ALDORO RESOURCES LIMITED — Capital/Financing Update 2022

Oct 30, 2022

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ASX and Media Release 31 October 2022

Niobe continues to progress feasibility & project development

Key Highlights

• Environmental survey performed at Niobe confirms that no environmentally sensitive flora or vegetation is present

• Successful submission of Niobe’s Mineralisation Report to the Department of Mines (DMIRS) to enable conversion of P59/2137 to a Mining Lease

• Niobe’s scoping study and metallurgical test work advancing well

• Niobe’s final heritage survey successfully performed over the entire lease

• Commencement of native title discussions with traditional owners from Wajarri Yamatji (Simpson Area)

Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) is pleased to provide an update on its 100% owned Niobe Rubidium-Lithium Project, located 80km by road northwest of Mount Magnet, Western Australia. Newland Environmental Consultants were engaged to undertake the Flora and Vegetation survey across the Niobe tenement.

An excerpt from the Flora and Vegetation Survey performed last month across the Niobe Project tenement (P59/2137) confirms that “ No vegetation types or landforms in the survey area were considered as being rare, unique or restricted, or representing the DBCA descriptions of Midwest Threatened Ecological Communities (‘TEC’s) or Priority Ecological Communities (‘PEC’s). No riparian vegetation was observed in the survey area”.

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Figure 1 : View of the historical Mt Farmer tantalum pit on P59/2137

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

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Aldoro is pleased with the outcome of the environmental survey and are actively continuing with other project development activities including:

• Utilising Niobe’s JORC Mineral Resource estimate (see ARN announcement dated 12/10/22) in its Mineralisation Report submission to the Department of Mines (DMIRS) in October 2022. Niobe’s Mineralisation Report and Supporting Statement commences the application process to convert P59/2137 tenements to a mining lease.

• Progressing the Niobe scoping study, including metallurgical test work.

• Performing Fauna survey as part of desktop study over Niobe.

• The final heritage survey covering the Niobe tenement was performed on the 25[th] & 26[th] October 2022, alongside representatives from Wajarri Yamatji (Simpson Area) and Horizon Heritage. The survey progressed well with two sites of cultural significance identified but were not in the areas of known mineralisation. A Heritage Survey Report will be prepared by Horizon Heritage and submitted to Aldoro.

• Commencement of native title discussions with the Wajarri Yamatji (Simpson Area) over the Niobe Project and expected to continue into the start of 2023.

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Figure 2 : Heritage Survey crew on site at the Niobe Project with representatives from Aldoro

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

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This announcement has been authorised for release to the ASX by the Board of the Company.

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 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.

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.

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