Announcement PDF Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX ANNOUNCEMENT 25 March 2025 Further Gold Ground Consolidated at Mangaroon (100%) HIGHLIGHTS • Dreadnought has further consolidated ground at Mangaroon by acquiring, subject to Settlement, M09/63, E09/2195 and L09/27 from an unrelated vendor (key terms shown later in this announcement). • These tenements complement the existing tenure (Figure 2) and provide additional gold mineralisation with limited previous drilling but high prospectivity. • Importantly, M09/63 is a mining lease containing the historical McCarthy Workings which complement our other 5 mining leases and has the potential to generate short term production ounces. • The historical McCarthy Workings are located within sediments of the Edmund Group and have been described as saddle reefs and stockworks. There is no record of the amount of historical production. However, rock chips collected from the mullock heaps have confirmed gold mineralisation with significant results including: MCRK010: 15.1 g/t Au MCRK007: 3.4 g/t Au • Drilling is expected to commence this month at several targets on mining leases (Star of Mangaroon, Popeye, Pritchard’s, Two Peaks and Lead Gold Mine). This program aims to identify and add ounces to production. Dreadnought Resources Ltd (“Dreadnought”) is pleased to announce it has, subject to Settlement, acquired tenements strategically located around the 100% owned Mangaroon Gold Project (“Mangaroon”), in the Gascoyne region of WA. Dreadnought’s Managing Director, Dean Tuck, commented: “Subject to Settlement, this acquisition has continued to expand our footprint over highly prospective gold corridors with historical gold occurrences including a sixth mining lease. The acquisition of this position over the Edmund Group and major crustal scale structures is strongly in line with our near-term production ounces and discovery pillars of the gold strategy at Mangaroon. Knowledge gained from exploring McCarthy Workings will have immediate benefit to understanding the potential of other regional analogues at Mangaroon. We believe that the known high-grade gold occurrences, areas of historical production with limited to no drilling, and key lithostructural settings will deliver compelling targets for discovery and near-term production ounces.” Figure 1: Image of Dreadnought’s Frank Murphy collecting a sample of the gossanous quartz veins at the McCarthy Workings. ASX:DRE Dreadnought Resources Ltd 1 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au M09/63, E09/2195 and L09/27 (100%) M09/63, E09/2195 and L09/27 immediately adjoin Mangaroon to the SE. The ground is highly prospective for gold and contains several areas with historical diggings including the McCarthy Workings where there was production but no records. The tenements cover ~30km2 of the Edmund Group near Cobra Station which is the location of the original Gascoyne gold field. The Edmund Group sediments and volcanic sills are edged between the crustal scale Lyons River and Edmund Faults, the area is also a terminating location of the Minnie Creek Fault. The McCarthy Workings have been described as saddle reefs and stockworks within a tightly folded anticline within the Edmund Group Sediments and Narimbunna Dolerite. Rock chips from the mullock heaps returned significant results including: MCRK010: 15.1 g/t Au MCRK007: 3.4 g/t Au Mapping and sampling of the historical workings described that these workings were developed on near vertical axial plain veins with minor workings on saddle reefs. A handful of holes were drilled, but despite the observation that mineralisation was in vertical veins, holes were drilled vertically which are considered ineffective. A few angled holes do not appear to have been drilled deep enough to test under any of the old workings. Further review and mapping of the historical work will be undertaken prior to drill program design. The McCarthy Workings and the wider tenement package are viewed as under explored having been in control of prospectors with small scale operations for the past 30 years. Mapping and surface sampling will occur in April 2025 and an RC drilling program is planned for June 2025. Figure 2: Plan view image showing the location of the McCarthy Workings within M09/63, E09/2195 and L09/27 and the recently announced E09/2479 in relation to the wider Mangaroon Project and gold occurrences. Details of the Transaction Key Terms: • Dreadnought to own 100% of M09/63, E09/2195 and L09/27 upon Settlement. • Dreadnought to pay $200,000 at Settlement. • Vendor to receive fully paid ordinary shares, escrowed for 12 months, valued at $200,000 based on a 5-day VWAP at Settlement. • 1% net smelter royalty payable. • Settlement conditions include: Regulatory approvals; the Royalty Deed: and the Parties assigning any Third Party Agreements. ASX:DRE Dreadnought Resources Ltd 2 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au Capital Structure Quoted Securities Fully Paid Ordinary Shares 4,159,200,000 Unquoted Securities Options @ $0.065 expiring 14/07/2025 Options @ $0.094 expiring 9/10/2025 Options @ $0.1575 expiring 16/12/2025 Options @ $0.12 expiring 02/03/2026 Options @ $0.075 expiring 14/06/2026 Options @ $0.0225 expiring 29/11/2028 Options @ $0.024 expiring 28/02/2029 Performance Rights expiring 31/12/2025 Performance Rights expiring 31/12/2026 Performance Rights expiring 31/12/2027 3,500,000 6,000,000 853,098 1,223,151 1,912,500 3,771,176 3,561,666 38,037,500 15,100,000 15,100,000 Dreadnought’s planned transition to self-funded explorer Star of Mangaroon Open Pit Additional Resource Drilling Mar 2025 Quarter Jun 2025 Quarter Approvals Mine, haul, process agreement(s) Sep 2025 Quarter Dec 2025 Quarter Approvals and commencement of production Granted Mining Leases including: Star of Mangaroon extensions, Popeye, Pritchard’s, Lead, Two Peaks, McCarthy Workings Gold Exploration Bordah, High Range, Mingfa Bar Bordah, High Range, Minga Bar Bordah, High Range, Mingfa Bar For further information please refer to previous ASX announcements: • • • • • • • • • • • • • • • • 25 November 2020 15 March 2021 17 May 2021 12 September 2022 7 June 2023 4 September 2023 11 December 2023 13 March 2024 26 July 2024 26 July 2024 1 October 2024 14 October 2024 27 November 2024 28 January 2025 30 January 2025 18 March 2025 Mangaroon Ni-Cu-PGE & Au Project Exploration Commences at Mangaroon Ni-Cu-PGE & Au Project Update on Mangaroon Ni-Cu-PGE & Au Project Star of Mangaroon Acquisition & Consolidation Mangaroon Gold Review and Further Consolidation Outstanding Gold Opportunities Along >10km Mangaroon Shear Zone Thick, High-Grade Gold Including 7m @ 23.0g/t Au Star of Mangaroon Camp Scale Gold Prospect Expands to ~15km x 10km Strategic & Prospective Consolidation Consolidation, Growth & Commercialisation Shallow, High-Grades at Star of Mangaroon & Popeye Exceptional Gold Recoveries from Star of Mangaroon Shallow, High-Grade, 84% Indicated Au Resource Robust Scoping Study for Star of Mangaroon Further Consolidation and High-Grade Gold at Mangaroon High Grade Gold Lode Extended ~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. ASX:DRE Dreadnought Resources Ltd 3 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au Snapshot – Mangaroon Gold (100%) Mangaroon Gold is 100% Owned by Dreadnought • Mangaroon covers >5,000kms2 with an initial focus on the gold system situated over the Mangaroon Shear Zone between the crustal scale Minga Bar and Edmund Faults with multiple phases of intrusions. Numerous historical workings along the Mangaroon Shear Zone have only seen limited, shallow drilling along ~200m of strike near the Star of Mangaroon mine. This area also contains the ~12km x 6km Bordah and ~50km long High Range prospects where limited previous exploration has identified outcropping gold and base metal mineralisation. Self-Funded Explorer Strategy • Dreadnought’s strategy is to transform into a self-funded explorer. This involves a high-grade open pit at the Star of Mangaroon where funding, development, haulage & processing are outsourced to third parties. This is a common model in WA given the robust gold price. Once successful, extend this model to Popeye, Two Peaks, Lead, Pritchard Well, etc. In this way, there is reduced reliance on market funding and internal cashflows are aimed at making life-changing discoveries. Consolidation Provides for First Ever Modern Exploration • All historical workings and known gold occurrences relate to outcropping mineralisation. There has been minimal historical and modern exploration due to fractured, small-scale ownership with Dreadnought now undertaking modern exploration for the first time. Significant, Step-change, Growth Potential • Five historical mines developed on outcropping mineralisation and dozens of gold occurrences along highly prospective structural corridors. • Dreadnought is deploying modern geochemical and geophysical techniques to explore for mineralisation under shallow cover. These techniques have already generated new prospects with stronger and larger signatures than the historical mines, including the region’s largest high-grade producer at the Star of Mangaroon mine. • Project-wide stream sediment sampling and geophysical surveys have identified additional camp scale prospects at Bordah and High Range. Shallow, High-grade Gold • The initial Resource at Star of Mangaroon contains shallow, high-grade gold as per Table 1 below: Table 1: Resource (2g/t Au cut-off grade) - Numbers may not add up due to rounding. Type Transition Fresh Total • Indicated Tonnes 1,900 42,500 44,400 Au (g/t) 26.9 13.0 13.6 Inferred Au (Oz) 1,700 17,800 19,500 Tonnes 12,200 12,200 Au (g/t) 9.8 9.8 Total Au (Oz) 3,900 3,900 Tonnes 1,900 54,700 56,600 Au (g/t) 26.9 12.3 12.8 Au (Oz) 1,700 21,700 23,400 Also, Popeye, located <1km from the Star of Mangaroon, contains significant shallow high-grade gold including: POPRC001: 3m @ 22.8 g/t Au from 13m POPRC002: 1m @ 1.6 g/t Au, 15.5g/t Ag from 11m Exceptional Metallurgical Recoveries • The region is known for its free gold. Accordingly, metallurgical work at Star of Mangaroon produced exceptional recoveries from standard gravity and carbon in leach circuits averaging 96.7% combined recovery including an average 74.4% gravity recovery (ASX 14 Oct 2024). ASX:DRE Dreadnought Resources Ltd 4 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au Cautionary Statement This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk. Competent Person’s Statement – Mineral Resources The information in this announcement that relates to the Star of Mangaroon Mineral Resource is based on information compiled by Mr. Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Payne is a full-time employee of Payne Geological Services Pty Ltd and is a shareholder of Dreadnought Resources Limited. Mr. Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr. Payne consents to the inclusion in the announcement of the matters based on his information in the form and context that the information appears. Competent Person’s Statement – Exploration Results The information in this announcement that relates to geology, exploration results and planning, 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 further new information or data that materially affects the information included in the original market announcements by Dreadnought Resources Limited referenced in this report and in the case of Mineral Resources, Production Targets, forecast financial information and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. To the extent disclosed above, 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 market announcements. RESOURCES SUMMARY Yin Ironstone Complex – Yin, Yin South, Y2, Sabre Measured, Indicated and Inferred Resources Table 2: Summary of Yin Resources at 0.20% TREO Cut off. Measured Type Oxide Fresh Total Tonnes (Mt) 2.47 2.70 5.17 TREO (%) 1.61 1.09 1.34 Indicated TREO (kt) 39.7 29.5 69.3 Tonnes (Mt) 13.46 7.67 21.13 Inferred TREO (%) 1.06 0.95 1.02 TREO (t) 142.6 72.8 215.4 Tonnes (Mt) 1.51 2.17 3.68 TREO (t) 106.4 47.9 154.3 Tonnes (Mt) 0.26 0.42 0.68 TREO (%) 0.75 0.75 0.75 Total TREO (t) 11.2 16.3 27.6 Tonnes (Mt) 17.44 12.54 29.98 TREO (%) 1.11 0.95 1.04 TREO (t) 4.3 7.3 11.6 Tonnes (Mt) 7.20 4.43 11.63 TREO (%) 2.03 1.76 1.93 TREO (t) 193.6 118.7 312.3 NdPr:TREO Ratio (%) 29 29 29 Table 3: Summary of Yin Resources at 1.00% TREO Cut off. Measured Type Oxide Fresh Total Tonnes (Mt) 1.60 1.36 2.96 TREO (%) 2.22 1.68 1.97 Indicated TREO (kt) 35.6 22.8 58.4 Tonnes (Mt) 5.34 2.65 7.99 Inferred TREO (%) 1.99 1.81 1.93 TREO (%) 1.67 1.72 1.70 Total TREO (t) 146.3 78.0 224.3 NdPr:TREO Ratio (%) 30 29 29 Gifford Creek Carbonatite – Inferred Resource Table 4: Summary of the Gifford Creek Carbonatite Inferred Resource at various % TREO Cut offs. Cut-Off (%TREO) 0.90 0.70 0.50 0.30 Resource (Mt) 5.73 10.84 20.55 45.87 TREO (%) 1.18 1.00 0.80 0.58 NdPr:TREO (%) 21 21 21 21 Nb2O5 (%) 0.25 0.22 0.15 0.10 P2O5 (%) 3.8 3.5 3.0 2.7 TiO2 (%) 5.4 4.9 3.9 3.0 Sc (ppm) 92 85 68 52 Contained TREO (t) 67,500 108,000 164,600 265,300 Contained Nb2O5 (t) 14,500 23,700 31,100 44,800 Star of Mangaroon – Indicated and Inferred Resources Table 5: Resource (2g/t Au cut off grade) - Numbers may not add up due to rounding Type Transition Fresh Total ASX:DRE Indicated Tonnes 1,900 42,500 44,400 Au (g/t) 26.9 13.0 13.6 Inferred Au (Oz) 1,700 17,800 19,500 Tonnes 12,200 12,200 Au (g/t) 9.8 9.8 Total Au (Oz) 3,900 3,900 Tonnes 1,900 54,700 56,600 Au (g/t) 26.9 12.3 12.8 Au (Oz) 1,700 21,700 23,400 Dreadnought Resources Ltd 5 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au Table 6: Significant Rock Chips >0.1g.t Au or 1.0% W (GDA94 z50). Au Ag Sample ID Easting Northing Sample Description (g/t) (g/t) 1291025 361928 7350617 13.1 5.3 Waste dump 1291026 361927 7350617 64.2 9.3 Waste dump BEL23-04 361928 7350617 11.8 Waste dump BEL23-10 361927 7350617 10.6 Waste dump Quartz-scheelite vein W0702 389257 7336065 Quartz-scheelite vein W0704 389268 7336060 Quartz-scheelite vein W0706 389268 7336047 Quartz-scheelite vein 9926 389748 7335851 Quartz-scheelite vein 9929 389722 7335874 Quartz-scheelite vein 9930 389821 7335841 Quartz-scheelite vein 9933 389694 7335872 Quartz-scheelite vein 9801 389859 7335850 Quartz-scheelite vein 9830 389675 7335935 Quartz-scheelite vein 9833 389722 7335928 Quartz-scheelite vein 9831 389669 7335976 1.2 Gossanous quartz vein MCRK007 436274 7331807 3.4 Gossanous quartz vein MCRK010 435940 7332009 15.1 - Pb (%) 0.3 0.2 - W (%) 2.6 1.0 1.5 10.5 3.8 1.0 1.5 1.5 1.0 5.4 0.1 - Company Catalyst Catalyst Nina Nina Catalyst Catalyst Catalyst Catalyst Catalyst Catalyst Catalyst Catalyst Catalyst Catalyst Catalyst DRE DRE Prospect Fenceline Nina McCarthy JORC Code, 2012 Edition – Table 1 Report Template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Catalyst and Nina Rock Chips • • • 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. Rock chips were collected by Nina Minerals (vendors), Catalyst and their contractors (previous explorers). Rock chips were submitted to ALS Laboratories in Perth for determination of gold by fire assay and ICP-MS finish (ALS Method Au-ICP21), 48 other elements by four acid digest and ICP-MS finish (ALS Method ME-MS61) and for ore grade tungsten analysis by lithium borate fusion and XRF finish (ALS Method ME-XRF12). Dreadnought Rock Chips Rock Chips were collected by Dreadnought staff and submitted for analysis. Rock chips are random, subject to bias and often unrepresentative for the typical widths required for economic consideration. They are by nature difficult to duplicate with any acceptable form of precision or accuracy. Rock chips have been collected by Dreadnought to assist in characterising different lithologies, alterations and expressions of mineralisation. In many instances, several rock chips were collected from a single location to assist with characterising and understanding the different lithologies, alterations and expressions of mineralisation present at the locality. Rock chips were submitted to ALS Laboratories in Perth for determination of gold by fire assay and ICP-MS finish (ALS Method Au-ICP22) and 48 other elements by four acid digest and ICP-MS finish (ALS Method ME-MS61). Soil Sampling Soil samples were collected by Dreadnought and contractor (OZEX Exploration Services) personnel on a 800x50m, 400x50m, 200x50m or 100x50m grid across the Project. Samples were collected by digging a 30x30x10cm pit, homogenising and then sieving and collection of a dry 200g 177µm sample. Soils samples were submitted to Labwest (Perth) for Ultra Fine Fraction (UFF) separation (<2µm) and analysis by Aqua Regia ICP-MS & ICP-OES for determination of Au and 45 other elements. Stream Sediment Sampling Soil samples were collected by Dreadnought and contractor ASX:DRE Dreadnought Resources Ltd 6 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au Criteria JORC Code explanation Commentary (OZEX Exploration Services) personnel on a ~1 sample per 5 sq km drainage catchment across the Project, and infilled to ~1 sample per 1 sq km drainage catchment in areas of interest. Samples were collected by digging multiple pits across active drainage lines in areas with the most fine material and then sieving and collection of a dry 200g -177µm sample. Stream sediment samples were submitted to Labwest (Perth) for Ultra Fine Fraction (UFF) separation (<2µm) and analysis by Aqua Regia ICP-MS & ICP-OES for determination of Au and 45 other elements. 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 diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). No drilling reported 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. No drilling reported 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. No drilling reported 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 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. Rock Chips 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. Rock Chips • • Logging • • • Sub-sampling techniques and sample preparation • • • • • • Quality of assay data and laboratory tests • • • Entire rock chips were submitted to the lab for sample prep and analysis. No drilling reported Assay technique is Fire Assay which is a ‘Total Technique’ for Au. Four acid digest is considered a ‘near total’ technique for the 48 elements received under ME-MS61. Lithium borate fusion is considered a “total technique” for tungsten. Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival. No QAQC was reported for Catalyst and Nina Rock chips. Stream Sediment and Soil Samples Samples were screened in the field to -177µm. Labwest then takes a sub-sample of <2µm material for analysis. The UFF sample preparation was defined following a Research and Development project conducted under the direction of CSIRO. Field duplicates are submitted and perform to internal DRE standards. Orientation work as part of CSIRO research and previous work by Dreadnought Resources indicates the grain size is appropriate for the material being tested. ASX:DRE Dreadnought Resources Ltd 7 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au Criteria JORC Code explanation Commentary Verification of sampling and assaying • Rock Chips 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. • • • All significant results are revisited with follow up sampling and mapping. No prospects on E09/2947 have been visited by Dreadnought, these will be prioritised in the next field program. Geochemical sample coordinates and geological information is written in field books and coordinates and track data saved from handheld GPSs used in the field. Field data is entered into excel spreadsheets and then loaded into a geological database. Soil Samples All significant results are revisited with follow up sampling (upstream) including occasionally a repeat sample from the original location. 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. Geochemical sample coordinates and geological information is written in field books and coordinates and track data saved from handheld GPSs used in the field. 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. The soil and stream sediment sample spacing and distribution is not sufficient to establish the degree of geological and grade continuity appropriate for a Mineral Resource. At this early stage of exploration, mineralisation thickness’s, orientation and dips are not known. • 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 mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • The measures taken to ensure sample security. No sample security information is known for the Catalyst and Nina rock chips samples. • • Data spacing and distribution • • • Orientation of data in relation to geological structure Sample security • Field data is entered into excel spreadsheets and then loaded into a geological database. All geochemical samples were collected, bagged, and sealed by Dreadnought or OZEX staff. Samples were delivered to Labwest (Perth) by Dreadnought or its freight contractors. 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 • The Mangaroon Project consists of 22 granted Exploration License (E08/3178, E08/3229, E08/3274, E08/3275, E08/3439, E09/2195, E09/2290, E09/2359, E09/2370, E09/2384, E09/2405, E09/2422, E09/2433, E09/2448, E09/2449, E09/2450, E09/2467, E09/2473, E09/2478, E09/2479, E09/2535, E09/2616), 1 pending Exploration License (E08/3539) and 6 granted Mining Licenses (M09/63, M09/91, M09/146, M09/147, M09/174, M09/175). All tenements are 100% owned by Dreadnought Resources. E08/3178, E09/2370, E09/2384 and E09/2433 are subject to a 2% Gross Revenue Royalty held by Beau Resources. E08/3274, E08/3275, E09/2433, E09/2448, E09/2449, E09/2450 are subject to a 1% Gross Revenue Royalty held by Beau Resources. E09/2359 is subject to a 1% Gross Revenue Royalty held by Prager Pty Ltd. E09/2422, E08/*3229 and E08/3539 are subject to a 1% • ASX:DRE 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. Dreadnought Resources Ltd 8 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au Criteria JORC Code explanation Exploration done by other parties • Acknowledgment and appraisal of exploration by other parti