Dreadnought Resources Limited announced RC drilling has commenced at the 100% owned Mangaroon project, located in the Gascoyne Region of Western Australia. RC drilling is currently underway at Yin which will build upon the current Resource as well as testing the Exploration Target along strike. A second RC rig and a diamond rig will commence in March 2023.

The RC rig will focus on first pass, wide spaced drilling of the C1-C7 carbonatites. The diamond rig will provide ongoing support for Resource upgrades, metallurgical testwork and geotechnical studies. These systematic drill programs have the potential to rapidly add significant Resources.

Initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO (ASX 28 Dec 2022) 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.

Yin, like the Yangibana REE project controlled by the ~$380M Hastings Technology Metals Ltd. (ASX.HAS), ("Hastings") 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. Broad zones of shallow dipping mineralisation with parallel lodes and Resource intensity of ~4.8Mt/km make for a potentially attractive mining proposition.

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.

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). Yangibana is under construction and development with first production planned for 2024. Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension.

The 2023 drilling campaign has commenced at Mangaroon involving discovery and Resource extension drilling at Yin and the REE-P2O5-Nb2O5-TiO2-Sc C1-C7 carbonatites. The 2023 drilling campaign at Yin will be comprised of: - First pass, wide spaced discovery drilling on the Exploration Target; - Extensional drilling to grow the current Resource; and - Infill drilling to deliver upgraded Resources from Inferred to Measured and/or Indicated. A second RC rig and a diamond rig will commence in March 2023.

The RC rig will focus on first pass, wide spaced drilling of the C1-C7 carbonatites to finish discovery drilling which was only partially completed in 2022. The diamond rig will provide ongoing support for Resource upgrades, metallurgical testwork and geotechnical studies. The outcropping REE ironstones have a distinctive radiometric signature and appear as gossanous iron rich outcrops visible in ortho-imagery.

From June to September 2021, Dreadnought announced the identification of the Yin ironstones using wide spaced 1990s government radiometric data and modern ortho-imagery. During 2022, Dreadnought identified 43km of mineralised ironstones at Yin as well as the REE-P2O5-Nb2O5-TiO2-Sc C1-C7 carbonatites. In December 2022, Dreadnought defined an initial, independent, Inferred JORC Resource of 14.36Mt @ 1.13% TREO over only 3km of the 43km of mineralised ironstones.

With only 7% of the 43kms of ironstones drilled to date, there remains significant potential to add to the initial Resource at Yin. In February 2023, an Exploration Target of 50-100Mt at 0.9-1.3% TREO was estimated for the top 150m of Yin. The 2023 ironstone drilling program aims to extend the initial Resource and to convert portions of the Exploration Target to Resource.