Ann: Noosa Mining Conference Presentation, page-2

Company Overview – Dreadnought Resources (ASX: DRE)

• Market Capitalisation: ~$55.2 million (as of 24 July 2025)

• Share Price: $0.011

• Shares on Issue: ~5.023 billion

• Cash Balance: ~$10 million (30 June 2025)

• Liquidity: ~$100K/day (90-day average)

• Insider Alignment:

  • ~$7.2 million invested by board/management

  • ~10% ownership collectively by insiders

  • Major shareholders include:

    • Paul Chapman (Chair) – 6.7%

    • Black Cat Syndicate – 3.7%

    • Philip Crutchfield (Director) – 2.7%

    • Dean Tuck (MD) – 0.9%

• Corporate Discipline:

  • Over 85% of capital raised has been spent on exploration ("money in the ground")

  • Clear strategy to fund gold development via partnerships to preserve cash

Strategic Focus

1. Develop the High-Grade Star of Mangaroon Gold Project

   • Low-capex, short-duration mine to quickly generate cash

   • Use proceeds to self-fund further exploration and growth

2. Add Near-Term Production Ounces

   • Target shallow, high-grade ounces from nearby prospects (e.g., Popeye, Steve’s Reward)

   • Accelerate pathway to cashflow by developing multiple small-scale operations

3. Commercialise Non-Gold Assets

   • Retain exposure to Ni-Cu-PGE and critical minerals (REE, Nb, Ti, Sc, Zr) via farm-ins and partnerships

   • $15M farm-in with Teck provides non-dilutive capital and expert project development

4. Discover More Gold – Faster

   • Aggressive, low-cost exploration at Mangaroon and Illaara

   • Focus on underexplored terrain with demonstrated potential

Star of Mangaroon Gold Project

• History:

  • Gold discovered in 1956

  • Small-scale underground mining from 1960–1983 produced ~7,500oz at ~35g/t

• Maiden Resource (2024):

  • 23,300oz @ 12.8g/t Au (84% Indicated)

  • Resource located within ~110m of surface – ideal for open-pit mining

• 2025 Scoping Study:

  • A$50 million free cash flow potential at A$4,600/oz

  • AISC ~A$1,800/oz

  • 10–12 month mine life

  • Capex requirement ~A$10M (to be funded externally)

  • Strategy: outsource mining, haulage, and processing

• Offtake/Development:

  • Black Cat Syndicate invested $2M and has first right to negotiate gold processing at Paulsens

• Recent Drilling Highlights:

  • 2m @ 59.0g/t from 16m (SOMRC004)

  • 7m @ 23.0g/t from 53m (SOMRC005)

  • 8m @ 15.5g/t from 89m (SOMRC006)

• Metallurgy:

  • Average gold recovery 96.7%

  • 74.4% recoverable via gravity methods – cost efficient

• Exploration Upside:

  • Remains open along strike and at depth

  • Additional mineralisation at Popeye & Steve’s Reward enhances future resource growth

Mangaroon Regional Gold Exploration

• Underexplored vs. Kalgoorlie (comparison):

  • Vast tracts unexplored prior to 2017

  • Stream sediment and soil anomalies across multiple large-scale targets

• Camp-Scale Prospects:

  • High Range North/South – up to 17km x 5km

  • Bordah, Minga Bar, Hudson & Tiger Trends – soil anomalies, multiple targets

  • Steve’s Reward: 4m @ 4.1g/t Au

  • Midnight Star & Midday Moon: never drilled, yet show large soil anomalies and gold-bearing rock chips

• Historical Mining Areas:

  • Pritchard, Lead, Popeye – all produced gold; now being re-tested by DRE

Illaara Gold Project – Central Yilgarn

• Location:

  • One of the most underexplored greenstone belts in the Yilgarn Craton

  • Acquired from Newmont (2019)

• Drill Highlights:

  • Metzke’s Find: 14.9koz @ 6.8g/t Au (open along strike and depth)

  • Longmore’s Find: 1m @ 100g/t Au

  • Lawrence’s Find: 3m @ 3.6g/t Au

  • Eastern & Central Illaara Faults: 100+km of mineralised structures never drilled

• Exploration Strategy:

  • Build pipeline of new targets via soil sampling, mapping, and aircore drilling

  • Explore for camp-scale gold systems to repeat success seen at Mangaroon

Base and Critical Metal Projects

✅ 1. Money Intrusion Ni-Cu-PGE (JV with Teck)

• Significant intercepts:

  • 2m @ 3.32% Ni, 2.88% Cu from 45m (REYRC013)

  • 2m @ 1.15% Ni, 1.30% Cu from 78m (REYRC019)

• $15M farm-in deal with Teck:

  • Earns 75% by funding $15M over 6.5 years

  • $1M firm commitment in first 18 months

  • Teck to manage exploration

• DRE retains free-carry exposure to upside while remaining gold-focused

✅ 2. Gifford Creek Carbonatite Complex

• One of the largest undeveloped carbonatites globally (17km strike)

• Hosts:

  • Rare Earths: 29.98Mt @ 1.04% TREO (Yin REE Ironstone, 87% M+I)

  • Niobium: Exploration target of 15–60Mt @ 0.5–1.0% Nb₂O₅

  • Titanium, Zirconium, Phosphate, Scandium also present

• Intercepts include:

  • 95m @ 0.9% Nb₂O₅ (CBRC200)

  • 43m @ 11.9% P₂O₅ (CBRC148)

  • 72m @ 8.6% TiO₂ (CBRC086)

  • 66m @ 1.0% ZrO₂ (CBRC200)

• Monazite concentrate and Mixed Rare Earth Carbonate successfully produced

✅ 3. Yin REE Ironstones

• Advanced-stage REE project near Gifford Creek

• Strong metallurgy and near-surface mineralisation

• High NdPr (magnet REE) content – strategic for electrification/green tech

Work Programs and Outlook

Gold Production (Star of Mangaroon)

• Q3 2025–Q1 2026: Finalise approvals, mining, haulage & processing contracts

• Target: Commence mining and generate first gold within 12 months

Exploration (Gold)

• Mangaroon & Illaara target generation (stream sediments, geophysics, mapping)

• Drill testing new and underexplored anomalies each quarter into 2026

Base/Critical Metals

• Teck progresses Ni-Cu-PGE JV

• Define development options at Yin and Gifford Creek

Closing Message

“It’s always darkest before the dawn, and the sun is rising.”

Dreadnought has built a low-capex, high-grade gold development pathway supported by a strong pipeline of new gold discoveries and critical metal assets backed by JV partners. The company is funded, active, and positioned to deliver shareholder value via both near-term cashflow and long-term discovery upside.

*gpt4o