey of Western Australia (“GSWA") to stimulate exploration leading to mineral discoveries. These grants are based on the technical merit of the drill target and Dreadnought was 1 of 36 successful applicants. Dreadnought’s Managing Director, Dean Tuck, commented: “Dreadnought is very pleased to continue to receive support from the EIS co-funded drilling program. The program is highly competitive, and the awarding of this grant further recognises the technical merits and potential of the Gifford Creek Carbonatite to host significant rare earths and other critical metals. A previous EIS grant funded the first holes into what has become the ~17km long Gifford Creek Carbonatite, the potential source intrusions for the Yin and Yangibana ironstones. A lot has been learned since those first drill holes, and we look forward to delivering this program with support of the Geological Survey and the State of Western Australia.” Figure 1: Photo of Dreadnought’s Claudia Tomkins and Sam Busetti reviewing the pXRF while drilling at the Gifford Creek Carbonatite dreadnoughtresources.com.au 1 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 SNAPSHOT – MANGAROON RARE EARTHS Mangaroon is 100% Owned by Dreadnought Genuine Scale Potential Already at Yin REE Ironstone Complex • Independent Yin Inferred Resource of 20.06Mt @ 1.03% TREO (ASX 5 Jul 2023) covers only ~4km of ~43km of strike with the initial Indicated Resource of 5.52Mt @ 1.23% TREO covering only ~250m of strike. • Exploration Target* of 50-100Mt at 0.9-1.3% TREO estimated for the top 150m of the Yin REE Ironstone Complex (ASX 13 Feb 2023). *This Exploration Target was first published by the Company on 13 February 2023. A copy of that announcement, containing the information underlying the Exploration Target referred to above, is included in that announcement (refer to Annexure A). The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The potential quality and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Resource for all target areas reported. It is uncertain if further exploration will result in the estimation of a Resource. For further understanding of the Exploration Target, refer to the announcement included in Annexure A. Significant, Critical Minerals Potential at the Gifford Creek Carbonatite • Gifford Creek Carbonatite is considered to be the regional source of REE. • In less than 12 months since the discovery of Gifford Creek Carbonatite, a large, independent Resource of 10.84Mt @ 1.00% TREO has been delivered. The Resource contains a range of critical minerals including rare earths, niobium, phosphate, titanium and scandium. • The initial Resource covers an area of only ~600m x 550m. With the Gifford Creek Carbonatite now expanding to ~17kms x 1km under wide-spaced, first pass drilling, it is expected that the Resource will grow substantially with future drilling. High-grade, Multi-Metal Potential Including REE (Neodymium, Praseodymium), Phosphate, Niobium, Titanium & Scandium • The mineralisation at the Yin REE Ironstone Complex contains significantly higher NdPr as a fraction of the rare earth oxides (“NdPr:TREO” ratio) than most other REE deposits globally, over 50% higher than the global average. • Partially completed, first pass, wide spaced drilling over the Gifford Creek Carbonatite has identified significant critical metal potential with REE, P, Nb, Ti and Sc. Potentially Attractive Mining Proposition • At Yin, broad zones of flat to moderate dipping mineralisation with parallel lodes and Resource intensity of ~4.8Mt/km make for a potentially attractive mining proposition. Positive Metallurgy Results • Metallurgical test work from Yin has performed well, achieving recoveries ranging from 85.9% to 92.8% at a concentrate grade of 10.76% to 15.31% Nd2O3+Pr6O11. • REE at Yin is predominantly hosted in monazite which is amenable to commercial processing. • Significant metallurgical studies ongoing – results expected throughout 2023. Global Strategic Imperative Driving Rare Earth Growth & Prices • Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension. • Dreadnought is receiving increasing levels of interest from midstream and downstream industry participants in Mangaroon. While the current focus is on upstream options (mining, milling and concentrating) opportunities to collaborate with midstream and downstream industry participants may represent an opportunity. dreadnoughtresources.com.au 2 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Background on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: First Quantum Minerals Earn-in) (E08/3275, E08/3439, E09/2290, E09/2359, E09/2370, E09/2405, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478, E09/2531, E09/2535, E09/2616, M09/91, M09/146, M09/147, M09/174, M09/175: 100%) Mangaroon (Figure 2) covers >5,200sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia and is comprised of: - the ~45km long Money Intrusion (First Quantum Minerals earn-in) which contains high tenor magmatic NiCu-PGE mineralisation; - the >10km long Mangaroon Au Shear Zone (100%) where fractured, small scale ownership has limited previous gold exploration with only ~200m of the >10km having been drilled notwithstanding the highgrade, camp scale potential; - the ~43km long Yin REE Ironstone Complex (100%) which already contains: an independent total Resource of 20.06Mt @ 1.03% TREO (ASX 5 Jul 2023) over only ~4km of the ~43km of ironstones including an initial Indicated Resource of 5.52Mt @ 1.23% TREO over only ~250m of strike (ASX 5 Jul 2023); and an Exploration Target of 50-100Mt at 0.9-1.3% TREO (ASX 13 Feb 2023) over 40 kms of strike. - the ~17km long REE-Nb-Ti-P-Sc Gifford Creek Carbonatite which contain an initial independent Inferred Resource of 10.84Mt @ 1.00% TREO (ASX 28 Aug 2023). Figure 2: Plan view map of Mangaroon showing the location of the First Quantum Minerals Earn-in and 100% Dreadnought ground (Mangaroon Au Shear Zone, Yin REE Ironstone Complex and REE-Nb-Ti-P-Sc Gifford Creek Carbonatite) in relation to major structures, geology and roads. dreadnoughtresources.com.au 3 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 For further information please refer to previous ASX announcements: • • • • • • • • • • • • • • • • • • 17 October 2022 24 October 2022 21 November 2022 23 November 2022 28 December 2022 24 January 2023 29 March 2023 3 April 2023 29 May 2023 13 June 2023 5 July 2023 10 July 2023 17 July 2023 7 August 2023 17 August 2023 28 August 2023 13 September 2023 2 October 2023 Mineralised Carbonatites Discovered at C3 and C4 Broad, High-Grade Assays at Yin REE Discovery Broad, High-Grade Assays At Yin REE Discovery Multiple, Large Scale, REE-Nb-Ti-P Carbonatites Initial High-Grade, Independent Resource over 3kms at Yin Carbonatite Discovery Shaping up as Regional Rare Earth Source Yin Resource to Grow, Carbonatite Drilling Commenced Carbonatites Deliver Thick, Near Surface REE Results Metallurgical Test Work Supports High-Value Concentrate Yin Extended by 1km & 2.5km of High-Grade NdPr Discoveries 40% Increase in Resource Tonnage at Yin High Grade Rare Earth & Niobium Zones at C3 & C5 High Grade Rare Earth & Niobium Zones at C3 & C5 Rare Earth Ironstone and Carbonatite Drilling Update Thick, High-Grade Rare Earths Continue at Yin Initial, Independent REE-Nb-P-Ti-Sc Resource at C3 Highest Grades to date from Yin Infill Drilling Mangaroon Carbonatite now >17km – Higher Grade Zones Fingerprinted UPCOMING NEWSFLOW October: Drilling results from completed drilling at Mangaroon REE (100%) October: DHEM and further assay results from the Money Intrusion (Mangaroon Ni-Cu-PGE Earn-in) October: Quarterly Activities and Cashflow Report October/November: Further RC drilling at Mangaroon Ni-Cu-PGE (Earn-in) and Au, REEs (100%) November: REE Resource upgrade (Mangaroon 100%) November: Results of geophysical and geochemical surveys at Central Yilgarn (100%) November: Results from target generation and definition work at Bresnahan (100%) November: Assays from drilling at Tarraji-Yampi (80%, 100%) 23 November: Annual General Meeting November/December: Assay results from additional Au, Ni-Cu-PGE and REE drilling at Mangaroon. ~Ends~ For further information please contact: Dean Tuck Managing Director Dreadnought Resources Limited E: dtuck@dreres.com.au Jessamyn Lyons Company Secretary Dreadnought Resources Limited E: jlyons@dreres.com.au This announcement is authorised for release to the ASX by the Board of Dreadnought. dreadnoughtresources.com.au 4 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Competent Person’s Statement – Exploration Results The information in this announcement that relates to geology, Exploration Results and Exploration Targets 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 announcement 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. Disclaimer References in this announcement may have been made to certain previous ASX announcements, which in turn may have included Exploration Results, Exploration Targets, Mineral Resources, Ore Reserves and the results of Pre-Feasibility Studies. For full details, please refer to the said announcement on the said date. The Company is not aware of any new information or data that materially affects this information. Other than as specified in this announcement and mentioned announcements, the Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement(s), and in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement. dreadnoughtresources.com.au 5 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 INVESTMENT HIGHLIGHTS Kimberley Ni-Cu-Au Project (80/100%) The project is located only 85kms from Derby in the West Kimberley region of WA and was locked up as a Defence Reserve since 1978. The project has outcropping mineralisation and historic workings which have seen no modern exploration. Results to date indicate that there may be a related, large scale, Proterozoic Cu-Au-Ag-Bi-Sb-Co system at Tarraji-Yampi, similar to Cloncurry/Mt Isa and Tennant Creek. Mangaroon Ni-Cu-PGE JV & Au/REE 100% Project Mangaroon covers ~5,200 kms and is located 250kms south-east of Exmouth in the Gascoyne Region of WA. At the Money Ni-Cu-PGE has been identified and is subject to an earn-in by First Quantum Minerals (up to 70%). Dreadnought also has areas of outcropping highgrade gold including the historic Star of Mangaroon and Diamonds gold mines. In addition, Mangaroon has emerged as a globally significant, rapidly growing, potential source of critical minerals. Highlights include: - An Exploration Target of 50-100Mt at 0.9-1.3% TREO estimated for the top 150m of the ~43km long Yin REE Ironstone Complex (ASX 13 Feb 2023). - An independent Resource for Yin Ironstones Complex of 20.06Mt @ 1.03% TREO over only ~4kms – including an Indicated Resource of 5.52Mt @ 1.23% TREO over just 250m strike (ASX 5 Jul 2023). - Regional source of rare earths at the Gifford Creek Carbonatite totaling >17kms x ~1km (ASX 7 Aug 2023). - A large, independent initial Resource of 10.84Mt @ 1.00% TREO, containing a range of critical minerals including rare earths, niobium, phosphate, titanium and scandium (ASX 28 Aug 2023). Bresnahan HREE and Au Project (100%) Bresnahan is located ~125km southwest of Newman in the Ashburton Basin. The project comprises ~3,700 sq kms covering over 200kms strike along the Bresnahan Basin / Wyloo Group unconformity. Bresnahan is prospective for unconformity related heavy rare earth (“HREE”) deposits similar to Browns Range HREE deposits and mesothermal lode gold similar to Paulsen’s Au-Ag-Sb deposits along strike. Prior to consolidation by Dreadnought, the Bresnahan Basin had only been explored for unconformity uranium with limited exploration for mesothermal gold. Bresnahan is a first mover opportunity to explore for unconformity HREE. Central Yilgarn Gold, Base Metals, Critical Minerals & Iron Ore Project (100%) Central Yilgarn is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~1,600 sq kms covering ~150km of strike along the majority of the Illaara, Yerilgee and Evanston greenstone belts. Central Yilgarn is prospective for typical Archean mesothermal lode gold deposits, VMS base metals, komatiite hosted nickel sulphides and critical metals including Lithium-Caesium-Tantalum. Prior to consolidation by Dreadnought, the Central Yilgarn was predominantly held by iron ore explorers and remains highly prospective for iron ore. dreadnoughtresources.com.au 6 ANNEXURE A 13 February 2023 REE IRONSTONE EXPLORATION TARGET DEFINED– MANGAROON (100%) HIGHLIGHTS • The substantial amount of geological knowledge derived from exploration and Resource work at the Yin and Yangibana (ASX:HAS) ironstone complexes allows for robust interpretation of rare earth element (“REE”) ironstone potential. • The Yin Ironstone Complex is comprised of 43kms of REE mineralised ironstones which include: • 3kms containing a JORC 2012 Mineral Resource (“Resource”) of 14.36Mt @ 1.13% TREO with a Resource intensity of 4.8Mt/km (ASX 28 Dec 2022); and • 40kms containing a JORC 2012 Exploration Target (“Exploration Target”) of 50-100Mt at 0.9-1.3% TREO with a Resource intensity of 1.25-2.5Mt/km and a grade range of 1.13% TREO +/- 20%. • The Exploration Target excludes potential ironstone mineralisation at >150m depth and mineralisation at the C1-C7 carbonatites. • Mobilisation for the 2023 drilling campaign is underway with drilling expected to commence in February 2023. Dreadnought Resources Limited (“Dreadnought”) is pleased to announce an Exploration Target for the ~40kms strike of the Yin Ironstone Complex at the 100% owned Mangaroon project, located in the Gascoyne Region of Western Australia. The recent expansion of the Yin Ironstone Complex to 43kms of strike, combined with extensive geological knowledge of the REE ironstones in the region has provided the foundation for the Exploration Target. The Exploration Target covers over 40kms of the near surface ironstones at Yin and importantly, excludes the current Yin Resource, any mineralisation at depth (underground potential) and the C1-C7 carbonatites. Systematic drilling to test the Yin Ironstone Complex has the potential to add significantly to the existing Resource. Mobilisation for drilling at Yin and the C1-7 carbonatites is underway with drilling to commence in February 2023. Dreadnought’s Managing Director, Dean Tuck, commented: “The Exploration Target for the Yin Ironstone Complex is a fantastic outcome reflecting the outstanding work undertaken by the Dreadnought team over the past 18 months at Mangaroon. When taken in the context that this estimation excludes the current Resource at Yin and the mineralisation at the C1-C7 carbonatites the opportunity for Mangaroon to become a globally significant REE project cannot be underestimated.” Cautionary Statement The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The potential quality and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Resource for all target areas reported. It is uncertain if further exploration will result in the estimation of a Resource. Figure 1: Photo of Dreadnought sponsored honours student, Marissa Higgins, while mapping and sampling the Y8 ironstone, part of the Yin Ironstone Complex. Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC WA 6916 www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au +61 (08) 9473 8345 SNAPSHOT - MANGAROON RARE EARTHS Mangaroon is 100% Owned by Dreadnought Genuine Scale Potential Already at Yin Ironstone Complex • Initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO (ASX 28 Dec 2022) covers only 3km of 43km of strike and is based on only 2.5 months of RC drilling (11,907m). • Exploration Target of 50-100Mt at 0.9-1.3% TREO estimated for the top 150m of the Yin Ironstone Complex. • First tranche of long-term incentives now triggered with balance on track to be triggered at JORC Resource of at least 30Mt @ >1% TREO by 31 December 2024. Significant, Step-Change, Growth Potential Beyond Yin Ironstone Complex • C1-C7 carbonatites are shaping up as the regional source of REE – initial drill program expands C1-C5 to ~6.5kms in strike length x 1km wide. • C6 Carbonatite located ~25kms south of C1-5 and C7 is situated over a crustal scale structural splay of the Lyons River Fault and has a geophysical similarity to other globally significant carbonatite intrusions such as Mt Weld, Araxa and Ngualla High-grade, Multi-Metal Potential Including REE (Neodymium, Praseodymium), Phosphorus, Niobium, Titanium & Scandium (REE-P2O5-Nb2O5-TiO2-Sc) • Yin, like the Yangibana REE project controlled by the ~$450M Hastings Technology Metals Ltd (ASX.HAS), (“Hastings”) is globally unique due to the high proportion of NdPr as a total of the rare earth oxides (“NdPr:TREO“ ratio). • Six coherent zones of REE-P2O5-Nb2O5-TiO2-Sc successfully identified within the C1-C5 carbonatites with a ~600m x 550m zone of REE-P2O5-Nb2O5-TiO2-Sc mineralisation now confirmed at the C3 discovery. Potentially Attractive Mining Proposition • Broad zones of shallow dipping mineralisation with parallel lodes and Resource intensity of ~4.8Mt/km make for a potentially attractive mining proposition. Positive Metallurgy Results • Initial metallurgical test work from Yin performed well, achieving a recovery of 92.8% at a concentrate grade of 12.3% Nd2O3 and an average 40% TREO. • REE at Yin is predominantly hosted in monazite which is amenable to commercial processing. • Significant metallurgical study from 16 diamond holes drilled at Yin underway – results expected April/May 2023. Analogous to a Globally Unique, Commercially Viable Development 25kms Away • Yangibana is located only 25kms to the northeast of Yin and currently has a Resource* of 29.93Mt @ 0.93% TREO with 0.32% Nd2O3+Pr6O11 (34% NdPr:TREO). • Yangibana is under construction and development with first production planned for 2024. Global Strategic Imperative Driving Rare Earth Growth & Prices • Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension. *HAS.ASX: 11 Oct 2022 Drilling along 8km long Bald Hill-Fraser’s trend increases indicated resources by 50%; 15 Dec 2022 Potential identified to significantly expand Yangibana Resource Base Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916 www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au +61 (08) 9473 8345 Figure 2: Plan view of the 43km long Yin Ironstone Complex over an orthoimage highlighting currently defined Resources over the full extents of the Gifford Creek Ferrocarbonatite Complex (ie including Yangibana). Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916 www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au +61 (08) 9473 8345 Mangaroon REE Ironstones Exploration Target (E09/2448, E09/2450, E09/2535: DRE 100%) The Yangibana ironstones were first explored in 1972 for base metals. The REE potential of the ironstones was first assessed in 1985 and has seen substantial work by Hastings since 2011. The ~$450M Hastings controls the Yangibana Ironstone Project and is Dreadnought’s immediate neighbour being to the north of the Lyons River Fault. Yangibana (under construction) currently has a Resource of 29.93Mt @ 0.93% TREO (ASX:HAS 11 Oct 2022) and an Exploration Target of 40-60Mt @ 0.7-1.0% TREO (ASX:HAS 15 Dec 2022). The Yangibana Resource is based off detailed drilling covering 24kms of the identified 66kms (36%) of potential ironstones providing a Resource intensity of 1.25Mt/km. The Yangibana Exploration Target uses a Resource intensity of 0.6-0.9Mt/km to account for potentially unmineralised portions and a grade range of +/- 20% to account for grade variation. Over the past 18 months, Dreadnought has been exploring south of the Lyons River Fault resulting in the discovery of the Yin Ironstone Complex and the C1-C7 carbonatites, the source intrusions for the region. A Resource of 14.36Mt @ 1.13% TREO (ASX:DRE 28 Dec 2022) has been defined based on detailed drilling over only 3kms of 43kms (7%) of mineralised ironstones providing a Resource intensity of 4.8Mt/km, including unmineralised portions. For the purposes of the Yin Exploration Target, geological information has been used from both Yangibana and Yin to improve the robustness of the estimation whilst also reflecting the uniqueness of Yin in regards to its size and grade. The Exploration Target is based on a number of key assumptions including: - - Tonnage of 50-100Mt: a Resource intensity of 1.25-2.5Mt/km reflecting the average of the wider Gifford Creek Ferrocarbonatite Complex (1.25Mt/km – 40km x 1.25Mt = 50Mt) and the approximate midpoint between the lower Yangibana Resource intensity of 0.6Mt/km and the current Yin Resource of 4.8Mt/km (2.5Mt/km – 40km x 2.5Mt = 100Mt). This range is considered to be conservative given the extensive work in the region and the significant Resource intensity already seen at Yin. Grade of 0.9-1.3% TREO: the grade range was estimated using the existing Yin Resource grade of 1.13% +/20%. The Exploration Target will be further refined through ongoing RC and diamond drilling commencing in February 2023. The above Exploration Target process only considers the top 150m of the Yin Ironstone Complex. Given the thickness and grades of Yin, internal assessment of the underground potential will be considered which may lead to deeper drilling at Yin. Importantly, the Exploration Target excludes the C1-C7 carbonatites, the source intrusions for the region. Figure 3: Photo of Dreadnought’s Ross Chandler collecting samples and readings over the original Yin outcrop, June 2021. Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916 www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au +61 (08) 9473 8345 Background on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: FQM Earn-in) (E08/3275, E09/2370, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478: DRE 100%) Mangaroon covers >5,300sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia. Part of the project is targeting Ni-Cu-PGE and is subject to an earn in with First Quantum Minerals Ltd (“FQM”) (earning up to 70%) – Figure 4. The region is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres and the high NdPr:TREO ratio Yangibana REE deposits. Dreadnought has located outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults, outcropping high-grade REE ironstones, similar to those under development at Yangibana, REE-Nb-Ti-P Carbonatites and outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion. In December 2022, Dreadnought delivered an initial independent Yin Resource of 14.36Mt @ 1.13% TREO covering only 3kms of the 43kms of strike within the Yin REE Ironstone Complex. Figure 4: Plan view map of Mangaroon showing the location of the FQM Earn-in and 100% DRE ground in relation to major structures, geology and roads. Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 712, Osborne Park DC, WA 6916 www.dreadnoughtresources.com.au info@dreadnoughtresources.com.au +61 (08) 9473 8345 For further information please refer to previous ASX announcements: • 11 June 2021 High-Grade REE Ironstones Outcropping at Mangaroon • 19 July 2021 High-Grade REE Ironstones Confirmed Over 2.5kms at Mangaroon • 24 September 2021 Airborne Magnetic-Radiometric Survey Commenced at Mangaroon • 2 February 2022 Rare Earths, Phosphate, Niobium & Zirconium Results from Mangaroon • 5 September 2022 Thick Rare Earth Ironstones Confirmed at Sabre (Y3) Discovery • 17 October 2022 Mineralised Carbonatites Discovered at C3 and C4 • 23 November 2022 Multiple, Large Scale REE-Nb-Ti-P Carbonatites • 13 December 2022 Thick Mineralisation Continues at C3, 2022 Drilling Complete • 28 December 2022 Initial High-Grade, Independent Resource Over 3kms at Yin • 27 January 2023 Mineralised REE Ironstones increased by 13kms to 43kms UPCOMING NEWSFLOW February: Results from Kimberley auger sampling (Tarraji-Yampi 80% and 100%) February: Initial Resource for Metzke’s Find Au (Central Yilgarn 100%) February/March: Commencement of RC/diamond drilling at Mangaroon REE (Mangaroon 100%) February-March: Updates and assays from REE drilling at C1-C5 Carbonatites (Mangaroon 100%) February: Results of FLEM survey at the Money Intrusion (FQM JV/Earn-in) February: Results from Wombarella Heli-EM survey (Tarraji-Yampi 100%) 14-16 February: Presenting at the RIU Explorers Conference (Fremantle, WA) March: Financial statements 31 Dec 2022 March: Extraordinary General Meeting March/April: Metallurgical results from Yin Ironstone Complex (Mangaroon 100%) 4-6 April: Presenting at