Dreadnought Resources (DRE) Investor Update summary

Mangaroon project update

• Focus remains on advancing the Star of Mangaroon, a large underexplored greenfield gold project, with recent capital raised to accelerate exploration and resource growth.

• Drilling is underway to add shallow, high-grade ounces to the resource, targeting both extensions at Star of Mangaroon and new pits at Popeye and other mining leases.

• Scoping study indicates potential for $60 million in free cash flow over 10-12 months at current gold prices, with production targeted for the second half of the year.

• Black Cat Syndicate invested $2 million and secured first rights to negotiate gold development, supporting processing at Paulsens.

• Pipeline of walk-up and undercover targets identified, with ongoing soil and stream sediment sampling highlighting new high-priority areas.

Elara project and portfolio strategy

• Elara Gold Project retained following recent capital raise, with major aircore drilling planned for the second half of the year.

• Elara is considered highly prospective, with historical underexploration and proximity to successful neighbors like Ora Banda.

• Portfolio rationalization has focused efforts on Mangaroon and Elara, reducing project spread and increasing operational focus.

• Maintaining two core projects allows for year-round news flow and technical risk mitigation.

Financial and operational outlook

• Remain on track for Star of Mangaroon production in H2 2024, with cash flow expected 4-5 months after mining commences.

• Share buybacks preferred over consolidation for capital management, with decisions pending positive cash flow.

• Ongoing review of non-core assets (Bresnahan, Taraji-Yampi), with potential for partnerships or divestment.

• No issues anticipated in securing drill rigs for upcoming programs.