ALDORO RESOURCES LIMITED — Capital/Financing Update 2022

Feb 3, 2022

ASX and Media Release 04 February 2022

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Phase II Drilling Update at Niobe

• Fifteen more RC holes were completed at Niobe

• All holes intersected pegmatite intervals at multiple intervals below the surface

• Pegmatite intersections continue to confirm those from historical drilling

• pXRF readings compare well with historic assay results

Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) is pleased to provide an exploration update for the Mineral Resource drilling program at the Niobe Project. A further fifteen holes have been completed, with all intersecting pegmatites. The full results of these holes will be announced when geological logs, systematic pXRF readings, and QAQC checks are completed.

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Figure 1. RC rig in action at Niobe

The results of the second phase of drilling at Niobe continue to encourage, with intersections of pegmatites confirming historical drilling. Pegmatite intersections have continued to be as thick or thicker and located where predicted. Full details of the pegmatite intersections will be announced when detailed logging, pXRF, and QAQC checks are completed.

Abundant mica species have continued to be identified in geological logs, further encouraging the ongoing drill program.

A pXRF program is underway, scanning every metre of RC drilling to fast-track interpretation and planning. The results of the pXRF readings will be reported as they come to hand.

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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. Photograph of drill chips from hole NBRC032 from 0m downhole top left to 24m downhole bottom right, showing pegmatite intersections (pale) and host mafic rocks (dark).

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Figure 3. Photograph of pegmatite specimen located near the drill grid at Niobe, showing abundant mica content.

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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. Field technician sieving drill chips at the Niobe drill program.

Forward Plan

The drilling program is ongoing to completion, with the aim of estimating a JORC2012 reportable Mineral Resource when all assay results have been received.

The RC rig will then mobilise to the Wyemandoo Project, where an extensive greenfields drill program is planned.

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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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Table 1. Details of pegmatite intersections returned and QAQC checked for drilling at Niobe.

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ENDS

This announcement was approved for release by the board.

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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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. Location of the ARN landholding over the NIC and Niobe projects.

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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 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 specific
techniques	specialised industry standard measurement tools appropriate to the	•	RC drilling produced 1m samples which were submitted to Intertek Genalysis
	minerals under investigation, such as down hole gamma sondes, or		Laboratory Services Perth for geochemical analysis
	handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and	• •	Sample intervals were between 1m and 4m in length as determined by geological changes QAQC samples were included at a minimum of 1 in 20 samples, with extras added around zones of economic interest
	the appropriate calibration of any measurement tools or systems used.	•	Samples were analysed by methods 4A/MS48R and 4AH/OE (four acid digest
	• Aspects of the determination of mineralisation that are Material to the		with ICP-MS finish)
	Public Report.	•	Au, Pt, Pd were determined by method FA50/MS (fire assay with an ICP-MS
	• In cases where ‘industry standard’ work has been done this would be		finish)
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m	•	Sampling techniques are unknown for any reported historical drilling but
	samples from which 3 kg was pulverised to produce a 30 g charge for fire		assumed to be industry standard at the time of collection
	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 blast,
techniques	auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard	•	All drilling reported is reverse circulation drilling.
	tube, depth of diamond tails, face-sampling bit or other type, whether core
	_is oriented and if so, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries and	•	No work has been undertaken to determine drill sample recovery
recovery	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/gain of
	fine/coarse material.

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Criteria	JORC Code explanation	Commentary	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically	•	Aldoro drilling is logged using industry-standard semi-quantitative logging
	logged to a level of detail to support appropriate Mineral Resource		templates
	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 taken.
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and whether	•	The size of the sample from the drilling method is the industry standard for
and sample preparation	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	• •	the mineralisation style analytical technique Sample preparation includes; drying, crushing, splitting and pulverising before analysis QAQC standard samples of CRM pulps and coarse blank material were included routinely
	representivity of samples.	•	This information is not known for reported historical drilling
	• 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 laboratory
assay data and laboratory	procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the	•	Assay and laboratory procedures are industry standard. The technique is considered near total for the elements of interest.
tests	parameters used in determining the analysis including instrument make and	•	A Bruker S1 Titan with factory calibration was used for pXRF readings
	model, reading times, calibrations factors applied and their derivation, etc.	•	Standard reference materials were analysed routinely by pXRF and found to
	• Nature of quality control procedures adopted (eg standards, blanks,		be reporting withing acceptable limits
	duplicates, external laboratory checks) and whether acceptable levels of	•	For reported historical drilling, QAQC procedures, accuracy, and precision
	accuracy (ie lack of bias) andprecision have been established.		have not been established
Verification of	• The verification of significant intersections by either independent or	•	Aldoro's visual intersections are logged, interpreted, and reported by the JORC
sampling and	alternative company personnel.		Competent Person
assaying	• The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	• • •	QAQC procedures and documentation of primary data is not available for historic drilling Twinned holes are not being used or reported No adjustments are made to assaydata

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Criteria	JORC Code explanation	Commentary	Commentary
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and down-	•	Drillhole collars are measured by handheld GPS and checked several times
data points	hole surveys), trenches, mine workings and other locations used in Mineral		before drilling. Coordinates presented are in GDA94, UTM Zone 50S
	Resource estimation.	•	Collar survey accuracy of reported historic drilling is unknown
	• Specification of the grid system used.	•	Aldoro holes are surveyed by a Reflex GYRO SPRINT-IQ
	• Quality and adequacy of topographic control.	•	No downhole survey information is available for reported historical drilling
Data spacing	• Data spacing for reporting of Exploration Results.	•	Not relevant as only seventeen holes have been completed at irregular
and	• Whether the data spacing and distribution is sufficient to establish the		spacing
distribution	degree of geological and grade continuity appropriate for the Mineral	•	A Mineral Resource is not being reported
	Resource and Ore Reserve estimation procedure(s) and classifications applied.	•	No sample compositing has been applied, but assay results are reported on a length weighted average
	• Whether sample compositing has been applied.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	•	The orientation of drilling and sampling is as close to perpendicular to the
data in	structures and the extent to which this is known, considering the deposit		interpreted key mineralised as possible
relation to	type.	•	The orientation of drilling to key mineralised structures is an evolving
geological	• If the relationship between the drilling orientation and the orientation of key		interpretation
structure	mineralised structures is considered to have introduced a sampling bias, this
	should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•	Individual calico sample bags from the drilling were placed in polyweave bags
security			and hand delivered to the assay laboratory in Maddington by company
			personnel

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	Niobe
tenement and	agreements or material issues with third parties such as joint ventures,	•	The project consists of E57/1017 and E59/2431 held by Aldoro and
land tenure status	partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any		E58/571 and E58/555 are under agreement with Aldoro but are still in application phase and held by Mining Equities Pty Ltd and Trafalgar Resources Pty Ltd. Sampling in E58/578 was done by Meridian 120 before a 50% reduction in E57/1017.

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Criteria	JORC Code explanation	Commentary	Commentary	Commentary
	known impediments to obtaining a licence to operate in the area.		•	No known impediments to exploring on either of the Niobe granted
				licences, however the licence applications have no secure title.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	Limited historical exploration at Niobe includes:
done by other			•	Geological mapping by Australian Geophysical Pty Ltd in 1969 (Wamex
parties				report A141). This shows one lepidolite-bearing pegmatite at Niobe.
			•	Geological mapping by I D Martin for Alcoa in 1983 (Wamex report
				A13164). This shows dozens of pegmatite dykes at Niobe.
			•	Geological mapping by Pancontinental in 1988. This shows a number of
				pegmatites and annotates them as Na, K or Li type (see Wamex report
				24289).
			•	A small number of geochemical samples, including stream sediments,
				rocks and possibly soils, have been collected within the current licence
				area but were not analysed for any elements relevant to our current
				work.
			•	As far as we are aware, no exploration drilling on pegmatites has ever
				been carried out within the current licence area
		Recent exploration by Meridian120 focused on mainly tungsten but also lithium and
		includes
			•	Detailed (1:1000 scale) geological mapping of three areas within the
				tungsten zone
			•	Reconnaissance mapping (10,000 scale) west of the known tungsten zone
			•	Broad scale mapping of pegmatites by GPS tracing
			•	UV lamp prospecting
			•	Epidote vein prospecting
			•	Stream sediment sampling
			•	Rock sampling of epidote and epidote-scheelite rocks
			•	Soil sampling (loaming) with panning of heavy mineral concentrates and
				scheelite grain counting under UV light
			•	GPS surveying of creeks and pegmatite dykes
Geology	• Deposit type, geological setting and style of mineralisation.	Niobe
		•	The	licence area is underlain by gabbroic rocks of the Niobe layered mafic
			intrusion. The Niobe mafics are separated from the main Windimurra mass by

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Criteria	JORC Code explanation	Commentary	Commentary
			a major fault zone and a sliver of felsic and sedimentary schists. The layering
			trend at Niobe is very different from that of the main Windimurra mass. It
			generally strikes east-north-easterly, and dips to the north. Metamorphic
			grade at Niobe is possibly higher than at Windimurra
		•	There are numerous pegmatite dykes at Niobe. Some contain lithium mica.
			Composite rock samples from the pegmatites have given assays up to 2.6%
			lithium oxide, 276 ppm tantalum, and 3296 ppm tungsten (0.42% WO3)
		•	The nearby granite pluton, immediately east of the licence area, is probably
			the parent source of the pegmatites this granite is named as part of the
			Wogala Suite. It is described as a metamorphosed monzogranite containing
			muscovite and biotite and local accessory fluorite
		•	In a geochronology report (Wingate 2015) the same granite is said to be part
			of the Tuckanarra Suite and a sample of it from near the north-eastern corner
			of the current licence area is described as biotite monzogranite with quartz, K-
			feldspar, plagioclase, biotite and muscovite plus accessory minerals. Its
			magmatic crystallisation age was determined by the zircon uranium-lead
			method as 2,678 million years (plus or minus 8 million years)
		•	Topaz, fluorite, beryl, lepidolite and trace tantalite have been recorded at
			Mount Niobe not far from the project area (suggesting strong fractionation of
			a granite/pegmatite magma capable of depositing rare metals)
		•	Meridian have found an extensive zone of hydrothermal epidote-garnet-
			quartz-scheelite veins in the licence area. The veins are high-grade with rock
			assays up to 16.5% W03and occur along a linear structure hundreds of metres
			long.
Drill hole	• A summary of all information material to the understanding of the	•	Historical drilling by previous explorers used best practices for that time
Information	exploration results including a tabulation of the following information for all	•	The relevant details for Aldoro's drilling are contained in the body of this
	Material drill holes:		announcement
	o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of	•	The use of any data is recommended for indicative purposes only in terms of potential Ni- Cu-PGE mineralisation and for developing exploration targets
	the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the

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Criteria	JORC Code explanation	Commentary	Commentary
	information is not Material and this exclusion does not detract from the
	understanding of the report, the Competent Person should clearly explain
	why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques, maximum	•	Not applicable
aggregation	and/or minimum grade truncations (eg cutting of high grades) and cut-off
methods	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 Exploration	•	All results referenced are based on down-hole lengths and may not reflect the
between	Results.		true width of mineralisation or thickness of host lithologies, which is unknown
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is
widths and	known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported, there should
lengths	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 intercepts	•	Appropriate maps and tabulations are presented in the body of the
	should be included for any significant discovery being reported These should		announcement
	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 practicable,	•	If peak values are reported reported, average values are also reported
reporting	representative reporting of both low and high grades and/or widths should	•	All results are summaried in the body of the announcement. NSI is used in the
	bepracticed to avoid misleading reporting of Exploration Results.		case of No Significant Intercept. This ensures balanced reporting
Other	• Other exploration data, if meaningful and material, should be reported	•	Not applicable to this announcement
substantive	including (but not limited to): geological observations; geophysical survey
exploration	results; geochemical survey results; bulk samples – size and method of
data	treatment; metallurgical test results; bulk density, groundwater,

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Criteria	JORC Code explanation	Commentary	Commentary
	geotechnical and rock characteristics; potential deleterious or
	contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions	•	Future work will consist of detailed geological mapping supplemented by
	or depth extensions or large-scale step-out drilling).		spectral surveying, surface geochemical sampling and pattern drill testing to
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	•	assess the 3D potential of the host rocks to contain significant volumes of mineralisation High resolution satellite and drone imagery has been used to discriminate dyke-like features which may or may not be related to pegmatites. The
			proposed sampling program will confirm if these features are pegmatitic
			through geological inspection and analysis using a pXRF analyser.

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