ALDORO RESOURCES LIMITED — Capital/Financing Update 2019

May 22, 2019

==> picture [168 x 64] intentionally omitted <==

ASX ANNOUNCEMENT

23[rd] May 2019

PROSPECTIVITY OF LEINSTER NICKEL PROJECT ENHANCED

• Shallow nickel mineralisation intersected in drilling by Talisman Mining at adjacent Amy Rix Prospect, along strike from Aldoro’s Firefly Prospect

• Mineralisation open along strike

• Strong EM anomalies detected at Firefly by Aldoro

• Assessment of EM anomalies underway using geological and geochemical indicators from historical shallow drilling and other datasets

==> picture [217 x 404] intentionally omitted <==

Figure 1. Regional RTP1VD aeromagnetic image showing location of

Amy Rix (TLM) and Firefly (ARN).

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

==> picture [48 x 48] intentionally omitted <==

Aldoro Resources Ltd ( Aldoro or the Company ) notes the recent ASX release by Talisman Mining ( Talisman ) reporting results of regional aircore drilling along the Sinclair Trend, adjacent to Aldoro’s Leinster Nickel Project (refer ASX.TLM Announcement 20 May 2019).

Talisman reports that broad, shallow nickel mineralisation was encountered in three adjacent aircore traverses over 500m of strike at Amy Rix Prospect including 21m at 1.03% Ni from surface and 32m at 0.78% Ni from surface (SNAC0197 and SNAC0200, refer ASX.TLM Announcement 20 May 2019). Nickel mineralisation was intersected from surface associated with strongly oxidised ‘gossanous’ material and remains open along strike in both directions.

Aldoro’s Firefly Prospect lies directly along strike from Amy Rix and is associated with the same high magnetic response unit. The higher magnetic responses in the Firefly area have previously been determined to correlate to ultramafic units by drilling. The geological information announced by Talisman confirms this setting with drilling intersecting ultramafic lithologies along with a variety of other rock types including sediments, felsic intrusives and mafic lithologies.

Aldoro completed a high powered ground electromagnetic ( EM ) survey over the Firefly Prospect in December 2018 which detected an intense EM anomaly within a large, 1km scale anomaly (refer ASX Announcement 18 December 2018). The strength of this anomaly implies it is likely have a high conductance and therefore a higher probability of a result of accumulations of sulphide minerals. Other anomalies have been noted in the northern part of the survey and while these are less intense their spatial association with the larger anomaly provides encouragement that these features are worthy of further investigation.

Historical drilling has been completed at the Leinster Nickel Project, predominantly shallow drilling with isolated deeper RC or diamond core holes. Assay and logging data from these holes is being reviewed in detail to assess if any potential vectors to mineralisation are present. Given the complexity of most ultramafic flows in the Eastern Goldfields and the resultant controls on nickel sulphide mineralisation the Company is attempting to model of the potential channelways by interpretation of the magnetics / geological relationships as well as the drilling data with the aim of delineating robust drilling targets. The identification of shallow nickel mineralisation by Talisman provides significant encouragement to this ongoing work and the potential of the Firefly Prospect.

The Leinster Nickel Project covers mapped and interpreted ultramafic units located along strike from Talisman Mining’s Sinclair Nickel Project and BHP’s Leinster Nickel Operations, which include the Perseverance, Rockys Reward and Venus Deposits (Figure 2).

For and on behalf of the board:

Sarah Smith

Company Secretary

2

==> picture [48 x 48] intentionally omitted <==

==> picture [327 x 449] intentionally omitted <==

Figure 2. Aeromagnetic Image showing the Leinster Projects along with the location of the Firefly & North Sinclair Prospects.

Competent Persons Statement

The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Mr Bill Oliver, a Director of Aldoro Resources Ltd. Mr Oliver is a Member of the Australasian Institute of Mining and Metallurgy and the Australasian Institute of Geoscientists. He has sufficient experience that 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 JORC Code. Mr Oliver consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

3

==> picture [48 x 48] intentionally omitted <==

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Aldoro operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement. No forward looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Aldoro’s control.

Aldoro does not undertake any obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Aldoro, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this announcement reflect views held only as at the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by Aldoro. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.

4