Dreadnought Resources Limited announced assays from depth extensional drilling at Yin, part of the 100% owned Mangaroon project, located in the Gascoyne Region of Western Australia. The initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO covers only 3km strike. In addition, 2.1km of that strike was drilled to a depth of 150m with 9 RC holes of deeper drilling over 0.9km of strike occurring in November 2022 and yet to be included in the Resource. All 9 holes returned significant results with high-grade cores and high NdPr: TREO ratios up to 37%. These latest results are expected to extend the Yin Resource. A second RC rig and a diamond rig remain on schedule to commence in March 2023. The second RC rig will focus on first pass, wide spaced drilling of the C1-C7 carbonatites. The diamond rig will provide ongoing support for Resource upgrades, metallurgical test work and geotechnical studies. These systematic drill programs have the potential to rapidly add significant Resources. Genuine Scale Potential Already at Yin Ironstone Complex Initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO covers only 3km of 43km of strike and is based on only 2.5 months of RC drilling. Exploration Target of 50-100Mt at 0.9-1.3% TREO estimated for the top 150m of the Yin Ironstone Complex. First tranche of long-term incentives now triggered with balance on track to be triggered at JORC Resource of at least 30Mt @ >1% TREO by 31 December 2024. Resource extension and first pass wide spaced drilling currently underway. Significant, Step-Change, Growth Potential Beyond Yin Ironstone Complex C1-C7 carbonatites are shaping up as the regional source of REE - initial drill program expands C1-C5 to 6.5kms in strike length x 1km wide. C6 Carbonatite located 25kms south of C1-5 and C7 is situated over a crustal scale structural splay of the Lyons River Fault, is associated with an outcropping pyroxenite intrusion, and has a geophysical
similarity to other globally significant carbonatites such as Mt Weld, Araxa, Phalaborwa and Ngualla. First pass wide spaced discovery focused drilling to commence in March 2023. High-grade, Multi-Metal Potential Including REE (Neodymium, Praseodymium), Phosphorus, Niobium, Titanium & Scandium The mineralisation at the Yin Ironstone Complex contains significantly higher NdPr as a total of the rare earth oxides than other REE deposits globally, over 50% higher than the global average. Partially completed first pass wide spaced drilling over the C1-C7 carbonatites has identified significant critical metal potential with REE, P2O5, Nb2O5, TiO2, and Sc within the C1-C5 carbonatites. A 600m x 550m zone of REE-P2O5-Nb2O5-TiO2-Sc mineralisation now confirmed at the C3 discovery. Potentially Attractive Mining Proposition Broad zones of flat to shallow dipping mineralisation with parallel lodes and Resource intensity of 4.8Mt/km make for a potentially attractive mining proposition. Positive Metallurgy Results Initial metallurgical test work from Yin performed well, achieving a recovery of 92.8% at a concentrate
grade of 12.3% Nd2O3 and an average 40% TREO. REE at Yin is predominantly hosted in monazite which is amenable to commercial processing. Significant metallurgical study from 16 diamond holes drilled at Yin underway - results expected April/May 2023. Global Strategic Imperative Driving Rare Earth Growth & Prices: Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension.
Dreadnought is receiving increasing levels of interest from mid/downstream industry participants. While the current focus is on upstream options opportunities for mid/downstream industry participants to add value to Dreadnought shareholders will be assessed. The first RC drilling program at Yin was undertaken from June to August 2022 and comprised 120 RC holes for 12,255m. The results of these drill holes were used to estimate the initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO over 3km strike. In addition, 2.1km of that strike was drilled to a depth of 150m with 9 RC holes of deeper drilling over 0.9km of strike occurring in November 2022 and yet to be included in the Resource. All 9 holes returned significant results with high-grade cores and high NdPr:TREO ratios up to 37%. These latest results are expected to extend the Yin Resource. Results include: Drilling of the Yin Ironstone Complex shows that the main lode pinches, swells and changes dip and orientation along strike and ranges in thickness from 1-54m. In addition, parallel lodes have been intersected above and below the main lode and often exhibit a similar orientation as the main lode with thicknesses ranging from 1-10m. The mineralised ironstones consist of goethite and hematite dominated oxide zones near the surface transitioning into a fresh ferrocarbonatite dyke (fresh REE ironstone), comprised of ankerite and siderite below the base of oxidation. The ironstones are surrounded by a variable zone of fenitised country rock. Both the ironstone
and the fenite immediately surrounding the ironstone are mineralised with each ironstone and ferrocarbonatite containing at least one central interval of higher-grade mineralisation. Oxidised mineralisation contains REE bearing
phosphate monazite and variable amounts of the hydrated rare earth phosphate rhabdophane. Fresh ferrocarbonatite mineralisation contains monazite and variable amounts of REE fluoro-carbonates such as
bastnaesite. These additional holes have extended mineralisation at depth and continue to highlight the scale of the REE ironstones. Importantly, the fresh ferrocarbonatite at depth continues to produce high-grade and high NdPr:TREO ratio intercepts and remain open at depth.