Earnings release
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 1 ASX ANNOUNCEMENT 19 January 2026 31 December 2025 Quarterly Activities Report The Board of Dreadnought Resources Ltd (ASX:DRE) (“Dreadnought” or “the Company”) is pleased to provide a summary of activities for the quarter ended 31 December 2025. OVERVIEW OF ACTIVITIES (All Amounts in A$ Unless Otherwise Stated) Finding More Gold, Faster Strategy The Company continues to accelerate its Finding More Gold, Faster strategy which included: • Securing additional funding for the Mangaroon and Illaara gold projects via: o $18M capital raise , Tranche 1 , completed (ASX 16 Oct 2025) with Black Cat Syndicate Ltd (“Black Cat”) maintaining an 3.6% interest taking their total investment to $2.67M. o Director participation $0.61M, Tranche 2, approved by shareholders taking their total investment to ~$7.9M (ASX 28 Nov 2025 and 15 Dec 2025). • Delivering a 36% inc rease in the high confidence Measured and Indicated Resource (~66,300t @11.3g/t Au for 26,500oz) at the high-grade Star of Mangaroon deposit (ASX 24 Sep 2025). • Upgrading the Star of Mangaroon Scoping Study and substantially improving the financial outcomes including operating cashflow of ~$78m @ $5,500oz with each additional $100oz changing operating cashflow by $2.3m (~$6,900). (ASX 29 Oct 2025). • Entering into a Binding Heads of Agreement with Black Cat for the funding and development of the Star of Managaroon open pit commencing within 60 days of Mining Approval (ASX 2 Dec 2025). • Conducting successful discovery and follow-up drilling at Steve’s Reward (ASX 7 Oct 2025 and 10 Nov 2025) and at Cullen’s Find (ASX 24 Nov 2025). Both prospects were followed up with diamond drilling in November 2025 with results pending. • Conducting RC drilling at Metzke’s Find (Illaara Project) to expand the current Resource along st rike; upgrade the current Resource and produce material for metallurgical test work (ASX 12 Nov 2025). Results are pending. Rare Earths (REE), Niobium (Nb) and Other Critical Metals The Stinger Prospect at the Mangaroon Critical Metals Project continues to deliver high grades across multiple critical metals. Additional diamond drilling was conducted to further test the fresh REE carbonatite and potential high-grade oxide mineralisation which will also produce material for metallurgical test work (ASX 11 Dec 2025). Tarraji Yampi Dreadnought has advanced targets at Tarraji-Yampi which host a diverse range of commodities and critical minerals including copper, cobalt, antimony, gold, silver, lead and zinc. At the Orion target an initial independent Cu-Au-Ag-Co Resource was announced (ASX 15 Dec 2025): Summary of the Orion Inferred Resource at >0.5% Cu or >0.5g/t Au Cut offs. Resource (Mt) Cu (%) Au (g/t) Ag (g/t) Co (%) 1.17 1.2 1.0 19.8 0.06 Contained Cu (t) Contained Au (oz) Contained Ag (oz) Contained Co (t) 14,200 38,900 745,900 650 Orion is still growing but already has demonstrated its potential value at current metal prices: $19,700/t Cu; $6,900/oz of gold; $134/oz Ag and $84,200/t Co. The ongoing success at Tarraji-Yampi is underpinned by support from the Commonwealth and State Governments, including $292k in R&D tax credits and $715 k in merit-based, State EIS drilling and geophysical funding. This support is gratefully acknowledged. For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 2 CORPORATE Corporate activities for the quarter included: Available Funds: Closing Cash on Hand at 31 December 2025 $,000 Bank 834 Call deposits 21,000 Total 21,834 Equity: Issue of Fully Paid Ordinary Shares: Placement shares: 514,285,713 shares at $0.035 on 16 Oct 2025. Director participation in a capital raise (approved by shareholders): 17,428,580 shares at $0.035 on 12 Dec 2025. Exercise of Options: 23,207 shares at $0.075 on 8 Dec 2025. Exercise of Performance Rights: 31,187,500 shares on 8 Dec 2025. Options in Lieu of Non-Executive Director Fees: Shareholders approved non-executive directors to receive options in lieu of fees from 1 Sep 2024 to 30 Nov 2025. Accordingly, 1,840,000 options, exercisable at $0.0465, were issued on 28 Nov 2025. Top 10 Shareholders at 31 December 2025: The top 10 holders highlight the increased support from cornerstone investors, including all directors, who recognize the potential of the Company. Position Holder Name Holding % IC 1 Farjoy Pty Ltd & Timothy Frank Robertson 465,135,338 8.2% 2 Paul Chapman Group 343,451,853 6.1% 3 Black Cat Syndicate Limited 202,476,192 3.6% 4 Hongkong Ausino Investment Limited 195,238,096 3.5% 5 Citicorp Nominees Pty Limited 148,543,930 2.6% 6 Philip Crutchfield Group 147,929,131 2.6% 7 Parkrange Nominees Pty Ltd 87,857,143 1.6% 8 Pareto Nominees Pty Ltd <The Damelle A/C> 75,000,000 1.3% 9 Dean Tuck Group 53,226,589 0.9% 10 Mrs Weiping Qiu <WU&QIU Superfund A/C> 50,000,000 0.9% Total 1,768,858,272 31% For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 3 GOLD MANGAROON (100%) Dreadnought is focused on gold. Mangaroon hosts many historical alluvial and shallow hard rock mines, five of which are located on mining leases with minimal barriers to production. The region is known for its free gold. Accordingly, metallurgical work at Star of Mangaroon produced exceptional recoveries from standard gravity and carbon in leach circuits averaging 96.7% combined recovery including an average 74.4% gravity recovery (ASX 14 Oct 2024). Ongoing programs reinforce the potential of this region. Discovery focused drilling has already identified new mineralised trends at Steve’s Reward (ASX 7 Oct 2025) and high-grade intercepts from follow up drilling (ASX 10 Nov 2025). Star of Mangaroon A robust Scoping Study was announced for the Star of Mangaroon based on 23,300 oz @ 12.8 g/t Au (ASX 28 Jan 2025) The Resource was subsequently upgraded to 27,000 oz @ 11.1 g/t Au with 99% in Measured and Indicated (ASX 24 Sep 2025). The updated Resource contains significantly more ounces in the top 30m of the deposit which substantially improved the already strong project economics, including: - ~24koz generating an Operating Cashflow of ~$78M (@ $5,500 oz) over one year at an AISC of $2,020/oz - Operating Cashflow changes by ~$2.3M for each $100oz of gold price movement (today ~$6,900oz) - maximum cash drawdown is ~$5.4M Dreadnought reached agreement with Black Cat that will see mining commence at the Star of Mangaroon and then hauled and processed at the Paulsens processing facility. Figure 1: Star of Mangaroon location relative to Paulsens processing facility For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 4 Overview of Discovery Focused Drilling Steve’s Reward Steve’s Reward has a similar lithostructural setting as the Star of Mangaroon , located within the ~15km x ~8km Bordah camp scale prospect and defined by a ~2,600m x 600m gold-in-soil anomaly that remains open along strike. There are several sub-cropping gold lodes highlighting that mineralisation comes to surface with little to no cover. Assays have been received from RC discovery drilling at Steve’s Reward (28 Holes, 2,375m) which were designed to: follow up on the first ever drill program which intersected 4m @ 4.1g/t Au from 6m (SRRC001) and 3m @ 2.9g/t from 7m (SRRC012); and test stronger gold-in-soil anomalism to the north of this initial program. (ASX 10 Nov 2025) Drilling continues to intersect gold bearing lodes and now covers ~1,000m of strike. The recent drilling saw gold in 12 holes and significant results include: SRRC038: 1m @ 10.3 g/t Au from 83m (End of Hole) SRRC032: 1m @ 5.6g/t Au from 6m RC drilling identified zones of structural complexity and was followed up with 3 diamond holes, including: twinning and extending hole SRRC038 which ended in mineralisation; to assist with structural orientation; and with planning the follow up RC drilling in 2026. Results from this diamond drilling are pending. Cullen’s Find Cullens’s Find is located along a structural contact of Pooranoo Metamorphics and Edmund Group sediments. This is within the ~80km long Minga Bar camp scale prospect which is situated over a major flexure in the crustal scale Minga Bar shear zone. Recently, a program of 8 RC holes (705m) across 3 fence lines tested a 400m x 300m gold-in-soil anomaly along the western margin of the Minga Bar shear zone at Cullen’s Find (ASX 24 Nov 2025). This drilling was highly successful with 7 of these holes returning mineralisation with significant thick, near surface gold from within a sheared sediment package: CFRC001: 17m @ 1.1g/t Au from 23m including 10m @ 1.4g/t Au from 25m CFRC001: 6m @ 0.7g/t Au from 3m, including 3m @ 1.2g/t Au from 3m CFRC006: 24m @ 0.4g/t Au from surface, including 3m @ 2.2g/t Au from 9m This program is the only drilling since 1986 when results of a small, shallow program included 3m @ 6.5 g/t Au from 26m including 1m @ 16.2 g/t Au from 28m. Recent results are the thickest intercepts to date and highlight the potential for bulk gold deposits in addition to the well - known narrow, high-grade gold. All assays include composite samples with 1m split sample results pending. Based on this small, shallow program, a diamond hole was drilled t o twin CFRC001 (above) to assist with structural orientation and with future drill planning. Results are pending. Near-term Production Ounces Drilling results from targeting near-term production ounces at Lesgo and Pritchard’s Well and testing for extensions to the Star of Mangaroon open pit are also pending. For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 5 ILLAARA (100%) Illaara covers ~800km 2 in the Yilgarn region of Western Australia and hosts the high grade Metze’s Find Resource, 14.9k oz @ 6.8g.t Au (ASX 27 Apr 2023). The project is in the proximty of the Mt Ida Gold Mill (Aurenne) and the Davyhurst Mill (Ora Banda), the local town of Menzies, the major centres of Leonara and Kalgoorlie, and is serviced by the sealed Goldfield Highway and well-developed shire roads. The Illaara greenstone belt is one of the most underexplored greenstone belts in the Yilgarn Craton and contains multiple highly prospective structural corridors with known gold anomalism providing near term drilling targets and discovery potential. Dreadnought is deploying modern geochemical and geophysical techniques to explore for mineralisation under shallow cover. A significant aircore drilling program is planned at Illaara in the March 2026 quarter. The Company plans to establish a pathway to bring Metzke’s Find into production and to this end, a mining lease application has been lodged (ASX 11 Nov 2025). A 43-hole (~3,600m) RC drilling program was undertaken at Metzke’s Find, with a focus on adding near -term production ounces as part of Dreadnought’s Finding More Gold, Faster strategy , with assay results expected in February 2026 (ASX 12 Nov 2025). Figure 2: Map showing the location of Illaara relative to other gold operations and major players in the region. For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 6 CRITICAL METALS (100%) Overview The Mangaroon Critical Minerals Project is a globally significant critical metals complex with a combined Resource at the Gifford Creek Carbonatite (“Gifford Creek”) and the Yin Ironstones (“Yin”) of 40.82Mt @ 1.03% TREO (67% Measured and Indicated). Mangaroon is located ~250kms northeast of Carnarvon in the Gascoyne Region of Western Australia. Gifford Creek Gifford Creek is located in the Commonwealth’s Northern Australia Infrastructure Facility (“NAIF”) zone and hosts critical minerals including TREO -Nb-TiO2-Sc-P2O5 which are essential for the global energy transition, electronics and defense. Critical minerals are key to the Commonwealth's transition to net zero, vital to Australia’s strategic interests and have the potential to boost economic development, particularly in northern Australia. RC drilling (3 holes, 366m) recently completed at the Stinger REE -Nb target tested the near surface weathered zone and continued to follow the fresh REE enriched carbonatite. Two of the holes successfully drilled into fresh carbonatite , while the third hole did not reach target depth but still ended with the hole in mineralisation. (ASX 11 Dec 2025) All three holes returned high-grades across several critical metals including rare earths (TREO), niobium (Nb2O5), titanium (TiO2), scandium (Sc) and phosphate (P 2O5) including the highest -grade Nb-TiO2-P2O5 results to date , including still in mineralisation (end of hole or EOH): CBRC203: 50m @ 1.0% TREO from 66m, including 7m @ 2.1% TREO from 98m 38m @ 1.1% Nb2O5 from 63m, including 4m @ 2.1% Nb2O5 from 82m 32m @ 163ppm Sc from 66m, including 8m @ 212ppm Sc from 78m 37m @ 16.4% P2O5 from 84m, including 7m @ 30.5% P2O5 from 98m CBRC202: 23m @ 1.3% TREO from 73m (to EOH), including 6m @ 1.6% TREO from 81m 24m @ 1.8% Nb2O5 from 72m (to EOH), including 13m @ 2.2% Nb2O5 from 81m 24m @ 15.4% TiO2 from 72m (to EOH), including 9m @ 23.8% TiO2 from 72m 21m @ 207ppm Sc from 75m (to EOH), including 6m @ 251ppm Sc from 81m CBRC204: 16m @ 1.0% TREO from 71m 20m @ 1.2% Nb2O5 from 70m 13m @ 12.8% P2O5 from 77m 19m @ 132ppm Sc from 70m Additional diamond drilling at Stinger was undertaken to test a high-grade REE target with results pending. Scandium results have also been received for holes CBRC174-CBRC201 and are significant including: CBRC197: 21m @ 159ppm Sc from 69m, including 4m @ 337ppm Sc from 74m CBRC176: 48m @ 190ppm Sc from 48m, including 14m @ 281ppm Sc from 63m CBRC200: 87m @ 141ppm Sc from 50m, including 8m @ 253ppm Sc from 73m CBRC193: 35m @ 154ppm Sc from 51m, including 7m @ 252ppm Sc from 72m CBRC201: 72m @ 152ppm Sc from 55m, including 29m @ 201ppm Sc from 86m Mineralogical work on holes CBDD011-014 is underway with initial results from holes CBDD011-012 pending. Yin Yin has a Resource of 29.98Mt @ 1.04% TREO (87% Measured and Indicated) (ASX 30 Nov 2023). This Resource contains a high NdPr to total rare earth oxides ratio. The Resource is over only ~4km of the ~43km of ironstones and includes an Indicated Resource of 5.52Mt @ 1.23% TREO over only ~250m of strike (ASX 5 Jul 2023). For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 7 OTHER PROJECTS The status of other projects is outlined below: Money Intrusion Ni-Cu-Co-PGE (Teck Earn-In) The Money Intrusion is a ~45km long mafic intrusion prospective for Ni -Cu-Co-PGE massive sulphides. In 2023, Dreadnought discovered high tenor nickel-copper massive sulphides, confirming the potential of the system. Dreadnough t entered in to a $15M Farm-In and Joint Venture agreement with Teck Resources , a leading Canadian resource company, to earn up to 75% of the Money Intrusion tenements. Kimberley Cu-Au-Sb Project (Tarraji 80% / Yampi 100%) The project is on a Defence Reserve since 1978 and has outcropping mineralisation and historical workings which have seen no modern exploration. In 2021, Dreadnought discovered high grade massive sulphides at Orion with results to date indicating a large scale, Proterozoic VMS system at Tarraji-Yampi, similar to DeGrussa and Monty in the Bryah Basin. During the quarter Dreadnought released an initial independent Resource at Orion. Orion – Inferred Resource (ASX 15 December 2025) Summary of the Orion Inferred Resource at >0.5% Cu or >0.5g/t Au Cut offs. Resource (Mt) Cu (%) Au (g/t) Ag (g/t) Co (%) 1.17 1.2 1.0 19.8 0.06 Contained Cu (t) Contained Au (oz) Contained Ag (oz) Contained Co (t) 14,200 38,900 745,900 650 Orion remains open to the north and at depth providing targets for extensional drilling that could increase the initial Resource. Additionally, repeat lodes and further targets within this emerging VMS camp show promise for additional discoveries. Next steps include metallurgical test work on diamond core and finalizing the bi-annual renewal of the Deed of Access with the Commonwealth. Importantly, Tarraji -Yampi is also located in the Commonwealth’s NAIF (Northern Australia Infrastructure Facility) zone and hosts critical minerals including copper , silver and cobalt which are essential for the global energy transition, electronics and defense. Critical minerals are key to the Commonwealth's transition to net zero, vital to Australia’s strategic interests, and have the potential to boost economic development, particularly in northern Australia. Dreadnought has advanced other targets at Tarraji -Yampi which host a diverse range of commodities and critical minerals including copper, cobalt, antimony, gold, silver, lead and zinc. The ongoing success at Tarraji -Yampi is underpinned by support from the Commonwealth and State Governments, including $292k in R&D tax credits and $715k in merit -based, State EIS drilling and geophysical funding. This support is gratefully acknowledged. Figure 3: Image of sampling the outcropping Cu- Ag-Sb-Bi lode at Rough Triangle For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 8 OTHER DISCOSURES ASX ANNOUNCEMENTS During the quarter, the Company made the following ASX announcements, 17 of which were market-sensitive: December 2025 16/12/2025 Notification regarding cessation of Securities and Change of Director’s Interest Notice 15/12/2025 Change of Director’s Interest Notice x 3 15/12/2025 Application for quotation of Securities and Cleansing Statement 15/12/2025 Initial Orion Cu-Ag-Co Resource, Tarraji-Yampi 11/12/2025 Stinger Continues to Deliver High Grade Critical Metals 09/12/2025 Application for quotation of Securities x 2 08/12/2025 Notification regarding unquoted Securities and Change of Director’s Interest Notices 03/12/2025 Notification regarding unquoted Securities and Change of Director’s Interest Notices 02/12/2025 Turn-key Funding, Development, Haulage and Processing 02/12/2025 Black Cat enters JV to mine Star of Mangaroon 01/12/2025 Change in substantial holding November 2025 28/11/2025 Results of Annual General Meeting 28/11/2025 Chair’s Address to Shareholders and AGM Presentation 24/11/2025 Thick, Near Surface Gold Intercepts from Cullens Find 12/11/2025 Drilling Commenced at Metzkes Find -Illaara Gold 11/11/2025 Metzkes Find Mining Lease Application – Illaara Gold 10/11/2025 Encouragement from Early-Stage Drilling at Steves Reward 07/11/2025 Change in substantial holding 04/11/2025 Mangaroon Gold and REE/Niobium RC Drilling complete October 2025 29/10/2025 Upgraded Study for Star of Mangaroon 29/10/2025 Notice of Annual General Meeting/ Proxy Form 23/10/2025 Webinar Invitation to Shareholders 23/102025 Quarterly Cashflow Report and Quarterly activities Report – March 2025 20/10/2025 Rare Earth/Niobium Drilling to Commence 16/10/2025 Becoming a substantial holder 16/10/2025 Application for quotation of Securities and Cleansing Statement 15/10/2025 Promising Structures at Mangaroon Gold 10/10/2025 Proposed issue of Securities x 2 and Notification of cessation of Securities 10/10/2025 Successful $18m Capital Raising. Finding More Gold, Faster 08/10/2025 Trading Halt 07/10/2025 Steves Reward Drilling Update – Mangaroon Gold 03/10/2025 Option to Acquire Strategic Landholding in Mid-West For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 9 APPENDIX 5B DISCLOSURES The accompanying Appendix 5B (Quarterly Cashflow Report) shows directors’ remuneration (including superannuation) of $93k (Item 6.1) and $98k (Item 6.2), the amounts apportioned between corporate and exploration. During the period, the Company spent $2,760k on exploration and study activities. The expenditure represents direct costs associated with the various studies, surveys, drilling programs and associated assays outlined in this report. CAPITAL STRUCTURE (as at 31 December 2025) Quoted Securities Fully Paid Ordinary Shares 5,642,425,000 Unquoted Securities Options @ $0.120 expiring 02/03/2026 1,223,151 Options @ $0.075 expiring 14/06/2026 1,876,473 Options @ $0.0225 expiring 29/11/2028 3,771,176 Options @$0.024 expiring 28/02/2029 3,561,666 Options @$0.018 expiring 30/05/2029 4,713,971 Options @$0.018 expiring 29/08/2029 4,721,029 Options @$0.0465 expiring 28/11/2029 1,840,000 Performance Rights expiring (Class J) 31/12/2026 15,100,000 Performance Rights expiring (Class K) 31/12/2027 15,100,000 Performance Rights expiring (Class M) 31/12/2027 13,475,000 Performance Rights expiring (Class N) 31/12/2027 13,475,000 Performance Rights expiring (Class O) 31/12/2028 13,475,000 Dreadnought’s work plan summary Mar 2026 Quarter June 2026 Quarter Sept 2026 Quarter Star of Mangaroon Mine Approvals and Commencement of Production Production and Processing Mangaroon Drilling RC drilling refined targets at Cullens, Steve’s Reward, Bordah, High Range North, High Range South, Minga Bar, Alma Intrusion Camp Scale Targets Mangaroon Exploration Ongoing target definition work at Bordah, High Range North, High Range South, Minga Bar, Alma Intrusion Camp Scale Targets Metzke’s Find Mine Technical and Environmental Studies Resource Update and Scoping Study Approvals Illaara Drilling Metzke’s Find Infill and Extension Drilling Illaara Exploration Illaara wide spaced and infill air core drilling ~Ends~ For further information please contact: Dean Tuck Jessamyn Lyons Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E: dtuck@dreres.com.au E: jlyons@dreres.com.au This announcement is authorised for release to the ASX by the Board of Dreadnought. For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 10 Cautionary Statement This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or impl ied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk. Competent Person’s Statement – Mineral Resources The information in this announcement that relates to the Star of Mangaroon Mineral Resource is based on information compiled b y Mr. Shaun Searle, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Searle is an employee of Ashmore Advisory Pty Ltd. Mr. Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edi tion of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr. Searle consents to the inc lusion in the announcement of the matters based on his information in the form and context that the information appears in relation to Mineral Resource estimates. Competent Person’s Statement – Exploration Results The information in this announcement that relates to geology, exploration results and planning, and exploration targets was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any further new information or data that materially affects the information incl uded in the original market announcements by Dreadnought Resources Limited referenced in this report and in the case of Mineral Resources, Production Targets, forecast financial information and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in whi ch the Competent Person’s findings are presented have not been materially modified from the original market announcements. Disclaimer References in this announcement may have been made to certain previous ASX announcements, which in turn may have included Exploration Results, Exploration Targets, Mineral Resources, Ore Reserves and the results of Pre -Feasibility Studies. For full details , please refer to the said announcement on the said date. The Company is not aware of any new information or data that material ly affects this information. Other than as specified in this announcement and mentioned announcements, the Company confirms it i s not aware of any new information or data that materially affects the information included in the original market announcement (s), and in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and contex t in which the Competent Person’s findings are presented have not been materially modified from the original announcement. For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 11 SCHEDULE OF INTERESTS IN MINING TENEMENTS (as at 31 Dec 2025) Tenement Project Location Status Interest Start of Quarter Interest at End of Quarter E52/4142 Bresnahan Gascoyne, WA Granted 100%2 100%2 E04/2315 Tarraji Kimberley, WA Granted 80%1 80%1 E04/2508 Yampi Kimberley, WA Granted 100% 100% E04/2557 Yampi Kimberley, WA Granted 100% 100% E04/2608 Yampi Kimberley, WA Granted 100% 100% E04/2860 Tarraji Kimberley, WA Granted - 100%3 E04/2861 Tarraji Kimberley, WA Granted - 100%3 E04/2862 Tarraji Kimberley, WA Granted - 100%3 E04/2863 Tarraji Kimberley, WA Granted - 100%3 E29/0957 Illaara Yilgarn, WA Granted 100% 100% E29/0959 Illaara Yilgarn, WA Granted 100% 100% E29/0965 Illaara Yilgarn, WA Granted 100% 100% E29/1050 Illaara Yilgarn, WA Granted 100% 100% E29/1153 Illaara Yilgarn, WA Granted 100% 100% E29/1204 Illaara Yilgarn, WA Granted 100% 100% E29/1205 Illaara Yilgarn, WA Granted 100% 100% E30/0471 Illaara Yilgarn, WA Granted 100% 100% E30/0476 Illaara Yilgarn, WA Granted 100% 100% E30/0485 Illaara Yilgarn, WA Granted 100% 100% E30/0554 Illaara Yilgarn, WA Granted 100% 100% E30/0558 Illaara Yilgarn, WA Application - - E08/3178 Mangaroon Gascoyne, WA Granted 100% 100% E08/3229 Mangaroon Gascoyne, WA Granted 100% 100% E08/3275 Mangaroon Gascoyne, WA Granted 100% 100% E08/3539 Mangaroon Gascoyne, WA Application - - E08/3740 Mangaroon Gascoyne, WA Application - - E09/2195 Mangaroon Gascoyne, WA Granted 100% 100% E09/2290 Mangaroon Gascoyne, WA Granted 100% 100% E09/2370 Mangaroon Gascoyne, WA Granted 100% 100% E09/2383 Mangaroon Gascoyne, WA Granted 100% 100% E09/2405 Mangaroon Gascoyne, WA Granted 100% 100% E09/2422 Mangaroon Gascoyne, WA Granted 100% 100% E09/2448 Mangaroon Gascoyne, WA Granted 100% 100% E09/2449 Mangaroon Gascoyne, WA Granted 100% 100% E09/2450 Mangaroon Gascoyne, WA Granted 100% 100% E09/2467 Mangaroon Gascoyne, WA Granted 100% 100% E09/2478 Mangaroon Gascoyne, WA Granted 100% 100% E09/2479 Mangaroon Gascoyne, WA Granted 100% 100% E09/2535 Mangaroon Gascoyne, WA Granted 100% 100% E09/2937 Mangaroon Gascoyne, WA Application - - E09/2982 Mangaroon Gascoyne, WA Granted - 100%3 E09/2994 Mangaroon Gascoyne, WA Application - - E09/2999 Mangaroon Gascoyne, WA Application - - M09/0063 Mangaroon Gascoyne, WA Granted 100% 100% M09/0091 Mangaroon Gascoyne, WA Granted 100% 100% M09/0146 Mangaroon Gascoyne, WA Granted 100% 100% M09/0147 Mangaroon Gascoyne, WA Granted 100% 100% M09/0174 Mangaroon Gascoyne, WA Granted 100% 100% M09/0175 Mangaroon Gascoyne, WA Granted 100% 100% G09/0030 Mangaroon Gascoyne, WA Granted - 100%3 L09/0027 Mangaroon Gascoyne, WA Granted 100% 100% L09/0104 Mangaroon Gascoyne, WA Granted 100% 100% L09/0108 Mangaroon Gascoyne, WA Granted 100% 100% L09/0115 Mangaroon Gascoyne, WA Granted 100% 100% L09/0116 Mangaroon Gascoyne, WA Granted 100% 100% For personal use only
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+61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 Unit 1, 4 Burgay Court, Osborne Park, WA 6017 +61 8 9473 8345 info@dreres.com.au www.dreadnoughtresources.com.au ASX:DRE Dreadnought Resources Ltd 12 Tenement Project Location Status Interest Start of Quarter Interest End of Quarter E08/3274 Mangaroon Gascoyne, WA Granted 100%2 100%2 E09/2359 Mangaroon Gascoyne, WA Granted 100%2 100%2 E09/2384 Mangaroon Gascoyne, WA Granted 100%2 100%2 E09/2433 Mangaroon Gascoyne, WA Granted 100%2 100%2 E09/2473 Mangaroon Gascoyne, WA Granted 100%2 100%2 1 E04/2315 subject to an 80/20 JV with Whitewater Resources Pty Ltd. 2 Subject to a Farm-in Joint Venture arrangement with Teck Resources Pty Ltd. 3 Acquired / applications granted during the quarter. RESOURCES SUMMARY Star of Mangaroon – Indicated and Inferred Resources (ASX 27 November 2024) Table 1: Resource (2g/t Au cut off grade) - Numbers may not add up due to rounding. *Surface reported at a 0.5g/t Au cut-off. Type Measured Indicated Inferred Total Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Surface* 8,300 1.0 300 8,300 1.0 300 Transition 6,300 24.9 5,100 3,300 6.5 700 9,600 18.6 5,800 Fresh 33,200 13.5 14,400 23,500 8.5 6,400 1,000 5.1 200 57,700 11.3 21,000 Total 39,500 15.3 19,400 26,800 8.2 7,100 9,300 1.4 400 75,600 11.1 27,000 Metzke’s Find – Indicated and Inferred Resources (ASX 27 April 2023) Table 2: Resource (0.5g/t Au cut off grade) - Numbers may not add up due to rounding Type Indicated Inferred Total Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Tonnes Au (g/t) Au (Oz) Transition 800 1.1 30 1,100 17.4 600 1,900 10.3 600 Fresh 44,600 7.4 10,600 21,800 5.2 3,600 66,500 6.7 14,300 Total 45,00 7.3 10,700 22,900 5.8 4,200 68,400 6.8 14,900 Yin Ironstone Complex – Yin, Yin South, Y2, Sabre Measured, Indicated and Inferred Resources (ASX 30 November 2023) Table 3: Summary of Yin Resources at 0.20% TREO Cut off. Type Measured Indicated Inferred Total Tonnes (Mt) TREO (%) TREO (kt) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) NdPr:TREO Ratio (%) Oxide 2.47 1.61 39.7 13.46 1.06 142.6 1.51 0.75 11.2 17.44 1.11 193.6 29 Fresh 2.70 1.09 29.5 7.67 0.95 72.8 2.17 0.75 16.3 12.54 0.95 118.7 29 Total 5.17 1.34 69.3 21.13 1.02 215.4 3.68 0.75 27.6 29.98 1.04 312.3 29 Table 4: Summary of Yin Resources at 1.00% TREO Cut off. Type Measured Indicated Inferred Total Tonnes (Mt) TREO (%) TREO (kt) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) Tonnes (Mt) TREO (%) TREO (t) NdPr:TREO Ratio (%) Oxide 1.60 2.22 35.6 5.34 1.99 106.4 0.26 1.67 4.3 7.20 2.03 146.3 30 Fresh 1.36 1.68 22.8 2.65 1.81 47.9 0.42 1.72 7.3 4.43 1.76 78.0 29 Total 2.96 1.97 58.4 7.99 1.93 154.3 0.68 1.70 11.6 11.63 1.93 224.3 29 Gifford Creek Carbonatite – Inferred Resource (ASX 28 August 2023) Table 5: Summary of the Gifford Creek Carbonatite Inferred Resource at various % TREO Cut offs. Cut-Off (%TREO) Resource (Mt) TREO (%) NdPr:TREO (%) Nb2O5 (%) P2O5 (%) TiO2 (%) Sc (ppm) Contained TREO (t) Contained Nb2O5 (t) 0.70 10.84 1.00 21 0.22 3.5 4.9 85 108,000 23,700 Orion – Inferred Resource (ASX 15 December 2025) Table 6: Summary of the Orion Inferred Resource at >0.5% Cu or >0.5g/t Au Cut offs. Resource (Mt) Cu (%) Au (g/t) Ag (g/t) Co (%) Contained Cu (t) Contained Au (oz) Contained Ag (oz) Contained Co (t) 1.17 1.2 1.0 19.8 0.06 14,200 38,900 745,900 650 EXPLORATION TARGET SUMMARY Gifford Creek Nb Exploration Target – Stinger Only) (ASX 3 Marcht 2025) Table 7: Summary of the Gifford Creek Nb Exploration target for Signer Only. Tonnage Range (Mt) Grade Range (% Nb2O5) Contained Nb2O5 Range (t) 15 - 60Mt 0.5% – 1.0% 150,000 – 300,000t *Note the potential quality and grade of the Exploration Target is conceptual in nature, there has been insufficient explorat ion to estimate a Resource, and it is uncertain if further exploration will result in the estimation of a Resource. There has been no material change since the Exploration Target was first announced on 3 March 2025. The Exploration Target has been prepared in accordance with JORC 2012 and has been estimated for Stinger only over an area of ~1,700m x 500m and to a depth of ~120m based on wide spaced drilling to date and excludes: fresh rock depth extensions including drill holes ending in mineralization; mineralised extensions to Stinger; Discoveries within the region; and other associated critical minerals including rare earths, titanium, scandium, zirconium and phosphate. For personal use only