Announcement PDF FOR THE YEAR ENDED 30 JUNE 2023 ABN 40 119 031 864 | ASX:DRE CORPORATE DIRECTORY DIRECTORS Paul Chapman Dean Tuck Philip Crutchfield Robert Gee SHARE REGISTRY (Non-executive Chairman) (Managing Director) (Non-executive Director) (Non-executive Director) COMPANY SECRETARY Jessamyn Lyons REGISTERED OFFICE & POSTAL ADDRESS Level 3, 88 William Street Perth WA 6000 PO Box 712 Osborne Park DC WA 6916 Telephone: +61 (8) 9473 8345 Website: www.dreadnoughtresources.com.au ABN 40 119 031 864 Automic Pty Ltd Level 5, 191 St Georges Terrace Perth, WA 6000 Australia hello@automicgroup.com.au (within Australia): 1300 288 664 (international): +61 (2) 9698 5414 AUDITORS PKF Perth Level 5, 35 Havelock Street West Perth WA 6005 STOCK EXCHANGE Australian Securities Exchange (Home Exchange: Perth, Western Australia) ASX Code: DRE DREADNOUGHT RESOURCES (ASX:DRE) IS A HIGHLY ACTIVE WEST AUSTRALIAN MINERAL EXPLORER FOCUSED ON FINDING THE METALS NEEDED NOW AND IN THE FUTURE. CONTENTS CHAIRMAN’S LETTER......................................................................................................................... 4 DIRECTORS’ REPORT......................................................................................................................... 5 AUDITOR’S INDEPENDENCE DECLARATION .......................................................................23 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ...........................................................................................24 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ..............................................25 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ...............................................26 CONSOLIDATED STATEMENT OF CASH FLOWS ...............................................................27 DIRECTORS’ DECLARATION ........................................................................................................61 INDEPENDENT AUDIT REPORT ..................................................................................................62 ASX ADDITIONAL INFORMATION ............................................................................................67 CHAIRMAN’S LETTER DEAR FELLOW SHAREHOLDER, We are pleased to present the 2023 Annual Report for Dreadnought Resources Limited (“Dreadnought” or the “Company”). The past year has been another active one for Dreadnought and we have made substantial progress on multiple fronts and in particular Mangaroon. Mangaroon covers >5,200sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia and over the past year has demonstrated potential on multiple fronts:  the ~45km long Money Intrusion (First Quantum Minerals earn-in) which contains high tenor magmatic Ni-Cu-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 high-grade, 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; and  the ~9km long REE-Nb-Ti-P-Sc C1-C5 carbonatites which contain an initial independent Inferred Resource of 10.84Mt @ 1.00% TREO at C3 (ASX 29 Aug 2023). In recent times, rare earths have cooled in the face of global economic uncertainty however the long-term growth expectations remain strong. Notwithstanding the short-term headwinds, we should not lose sight of what we have at Mangaroon. We have a globally significant critical minerals project that has already shown large scale and rapid growth potential. At Yin, broad zones of moderate to steep dipping mineralisation with parallel lodes and Resource intensity of ~4.8Mt/km make for a potentially attractive mining proposition. Metallurgical test work from Yin has performed well. We have only scratched the surface at the C1-C7 carbonatites. There is blue sky in abundance. All this points to a long-life, strategically important, potential Tier 1 project in the world’s top investment jurisdiction based on the Investment Attractiveness Index published in the Fraser Institute’s Annual Survey of Mining Companies. Of course, this jurisdiction is Western Australia. It is not South Australia (10th), Northern Territory (14th); Queensland (18th); Tasmania (19th) or New South Wales (33rd). It is certainly not Victoria (39th), which has Santa Cruz and Russia breathing down its neck. In a time when supply chain security and low carbon transition are imperatives and against a backdrop of heightened geopolitical tension, where else would you want to own a globally significant asset but Western Australia? Perhaps that is why Dreadnought is receiving increasing levels of interest in Mangaroon from industry participants. Our other projects, while currently lower profile, show great promise too. At the time of writing, we are about to resume drilling at Tarraji-Yampi. This is where it all started for Dreadnought. 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. Just by drilling, Dreadnought is proud to be bringing opportunity and employment to the West Kimberly region. This will only get better when we find and develop the Cu-Au-Ag-Bi-Sb-Co deposits we are looking for. Complementing Mangaroon is Bresnahan, located ~125km southwest of Newman. The project comprises ~3,700 sq kms covering over 200kms strike along the Bresnahan Basin / Wyloo Group unconformity and is prospective for unconformity related heavy rare earths and mesothermal gold similar to the nearby Paulsen’s Au-Ag-Cu-Sb deposits. In 2024, we are looking to build on our initial success at Breshanhan. Last and certainly not least is Central Yilgarn, located ~190km northwest of Kalgoorlie in the Yilgarn Craton – one of the world’s great mineral regions. The project comprises ~1,600 sq kms covering ~150km of strike along the majority of the Illaara, Yerilgee and Evanston greenstone belts. Results of our upcoming geophysical and geochemical surveys at Central Yilgarn are expected to be exciting. In the year ahead we will continue at a relentless pace. While success breeds its own set of challenges, I can assure shareholders we have a team that is up to the task. In that respect, I would like to acknowledge and thank outgoing directors in Paul Payne and Ian Gordon for their substantial and valued contributions. In addition, I would like to recognise Philip Crutchfield and Robert Gee who have both brought a breadth of experience to the board. We have also added capability to our management team with the recent appointment of Debbie Fullarton as our Chief Financial Officer to support Dreadnought’s growth and strategic development. In closing, we would like to thank our stakeholders including traditional owners, local communities, employees, joint venture partners, suppliers and other business partners. We also would take this opportunity to thank our fellow shareholders for your ongoing support. PAUL CHAPMAN 4 DREADNOUGHT RESOURCES | ANNUAL REPORT 2023 DIRECTORS’ REPORT Your directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Dreadnought Resources Limited (referred to hereafter as the Parent Entity, Dreadnought or the Company) and the entities it controlled at the end of, or during, the year ended 30 June 2023. DIRECTORS The following persons were directors of the Company during the whole of the financial year and up to the date of this report, unless otherwise stated: Paul Chapman (Non-executive Chairman) Appointed 9 April 2019 Dean Tuck (Managing Director) Appointed 9 April 2019 Philip Crutchfield (Non-executive Director) Appointed 13 September 2022 Robert Gee (Non-executive Director) Appointed 2 March 2023 Ian Gordon (Non-executive Director) Appointed 21 December 2017 – retired on 30 November 2022 Paul Payne (Non-executive Director) Appointed 21 December 2017– retired 13 September 2022 PRINCIPAL ACTIVITIES The principal activities of the Group during the financial year were minerals exploration and development. There were no significant changes in the nature of activities of the Group during the year. DIVIDENDS No dividends have been declared or paid during the year (2022: Nil). OPERATING RESULTS AND FINANCIAL POSITION The net result of operations for the financial year was a loss of $5,521,985 (2022: $1,740,126 (Restated)). The net assets of the Group have increased by $31,790,682 during the financial year from $19,050,734 (Restated) at 30 June 2022 to $50,841,416 at 30 June 2023. DREADNOUGHT RESOURCES | ANNUAL REPORT 2023 5 DIRECTORS’ REPORT REVIEW OF OPERATIONS The Group is an ASX-listed exploration and development company focussing on acquiring and exploring high-quality projects within the state of Western Australia. The Company’s strategy is to discover major deposits on these projects either by itself or in joint venture with major mining companies. The review addresses highlights and significant changes in state of affairs during the year and to date. Operational Highlights to 30 June 2023: Dreadnought continues to make significant progress on the 100% owned rare earths (“REE” or “TREO”) at Mangaroon with constant news flow, rapidly progressing drilling, consistent high-grade results, and a targeted exploration plan with a clear path to growing the existing 2012 JORC Code Mineral Resource (“Resource”) base. • Globally significant Resource at the Yin REE Ironstone Complex (“Yin”) with highlights including: - A 40% increase in the Independent Resource at Yin resulting in an Inferred + Indicated Resource of 20.06Mt @ 1.03% TREO. - Initial Indicated Resource of 5.52Mt @ 1.23% TREO over just 250m of strike where thick, high-grade mineralisation occurs at surface. - Resource delivered in 12 months since discovery and based on 160 RC (17,787m) and 28 diamond drill holes (2,791.4m). - The Resource only covers ~10% of Yin which currently consists of ~43kms strike comprising a 2012 JORC Code Exploration Target of 50-100Mt @ 0.9-1.3% TREO (“Exploration Target”). - A further Resource update is to be made in the December 2023 quarter, including the higher NdPr:TREO discoveries at Y2 and Yin North and an increased Indicated component. • Large-scale C1-C7 Carbonatites, the regional source of high-grade REE and other critical minerals: - C1-C5 carbonatites increased in size to ~9km x ~1km and still growing. - First pass drilling at C3 defined a ~600m x ~550m anomalous zone of critical minerals including REE and niobium (“Nb”). - Infill drilling (24 RC holes, 3,805m) defined high-grade zones of REE-Nb over an area of ~400m x ~400m. - An initial Resource for C3 was delivered in August 2023 with the addition of 10.84Mt @1.0% TREO. Mangaroon: Ni-Cu-PGE (FQM Earn-In) • • • First Quantum Minerals Ltd (TSE:FM “First Quantum Minerals”), a ~A$20B TSX listed company, is earning a 51% interest in the Mangaroon Ni-Cu-PGE Project by funding $12M of expenditure by 1 March 2026. A FLEM survey covering ~8.4kms of strike along the Money Intrusion successfully identified five conductive bodies interpreted to be sulphide accumulations. First Quantum Minerals committed to a ~1,000m RC program over all five conductors which commenced in September 2023 with immediate success. Mangaroon: Au (100%) • • The region is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres which have seen minimal modern exploration. Dreadnought has secured the historic mining centres around the Star of Mangaroon and has located outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults. Tarraji-Yampi: Cu-Ag-Au-Co (80%/100%) • • • • • The high-grade Cu-Ag-Au-Co Orion discovery was made in 2021. An auger sampling program “fingerprinted” Orion and applied that knowledge across other under cover areas at Tarraji-Yampi. The auger program successfully identified 14 high-quality Orion look-alikes with a similar geochemical signature. A fixed loop electromagnetic survey has been completed over 9 of the geochemical anomalies and 6 have produced strong coincident conductors (3 with outcropping mineralisation) and 3 with moderate to weak conductors. Discovery focused RC and diamond drilling is to commence in September 2023. Central Yilgarn: Gold, Base Metals, Critical Minerals and Iron Ore Project (100%) • • • An initial independent Indicated and Inferred Resource for Metzke’s Find of 14.9koz @ 6.8 g/t Au was announced in April 2023. The Resource is high-grade, shallow and remains open at depth as well as to the north. The promising nickel, lithium and gold potential at Central Yilgarn is currently under review. Bresnahan: REE-HREE-Au-Sb (100%) Project (100%) • • 6 Bresnahan is a conceptual unconformity heavy rare earth element (“HREE”) project containing >3,700kms2 of prospective ground. Assays from reconnaissance surface sampling have confirmed unconformity HREE mineralisation, similar to the Browns Range project. DREADNOUGHT RESOURCES | ANNUAL REPORT 2023 DIRECTORS’ REPORT Corporate Highlights to 30 June 2023: In relation to share placements, the following activities occurred: • In August 2022, the Company completed a placement at $0.06 per share to institutional and sophisticated investors raising $12,000,000 (before costs). • Directors contributed a further $350,000 to the placement as approved by shareholders on 30 November 2022. • In February 2023, the Company completed a placement at $0.10 per share to institutional and sophisticated investors raising $20,000,000 (before costs). • Directors contributed a further $1,400,000 to the placement as approved by shareholders on 29 March 2023. In relation to options, the following activities occurred: i. Options granted to employees or directors: • On 14 July 2022, the Company granted 8,500,000 options via the Equity Incentive Plan to employees who are not related parties of the Company. The options have an exercise price of $0.065 and expire on 14 July 2025. These options will vest on 12 months of continued employment. • On 30 November 2022, shareholders approved the grant of 853,098 options to a director as part of the director’s remuneration package. The options have an exercise price of $0.1575 and expire on 16 December 2025. There are no vesting conditions. • On 2 March 2023, the Company granted 1,223,151 options to a director as part of the director’s remuneration package. The options have an exercise price of $0.12 and expire on 2 March 2026. There are no vesting conditions. • On 31 May 2023, the Company granted 2,000,000 options via the Equity Incentive Plan to an employee who is not a related party of the Company. The options have an exercise price of $0.075 and expire on 14 June 2026. These options will vest on 12 months of continued employment. ii. Options exercised by employees or directors: • On 15 September 2022, an employee exercised 1,500,000 options for a total amount of $60,000. • On 31 October 2022, employees exercised 4,400,000 options for a total amount of $78,500. • On 8 February 2023, employees exercised 2,000,000 options for a total amount of $80,000. • On 8 February 2023, the Managing Director exercised 2,000,000 options for a total amount of $10,000. iii. Options exercised by other parties: • On 4 April 2023, the Company issued 5,000,000 shares on the exercise of options for a total amount of $30,000. • On 24 May 2023, the Company issued 15,000,000 shares on the exercise of options for a total amount of $90,000. In relation to performance rights, the following activities occurred: i. Equity Incentive Plan • On 17 August 2022, the Board created an Equity Incentive Plan to ensure employee/director alignment and retention while creating long term shareholder value. The scheme sets significant targets that when met, are expected to have a material, beneficial impact on Dreadnought’s enterprise value and preferred employer status. ii. Options issued to employees or directors: • On 16 December 2022, the Company issued 30,366,665 unlisted performance rights under the Equity Incentive Plan divided into three equal tranches. Each tranche vests upon the Company announcing, during the vesting period, a Resource of TREO as follows: - Tranche 1: A Resource of at least the Inferred category of 10Mt @ >1% TREO by 31/12/2022. - Tranche 2: A Resource of at least the Inferred category of 20Mt @ >1% TREO by 31/12/2023. - Tranche 3: A Resource of at least the Inferred category of 30Mt @ >1% TREO by 31/12/2024. • On 10 February 2023, the Company issued 3,633,332 unlisted performance rights via the Equity Incentive Plan to additional eligible employees who are not related parties of the Company. These performance rights are subject to the Tranche 2 and Tranche 3 vesting conditions above. • On 2 March 2023, the Company issued 600,000 unlisted performance rights via the Equity Incentive Plan to a newly appointed director. These performance rights are subject to the vesting conditions of Tranche 2 and Tranche 3 above. • On 14 June 2023, the Company issued 3,000,000 unlisted performance rights via the Equity Incentive Plan to the newly appointed Chief Financial Officer. These performance rights are subject to the Tranche 2 and Tranche 3 vesting conditions above. iii. Performance rights vesting and exercised: • On 31 December 2022, the vesting condition for Tranche 1 was achieved and 10,183,335 performance rights vested. • On 13 January 2023, the Company issued 2,266,667 fully paid ordinary shares and 7,916,668 fully paid ordinary shares to the directors and employees, respectively upon exercising the vested rights. DREADNOUGHT RESOURCES | ANNUAL REPORT 2023 7 DIRECTORS’ REPORT The Company made the following acquisitions during the year: • On 7 July 2022, the Group exercised its option to acquire 100% ownership of E29/965 and E30/485 within the Central Yilgarn. These tenements cover parts of the Kings and P1 iron ore occurrences including significant magnetite banded iron formations, the Central Komatiite nickel sulphide belt, the eastern extensions of the Peggy Sue pegmatite field as well as several VMS and gold prospects. The exercise provided 100% ownership over the highly prospective, 75km long, Illaara Greenstone Belt and the Group paid $1,000,000 to an unrelated party to settle the transaction on 20 July 2022. • On 9 July 2022, the Group executed a tenement sale and purchase agreement with Arrow Minerals Limited (ASX:AMD) to acquire a 100% interest in 7 tenements being E16/495, E30/493, E30/494, E77/2403, E77/2416, E77/2432, E77/2634). The key commercial terms included: - AMD to receive a $20,000 cash payment upon signing of the agreement. This was paid on 11 July 2022. - AMD to receive $280,000 cash payment at settlement. This was paid on 1 August 2022. - The Group to issue AMD 2,350,000 fully paid ordinary shares escrowed until 31 January 2023. These shares were issued 1 August 2022. - AMD to receive a further cash payment of $300,000 by 30 November 2022. This was paid on 28 November 2022. - On the identification and reporting of Inferred Resource of >500,000oz gold equivalent the Company is to pay AMD $1,000,000. - AMD to retain a 1% Net Smelter Return royalty in relation to minerals mined by or on behalf of the Company on the tenements. • On 12 September 2022, the Company announced the acquisition of 100% interest in 5 tenements covering 77 km2 of major regional structures at Mangaroon. The tenements host at least 10 historic gold mines including the high-grade Star of Mangaroon, Pritchard Well and Twin Peaks gold mines. The tenements are strategically located between the Company’s 100% owned REEs to the south-east and the First Quantum Minerals Ni-Cu-PGE Earn-in to the north-west. Key commercial terms with the unrelated party vendors are outlined below and completion occurred on 10 November 2022. 1. Key commercial terms to acquire 100% of E09/2290, M09/146, M09/147 and M09/175 include: a. Dreadnought to own 100% upon completion; b. Dreadnought to pay $50,000 upon signing the Sale & Purchase Agreement (paid); c. Dreadnought to pay $250,000 at completion (paid); d. Vendors to receive 20,000,000 fully paid ordinary shares at completion (issued); e. 1% gross royalty payable on E09/2290, M09/146 and M09/147; and f. 0.5% gross royalty payable on M09/175. 2. Key commercial terms to acquire 100% of M09/174 include: a. Dreadnought to own 100% upon completion; b. Dreadnought to pay $25,000 upon signing the Sale & Purchase Agreement (paid); c. Dreadnought to pay $50,000 at completion (paid); d. Vendor to receive 1,000,000 fully paid ordinary shares at completion (issued); and e. 0.5% gross royalty payable. • On 18 October 2022, the Company, acquired 100% of the ordinary shares of Odette Seven Pty Ltd (“Odette”) for the total consideration of 3,000,000 fully paid and issued shares of the Company. Odette owns the rights to tenements E08/3356, E52/3936 and E52/3937. The shares were issued on 31 October 2022 at an issue price of $0.115 per share. The Company also settled the amount due to the previous shareholder of Odette amounting to $150,000 subsequent to settlement date. • On 26 October 2022, the Group executed a tenement sale and purchase agreement with an unrelated party to acquire a 100% interest in 4 tenements being E52/4082, EL52/4083, EL08/3495 and EL08/3496. The key commercial terms included $150,000 in cash and 2,778,000 fully paid ordinary shares at completion on 31 October 2022. • On 6 June 2023, the Group executed a tenement sale and purchase agreement with an unrelated party to acquire a 100% interest in mining tenement M09/091. The key commercial terms included $120,000 in cash, 2,500,000 fully paid ordinary shares at completion in July 2023 and a 1.0% gross royalty. FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGY The Group is focused on delivering significant shareholder returns through the discovery of economic mineral deposits in the tier one jurisdiction of Western Australia. The Group will achieve these goals by: • Identifying projects with significant unrealised potential. • Focusing technical effort and financial investment to effectively and efficiently generate and drill exciting, mineralised targets. • Maintaining low overheads and keeping the market well informed through continuous activity and news flow. 8 DREADNOUGHT RESOURCES | ANNUAL REPORT 2023 DIRECTORS’ REPORT MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR Subsequent to 30 June 2023, the following significant events were undertaken by the Group: • On 4 July 2023, the Company granted 1,500,000 unlisted performance rights subject to the vesting conditions of Tranche 2 and Tranche 3 via the Equity Incentive Plan to an employee who is not a related party of the Company. • On 5 July 2023, the Company announced a 40% increase in Resource tonnage at Yin - Mangaroon. • On 5 July 2023, the vesting condition for Tranche 2 was achieved and 2,566,667 performance rights for directors and 11,983,334 performance rights for employees vested. These performance rights were exercised, and the Company issued 14,550,001 fully paid ordinary shares on 1 August 2023. • On 10 July 2023, the Company announced high-grade REE-Nb zones at C3 & C5 – Mangaroon. • On 17 July 2023, the Company announced additional high-grade REE-Nb zones at C3 & C5 – Mangaroon. • On 7 August 2023, the Company announced significant new intercepts from drilling at the Yin Ironstone Complex – Mangaroon. • On 17 August 2023, the Company announced further thick, high-grade results from extensional and infill drilling at the Yin Ironstone Complex – Mangaroon. • On 28 August 2023, the Company released an initial, independent REE-Nb-P-Ti-Sc Resources of 10.48Mt @ 1.00% TREO at C3 taking the global REE Resources at Mangaroon to 30.90Mt @ 1.02% TREO. • On 28 August 2023, the vesting condition for Tranche 3 was achieved and 2,566,667 performance rights for directors and 11,983,329 performance rights for employees vested. These performance rights were exercised, and the Company issued 14,549,996 fully paid ordinary shares on 4 September 2023. • On 30 August 2023, the Company announced that drilling had commenced at the Money Intrusion Ni-Cu-PGE (First Quantum Minerals Earn-in) – Mangaroon. • On 31 August 2023, the Company announced that massive and disseminated Ni-Cu sulphides had been intersected at the Money Intrusion Ni-Cu-PGE Project – Mangaroon. • On 4 September 2023, the Company announced the results of a comprehensive gold review at Mangaroon. • On 12 September 2023, the Company announced thick Ni-Cu Mineralisation at Mangaroon. • On 13 September 2023, the Company announced highest grades to date from Yin infill drilling at Mangaroon. Other than the events detailed above, there has not arisen in the interval between 1 July 2023 and the date of this report any item, transaction, or event of a material and unusual nature likely, in the opinion of the directors, to significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future years. ENVIRONMENTAL REGULATION The Group’s Environmental Management System includes identifying and assessing environmental impacts, setting environmental objectives and targets, and implementing strategies to reduce the impact on the environment. The operations of the Group are subject to environmental regulations under both Commonwealth and State legislation in Australia. In the mining industry, many activities are regulated by environmental laws. Operations are conducted under the necessary Commonwealth and State Licences and Works Approvals to its activities on its tenements. The Group considers it has complied with all relevant environmental obligations. SOCIAL RESPONSIBILITY The Group strives to contribute to the social and economic wellbeing of the communities in which it operates by identifying opportunities that create shared value and economic benefit with our local communities including, where possible, maximising local procurement, employment, and training opportunities. We place as much emphasis on our behaviour as we do on our results. We provide a healthy, safe, and inclusive workplace through collective leadership. The Group is committed to workplace diversity and inclusion at all levels regardless of gender, marital or family status, sexual orientation, gender identity, age, disabilities, ethnicity, religious beliefs, cultural background, socio-economic background, perspective, and experience. The Group has made significant progress in diversity as can be seen in the tables below. Cultural Diversity Category Key Management Personnel Other senior management Other employees Total Overall % 2023 Australian 3 1 6 10 50% 2022 International* 3 3 4 10 50% Australian 4 1 2 7 64% International* 1 1 2 4 36% * International refers to an individual’s background rather than citizenship and includes United States, Africa, United Kingdom, New Zealand, South America, Europe, and Philippines. DREADNOUGHT RESOURCES | ANNUAL REPORT 2023 9 DIRECTORS’ REPORT Gender Diversity 2023 Category Male 4 2 7 13 65% Key Management Personnel Other senior management Other employees Total Overall % 2022 Female 2 2 3 7 35% Male 4 2 4 10 91% Female 1 1 9% COMPLIANCE STATEMENT This report contains information extracted from reports available to view on the website www.dreadnoughtresources.com.au. In relying on the below ASX announcements and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the abovementioned announcements or this Annual Report for the period ended 30 June 2023. ASX Listing Rules Compliance In preparing the Annual Report for the period ended 30 June 2023, the Company has relied on the following ASX announcements. ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement ASX Announcement 10 13/09/2023 12/09/2023 12/09/2023 12/09/2023 6/09/2023 4/09/2023 4/09/2023 4/09/2023 31/08/2023 30/08/2023 30/08/2023 28/08/2023 18/08/2023 18/08/2023 17/08/2023 08/08/2023 07/08/2023 02/08/2023 01/08/2023 01/08/2023 31/07/2023 31/07/2023 21/07/2023 17/07/2023 12/07/2023 10/07/2023 06/07/2023 05/07/2023 03/07/2023 21/06/2023 20/06/2023 14/06/2023 13/06/2023 07/06/2023 06/06/2023 06/06/2023 05/06/2023 29/05/2023 24/05/2023 24/05/2023 Highest Grades to date from Yin Infill Drilling - Mangaroon Thick Ni-Cu Mineralisation over 400m- Amendment New World Metals Corporate Presentation Thick Ni-Cu Mineralisation over 400m, Open in All Directions Change of Director's Interests Notice x 4 Application for quotation of securities - DRE Cleansing Notice Outstanding Gold Potential Along 10km Mangaroon Shear Zone Massive & Disseminated Ni-Cu Sulphides Intersected Trading Halt Drilling Commenced at Money Intrusion Ni-Cu-PGE - Mangaroon Initial, Independent REE-Nb-P-Ti-Sc Resource at C3 Applica