ALDORO RESOURCES LIMITED — Capital/Financing Update 2022

Jan 3, 2022

ASX and Media Release 04 January 2022

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Assay Results Received for VC1 and VC3 Drilling

• Assay results received for four drillholes at VC1 and one drillhole at VC3

• Assays return peak values of 1.74% Ni in NDD0016, and 0.89% Cu in NDD0006

• Six new diamond holes and eight RC holes completed at VC1 to the end of 2021

• NDD0005 ended in 31.3% MgO and 0.22% Ni at 654.9m at the VC3 target

• VTEM and HPEM surveys in progress

Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) is pleased to provide an exploration update for the VC1 and VC3 targets at the Narndee Igneous Complex (NIC, The Project) . Six new diamond holes and eight RC RC holes were completed at VC1 to the end of 2021. Assay results have been returned for NDD0003, NDD0004, NDD0008, NDD0015, and NDD0016 at VC1, and NDD0005 at VC3.

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Figure 1. Massive sulphide intersected by NDD0004, which returned an average grade of 1.35% Ni.

About VC1 Results

Since the previous update, assay results have been received for five drillholes at VC1. Significant wet chemistry intercepts were returned from all drillholes as follows;

NDD0003

• 2.05m at 1.00% Ni, 0.21% Cu and 0.06% Co from 212.75m

NDD0004

• 80.9m at 0.26% Ni, 0.07% Cu and 0.02% Co from 192m Including 1.00m at 1.35% Ni, 0.36% Cu and 0.09% Co from 271.9m

NDD0006

• 55.6m at 0.19% Ni, 0.06% Cu and 0.01% Co from 246m Including 0.38m at 1.11% Ni, 0.04% Cu and 0.07% Co from 301.22m

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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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NDD0008

• 2.9m at 0.92% Ni, 0.4% Cu and 0.06% Co from 106.3m

NDD0015

• 0.5m at 0.84% Ni, 0.16% Cu and 0.08% Co from 214.5m

• 1.65m at 0.53% Ni, 0.24% Cu and 0.03% Co from 211.2m

NDD0016

• 1.6m at 0.53% Ni, 0.19% Cu and 0.04% Co from 217.25m

Six diamond drillholes and eight RC drillholes have been completed at VC1 since the previous update. NDD0015 and NDD0016 were part of that program. The visual results and context of the remainder of the holes will be reported when the relevant datasets have been interrogated, QAQC checked, and 3D modelling completed to provide a clear interpretation of the results.

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Figure 2. Plan projection showing completed and planned drillhole pierce points of the VC1 target and an evolving interpretation of the magmatic sulphide footprint. Note, NDP means a planned pierce point.

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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. Cross-section of NDD0003 and NDD0008 at 6804660m north (MGA50).

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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. Cross-section of NDD0004 at 68049900m North (MGA50)

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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 5. Cross-section of NDD0015 and NDD0016 at 6804820m north (MGA50)

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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 6. Cross-section of NDD0006 at 6804980m north (MGA50)

About VC3 Results

NDD0005 was drilled to a depth of 654.9m. The hole was extended as it re-entered a high MgO ultramafic package with occasional disseminations of magmatic sulphides after passing through the VC3 target. Laboratory assay results confirm the hole ended in 31.3% MgO and 0.22% Ni, demonstrating the high prospectivity of this area, particularly at depth.

The VC3 EM target was intersected at approximately 380m downhole. The anomaly appears to be associated with an internal raft of basalt and metasediments hosted by high MgO ultramafics and mafics.

The rocks immediately below the metasediment contain blebby and disseminated magmatic sulphide. This zone returned 7.0m at 0.22% Ni and 0.06% Cu from 389m downhole.

A large loop high power electromagnetic survey is ongoing over this area. This survey aims to detect deeper or very high conductance targets, which may have been difficult to see with the VTEM system.

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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. Cross-section of NDD0005 at 6806700m north (MGA50), the first hole into the VC3 target.

VTEM and HPFLTEM

The Priority 1 VTEM survey is on schedule for completion in early January. The survey will screen the Kiabye Greenstone Belt (KGB) along the western margin of the NIC. The KGB is interpreted to be a possible feeder or basal unit of the NIC. This represents a high priority exploration target for nickelcopper sulphide deposits.

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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 8. Geological map of the NIC, showing the location of all relevant targets and the VTEM extension surveys.

A large loop HPFLTEM survey is ongoing over the VC1, VC3, and VC11 target areas. This survey aims to detect large, highly conductive, and possibly deeper metallic bodies that would have been difficult for the VTEM system to detect. The results of this program will be reported in detail 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 9. Plan showing HPFLTEM loop layouts in the VC1 and VC3 areas.

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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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Forward Plan

Following the Priority 1 VTEM survey in early January, any conductors generated will be groundtruthed, mapped, and sampled by surface geochemistry. This will be followed up by target ranking, surface EM work, and drilling.

A similar approach will be applied to conductors generated by the current HPFLTEM survey, which is ongoing.

Table 1. Details of drilling reported in this announcement, including holes completed by Maximus Resources in 2012.

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ENDS

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).

This announcement has been 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

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Figure 10. Location of the ARN landholding over the NIC.

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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	•	Diamond drilling produced half NQ core samples which were
techniques	specific specialised industry standard measurement tools appropriate		submitted to Intertek Genalysis Laboratory Services Perth for
	to the minerals under investigation, such as downhole gamma		geochemical analysis
	sondes, or handheld XRF instruments, etc). These examples should	•	Sample intervals were between 0.2m and 1.2m in length as
	not be taken as limiting the broad meaning of sampling.		determined by geological changes
	• Include reference to measures taken to ensure sample representivity	•	QAQC samples were included at a minimum of 1 in 20 samples,
	and the appropriate calibration of any measurement tools or systems		with extras added around zones of economic interest
	used.	•	Samples were analysed by by methods 4A/MS48R and 4AH/OE
	• Aspects of the determination of mineralisation that are Material to the		(four acid digest with ICP-MS finish)
	Public Report.	•	Au, Pt, Pd were determined by method FA50/MS (fire assay with
	• In cases where ‘industry standard’ work has been done this would be		an ICP-MS finish)
	relatively simple (eg’ reverse circulation drilling was used to obtain 1	•	Sampling techniques are unknown for any reported historical
	m samples from which 3 kg was pulverised to produce a 30 g charge		drilling but assumed to be industry standard at the time of
	for fire assay’). In other cases more explanation may be required,		collection
	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	•	Aldoro drilling is diamond core drilling
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	•	Holes are drilled by HQ3 to fresh rock, cased off and drilled NQ2
	or standard tube, depth of diamond tails, face-sampling bit or other		to end of the hole
	type, whether core is oriented and if so, by what method, etc).	•	The NQ2 part of the hole is oriented by a Reflex Act-IQ
			orientation tool
		•	Bottom of the hole is marked on the core surface using an
			orientation cradle
		•	Reported historical drilling are reverse circulation drillholes
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Core	recoveries are measured using industry-standard logging
recovery	and results assessed.	techniques
	• Measures taken to maximise sample recovery and ensure	•Core	recoveries average close to 100% in fresh rock, and 90% in
	representative nature of the samples.	weathered material
		• Sample biasisvery unlikely given thevery good samplerecoveries

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Criteria	JORC Code explanation	Commentary	Commentary
	• Whether a relationship exists between sample recovery and grade	•This	information is not known for reported historical drilling
	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	•Aldoro core is logged using industry-standard semi-quantitative
	geotechnically logged to a level of detail to support appropriate	logging templates
	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	•	Selected NQ core samples on half cut core based on geology
techniques and	taken.		and sulphide occurrence were submitted for geochemical
sample	• If non-core, whether riffled, tube sampled, rotary split, etc and		analysis. Lithogeochemical samples were collected the same
preparation	whether sampled wet or dry.		way on 1m samples on 10m spacings over the entire hole length
	• For all sample types, the nature, quality and appropriateness of the	•	The size of the sample from the diamond drilling method is the
	sample preparation technique.		industry standard for the mineralisation style analytical technique
	• Quality control procedures adopted for all sub-sampling stages to	•	Sample preparation includes; drying,crushing, splitting and
	maximise representivity of samples.		pulverising before analysis
	• Measures taken to ensure that the sampling is representative of the in	•	QAQC standard samples of CRM pulps and coarse blank
	situ material collected, including for instance results for field		material were included routinely
	duplicate/second-half sampling.	•	This information is not known for reported historical drilling
	• 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	•	Assay and laboratory procedures are industry standard. The
assay data and	laboratory procedures used and whether the technique is considered		technique is considered near total for the elements of interest.
laboratory	partial or total.	•	A Bruker S1 Titan with factory calibration was used for pXRF
tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc,		readings
	the parameters used in determining the analysis including instrument	•	Standard reference materials were analysed routinely by pXRF
	make and model, reading times, calibrations factors applied and their		and found to be reporting withing acceptable limits
	derivation, etc.	•	For reported historical drilling, QAQC procedures, accuracy, and
	• Nature of quality control procedures adopted (eg standards, blanks,		precision have not been established
	duplicates, external laboratory checks) and whether acceptable levels
	of accuracy (ie lack of bias) andprecision have been established.

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Criteria	JORC Code explanation	Commentary	Commentary
Verification of	• The verification of significant intersections by either independent or	•	Aldoro’s visual intersections are logged, interpreted, and
sampling and	alternative company personnel.		reported by the JORC Competent Person
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 adjustments are made to assay data
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	Drillhole collars are measured by handheld GPS and checked
data points	down-hole surveys), trenches, mine workings and other locations		several times before drilling. Coordinates presented are in
	used in Mineral Resource estimation.		GDA94, UTM Zone 50S
	• Specification of the grid system used.	•	Collar survey accuracy of reported historic drilling is unknown
	• Quality and adequacy of topographic control.	•	Aldoro holes are surveyed by a Reflex GYRO SPRINT-IQ
		•	No downhole survey information is available for reported
			historical drilling
Data spacing	• Data spacing for reporting of Exploration Results.	•	Not relevant as only eight holes have been completed at
and	• Whether the data spacing and distribution is sufficient to establish the		irregular 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	•	No sample compositing has been applied, but assay results are
	classifications applied.		reported on a length weighted average
	• _Whether sample compositing has been applied. _
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	The orientation of drilling and sampling is as close to
data in relation	possible structures and the extent to which this is known, considering		perpendicular to the interpreted key mineralised as possible
to geological	the deposit type.	•	The orientation of drilling to key mineralised structures is an
structure	• If the relationship between the drilling orientation and the orientation		evolving interpretation
	of key 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
security			polyweave bags and hand delivered to the assay laboratory in
			Maddington by company personnel
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No	audits or reviews have been completed given the early stage of
reviews		the	project

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	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
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• Previous relevant exploration was undertaken by: Westralian
done by other		Nickel-INCO (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 the ASX announcement on October 29 2020.

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Criteria	JORC Code explanation	Commentary	Commentary
	o elevation or RL (Reduced Level – elevation above sea level in	•	Historical drilling by previous explorers used best practices for
	metres) of the drill hole collar		that time
	o dip and azimuth of the hole	•	The relevant details for Aldoro’s drilling are contained in the body
	o down hole length and interception depth		of this announcement
	o hole length.	•	The use of any data is recommended for indicative purposes
	• If the exclusion of this information is justified on the basis that the		only in terms of potential Ni- Cu-PGE mineralisation and for
	information is not Material and this exclusion does not detract from		developing exploration targets
	the understanding of the report, the Competent Person should clearly
	_explain why this is the case. _
Data	• In reporting Exploration Results, weighting averaging techniques,	•	Aldoro results are presented on a length weighted average
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•	No metal equivalent values have or will ever be quoted by Aldoro
methods	grades) and cut-off 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	•All results referenced are based on down-hole lengths and may not
between	Exploration Results.	reflect the 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	•Peak values have been reported, but average values have also been
reporting	practicable, representative reporting of both low and high grades	reported
	and/or widths should be practiced to avoid misleading reporting of	•Only selected drill intersections have been mentioned, and due to the
	Exploration Results.	nature of the drillingand lack of adequate records and surveycontrol,

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Criteria	JORC Code explanation	Commentary	Commentary
		they	are considered indicative only and not material for historical
		drilling
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.
		•	Aldoro conducted its own VTEMTM Max airborne survey (refer
			to details in Table 1 ASX Announcement January 20 2021).
		•	Aeromagnetic and gravity datasets, geochemistry datasets
			ground, EM surveys, and DHTEM surveys have been used to
			target drilling
		•	GEM Geophysics completed downhole EM surveying
			Loop Size: 300mx300m, double turn
			 Station Spacing: 2-10m intervals
			 Sensor: B-field DigiAtlantis
			 Base/frequency: 0.125Hz
			 Stacking: ~32-64 stacks, 2-3 repeatable readings
Further work	• The nature and scale of planned further work (eg tests for lateral	•	Short term future work plans are detailed in the body of this
	extensions or depth extensions or large-scale step-out drilling).		announcement
	• Diagrams clearly highlighting the areas of possible extensions,	•	Gossan occurrences will be systematically rock chip sampled
	including the main geological interpretations and future drilling areas,		and mapped
	provided this information is not commercially sensitive.	•	Pegmatite occurrences will be systematically rock chip sampled,
			soil sampled and mapped
		•	Exploration is at an early stage, and longer-term future work will
			depend on results

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