2022 ACTIVITIES UPDATE

Dreadnought Resources Limited (“Dreadnought”) is pleased to provide an update on activities across the Illaara, Mangaroon and Tarraji-Yampi Projects in Western Australia.

Certain results have been delayed until February 2022 in line with current industry experience. Despite these delays, activities are in full swing with FLEM surveys commenced at the Nelson and Trafalgar Cu-Zn-Ag targets at Illaara. In addition, drill planning for a JORC Resource at Metzke’s Find (Au) has been completed. Furthermore, exploration drilling is planned for Kings iron ore, Spitfire gold and Nelson/Trafalgar Cu-Zn-Ag targets.

Dreadnought’s Managing Director, Dean Tuck, commented: “We are excited to be kicking off our 2022 activities at Illaara starting with FLEM surveys over the Nelson and Trafalgar Cu-Zn-Ag targets. The RC drilling program at Illaara will include the shallow portions of Metzke’s Find to define a maiden JORC Resource, extensions of the Kings iron ore target undercover and along strike and the Spitfire gold target. While the drilling program is underway, a detailed drone ortho-imagery survey will provide high resolution data to assist with mapping and systematic sampling of the ~5km x ~1km Peggy Sue pegmatite swarm targeting lithium as well as already identified high-grade tantalum zones. We also look forward to the upcoming results of our REE and Ni-CuPGE programs at Mangaroon. With rare earths, there will be a focus on testing the high-grade Yin target and other ironstones as well as determining whether our five carbonatites are the potential source of the regional rare earth deposits.

HIGHLIGHTS

• Illaara Gold, Base Metals, Critical Metals, and Iron Ore
• February: FLEM survey and results from Nelson and Trafalgar Cu-Zn-Ag targets
• February: Drone survey and surface sampling targeting lithium zones at the large ~5km x ~1km Peggy Sue pegmatite swarm where high-grade tantalum has already been identified
• February/March: RC drilling at Metzke’s Find and Spitfire (Au), Nelson and Trafalgar (Cu-ZnAg) and Kings (Fe)

• Mangaroon Rare Earths (“REE”)
• February: Assay results from carbonatites and additional REE ironstones
• March/April: RC drilling along REE ironstones and carbonatites

• Mangaroon Ni-Cu-PGE Joint Venture with First Quantum
• February: Surface sampling and FLEM results from the Money Intrusion
• March/April: RC Drilling along the Money Intrusion

• Tarraji-Yampi Cu-Ag-Au-Co
• April/May: Auger sampling program
• July onwards: RC and diamond drilling at Orion, Grants, Rough Triangle and new targets defined from auger program

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