Ann: Metallurgical Test Work Supports High-Value Concentrate, page-6

Something must be going on in the background here. This confirms its the right concentrate, so we might see some growing interest. If they attract a partner, off take or sale, then the stock will snap awake. This project is far from factored into the share price. Car sales ramping up in China after Covid should see a turn in the prices of the raw materials. We are seeing that in lithium first.

There has been considerable interest shown by Australian and overseas midstream processors in the Yinconcentrate and samples will be made available to those parties. Concentrates from Tier 1 jurisdictionssuch as Australia are keenly sought after so as to provide diversity in the rare earth supply chain. The testwork being undertaken by Dreadnought will assist in ensuring a competitive process for Dreadnought’spotential concentrates.