Dreadnought Resources Limited announced the discovery of large-scale REE-P2O5-Nb2O5-TiO2-Sc mineralization at C3. Mineralization has been identified at C4 and C5 and requires follow up. Genuine Scale Potential Already at Yin Ironstone Complex: Initial independent Yin Resource of 14.36Mt @ 1.13% TREO covers only 3km of 30km of strike and is based on only 2.5 months of RC drilling (11,907m).

Yin remains open over an additional 27km of strike and at depth. Over the 3km of the 30km long strike of the Yin Rare Earth Element ("REE") Ironstone Complex, the Resource intensity is approximately 4.8Mt/km. 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 approximately 6.5kms in strike length x 1km wide. Confirmed mineralisation at 22 outcropping targets with another 10 prospective targets requiring further work - drilling planned. 100 additional targets prospective for REE identified - under assessment.

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 approximately $460M Hastings Technology Metals Ltd. (ASX.HAS), ("Hastings") is globally unique due to the high proportion of NdPr in the total rare earth oxides ("NdPr:TREO" ratio). Six coherent zones of REE-Nb-Ti-P successfully identified within C1-C5 carbonatites with a approximately 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 approximately 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. Yangibana is located only 25km to the northeast of Yin and currently has a Resource of 29.93Mt @ 0.93% TREO with 0.32% Nd2O3+Pr6O11 (34% NdPr:TREO). Yangibana is under construction and development with first production planned for 2024.

Global Strategic Imperative Driving Rare Earth Growth & Prices · Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension. Carbonatite intrusions are known globally to host several different commodities including rare earths, niobium, titanium, phosphate and scandium often as different mineralised bodies within the same intrusion. Great examples of this include Mt Weld in Australia, Ngualla in Tanzania, Araxa in Brasil and Bayan Obo in China.

The company also know that a world class deposit like Mountain Pass in California can fit into a relatively small footprint (700m x 150m). Since the C1-C5 and C6 carbonatite complex has minimal outcrop, a first pass RC drilling program was designed on a approximately 160m x 160m grid spaced pattern to drill through cover and into fresh rock. The objective of this program was to confirm the extent and complexity of the interpreted carbonatite intrusions, define zones of mineralisation and to better understand the cover regolith and depth of weathering.

This first pass program is only partially complete with 82 RC holes for 7,813m completed over most of C1, about half of C2-C5 and nothing over C6-C7. Despite the first pass program being only partially completed it has already delivered numerous successes including: · 6 coherent zones of REE-P2O5-Nb2O5-TiO2 and/or Sc including at C3 where an extensive 600m x 550m zone has been delineated for JORC Resource infill drilling and remains open; · thick mineralised intercepts in both weathered and fresh carbonatites; · multiple carbonatite and syenite intrusions, confirming a carbonatite-alkaline intrusive complex; · highly weathered carbonatite up to 152m depth which could host residual mineralisation; and · a more extensive carbonatite intrusive complex than previously interpreted, almost doubling in size to approximately 6.5kms in strike length x 1km wide. Significant drill results from the first batch of assays (23 RC holes) over the 600m x 550m zone at C3 include: · CBRC030: 96m @ 0.70% TREO from 3m (ending in mineralisation), including: 31m @ 1.26% TREO (22% NdPr:TREO), 4.4% P2O5, 0.09% Nb2O5 and 73ppm Sc from 4m.

CBRC033: 99m @ 0.64% TREO from 6m (ending in mineralisation), including: 44m @ 1.00% TREO (24% NdPr:TREO), 5.7% P2O5, 0.13% Nb2O5 and 103ppm Sc from 13m. CBRC029: 72m @ 0.69% TREO from 3m (ending in mineralisation), including: 31m @ 1.12% TREO (22% NdPr:TREO), 3.2% P2O5, 0.14% Nb2O5, 4.5% TiO2 and 73ppm Sc from 4m. CBRC032: 72m @ 0.60% TREO from 9m (ending in mineralisation), including:12m @ 1.02% TREO (24% NdPr:TREO), 6.0% P2O5, 0.23% Nb2O5, 7.1% TiO2 and 112ppm Sc from 22m.CBRC027: 42m @ 0.83% TREO from 6m, including: 21m @ 1.25% TREO (23% NdPr:TREO), 2.4% P2O5, 0.13% Nb2O5 and 110ppm Sc from 9m REE mineralisation has been confirmed in both weathered and fresh carbonatites with petrographic work showing coarse grained (up to 0.25mm) monazite and REE carbonate mineralization in P-rich ferrocarbonatites and Ba and Fe-rich magnesiocarbonatite.

XRD analysis of the weathered carbonatites is pending. In addition to REE mineralization, other significant critical metal intercepts have been returned including phosphate (peak value 17.6% P2O5), niobium (peak value 0.43% Nb2O5), titanium (peak value 9.8% TiO2) and scandium (peak value 216ppm Sc). RC and diamond drilling will recommence in February/March 2023 including: - C3: Complete first pass drilling, commence JORC Resource infill, extend mineralization at depth and pursue high grade core as seen at Mt Weld and Mountain Pass; C2, C4, C5, C7: Complete first pass drilling; C6: Commence first pass drilling; and - approximately 30km Long Yin Ironstone Complex: Build on the already substantial JORC Resource that covers only 10% of the strike length of Yin (14.36Mt @ 1.13% TREO).

The first pass wide spaced drilling program has been designed to drill through cover and into fresh rock to confirm the extent and complexity of the interpreted carbonatite intrusions, define zones of mineralization and to better understand the cover regolith and depth of weathering. As required, the first pass drilling will be followed up by an 80m x 80m spaced angled framework program to: determine the extent of mineralization along strike and at depth; the controls on mineralization; locate potential high-grade zones within the wider mineralized area; and - produce samples for preliminary metallurgical test work.