ALDORO RESOURCES LIMITED — Capital/Financing Update 2020

Oct 12, 2020

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Completion of Unaly Hill South Aircore Drilling

Highlights

ASX Announcement 13 October 2020 ASX Code: ARN

Board

• Program successfully targeted potential dilational structures, with coincident historic gold-in-saprolite anomalism, along Youanmi Shear Zone

• 56 AC holes drilled for a total of 3,422m

• Encountered the anticipated target geology from Aldoro’s litho-structural interpretation work, with quartz veining and extensive alteration in some holes

• Assay results expected in 5 to 6 weeks

Aldoro Resources Limited (“Aldoro” or “Company”) is pleased to update shareholders on recent gold exploration activities at the Company’s Unaly Hill South Project.

The Unaly Hill South Project is located in the Youanmi Gold Mining District, approximately 16km northeast of Rox Resources ( ASX:RXL ) and Venus Metals ( ASX:VMC ) Youanmi Gold Project.

Rhod Grivas

Non-Executive Chairman Dr Caedmon Marriott Managing Director Joshua Letcher Non-Executive Director

Capital Structure

Shares: 66.38m Options: 8.5m Share Price: $0.088 Market Cap: $5.84m Cash (30/06/20): $2.20m

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@aldororesources aldororesources Aldoro Resources

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The Company has recently completed an aircore (AC) drilling program at the project. This previously announced program ( ASX, Penny South and Unaly Hill South Aircore, 3 July 2020 ) aims to test potential dilational structures, with broad zones of coincident historic gold-in-saprolite anomalism, along the Youanmi Shear Zone, identified by Aldoro’s work.

This initial program consisted of 56 holes for a total of 3,422m. Holes were generally drilled to blade refusal, with an average depth of 61m and to a maximum depth of 102m (hole UHSAC036), due to an increased weathering profile in some areas.

The anticipated target geology, based on Aldoro’s litho-structural interpretation, was generally encountered through-out the program with holes UHSAC001 to UHS029 testing the western mafic-ultramafic schist unit, with quartz veining and haematite, sericite and carbonate alteration; holes UHSAC030 to UHSAC049 testing the eastern mafic schist-metabasalt unit with BIF horizons, again with quartz veining, disseminated pyrite (trace to 5%) and alteration; and holes UHSAC050 to UHSAC055 testing historic gold intersections at the contact with the metagabbro of the Atley Igneous Complex.

The samples will be submitted to the laboratory next week with assay results anticipated in 5 to 6 weeks given the current waiting time being experienced. The Company looks forward to updating shareholders on the progress of our ongoing exploration activities in due course.

This Announcement has been approved for release by:

Caedmon Marriott

Managing Director

E: contact@aldororesources.com

www.aldororesources.com

T: +61 475 116 798

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Figure 1: Unaly Hill South AC Drilling October 2020

E: contact@aldororesources.com

www.aldororesources.com

T: +61 475 116 798

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About Aldoro Resources

Aldoro Resources Ltd is an ASX-listed ( ASX:ARN ) mineral exploration and development company. Aldoro has a collection of gold and nickel focused advanced exploration projects all located in Western Australia. The Company’s flagship gold project is the Penny South Gold Project, which is contiguous to Ramelius Resources ( ASX:RMS ) Penny West Project in the Youanmi Gold Mining District, in the Murchison Region of WA. Aldoro is also currently exploring Unaly Hill South (Au), the Narndee Igneous Complex (Ni-Cu-PGM) and Kiabye Well (Au). The Company’s other projects include the Cathedrals Belt Nickel Project, with a significant tenement holding surround St George Mining’s ( ASX:SGQ ) Mt Alexander Project, the Leinster Nickel Project (Ni), Windimurra Igneous Complex (Ni-Cu-PGM, Li) and Ryans Find (Au, Ni-Cu-PGM).

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 Dr Caedmon Marriott, Managing Director of Aldoro Resources Ltd. Caedmon is a Member of the Australasian Institute of Mining and Metallurgy. 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. Caedmon consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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.

E: contact@aldororesources.com

www.aldororesources.com

T: +61 475 116 798