ALDORO RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 26, 2021

27 July 2021

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QUARTERLY REPORT

Period Ended 30 June 2021

Aldoro Resources Ltd (Aldoro or the Company) ( ASX:ARN ) provides the following commentary and Appendix 5B for the Quarter ended 30 June 2021.

HIGHLIGHTS

• FLTEM completed

• More bedrock conductors confirmed at Narndee

• Further refinement of FLTEM data confirms drill target selections

• Finalisation of plans for 5000m drilling campaign of top three Narndee anomalies

• Gradient-array Induced Polarisation (GAIP) survey in final planning stage

• Aldoro divests gold projects in IPO spinout-intends to raise $5M

• Aldoro adopts global standard for ESG reporting

• Reconnaissance site visit confirms presence of two copper gossans at Narndee and a L-C-T pegmatite swarm at Windimurra

Fixed-Loop electromagnetic (FLTEM) survey at Narndee confirms strong bedrock conductors.

The refinement of FLTEM data and imagery ( ASX Announcement 12 March 2021 ) has not only confirmed the presence of other strong bedrock indicators such as VC3, VC7, VC8 and VC11 ( ASX Announcement 13 April 2021 ), but has confirmed its highest ranked target, VC1, to be in a highly prospective geological setting for magmatic nickel-copper sulphides, close to a mafic-ultramafic contact ( ASX Announcement 31 May 2021 ). This, along with the 8000-18000S modelled conductor, makes the VC1 target a compelling drill target in conjunction with its favourable geological position and anomalous geochemistry. Along with VC1, targets VC8 and VC11 were also under consideration as high-confidence, walk-up, drill-ready targets by Southern Geoscience Consultants.

Aldoro set to commence deep diamond drilling program at the Narndee Project

Whilst the Company identified convincing drill-ready targets following the completion and data interpretation of its FLTEM survey ( ASX announcement 13 April 2021 ) and selected VC1, VC11 and VC8 as its primary Maiden drill targets, our veracity of the target selection was further demonstrated by confirming target VC1’s proximity to legacy drilling undertaken by Maximus Resources Limited in 2012. This drilling was conducted immediately west of the VC1 FLTEM conductor modelled by Aldoro.

As a result, the company has aggressively progressed to the next level of securing a drilling contractor (Frontline Drilling) to conduct a c.5000m drilling campaign, with the option to extend this as the results dictate ( ASX Announcement 14 May 2021 ). The diamond drill holes will also serve as inspection holes, to gauge their suitability to conduct down-hole transient electro-magnetic (DHTEM) surveys, post-drilling completion.

Remaining Narndee VC targets to be tested with a GAIP Survey.

In line with its policy of de-risking the project with multiple layers of geophysical applications to refine optimum target selection, Aldoro is in the process of finalising a GAIP survey. GAIP is an electrical geophysical technique which can identify disseminated sulphide mineralisation. The Company plans to investigate the use of GAIP over all 11 high-interest anomalies (VC1-VC11) identified from the FLTEM survey ( ASX announcement 12 March 2021 ).

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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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Aldoro divests WA gold projects in IPO spinout-intends to raise $5M

In May ( ASX Announcement 26 May 2021 ), Aldoro announced its intention to divest its portfolio of gold assets that included the Penny South Gold Project, the Ryans Find Project, and the Unaly Hill South Project through the listing on the ASX of its wholly owned subsidiary, Aurum Resources Limited ( Aurum ). The rationale behind this is to allow Aurum to solely focus on the exploration and development of its gold assets, freeing-up Aldoro to concentrate on its Narndee and Windimurra Ni-Cu-PGE projects, including its Maiden drilling program announced on 14 May 2021 and scheduled to commence end July-early August.

Reconnaissance Site Visit-Windimurra

Aldoro is aware of a pegmatite swarm (c.20 pegmatites) within its recently granted E59/2431 Windimurra tenement. Having previously reported on this observation (e.g., ASX Announcement 31 March 2020 ), Aldoro stated it would be testing individual pegmatites to assess any anomalous lithium levels. The pegmatites are classified as lepidolite (a Li-mica) bearing on the geology sheet, as opposed to the more commercial spodumene-bearing pegmatites. However, Aldoro can report that at the end of the reporting period, it located the pegmatite swarm in the field and found it to consist of a main, central northeast striking, shallow northwest dipping pegmatite which outcrops over a strike extent of over 500m. Several smaller sub-parallel and cross-cutting pegmatites were observed surrounding it. The pegmatites have since been confirmed as L-C-T (lithium, cesium and tantalum, i.e., rare earth-enriched) lepidolite-types.

Reconnaissance Site Visit-Narndee

A field reconnaissance survey was undertaken at the Narndee tenements within the reporting period (ASX Announcement July 1 2021), during which two Ni-Cu gossans were mapped and analysed with a portable XRF. The gossans returned positive results but further follow up work is required to identify if these features relate to up-plunge positions of any of the geophysical anomalies identified to date, through the FLTEM and MLTEM surveys. This field visit was also aimed at validating the 1:100,000 geological mapping, and as a way of confirming historical records of gossan outcrops and geochemical anomalies.

Aldoro adopts global standard for ESG reporting

The Board of the Company has resolved to adopt the World Economic Forum (WEF), Environmental, Social and Governance (ESG) as a framework for reporting, monitoring and improvement. The Board instructed management to set up an impact measurement plan for each sustainability area which includes, but is not limited to, governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, land use, ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments. The technology platform Socialsuite, will facilitate the reporting process.

OVERVIEW OF PROJECTS

Aldoro Resources Limited is a junior exploration and development company that 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 surround St George Mining's ( ASX:SGQ ) Mt Alexander Project, the Leinster Nickel Project (Ni), and the Windimurra Igneous Complex (Ni-Cu-PGE, Li).

Four of Aldoro’s projects are located in the Murchison Region of Western Australia around the Youanmi Gold Mining District (Penny South and Unaly Hill South), and the Windimurra-Narndee Igneous Complex (Narndee Area and the recently granted Windimurra tenement). The remaining two projects are in the Eastern Goldfields near Leonora (Leinster and Cathedrals Belt), and the Ryans Find Project near Southern Cross (Figure 1).

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ALDORO RESOURCES LIMITED | ABN 31 622 990 809 | +61 8 6559 1792 SUITE 2, 1 ALTONA STREET WEST PERTH, WA 6005 http://www.aldororesources.com

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Figure 1 . Aldoro’s tenement portfolio and associated project areas.

GOLD PROJECTS

Penny South Gold Project

The Penny South Gold Project (Figure 2) is located within E57/1045 in the Youanmi Gold District. E57/1045 is owned 100% by Altilium Metals Pty Ltd (a 100% owned subsidiary of Aldoro) and is in good standing.

The Penny South Gold Project is located in the Youanmi Gold District, approximately 30km south of the Youanmi Gold Mine ( ASX:RXL and VMC ) and directly south of the Penny Gold Project owned by Ramelius Resources ( ASX:RMS ). The project area contains over 2.5km strike extension of the Penny West Shear, which hosts the historic high-grade Penny West Gold Mine. Like the Penny West area, tenement E57/1045 contains limited outcrop and is overlain by 1m to 30m of sand and sedimentary cover.

Historic drilling within tenement E57/1045 has encountered various anomalous intersections of gold mineralisation, the three best results being 2m at 33.98g/t Au, 6m at 1.27g/t Au and 5m at 1.11g/t Au. During the first half of 2020 Aldoro completed its first RC drilling program at the Penny South project ( ASX, Penny South RC Results, 28 May 2020: Encouraging Results from Penny South 1m Assays, 26 June 2020 ). Highlights of this drilling program include:

APSRC026 3m at 2.5g/t Au from 193m, inc. 1m at 6.7g/t Au from 194m APSRC005 3m at 2.8g/t Au from 221m, inc. 1m at 5.2g/t Au from 222m APSRC006 1m at 3.4g/t Au from 161m

The results of the program have identified a mineralised structure at the Southern Target over a strike length of at least 400m, with assays results up to 6.7g/t Au (APSRC026). During the last quarter of 2020 Aldoro completed further AC drilling at Penny South, focused on three target areas: the southern extension of the Penny West Shear granodiorite-mafic contact, the potential northwest extension of the

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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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granodiorite unit and target T7, a magnetic low feature in the north-eastern part of the tenement close to historic gold anomalies. Hole APSAC144, within target T7, showed a broad zone of anomalous gold of 16m at 0.1g/t Au from 46m, correlating with historic results over 350m strike in this area. Remaining results showed subtle geochemical anomalies across target T7 and the Southern Target extension. A review of all exploration results to date was completed during the quarter with the aid of Aldoro’s consultant structural geologist. This review concluded that the granodiorite footwall contact in the Southern Target area may not have been adequately tested by the April RC drilling program. Revisiting the Penny West model ( ASX:SPX, 29 August 2019 ) suggests that the mineralised structure identified within a mafic schist unit may represent the low-grade hanging wall lode in the Penny West analogy and that the footwall granodiorite unit warrants further testing ( ASX, Penny South AC Results; Further RC at Southern and T7 Targets, 7 October 2020 ). Aldoro is in the process of securing drill rigs to further test the Southern Target, with a combination of diamond drill tail to hole APSRC005 in the centre of the target and further step-out and infill RC drilling.

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Figure 2. Youanmi Gold District: Penny South. Aldoro’s tenement E57/1045 is located adjacent to the historic Penny West Gold Mine (excavation at right, centre).

Unaly Hill South

The Unaly Hill South Project (Figure 3), is located within E57/1048 and lies at the southern end of the Atley Complex, located between the Youanmi and Sandstone Gold Mining Districts and contiguous with Surefire Resources ( ASX:SRN ) Unaly Hill Vanadium Project. E57/1048 is owned 100% by Altilium Metals Pty Ltd (a 100% owned subsidiary of Aldoro) and is in good standing.

The Unaly Hill South Project (tenement E57/1048) is located in the Youanmi Gold Mining District, approximately 16km northeast of Rox Resources ( ASX:RXL ) and Venus Metals ( ASX:VMC ) Youanmi Gold Project. The tenement area straddles an interesting structural juncture between the Youanmi Shear and the Yuinmery Shear. This intersection of two major 6 shears has long been “considered conceptually favourable for the development of dilation structures for possible gold mineralisation” but limited gold exploration has been conducted across the tenement since the late 1990’s.

In 2020, Aldoro completed a new geological interpretation of the tenement area based on a highresolution ground magnetic survey and a review of historical drilling and logging, providing lithological information ( ASX, Penny South and Unaly Hill South Aircore Drilling, 3 July 2020 ). This work identified potential dilation structures associated with a broad zone of gold-in-saprolite anomalism, indicated by

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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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historic shallow vertical RAB drilling, along the Youanmi Shear.

During the last quarter of 2020, Aldoro completed a 3,422m, 56-hole AC drilling program at the project. Holes were generally drilled to blade refusal, with an average depth of 61m and a maximum depth of 102m, due to an increased weathering profile in some areas. The anticipated target geology, based on Aldoro’s litho-structural interpretation, was generally encountered throughout the program with holes UHSAC001 to UHSAC029 testing the western mafic-ultramafic schist unit, with quartz veining and haematite, sericite and carbonate alteration observed; holes UHSAC030 and UHSAC049 testing the eastern mafic schist-metabasalt unit with BIF horizons, again quartz veining, disseminated pyrite (trace to 5%) and alteration was observed; and holes UHSAC050 to UHSAC055 testing historic gold intersections at the contact with the metagabbro of the Atley Igneous Complex. The drill hole intercepts were submitted for assay ( ASX Announcement 13 October 2020 ) during this period.

The assay results ( ASX Announcement 9 December 2020 ) detected gold anomalism in holes UHSAC018 (4m @ 0.0368 g/t Au from 46m), UHSAC026 (7m @ 0.0327 g/t Au from 38m) and UHSAC029 (9m @ 0.0487 g/t Au from 54m). Highest individual grades intersected were from holes UHSAC004 (1m @ 0.236 g/t Au from 62m) and UHSAC053 (1m @ 0.22 g/t Au from 34m).

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Figure 3 . Unaly Hill South AC Drilling October 2020.

Ryan’s Find Project

The Ryans Find Project (E16/489, EL16/551, EL77/2502 and EL77/2535, Figure 4), is located 100km northwest of Southern Cross with exploration to date focused on the nickel cobalt potential of ultramafic rocks within the Watt Hills Greenstone belt.

Following a review of Aldoro’s exploration portfolio, Aldoro is now focused on the gold potential of the Ryans Find Project area, with in excess of 50km of strike length of relatively underexplored greenstone belt, bookended by historic gold mines and workings. During the quarter, the Company completed an initial site visit to the project area and also applied for additional tenement area with application ELA16/551.

Due to recent transactions and increased interest around Mt Dimer, with Twenty-Seven Co’s ( ASX:TSC ) purchase of the historic Taipan Mine for up to $1.65m cash and $1.5m cash/stock; and Aurumin’s successful $7m capital raising for their upcoming IPO, Aurum will actively pursue the grant of tenements ELA77/2520, ELA77/2535 and ELA16/551 with a gold focused exploration program, prepared and ready to commence as soon as that occurs.

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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 . The four tenements comprising the Ryan’s Find Project.

- Kiabye Greenstone Belt (Narndee Igneous Complex Au) Kibaye Gold Prospect

The Kiabye Greenstone Belt wraps around the western side of the Narndee Complex, predominantly formed of Norie Group amphibolite-metabasalt and Yaloginda metasedimentary units, with a sheared contact against the surrounding Tuckanarra Suite granite. The greenstone belt extends for over 30km of strike and is historically underexplored due to thin 1m to 5m cover. Anomalous indications of gold have been identified along the length of the belt in historic work ( ASX, New Gold Exploration Strategy Taking Shape, 21 October 2019 ). Historic exploration has focused on two main areas, Kiabye Well North and Kiabye Well South. Recent prospecting activities on the project area have identified several new gold occurrences of both gold nugget patches and gold in quartz veins. Aldoro has conducted recent fieldwork to ground-truth these locations. The additional donation of compelling rock chip and lag samples by local gold prospectors from the surrounding area, warrants an expansion of the current soil sampling program, and a further 2km[2] of sampling is planned to test and verify recent areas of gold prospecting activity and reported gold nugget finds ( ASX announcement, 5 October 2020 ).

Ni-Cu-PGE PROJECTS

Narndee Igneous Complex (NIC)

In October 2020, the Company announcement the commencement of a major exploration effort at its Narndee Igneous Complex (NIC) Project (Narndee) ( ASX announcement 29 October 2020 ). This work commenced with an airborne electromagnetic (EM) survey, utilising UTS Geophysics’ VTEM[TM] Max system. The survey, conducted from 9[th] -21[st] November, covered a 155 km[2] area of the southern area of the greater Narnedee Igneous Complex (NIC). Initial processing of 1035 line/km of data (@ 150 m linespacing) revealed the location of 16 major targets, comprising 7 type-1 bedrock conductors associated with magnetic features, and 9 deeper anomalies, located in the core area of the NIC ( ASX announcement, 24 November 2020 ) (Figure 5). The Company noted that many of the anomalies detected corresponded well with areas of historic surface geochemical results, with the rest untested by historic work. Ongoing processing and refinement of the data and imagery by UTS Geophysics, was completed in December ( ASX

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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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announcement 21 January 2021 ). The refined data and imagery released support the presence of conductive zones at depths from 50-300m across the entire property. These zones have the appearance of sub-horizontal layers and lens-like bodies reminiscent of a layered, magnetic ultramafic intrusion.

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Figure 5 . VTEM Max Targets and Historic Surface Geochemistry Around Milgoo Peak on CH48BZ Image.

Due to the success of this program, the Company announced a follow-up High-Power Fixed Loop (FLTEM) ground EM survey ( ASX Announcement 21 December 2020 ). The FLTEM survey was a follow-up groundbased EM methodology, from the preceding airborne VTEM survey, the first in a series of sequential steps taken to de-risk the Narndee Project and enabled a deeper understanding of the Project’s highly prospective targets in preparation for the upcoming drilling campaign (Figure 6).

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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. Plan showing FTEM survey positions overlying high-interest targets from VTEM survey results

The FLTEM survey was successfully completed in March and initial processing of FLTEM data confidently constrained at least two walk-up, drill-ready targets, being VC1 and VC11 (cf. Figure 6). Since then, further refinement of the FLTEM data ( ASX Announcement 21 December 2020 ) indicated VC8 as a highconfidence drill target.

As a result of the confidence placed in the FLTEM survey, the company has planned its Maiden drilling program on the VC1 target.

FLTEM High Confidence Targets

Target VC1

A total of 8 survey lines were completed (152stns, 8.8km). The survey was run over the large, high amplitude VTEM response/target which has had limited drill testing in the past. A clear, strong bedrock anomaly was defined over 3-5 primary lines (cf. Figure 8). Although modelling is still to be refined, preliminary results show a high conductance source ~8000-18000S+, ~400-500m+ strike/plunge extent of ~50-75m in width, depth to top ~125m, plunging shallowly toward the NNE.

Due to the quality and nature of the anomaly result and pending checks of historic drilling, geophysical consultants Sothern Geoscience Consultants suggest that the Company can undertake drill testing of the highest conductance core zone. Below (Figure 7), is a plot of the preliminary modelling results shown in conjunction with legacy drill intercepts of Maximus Resources Limited (refer JORC Table 1 report, ASX Announcement 31 May 2021) .

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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, looking north, showing proximity of historic drill holes to Aldoro’s VC1 bedrock anomaly and drill target.

Target VC11

A total of 5 survey lines completed (44stns, 3.0km). The anomaly shows a clear, moderate-strength, localised bedrock conductor present of sufficient detail and quality to provide a robust drill target. To further de-risk this target, an additional -2 lines of MLTEM are also planned, as well as single 2DIP line, when available. The VC11 target is interpreted to have an east-southeast strike extent of 60m – 70m, a plunge extent of 250m at -52 degrees towards the south-southwest. It has a modelled conductance of 500-800S. The source appears relatively shallow at ~50-75m to top and is also consistent with the VTEM anomalism position.

Figure 8 is a cross-section plot of the FLTEM models ( refer JORC Table 1 report, ASX Announcement 31 May 2021 ).

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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. Longitudinal section, looking west north-west, of the VC11 exploration target which has been interpreted to be available for immediate test drilling.

Reconnaissance Site visit to the Narndee Igneous Complex

In addition to the drilling planning in this reporting period, a field reconnaissance was undertaken, with the intention to validate the 1:100k geological mapping and to confirm historical records of gossan outcrops and geochemical anomalies. Two key gossan outcrops were located (Figure 9) and pXRF readings confirmed the gossans, but further work is required before the Company can publish these results.

Gossan 2 (Figure 9, Figure 11) is located approximately 1000m south-southwest of VC1, interpreted to be found in the "up plunge" position of VC1. Whether this represents the weathered surface expression of VC1, or a separate weathered nickel occurrence on the VC1 trend is yet to be determined. No drilling is located between Gossan 2 and VC1, and no drilling has effectively tested VC1. Gossan 1 is located to the southwest of gossan 2 (Figure 9, Figure 10).

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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 . Geological map of the NIC, showing the positions of Gossan 1 and Gossan 2 in relation to the VC1 drill target.

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Figure 10 . Photograph of Gossan 1 (dark rock), showing a historical drillhole designed to test beneath it.

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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 11 . Photograph of Gossan 2, exposed in a historical exploration pit, approximately 1000m south-southwest of VC1.

Planned Moving Loop Transient Electromagnetic (MLTEM) Survey

An MLTEM survey is being designed to refine the modelling of the highest priority exploration targets within the NIC and is nearing completion. Results of this survey will be reported when the final datasets have been processed, interrogated, and interpreted.

The Narndee Windimurra Igneous Complex

Tenement E59/2431 overlies the largest layered mafic-ultramafic intrusive complex in Australia and comprises a “classic” layered stratigraphy, typified by the Bushveld Igneous Complex (BIC) in South Africa. The stratigraphically higher mafic parts of the complex contain predominantly Fe-Ti-V deposits, typical of the Windimurra Mine, Youanmi and the Atley Complexes. Importantly, the Windimurra tenement covers Mulyeron Hill, a stratigraphically lower ultramafic portion of the Windimurra maficultramafic Complex, over which Aldoro holds 100%.

A key feature of the license area is the multiple strong magnetic anomalies interpreted to be a possible ultramafic zone. Of particular interest are magnetic targets (Targets Mag1 and Mag2), where the magnetic anomaly is supported by conductive sulphide bodies as opposed to conductive salt lakes (Figure 12).

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Figure 12. Targets Mag1 (at left) and Mag2 located within Licence E59/2431.

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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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Reconnaissance Site Visit to Windimurra

Ivanic and Brett (2015) reported the occurrence of meta-monzogranites and syenogranites of the Bald Rock Supersuite, that intrude across the southern part of the WIC. Where they cut across sheared layering of the complex, has resulted in the formation of Li-rich pegmatites comprising the Wogala Suite, a swarm of at least 20 discrete pegmatites (refer 1:100k Geological map sheet) that have been mapped crosscutting lithologies assigned to the lower zone of the WIC (Figure 13, Figure 14). Aldoro is aware of this pegmatite swarm, having previously reported on this observation (e.g., ASX Announcement 31 March 2020 ), but will now begin testing individual pegmatites for any anomalous lithium levels, and assess them for their potential to host a cross-commodity metal. The pegmatites are classified on the map sheet as lepidolite (Li-mica) bearing, as opposed to the more commercial spodumene-bearing pegmatites.

Importantly, a site visit in the reporting period located this pegmatite swarm, which were confirmed as L-C-T type pegmatites, having an enriched REE component. Lepidolite was confirmed as the host lithium mineral in outcrop.

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Figure 13. Map showing the location of the LCT pegmatite swarm confirmed by field reconnaissance mapping (circled) at tenement E59/2431.

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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 14. Detail of pegmatite dyke swarm (pink lines at centre) on tenement E59/2431

Cathedrals Belt Project

The Cathedrals Belt Project comprises 6 tenements (with E36/931 being surrendered) (Figure 15) and is located 250km northwest of Kalgoorlie The tenements lie adjacent to nickel sulphide discoveries made by St George Mining Ltd ( ASX:SGQ ) at the Cathedrals, Strickland and Investigators Prospects.

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Figure 15. Aldoro’s Cathedral’s Belt tenements superimposed over a regional aeromagnetic background.

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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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The Company’s tenements lie to the east, and west, of St George’s tenure and the Company’s interpretation based on its own high resolution aeromagnetic survey is that the greenstones hosting the nickel-sulphide mineralisation could extend into Aldoro’s tenure. Aldoro’s tenement E29/1030 is interpreted to lie directly along trend from the ultramafic units hosting the nickel-sulphide mineralisation at the Cathedrals, and aeromagnetic images show a discrete E – W magnetic feature in the SW portion of E29/1030 (Figure 16).

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Figure 16. Potential strike extension of E-W nickel-sulphide rich greenstone ultramafic units into E29/1030.

Aldoro notes the exploration success announced by St George ( ASX:SGQ, 1 April 2020, 22 April 2020, 15 May 2020 ) at their neighbouring Mount Alexander Project, including the use of magnetotelluric and audio-magnetotelluric surveying as an exploration tool. The Company is following these developments whilst planning its next stage of exploration work at the project.

Leinster Project

During the year, the Company received final assay results for its recent drilling program at the Firefly Prospect, part of the Leinster Nickel Project ( ASX, Firefly Drilling Results, 19 December 2019 ). Drilling tested the bedrock conductors modelled within a large, 1 km scale anomaly associated with the contact of a high magnetic response unit ( ASX, Drilling Commences at Leinster Nickel Project, 7 October 2019 ). Drilling at the Firefly Prospect encountered a mixture of basalts (including high Mg), coarse grained mafic and ultramafic lithologies. Nickel concentrations were elevated in the high Mg and ultramafic units as expects with results of 67m at 0.11% Ni (AFFRC04) and 28m at 0.13% Ni (AFFRC02).

Encouragingly high contents of nickel were returned near the base of the ultramafic pile in AFFRC02 with 3m at 0.14% Ni, along with 12m at 0.15% Ni at a higher stratigraphic position. This could reflect magmatic processes at work which elsewhere form mineralisation through concentration of denser sulphide minerals. The mineralogy of the significant sulphide bearing intervals was dominated by pyrite and hosted within mafic rocks ( ASX, Exploration Update, 28 October 2019 ). Sampling of these intervals in AFFRC05 returned 2m at 0.54% Zn and 0.09% Cu.

GENERAL

Environmental, Social and Governance Framework Adopted

The Company is pleased to announce that it has adopted an Environmental, Social and Governance (ESG) framework with 21 core metrics and disclosures created by the World Economic Forum (WEF). The Board resolved to adopt the WEF ESG framework and instructed management to set up an impact measurement plan for each sustainability area which includes, but is not limited to, governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, land use, ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments.

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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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To ensure that ALDORO can measure, monitor, and report on its ESG progress, the Company has engaged impact monitoring technology platform Socialsuite to streamline the outcomes measurement and ongoing ESG reporting process. The Company’s goal is to demonstrate commitment and progress on its ESG scorecard, but more broadly, requires progress on a range of ESG benchmarks as set out by the WEF’s ESG White Paper. Socialsuite’s ESG reporting technology provides an easy way for investors and other stakeholders to assess the commitment and progress of the Company on its journey to create “best in class” ESG credentials and outcomes.

CORPORATE

During the quarter, the Company issued the 10,000,000 shares pursuant to the Placement announced on 29 March 2021 ( Placement Shares ), and as detailed in the March 2021 quarterly activities report. In addition, 300,000 Placement Shares and 3,500,000 incentive options were issued to Directors following the receipt of shareholder approval at the General Meeting held as detailed below.

On 19 April 2021, the Company held a General Meeting of shareholders.

The following resolutions were carried by way of poll:

• Resolution 4: Ratification of prior issue of options to Lead Manager

• Resolution 5: Ratification of prior issue of options to Company Secretary

• Resolution 6: Issue of incentive options to Joshua Letcher

• Resolution 7: Issue of incentive options to Lincoln Ho

• Resolution 8: Issue of incentive options to Troy Flannery

• Resolution 9: Approval to issue placement shares

• Resolution 10: Approval to issue options to Xcel Capital

• Resolution 11: Issue of placement shares to related party – Joshua Letcher

• Resolution 12: Issue of placement shares to related party – Lincoln Ho

• Resolution 13: Issue of placement shares to related party – Troy Flannery

• Resolution 14: Approval to issue future placement shares

• Resolution 15: Ratification of prior issue of service provider shares

The following Resolutions were withdrawn by the Chairman:

• Resolution 1: Issue of shortfall options to Joshua Letcher

• Resolution 2: Issue of shortfall options to Lincoln Ho

• Resolution 3: Issue of shortfall options to Troy Flannery

During the quarter on 26 May 2021, the Company announced its proposed non-standard partial spin out ( Spin Out ) and initial public offering ( IPO ) of Aurum, its wholly owned subsidiary.

The Spin Out and related IPO will facilitate the fast-tracking of exploration and possible development of the Penny South Gold Project, the Ryans Find Project and the Unaly Hill South Projects. With Aurum focussed solely on development of the Projects, Aldoro will focus on exploring its highly prospective Narndee and Windimurra projects, including the upcoming maiden drilling program announced on 14 May 2021. Aldoro will retain a significant shareholding in Aurum and whilst not planning an in-specie distribution of its Aurum shareholding immediately it retains the right to distribute these shares to Aldoro shareholders in the future.

Aldoro has received confirmation from ASX that the requirements of ASX Listing Rules 11.1.2, 11.1.3, 11.2 and 11.4 do not apply to the Spin-Out. As a result, Aldoro will not be required by ASX to convene a meeting of shareholders to seek approval for the Spin-Out.

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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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Key Terms and Conditions of Proposed Spin Out and IPO

On completion of the IPO, Aurum will hold 100% of the Projects. The key terms of the proposed Spin Out and IPO are as follows:

1. At completion of the Spin Out Aldoro will hold 5 million shares in Aurum. These securities will be subject to ASX escrow conditions.

2. Aldoro will receive a $200,000 payment from Aurum upon completion of the IPO as partial reimbursement for expenditure incurred by Aldoro in developing the Projects.

3. Aurum will issue 22,500,000 Aurum Shares at an issue price of $0.20 per Aurum Share to raise $4.5 million ( Minimum Subscription ), with an ability to accept oversubscriptions for up to an additional 2,500,000 Aurum Shares at an issue price of $0.20 to raise up to an additional $500,000 ( Aurum Capital Raising ).

4. Aldoro shareholders with a registered address in Australia on the record date (set out in the indicative timetable below) will be given an opportunity to participate in the IPO pursuant to a priority offer in the Aurum prospectus ( Priority Offer ). The terms of the Priority Offer will be set out in further detail in the prospectus.

The Spin Out and IPO are subject to a number of standard conditions including Aurum receiving applications for at least the Minimum Subscription under the Aurum Capital Raising, and successful completion of the IPO.

It is proposed the Board of Aurum will initially comprise two representatives of Aldoro in Non-Executive roles, Joshua Letcher as Non-Executive Chairman and Troy Flannery as Non-Executive Director. Additionally, Mr Mauro Piccini will complete the board as a Non-Executive Director and Company Secretary of Aurum.

Subsequent to the end of the quarter, on 7 July 2021, the Company announced that it had entered into a binding tenement sale agreement ( Agreement ) with Meridian 120 Mining Pty Ltd ( Meridian ) for the acquisition of Meridian’s 100% interest in E57/1017 and P59/2137 located in the Mt Magnet area of Western Australia (the Tenements ).

The material terms and conditions of the Agreement are as follows:

• The Company will pay Meridian $50,000 in cash and $150,000 in shares (based on a 30-day VWAP as at the date of signing the Agreement).

• The Company will also grant a 1% net smelter return royalty over the Tenements to Meridian.

• The shares issued to Meridian will be subject to a 6-month period of voluntary escrow.

• The conditions precedent are:

• completion of financial, legal and technical due diligence by Aldoro on the Tenements, to the satisfaction of Aldoro;

• the parties obtaining all necessary regulatory approvals or waivers pursuant to the ASX Listing Rules, Corporations Act 2001 or any other law to allow the parties to lawfully complete the matters set out in the Agreement;

• the parties obtaining all third-party approvals and consents, including the consent of the Minister responsible for the Mining Act 1978 (WA) ( Mining Act ) (if required), necessary to lawfully complete the matters set out in the Agreement; and

• Meridian, Aldoro and, if necessary under the third party agreements, the relevant third party, executing a deed of assignment and assumption in relation to each third party agreement.

If the conditions precedent are not satisfied on the date that is 45 days following the execution date, then any party may terminate the Agreement by notice in writing to the other party. Settlement of the acquisition will occur on the date that is two business days after the satisfaction or waiver of the last of the conditions precedent.

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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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For and on behalf of the board:

Sarah Smith

Company Secretary

This announcement has been authorised for release to ASX by the Board of Aldoro Resources

Tenement Table: ASX Listing Rule 5.3.3 Mining tenement interests held at the end of the quarter and their location. Western Australia

TENEMENT	REGISTERED HOLDER / APPLICANT	Permit Status	GRANT DATE (APPLICATION DATE)	EXPIRY DATE	AREA SIZE (Blocks)	Interest / Contractu al Right
E16/489	Aldoro Resources Ltd	Granted	27 January 2017	26 January 2022	15BL	100%
E16/551	Aldoro Resources Ltd	Applicatio n	(25 September 2020)	N/A	15BL	100%
E77/2502	Aldoro Resources Limited	Applicatio n	(1 December 2017)	N/A	21BL	100%
E77/2535	Aldoro Resources Limited	Applicatio n	(17 April 2018)	N/A	27BL	100%
E29/1029	Blue Ribbon Mines PtyLtd	Granted	15 May 2019	14 May 2024	28BL	80%
E29/1030	Blue Ribbon Mines PtyLtd	Granted	15 March 2019	14 March 2024	45BL	80%
E29/1031	Blue Ribbon Mines PtyLtd	Granted	15 May 2019	14 May 2024	9BL	80%
E29/1032	Blue Ribbon Mines PtyLtd	Granted	15 March 2019	14 March 2024	12BL	80%
E29/1033	Blue Ribbon Mines PtyLtd	Granted	27 February 2019	26 February 2024	26BL	80%
E29/1035	Aldoro Resources Limited	Granted	15 March 2019	14 March 2024	37BL	100%
E36/931	Aldoro Resources Limited	Granted	28 November 2018	27 November 2023	43BL	100%
E36/930	Aldoro Resources Limited	Granted	27 September 2018	26 September 2023	23BL	100%
E36/929	Aldoro Resources Limited	Granted	3 July 2018	2 July 2023	14BL	100%
E57/1045	Altilium Metals PtyLtd	Granted	10 August 2016	9 August 2021	4BL	100%
E57/1048	Altilium Metals PtyLtd	Granted	1 February 2018	31 January 2023	4BL	100%
E59/2223	Gunex PtyLtd	Granted	20 July2017	19 July2022	4BL	100%
E59/2238	Gunex PtyLtd	Granted	7 April 2017	6 April 2022	37BL	100%
E59/2258	Gunex PtyLtd	Granted	6 September 2017	5 September 2022	63BL	100%
E59/2431	Altilium Metals PtyLtd	Applicatio n	(14 May 2020)	N/A	67BL	100%

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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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The mining tenements relinquished during the quarter and their location – None

The mining tenement interests acquired during the quarter and their location – None

Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter – N/A Beneficial percentage interests held in farm-in or farm-out agreements acquired or disposed of during the quarter – N/A

ASX Listing Rule 5.3.1

Exploration and Evaluation during the quarter was $239k. The majority of this was spent on field activities for the Company’s upcoming drilling project at the Narndee Projects, Penny South data compilation, tenement costs and tenement reporting.

ASX Listing Rule 5.3.2

There were no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.5

The following table sets out the information as required by ASX Listing Rule 5.3.5 regarding payments to related parties of the entity and their associates:

Related Party	Amount	Description
Directors	$72,000	Director Fees
Associate of Director	$-	Occupancyexpenses
Director	$-	Exploration consulting fees paid to a Director/Director related entities

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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

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Aldoro Resources Limited ABN Quarter ended (“current quarter”) 31 622 990 809 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (32) - - (9) (231) - - - - - -	8 (64) - - (112) (675) - 8 - - - -
	(272)	(835)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - (207) - -	- - - (1,193) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(207)	(1,193)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (Proceeds from issue of listed options) 3.10 Net cash from / (used in) financing activities	2,060 - 265 - - - - - -	3,277 - 370 (99) - - - - 176
	2,325	3,724
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	2,054 (272) (207) 2,325	2,204 (835) (1,193) 3,724

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	3,900	3,900
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,900 - - -	1,054 1,000 - -
	3,900	2,054
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 (72) 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		(72)
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (272) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (207) Total relevant outgoings (item 8.1 + item 8.2) (479) Cash and cash equivalents at quarter end (item 4.6) 3,900 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 3,900 Estimated quarters of funding available (item 8.6 divided by item 8.3) 8 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(272) (207) (479) 3,900 -
		3,900
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 27 July 2021

Authorised by: The Board of Aldoro Resources Limited

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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