ALDORO RESOURCES LIMITED — Capital/Financing Update 2022

Oct 30, 2022

ASX and Media Release 31 October 2022

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MOU EXECUTED TO PROGRESS DEVELOPMENT AND OFFTAKE AT NIOBE

Highlights

• Aldoro Resources and True Gains Limited execute a Memorandum of Understanding (MOU) to further progress development of the 100% owned Niobe Rubidium & Lithium Project

• The aim of the MOU is to utilise the network of True Gains founder Mr Hua Wang to expedite offtake discussions

• The MOU provides flexibility for True Gains to introduce JV development funds and JV partners for the Niobe project

• True Gains Founder Mr Hua Wang serves as Chairman and founder of Jeshing Group, a Nanjing based conglomerate

Aldoro Resources Ltd (“ Aldoro ”, “ The Company” ) ( ASX: ARN ) is pleased to advise that it has executed a non-binding Memorandum of Understanding ( MOU ) with True Gains Limited (“ True Gains ”).

True Gains is a Hong Kong based BVI domiciled company founded by Mr Hua Wang and acts as Mr Wang’s resource investment company. Mr Wang has a track record in construction and manufacturing with deep relationships across manufacturing bases across Asia. Mr Wang acts as chairman of Nanjing based Jeshing Group and Aldoro views Mr Wang’s network as integral in assisting the Company develop Niobe into Australia’s first and only Rubidium mine.

The purpose of the MOU is to progress value accretive aspects to commercialisation and development of the Niobe project, including:

• securing a suitable joint venture partner and/or strategic investor for the exploration and development stages; and

• introduction of the Company and the Niobe project to potential off-takers for lithium and rubidium extracted from the Niobe project.

As announced on 12 October 2022, Aldoro successfully achieved a maiden Inferred JORC 2012 resource estimate for the Niobe Rubidium-Lithium Project as shown below:

4.615Mt @ 0.17% Rb2O and 0.07% Li2O (Inferred Resource Estimate)

		Total	High Level Estimate
Type	Tonnage	Rb2O	Li2ORb2O	Li2O
	t	%	%t	t
Oxide	111,000	0.15	0.07170	70
Transitional	974,000	0.17	0.051,670	530
Fresh	3,530,000	0.18	0.076,220	2,480
Total	4,615,000	0.17	0.078,060	3,080

Table 1: Inferred Mineral Resource Estimate for the Niobe Rubidium-Lithium Project

Notes

• Reported above a Rb2O cut-off grade of 0.05%, Rubidium Carbonate (Rb2CO3) price at 99% is USD 1,050/kg – Reference: Metal.com

• Tonnages and grades have been rounded to reflect the relative uncertainty of the estimate

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 Suite 11, 23 RAILWAY RD, SUBIACIO WA 6008 http://www.aldororesources.com

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Key terms of the MOU are summarised as follows:

• (a) Niobe Offtake: The parties agree to collaborate and work together to secure one or more suitable off-take partners for the supply of rubidium and lithium extracted from the Niobe Project ( Offtake Partner ) with of the objective of entering into a long-term offtake and/or supply agreements with Offtake Partners on terms acceptable to Aldoro ( Offtake Agreement ).

• (b) Niobe Joint Venture: The parties agree to collaborate and work together to secure a suitable joint venture partner (or similar arrangement, such as farm-in or earn-in) for the Niobe Project ( New Partner ), who will be prepared to partner with Aldoro and contribute to exploration and development activities to be undertaken at the Niobe Project.

• (c) Non-exclusivity: The MOU is not intended to be exclusive and the parties each acknowledge and agree that they may deal with other parties with respect to the subject matter of the MOU, whilst observing the terms of the MOU.

• (d)

  • Duration: Two Years.

• (e) Governing Law: Each party irrevocably submits to the non-exclusive jurisdiction of the courts exercising jurisdiction in Western Australia and courts of appeal from them in respect of any proceedings arising out of or in connection with the MOU.

• (f) Assignment: Not permitted without consent.

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

ENDS

About Aldoro Resources

Aldoro Resources Ltd is an ASX-listed ( ASX: ARN ) mineral exploration and development company. Aldoro has a portfolio of lithium, rubidium and base metal projects, all located in Western Australia. The Company’s flagship projects are the Wyemandoo lithium-rubidium-tungsten project and the Niobe lithium-rubidium-tantalum Project. The Company’s other projects include the Narndee Igneous Complex, which is prospective for Ni-Cu-PGE mineralisation.

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

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 Suite 11, 23 RAILWAY RD, SUBIACIO WA 6008 http://www.aldororesources.com

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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.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 Suite 11, 23 RAILWAY RD, SUBIACIO WA 6008 http://www.aldororesources.com