ALDORO RESOURCES LIMITED — Capital/Financing Update 2023

Oct 18, 2023

ASX and Media Release 19 October 2023

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KAMEELBURG’S METALLURGICAL TEST WORK PROGRAM SET TO COMMENCE

Highlights

• Metallurgical samples for seven (7) targeted areas at Kameelburg have now cleared customs at the Bureau Veritas (“BV”) Perth Laboratory

• Metallurgical test work program including rare earth oxide leaching and flotation is set to commence

• The test work program on Kameelburg samples is expected to take BV seven (7) weeks to be completed.

Aldoro Resources Ltd (“ Aldoro ”, “ The Company” ) ( ASX: ARN ) is pleased to announce that the metallurgical samples contained within two sealed drums for the Kameelburg Project have now cleared customs at the Bureau Veritas (“ BV ”) Perth Laboratory.

BV has confirmed that the Kameelburg samples test work program is scheduled within their current work plan, hence Aldoro’s metallurgical testing is set to commence immediately. The test work program is expected to take a total of seven (7) weeks, with a final report being produced at its completion.

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Figure 1: Two sealed drums containing a total of 150 kg of metallurgical samples from the Kameelburg Project

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 1, 38 COLIN STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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The Kameelburg metallurgical test work involves sample preparation, including obtaining head assays for REE & niobium, acid leaching, desliming, gravity (tabling) test work, WHIMS, flotation, interim and final product assays.

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Metallurgical
samples
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Figure 2: Proposed Test Work Flowsheet by BV on Kameelburg Samples

Aldoro is also pleased to engage experienced metallurgist Mr Rob Riggir to closely assist with the proposed test work. Mr Riggir has over 20 years’ experience in the multi commodity metallurgy space, having previously worked as principal metallurgist for companies such as Rio Tinto and Ashton Mining as well as previous successful test work on this orebody. He will be actively involved during the Kameelburg test work program.

A review of the historic 100m spaced rock chip sampling (ARN 20th March 2023) was undertaken in the consideration of selecting phases/dykes of the intrusion that are considered suitable for representative metallurgical bench testing for REE (including niobium) recovery.

A total of 9 potential sites were selected for core drilling sample sites and ground investigated to ensure that the sites were suitable and a pXRF was used as control to target the higher REE phases. Eight of samples were within the carbonatite outline, the ninth was located in a thick marginal dyke. The metallurgical sampling was conducted in September using a portable Hilti rock core saw to drill 100mm diameter holes, with fresh material being obtained from 23 drill cores. A selection of 7 of the cores (approximately 90kg) were sealed in drums and were sent as airfreight to Bureau Veritas’ Perth Laboratory.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 1, 38 COLIN STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 3: Sample sites visited for the collection of material for metallurgical bench testing.

The nine (9) drill core sampling locations are shown in Figure 3, with eight (8) of these sites within the interpretated carbonatite outline and the ninth being located within a thick marginal dyke.

A total of 150kg of sample material was air freighted to the Perth BV laboratory.

Sample No	Easting	Northing	Elevation (m)	Rock type	Mode	Strike	Dip & Direction	Width (m)	TREO %	Nb2O5 %
13KMRC0086	630506	7703183	1580	Beforsite	Massive	200	ESE 045	10	0.64	2.50
13KMRC0087	630601	7703199	1590	Sovite	Massive	n/a	n/a	20	4.98	0.06
13KMRC0103	630202	7703103	1560	Brown beforsite	Dyke	225	60/150	4	3.21	0.06
13KMRC0133	631190	7702988	1550	Beforsite	Massive	n/a	n/a	5	3.21	0.00
13KMRC0145	630390	7702906	1640	Beforsite	Dyke	180	70/170	5	3.00	0.17
13KMRC0148	630701	7702897	1760	Beforsite	Dyke	300	Vert	1	5.29	0.02
13KMRC0225	630401	7702499	1675	Sovite	Massive	n/a	n/a	25	3.61	0.00
13KMRC0231	631002	7702497	1590	Beforsite	Dyke	270	Vert	2	5.56	0.50
13KMRC0267	630605	7702304	1605	Beforsite, REE amphibole	Massive	n/a	n/a	7	3.78	0.25

Table 1: Metallurgical sites drilled during this phase of sampling. Datum is UTM WGS84 zone 33.

The Company continues to investigate the niobium potential at this region, alongside other key areas within the large Kameelburg carbonatite.

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 1, 38 COLIN STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 4: Geological Map of the Kameelburg Carbonatite derived from published data (after Prins, 1981) with >1% TREO contour. Datum is UTM WGS84 zone 33.

References

Prins (1981 ): Figure 18.9 page 18-23, Section 18.4 Ondurakorume Carbonatite Complex by V.J. Verwoerd. Geological Survey of Namibia Publication: The Geology of Namibia, Vol3: Palaeozoic to Cenozoic by R.McG.Miller

About Aldoro Resources

Aldoro Resources Ltd is an ASX-listed ( ASX: ARN ) mineral exploration and development company. Aldoro has a portfolio of critical minerals including rare earth, lithium, rubidium and base metal projects. The Company’s main project is the Narndee Igneous Complex in Western Australia, which is prospective for Ni-Cu-PGE mineralisation. The Company’s other projects include the Kameelburg REE Project in Namibia, the Wyemandoo lithium-rubidium-tungsten project and the Niobe lithiumrubidium-tantalum Project both in Western Australia.

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

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 1, 38 COLIN STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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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.

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 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.

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 1, 38 COLIN 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	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•	Rock sampleswere collected from outcrop/subcrop of the
techniques	specific specialised industry standard measurement tools appropriate		dominate lithology at the predetermined grid sites. At each site
	to the minerals under investigation, such as downhole gamma		approximately 500-1000g, two fist size representative samples of
	sondes, or handheld XRF instruments, etc). These examples should		the dominate lithology were collected. Each sample was bagged,
	not be taken as limiting the broad meaning of sampling.		in medium sized calico, tagged internally and labelled externally.
	• Include reference to measures taken to ensure sample representivity	•	Regolith sampleswere collected from the thin soils, below the
	and the appropriate calibration of any measurement tools or systems		transported veneer, collecting approximately 300 to 500g of minus
	used.		60# (-0.25mm) sieved material, targeting “C” horizon, although
	• Aspects of the determination of mineralisation that are Material to the		mostly “B” horizon was sampled. In very steep areas little soil
	Public Report.		developed was present so “A” horizon was collected. The regolith
	• In cases where ‘industry standard’ work has been done this would be		sample was sieved onsite and transferred into a folded paper
	relatively simple (eg’ reverse circulation drilling was used to obtain 1		geochem packet and over wrapped with a plastic outer seal lock
	m samples from which 3 kg was pulverised to produce a 30 g charge		bag, both inner and outer bags were labelled.
	for fire assay’). In other cases more explanation may be required,	•	Sample Duplicates. An attempt to collect duplicate samples for
	such as where there is coarse gold that has inherent sampling		quality control was undertaken by collecting a second rock and
	problems. Unusual commodities or mineralisation types (eg		regolith sample at every tenth site.
	submarine nodules) may warrant disclosure of detailed information.	•	Data recording. At each site pertinent geological and location
			information was recorded on datasheets, separate sheets for rock
			and regolith, which were later entered into digital spread sheets.
			Each site was photographed covering each sample site and a
			general view of the terrain.
		•	Historical diamond BQ core by AMCOR involved logging and
			combined core samples based on lithological interpretation.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	No drilling reported.
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
	or standard 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	•	No drilling reported.
recovery	and results assessed.		.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.

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Criteria	JORC Code explanation	Commentary	Commentary
	• 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.
Logging	• Whether core and chip samples have been geologically and	•	No drilling reported.
	geotechnically logged to a level of detail to support appropriate
	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	•	No drilling reported.
techniques and	taken.	•	For the rock chip and soil sampling the techniques applied are
sample	• If non-core, whether riffled, tube sampled, rotary split, etc and		appropriate for initial investigations. They are not intended to be
preparation	whether sampled wet or dry.		used is any resource calculations.
	• For all sample types, the nature, quality and appropriateness of the	•	The quality control procedures for the rock and soil sampling are
	sample preparation technique.		considered good in respect to the use of duplicates and
	• Quality control procedures adopted for all sub-sampling stages to		standards which were used to measure the repeatability and
	maximise representivity of samples.		consistency of the analytical results.
	• Measures taken to ensure that the sampling is representative of the in	•	While the measure of representativity is somewhat biased with
	situ material collected, including for instance results for field		small samples based on dominate lithology present for the
	duplicate/second-half sampling.		purposes of exploration potential (not resource calculations) the
	• Whether sample sizes are appropriate to the grain size of the material		sampling is consider adequate.
	being sampled.	•	The 0.5-1kg rock samples are appropriate given the sovite and
			beforsite mineral grainsize. The soil sample size is appropriate
			given the amount of material sieved to get the sufficient fine
			material.
Quality of	• The nature, quality and appropriateness of the assaying and	•	The rock and soil samples were consigned to Intertek’s Walvis
assay data and	laboratory procedures used and whether the technique is considered		Bay facility before being shipped to Intertek’s Genalysis
laboratory	partial or total.		Laboratory in Perth for Lithium Borate Fusion and ICP-MS finish.
tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc,		These techniques are considered appropriate given the
	the parameters used in determining the analysis including instrument		refractory nature of REE in conventional total acid leaches. It is
	make and model, reading times, calibrations factors applied and their		unknown what assay techniques were used for the drill samples.
	derivation, etc.	•	Nohandheldinstrument dataisreported.

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Criteria	JORC Code explanation	Commentary	Commentary
	• Nature of quality control procedures adopted (eg standards, blanks,	•	Rock and soil sample duplicates at every 10 sample and CRM’s
	duplicates, external laboratory checks) and whether acceptable levels		(OREAS-146) at every 100 samples were conducted and were
	of accuracy (ie lack of bias) and precision have been established.		within acceptable tolerances.
Verification of	• The verification of significant intersections by either independent or	•	No drilling reported.
sampling and	alternative company personnel.
assaying	• The use of twinned holes.
	• Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	The datum used the WGS84-33S,
data points	down-hole surveys), trenches, mine workings and other locations	•	Orthophotos were acquired using a digital camera mounted in a
	used in Mineral Resource estimation.		fixed wing aircraft. Ground control points were used for
	• Specification of the grid system used.		Topographic control
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•	The rock and soil sampling were done on a 100m centred grid
and	• Whether the data spacing and distribution is sufficient to establish the		over 1600x2000m which is considered adequate for exploration
distribution	degree of geological and grade continuity appropriate for the Mineral		grid sampling of a circular 1400m diameter body.
	Resource and Ore Reserve estimation procedure(s) and	•	The surface sampling is adequate for delineating the 2D spread
	classifications applied.		of any mineralisation but makes no interpretation of the vertical
	• Whether sample compositing has been applied.		extent of mineralisation. The results must not be considered in
			any context of mineral grade or resource estimation. Therefore,
			no resource inferences can be made. The drilling data is not
			sufficient to indicate any continuity of mineralisation at depth.
		•	No mineral compositing has been done for the surface samples,
			but for the drill samples some composition was done based on
			lithology.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	The grid rock and soil sampling makes no consideration of any
data in relation	possible structures and the extent to which this is known, considering		structures other than the grid extending in country rock..
to geological	the deposit type.	•	No drilling reported.
structure	• If the relationship between the drilling orientation and the orientation
	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.

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	Criteria	JORC Code explanation	Commentary	Commentary
	Sample	• The measures taken to ensure sample security.	•	No sampling security adopted is mentioned in the open file
	security			reports.
	Audits or	• The results of any audits or reviews of sampling techniques and data.	•	No sampling audit reviews are mentioned in the open file reports
	reviews
Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
	Criteria	JORC Code explanation	Commentary
	Mineral	• Type, reference name/number, location and ownership including	•	Exclusive Prospecting Licences EPL 7372. 7373 and 7895 see
	tenement and	agreements or material issues with third parties such as joint		text and table in release for ownership, agreement type. No
	land tenure	ventures, partnerships, overriding royalties, native title interests,		native title, wilderness or National Parks impacted. Licences are
	status	historical sites, wilderness or national park and environmental		on local pastoral licences, sub surface minerals owned by the
		settings.		state.
		• The security of the tenure held at the time of reporting along with any	•	All three EPL are held by the related agreement parties. All three
		known impediments to obtaining a licence to operate in the area.		licences have renewals pending, as this is their first renewal
				period no impediments are envisaged. All necessary documents
				to fulfil the renewal process have been lodged, A Heritage
				review is in process and is expected to be completed by the end
				of August, no adverse findings are expected. Once lodged a the
				renewals should be a mere formality.
	Exploration	• Acknowledgment and appraisal of exploration by other parties.	•	Previous relevant exploration was undertaken by: AMCOR
	done by other			(1960s-70s), results are not quoted in this release.
	parties		•	Kinloch Resources Limited (2012-2016), results are not quoted
				in this release
	Geology	• Deposit type, geological setting and style of mineralisation.	•	The Kameelburg Project is located in the northern Central
				Damara Orogenic Belt in Namibia and covers the Cretaceous
				Kameelburg Carbonatite plug and associated radial dykes
				intruding precursor syenites in the older host Neoproterozoic
				marbles and schists. The plug is approximately 1.4km in
				diameter and rises up to 275m above the surrounding peneplain.
				The intrusion consists of an initial pre-curser phase of nepheline
				syenite/syenite followed bytwo sovite and three beforsitephases

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Criteria	JORC Code explanation	Commentary	Commentary
			with remanent rafts of volcanic breccia and syenite, the vestiges
			of earlier intrusive phases. The country rock consists of marbles,
			quartzite’s, mica schists of the Damara Supergroup. Rare earth
			metals are known to occur in all five phases with higher
			concentrations in the more magnesium and iron rich beforesites.
			The REE mineralisation style is consistent with fractionated
			carbonatite intrusive plugs.
Drill hole	• A summary of all information material to the understanding of the	•	Rock and Soil assay results tabulated in the report have co-
Information	exploration results including a tabulation of the following information		ordinates the RL’s are derived by the handheld GPS the DEM
	for all Material drill holes:		values are yet to be allocated.
	o easting and northing of the drill hole collar	•	No drilling reported.
	o elevation or RL (Reduced Level – elevation above sea level in	•	No pertinent information has been excluded in this release.
	metres) of 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
	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,	•	No weighting or averaging techniques or truncations are
aggregation	maximum and/or minimum grade truncations (eg cutting of high		undertaken in the rock and soil sampling other than standard
methods	grades) and cut-off grades are usually Material and should be stated.		averaging within the interpreted 1%TREO contour (derived from
	• Where aggregate intercepts incorporate short lengths of high grade		kriging). The 1%TREO contour is the only cut-off used in the
	results and longer lengths of low grade results, the procedure used		calculations.
	for such aggregation should be stated and some typical examples of	•	No data aggregation methods were used apart from the normal
	such aggregations should be shown in detail.		averaging within the 1%TREO contour.
	• The assumptions used for any reporting of metal equivalent values	•	No metal equivalents have been used.
	should be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	•	No relationships between mineralisation widths and intercepts
between	Exploration Results.		have been made.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole	•	No comment on the geometry of the mineralisation has been
widths and	angle is known, its nature should be reported.		made.

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Criteria	JORC Code explanation	Commentary	Commentary
intercept	• If it is not known and only the down hole lengths are reported, there	•	Conversion of down hole to True width has not been done as no
lengths	should be a clear statement to this effect (eg ‘down hole length, true		down hole orientation data is available.
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•	Appropriate location and geology maps are presented in the
	intercepts should be included for any significant discovery being		body of the 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	•	All rock and soil assays have been provided, on the carbonatite
reporting	practicable, representative reporting of both low and high grades		and off the carbonatite.
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be reported	•	No other data apart from surface exploration data is presented in
substantive	including (but not limited to): geological observations; geophysical		this release as the available metallurgical data is not well
exploration	survey results; geochemical survey results; bulk samples – size and		documented with systems and processes used.
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral	•	Short term future work plans involve diligence sampling to
	extensions or depth extensions or large-scale step-out drilling).		validate the historical rock and soil sampling. Also, a thorough
	• Diagrams clearly highlighting the areas of possible extensions,		review of all data will be conducted and if required a drill
	including the main geological interpretations and future drilling areas,		programme will be implemented to give 3D control of the
	provided this information is not commercially sensitive.		mineralisation. Planned metallurgical sampling is outlined in the
			text.
		•	Diagrams of future work are not provided as the review is
			required first.

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