ALDORO RESOURCES LIMITED — Capital/Financing Update 2021

May 30, 2021

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ASX and Media Release 31 May 2021

CONFIDENCE BUILDS FOR NARNDEE Ni-PGE DRILLING PROGRAM

• Refined FLTEM modelling and 3D interrogation reveals the proximity of historical drilling to Aldoro's high-ranked VC1 drill target.

• VC1 target confirmed to be located in a highly prospective geological setting for magmatic nickel-copper sulphides, close to a mafic-ultramafic contact.

• VC1 drill holes to target 8000-18000S modeled conductor which in conjunction with the favourable geological position, anomalous geochemistry and the geophysical modelling makes it a compelling drill target.

• Historic drilling shows a strong nickel-copper sulphide geochemical signature, immediately west of the VC1 FLTEM conductor model.

• VC11 also confirmed for drill testing.

• Justification of multiple de-risking strategies employed by Aldoro to improve drill targeting.

Further to its announcement ( ASX Announcement May 14 2021 ), Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) has undertaken a 3D interpretation of the VC1 and VC11 targets located in the Narndee Igneous Complex (NIC). Figures 1, 2, and 3 demonstrate the proximity of historic drilling undertaken by Maximus Resources Limited in 2012 to the VC1 target ( ASX announcement August 8, 2007, EXPLORATION UPDATE: NICKEL, COPPER, and URANIUM )

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Figure 1. Geological map showing the location of the VC1 and VC11 FLTEM targets and historic drill collars.

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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 is an east-west cross-section of the VC1 target, demonstrating the proximity of historical drilling, anomalous geochemistry, and a favourable geological environment. The elevated levels of and the Ni: Cu ratio support the presence of magmatic Ni-Cu sulphides at VC1. Note that the intercepts reported here differ from the cited ASX announcement on August 8 2007. They are reported at a 500ppm Cu cut-off to better represent the geological context and alleviate inconsistencies identified in the 1m resampling dataset.

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Figure 2. Cross section, looking north, showing proximity of historic drill holes to Aldoro’s VC1 bedrock anomaly and drill target.

The VC1 target is interpreted to have an east-northeast strike extent of 60m – 70m, a plunge extent of 490m at -21 degrees towards the north-northeast. It has a modelled conductance of 8000-18000S. The geophysical modelling makes it a compelling drill target in conjunction with the favourable geological position and anomalous geochemistry.

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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. Longitudinal section, looking west north-west, of the VC1 exploration target, showing the favourable geological setting, and the proximity of drillhole MNRC0003, which continues off section to the west.

Table 1. Details of drill results reported in this announcement. Reported at Cu cut-off 500ppm.

Hole ID	Length	**Collar Location GDA94 **	**Collar Location GDA94 **	**Collar Location GDA94 **	**Dip **	Azimuth	From m	To m	Ni Grade %	Cu Grade ppm	Width m	Intersection Description
		East	North	RL
MNRC0002	203	**609760 **	6804700	448	-70	270	64	104	0.19	803	40	40m at 0.19% Niand 803ppm Cu from 64m
MNRC0003	191	**609800 **	6804700	448	-70	270	88	111	0.18	579	23	23m at 0.18% Ni and 579ppm Cu from 88m

The VC11 target is interpreted to have an east-southeast strike extent of 60m – 70m, a plunge extent of 250m at -52 degrees towards the south-southwest. It has a modelled conductance of 500-800S. Although this is a subtle target with limited geochemical and geological support, it is a robust greenfields target warranting drill testing.

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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. Longitudinal section, looking west north-west, of the VC11 exploration target

The Company is further encouraged in its strategy of de-risking its exploration program with the application of multiple geophysical methodologies, which it believes will substantially increase the chances for discovery at its flagship Narndee Project.

The Narndee Project continues to be Aldoro's core focus going forward, and the Company will provide shareholders with regular updates on exploration progress.

ENDS

About Aldoro Resources

Aldoro Resources Ltd is an ASX-listed ( ASX:ARN ) mineral exploration and development company. Aldoro has a collection of gold and nickel 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 surround St George Mining's ( ASX:SGQ ) Mt Alexander Project, the Leinster Nickel Project (Ni), and the Windimurra Igneous Complex (Ni-Cu-PGE, Li). Aldoro's gold tenements, comprising the Penny South, Unaly Hill South (Au), Kiabye Well (Au), and Ryan's Find gold projects, have been divested (ASX Announcement May 26, 2021, Aldoro to divest gold projects via priority IPO spin-out ).

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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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Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Aldoro operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Aldoro's control.

Aldoro does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of

Aldoro, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as 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 Persons Statement

The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). 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 report template

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	•	A Fixed Loop Transient Electromagnetic (FLTEM) ground survey
techniques	specific specialised industry standard measurement tools appropriate		completed over 11 high-interest targets. The survey was initiated
	to the minerals under investigation, such as down hole gamma		over selected high priority targets, initially identified from a
	sondes, or handheld XRF instruments, etc). These examples should		previous VTEMTM airborne survey. The FLTEM survey
	not be taken as limiting the broad meaning of sampling.		commenced mid-February 2021, with all 11 survey blocks
	• Include reference to measures taken to ensure sample representivity		completed. Orientation is in E – W direction over EM targets of
	and the appropriate calibration of any measurement tools or systems		the Narndee Igneous Complex, identified by UTS
	used.		Geophysics/Geotech consultants from a previous VTEMTM Max
	• Aspects of the determination of mineralisation that are Material to the		airborne survey.
	Public Report.	•	FLTEM configuration:
	• In cases where 'industry standard' work has been done this would be	•	NORDICem24 receiver
	relatively simple (eg' reverse circulation drilling was used to obtain 1	•	CSIRO LANDTEM HT SQUID B-field sensor
	m samples from which 3 kg was pulverised to produce a 30 g charge	•	ORE_HPTX transmitter
	for fire assay'). In other cases more explanation may be required,	•	Loop sizes – 400x550m up to 750x750m
	such as where there is coarse gold that has inherent sampling	•	Specs
	problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• •	100-150m line spacing 50m station spacing.
		•	0.5Hz base frequency
		•	130A current
		•	~1msec ramp time
		•	Multiple readings at 64 stacks
		•	FLTEM surveys are an industry-standard practice for follow-up
			testing after an airborne WM survey for bedrock conductors
			representing potential mineralised massive sulphide bodies.
		•	Sampling techniques are unknown for reported historical drilling
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	Reported historical drilling are reverse circulation drillholes
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple

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Criteria	JORC Code explanation	Commentary	Commentary
	or standard tube, depth of diamond tails, face-sampling bit or other
	_type, whether core is oriented and ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•This information is not known for reported historical drilling
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/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•Not relevant given the early stage of The Project
	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 and percentage of the relevant intersections logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•This information is not known for reported historical drilling
techniques and	taken.
sample	• If non-core, whether riffled, tube sampled, rotary split, etc and
preparation	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. _
Quality of	• The nature, quality and appropriateness of the assaying and	•	FLTEM system calibrated before the commencement of the
assay data and	laboratory procedures used and whether the technique is considered		survey. Assay and laboratory techniques are not known for
	partial or total.		MNRC0002 and MNRC0003

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Criteria	JORC Code explanation	Commentary	Commentary
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•	All digital data is inspected daily by the Geotech site crew and
tests	the parameters used in determining the analysis including instrument		the Company's consultant geophysicist.
	make and model, reading times, calibrations factors applied and their	•	The Company receives a daily report on production and of any
	derivation, etc.		equipment issues.
	• Nature of quality control procedures adopted (eg standards, blanks,	•	The data is reviewed real-time by the consultant geophysicist on
	duplicates, external laboratory checks) and whether acceptable levels		the ground, and any lines are re- walked if necessary.
	of accuracy (ie lack of bias) and precision have been established.	•	The data presented is being conducted and processed by
			consultants HPEM Geotech. Upon completion, the Company's
			consultant geophysicist will complete a QA/QC of these data to
			consider them suitable for public release.
		•	For reported historical drilling, QAQC procedures, accuracy, and
			precision have not been established.
Verification of	• The verification of significant intersections by either independent or	•	Daily data independently checked by Company's consultant
sampling and	alternative company personnel.		geophysicist
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 adjustment was made to assay data
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	Real-time GPS navigation system. Coordinates presented are in
data points	down-hole surveys), trenches, mine workings and other locations		GDA94, UTM Zone 50S.
	used in Mineral Resource estimation.	•	Collar survey accuracy of reported historic drilling is unknown.
	• Specification of the grid system used.	•	No downhole survey information is available for reported
	• Quality and adequacy of topographic control.		historical drilling.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Spacing between survey lines is 100-150m, with station readings
and	• Whether the data spacing and distribution is sufficient to establish the		taken approximately every 50m along lines—multiple readings at
distribution	degree of geological and grade continuity appropriate for the Mineral		64 stacks.
	Resource and Ore Reserve estimation procedure(s) and	•	Data spacing for EM surveying is optimum to establish
	classifications applied.		geological continuity.
	• Whether sample compositing has been applied.	•	The sufficiency of drill data spacing is unknown given the early
			stage of the Project.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	Sample composites were collected by 4m composites and
			resampled by 1m composited where anomalous results were
			returned.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	The survey lines are approximately perpendicular to any known
data in relation to geological	possible structures and the extent to which this is known, considering the deposit type.		strike direction of geological formations and which orientation is sufcient to interrogate further the discrete conductive anomalies
structure	• If the relationship between the drilling orientation and the orientation		previously identified by the VTEM Max survey
	of key mineralised structures is considered to have introduced a	•	The orientation of drilling to key mineralised structures is
	sampling bias, this should be assessed and reported if material.		unknown
Sample	• The measures taken to ensure sample security.	•	All data acquired by HPEM will be reported to the Company's
security			consultant geophysicist
		•	Sample security measures are unknown for historical reported
			drilling
Audits or	• The results of any audits or reviews of sampling techniques and data.	•The	geophysical data will be independently verified by the Company's
reviews		consultant geophysicist Russell Mortimer of Southern Geoscience
		Consultants

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	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

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Criteria	JORC Code explanation	Commentary
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• Previous relevant exploration was undertaken by: Westralian
done by other		Nickel-INCO (the 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 ASX announcement October 29 2020.
	o elevation or RL (Reduced Level – elevation above sea level in	• Historical drilling by previous explorers used best practice for
	metres) of the drill hole collar	that time.
	o dip and azimuth of the hole	• The use of any data is recommended for indicative purposes
	o down hole length and interception depth	only in terms of potential Ni- Cu-PGE mineralisation and for
	o hole length.	developing exploration targets.
	• If the exclusion of this information is justified on the basis that the
	_information is not Material and this exclusion does not detract from _

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Criteria	JORC Code explanation	Commentary	Commentary
	the understanding of the report, the Competent Person should clearly
	_explain why this is the case. _
Data	• In reporting Exploration Results, weighting averaging techniques,	•	Raw composited sample intervals have been reported and
aggregation	maximum and/or minimum grade truncations (eg cutting of high		aggregated where appropriate.
methods	grades) and cut-off grades are usually Material and should be stated.	•	No metal equivalent values have been quoted
	• 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 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	•Only selected drill intersections have been mentioned, and due to the
reporting	practicable, representative reporting of both low and high grades	nature of the drilling and lack of adequate records and survey control,
	and/or widths should be practiced to avoid misleading reporting of	they are considered indicative only and not material
	_Exploration Results. _
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.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	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	•	Targets generated from the FLTEM survey will be followed up
	extensions or depth extensions or large-scale step-out drilling).		with a Moving Loop electromagnetic survey (MLTEM), which will
	• Diagrams clearly highlighting the areas of possible extensions,		filter super-paramagnetic (SPM) responses, such as that caused
	including the main geological interpretations and future drilling areas,		shallow magnetite occurrences in weathered ground, that give a
	provided this information is not commercially sensitive.		similar response to target sulphide bodies. A delay from the
			geophysical contractor means that the dipole-dipole induced
			polarisation (2DIP) survey will now follow the MLTEM survey and
			eventually be followed by drill testing.
		•	Exploration is at an early stage, and future work will depend on
			results

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