Announcement PDF Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 1 ASX ANNOUNCEMENT 12 November 2025 Drilling Commenced at Metzke’s Find - Illaara Gold HIGHLIGHTS • A 43-hole (~3,600m) RC drilling program has commenced at Metzke’s Find, part of the Illaara Gold Project, with a focus on adding near-term production ounces as part of Dreadnought’s Finding More Gold, Faster strategy. • The drill program aims to: • Expand the Resource along strike; • Upgrade even more of the Resource to the Indicated category; and • Produce material for metallurgical test work. • The current Resource at Metzke’s Find consists of 14,900oz @ 6.8g/t Au (72% Indicated) which was declared in 2023. • This is the first drill program at Metzke’s Find since 2022 when the gold price was ~A$2,600. • The program will take ~4 weeks with assays expected in January / February 2026. Dreadnought Resources Ltd (“Dreadnought”) is pleased to announce the commencement of RC drilling at Metzke’s Find, part of the 100% owned Illaara Gold Project, in the Yilgarn region of WA. Dreadnought’s Managing Director, Dean Tuck, commented: “We are drilling Illaara as the wet season approaches at Mangaroon. We are chomping at the bit to be back at Illaara, drilling for the first time since 2022, back when gold was ~A$2,600oz. Advancing Metzke’s Find is a key component of our expanded Finding More Gold, Faster strategy and feeds directly in to becoming a self-funded explorer by adding near term production ounces. Our high-grade Metzke’s Find resource at Illaara is a great opportunity to expand potential production. Drilling is now underway which is aimed at upgrading and extending the current Resource and to provide material for metallurgical test work. We look forward to also advancing Metzke’s Find towards production.” Figure 1: Mast up on the first drill hole at Metzke’s Find Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 2 Overview of Drilling Program Metzke’s Find is comprised of historic workings containing ~20 shafts over ~700m of strike. In 2023, Dreadnought declared a shallow, high-grade gold resource of 14,900oz @ 6.8g/t Au (72% Indicated). Historically, mineralisation was thought to terminate at a cross cutting Proterozoic dyke located just north of the historic workings. Only 1 hole (MZRC049) has been drilled north of the dyke and was drilled 150m north of the current Resource in 2022. MZRC049 in testing for mineralisation north of the dyke intersected 6m @ ~1.2g/t Au from 66m. Accordingly, the Resource remains open to the north of the dyke and at depth. The drill program aims to: • Expand the Resource along strike (34 holes, 2,720m) • Upgrade even more of the Resource to the Indicated category (9 holes, 880m); and • Produce material for metallurgical test work. Extensional drilling will follow up on hole MZRC049 as well as test for parallel structures. Infill drilling is expected to upgrade more of the Resource and to produce material for metallurgical test work. Drilling will take ~4 weeks with assays expected in January/February 2026. Figure 2: Plan view image showing the location of extensional and infill drilling in relation to previous intercepts and the interpreted lode. Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 3 Background on Metzke’s Find Metzke’s Find was discovered by a prospecting party in 1911. The remote location, being 160kms from the nearest railhead, and lack of readily available fresh water limited follow up work. Metzke’s Find was worked on a few occasions over the following decades for a recorded production of ~890oz @ ~40g/t Au. Metzke’s Find comprises ~20 small, historic shafts over ~700m of strike. The only significant exploration at Metzke’s Find was in the late 1980s and early 1990s by junior gold explorers who drilled shallow percussion holes (average ~24m) which recorded a number of attractive results including: MZ07: 5m @ 4.0 g/t Au from 11m MZ25: 1m @ 18.0 g/t Au from 22m MZ19: 2m @ 15.7 g/t Au from 19m MZ23: 3m @ 11.7 g/t Au from 18m Dreadnought acquired Metzke’s Find in 2020 and has completed RC and diamond drilling which also delivered significant results including: MZRC022: 4m @ 10.5 g/t Au from 19m MZRC017: 7m @ 7.5 g/t Au from 51m MZRC019: 4m @ 19.9 g/t Au from 45m MZRC016: 3m @ 21.0 g/t Au from 85m The mineralisation at Metzke’s Find comprises quartz lodes hosted within a foliated mafic sequence and typically dips steeply to the west. Discrete zones of mineralisation are high-grade, 1-4m in thickness and strike north-south with an interpreted moderate north plunge of around 30°. A total of 5 separate mineralised zones were interpreted, likely representing shoots developed within a single planar shear. In 2023, a Resource (72% Indicated) was declared with the majority of mineralisation being contained within 140m of surface. The current Resource is shown below. Metzke’s Find – Resources (ASX 27 April 2023) Table 1: Resource (0.5g/t Au cutoff grade) - Numbers may not add up due to rounding Type Indicated Inferred Total Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Transition 800 1.1 30 1,100 17.4 600 1,900 10.3 600 Fresh 44,600 7.4 10,600 21,800 5.2 3,600 66,500 6.7 14,300 Total 45,00 7.3 10,700 22,900 5.8 4,200 68,400 6.8 14,900 Historically, mineralisation was thought to terminate at a cross cutting Proterozoic dyke located just north of the historic workings. A drill hole testing the continuation of the mineralised structure north of the dyke intersected 6m @ ~1.2g/t Au from 66m (MZRC049). Accordingly, the Resource remains open to the north of the dyke as well as at depth. Figure 3: Drone image of drilling at Metzke’s Find in 2020 showing part of the line of historical workings. Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 4 Background on Illaara Illaara is a consolidated landholding covering ~800km2 and ~70km strike of the Illaara Greenstone Belt located ~190 kms from Kalgoorlie. The Illaara Greenstone Belt is one of the most underexplored greenstone belts in the Yilgarn Craton and is situated nearby to Ora Banda Mining’s Davyhurst Operations (OBM.ASX) and Aurenne’s Bottle Creek Operations. Historically gold was discovered and worked at Metzke’s Find and the nearby Lawrence’s Find in the early 1900s. However, the remoteness, lack of water and access hindered early prospecting. 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 which led to Newmont taking a position in the belt in 2016. Prior to Newmont, the Illaara Greenstone Belt was held by iron ore companies who were looking to extend their mining operations north as part of the 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. Dreadnought acquired the project from Newmont in 2019 and has consolidated the rest of the greenstone belt through a series of acquisitions. Early drilling by Dreadnought focused on the historical workings at Metzke’s Find resulting in the current Resource being declared in 2023. Given the lack of systematic modern exploration, including air core, Illaara presents a strong opportunity to make a major gold discovery within the world- renowned Yilgarn Craton. Figure 4: Map showing the location of Illaara relative to other gold operations and major players in the region. Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 5 Dreadnought’s work plan summary Dec 2025 Quarter Mar 2026 Quarter June 2026 Quarter Sept 2026 Quarter Star of Mangaroon Mine Upgraded Resource and Mine Plan. Mining, Haul, Process Agreement, Approvals and Commencement of Production Production and Processing Mangaroon Drilling Star of Mangaroon, Pritchard’s, Steve’s Reward, Cullens, Midday Moon, Midnight Star RC drilling of defined targets at Bordah, High Range North, High Range South, Minga Bar, Alma Intrusion Camp Scale Targets Mangaroon Exploration Ongoing target definition work at Bordah, High Range North, High Range South, Minga Bar, Alma Intrusion Camp Scale Targets Metzke’s Find Mine Mining Lease Application Technical and Environmental Studies Resource Update and Scoping Study Approvals Illaara Drilling Metzke’s Find Infill and Extension Drilling Illaara Exploration Illaara wide spaced and infill air core drilling Upcoming News • December Quarter: Update on Star of Mangaroon processing agreement • November: Results from regional gold drilling at Cullen’s Find, Midday Moon, Midnight Star – Mangaroon Gold • November: Commencement of drilling at Metzke’s Find - Illaara Gold Project • November/December: Results from target generation and definition work – Mangaroon Gold • December: Results from drilling at Star of Mangaroon – Mangaroon Gold • December: Mineralogy results from diamond drilling at Stinger Nb-REE • December: Results from drilling at Stinger Nb-REE • January/February: Results from drilling at Metzke’s Find- Illaara Gold • 17-19 February: Presenting at the RIU Explorers Conference in Fremantle • January/February: Commencement of air-core drilling at Illaara Gold • February/March: RC and Diamond Drilling at Metzke’s Find – Illaara Gold For further information please refer to previous ASX announcements: • 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 • 25 September 2020 Further High-Grade Gold from Metzke’s Find • 27 April 2021 Illaara Update and Regional Target Generation • 1 November 2022 Successful Drill Results Across Multiple Metals • 27 April 2023 Initial High-Grade Gold Resource at Metzke’s Find ~Ends~ For further information please contact: Dean Tuck Jessamyn Lyons Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E: dtuck@dreres.com.au E: jlyons@dreres.com.au This announcement is authorised for release to the ASX by the Board of Dreadnought. Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 6 Snapshot – Illaara Gold (100%) Illaara Gold is Large Scale and Underexplored • Illaara covers over 70 strike kms and ~800km2 of the Illaara Greenstone Belt within the richly endowed Yilgarn Craton of Western Australia. • The Illaara Greenstone Belt is one of the most under explored and under drilled greenstone belts in the Yilgarn providing plenty of space for a major discovery. • Covering ~800km2 is a significant consolidated landholding within a tightly held and highly prospective gold province. 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 remoteness and iron ore exploration. • 2026 will see the first ever systematic air core drilling program undertaken across the belt, a drilling program that previous owners Newmont wanted to undertake prior to Dreadnought acquiring the project in 2019 and consolidating the remainder of the belt. Significant, Step-change, Growth Potential • Illaara contains multiple highly prospective structural corridors with known gold anomalism providing near term drilling targets and discovery potential. • Dreadnought is deploying modern geochemical and geophysical techniques to explore for mineralisation under shallow cover. Shallow, High-grade Gold at Metzke’s Find • The Resource at Metzke’s contains shallow, high-grade gold which provides a strong foundation for the project. • Mineralisation at Metzke’s Find remains open along strike and at depth. Metzke’s Find – Indicated and Inferred Resources (ASX 27 April 2023) Table 2: Resource (0.5g/t Au cutoff grade) - Numbers may not add up due to rounding Type Indicated Inferred Total Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Transition 800 1.1 30 1,100 17.4 600 1,900 10.3 600 Fresh 44,600 7.4 10,600 21,800 5.2 3,600 66,500 6.7 14,300 Total 45,00 7.3 10,700 22,900 5.8 4,200 68,400 6.8 14,900 Self-Funded Explorer Strategy – Pathway to Production • Dreadnought’s strategy is to transform into a self-funded explorer. This includes a high-grade open pit at the Metzke’s Find where funding, development, haulage & processing are outsourced to third parties. This is a common model in WA given the robust gold price. In this way, there is reduced reliance on market funding and internal cashflows are aimed at making life-changing discoveries. Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 7 Mangaroon Project Mangaroon covers ~5,000kms2 and is located 250kms south-east of Exmouth in the Gascoyne Region of WA. Since 2020, Dreadnought has identified three major focus areas within the Mangaroon Project: Mangaroon Gold (100%) Outcropping gold mineralisation was first identified and mined at Mangaroon by local pastoralists and prospectors in the 1960s and has seen no modern gold exploration. Dreadnought has consolidated this gold field and is undertaking the first modern exploration across the region which has identified five camp scale gold opportunities at Bordah, High Range, Alma, Minga Bar and Star of Mangaroon. In addition, the project contains granted mining leases that provide an opportunity for cashflow including the Star of Mangaroon Mine where Dreadnought has delivered a 23,400 oz Resource at 12.8g/t Au (84% Indicated) Gifford Creek Critical Metals (100%) Dreadnought discovered the Yin Ironstones and the Gifford Creek Carbonatite in 2021. Since then, the Gifford Creek Carbonatite Complex has emerged as a globally significant, rapidly growing, potential source of critical minerals. Highlights include: • Discovery of the Yin REE Ironstone Complex and delivery of a 30.0Mt @ 1.04% TREO Resource over only ~4.6kms – including a Measured and Indicated Resource of 26.3Mt @ 1.04% TREO (ASX 30 Nov 2023). • Discovery of the globally significant, Nb-REE-P-Ti-Sc enriched Gifford Creek Carbonatite (ASX 7 Aug 2023). • Delivery of a large, independent initial Resource of 10.8Mt @ 1.00% TREO at the Gifford Creek Carbonatites, containing a range of critical minerals including rare earths, niobium, phosphate, titanium and scandium (ASX 28 Aug 2023). • Discovery of Stinger Nb-REE-P-Ti-Sc-Zr bearing carbonatite and delivery of the Stinger Niobium Exploration Target (ASX 3 Mar 2025, 29 Sept 2025). Money Intrusion Ni-Cu-PGEs (Teck Earn-In) The Money Intrusion is a ~45km long mafic intrusion prospective for Ni-Cu-PGE massive sulphides. In 2023, Dreadnought discovered high tenor nickel-copper massive sulphides confirming the potential of this new system. Dreadnought entered in to a $15M Farm-In and Joint Venture agreement with Teck Resources, a leading Canadian resource company, to earn up to 75% of the Money Intrusion tenements. Illaara Gold Project (100%) Illaara is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~800km2 covering ~70km of strike along the Illaara greenstone belts. Illaara was acquired off Newmont in 2019 as an early stage exploration project prospective for typical Archean mesothermal lode gold deposits. Dreadnought has delivered a 14,900 oz @ 6.8g/t Au Resource at Metzke’s Find (72% Indicated). Prior to consolidation by Dreadnought, Illaara was predominantly held by iron ore explorers and remains highly prospective for iron ore amongst other commodities. Kimberley Cu-Au-Sb Project (Tarraji 80% / Yampi 100%) Tarraji-Yampi covers ~420km2 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 historical workings which have seen no modern exploration. In 2021, Dreadnought discovered high grade Cu-Au massive sulphides at Orion with results to date indicating a large scale, Proterozoic Cu-Au VMS system at Tarraji-Yampi, similar to DeGrussa and Monty in the Bryah Basin. In addition, the project contains outcropping high-grade Cu-Ag-Sb-Bi Veins at Rough Triangle and Grant’s Find. Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 8 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. Shaun Searle, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Searle is an employee of Ashmore Advisory Pty Ltd. Mr. Searle 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. Searle consents to the inclusion in the announcement of the matters based on his information in the form and context that the information appears in relation to Mineral Resource estimates. 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 Star of Mangaroon – Indicated and Inferred Resources (ASX 27 November 2024) Table 3: Resource (2g/t Au cut off grade) - Numbers may not add up due to rounding. *Surface reported at a 0.5g/t Au cut-off. Type Measured Indicated Inferred Total Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Surface* 8,300 1.0 300 8,300 1.0 300 Transition 6,300 24.9 5,100 3,300 6.5 700 9,600 18.6 5,800 Fresh 33,200 13.5 14,400 23,500 8.5 6,400 1,000 5.1 200 57,700 11.3 21,000 Total 39,500 15.3 19,400 26,800 8.2 7,100 9,300 1.4 400 75,600 11.1 27,000 Metzke’s Find – Indicated and Inferred Resources (ASX 27 April 2023) Table 4: Resource (0.5g/t Au cut off grade) - Numbers may not add up due to rounding Type Indicated Inferred Total Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Transition 800 1.1 30 1,100 17.4 600 1,900 10.3 600 Fresh 44,600 7.4 10,600 21,800 5.2 3,600 66,500 6.7 14,300 Total 45,00 7.3 10,700 22,900 5.8 4,200 68,400 6.8 14,900 Yin Ironstone Complex – Yin, Yin South, Y2, Sabre Measured, Indicated and Inferred Resources (ASX 30 November 2023) Table 5: Summary of Yin Resources at 0.20% TREO Cut off. Type Measured Indicated Inferred Total Tonnes (Mt) TREO (%) TREO (kt) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) NdPr:TREO Ratio (%) Oxide 2.47 1.61 39.7 13.46 1.06 142.6 1.51 0.75 11.2 17.44 1.11 193.6 29 Fresh 2.70 1.09 29.5 7.67 0.95 72.8 2.17 0.75 16.3 12.54 0.95 118.7 29 Total 5.17 1.34 69.3 21.13 1.02 215.4 3.68 0.75 27.6 29.98 1.04 312.3 29 Table 6: Summary of Yin Resources at 1.00% TREO Cut off. Type Measured Indicated Inferred Total Tonnes (Mt) TREO (%) TREO (kt) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) NdPr:TREO Ratio (%) Oxide 1.60 2.22 35.6 5.34 1.99 106.4 0.26 1.67 4.3 7.20 2.03 146.3 30 Fresh 1.36 1.68 22.8 2.65 1.81 47.9 0.42 1.72 7.3 4.43 1.76 78.0 29 Total 2.96 1.97 58.4 7.99 1.93 154.3 0.68 1.70 11.6 11.63 1.93 224.3 29 Gifford Creek Carbonatite – Inferred Resource (ASX 28 August 2023) Table 7: Summary of the Gifford Creek Carbonatite Inferred Resource at various % TREO Cut offs. Cut-Off (%TREO) Resource (Mt) TREO (%) NdPr:TREO (%) Nb2O5 (%) P2O5 (%) TiO2 (%) Sc (ppm) Contained TREO (t) Contained Nb2O5 (t) 0.70 10.84 1.00 21 0.22 3.5 4.9 85 108,000 23,700