Dreadnought Resources Limited (‘Dreadnought’) announced an Exploration Target for the 40kms strike of the Yin Ironstone Complex at the 100% owned Mangaroon project, located in the Gascoyne Region of Western Australia. The recent expansion of the Yin Ironstone Complex to 43kms of strike, combined with extensive geological knowledge of the REE ironstones in the region has provided the foundation for the Exploration Target. The Exploration Target covers over 40kms of the near surface ironstones at Yin and importantly, excludes the current Yin Resource, any mineralisation at depth (underground potential) and the C1-C7 carbonatites.

Systematic drilling to test the Yin Ironstone Complex has the potential to add significantly to the existing Resource. Mobilisation for drilling at Yin and the C1-7 carbonatites is underway with drilling to commence in February 2023. 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 (11,907m).

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. 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 and has a geophysical similarity to other globally significant carbonatite intrusions such as Mt Weld, Araxa and Ngualla High-grade, Multi-Metal Potential Including REE (Neodymium, Praseodymium), Phosphorus, Niobium, Titanium & Scandium (REE-P2O5-Nb2O5-TiO2-Sc) · Yin, like the Yangibana REE project controlled by the $450M Hastings Technology Metals Ltd. is globally unique due to the high proportion of NdPr as a total of the rare earth oxides (‘NdPr:TREO’ ratio). · Six coherent zones of REE-P2O5-Nb2O5-TiO2-Sc successfully identified within the C1-C5 carbonatites with 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 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.

Analogous to a Globally Unique, Commercially Viable Development 25kms Away · Yangibana is located only 25kms to the northeast of Yin and currently has a Resource of 29.93Mt @ 0.93% TREO with 0.32% Nd2O3+Pr6O11 (34% NdPr:TREO).