Dreadnought Resources (DRE) Investor update summary

Financial position and capital management

• Ended the quarter with AUD 15.7 million in cash, with 90-95% of quarterly spend directed to exploration activities at Mangaroon and Elara.

• No capital raising is anticipated in the next six months, with internal forecasts showing funding through to the end of 2027, supported by discretionary exploration spend.

• Cash flow from Star of Mangaroon is expected to commence in 2025, with no immediate funding required for production.

Project development and operational updates

• Star of Mangaroon received all mining approvals; finalizing Shire and commercial agreements, with production targeted for completion in 2027.

• Metzke's Find resource updated to just under 25,000 oz at 5.2 g/t Au, with new mining lease application submitted and ongoing commercial discussions.

• Elara and Mangaroon saw extensive drilling and sampling, with Black Oak at Elara prioritized for infill and discovery drilling by year-end.

• Mangaroon target definition advanced, focusing on Bordah, Minga Bar, and High Range, with drilling likely to commence early next year.

Exploration strategy and value creation

• Discovery at Elara and Mangaroon is seen as the greatest potential value driver over the next 12-24 months.

• Black Oak at Elara is the current focus, with infill aircore drilling underway and RC drilling planned for late 2024.

• Mangaroon's large-scale gold and tungsten anomalies are being mapped and prioritized for drilling.

• Early-stage exploration is emphasized as a low-cost, high-impact approach, with progressive prioritization of targets.