Dreadnought Resources Limited provided an update on activities across the Illaara, Mangaroon and Tarraji-Yampi Projects in Western Australia. Certain results have been delayed until February 2022 in line with current industry experience. Despite these delays, activities are in full swing with FLEM surveys commenced at the Nelson and Trafalgar Cu-Zn-Ag targets at Illaara.

In addition, drill planning for a JORC Resource at Metzke's Find (Au) has been completed. Furthermore, exploration drilling is planned for Kings iron ore, Spitfire gold and Nelson/Trafalgar Cu-Zn-Ag targets. Base metal volcanogenic massive sulphides ("VMS") mineralisation has been identified and previously targeted within the Illaara Greenstone Belt by Electrolytic Zinc and BHP in the 1970s and 1980s.

The Nelson prospect is defined by a 1,500m x 350m strong and coherent Cu-Pb-Zn-Ag soil anomaly with peak values of 364ppm Cu, 706ppm Pb, 1,140ppm Zn and 0.7g/t Ag. Additionally, Nelson has a strong VMS pathfinder signature (Au, Cd, In, Sn, Tl) and sits within a thin sediment horizon between a lower felsic volcaniclastic unit and an upper mafic volcanic unit. The lithological setting and geochemical/geophysical signature of Nelson is analogous to the Jaguar VMS deposit located ~160km to the northeast.

The Trafalgar VMS prospect is located ~3.5kms east of Nelson and is defined by a two discrete, highly magnetic anomalies ~500m strike within a thick undercover felsic volcaniclastic unit. The strong magnetic signature within the volcaniclastic unit, is analogous to the Scuddles deposit at Golden Grove located ~320km to the west. A ground FLEM survey has commenced at Nelson and Trafalgar with results expected in February 2022.

These two targets are expected be tested as part of the wider Illaara RC drilling program in February/March 2022. Peggy Sue was highlighted by a strong and coherent 5km x 1km soil anomaly (Li-Cs-Ta-Nb-Rb-Be-Sn) in the southern area of Illaara associated with fertile late-stage felsic intrusions. Reconnaissance mapping of the area confirmed the presence of a large pegmatite dyke swarm, with some outcropping pegmatites >10m thick and several hundred metres in length, associated with the anomalism.

Results of a reconnaissance rock chip sampling survey have confirmed several clusters of high- grade tantalum mineralisation, indicative of a highly fractionated and fertile pegmatite system. Due to the scale of the pegmatite swarm, a detailed drone ortho- survey will be undertaken in February 2022 which will assist with detailed mapping and systematic surface sampling of the pegmatite field. Activities will be targeting lithium as well as already identified high-grade tantalum zones and are expected to define drill targets for testing.

Illaara is located 190 kms from Kalgoorlie and comprises seven tenements (~650 sq kms) covering 75km of strike along the entire Illaara Greenstone Belt. The Illaara Greenstone Belt has now been consolidated through an acquisition from Newmont and subsequently the purchase of Metzke's Find and an option to acquire 100% of E30/485 and E29/965. Prior to Newmont, the Illaara Greenstone Belt was held by Portman Iron and Cleveland Cliffs who were looking to extend their mining operations north as part of their Koolyanobbing Iron Ore Operation.

Given the long history of iron ore mining in the region, Illaara is well situated in relation to existing road and rail infrastructure connecting it to a number of export ports. Historically, gold was discovered and worked at Metzke's Find and Lawrence's Find in the early 1900s. In addition to gold, outcropping VMS base metals mineralisation was identified and briefly tested in the 1980s with no subsequent exploration utilising modern techniques.