With difficulty, given the size. If there is anything left to grab with molegrips, soak it in WD40 overnight and then try those.
If not, screwing a new, well lubricated M3 bolt into the hole might start it rotating, although you'll be lucky. Drilling it is going to be extremely tricky, given the size. I had to drill out an M5 mudguard mounting hole last year and it is almost impossible to do it straight without a pillar drill and some way to hold the dropout perfectly aligned.
With a valuable frame, I would ignore it until next respray, then the framebuilder can do it.