ALDORO RESOURCES LIMITED — Capital/Financing Update 2021

Nov 23, 2021

ASX and Media Release 24 November 2021

==> picture [104 x 60] intentionally omitted <==

Niobe Sampling Assays Confirm Rubidium & Lithium Extension Beyond Main Pit

• Assay results report up to 0.93% Rubidium and 0.86% Lithium oxide (Li2O) from the 46 rock chip samples collected at Niobe East, Southeast and Breakaway.

• Assays confirm Rubidium and Lithium prospectivity beyond Niobe Main Pit.

• Niobe East has anomalous Rubidium and Lithium values with a strike length of over 400m.

• The POW for the planned drilling Programme has been approved and negotiations are continuing for the Heritage Survey

Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) is pleased to provide assay results from the 46 rock chip samples collected at the Niobe East, Niobe Southeast and Breakaway pegmatites, see Figure 1 for locations. The average Rubidium (Rb) value was 1,892ppm with a range of 34.7 to 9,307ppm, while the average lithium (Li) value was 0.0725% with a range of 0.005 to 0.40%. Caesium (Cs) averaged at 200ppm with a range of 3.1 to 1,934ppm. At Niobe East, anomalous Rb and Li values extend over 400m in strike length, providing justification to the proposed drilling programme into this multilayered pegmatite section. At the Breakaway pegmatites, to the west, anomalous Rb and Li extends up to a strike length of 100m while at Niobe Southeast the few samples collected have some Rb values up to 0.2%.

==> picture [505 x 353] intentionally omitted <==

Figure 1: Thematic map showing the Lithium and Rubidium results in ppm for the outcrop rock samples collected by Aldoro (46) and Meridian 120(6) (previous licence holder) over the historical rock chip sampling by Pancontinental (1984-1986).

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

==> picture [521 x 391] intentionally omitted <==

Figure 2: Rock sample NR0004, greisen-like morphology consisting of micaceous laths and microcline. Laboratory analysis reported 9,307ppm Rb and 0.32%Li and 1,934ppm Cs. Arrows indicate the sample outcrop and rock texture on a fresh face.

The outcrop dispersion of Rb and Li results are generally consistent with those obtained by Pancontinental in the mid 1980’s giving confidence to the historical drilling assays from the same period which were used to define an Exploration Target over the Niobe Main pegmatite (ASX: 27/8/2021). An Exploration Target of approximately 33,000-150 ,000 tonnes at grades ranging 696-1457ppm Rubidium Oxide (Rb2O) over an area bound by 80m by 65m of detailed drilling has been previously defined.

Aldoro chairman, Mr Joshua Letcher, commented that “ the rock chip results show the potential for the area and give confidence for increasing the Exploration Target tonnage”.

Forward Plan

The forward programme involves expanding the Exploration Target area encompassing the mapped pegmatite on the western side of Niobe (Pegmatite No.1), the high interest Rb bearing sections of Niobe East (Pegmatite No,2), the Breakaway pegmatites and Niobe Southeast Pegmatites (Figure 3). The approval of a Programme of Works (POW) was received on the 17[th] of November and negotiations are underway with Wajarri PBC for a Heritage Survey over the area. An RC drill rig is booked and awaiting mobilisation once the Heritage Survey is complete.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

==> picture [524 x 367] intentionally omitted <==

Figure 3: The location of the proposed drill collars against the historical holes and mine workings. Note that the majority of the samples from the historical holes were not analysed for the Li suite of elements (in particular Li, Rb & Cs). WAMEX open file reports list 303 holes for 8580m over the area but only 40 (1141m) of these holes were samples and analysed for Li, Rb and Cs.

This Announcement has been approved for release by the Board of Aldoro Resources Ltd

About Aldoro Resources

Aldoro Resources Ltd is an ASX-listed (ASX:ARN) mineral exploration and development company. Aldoro has a collection of nickel and lithium/Rubidium focused advanced exploration projects all located in Western Australia. The Company’s flagship project is the Narndee Igneous Complex, highly prospective for Ni- Cu-PGE mineralisation. Aldoro is also currently exploring the Windimurra Igneous Complex where it has located numerous pegmatites, several of which have been identified as containing anomalous Rb and Li minerals. The Company’s other projects include the Cathedrals Belt Nickel Project, with a significant tenement holding surround St George Mining’s (ASX:SGQ), and the Leinster Nickel Project(Ni).

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

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

representation as to future performance or any other future matters, which will be influenced by several 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.

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.

Competent Persons Statement

The information in this announcement that relates to exploration data and results derived from samples collected at Niobe and the information supplied by the current licence holder has been prepared in accordance with the 2012 Edition of the Australian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC). The data was reviewed and compiled by Mr Mark Mitchell, a geological consultant to Aldoro Resources Ltd. Mr Mitchell is a Registered Professional Geoscientist (No.10049) with the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mitchell consents to the inclusion in the release of the statements based on his information in the form and context in which it appears.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Sample	**Easting **	Northing	Alt	Location	Description	Al	B	Ba	Be	Ca	Cs	Fe	K	Li	Mg	Mn	Nb	P	Rb	S	Sn	Sr	Ta	W
	**GDA94 **	GDA94	(m)			%	**ppm **	**ppm **	ppm	%	ppm	%	%	%	%	%	ppm	%	ppm	**% **	**ppm **	ppm	ppm	ppm
NR0001	526368	6935212	430	Niobe East	Quartz-Microcline rich with sparse mica books	8.82	X	46	4	X	155.3	0.75	8.37	0.02	0.04	X	21	X	4338	X	35	X	14.8	5
NR0002	526367	6935214	430	Niobe East	Quartz rich(VQ)with mica rich selvages	7.24	X	34	68	X	1402.5	2.84	3.96	0.12	0.33	X	61	X	4265.5	X	150	X	134.9	17
NR0003	526368	6935220	430	Niobe East	Qtz-microcline with large Zinnwaldite books	6.42	63	10	94	0.2	473.1	1.74	2.29	0.14	0.14	X	111	X	2331.9	X	97	X	64.4	15
NR0004	526369	6935224	430	Niobe East	Greisen-like micaceous -feldspar laths	16.12	64	81	9	X	1934.2	5.1	8.61	0.32	0.75	0.2	97	X	9307.6	X	269	X	363	25
NR0005	526390	6935219	428	Niobe East	Coarse textured,large microcline F-M micas	8.09	176	27	10	0.3	143.2	1.04	1.23	0.09	0.07	0.2	81	0.01	1128.7	X	81	X	44.6	13
NR0006	526397	6935219	429	Niobe East	Qtz-rich with botryoidal Zinnwaldite books	7.6	X	17	11	X	207.2	1.08	4.79	0.12	0.08	X	99	X	3335.2	X	132	X	55.9	18
NR0007	526409	6935222	429	Niobe East	equigranularQtz-Microcline,minor fine micas	7.33	X	38	50	0.4	57.4	1.02	0.72	0.04	0.04	0.5	58	0.01	586.5	X	47	X	35	9
NR0008	526412	6935226	432	Niobe East	Medium coarseporphyritic tx,large Zin mica sheets	7.56	123	39	13	0.3	530.6	1.49	1.53	0.19	0.11	0.2	110	X	2206	X	96	X	54.8	16
NR0009	526423	6935242	431	Niobe East	porphyriticqtz-feldspar withQtz rich zone+ Zin micas	5.29	106	13	13	0.1	166.4	1.48	1.94	0.17	0.16	X	82	X	2011.3	X	149	X	36.8	21
NR0010	526445	6935240	430	Niobe East	finer tx saccharoidalqtz-microcline minor mica flecks	8.16	X	33	101	0.2	131.1	0.89	2.63	0.07	0.07	X	84	X	1846.5	X	82	X	47.3	13
NR0011	526468	6935245	431	Niobe East	Quartz-rich +Zinnwaldite books	6.75	X	32	7	0.2	128	0.89	1.26	0.02	0.02	X	57	X	1324.3	X	128	X	278.3	9
NR0012	526475	6935247	434	Niobe East	Microcline-rich + disseminated black micas + mediumqtz	7.45	X	9	43	0.4	113.1	1.03	1.01	0.04	0.07	X	52	X	1024	X	46	X	33.9	8
NR0013	526473	6935277	437	Niobe East	coarse textured enclave in medium txpeg. Boty.Zinnwaldite	7.84	X	14	111	0.2	146.1	1	1.38	0.1	0.05	X	70	X	1805	X	94	X	49.2	15
NR0014	526494	6935285	435	Niobe East	Qtz-rich with Zinnwaldite micas ongrain boundaries,feldspar	2.66	X	14	6	X	110.1	0.83	0.79	0.03	0.01	X	18	X	1172	X	44	X	33	7
NR0015	526495	6935270	435	Niobe East	Thick books of botryoidal Zinnwaldite in microcline	12.93	66	5	10	0.2	711.5	2.07	4.77	0.4	0.03	0.7	84	X	8293.8	X	291	X	102.5	41
NR0016	526513	6935248	434	Niobe East	medium tx with fine Zin. Books inqtz<microcline	8.21	X	33	66	0.2	83.2	0.68	0.83	0.005	0.03	X	72	X	792.3	X	43	X	57.4	8
NR0017	526514	6935296	435	Niobe East	Microcline-rich odd fine mica,minorqtz	8.94	X	18	26	0.3	98.2	0.46	0.7	0.01	0.02	X	303	0.02	1030.6	X	43	35	365.8	12
NR0018	526529	6935277	435	Niobe East	fine saccharoidalqtz-microcline minor mica	8.7	X	48	25	0.4	439.1	2.48	1.98	0.24	0.27	0.3	110	X	3136.7	X	141	29	73	19
NR0019	526543	6935252	431	Niobe East	saccharoidalqtz-feldspar with minor micas	9.02	X	32	16	0.6	46.1	0.92	0.43	0.005	0.02	0.6	32	0.02	231.1	X	8	X	23.2	3
NR0020	526558	6935253	430	Niobe East	saccharoidalqtz-feldspar with minor fine mica flecks	8.42	67	25	25	0.4	86.8	0.6	2.76	0.02	0.03	0.2	33	0.02	1535.1	X	38	X	16.7	6
NR0021	526554	6935310	436	Niobe East	Coarse elongate mica(rectangular)in microcline/qtz	8.4	X	41	27	0.4	667.8	3.38	2.36	0.22	0.34	0.5	197	0.01	3285.1	X	78	X	108.3	13
NR0022	526552	6935292	437	Niobe East	saccharoidalqtz-feldspar + fine micas	9.03	58	20	25	1.1	9.1	1.86	0.31	0.005	0.03	1.4	21	0.02	49	X	6	46	20	3
NR0023	526554	6935275	436	Niobe East	saccharoidalqtz-feldspar + fine micas	8.4	X	29	21	0.9	6.4	1	0.35	0.005	0.02	0.7	24	X	34.7	X	4	22	17.1	2
NR0024	526580	6935256	431	Niobe East	medium txqtz-microcline + fine micas	8.17	X	42	23	0.3	71.9	0.68	4.25	0.02	0.05	X	57	0.01	2225	X	52	X	26.3	8
NR0025	526587	6935318	439	Niobe East	coarseqtz-feldspar with moderate micas	7.33	X	22	176	0.4	73.7	0.58	1.78	0.02	0.04	X	51	0.01	1002.5	X	18	X	64.2	5
NR0026	526596	6935263	436	Niobe East	porphyritic microcline withQtz and matrix micas	5.91	X	27	79	0.2	80.5	1.1	2.64	0.04	0.07	X	54	0.01	1587.2	X	61	X	24.2	8
NR0027	526620	6935270	435	Niobe East	Verycoarse microcline xtls in fineqtz-mica matrix	8.7	X	21	70	0.3	97.8	0.82	4.99	0.04	0.05	X	39	0.01	2481.8	X	49	X	25.4	8
NR0028	526611	6935330	441	Niobe East	Medium to finegrained with black laths,feldspar, qtz,minor micas	6.83	X	73	2	1.8	12.1	2.39	0.29	0.005	0.46	X	X	0.05	155	X	8	102	2	2
NR0029	526645	6935337	444	Niobe East	Medium to finegrained microcline, qtz,minor matrix micas	8.74	X	65	28	1	3.1	0.93	0.31	0.005	0.02	0.5	49	0.01	44.4	X	2	33	44.3	2
NR0030	526670	6935291	445	Niobe East	Qtz/Zinnwaldite selvages in coarse microcline +qtz	3.52	X	8	4	X	121.4	1.11	1.8	0.13	0.06	X	54	X	1831	X	115	X	29.2	14
NR0031	526694	6935289	441	Niobe East	Zinnwaldite rich zone in verycoarseporphyriticqtz/microcline	6.32	X	10	122	0.1	127.9	1.38	2.34	0.1	0.08	X	80	X	2101.3	X	142	X	42.4	20
NR0032	526672	6935345	440	Niobe East	Saccharoidal txqtz-felspar minor micas	7.38	X	32	17	0.6	7	0.53	0.28	0.005	0.01	X	17	X	54.6	X	3	25	18.2	2
NR0033	526703	6935352	443	Niobe East	coarse feldspar rich, qtz and minor mica?	8.67	X	58	19	0.3	20.1	0.45	0.96	0.005	0.03	X	65	X	318.1	X	10	29	104.7	1
NR0034	526728	6935310	442	Niobe East	medium tx Feldspar-qtz and minor micas	7.56	X	31	90	0.4	46.7	0.9	1.59	0.02	0.08	X	49	X	905.3	X	58	X	24.9	7
NR0035	526770	6935314	440	Niobe East	medium to coarse Feld-qtz odd fine mica	10.54	X	148	14	X	76.9	0.59	5.21	0.005	0.07	X	37	X	1408.5	X	11	32	31.5	X
NR0036	526770	6935353	439	Niobe East	Saccharoidal txqtz-feldspar minor micas	9.59	X	64	60	0.4	18.5	0.46	1.69	0.005	0.02	X	39	0.01	554.3	X	6	37	115.9	2
NR0037	525792	6934791	438	Breakaway	Microcline +qtz with zinnwaldite micas	10.63	X	435	5	0.1	71.4	0.93	8.72	0.005	0.06	0.8	16	X	3876.1	X	5	36	6.4	2
NR0038	525799	6934780	438	Breakaway	medium-coarse feldspar-qtz and minor micas	8.1	218	19	16	0.2	130.3	1.2	1.49	0.07	0.06	X	82	X	1163.2	X	64	X	43.9	11
NR0039	525810	6934748	436	Breakaway	qtz + large zinnwaldite books in microcline-richpegmatite	5.11	X	17	6	X	61.5	1.52	2.55	0.15	0.02	0.2	49	X	2323.7	X	93	X	6.2	15
NR0040	525830	6934722	433	Breakaway	feldspar-qtzporphyritic tx matrix micas &green chlorite staining?	7.98	288	28	10	0.1	79.9	1.65	3.42	0.13	0.07	X	95	X	2369.8	X	100	X	41.6	15
NR0041	525891	6934770	441	Breakaway	medium-fineqtz-feldsparpegmatite and fine micas	8.17	X	66	7	0.1	89	1.15	4.31	0.05	0.05	X	62	0.01	2349.9	X	83	X	40	16
NR0042	525827	6934819	439	Breakaway	coarse to verycoarse microcline inqtz + micas	6.66	50	72	18	0.1	123.8	1.07	2.46	0.13	0.09	X	72	X	2394.3	X	151	X	31.4	16
NR0043	526658	6934867	442	Niobe SE	Large Zinnwaldite books in coarse microcline-qtzpegmatite	6.13	X	7	10	0.2	20.5	0.66	1.9	0.005	0.02	X	49	X	839.7	X	61	X	20.3	7
NR0044	526648	6934832	449	Niobe SE	finegrainedpegmatite withqtz-microcline	8.36	X	323	12	0.5	29.8	0.46	3.8	0.005	0.04	X	67	0.01	1348.8	X	15	39	80.3	2
NR0045	526648	6934787	451	Niobe SE	qtz-rich with zinnwaldite books minor feldspar	6.12	X	11	7	0.3	14.6	0.66	0.94	0.005	0.04	X	35	X	543.3	X	58	X	10.1	6
NR0046	526623	6934755	453	Niobe SE	saccharoidalqtz-feldsparpegmatite	7.7	X	37	10	0.5	5.7	1.27	0.45	0.005	0.03	X	31	X	97.2	X	11	20	22.2	X
NB017	526828	6934880	na	Niobe SE	Mica rich. Micagreyandplumose	na	na	na	na	na	42.3	na	na	0.0393	na	na	125	na	1954.7	na	278	na	35.3	27
NB018	526500	6935270	na	Niobe East	Mica metallic spheroidal inQz-cleavelandite-microcline	na	na	na	na	na	654.8	na	na	0.3263	na	na	455	na	8141.7	na	354	na	275	62
NB019	526440	6935270	na	Niobe East	Mica rich chipcomposite. Mica as above	na	na	na	na	na	439.4	na	na	0.4085	na	na	181	na	4888.6	na	255	na	81.4	33
NB020	526476	6935260	na	Niobe East	Mica rich.Qz-cleavelandite-mica-green beryl.	na	na	na	na	na	290.3	na	na	0.2314	na	na	2750	na	5176.5	na	331	na	1560.1	139
NB021	525774	6934732	na	Breakaway	~~ALDOR~~ Darkpurple-greyfgmica rock. About 100% mica.	~~O RES~~ na	~~OUR~~ na	~~CES~~ na	~~LIM~~ na	~~ITE~~ na	~~**D	AB**~~ 331.9	~~N 31~~ na	~~622~~ na	~~990 8~~ 0.2346	~~**09	**~~ na	~~+6~~ na	~~1 2 7~~ 150	~~229~~ na	~~4628~~ 6634.7	na	501	na
NB022	525806	6934756	na	Breakaway	Coarsegrained micapegmatite outcropand rubble.	~~SU~~ na	~~ITE~~ na	~~1~~ na	~~LT~~ na	~~NA~~ na	~~STRE~~ 69.5	~~ET W~~ na	~~EST~~ na	~~PERT~~ 0.1866	~~W~~ na	~~A 6~~ na	~~05~~ 56	na	2619.8	na	108	na	7.4	16

http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Table 1: Compilation of the 46 rock samples collected by Aldoro (NR0001-46) including the 6 rock samples collected by Meridian 120 (NB17-22). “X” denotes below detection limit and “na” is not available.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Sample	**Easting **	Northing	Location	Description	Cs	K	Li	Na	Nb	Rb	Sn	Ta	29 4628
	**GDA94 **	GDA94			ppm	%	ppm	%	**ppm **	**ppm **	**ppm **	ppm
4832	525630	6934570	Breakaway	Quartz-microcline-albitepegmatite	10	4.8	1	4.12	5	1100	5	10
4833	525600	6934590	Breakaway	Quartz-microcline-albitepegmatite	30	3.77	1	4.34	25	1100	5	18
4834	526410	6935125	Pegmatite 2	quartz-microcline-sch-albitepegmatite	10	3.35	1	5.48	50	1700	5	85
4835	526377	6935120	Pegmatite 2	quartz-microcline-muscovite-albite-garnetpegmatite	10	0.39	1	6.41	60	100	10	120
4836	526330	6935110	Pegmatite 2	quartz-microcline-muscovite-albite-garnetpegmatite	10	3.5	1	4.69	55	1800	5	55
4837	526320	6935105	Pegmatite 2	quartz-microcline-muscovite-albite-garnetpegmatite	10	2.16	14	4.95	35	960	5	75
4838	526235	6935067	Pegmatite 2	quartz-microcline-muscovite-albite-garnetpegmatite	10	1.98	10	4.86	30	940	5	40
4839	526386	6935090	Pegmatite 2	quartz-microcline-muscovite-albite-garnetpegmatite	10	2.81	1	5.58	25	1300	5	75
4849	526350	6935050	Pegmatite 1	Alteredgabbro	25	0.57	127	0.69	0	170	0	0
4850	526340	6935060	Pegmatite 1	Alteredgabbro	30	0.38	120	1.35	0	45	0	0
4851	526560	6934800	SE Pegmatite	quartz-muscovite-microcline-albitepegmatite	65	5.8	152	2.78	40	2100	20	30
4852	526610	6934800	SE Pegmatite	quartz-muscovite-microcline-albitepegmatite	40	5.35	18	2.87	20	1700	5	25
4853	526340	6935080	Pegmatite 1	Alteredgabbro	10	0.39	80	1.45	0	25	0	0
4854	526340	6935100	Pegmatite 1	Alteredgabbro	18	0.34	70	1.52	0	70	0	0
4865	606590	6934580	SE Pegmatite	K-feldspar	85	10.3	0	1.73	0	3800	0	0
8303	526627	6934794	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	5	2.37	13	2.34	10	930	0	20
8304	526650	6934786	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	5	1.27	18	3.17	35	540	0	18
8305	526638	6934772	SE Pegmatite	Quartz-microclinepegmatite	30	4.21	0.5	1.89	5	1500	0	15
8306	526671	6934830	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	25	2.65	24	2.84	60	1000	0	55
8307	526605	6934640	SE Pegmatite	Aplite	5	0.82	0.5	7.39	40	180	0	35
8308	526625	6934635	SE Pegmatite	Quartz-microclinepegmatite	12	4.15	0.5	3.55	30	1200	0	25
8309	526650	6934650	SE Pegmatite	Aplite(sugaryalbite-rich rock)	11	1	0.5	8.57	65	260	0	110
8311	526715	6934633	SE Pegmatite	Aplite(sugaryalbite-rich rock)	5	0.52	0.5	9.36	5	100	0	50
8312	526518	6934720	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	25	3.03	41	3.04	60	1100	0	25
8313	526518	6934720	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	30	3.87	61	2.72	55	1200	0	25
8314	526536	6934697	SE Pegmatite		10	1.33	39	6.86	14	320	0	45
8316	526564	6934718	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	18	1.71	48	3.93	90	750	0	45
8317	526657	6934751	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	25	4.05	29	3.16	60	1300	0	25
8318	526688	6934729	SE Pegmatite	Quartz-microcline-zinnwalditepegmatite	40	4.22	225	1.7	100	1900	0	45
8319	526730	6934738	SE Pegmatite	Quartz-microclinepegmatite	19	3.55	152	3.76	60	980	0	40
8320	526735	6934745	SE Pegmatite	Greisen	17	2.77	34	3.93	85	790	0	60
8334	526550	6935277	Pegmatite 2	Aplitegarnetiferous	5	0.15	38	5.88	15	20	0	13
8335	526524	6935272	Pegmatite 2	m-galbite-richpegmatite,minor zinnwaldite	60	0.31	86	8.4	20	290	0	40
8336	526493	6935265	Pegmatite 2	Zinnwaldite-richquartz microclinepegmatite	370	2.29	1600	4.7	65	3400	0	75
8337	526431	6935258	Pegmatite 2	m-galbite-richpegmatite,	5	0.21	0.5	6.92	40	110	0	45
8338	526376	6935218	Pegmatite 2	m-g quartz-albite-zinnwalditepegmatite	740	1.98	0.5	6.07	170	2200	0	6600
8339	526525	6935240	Pegmatite 2	Quartz-microcline-zinnwalditepegmatite	35	0.58	22	6.24	65	390	0	80
8340	526590	6935257	Pegmatite 2	Aplitegarnetiferous	130	2.21	495	4.48	40	1300	0	50
8341	526560	6935100	Pegmatite 2	ALDORO RESOURC m-g granite	ES LI 30	MITE 0.57	**D	AB** 0.5	N 31 5.78	622 9 45	90 80 370	**9	+6** 0
8342	526640	6935090	Pegmatite 2	SUITE 2 Aplite	, 1 AL 90	TONA 5.53	STRE 0.5	ET WE 3.71	ST PE 35	RTH, 2200	WA 6 0	005 45
8343	526680	69355150	Pegmatite 2	Albite-rich fine-mediumgrained aplite	http: 5	//ww 0.52	w.ald 0.5	orore 9.01	sourc 18	es.co 120	m 0	20

==> picture [104 x 60] intentionally omitted <==

Table 2: Historical Pancontinental Rock Chip Sampling results (note eastings and northings converted to GDA94)

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•Aldoro/Meridian Rock chip samples were randomly selected based on
techniques	specific specialised industry standard measurement tools appropriate	the dominate local rock character and therefore are not considered
	to the minerals under investigation, such as down hole gamma	representative. No details provided from Pancontinental’ s reports on
	sondes, or handheld XRF instruments, etc). These examples should	sample selection criteria.
	not be taken as limiting the broad meaning of sampling.	•These samples both recent and historical are not considered
	• Include reference to measures taken to ensure sample representivity	representative as they are grab samples only.
	and the appropriate calibration of any measurement tools or systems	•The mineralisation of the Pegmatites at Niobe are based on the
	used.	analytical results by successive explorers including Tantalum
	• Aspects of the determination of mineralisation that are Material to the	Australia who conducted extensive drilling to define a tantalum
	Public Report.	resource Petrology did identify zinnwaldite micas as the main source
	• In cases where ‘industry standard’ work has been done this would be	of Li and presumably Rb and Cs.
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	•No industry standard was applied during the sampling process.
	m samples from which 3 kg was pulverised to produce a 30 g charge
	for fire assay’). In other cases more explanation may be required,
	such as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Not applicable to this release on grab rock chip sampling.
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
	or standard tube, depth of diamond tails, face-sampling bit or other
	_type, whether core is oriented and if so, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Not applicable to this release on grab rock chip sampling
recovery	and results assessed.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length andpercentage of the relevant intersections logged. •	Not applicable to this release on grab rock chip sampling
Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • • •	No reported drilling in the licence No sub-sampling techniques used Not considered representative samples
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • • • • • •	Aldoro (NR) & Meridian’s (NB) rock chip samples were tested at Intertek-Genalysis Laboratories in Maddington WA Samples were crushed and ground to 75μm, Cs, Li, Nb, Rb, Sn, Ta, W were analysed by FP6/MS which is a sodium peroxide fusion in Nickel crucibles and HCL to dissolve the melt with an ICP-MS finish. QAQC samples were not inserted in the sample consignment, Pancontinental The certified Laboratory used it own blanks and standards for quality control. • The samples were analysed at SGS with the same preparation (dry pulverised to -80mesh, split pulverised to -200mesh in Cr steel mill) but 3 different analytical methods XRF-1 (Nb, Rb) pressed powder XRF method

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
		•XRF-1 (Ta, Sn, Cs, K) low dilution fusion
		•D3(a) (Li, Na) mixed acid total digest with AAS finish
Verification of	• The verification of significant intersections by either independent or	•Rock Chip samples were grab by nature
sampling and	alternative company personnel.	•Samples were recorded by paper documentation then converted to
assaying	• The use of twinned holes.	spreadsheets with sample checklists for each sample movement.
	• Documentation of primary data, data entry procedures, data	•Data collected in Li-ppm were converted by a factor of 2.153/10000 to
	verification, data storage (physical and electronic) protocols.	calculate a % Li2O figure.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	Meridian and Aldoro used handheld Garmin GPS to record
data points	down-hole surveys), trenches, mine workings and other locations		weigh points in GDA94/zone 50. Samples not considered
	used in Mineral Resource estimation.		representative for Mineral Resource estimation. Pancontinental
	• Specification of the grid system used.		samples were recorded using local grids and mapped in AGD66
	• Quality and adequacy of topographic control.		and were subsequently converted to GDA94. Note that these
			samples were recorded pre-GPS and therefore will have
			inherited error.
		•	Australian GDA94 datum used for the modern sampling and
			local grids in the historical sampling which were converted.
		•No topographic control was applied or recorded
Data spacing	• Data spacing for reporting of Exploration Results.	•	No regular sample spacing applied, locations governed by
and	• Whether the data spacing and distribution is sufficient to establish the		available outcrop and at least one sample per interpreted
distribution	degree of geological and grade continuity appropriate for the Mineral		individual pegmatite.
	Resource and Ore Reserve estimation procedure(s) and	•	Sample collection method is not considered appropriate for
	classifications applied.		mineral resource estimation.
	• Whether sample compositing has been applied.	•	Compositing was limited to grab samples within a 5m radius
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	No orientation of rock chip samples other than collection of
data in	possible structures and the extent to which this is known, considering		samples containing lepidolite micas
relation to	the deposit type.	•	No drilling conducted
geological	• If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Sample	• The measures taken to ensure sample security.	• No security applied for the grab samples as they will not be used
security		in resource modelling
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No audits or reviews were reported on the sampling technique or data
reviews		generated.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The Niobe Project consists of a single prospecting licence P59/2137
tenement and	agreements or material issues with third parties such as joint	held by Meridian 120 Mining Ltd located 70km of Mout Magnet that
land tenure	ventures, partnerships, overriding royalties, native title interests,	Aldoro Resources entered a binding agreement sale agreement.
status	historical sites, wilderness or national park and environmental	•The prospecting licence is granted and expires on the 25/3/2022
	settings.	unless an extension is applied. There are no impediments to
	• The security of the tenure held at the time of reporting along with any	accessing the licence to conduct exploration other than Heritage
	known impediments to obtaining a licence to operate in the area.	surveying. Approval for ground disturbing techniques of Programme
		of Works (POWs) has been received.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• Historical exploration was initially for beryl by prospectors then
done by other		primarily for tantalum with the development of the Niobe resource.
parties		There has been no systematic exploration for Rubidium, lithium or
		Caesium despite the presence of LCT type pegmatites. e
		o Late 1950’s to 1984. Exploration was conducted by
		prospectors who located the main mineralised zones of
		the pegmatites and quarried these for beryl and included
		limited exploitation of eluvial tantalite and cassiterite.
		o 1984 to 1999. Systematic exploration by Pancontinental
		Mining Ltd included geological mapping, rock chip
		sampling, drilling (RC, RAB, Diamond), costeaning,
		petrography, metallurgy, resource definition, trial mining
		and rehabilitation. Their focus was tantalum but included
		some lithium analysis. Geochemical analysis from 40

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
				holes predominantly into the main Niobe pegmatite
				dilation but also into the northeast Niobe lobe were
				analysed for Li and included Cs, Ta, Rb, Nb, Sn, Na, and
				K. A total of 13 surface rock samples and 38
				semicontinuous costean samples were also analysed
				with the same suite of elements. A total of 15 RC chip
				samples were petrographically described, 4 of which
				contained zinnwaldite.
			o	1999-2003Australian Gold Mines NL and Kemet
				Corporation formed Tantalum Australia and undertook
				assessment of the Dalgaranga and Warda Warra
				pegmatite fields with the view to exploit the tantalum
				mineralisation. Work included new geological mapping,
				conducted further drilling and resource investigation.
				They processed stockpile and tailings through the
				Dalgaranga tantalum plant.
			o	2007-2017Diversity Resources Pty Ltd acquired the
				ground and operator Meridian 120 Mining Pty Ltd
				conducted a detailed review, undertaking new geological
				mapping, orientation soil sampling and compilation of a
				digital database.
			o	2018-Present. Meridian acquired the project and
				undertook further geological mapping, rock chip sampling
				and consolidation of the projects database. A total of 6
				rock chip samples and 2 drill chip resamples were
				collected and analysed for Li, Cs, Nb, Rb, Sn and Ta.
Geology	• Deposit type, geological setting and style of mineralisation.	•	The Niobe project lies in the east-north-easterly trending
			Archaean Dalgaranga Greenstone Belt, a synclinal belt some
			50km	long and 20km wide consisting dominantly of
			metasediments, felsic volcanics and lesser basalts within the
			Murchison Terrane. Seven known intrusive thick gabbroic sills
			display differentiation with defined layering from ultramafic bases
			gradinginto mafic rocks. The NE-NNE trendingsynclinal axis has

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		been interpreted to lie to the NW of the project area. Pegmatite
		swarms are found in the northerly part of the belt as late-stage
		fluidisation events from the local granitoids, which lie to the north,
		and are hosted in metagabbro and pelitic schists. The swarm
		generally trends in a north-easterly orientated parallel to the Big
		Bell Shear Zone. Tantalum, beryllium, tin, tungsten, lithium and
		molybdenum mineralisation are found associated with the
		pegmatites. Niobe Project pegmatites fit the style of mineralisation
		associated with Lithium-Caesium-Tantalum (LCT) pegmatites as
		they are hosted in a greenstone belt, fractionated with
		enrichments in enriched Li, Cs, Ta, Rb, Be and Nb and exhibit
		zoning as wall rock, intermediate and core zones are defined. The
		lithium minerals reported are zinnwaldite, lepidolite, elbaite and
		possibly spodumene supporting a level of zonation and
		fractionation while other minerals reported are cassiterite (Sn),
		tantalite-columbite(Ta),microlite(pyrochlore Nb),beryl(Be)
Drill hole	• A summary of all information material to the understanding of the	•See ASX 27/8/21 for Historical drilling details, no drilling applies to
Information	exploration results including a tabulation of the following information	this release.
	for all Material drill holes:	•No relevant information has been excluded all known rock chip
	o easting and northing of the drill hole collar	samples and their corresponding analytical data has been presented
	o elevation or RL (Reduced Level – elevation above sea level in	in Tables 1 & 2.
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques,	•No data aggregation methods have been applied to the grab samples
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•No metal equivalents were used.
methods	grades) and cut-off grades are usually Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of lowgrade results, theprocedure used
	**ALDORO RESOURCES LIMITED	ABN 31 622 990 809
	SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005
	http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	•No	drilling results are reported in this release
between	Exploration Results.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole
widths and	angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Sample diagrams with thematic results have been supplied.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•	Full analytical results are provided for the rock samples,.
reporting	practicable, representative reporting of both low and high grades	.
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be reported	•While other historical exploration data sets are available, these
substantive	including (but not limited to): geological observations; geophysical	pertain to Tantalum and therefore are not relevant to this
exploration	survey results; geochemical survey results; bulk samples – size and	announcement. Historical Li-Rb-Cs drill results have previously
data	method of treatment; metallurgical test results; bulk density,	release ASX 27/8/2021
	groundwater, geotechnical and rock characteristics; potential	•Plots of the historical down hole analytical data reveal
	deleterious or contaminating substances.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria JORC Code explanation Commentary

==> picture [314 x 342] intentionally omitted <==

• • Li-Ta Plot . There appears to be no direct association between these elements other that it appears that the low to high Li values tend to have a higher frequency with the low (<100ppm) Ta values.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		•	Rb-Li Plot. Shows a direct normal relationship with good
			correlation, especially if the quartz core samples are
			removed. Note quite a few samples have >1000ppm Rb
			possibly coming from lepidolite or zinnwaldite.
		•	Cs-Li PlotAlso shows a reasonable normal correlation
		•	Cs-Rb Plot. Displays a good normal correlation, especially
			if the quartz core samples were removed.
Further work	• The nature and scale of planned further work (eg tests for lateral	•An RC drilling programme is currently being planned to test expand
	extensions or depth extensions or large-scale step-out drilling).	the Exploration Target with holes planned along Pegmatite 1 & 2,
	• Diagrams clearly highlighting the areas of possible extensions,	Breakaway (to the west) and Niobe South (to the south). A rig has
	including the main geological interpretations and future drilling areas,	been booked for end of September 2021, subject to POW approval.
	provided this information is not commercially sensitive.	•See Figure 3 of planned drill areas
Cut-off	• The basis of the adopted cut-off grade(s) or quality parameters	•Not relevant to this release.
parameters	applied.
Mining factors	• Assumptions made regarding possible mining methods, minimum	•No mining factors or assumptions have been t as these are
or	mining dimensions and internal (or, if applicable, external) mining	considered outside the scope of this stage of exploration.
assumptions	dilution. It is always necessary as part of the process of determining
	reasonable prospects for eventual economic extraction to consider
	potential mining methods, but the assumptions made regarding
	mining methods and parameters when estimating Mineral Resources
	may not always be rigorous. Where this is the case, this should be
	reported with an explanation of the basis of the mining assumptions
	made.
Metallurgical	• The basis for assumptions or predictions regarding metallurgical	•No metallurgical factors or assumptions have been considered for this
factors or	amenability. It is always necessary as part of the process of	as these are considered outside the scope of this stage of exploration
assumptions	determining reasonable prospects for eventual economic extraction to
	consider potential metallurgical methods, but the assumptions
	regarding metallurgical treatment processes and parameters made
	when reporting Mineral Resources may not always be rigorous.
	Where this is the case, this should be reported with an explanation of
	**ALDORO RESOURCES LIMITED	ABN 31 622 990 809	+61 2 7229 4628**
	SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005
	http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	the basis of the metallurgical assumptions made.
Environmen-	• Assumptions made regarding possible waste and process residue	•No environmental factors or assumptions have been considered as
tal factors or	disposal options. It is always necessary as part of the process of	these are considered outside the scope of this stage of exploration. It
assumptions	determining reasonable prospects for eventual economic extraction to	must be noted that the area has be subject to trial mining in several
	consider the potential environmental impacts of the mining and	locations in the past, with pits, ROM dumps and tailings and the area
	processing operation. While at this stage the determination of	is therefore degraded. A proposed National Park is considered to the
	potential environmental impacts, particularly for a greenfields project,	north and east of this licence with the boundary infringing on about
	may not always be well advanced, the status of early consideration of	6.7% of the prospecting licence in the southeast, covering part of
	these potential environmental impacts should be reported. Where	Niobe Southeast.
	these aspects have not been considered this should be reported with
	an explanation of the environmental assumptions made.
Bulk density	• Whether assumed or determined. If assumed, the basis for the	•No bulk density tests have been made by Aldoro at this stage
	assumptions. If determined, the method used, whether wet or dry, the
	frequency of the measurements, the nature, size and
	representativeness of the samples.
	• The bulk density for bulk material must have been measured by
	methods that adequately account for void spaces (vugs, porosity,
	etc), moisture and differences between rock and alteration zones
	within the deposit.
	• Discuss assumptions for bulk density estimates used in the
	evaluationprocess of the different materials.
Classification	• The basis for the classification of the Mineral Resources into varying	•No Mineral resource is considered, the project is purely an
	confidence categories.	exploration play.
	• Whether appropriate account has been taken of all relevant factors (ie
	relative confidence in tonnage/grade estimations, reliability of input
	data, confidence in continuity of geology and metal values, quality,
	quantity and distribution of the data).
	• Whether the result appropriately reflects the Competent Person’s
	view of the deposit.
Audits or	• The results of any audits or reviews of Mineral Resource estimates.	•No Mineral Resource defined
reviews
Discussion of	• Where appropriate a statement of the relative accuracy and	•No Mineral Resource defined
relative	confidence level in the Mineral Resource estimate using an approach

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
accuracy/	or procedure deemed appropriate by the Competent Person. For
confidence	example, the application of statistical or geostatistical procedures to
	quantify the relative accuracy of the resource within stated confidence
	limits, or, if such an approach is not deemed appropriate, a qualitative
	discussion of the factors that could affect the relative accuracy and
	confidence of the estimate.
	• The statement should specify whether it relates to global or local
	estimates, and, if local, state the relevant tonnages, which should be
	relevant to technical and economic evaluation. Documentation should
	include assumptions made and the procedures used.
	• These statements of relative accuracy and confidence of the estimate
	should be compared withproduction data, where available.
Study status	• The type and level of study undertaken to enable Mineral Resources	•No Mineral Resource defined
	to be converted to Ore Reserves.
	• The Code requires that a study to at least Pre-Feasibility Study level
	has been undertaken to convert Mineral Resources to Ore Reserves.
	Such studies will have been carried out and will have determined a
	mine plan that is technically achievable and economically viable, and
	that material Modifying Factors have been considered.
Cut-off	• The basis of the cut-off grade(s) or quality parameters applied.	•No Mineral Resource defined
parameters
Mining factors	• The method and assumptions used as reported in the Pre-Feasibility	•No Mineral Resource defined
or	or Feasibility Study to convert the Mineral Resource to an Ore
assumptions	Reserve (i.e. either by application of appropriate factors by
	optimisation or by preliminary or detailed design).
	• The choice, nature and appropriateness of the selected mining
	method(s) and other mining parameters including associated design
	issues such as pre-strip, access, etc.
	• The assumptions made regarding geotechnical parameters (eg pit
	slopes, stope sizes, etc), grade control and pre-production drilling.
	• The major assumptions made and Mineral Resource model used for
	pit and stope optimisation (if appropriate).
	• The mining dilution factors used.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• The mining recovery factors used.
	• Any minimum mining widths used.
	• The manner in which Inferred Mineral Resources are utilised in
	mining studies and the sensitivity of the outcome to their inclusion.
	• _The infrastructure requirements of the selected mining methods. _
Metallurgical	• The metallurgical process proposed and the appropriateness of that	•No Mineral Resource defined
factors or	process to the style of mineralisation.
assumptions	• Whether the metallurgical process is well-tested technology or novel
	in nature.
	• The nature, amount and representativeness of metallurgical test work
	undertaken, the nature of the metallurgical domaining applied and the
	corresponding metallurgical recovery factors applied.
	• Any assumptions or allowances made for deleterious elements.
	• The existence of any bulk sample or pilot scale test work and the
	degree to which such samples are considered representative of the
	orebody as a whole.
	• For minerals that are defined by a specification, has the ore reserve
	estimation been based on the appropriate mineralogy to meet the
	specifications?
Environmen-	• The status of studies of potential environmental impacts of the mining	•No Mineral Resource defined
tal	and processing operation. Details of waste rock characterisation and
	the consideration of potential sites, status of design options
	considered and, where applicable, the status of approvals for process
	residue storage and waste dumps should be reported.
Infrastructure	• The existence of appropriate infrastructure: availability of land for	•No Mineral Resource defined
	plant development, power, water, transportation (particularly for bulk
	commodities), labour, accommodation; or the ease with which the
	infrastructure can beprovided, or accessed.
Costs	• The derivation of, or assumptions made, regarding projected capital	•No Mineral Resource defined
	costs in the study.
	• The methodology used to estimate operating costs.
	• Allowances made for the content of deleterious elements.
	• _The source of exchange rates used in the study. _

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• Derivation of transportation charges.
	• The basis for forecasting or source of treatment and refining charges,
	penalties for failure to meet specification, etc.
	• The allowances made for royalties payable, both Government and
	private.
Revenue	• The derivation of, or assumptions made regarding revenue factors	•No Mineral Resource defined
factors	including head grade, metal or commodity price(s) exchange rates,
	transportation and treatment charges, penalties, net smelter returns,
	etc.
	• The derivation of assumptions made of metal or commodity price(s),
	for theprincipal metals, minerals and co-products.
Market	• The demand, supply and stock situation for the particular commodity,	•No Mineral Resource defined
assessment	consumption trends and factors likely to affect supply and demand
	into the future.
	• A customer and competitor analysis along with the identification of
	likely market windows for the product.
	• Price and volume forecasts and the basis for these forecasts.
	• For industrial minerals the customer specification, testing and
	acceptance requirementsprior to a supply contract.
Economic	• The inputs to the economic analysis to produce the net present value	•No Mineral Resource defined
	(NPV) in the study, the source and confidence of these economic
	inputs including estimated inflation, discount rate, etc.
	• NPV ranges and sensitivity to variations in the significant
	assumptions and inputs.
Social	• The status of agreements with key stakeholders and matters leading	•No Mineral Resource defined
	to social licence to operate.
Other	• To the extent relevant, the impact of the following on the project	•No Mineral Resource defined
	and/or on the estimation and classification of the Ore Reserves:
	• Any identified material naturally occurring risks.
	• The status of material legal agreements and marketing arrangements.
	• The status of governmental agreements and approvals critical to the
	viability of the project, such as mineral tenement status, and
	government and statutory approvals. There must be reasonable
	**ALDORO RESOURCES LIMITED	ABN 31 622 990 809
	SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005
	http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	grounds to expect that all necessary Government approvals will be
	received within the timeframes anticipated in the Pre-Feasibility or
	Feasibility study. Highlight and discuss the materiality of any
	unresolved matter that is dependent on a third party on which
	extraction of the reserve is contingent.
Classification	• The basis for the classification of the Ore Reserves into varying	•No Mineral Resource defined
	confidence categories.
	• Whether the result appropriately reflects the Competent Person’s
	view of the deposit.
	• The proportion of Probable Ore Reserves that have been derived
	_from Measured Mineral Resources(if any). _
Audits or	• The results of any audits or reviews of Ore Reserve estimates.	•No Mineral Resource defined
reviews
Discussion of	• Where appropriate a statement of the relative accuracy and	•No Mineral Resource defined
relative	confidence level in the Ore Reserve estimate using an approach or
accuracy/	procedure deemed appropriate by the Competent Person. For
confidence	example, the application of statistical or geostatistical procedures to
	quantify the relative accuracy of the reserve within stated confidence
	limits, or, if such an approach is not deemed appropriate, a qualitative
	discussion of the factors which could affect the relative accuracy and
	confidence of the estimate.
	• The statement should specify whether it relates to global or local
	estimates, and, if local, state the relevant tonnages, which should be
	relevant to technical and economic evaluation. Documentation should
	include assumptions made and the procedures used.
	• Accuracy and confidence discussions should extend to specific
	discussions of any applied Modifying Factors that may have a
	material impact on Ore Reserve viability, or for which there are
	remaining areas of uncertainty at the current study stage.
	• It is recognised that this may not be possible or appropriate in all
	circumstances. These statements of relative accuracy and confidence
	of the estimate should be compared with production data, where
	available.

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

==> picture [104 x 60] intentionally omitted <==

ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 2 7229 4628 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com