ALDORO RESOURCES LIMITED — Capital/Financing Update 2021

Oct 10, 2021

11 October 2021

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ALDORO EXPANDS WINDIMURRA FAIRWAY POSITION WITH E58/555 ACQUISITION

• Aldoro expands its Windimurra Pegmatite footprint via the acquisition of E58/555.

• The acquisition of E58/555 completes Aldoro’s recent activities in attempting to secure the interpreted pegmatite fairway which sits within the contiguous area covered by E59/2431, E58/571 and E57/1017 which have been secured by Aldoro over the past 4 months.

Aldoro Resources Limited (ASX: ARN) ( Aldoro or Company ) is pleased to announce that it has entered into a binding heads of agreement ( Agreement ) with Trafalgar Resources Pty Ltd (ACN 612 053 166) ( Trafalgar ) for the acquisition of Trafalgar’s 100% interest in E58/555 located in the Mt Magnet area of Western Australia (the Tenements ).

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Figure 1. Location of E58/555 in relation to Aldoro’s recently acquired licenses.

Key transaction terms

The material terms and conditions of the Agreement are as follows:

• The Company will pay Trafalgar $50,000 in cash; and

• 275,000 shares on the date that is ten (10) business days following grant of the Tenement Application.

• The conditions precedent are:

  • completion of financial, legal and technical due diligence by Aldoro on the Tenement, to the satisfaction of Aldoro;

  • the parties obtaining all necessary regulatory approvals or waivers pursuant to the ASX Listing Rules, Corporations Act 2001 or any other law to allow the parties to lawfully complete the matters set out in the Agreement;

  • the parties obtaining all third-party approvals and consents, including the consent of the Minister responsible for the Mining Act 1978 (WA) ( Mining Act ) (if required), necessary to lawfully complete the matters set out in the Agreement; and

  • Trafalgar, Aldoro and, if necessary under the third party agreements, the relevant third party, executing a deed of assignment and assumption in relation to each third party agreement.

• If the conditions precedent are not satisfied on the date that is 90 days following the execution date, then any party may terminate the Agreement by notice in writing to the other party.

• Settlement of the acquisition will occur on the date that is two business days after the satisfaction or waiver of the last of the conditions precedent.

Aldoro’s chairman Mr. Joshua Letcher made the following comment: “The acquisition of E58/555 completes the acquisition of the interpreted pegmatite corridor based on known occurrences and regional boundaries. We know the fractioned pegmatites reside in the greenstones, so the granite to the east and south is one boundary with the western boundary dictated by the layered gabbros that the pegmatites are located in.”

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 gold, nickel and lithium 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. 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) and Windimurra Igneous Complex (Ni-Cu- PGE, Li).

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 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.

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.