ALDORO RESOURCES LIMITED — Regulatory Filings 2021

Jul 27, 2021

ASX and Media Release 28 July 2021

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MLTEM Survey Reveals Two Additional Drill Ready Targets

• Processing and interrogation of recent MLTEM surveying completed

• Two new drill-ready targets named VC3 and East1 confirmed for drill testing

Aldoro Resources Limited ( Aldoro , The Company ) ( ASX: ARN ) is pleased to announce the results of a Moving Loop Transient Electromagnetic (MLTEM) survey at the Narndee Igneous Complex (NIC). Dataset modelling and interrogation is now completed. Two new targets, VC3 and East1 have been modelled in 3D and confirmed for drill testing.

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Figure 1. View looking over the VC1 drill target from a hill to the southeast..The landscape is similar at the newly identified VC3 and East1 targets.

VC3 MLTEM Conductor

VC3 is interpreted to have an areal size of approximately 300m by 600m. The body is interpreted to be striking in a north-west southeast direction, with a conductance of approximately 1000-1500S. The top of the conductor is interpreted to lie at a depth of 400m below surface and the conductor body exhibits a shallow SE dip/plunge of approximately 10-20 degrees.

The target appears to be located on a basal contact of an olivine bearing pyroxenite, with a footwall sequence of metamorphosed felsic volcanics and granitic rocks. This is interpreted to be a favourable location for the development of magmatic nickel-copper sulphides.

EAST1 MLTEM Conductor

A discrete, relatively strong bedrock conductor is defined at this location. Modelling has resolved a body of at least 500m x 200m in areal size with a depth to the top of 225-275m below surface. The conductance models are at 6000-9000S, but the modelling suggests it could be higher. The body dips

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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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at approximately 5-15 degrees to the west, striking north-south.

East1 is hosted by a sequence of felsic shists and metasediments. The geological setting is similar to that at Quandonng Well Zone B, and it may represent a Volcanogenic Massive Sulphide (VMS) style target.

VC3 and East1 will both be tested during the current drill program. These targets now both rank higher than VC11 given their geological settings and will be prioritised accordingly.

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Figure 2. Geological map of the NIC, showing the location of the two new drill ready MLTEM targets.

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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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ENDS

About Aldoro Resources

Aldoro Resources Ltd is an ASX-listed ( ASX: ARN ) mineral exploration and development company. Aldoro has 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).

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Figure 3. Map of of Aldoro’s landholding over the Narndee and Windimurra Igneous Complexes.

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

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Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Aldoro operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Aldoro’s control.

Aldoro does not undertake any obligation to update publicly or release any revisions to these forwardlooking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of

Aldoro, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as of the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for or purchase 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 Persons Statement

The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). It has been compiled and assessed under the supervision of Luke Marshall, a geological consultant to Aldoro Resources Ltd. Mr Marshall is a Member of the Australasian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Marshall consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•	A Moving Loop Transient Electromagnetic (MLTEM) ground
techniques	specific specialised industry standard measurement tools appropriate		survey completed over a selection of difficult to resolve tazrgets
	to the minerals under investigation, such as down hole gamma		from earlier FLTEM surveying high-interest targets. The MLTEM
	sondes, or handheld XRF instruments, etc). These examples should		survey commenced in June 2021, six survey blocks completed.
	not be taken as limiting the broad meaning of sampling.		Line orientation is in E – W direction over EM targets of the
	• Include reference to measures taken to ensure sample representivity		Narndee Igneous Complex
	and the appropriate calibration of any measurement tools or systems	•	MLTEM configuration:
	used.	•	SMARTem 24 receiver
	• Aspects of the determination of mineralisation that are Material to the	•	SMARTfluxgate B-Field Sensor
	Public Report.	•	TTX2, petrol generator system- 100A/250V
	• In cases where ‘industry standard’ work has been done this would be	•	200m x 200m; 25mm/16mm, single turn, Max current (~100A)
	relatively simple (eg’ reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge 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.	• • • • • •	Specs 100m line spacing 100m station spacing. 0.5Hz base frequency 100A current ~1msec ramp time
		•	Multiple readings at a stacking length determined by the operator
		•	MLTEM surveys are an industry-standard practice for follow-up
			testing after an airborne WM survey for bedrock conductors
			representing potential mineralised massive sulphide bodies.
		•	Sampling techniques are unknown for reported historical drilling
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	Reported historical drilling are reverse circulation drillholes
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 ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•This	information is not known for reported historical drilling
recovery	and results assessed.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.

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Criteria	JORC Code explanation	Commentary	Commentary
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•Not relevant given the early stage of The Project
	geotechnically logged to a level of detail to support appropriate
	Mineral Resource estimation, mining studies and metallurgical
	studies.
	• Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	• _The total length and percentage of the relevant intersections logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•This information is not known for reported historical drilling
techniques and	taken.
sample	• If non-core, whether riffled, tube sampled, rotary split, etc and
preparation	whether sampled wet or dry.
	• For all sample types, the nature, quality and appropriateness of the
	sample preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain size of the material
	_being sampled. _
Quality of	• The nature, quality and appropriateness of the assaying and	•	MLTEM system calibrated before the commencement of the
assay data and	laboratory procedures used and whether the technique is considered		survey. Assay and laboratory techniques are not known for
laboratory	partial or total.		Historic Drilling
tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•	All digital data is inspected daily by the site crew and the
	the parameters used in determining the analysis including instrument		Company’s consultant geophysicist.
	make and model, reading times, calibrations factors applied and their	•	The Company receives a daily report on production and of any
	derivation, etc.		equipment issues.
	• Nature of quality control procedures adopted (eg standards, blanks,	•	The data is reviewed real-time by the consultant geophysicist on
	duplicates, external laboratory checks) and whether acceptable levels		the ground, and any lines are re-walked if necessary.
	of accuracy (ie lack of bias) and precision have been established.	•	The data presented is being conducted and processed by
			consultants at SouthernGeoscience Concultants (SGC).Upon

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Criteria	JORC Code explanation	Commentary	Commentary
			completion, the Company’s consultant geophysicist will complete
			a QA/QC of these data to consider them suitable for public
			release.
		•	For reported historical drilling, QAQC procedures, accuracy, and
			precision have not been established.
Verification of	• The verification of significant intersections by either independent or	•	Daily data independently checked by Company’s consultant
sampling and	alternative company personnel.		geophysicist
assaying	• The use of twinned holes.	•	QAQC procedures and documentation of primary data is not
	• Documentation of primary data, data entry procedures, data		available for historic drilling
	verification, data storage (physical and electronic) protocols.	•	Twinned holes are not being used or reported
	• Discuss any adjustment to assay data.	•	No adjustment was made to assay data
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	Real-time GPS navigation system. Coordinates presented are in
data points	down-hole surveys), trenches, mine workings and other locations		GDA94, UTM Zone 50S.
	used in Mineral Resource estimation.	•	Collar survey accuracy of reported historic drilling is unknown.
	• Specification of the grid system used.	•	No downhole survey information is available for reported
	• Quality and adequacy of topographic control.		historical drilling.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Spacing between survey lines is 100-150m, with station readings
and	• Whether the data spacing and distribution is sufficient to establish the		taken approximately every 100m along lines—multiple readings
distribution	degree of geological and grade continuity appropriate for the Mineral		at up to 64 stacks.
	Resource and Ore Reserve estimation procedure(s) and	•	Data spacing for EM surveying is optimum to establish
	classifications applied.		geological continuity.
	• Whether sample compositing has been applied.	•	The sufficiency of drill data spacing is unknown given the early
			stage of the Project.
		•	Sample composites were collected by 4m composites and
			resampled by 1m composited where anomalous results were
			returned.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	The survey lines are approximately perpendicular to any known
data in relation	possible structures and the extent to which this is known, considering		strike direction of geological formations and which orientation is
to geological	the deposit type.		sufcient to interrogate further the discrete conductive anomalies
structure	• If the relationship between the drilling orientation and the orientation		previously identified by the VTEM Max survey
	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	The orientation of drilling to key mineralised structures is
			unknown
Sample	• The measures taken to ensure sample security.	•	All data acquired by the EM contractor will be reported to the
security			Company’s consultant geophysicist
		•	Sample security measures are unknown for historical reported
			drilling
Audits or	• The results of any audits or reviews of sampling techniques and data.	•The	geophysical data will be independently verified by the Company’s
reviews		consultant geophysicist Russell Mortimer of Southern Geoscience
		Consultants

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	•	Tenements E59/2223, E59/2238 and E59/2258
tenement and	agreements or material issues with third parties such as joint	•	Held by Gunex Pty Ltd a 100% owned subsidiary of Altilium
land tenure	ventures, partnerships, overriding royalties, native title interests,		Metals Pty Ltd, which in turn is a 100% owned subsidiary of
status	historical sites, wilderness or national park and environmental		Aldoro Resources Limited
	settings.	•	GSR to original tenement holder
	• The security of the tenure held at the time of reporting along with any	•	The tenements are in good standing, with no native title interests
	known impediments to obtaining a licence to operate in the area.		and no known historical or environmentally sensitive areas with
			the tenement areas
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•	Previous relevant exploration was undertaken by: Westralian
done by other			Nickel-INCO (1960s-70s)
parties		•	BHP-Hunter Resources (1985-90)
		•	Wedgetail Resources (2001)
		•	Apex Minerals-Mark Creasy (2001-06) Falconbridge-Apex-Mark
			Creasy (2002-03)
		•	Maximus Resources (2005-14)
Geology	• Deposit type, geological setting and style of mineralisation.	•The	Narndee Project is located within the Youanmi Terrane of the
		Yilgarn Craton, close to a major structural boundary between the
		Murchisonand SouthernCrossDomains. Theregionalgeologyis

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Criteria	JORC Code explanation	Commentary	Commentary
		dominated by Archaean granite-greenstone terranes (greenstone 2.8-
		3.0 billion years, granites 2.6-2.95 billion years) and the Windimurra
		Group of layered mafic intrusions (2.847 billion +/- 71 million years).
		These bodies represent the largest layered mafic-ultramafic intrusive
		complex in Australia. The Narndee Igneous Complex forms the
		primary component of the Boodanoo Suite and is divided into three
		broad units of stratigraphy: Ultramafic Zone, Lower Zone and Main
		Zone. Historical exploration has generally focused on stratiform PGE-
		reef mineralisation, whereas Aldoro’s focus will be on massive
		magmatic nickel sulphide deposits
Drill hole	• A summary of all information material to the understanding of the	•	A listing of the historic Maximus Resources drill hole information
Information	exploration results including a tabulation of the following information		material to the understanding of the historical exploration results,
	for all Material drill holes:		along with other historical drilling is provided in the body and
	o easting and northing of the drill hole collar		appendices of ASX announcement October 29 2020.
	o elevation or RL (Reduced Level – elevation above sea level in	•	Historical drilling by previous explorers used best practice for
	metres) of the drill hole collar		that time.
	o dip and azimuth of the hole	•	The use of any data is recommended for indicative purposes
	o down hole length and interception depth		only in terms of potential Ni- Cu-PGE mineralisation and for
	o hole length.		developing exploration targets.
	• 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,	•	Raw composited sample intervals have been reported and
aggregation	maximum and/or minimum grade truncations (eg cutting of high		aggregated where appropriate.
methods	grades) and cut-off grades are usually Material and should be stated.	•	No metal equivalent values have been quoted
	• Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	should be clearly stated.

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Criteria	JORC Code explanation	Commentary	Commentary
Relationship	• These relationships are particularly important in the reporting of	•All results referenced are based on down-hole lengths and may not
between	Exploration Results.	reflect true width of mineralisation or thickness of host lithologies
mineralisation	• If the geometry of the mineralisation with respect to the drill hole	which is unknown
widths and	angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Appropriate maps and tabulations are presented in the body of the
	intercepts should be included for any significant discovery being	announcement
	reported These should include, but not be limited to a plan view of
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•Only selected drill intersections have been mentioned, and due to the
reporting	practicable, representative reporting of both low and high grades	nature of the drilling and lack of adequate records and survey control,
	and/or widths should be practiced to avoid misleading reporting of	they are considered indicative only and not material
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be reported	•	Falconbridge completed an airborne magnetic and radiometric
substantive	including (but not limited to): geological observations; geophysical		survey over the NIC using a fixed-wing aircraft and Scintrex
exploration	survey results; geochemical survey results; bulk samples – size and		Cesium Vapour CS-2 Magnetometer and Exploranium GR 820
data	method of treatment; metallurgical test results; bulk density,		Spectrometer. Lines were flown E-W at 100m spacing and 35m
	groundwater, geotechnical and rock characteristics; potential		sensor height. This survey was reprocessed by Southern
	deleterious or contaminating substances.		Geoscience.
		•	Aldoro conducted its own VTEMTM Max airborne survey (refer
			to details in Table 1 ASX Announcement January 20 2021).
Further work	• The nature and scale of planned further work (eg tests for lateral	•	Targets generated from the FLTEM survey have been followed
	extensions or depth extensions or large-scale step-out drilling).		up with a Moving Loop electromagnetic survey (MLTEM), which
	• Diagrams clearly highlighting the areas of possible extensions,		will filter super-paramagnetic (SPM) responses, such as that
	including the main geological interpretations and future drilling areas,		caused by shallow magnetite occurrences in weathered ground,
	provided this information is not commercially sensitive.		that give a similar response to target sulphide bodies.
		•	Gossan occurrences will be systematically rock chip sampled
			and mapped
		•	Pegmatite occurrences will be systematically rock chip sampled,
			soils sampled, andmapped.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	Exploration is at an early stage, and future work will depend on
			results

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