ALDORO RESOURCES LIMITED — Investor Presentation 2021

Mar 14, 2021

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ASX and Media Release 15 March 2021

Competent Person Statement

In relation to the Investor Presentation lodged with ASX on 15 March 2021, Aldoro Resources Limited ( the Company ) ( ASX: ARN ) advises that the Competent Person Statement (CPS) included in the presentation was incorrect. Attached is an amended presentation which includes the correct CPS.

For and on behalf of the board: Sarah Smith Company Secretary

This Announcement has been approved for release by the Board of Aldoro Resources Ltd

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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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DE-RISKING THE ROAD TO SUCCESS

NARNDEE NICKEL-PGE PROJECT

Investor Presentation March 2021

ASX:ARN

NATURE OF THIS DOCUMENT

This presentation has been prepared by Aldoro Resources Limited ACN 622990809 (Company). The information is based on publicly available information, internally developed data and other sources. By receiving this presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer.

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It is the responsibility of all recipients of this presentation to obtain all necessary approvals to receive this presentation and receipt of this presentation will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained.

This presentation is a visual aid and is not intended to be read as a stand alone document. The material contains selected and abbreviated summary information about the Company and its subsidiaries and their activities current as at the date of this presentation. The material is of general background and does not purport to be complete. The Company is not responsible for providing updated information and assumes no responsibility to do so.

NOT AN OFFER

This presentation is for information purposes only and does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. This presentation does not comprise a prospectus, product disclosure statement or other o ff ering document under Australian law (and will not be lodged with ASIC) or any other law.

This presentation also does not constitute or form part of any invitation, o ff er for sale or subscription or any solicitation for any o ff er to buy or subscribe for any securities in any jurisdiction nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities.

This presentation does not constitute an o ff er to sell, or a solicitation of an o ff er to buy, any securities in the United States. This presentation and its contents must not be distributed, transmitted or viewed by any person in the United States or any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

NOT INVESTMENT ADVICE

To the maximum extend permitted by law, the information contained in this presentation is given without any liability whatsoever being accepted by the Company or any of its related bodies corporate or their respective directors, o ffi cers, partners, employees, advisors and agents. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and its contents are not intended to be used for the basis of making an investment decision. No representation or warranty, express or implied, is made as to the accuracy, completeness or thoroughness of the information, whether as to the past or future.

Recipients of this presentation should carefully consider whether the company is an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. This presentation does not take into account the individual investment objectives, financial situation and particular needs of each recipient of this presentation. Therefore recipients of this presentation may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company’s securities or any other financial products.

FORWARD LOOKING STATEMENTS

Statements and material contained in this presentation, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of the Company, industry growth or other trend projects are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties and are based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant.

Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially di ff erent from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of commodities, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. DISCLAIMER

No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, o ffi cers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, su ffi ciency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be su ff ered by any person as a consequence of any information in this presentation or any error or omission there from. To the maximum extent permitted by the law, the Company disclaims any obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice. 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) and has been compiled and assessed under the supervision of Luke Marshall, a geological consultant to Aldoro Resources Ltd. Mr. Marshall is a Member of the Australasian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr. Marshall consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. MONETARY VALUES

Unless otherwise stated, all dollar values are in Australian Dollars (A$). The information in this presentation remains subject to change without notice.

ASX: ARN | aldororesources.com

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CHAIRMAN’S STATEMENT

Since my last Chairman’s Letter on 27th November 2020, Aldoro has progressed solidly on the Narndee Nickel PGE project. In the lead up to Christmas, we began implementing foundations for a robust exploration programme by securing experienced geological consultants and survey teams to commence work this quarter.

Initially, the FLTEM team was expected to mobilise to site at the beginning of February. This was delayed by the Covid-19 restrictions coupled with a big downpour of rain that flooded roads and restricted access to site. Fortunately, on 9th February the team managed to arrive on site and commenced the FLTEM survey.

As part of the de-risking strategy, the Company also included a dipole-dipole (2DIP) survey to further narrow down on bedrock conductors and eliminate areas of potential ground water.

In addition, discussions have begun with an experienced contractor to provide a down hole EM survey, with the goal to provide further detail of the potential resource at depth, thereby further derisking the upcoming drill program and potentially reducing the number of drill targets.

The Board of Aldoro anticipates a very busy exploration campaign over upcoming months progressing towards drilling and are confident for a resource discovery, we will continue to provide shareholders updates on its exciting exploration programme.

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ASX: ARN | aldororesources.com

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CORPORATE OVERVIEW

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Capital Structure			0.40																																																																																																																			10.0
ASX Code	ARN
Share Price	$0.21
Shares on issue	68M		0.30																																																																																																																			8.0
Options	25M
Market capitalisation Cash (at 31-Dec-20) Enterprise Value Number of shareholders Top 20 shareholders	$14M $2.2M $11.8M 740 49%	Share Price $	0.10 0.20																																																																																																																			2.0 4.0 6.0	Volume (millions)
			0.00																																																																																																																			0.0
			01-Mar-20																						01-Jun-20																													01-Sep-20																																01-Dec-20																									01-Mar-21
																																																		Volume																	Close							$
								All figures as													at				5		March 2021 unless																					otherwise stated.
								Option									on issue are as															follows:
								-							17,446,074 $0.30																	ex			& 31							Aug 23 expiry																			-					3,900,000															$0.175								ex & 9 Sept											23 expiry
								-							2,000,000										$0.225							ex			& 18							Nov 22								expiry											-						2,000,000														$0.234 ex &														9		Sept 23							expiry

ASX: ARN | aldororesources.com

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INVESTMENT HIGHLIGHTS

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Narndee Ni-PGE Project – A game changer with visibility to a maiden drilling program

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GLOBALLY SIGNIFICANT

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100% OWNERSHIP

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$2.2M IN BANK

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RIGHT COMMODITY PLACE AND TIME

UNPRECEDENTED SCALE

1[ST] CLASS JURISDICTION

FUNDED FOR DRILLING

BATTERY REVOLUTION

The Narndee Complex is the largest layered maficultramafic complex in Australia and ranks in the top 10 globally with respect to size complemented with unique geology prospective for Ni-Cu-PGE deposits.

The company are in a prime position to offer the market and investors a projects in a world class jurisdiction given it “whole of play” position covering 306km² coupled with a tight and well held capital structure.

Aldoro Resources has a well positioned bank balance combined with a high-quality register of shareholders demonstrating long hold positions, the current funding is sufficient for progressing the project through to the 3D modeling and commencement of the drilling program.

Global nickel demand is expected to rise by 2.6 million tonnes in 2040, with Australia’s greenfield and brownfield projects to play a significant role in future demand.

ASX: ARN | aldororesources.com

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AUSTRALIAN NICKEL SULPHIDE – A HUGE OPPORTUNITY

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• Global nickel demand is expected to rise by 2.6 million tonnes in 2040, with Australia’s greenfield and brownfield projects to play a significant role in future demand, according to a Roskill report.

• The report stated that electronic vehicle demand was the “single largest growth sector” for nickel in the next 20 years.

• According Roskill, Australia will contribute to more than 25 per cent of new mined supply by 2030*.

• However, Australia is expected to overtake Japan and Taiwan as the second largest nickel sulphate producer in the near-term.

ASX: ARN | aldororesources.com

Source: Roskill, 2020 *Roskill: Nickel Outlook to 2030, 17th edition

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THE NARNDEE NI-PGE PROJECT - A PROSPECTIVE HISTORY

• The Narndee Igneous Complex is a large layered mafic.

• ultramafic complex covering approximately 700km[2]

• Historic exploration has generally focused on PGM mineralisation using a Bushveld model, whilst historic drill results have found good indications of Ni-Cu sulphide mineralisation.

• Maximus Resources (ASX:MXR) flew an airborne EM survey over the complex (ASX:MXR, 20 August 2008) and identified 16 EM targets.

• Only 2 of these targets were drill tested with hole MNRC02 recording 3m at 0.4% Ni and 0.5% Cu from 99m in the central conductor and hole MNRC01 recording 3m @ 0.4% Ni and 0.3% Cu from 145m in the NW conductor.

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NARNDEE NICKEL–PGE PROJECT

Narndee Ni-PGE Project – Aldoro 100%

Significant land position in the Narndee-Windimurra Complex

• Largest layered mafic-ultramafic complex in Australia.

• Aldoro holds 100% of the basal ultrmafic portion of the Narndee Complex and 100% of the Mulyeron Hill ultramafic portion of the Windimurra Complex.

A working sulphide mineral system present

• Numerous surface gossans identified by INCO with shallow drill results up to 10.5m at 1.5% nickel from surface.

• Extensive surface geochemical anomalies of up to 6,190ppm Ni, 672ppm Cu and 595ppb Pt/Pd in soil.

High-value targets identified

• 16 major identified withing the core area of the complex.

• Historic surface geochemistry correlates well with a number of targets.

Further industry leading derisking to commence

Exploration drilling program to commence in 2Q 2021

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ASX: ARN | aldororesources.com

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MODERN EXPLORATION AT NARNDEE – UNLOCKING SUCCESS

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• Aldoro is going beyond the traditional small-cap approach of “EM & Drill, Hope & Pray” to ensure every possible derisking technique is applied to assist in delivering commercial success at the Narndee Ni-PGE Project.

• Methodically performing high level de-risking of the Narndee target prior to drilling commencement, majority of the derisking activities are scheduled to be completed in Q1 2021 with the completion of FLTEM and 2DIP.

• The start of Q2 21 will involve a review of the multiple geological and geophysical layers to identify high priority drilling targets, at this time the company will assess further surveys to further de-risk prior to drilling.

FLTEM

2DIP (Dipole-Dipole)

DRILL PLAN

DOWN HOLE EM

ASX: ARN | aldororesources.com

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DERISKING TIMELINE

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FEB/MAR MAR/APR APR/MAY APR/MAY JUNE
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FLTEM

2DIP

DRILL PLAN

DOWN HOLE EM

DRILLING

ASX: ARN | aldororesources.com

NARNDEE NICKEL–PGE PROJECT

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Step-by-step technical derisking. Conductors confirmed

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• Refinement of VTEM data and imagery in December 2020 provided the basis for the selection of 11 high-interest targets for follow-up exploration, which include both local and broader VTEM anomalism.

• A ground based, high-resolution Fixed Loop Transient Electromagnetic (FLTEM) geophysical survey has commenced.

• The FLTEM methodology is one that establishes the true conductance levels for those bedrock conductors indicating the strong likelihood of sulphides and reducing likelihood of selecting false positive anomalies for drilling targets.

• Surveying over 4 high-interest targets completed to date with survey .

• completion expected final week of March 2021

• 2DIP to follow over confirmed bedrock conductors immediately post completion of the FLTEM program.

11 FLTEM survey blocks numbered and designated by light blue boxes showing survey lines .

ASX: ARN | aldororesources.com

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DIRECTORS AND MANAGEMENT

JOSHUA LETCHER CHAIRMAN

TROY FLANNERY NON-EXECUTIVE DIRECTOR

Joshua has experience working in various operational and technical roles within the African and Australian mining industry. He was the founder of Allotropes Diamonds Pty Ltd and was responsible for its acquisition by Newfield Resources Ltd (ASX: NWF) which provided the company with A$4M in working capital.

Mr Flannery has more than 23 years’ experience in the mining industry, including 7 years in corporate and 16 years in senior mining engineering & project development roles. He has a degree in Mining Engineering, Masters in Finance & First Class Mine Managers Certificate of Competency.

Troy is also the CEO of Abra Mining Pty Ltd, the corporate vehicle for the Galena Mining Ltd (ASX:G1A) & Toho Zinc Joint Venture. He has worked at numerous mining companies, mining consultancies & contractors including BHP, Newcrest, Xstrata, St Barbara Mines & AMC Consultants.

As CEO of Allotropes, Josh was responsible for the development of the project from exploration to trial mining. The roles in that capacity included project management, plant construction and commissioning, exploration management and asset acquisition.

Joshua has served in the Royal Australian Navy and trained as a Mechanical Engineer.

LINCOLN HO NON-EXECUTIVE DIRECTOR

Lincoln has over a decade’s experience in equities trading, with a strong focus on due diligence investigations, mergers & acquisitions and corporate restructuring in the emerging companies sector. He also has specific investor relations experience in both Australia and Asia, having liaised with significant high net-worth investors based in Hong Kong, Singapore and China.

Lincoln currently serves as nonexecutive director of Red Mountain Mining Limited (ASX: RMX). He previously served as non-executive director of Pure Minerals Limited (ASX: PM1) and Sultan Resources Limited (ASX: SLZ).

Lincoln also currently serves as director of the Pioneer Development Fund (Aust) Limited, the largest shareholder in Aldoro Resources.

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ASX: ARN | aldororesources.com

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INVESTMENT HIGHLIGHTS Unprecedented leverage to Nickel/PGE drilling commencing 2Q 2021 Potential for large resource High-quality exploration plan Quality shareholders - long term supportive Well cashed up and focus on Ni resources 100% held Nickel projects

ASX: ARN | aldororesources.com

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THANK YOU