Happy New Year to the Dreadnought Insiders! I hope everyone...

Happy New Year to the Dreadnought Insiders! I hope everyone enjoyed some time off over the holidays. On our end, it’s been good to close the chapter on 2024, and we’re looking forward to what 2025 will bring. After much effort and anticipation, we managed to finalise two deals before Christmas. The divestment of Yerilgee and Evanston to Catalina Resources, along with part of Bresnahan to Teck, which aligns with our ongoing strategy to streamline the portfolio while retaining upside exposure through other companies’ exploration efforts. These deals enable us to focus more on opportunities at Mangaroon and advance towards becoming a self-funded explorer. These transactions are not the end of it—we have several more deals in the pipeline, which we aim to announce in the first quarter of this year. On the self-funding front, the Scoping Study for the Star of Mangaroon is progressing well and should be completed by the end of January. Once finalised, we’ll focus on negotiating Mining, Haulage, and Processing Agreements and securing a partner to develop the Star of Mangaroon. With the Star of Mangaroon studies moving us closer to achieving the self-funding element of our strategy, the Dreadnought team can concentrate on what we do best: exploration. Our efforts will focus on three key pillars: Adding gold ounces on the granted mining leases Filling the discovery pipeline with new targets Progressing the Gifford Creek Carbonatite (GCC) critical metals discovery Adding Gold Ounces on Granted Mining Leases With the Star of Mangaroon on track for development later this year, adding ounces to the mining schedule will extend operations, increase equipment utilisation, and improve cash flow. Given current gold prices—and forecasts of further growth—this is an opportune time to add ounces. Being on granted mining leases, these ounces can be quickly developed. The team is particularly excited about extending the Star of Mangaroon along strike and at depth, as well as exploring Popeye’s shallow, high-grade gold and Pritchard’s prospects. Drilling at these targets is expected to begin this quarter. Filling the Discovery Pipeline with New Targets Mangaroon has already delivered several discoveries, and we believe more are on the horizon. Our efforts this year will focus on major camp-scale targets like Bordah and High Range (with potential for both gold and base metals) and significant structural targets like Midday Moon on the Minga Bar Fault. These areas will be advanced to generate and define drill-ready targets by mid-year. Progressing the Gifford Creek Carbonatite Critical Metals Discovery Ongoing mineralogy work continues to confirm pyrochlore (a key niobium-bearing mineral) at Stinger, with conceptual studies underway. Once these studies are complete, we’ll plan our next steps, likely including: Additional drilling to define an oxide resource EIS co-funded drilling to test fresh mineralisation at depth Continued mineralogical work to support metallurgical testing Beyond niobium and rare earths already identified within GCC, we will also assess the potential of significant titanium, scandium, zirconium, and phosphate mineralisation. Looking Ahead As we gear up for 2025, we are excited to deliver on our strategy of becoming a self-funded explorer by getting the Star of Mangaroon into production and making the next big discovery at Mangaroon. Hopefully, analysts’ and funds’ predictions of 2025 being a strong year for junior explorers will come to fruition, providing positive momentum as we deliver on our promises. On this note, I encourage you to follow and listen to Hedley Widdup, CEO of Lion Selection Group (ASX.LSX), as he shares compelling insights on investing in junior explorers: Lion Selection Group’s Investment Strategy – Hedley Widdup on Junior Explorers and Market Outlook From Commodities Lull to What Will the Next Mining Boom Look Like? Lion Selection Group December 2024 Report We’re also pleased to announce that Dreadnought will be attending the RIU Explorers Conference in Fremantle on the 18th, 19th, and20th of February 2025, held at the Esplanade Hotel. I will be presentingat 11:30 am on Wednesday 19 February. Be sure to drop in and say hello! Here’s to a productive and successful year ahead!

	- Dean Tuck, Managing Director