Dreadnought Resources Limited · ASX:DRE
Dreadnought Resources — Shareholder Meeting (November 2025)
44 slides from Dreadnought Resources's shareholder meeting presentation, Nov 28, 2025
Slide 1: Finding more gold, faster – AGM Presentation
For personal use only Finding more gold, faster AG M P re s e n t a t i o n 2 8 N ove m b e r 2 0 2 5 ASX:DRE ASX:DRE 1
Slide 2: Company Snapshot
West Australian Explorer Board and Management Money in the Ground Fully Funded with Multicommodity with Skin in the Game >85% Money raised to ~$22M Cash in the bank Optionality and a Track ~$7.8M Cash invested date spent on to deliver our self-funding Record of Discovery ~10% Shareholding exploratio
Slide 3: 2025 Year in Review
For personal use only 2025 Year in Review Delivering on our Finding More Gold Faster Strategy ASX:DRE 3
Slide 4: Exploration Spend 2019-2025
Exploration Spend 2019-2025 Quarterly Exploration Spend (per Appendix 5B - $'000 and %) $10,000 100% For personal use only Company Average 85% 90% $8,000 80% Company Target 80% 70% $6,000 60% 50% $4,000 40% 30% $2,000 20% 10% $0 0% Corporate Exploration Actual Average Target ASX:DRE ASX:DRE4 4
Slide 5: KPIs 2025
For personal use only KPIs 2025 ASX:DRE ASX:DRE5 5
Slide 6: Strategy and Key Achievements 2025
Strategy and Key Achievements 2025 1. Transform into a self-funded explorer – Develop the Star of Mangaroon:* ✓ SoM Study Update – ~50% Reduction in Max Cash Drawdown, Operating Cashflow increased ~100% ✓ Approvals submitted For personal use only ✓ Mining, Haulage and Processing Agreements – Underwa
Slide 7: Mangaroon Gold Project – Star of Mangaroon Development
For personal use only Mangaroon Gold Project Star of Mangaroon Development ASX:DRE 7
Slide 8: Develop the Star of Mangaroon
Develop the Star of Mangaroon History • Gold identified: 1956 • Small-scale underground mining: 1960-1983 For personal use only • Production: ~7,500 ounces at ~35g/t Outlook • High confidence Resource of 27,000oz @ 11.1g/t Au (99% Measured and Indicated) defined within ~100m of surface • High grade,
Slide 9: Star of Mangaroon – Added shallow high-grade ounces within the open pit
For personal use only Star of Mangaroon – Successfully added shallow high-grade ounces within the open pit Cumulative Ounces by 10m Bench Un 0 5,000 10,000 15,000 20,000 25,000 30,000 2025 Resource Ounces 2024 Resource Ounces Underground Potential - Drilling commenced ASX.DRE 27 Nov 2024 Shallow, Hi
Slide 10: Study Update – More and Shallower Ounces
Study Update – More and Shallower Ounces January 2025 October 2025 For personal use only ASX:DRE 10
Slide 11: Study Update – Impact on Cashflow and Max Cash Drawdown
Study Update – Impact on Cashflow and Max Cash Drawdown January 2025 October 2025 For personal use only SoM Haulage & Processing SoM Haulage & Processing 70,000 100,000 90,000 60,000 80,000 Tonnes/ Ounces 50,000 70,000 Tonnes/ Ounces 60,000 40,000 50,000 30,000 40,000 20,000 30,000 20,000 10,000 10,
Slide 12: Study Update – Comparisons
Study Update – Comparisons Table 1: Star of Mangaroon Physicals Summary Project Physicals Units Total Jan Total Oct % Diff For personal use only Duration Months 12 12 0% Mined Ore kt 62.1 92.9 50% Lower grade at surface Grade g/t Au 10.0 8.3 -17% material like the heap leach Gold in Ore koz 19.9 24.
Slide 13: Study Update – Gold Price Sensitivity
Study Update – Gold Price Sensitivity Table 3: Sensitivity to $100/oz gold price increments Gold Price $/oz Operating Cashflow ($M) For personal use only $5,000 $66.8 $5,100 $69.1 $5,200 $71.3 $5,300 $73.6 $5,400 $75.9 $5,500 (Base Case) $78.2 $5,600 $80.5 $5,700 $82.8 $5,800 $85.1 $5,900 $87.4 $6,0
Slide 14: Pathway to Production
Pathway to Production ✓ Resource drilling ✓ Initial resource For personal use only ✓ Environmental and Heritage Surveys ✓ Metallurgical test work ✓ Initial study ✓ Subscription agreement with Black Cat Syndicate ✓ In pit extension and infill drilling ❑ Mining Proposal and Mine Closure Plan (Submitte
Slide 15: Exploration and Discovery
For personal use only Exploration and Discovery Steve’s Reward Cullens Find ASX:DRE 15
Slide 16: Steve's Reward
Steve’s Reward For personal use only ASX:DRE 16
Slide 17: Cullen's Find
Cullen’s Find For personal use only ASX:DRE ASX:DRE 17
Slide 18: Gifford Creek Carbonatite Complex – REEs at Stinger
For personal use only Gifford Creek Carbonatite Complex REEs at Stinger ASX:DRE 18
Slide 19: Stinger Rare Earths Discovery Opportunity
Stinger Rate Earths Discovery Opportunity • Thick fresh rare earth mineralised carbonatite For personal use only • Potential game changing discovery within the Gifford Creek Carbonatite with similarities to Mountain Pass in California • Rare earths tend to upgrade 3-6x from fresh to oxide • Compelli
Slide 20: Money Intrusion Ni-Cu-PGE Teck Farm-in / JV
For personal use only Money Intrusion Ni- Cu-PGE Teck Farm-in / JV ASX:DRE 20
Slide 21: $15M Farm-In and Joint Venture with Teck
$15M Farm-In and Joint Venture with Teck – Money Intrusion Ni-Cu-PGEs Major Partnership to explore the Money Intrusion • Significant Copper + Nickel Opportunity (~50/50 Cu-Ni Ratio): For personal use only • 23m @ 0.50% Ni, 0.51% Cu from 36m including: 2m @ 3.32% Ni, 2.88% Cu from 45m (REYRC013) • 10
Slide 22: Looking Ahead to 2026
For personal use only Looking Ahead to 2026 Finding Even More Gold Faster ASX:DRE 22
Slide 23: Finding Even More Gold, Faster
Finding Even More Gold, Faster Develop our high-grade deposits and generate cashflow • Star of Mangaroon For personal use only • Metzke’s Find Add short term production ounces to generate more cashflow • Star of Mangaroon and Metzke’s Find Extensions • Pritchard’s Well, McCarthy’s Make a large gold
Slide 24: Finding more gold, faster – Exploration and Discovery
For personal use only Finding more gold, faster Exploration and Discovery ASX:DRE 24
Slide 25: Underexplored Mangaroon vs Mature Brownfield
Underexplored Mangaroon vs Mature Brownfield (same scale) Open file Data ~1990s-2017 For personal use only Midnight Star Target Cullens Target Midday Moon Target Steve’s Reward Lesgo Target Inevitable Mangaroon Mangaroon Kalgoorlie ASX:DRE 25
Slide 26: Five camp scale prospects defined by stream sediments
Five camp scale prospects defined by stream sediments Ongoing soils to continue generating and defining drill targets High Range North ~17km x 5km For personal use only Midnight Star Target Cullens Target High Range South ~11km x 4km Midday Moon Target Star of Mangaroon 27.0koz @ 11.1g/t Au Star of
Slide 27: Building the Target Pipeline
Building the Target Pipeline Five camp scale prospects For personal use only ASX:DRE 27
Slide 28: Illaara Gold Project
For personal use only Illaara Gold Project Finding more gold, faster *Exploration and Discovery ASX:DRE 28
Slide 29: Illaara Underexplored History
Last explored for gold by Dreadnought in Underexplored History 2021/2022 when gold price was ~$2,200 Newmont Corporation Consolidated Illaara greenstone belt after Metzke’s Find MRE identifying ~55km long Au-As-Sb anomaly 14.9koz @ 6.8g/t Au 2500 generated by GSWA. Completed proprietary surface geoc
Slide 30: Metzke's Find – 14.9k oz @ 6.8g/t Au
Metzke’s Find – 14.9k oz @ 6.8g/t Au High-grade near-surface mining opportunity • Coarse gold in hydrothermal quartz veins For personal use only • High grade intercepts including • 2m @ 39.2 g/t Au • 3m @ 21.0 g/t Au • MZRC049 drilled 150m north of the current resource intersected 6m @ 1.15 g/t Au,
Slide 31: One of the most underexplored greenstone belts in the Yilgarn
One of the most underexplored greenstone belts in the Yilgarn region Multiple mineralised shear zones never tested with air core Mt Ida – BM1, Aurenne For personal use only Black Oak 6m @ 0.9g/t Au 18m @ 0.3g/t Au Longmore’s Find Never followed up DRE 2020: 1m @ 100g/t Au Metzke’s Find 14.9koz @ 6.8
Slide 32: Phase 1 Aircore – Commencing March Quarter 2026
One of the most underexplored greenstone belts in the Yilgarn region Phase 1 Aircore – Commencing March Quarter 2026 Mt Ida – BM1, Aurenne For personal use only Black Oak 6m @ 0.9g/t Au 18m @ 0.3g/t Au Longmore’s Find Never followed up DRE 2020: 1m @ 100g/t Au Metzke’s Find 14.9koz @ 6.8g/t Au Open
Slide 33: Phase 2 Aircore
One of the most underexplored greenstone belts in the Yilgarn region Phase 2 Aircore – *Illustrative Purposes Only Mt Ida – BM1, Aurenne For personal use only Black Oak 6m @ 0.9g/t Au 18m @ 0.3g/t Au Longmore’s Find Never followed up DRE 2020: 1m @ 100g/t Au Metzke’s Find 14.9koz @ 6.8g/t Au Open al
Slide 34: Phase 3 Aircore
One of the most underexplored greenstone belts in the Yilgarn region Phase 3 Aircore – *Illustrative Purposes Only Mt Ida – BM1, Aurenne For personal use only Black Oak 6m @ 0.9g/t Au 18m @ 0.3g/t Au Longmore’s Find Never followed up DRE 2020: 1m @ 100g/t Au Metzke’s Find 14.9koz @ 6.8g/t Au Open al
Slide 35: Gifford Creek Carbonatite Complex – Critical Metal Optionality
For personal use only Gifford Creek Carbonatite Complex Critical Metal Optionality ASX:DRE 35
Slide 36: Gifford Creek Carbonatite
Gifford Creek Carbonatite Global Scale Deposit with Proven Reserves • Gifford Creek Carbonatite is one of the largest carbonatite complexes in the world, stretching 17km. • Wide spaced drilling has identified multiple zones of critical metal (rare earth, niobium, titanium, For personal use only phos
Slide 37: Gifford Creek Carbonatite
Gifford Creek Carbonatite • ~17kms x 1km intrusion along the crustal scale Lyons River Fault • Contains significant REE, For personal use only Nb, P, Ti, Sc and Zr mineralisation within multiple zones • <25% of the carbonatite tested with wide spaced first pass drilling Yin Ironstones • The other ha
Slide 38: Yin Ironstone Resource
Yin Ironstone Resource • 87% Measured and Indicated Resource • High NdPr, outcropping at surface • Resource only covers ~10% of 43km long ironstone strike For personal use only TREO NdPr:TREO Contained Contained Cut Off Mt (%) (%) TREO (t) NdPr (t) (% TREO) 29.98 1.04 29 311,800 89,900 0.20 21.06 1.
Slide 39: Niobium Mineralisation
Niobium Mineralisation • Thick near surface secondary / residual mineralisation • Mushrooms out from primary mineralisation For personal use only • Target of wide spaced first pass drilling • Recent drilling intercepts include: • CBRC195: 130m @ 0.7% Nb2O5 from 71m, including: 39m @ 1.3% Nb2O5 from
Slide 40: Finding More Gold, Faster Strategy
Finding More Gold, Faster Strategy Develop our high-grade deposits and generate cashflow • Star of Mangaroon • Metzke’s Find For personal use only Add short term production ounces to generate more cashflow • Star of Mangaroon and Metzke’s Find Extensions • Pritchard’s Well, McCarthy’s Make a large g
Slide 41: Work Plan Summary
Work Plan Summary December 2025 March 2026 June 2026 September 2026 December 2026 Mangaroon Quarter Quarter Quarter Quarter Quarter Star of Mangaroon Approvals and Mining, Haul, Production Development Process Agreement, Drilling For personal use only Add near term production Star of Mangaroon Follow
Slide 42: Finding more gold, faster
For personal use only Finding more gold, faster ASX:DRE | Dreadnought Resources Ltd +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court, Osborne Park WA 6017 Sign up to our Investor Hub to receive the latest news, updates and announcements. dreadnoughtresources.com.au ASX:DRE 42
Slide 43: Disclaimer
Disclaimer Refer to Dreadnought announcements for JORC Table 1 and Table 2 for results and information contained require in order to make an informed assessment of the prospects of Dreadnought. in this presentation. Central Yilgarn Project You should conduct your own investigation and perform your o
Slide 44: Annexure – Resources Summary
Annexure – Resources Summary For personal use only ASX:DRE 44
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