Ann: Webinar Invitation to Shareholders, page-2

Most Promising Assets

1. Star of Mangaroon (Highest Priority):
   • 23,300 oz @ 12.8g/t Au (84% Indicated category)
   • High-grade, near-surface resource with robust scoping study showing ~A$50M potential free cash flow
   • Relatively quick pathway to production (10-12 months) with modest capex (~A$10M)
   • Agreement with Black Cat Syndicate for processing at Paulsens
   • Open along strike and at depth with excellent extension potential
2. Metzke's Find at Illaara:
   • 14,900 oz @ 6.8g/t Au
   • High-grade intercepts (including 2m @ 39.2g/t Au and 3m @ 21.0g/t Au)
   • Near-surface opportunity for toll treatment
3. Mangaroon Regional Gold Targets:
   • Multiple walk-up drill targets with high-grade surface expressions
   • Steve's Reward (rock chips up to 155g/t Au)
   • Midday Moon, Popeye, Nail, Mitchells, etc.
   • Could rapidly add satellite ounces to extend Star of Mangaroon production

Production Pathway

Their smartest strategy appears to be:

1. Near-term (1-2 years): Develop Star of Mangaroon as a high-grade, low-capex open pit operation.
   • ASIC of ~A$1,800/oz is attractive at current gold prices
   • Outsource funding, development, haulage and processing
   • Use Black Cat's Paulsens operation for processing (330km away)
2. Medium-term (2-3 years): Add satellite deposits to extend mine life.
   • Drill extensions at Star of Mangaroon and nearby Popeye
   • Follow up on strong drill intercepts that remain open
   • Metzke's Find at Illaara could be developed as a second small-scale mining center
3. Long-term potential: Regional exploration across underexplored belts.
   • The Mangaroon gold field is severely underexplored compared to mature districts
   • Over 200km of major geological structures with minimal modern exploration
   • Target the regional structures under cover with aircore drilling (Edmund Fault, Minga Bar Fault)

Exploration Upside

The presentation makes a compelling case that Mangaroon is significantly underexplored compared to mature gold belts like Kalgoorlie or Gruyere post-discovery. The drill density maps on slides 9-10 clearly illustrate this point.

Challenges

1. Scale - Current resources are modest (23.3Koz + 14.9Koz)
2. Infrastructure - Remote location with logistics/haulage costs
3. Capital - Will need successful capital raising to execute plans
4. Processing solution - Dependent on third-party processing agreements

Conclusion

DRE's strongest path forward is developing Star of Mangaroon quickly while simultaneously drilling to expand resources across both projects. Their strategy of focusing on high-grade, low-capex assets that can generate early cash flow is sound. The recent capital raising appears well-timed to execute this plan.

The company's focus on gold over rare earths (also in their portfolio) makes sense in the current price environment, with their high grades providing margin protection.