ALDORO RESOURCES LIMITED — Capital/Financing Update 2021

Oct 17, 2021

ASX and Media Release 18 October 2021

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Magmatic Sulphides Intersected at the VC11 Target

• First two holes at VC11 intersect prospective rocks and nickel-copper sulphides

• Off hole targets generated by DHTEM at VC11

• High Power Fixed Loop EM survey has commenced

• VTEM max extension survey to commence Q1 2022

• Deep stratigraphic drillhole planned between VC3 and VC11

• East1 VHMS target successfully tested

• DHTEM completed on all holes up to NDD0011

Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) is pleased to provide an exploration update for the VC11 and East1 targets at the Narndee Igneous Complex (NIC, The Project) . NDD0010 and NDD0011 were drilled at the VC11 target, and NDD0012 was drilled at the East1 target. Visual sulphides and prospective rocks extend the nickel prospectivity of the NIC out to VC11, 7km north northwest of VC1.

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Figure 1 Semi massive and disseminated sulphide intersected by NDD0010 around 140m downhole. Hole size is NQ2.

About VC11 Results

NDD0010 was drilled to a depth of 225.8m. The hole intersected a thick package of variably mineralised high MgO ultramafics to 139.6m downhole. A zone of disseminated, semi-massive, and breccia nickel-copper sulphide was intersected from 139.6m to 140.2m downhole. The hole then passed back into high MgO ultramafics with disseminated sulphides and troctolites before intersecting a basal contact with metabasalt at 175.34m.

NDD0011 was drilled to a depth of 291.7m. The hole intersected a thick package of high MgO ultramafics to a basal contact at 226m downhole. A zone of disseminated and veined nickel-copper sulphide was intersected from 211.5m to 226m downhole. The basal sequence at NDD0011 is dominated by felsic volcanics as opposed to the mafic volcanics observed in NDD0010.

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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

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A set of off hole DHTEM models have been generated from the two holes. This target position will be drilled as soon as possible.

The presence of nickel-copper magmatic sulphides confirms the VC11 area to be highly prospective. Given VC11 is approximately 7km NNE of VC1, this significantly, and objectively expands the prospective footprint for nickel-copper deposits in the NIC.

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Figure 2. Plan projection showing drillhole basal contact pierce points and collars of the VC11 target and the off-hole DHTEM target models outlined in red. The area immediately south of NDD0010 will be the target of a follow-up drillhole.

East1 Visual Results

NDD0010 was drilled to a depth of 354.8m. The hole intersected a package of felsic volcanics and felsic volcaniclastics, grading into felsic volcanics with interleaved mafic volcanics at depth. Significant sulphides were intersected between 211.8m to 214.3m downhole, and 266.8 to 268.7m downhole.

These sulphide horizons could be a reasonable explanation for the East1 target; however, downhole EM will be completed on the hole to confirm the findings. A follow-up hole will be considered if a robust offhole conductor is present at the level of the base metal sulphides intersected between

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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

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211.8m and 214.3m.

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Figure 3. Cross-section of NDD0012 at 6803260m north (MGA50), the first hole into the East1 target.

The sulphide assemblage in order of abundance intersected by all reported drillholes at VC11 appears to be pyrrhotite, pentlandite, chalcopyrite, and pyrite. The sulphide assemblage in order of abundance intersected by all reported drillholes an East1 appears to be pyrrhotite, chalcopyrite, sphalerite, and pyrite. However, petrographic and geochemical analyses are required to confirm the species, geological setting, and relative abundance. Bulk sulphide abundance definitions are as follows (note these are visual estimates);

• Disseminated, blebby, breccia, and or veined sulphide - 1% to 20% sulphide

• Matrix sulphide - 20% to 40% sulphide

• Semi massive sulphide - 40% to 80% sulphide

• Massive sulphide - greater than 80% sulphide

VTEM and Aeromagnetic Dataset Extensions

The VTEM extension survey has been approved and is now slated for commencement early in the New Year. The survey is designed to screen the remaining areas of highly prospective stratigraphy and geochemistry results. The proposed extensions are divided into Priority 1 over nickel-copper-

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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

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PGE magmatic sulphide style targets and Priority 2 over copper-gold VHMS style targets.

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Figure 4. Geological map of the NIC, showing the location of all relevant targets, proposed VTEM extension surveys and planned stratigraphic hole NDP0014.

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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

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High Power Fixed Loop Electromagnetics (HPFTLEM)

NDD0005, targeting VC3 ended in highly prospective, variably mineralised ultramafic rocks at 654.9m. The VC1 target is getting significantly deeper to the north. Nickel-copper sulphides were intersected at VC11, which appear to be deepening to the south.

These observations indicate the potential for deeper highly conductive bodies in the area between VC1 and VC11, located on the edge of a regional gravity high, with a coincident aeromagnetic high. These types of targets would have been difficult to detect using the VTEM system. The Company has therefore committed to a program of large loop HPFLTEM, which has already commenced.

A deep stratigraphic hole is planned to augment the HPFLTEM program. The hole with target the coincident gravity and aeromagnetic anomaly, directly between the VC3 and VC11 targets. The planned depth for this hole is 650m. Refer to Figure 8 for the hole location.

Forward Plan

The drill rig will has now mobilised back to the VC1 target to target off-hole DHTEM responses generated from recent surveying there. Three off-hole and extension drillholes are planned at VC1.

When the three holes at VC1 are completed, the rig will mobilise back to VC11 to drill the off-hole target between NDD0010 and NDD0011.

After drilling at VC11, the rig will move to the deep stratigraphic hole located between VC3 and VC11.

Table 1. Details of drilling reported in this announcement, including holes completed by Maximus Resources in 2012.

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Table 2. Summary logs of holes reported in this announcement.

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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

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ENDS

About Aldoro Resources

Aldoro Resources Ltd is an ASX-listed ( ASX: ARN ) mineral exploration and development company. Aldoro has a portfolio of gold and nickel focused advanced exploration projects, all located in Western Australia. The Company’s flagship project is the Narndee Igneous Complex, which is prospective for Ni-Cu-PGE mineralisation. The Company’s other Ni-Cu-PGE projects include the Cathedrals Belt Nickel Project, with a significant tenement holding surrounding St George Mining’s ( ASX: SGQ ) Mt Alexander Project, the Leinster Nickel Project (Ni), and the Windimurra Igneous Complex (Ni-Cu-PGE, Li).

This announcement was authorised for release to ASX by the Board of Aldoro Resources

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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

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Figure 5. Location of the ARN landholding over the NIC.

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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

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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 forwardlooking 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 of 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.

Competent Person 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). It has been compiled and assessed under the supervision of Luke Marshall, a geological consultant to Aldoro Resources Ltd. Mr Marshall is a Member of the Australasian Institute of Geoscientists and 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 Marshall consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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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

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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	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•	Diamond drilling produced half NQ core samples which were
techniques	specific specialised industry standard measurement tools appropriate		submitted to Intertek Genalysis Laboratory Services Perth for
	to the minerals under investigation, such as downhole gamma		geochemical analysis
	sondes, or handheld XRF instruments, etc). These examples should	•	Sample intervals were between 0.2m and 1.2m in length as
	not be taken as limiting the broad meaning of sampling.		determined by geological changes
	• Include reference to measures taken to ensure sample representivity	•	QAQC samples were included at a minimum of 1 in 20 samples,
	and the appropriate calibration of any measurement tools or systems		with extras added around zones of economic interest
	used.	•	Samples were analysed by by methods 4A/MS48R and 4AH/OE
	• Aspects of the determination of mineralisation that are Material to the		(four acid digest with ICP-MS finish)
	Public Report.	•	Au, Pt, Pd were determined by method FA50/MS (fire assay with
	• In cases where ‘industry standard’ work has been done this would be		an ICP-MS finish)
	relatively simple (eg’ reverse circulation drilling was used to obtain 1	•	Sampling techniques are unknown for any reported historical
	m samples from which 3 kg was pulverised to produce a 30 g charge		drilling but assumed to be industry standard at the time of
	for fire assay’). In other cases more explanation may be required,		collection
	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	•	Aldoro drilling is diamond core drilling
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	•	Holes are drilled by HQ3 to fresh rock, cased off and drilled NQ2
	or standard tube, depth of diamond tails, face-sampling bit or other		to end of the hole
	type, whether core is oriented and if so, by what method, etc).	•	The NQ2 part of the hole is oriented by a Reflex Act-IQ
			orientation tool
		•	Bottom of the hole is marked on the core surface using an
			orientation cradle
		•	Reported historical drilling are reverse circulation drillholes
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Core	recoveries are measured using industry-standard logging
recovery	and results assessed.	techniques
	• Measures taken to maximise sample recovery and ensure	•Core	recoveries average close to 100% in fresh rock, and 90% in
	representative nature of the samples.	weathered material
		• Sample biasisvery unlikely giventhevery good samplerecoveries

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Criteria	JORC Code explanation	Commentary	Commentary
	• Whether a relationship exists between sample recovery and grade	•This	information is not known for reported historical drilling
	and whether sample bias may have occurred due to preferential
	loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•Aldoro core is logged using industry-standard semi-quantitative
	geotechnically logged to a level of detail to support appropriate	logging templates
	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 and percentage of the relevant intersections logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•	Selected NQ core samples on half cut core based on geology
techniques and	taken.		and sulphide occurrence were submitted for geochemical
sample	• If non-core, whether riffled, tube sampled, rotary split, etc and		analysis. Lithogeochemical samples were collected the same
preparation	whether sampled wet or dry.		way on 1m samples on 10m spacings over the entire hole length
	• For all sample types, the nature, quality and appropriateness of the	•	The size of the sample from the diamond drilling method is the
	sample preparation technique.		industry standard for the mineralisation style analytical technique
	• Quality control procedures adopted for all sub-sampling stages to	•	Sample preparation includes; drying,crushing, splitting and
	maximise representivity of samples.		pulverising before analysis
	• Measures taken to ensure that the sampling is representative of the in	•	QAQC standard samples of CRM pulps and coarse blank
	situ material collected, including for instance results for field		material were included routinely
	duplicate/second-half sampling.	•	This information is not known for reported historical drilling
	• Whether sample sizes are appropriate to the grain size of the material
	_being sampled. _
Quality of	• The nature, quality and appropriateness of the assaying and	•	Assay and laboratory procedures are industry standard. The
assay data and	laboratory procedures used and whether the technique is considered		technique is considered near total for the elements of interest.
laboratory	partial or total.	•	A Bruker S1 Titan with factory calibration was used for pXRF
tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc,		readings
	the parameters used in determining the analysis including instrument	•	Standard reference materials were analysed routinely by pXRF
	make and model, reading times, calibrations factors applied and their		and found to be reporting withing acceptable limits
	derivation, etc.	•	For reported historical drilling, QAQC procedures, accuracy, and
	• Nature of quality control procedures adopted (eg standards, blanks,		precision have not been established
	duplicates, external laboratory checks) and whether acceptable levels
	of accuracy (ie lack of bias) andprecision have been established.

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Criteria	JORC Code explanation	Commentary	Commentary
Verification of	• The verification of significant intersections by either independent or	•	Aldoro’s visual intersections are logged, interpreted, and
sampling and	alternative company personnel.		reported by the JORC Competent Person
assaying	• The use of twinned holes.	•	QAQC procedures and documentation of primary data is not
	• Documentation of primary data, data entry procedures, data		available for historic drilling
	verification, data storage (physical and electronic) protocols.	•	Twinned holes are not being used or reported
	• Discuss any adjustment to assay data.	•	No adjustments are made to assay data
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	Drillhole collars are measured by handheld GPS and checked
data points	down-hole surveys), trenches, mine workings and other locations		several times before drilling. Coordinates presented are in
	used in Mineral Resource estimation.		GDA94, UTM Zone 50S
	• Specification of the grid system used.	•	Collar survey accuracy of reported historic drilling is unknown
	• Quality and adequacy of topographic control.	•	Aldoro holes are surveyed by a Reflex GYRO SPRINT-IQ
		•	No downhole survey information is available for reported
			historical drilling
Data spacing	• Data spacing for reporting of Exploration Results.	•	Not relevant as only twelve holes have been completed at
and	• Whether the data spacing and distribution is sufficient to establish the		irregular spacing
distribution	degree of geological and grade continuity appropriate for the Mineral	•	A Mineral Resource is not being reported
	Resource and Ore Reserve estimation procedure(s) and	•	No sample compositing has been applied, but assay results are
	classifications applied.		reported on a length weighted average
	• _Whether sample compositing has been applied. _
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	The orientation of drilling and sampling is as close to
data in relation	possible structures and the extent to which this is known, considering		perpendicular to the interpreted key mineralised as possible
to geological	the deposit type.	•	The orientation of drilling to key mineralised structures is an
structure	• If the relationship between the drilling orientation and the orientation		evolving interpretation
	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•	Individual calico sample bags from the drilling were placed in
security			polyweave bags and hand delivered to the assay laboratory in
			Maddington by company personnel
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No	audits or reviews have been completed given the early stage of
reviews		the	project

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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	• Tenements E59/2223, E59/2238 and E59/2258
tenement and	agreements or material issues with third parties such as joint	• Held by Gunex Pty Ltd, a 100% owned subsidiary of Altilium
land tenure	ventures, partnerships, overriding royalties, native title interests,	Metals Pty Ltd, which in turn is a 100% owned subsidiary of
status	historical sites, wilderness or national park and environmental	Aldoro Resources Limited
	settings.	• GSR to original tenement holder
	• The security of the tenure held at the time of reporting along with any	• The tenements are in good standing, with no native title interests
	known impediments to obtaining a licence to operate in the area.	and no known historical or environmentally sensitive areas with
		the tenement areas
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• Previous relevant exploration was undertaken by: Westralian
done by other		Nickel-INCO (1960s-70s)
parties		• BHP-Hunter Resources (1985-90)
		• Wedgetail Resources (2001)
		• Apex Minerals-Mark Creasy (2001-06) Falconbridge-Apex-Mark
		Creasy (2002-03)
		• Maximus Resources (2005-14)
Geology	• Deposit type, geological setting and style of mineralisation.	•The Narndee Project is located within the Youanmi Terrane of the
		Yilgarn Craton, close to a major structural boundary between the
		Murchison and Southern Cross Domains. The regional geology is
		dominated by Archaean granite-greenstone terranes (greenstone 2.8-
		3.0 billion years, granites 2.6-2.95 billion years) and the Windimurra
		Group of layered mafic intrusions (2.847 billion +/- 71 million years).
		These bodies represent the largest layered mafic-ultramafic intrusive
		complex in Australia. The Narndee Igneous Complex forms the
		primary component of the Boodanoo Suite and is divided into three
		broad units of stratigraphy: Ultramafic Zone, Lower Zone and Main
		Zone. Historical exploration has generally focused on stratiform PGE-
		reef mineralisation, whereas Aldoro’s focus will be on massive
		magmatic nickel sulphide deposits
Drill hole	• A summary of all information material to the understanding of the	• A listing of the historic Maximus Resources drill hole information
Information	exploration results including a tabulation of the following information	material to the understanding of the historical exploration results,
	for all Material drill holes:	along with other historical drilling, is provided in the body and
	o easting and northing of the drill hole collar	appendices of the ASX announcement on October 29 2020.

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Criteria	JORC Code explanation	Commentary	Commentary
	o elevation or RL (Reduced Level – elevation above sea level in	•	Historical drilling by previous explorers used best practices for
	metres) of the drill hole collar		that time
	o dip and azimuth of the hole	•	The relevant details for Aldoro’s drilling are contained in the body
	o down hole length and interception depth		of this announcement
	o hole length.	•	The use of any data is recommended for indicative purposes
	• If the exclusion of this information is justified on the basis that the		only in terms of potential Ni- Cu-PGE mineralisation and for
	information is not Material and this exclusion does not detract from		developing exploration targets
	the understanding of the report, the Competent Person should clearly
	_explain why this is the case. _
Data	• In reporting Exploration Results, weighting averaging techniques,	•	Aldoro results are presented on a length weighted average
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•	No metal equivalent values have or will ever be quoted by Aldoro
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 low grade results, the procedure used
	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	•All	results referenced are based on down-hole lengths and may not
between	Exploration Results.	reflect the true width of mineralisation or thickness of host lithologies,
mineralisation	• If the geometry of the mineralisation with respect to the drill hole	which is unknown
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	•Appropriate maps and tabulations are presented in the body of the
	intercepts should be included for any significant discovery being	announcement
	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	•If peak values are reported reported, average values are also
reporting	practicable, representative reporting of both low and high grades	reported
	and/or widths should be practiced to avoid misleading reporting of	•All	results are summaried in Table 1. NSI is used in the case of No
	Exploration Results.	Significant Intercept. This ensures balanced reporting.

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Criteria	JORC Code explanation	Commentary	Commentary
Other	• Other exploration data, if meaningful and material, should be reported	•	Falconbridge completed an airborne magnetic and radiometric
substantive	including (but not limited to): geological observations; geophysical		survey over the NIC using a fixed-wing aircraft and Scintrex
exploration	survey results; geochemical survey results; bulk samples – size and		Cesium Vapour CS-2 Magnetometer and Exploranium GR 820
data	method of treatment; metallurgical test results; bulk density,		Spectrometer. Lines were flown E-W at 100m spacing and 35m
	groundwater, geotechnical and rock characteristics; potential		sensor height. This survey was reprocessed by Southern
	deleterious or contaminating substances.		Geoscience.
		•	Aldoro conducted its own VTEM Max airborne survey (refer to
			details in Table 1 ASX Announcement January 20 2021).
		•	Aeromagnetic and gravity datasets, geochemistry datasets
			ground, EM surveys, and DHTEM surveys have been used to
			target drilling
		•	GEM Geophysics completed downhole EM surveying
			Loop Size: 300mx300m, double turn
			Station Spacing: 2-10m intervals
			Sensor: B-field DigiAtlantis
			Base/frequency: 0.125Hz
			Stacking: ~32-64 stacks, 2-3 repeatable readings
Further work	• The nature and scale of planned further work (eg tests for lateral	•	Short term future work plans are detailed in the body of this
	extensions or depth extensions or large-scale step-out drilling).		announcement
	• Diagrams clearly highlighting the areas of possible extensions,	•	Exploration is at an early stage, and longer-term future work will
	including the main geological interpretations and future drilling areas,		depend on results
	provided this information is not commercially sensitive.

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