ALDORO RESOURCES LIMITED — Capital/Financing Update 2018

Sep 10, 2018

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ASX ANNOUNCEMENT

7 September, 2018

Use of Funds

The Company intends to apply funds raised from the Offer, together with existing cash reserves, over the first two years following admission of the Company to the official list of ASX as follows:

Funds available	Maximum Subscription ($)	Percentage of Funds (%)
	($5,000,000)
Existing cash reserves1	$295,000	5.57%
Funds raised from the Offer	$5,000,000	94.43%
Total	$5,295,000	100%
Exploration expenditure at the Ryan’s Find Project2	$1,379,800	26.06%
Exploration expenditure at the Leinster Project2	$1,269,000	23.97%
Exploration expenditure at the Karlgarin Project3	$443,500	8.38%
Exploration expenditure at the Cathedrals Project3	$860,000	16.24%
Acquisition costs4	$75,000	1.42%
Working capital and administration costs5	$802,599	15.16%
Costs of the Offer6	$465,101	8.78%
Total	$5,295,000	100.00%

Notes:

1. Refer to the Financial Information set out in Annexure C of the Prospectus for further details.

2. Amounts relating to the Leinster and Ryan’s Find Projects apply to the granted tenements alone and may be extended to the tenements under application should they be granted to the Company.

3. Assumes grant of the tenements the subject of the Cathedrals Projects.

Suite 2, 1 Altona Street, West Perth WA 6005 E: contact@aldororesources.com W: aldororesources.com

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1. The Company will pay cash to the vendors under the Gianni Agreement ($25,000) and Jindalee Agreement ($50,000) in reimburse of previous exploration expenditure undertaken on the relevant tenements. Refer to Section 7.1 of the Prospectus for a summary of the Gianni Agreement and Section 7.2 of the Prospectus for a summary of the Jindalee Agreement.

2. Working capital costs include the general costs associated with the management and operation of the Company’s business including administration expenses, management salaries, directors’ fees, rent and other associated costs.

3. Refer to Section 8.8 of the Prospectus for further details.

It should be noted that the Company’s budgets will be subject to modification on an ongoing basis depending on the results obtained from exploration and evaluation work carried out. This will involve an ongoing assessment of the Company’s mineral interests. The results obtained from exploration and evaluation programs may lead to increased or decreased levels of expenditure on certain projects reflecting a change in emphasis.

The above table is a statement of current intentions as of this announcement. As with any budget, intervening events (including exploration success or failure) and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.

The Board believes the Company will have sufficient working capital to carry out its stated objectives.

For and on behalf of the Board,

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Sarah Smith

Company Secretary

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