ALDORO RESOURCES LIMITED — Capital/Financing Update 2020

Aug 24, 2020

==> picture [596 x 77] intentionally omitted <==

Penny South Aircore Drilling Complete

Highlights

ASX Announcement 25 August 2020 ASX Code: ARN

Board

• Program successfully targeted previously untested areas at Penny South

• 49 holes drilled for a total of 1,895m

• West Shear as well as northwest extension of granodiorite unit and sheared granodiorite-mafic contact

• Assay results anticipated in 4 to 5 weeks

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

Rhod Grivas

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

Capital Structure

Shares: 66.07m Options (@22.5c): 2.0m Share Price: $0.11 Market Cap: $7.27m Cash (30/06/20): $2.20m

The recent aircore (AC) drilling program has now been completed. A total of 49 holes were drilled as planned for a total of 1,895m. Holes were drilled to refusal and total metres were less than budgeted due to a shallower average hole depth than the previous AC campaign. The drilling program successfully targeted three new areas around the tenement not previously tested by Aldoro’s January AC program and April reverse circulation (RC) drilling (Figure 1).

At Target 1 the AC drilling achieved one of the main aims of the program and traced the granodiorite-mafic contact and inferred position of the Penny West Shear further to the south, with quartz veining observed in the granodiorite and mafic schist units.

At Target 2 the drilling also successfully encountered the northwest extension of the granodiorite unit and granodiorite-mafic contact, again with quartz veining observed in the granodiorite and mafic schist units. Whilst at Target 3 the drilling predominantly encountered sheared and altered mafic and ultramafic units, with some quartz and carbonate veining.

Full details of drilling and sampling techniques, including tables as required under the JORC Code, will be included when assay results are announced.

The Company looks forward to updating shareholders on the results of this drill program once they are received.

This Announcement has been approved for release by:

Caedmon Marriott

Managing Director

E: contact@aldororesources.com

www.aldororesources.com

T: +61 475 116 798

==> picture [596 x 77] intentionally omitted <==

==> picture [515 x 656] intentionally omitted <==

Figure 1: Penny South AC Drilling August 2020

E: contact@aldororesources.com

www.aldororesources.com

T: +61 475 116 798

==> picture [596 x 77] intentionally omitted <==

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 focussed 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 the Cathedrals Belt Nickel Project and has a significant tenement holding surround St George Mining’s (ASX:SGQ) Mt Alexander Project. The company’s other projects include the Narndee Igneous Complex (Ni-CuPGM), Unaly Hill South (Au), Kiabye Well (Au), Leinster Nickel Project (Ni), Windimurra Igneous Complex (Ni-Cu-PGM, Li) and Ryans Find (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