Dreadnought Resources Limited announce geophysical results from the recently completed, First Quantum funded, fixed loop EM ("FLEM") survey at Mangaroon in the Gascoyne region of Western Australia (First Quantum earning up to 70%). The FLEM survey covered 8.4kms of strike along the Money Intrusion for near surface conductive bodies. Any conductive bodies would make for priority targets given that high tenor blebby sulphides and gossanous horizons have already been identified.

The survey has successfully identified five conductive bodies interpreted to be sulphide accumulations. Two of these conductors are located at the Bookathanna North target where the keel of the Money Intrusion is near surface and the other three are located within the High Range target. First Quantum has committed to a 1,000m RC program over all five conductors and all drill holes will be surveyed by downhole EM to test the intrusion at depth.

The drill program is planned to commence in July 2023. The confirmation of a fertile magmatic Ni-Cu-PGE system within the 45km long Money Intrusion highlights the potential for multiple deposits. The Money Intrusion has been dated to 0.8 Ga, similar in age and tectonic setting to the Jinchuan Ni-Cu-PGE deposit in China (>500 Mt @ 1.2% Ni, 0.7% Cu, 0.4 g/t PGE, Lightfoot 2007).

In 2022, 9 out of 12 RC holes intersected disseminated mineralisation along significant strike showing increasing width and intensity near subtle changes in the walls of the intrusion. This highlights the potential for mineralisation to concentrate and form massive sulphide mineralisation at favorable "trap sites" along the intrusion. This is similar to Eagle and Eagle East (5Mt @ 3.5% Ni, 2.9% Cu, 1.6g/t PGE, 0.1% Co, Lundin 2013) located in North America.

These high tenor massive sulphide targets, like Eagle, are the preferred exploration target for First Quantum. There remains significant potential for this system to host high tenor Ni-Cu-PGE massive sulphides. At the end of 2022, a fixed loop EM survey was undertaken along strike from previous drill intercepts at Bookathanna and High Range where significant intercepts included: · REYRC002: 13m @ 0.19% Ni, 0.17% Cu, 0.01% Co and 0.08g/t 3PGE from 70m · Including: 1m @ 0.85% Ni, 0.77% Cu, 0.46% Co and 0.17g/t 3PGE from 80m · REYRC009: 9m @ 0.11% Ni, 0.14% Cu, 0.01% Co and 0.10g/t 3PGE from 30m · Including: 1m @ 0.33% Ni, 0.44% Cu, 0.02% Co and 0.41g/t 3PGE from 31m Bookathanna North was targeted, as was the shallow keel position of the Money Intrusion, resulting in the identification of two conductive bodies; one 20x10m with a very high conductance of 37,000S, and another immediately adjacent, being 40x10m with a high conductance of 2,200S The High Range is located where the Money Intrusion crosses into a basin of Edmund Group Sediments.

As expected, several lithological conductors perpendicular to the Money Intrusion were identified. Three parallel conductive bodies within the Money Intrusion were also identified, each being 50-100m x 50-70m with a high conductance of 750-900S. All three of these conductors are significantly stronger than the original Bookathanna Conductor (180S) which produced the net textured to brecciated sulphide intercepts in 2022.

The confirmation of a fertile magmatic Ni-Cu-PGE system within the 45km long Money Intrusion highlights the potential for multiple deposits. The Money Intrusion has been dated to 0.8 Ga, similar in age and tectonic setting to the Jinchuan Ni-Cu-PGE deposit in China (>500 Mt @ 1.2% Ni, 0.7% Cu, 0.4 g/t PGE, Lightfoot 2007). Jinchuan contains three main mineralised bodies over 6.5kms of strike, each situated within a sub-chamber of the overall intrusion.

Mineralisation is dominated by net-textured and disseminated sulphides with minor massive sulphide accumulations. Importantly, the disseminated sulphides form an envelope around the higher-grade, net-textured and massive sulphides. Furthermore, only one of the mineralised bodies outcrops, with the other two deposits blind at surface.

The implications of the analogous Jinchuan deposits to the Money Intrusion are significant for both the current and future drilling. The first holes have intersected disseminated mineralisation along significant strike showing increasing width and intensity towards the middle and at depth. There remains significant potential for this system to improve with depth and within the 4.5km of strike already defined.

Furthermore, given the 45kms of strike over the Money Intrusion shows evidence of pinching, swelling, multiple feeder channels and mapped disseminated sulphides, there could be significant mineralisation that does not outcrop. Further drilling and geophysics along the intrusion will assist with better understanding the system and in identifying further mineralisation. To date, 45km of the Money Intrusion has been flown with detailed airborne magnetics, mapped and surface sampled resulting in the identification of 32 areas containing high-tenor, three-phase blebby sulphides and a 1.2km long gossanous horizon.

Ground-based fixed loop EM (FLEM) surveys have been undertaken over 20kms of the Money Intrusion to screen for near surface conductive bodies. In April of 2021, Dreadnought entered into an Option agreement with First Quantum over five tenements of the Mangaroon Project. In August of 2022, First Quantum elected to exercise its option to enter an earn-in by exploring the Money Intrusion for Ni-Cu-PGE massive sulphides.

First Quantum can earn an initial 51% interest by sole funding $12 million of expenditure by 1 March 2026. First Quantum may withdraw from the project at any time during the earn- in phase with 0% interest.