ALDORO RESOURCES LIMITED — Capital/Financing Update 2022

Aug 17, 2022

ASX and Media Release 18 August 2022

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PRIORITY AREAS OF Ni-Cu-PGE MINERALISATION TO BE FOLLOWED UP AT NARNDEE & WINDIMURRA

Highlights

• Review of the Narndee exploration program conducted in 2H 2021 confirms 3 priority areas of Ni-Cu-PGE mineralisation for follow-up

• High powered IP surveys planned over these three Ni-Cu-PGE targets areas from the reinterpreted EM and past drilling results

• IP survey planned for the northern Wyemandoo project area based on magnetic and structural targets that have similarities with known Ni-Cu mineralisation in the Windimurra Igneous Complex.

• Subject to IP results drilling is targeted for 4Q 2022.

Aldoro Resources Ltd (“ Aldoro ”, “ The Company” ) ( ASX: ARN ) is pleased to announce that it has spent considerable time assessing the results of the Narndee Ni exploration program and that following that review has identified three areas for induced Polarisation (IP) surveys targeting potential Ni-Cu-PGE mineralisation. The Narndee Ni-Cu mineralisation model is similar to that successfully demonstrated by the Callisto Ni-Cu deposit in the Fraser Range held by Galileo Mining Limited ( ASX : GAL, 3 August 2022 ). In addition, the IP will be conducted over the northern covered area at the Wyemandoo Project where structural interpretation of the aeromagnetic data suggests potential for Ni-Cu mineralisation similar to that found at the nearby Canegrass Ni Project, WA. Subject to IP results it is envisioned a rig will be contracted in the 4[th] quarter to test the deeper targets at both projects.

Narndee Project

Target 1 : The planned East-West survey lines cover the previous drilling at VC01 and an area to the east. At VC01, Ni-Cu mineralisation was intersected (up to 2.9m @0.92%Ni and 0.40% Cu in hole NDD0008) at the base of the ultramafic cumulate where they interface with mafics (including sediment) this contact appears to dip to the east. It is interpreted that the mineralisation may thicken to the east, applying three IP lines extending 1km to the east will test this mineralisation model.

The model places that the thickest sulphide ore is likely to be present in a zone at the base of the magma chamber through gravity segregation and the PGE geochemical anomalies may indicate a latestage fault-controlled ultramafic intrusive. Previous drilling indicates deeper offset(?) intersections to the north where a possible NE-SW striking fault causing a rapid change in lithological depths and that its presence is possibly supported from the aeromagnetic interpretation. Figure 1 displays the proposed three IP lines with stations at 40m over 1000m, which may provide IP soundings to 800m depth.

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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 1: Planned I.P. Sounding stations of Target 1

Target 2 : Is located 500m to the north of Target 1 and is based on a very strong aeromagnetic anomaly associated with VTEM and the PGE geochemical anomalies as well as surface gossans. The model for this location is shown in Figure 2 with basal Ni-Cu ore body at depth with a faulted offset with possible associated PGE’s mineralisation.

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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 : Interpreted geological cross section of Line 5500N

Target 3 is located 2600m to the north of Target 2 and forms the southern part of a large, strong VTEM anomalies with overlapping aeromagnetic anomaly and includes Ni geochemical anomalies. It is interpreted that the sulphide body could be significant deeper than Target 2 and as such three 1200m east west lines are proposed with 31 stations. Given the depth that may be involved, this survey will only be conducted if Target 2 resolves conductive anomalies at depth.

The survey lines over the 3 targets are presented in Figures 3 to 5.

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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: Planned I.P. Sounding lines on the Magnetic anomalies in the Narndee prospect

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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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6808000 mN
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609000 mE 610000 mE 611000 mE 612000 mE
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Figure 4: Planned I.P. Sounding lines on the VTEM anomalies in the Narndee prospect

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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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NARNDEE PROJECT
Predicted Mineralisation Centre’s
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Figure 6: Targets on the geological map, note the targets lie in the purple, mapped as ultramafic

Windimurra Project

A proposed Gradient Array I.P. survey is planned over an area about 5 km[2] in the northern part of the Wyemandoo project, refer to Figure 7. The target is based on magnetic features offset from the major NNE-SSW magnetic linear associated with Huntsmen’s Canegrass Ni-Cu anomalies.

In conjunction, a soil sampling program is currently being planned over the high rechargeability anomaly areas. The exploration target within this area is still the nickel sulphide style of deposit.

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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 7: Proposed IP array survey area in the northern part of the Wyemandoo Project. TMI image backdrop

ENDS

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 Mark Mitchell, technical director for Aldoro Resources Ltd. Mr Mitchell 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 Mitchell 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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Figure 1. Location of the ARN landholding over the Murchison Terrane

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.

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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 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 lo ss 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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This announcement was approved for release to ASX by the board of Aldoro Resources

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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