Dreadnought Resources Limited announced that assays from regional surface sampling have extended the current strike of the Yin Rare Earth Element ("REE") Ironstone Complex by 30% to ~43kms of strike at the 100% owned Mangaroon project, located in the Gascoyne Region of Western Australia. As part of the regional sampling, two new REE ironstone trends have been identified (Y42 and Y9). Y42 has produced some of the high NdPr:TREO ratios to date while Y9 significantly expands the scale of the Yin Ironstone Complex being located ~12kms northwest of Yin.

Additionally, surface sampling over the largely undercover C7 carbonatite has confirmed REE mineralisation similar to early results at the C3 and C4 carbonatites. Drilling of the Yin Ironstone Complex and the C1-7 carbonatites will commence in February/March 2023. Genuine Scale Potential Already at Yin Ironstone Complex: Initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO covers only 3kms of 43kms of strike and is based on only 2.5 months of RC drilling (11,907m).

The immediate Yin trend remains open over an additional 16km of strike and at depth. Over the 3km of the 43km long strike of the Yin Ironstone Complex, the Resource intensity is ~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 ~6.5kms in strike length x 1km wide. C6 Carbonatite located ~25kms south of C1-5 and C7 is situated over a crustal scale structural splay of the Lyons River Fault and has a geophysical similarity to other globally significant carbonatite intrusions such as Mt Weld, Araxa and Ngualla. 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.

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. Analogous to a Globally Unique, Commercially Viable Development 25kms Away: 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. Mangaroon REE ironstones (E09/2448, E09/2450, E09/2535: DRE 100%): The Yangibana ironstones are readily accessible and located 5-20kms from the Cobra-Gifford Creek Road. The ironstones were first explored in 1972 for base metals.

The REE potential of the ironstones was first assessed in 1985 and has seen substantial work by Hastings since 2011. The ~$450 million Hastings controls the Yangibana Ironstone Project and is Dreadnought's immediate neighbour being to the north of the Lyons River Fault. Yangibana currently has a JORC 2012 Mineral Resource of 29.93Mt @ 0.93% TREO with 0.32% Nd2O3+Pr6O11 (34% NdPr:TREO) and is under construction and development.

The high proportion of Nd2O3+Pr6O11 (used for electric vehicle magnets and renewable power generation) is an important component of Yangibana's economics. Prior to Dreadnought, no significant REE exploration was undertaken south of the Lyons River Fault being the point at which the Yangibana REE ironstones were considered to terminate. With the exploration success of the past 18 months, Dreadnought has expanded the scale of the Gifford Creek Ferro Carbonatite Complex (including Hastings's Yangibana and Dreadnought's Yin) as defined by the outer REE bearing ironstones to ~35kms x ~25kms. In addition, Dreadnought has confirmed a source carbonatite intrusive plug at C3 with other sources potentially following at C1-C2 and C4-C7.

These plugs sit in the centre of the complex and are within the crustal scale structure, the Lyons River Fault. The outcropping Yangibana REE ironstones have a distinctive radiometric anomaly and appear as gossanous iron rich outcrops visible in ortho-imagery. From June to September 2021, Dreadnought announced the identification of the Yin, Y2 and Y3 REE ironstones using wide spaced 1990s government radiometric data and modern ortho-imagery.

From September to November 2021, Dreadnought undertook a ~43,000-line kilometre magnetic-radiometric survey resulting in the identification of seven carbonatite targets (C1-C7). Mangaroon covers >5,300sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia. Part of the project is targeting Ni-Cu-PGE and is subject to an earn in with First Quantum Minerals Ltd. ("FQM") (earning up to 70%).

The region is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres and the high NdPr:TREO ratio Yangibana REE deposits. Dreadnought has located outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults, outcropping high-grade REE ironstones, similar to those under development at Yangibana, REE-Nb-Ti-P Carbonatites and outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion.