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ALDORO RESOURCES LIMITED Capital/Financing Update 2021

Aug 22, 2021

64422_rns_2021-08-22_b4d06521-a602-4a22-9c3d-5a34d188acda.pdf

Capital/Financing Update

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ASX and Media Release 23 August 2021

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Strong Off Hole Electromagnetic Targets Identified at the VC1 Target

  • Downhole electromagnetic (DHTEM) surveying was completed on all holes at VC1

  • Strong off hole conductors identified northwest of NDD0002 and northwest of NDD0004

  • DHTEM surveying indicates the VC1 conductor is strengthening at depth

  • Semi-quantitative Portable XRF (pXRF) analyses reported for NDD0003 and NDD0004

  • First drillhole testing the VC3 target underway and intersecting prospective lithology

Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) is pleased to provide an exploration update for the VC1 and VC3 targets at the Narndee Igneous Complex (NIC, The Project) . Five holes have been successfully DHTEM surveyed, and systematic pXRF analyses were completed on two holes at the VC1 target. Drillhole NDD0005 has commenced at the VC3 target, with highly prospective ultramafic and mafic intrusive suite rocks dominating the hole profile.

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Figure 1. Drilling operations at hole NDD0005, VC3 Target.

About VC1 and Drill Targeting

NDD0001, NDD0002, NDD0003, NDD0004, and historical hole MNRC0002 were successfully DHTEM surveyed over the past week. The results are very encouraging, with at least two strong off-hole target areas identified for immediate follow-up drill testing. The two strong off-hole target areas are located west and north of NDD0002 and west and north of NDD0004.

Figure two shows the location of the two high priority targets. The next phase of drilling at VC1 will target the two high priority off-hole targets, test the east-west extent of mineralisation from exiting drill pads, and aim to extend the mineralisation further down plunge, north of NDD0004.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 2. Plan projection showing completed drillhole pierce points of the VC1 target and an evolving interpretation of the magmatic sulphide footprint. DHTEM surveying generated the two high priority off-hole conductors shown in red. DHTEM surveying indicates that the anomaly is strengthening north of NDD0004.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 3. Cross-section of NDD0003 at 6804660m north (MGA50)

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 4. Cross-section of NDD0002 at 6804740m North (MGA50)

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 5. Cross-section of NDD0001 at 6804820m north (MGA50)

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 6. Cross-section of NDD0004 at 6804900m north (MGA50)

Portable X-Ray Fluorescence (pXRF) Analysis

Given the long laboratory assay turnaround times currently being experienced in the industry, systematic pXRF analysis was undertaken on the massive and semi-massive sulphide intercepts from NDD0003 and NDD0004 to help qualify the style of mineralisation and sulphide species at VC1. Vein, breccia, blebby, and disseminated sulphide zones will not be reported, as pXRF is not reliable for testing those styles of mineralisation.

pXRF readings are semi-quantitative, and the sample size is not appropriate or representative of the sample medium. Therefore, the grades reported are a guide to the presence of metal species and the sulphide assemblage rather than an indication of expected laboratory assay grades.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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The holes were analysed by pXRF on a 10cm reading spacing, and a mean average was calculated from the results, which are as follows;

NDD0003

• 111.6 – 113.5m - 1.82% Ni, 0.11% Cu NDD0004

  • 272.1 – 273m - 1.90% Ni, 0.05% Cu

Other metals of potential interest, such as Pt, Pd, and Co, will be reported with the laboratory assays as they are received.

VC3 drilling

NDD0005 was at a depth of approximately 230m at the time of writing. The hole has intersected a suite of mafic and ultramafic intrusive rocks over its entire length. These rocks are interpreted to be a similar package to that hosting the mineralisation at VC1. This strongly upgrades the VC3 target, which is located between 460m and 480m downhole in NDD0005.

The Company looks forward to providing shareholders with an update on the VC3 target when the target position is intersected.

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Figure 7. Logging of NIC ultramafic and mafic rocks in NDD0005

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 8. Geological map of the NIC, showing the location of drill ready MLTEM targets and drillhole NDD0001.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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The sulphide assemblage in order of abundance intersected by NDD0003 and NDDD0004 appears to be pyrrhotite, pentlandite, and chalcopyrite, with possible violarite and marcasite appearing in NDD0003. 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

Forward Plan

With results received for DHTEM surveying at VC1, the rig will move back there as soon as NDD0005 is completed at VC3. However, if results are positive at VC3, a second rig earmarked for arrival in several weeks’ time may be fast-tracked to the site. This will mean several targets could be tested and delineated simultaneously.

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

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ENDS

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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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).

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Figure 9. Map of of Aldoro’s landholding over the Narndee and Windimurra Igneous Complexes.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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

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.

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 8 6559 1792 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 pXFR readings were taken as spot readings on 10cm spacing on
techniques specific specialised industry standard measurement tools appropriate Aldoro drilling
to the minerals under investigation, such as downhole gamma pXRF readings are not considered industry standard work, but
sondes, or handheld XRF instruments, etc). These examples should are used to qualify the style and nature of mineralisation
not be taken as limiting the broad meaning of sampling. Sampling techniques are unknown for any reported historical
Include reference to measures taken to ensure sample representivity drilling but assumed to be industry standard at the time of
and the appropriate calibration of any measurement tools or systems collection
used.
Aspects of the determination of mineralisation that are Material to the
Public Report.
In cases where ‘industry standard’ work has been done this would be
relatively simple (eg’ reverse circulation drilling was used to obtain 1
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 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, cases 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

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Criteria JORC Code explanation Commentary Commentary
Whether a relationship exists between sample recovery and grade •This is yet to be established for Aldoro drilling as no laboratory
and whether sample bias may have occurred due to preferential samples have been collected yet
loss/gain of fine/coarse material. •This information is not known for reported historical drilling
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 andpercentage of the relevant intersections logged.
Sub-sampling If core, whether cut or sawn and whether quarter, half or all core •No laboratory samples have been collected from Aldoro drilling yet
techniques and
taken.
•For pXRF analyses, so sample preparation was undertaken
sample If non-core, whether riffled, tube sampled, rotary split, etc and •Standard reference materials were analysed routinely by pXRF and
preparation whether sampled wet or dry. found to be reporting withing acceptable limits
For all sample types, the nature, quality and appropriateness of the •This information is not known for reported historical drilling
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.
Quality of The nature, quality and appropriateness of the assaying and Not yet relevant for Aldoro drilling as no samples have been
assay data and
laboratory procedures used and whether the technique is considered
collected, and no geophysical tool results reported
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 assay data is reported
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 two holes have been completed
and Whether the data spacing and distribution is sufficient to establish the
distribution degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
• _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 as possible to the interpreted key mineralised as
to geological the deposit type. possible.
structure If the relationship between the drilling orientation and the orientation The orientation of drilling to key mineralised structures is an
of key mineralised structures is considered to have introduced a evolving interpretation
sampling bias, this should be assessed and reported if material.
Sample The measures taken to ensure sample security. Not relevant as no assays are reported or samples collected
security
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, Not yet relevant for Aldoro drilling as no assays are reported
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 •Not yet relevant for Aldoro drilling
reporting practicable, representative reporting of both low and high grades •Only selected drill intersections have been mentioned, and due to the
and/or widths should be practiced to avoid misleading reporting of nature of the drilling and lack of adequate records and survey control,
Exploration Results. they are considered indicative only and not material for historical
drilling

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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 VTEMTM Max airborne survey (refer
to details in Table 1 ASX Announcement January 20 2021).
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, Gossan occurrences will be systematically rock chip sampled
including the main geological interpretations and future drilling areas, and mapped
provided this information is not commercially sensitive. Pegmatite occurrences will be systematically rock chip sampled,
soil sampled and mapped
Exploration is at an early stage, and longer-term future work will
depend on results

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