ALDORO RESOURCES LIMITED — Capital/Financing Update 2024

Feb 7, 2024

ASX and Media Release 8 February 2024

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KAMEELBURG NIOBIUM INVESTIGATIONS CONTINUE

Highlights

• Further mapping of Niobium (pyrochlore) rich dykes progressing well, with interpretation to date of intermittent strike length over 200m via multiple narrow dykes

• Additional dykes to be investigated at the periphery of the REE-rich carbonatite via costeaning

• Metallurgical testwork continues, currently awaiting mineralogy and petrology results from QEMSCAN

• Appointment of new country manager to oversee the detailed mapping and sampling of the Niobium and REE rich dykes allowing for a maiden drill programme to commence

Aldoro Resources Ltd (“ Aldoro ”, “ The Company” ) ( ASX: ARN ) is pleased to provide an update on recent investigations into the niobium rich mafic intrusives which previously returned assay results of 5 to 9 % Nb2O5 (see ASX: ARN release on 27 December 2023). Additional mapping continues for other pyrochlore bearing intrusives with further rock chip samples being collected.

On the south-west margin of the giant Kameelburg carbonatite, recent ground investigations revealed that multiple pyrochlore bearing intrusive dykes were located and could be intermittently traced up to 200m in strike length with widths up to 1m. However, it was found much of the area is covered with colluvium obscuring the full extent of the dyke system which appear to dip to the northeast. As a result, a total of 7 rock chip samples were recently collected and submitted for wet chemistry with results pending.

Name	Easting	Northing	Rock type	Colour	Strike	Dip &Dir.
24KMRK0001	629947	7702141	Siderite	Dark red-brown	n/a	n/a
24KMRK0002	629930	7702138	Siderite	Red-brown	n/a	n/a
24KMRK0003	629918	7702068	Mafic dyke	Lightgrey	314	38 E
24KMRK0004	629899	7702072	Mafic dyke	Lightgrey	N-S	vertical
24KMRK0005	629884	7701964	Mafic dyke float?	Black	n/a	n/a
24KMRK0006	629922	7701988	Mafic dyke float?	Lightgrey	n/a	n/a
24KMRK0007	629890	7702066	Mafic dyke	Lightgrey	287	84 E

Table 1: Rock Chip sampling data, Datum WGS84_33South.

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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 1: Pyrochlore bearing dykes and samples collected and mapping, note the strike extents are interpreted based on intermittent exposures. The limited outcrop sites in the colluvium band, as shown, is restricted to several marble-syenite contacts and the mafic dykes.

Maiden Drilling Programme Planning

A new country manager/geologist Andreas Palfi has been appointed to oversee the planned mapping and sampling programme aimed at targeting the high grade REE dykes along the southeastern margin of the carbonatite plug and the Niobium-rich dykes on and off the intrusive. The programme aims to model the dykes allowing for drill collars to be strategically placed. As announced on 27[th] December, Aldoro is undergoing advanced discussions with drill contractors for a 2,000m diamond drill core programme.

Metallurgical Testwork Update

The metallurgical test work for REE and Nb has been protracted due to the Christmas period and backlog of samples from QEMSCAN facility which analyses the mineralogy and petrological makeup of the disaggregated mineral grains including the morphology and size. This will allow for subsequent fine tuning of the sizing and floatation agents including pH. Results are currently pending.

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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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Kameelburg Geology Reference Map

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Figure 3: 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 projects include the Kameelburg REE Project in Namibia, the Wyemandoo lithium-rubidium-tungsten project, the Niobe lithium-rubidium-tantalum Project and the Nandee Igneous Complex in Western Australia.

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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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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 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		targeted dyke. At each site approximately 1-5kg of the targeted
	to the minerals under investigation, such as downhole gamma		lithology was collected. Each sample was bagged and tagged
	sondes, or handheld XRF instruments, etc). These examples should		(internally and labelled externally).
	not be taken as limiting the broad meaning of sampling.	•	Data recording. At each site pertinent geological and location
	• Include reference to measures taken to ensure sample representivity		information was recorded on datasheets, which were later entered
	and the appropriate calibration of any measurement tools or systems		into digital spread sheets. Each site was photographed covering
	used.		each sample site and a general view of the terrain.
	• Aspects of the determination of mineralisation that are Material to the	•	Each sample will be crushed, pulverised and subsampled
	Public Report.		(Intertek SP02) and a charge fused with lithium borate and an
	• In cases where ‘industry standard’ work has been done this would be		ICP-MS finish (FP6). Prep work was conducted at Interteks
	relatively simple (eg’ reverse circulation drilling was used to obtain 1		Tsumeb laboratory before being exported to their Perth
	m samples from which 3 kg was pulverised to produce a 30 g charge		laboratory for analysis.
	for fire 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	•	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.
	• 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.

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Criteria	JORC Code explanation	Commentary	Commentary
	• Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length andpercentage 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 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 1-5kg rock samples are appropriate given the dykes 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 samples were consigned to Intertek’s Tsumeb facility
assay data and	laboratory procedures used and whether the technique is considered		before being shipped to Intertek’s Genalysis Laboratory in Perth
laboratory	partial or total.		for Lithium Borate Fusion and ICP-MS finish. These techniques
tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc,		are considered appropriate given the refractory nature of REE in
	the parameters used in determining the analysis including instrument		conventional total acid leaches. It is unknown what assay
	make and model, reading times, calibrations factors applied and their		techniques were used for the drill samples.
	derivation, etc.	•	No handheld instrument data is reported.
	• Nature of quality control procedures adopted (eg standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels
	of accuracy (ie lack of bias) andprecision have been established.
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.

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Criteria	JORC Code explanation	Commentary	Commentary
	• 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	•	A Hitachi pXRF X-MET8000 Expert GEO unit with inbuilt GPS
	used in Mineral Resource estimation.		was used for location data
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•	The rock sampling was targeted on the outcropping dyke of
and	• Whether the data spacing and distribution is sufficient to establish the		interest from historical data.
distribution	degree of geological and grade continuity appropriate for the Mineral	•	The surface sampling is adequate for delineating the 2D spread
	Resource and Ore Reserve estimation procedure(s) and		of any mineralisation but makes no interpretation of the vertical
	classifications applied.		extent of mineralisation. The results must not be considered in
	• Whether sample compositing has been applied.		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 sampling makes no consideration of any structures
data in relation	possible structures and the extent to which this is known, considering		other than the dyke 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.
Sample	• The measures taken to ensure sample security.	•	Samples collected by inhouse geologists and lodged with the
security			laboratory under strict export/import procedures. .
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

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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	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, and are
			compliant with the various Acts and regulations, so 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 by two sovite and three beforsite phases
			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.

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Criteria	JORC Code explanation	Commentary	Commentary
Drill hole	• A summary of all information material to the understanding of the	•	Rock results tabulated in the report have co-ordinates the RL’s
Information	exploration results including a tabulation of the following information		are derived by the handheld GPS the DEM values are yet to be
	for all Material drill holes:		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 sampling.
methods	grades) and cut-off grades are usually Material and should be stated.	•	No data aggregation methods were used.
	• Where aggregate intercepts incorporate short lengths of high grade	•	No metal equivalents have been used.
	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	•	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.
intercept	• If it is not known and only the down hole lengths are reported, there	•	No drilling conducted.
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 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.

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Criteria	JORC Code explanation	Commentary	Commentary
Balanced	• Where comprehensive reporting of all Exploration Results is not	•	All rock assays have been provided, on the carbonatite and off
reporting	practicable, representative reporting of both low and high grades		the carbonatite see ASX:ARN 23 March 2023.
	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 still underway.
exploration	survey results; geochemical survey results; bulk samples – size and
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 detailed mapping sampling
	extensions or depth extensions or large-scale step-out drilling).		to reveal the high REE and Nb systems in the Carbonatite
	• Diagrams clearly highlighting the areas of possible extensions,		Complex. This will allow the placement of drill collars.
	including the main geological interpretations and future drilling areas,	•	Diagrams of future work are not provided as the review is
	provided this information is not commercially sensitive.		required first.

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