Aldoro Resources : Quarterly Activities Report & Appendix 5B

For personal use only

27 July 2022

QUARTERLY REPORT

Quarter Ended 30 June 2022

Aldoro Resources Ltd (Aldoro or the Company) (ASX: ARN) provides the following commentary and Appendix 5B for the Quarter ended 30 June 2022.

Highlights

• Key lithium-Rubidium targets identified at Wyemandoo following extensive sampling program. High priority Domes identified for drilling
• RC drilling conducted over high priority pegmatite outcrop at Domes 1 & 2 at the Wyemandoo Lithium-Rubidium Project.
• Drilling the southern Dome 2, in an area of anomalous lithium and rubidium in rock chips, intersected multiple pegmatite many intersections characterized by purple lepidolites.
• Drilling at Dome 1 confirms the presence of a large and shallow pegmatite sill with intersections of up to 6m.
• Highly regarded pegmatite processing expert Professor Zhiguo He engaged to conduct processing methodology review of Wyemandoo and Niobe pegmatite mineralisation.
• Professor He's engagement to focus on beneficiation and delivery of commercial grade rubidium and lithium.
• Initial ~300kg of mineralised pegmatite consigned with an additional ~200kg to be freighted upon customs clearance.
• Rubidium added to the Strategic Minerals list of the US and Japanese Governments

Wyemandoo Project

Rock chip sampling highlighted two priority Domes 1 & 2 for further investigation by RC drilling. At Dome 1 two loop structures (North and South) interpreted as a flat lying sill passing through the two adjacent hills. Rock chip sampling around these produced anomalous lithium (up to 2.06% Li2O) and Rubidium (up to 1.7%). A nearby dyke also reported 2.6% Li2O from previous sampling. At Dome 2 pegmatites rock samples reported Li2O up to 2.32% and rubidium up to 1.24% with both flat lying sills and dykes interpretated across the NE trending dyke swarm.

The maiden drilling programme commenced on the 13th of May and was completed after 27 RC holes for 3,594m were drilled and ranging from 84 to 201m in depth. The majority of the holes have intersected pegmatites of various intervals from <1m to 8m with mixed pegmatite-country rock zones up to 19m thick. The programme has been dictated by the pegmatite intersections where many have been interpretated as flat lying sills or moderately steeply dipping dykes orientated to the northwest.

To date drilling has concentrated in two areas, Dome 1 containing the two loop structures (Northern Loop and Southern Loop) and Dome 2 (approximately 5km southwest). The continual shallow intersections coupled by confidence garnered from XRF readings has been encouraging.

At Dome 2 drilling has intersected multiple purple lepidolite rich zones as well as an unidentified greenish aluminosilicate suggesting a hydrothermal origin for the mineralisation and a hunt for the

For personal use only

magmatic source is underway. Pegmatite intersection vary from thin intercepts to zones in excess of 12m. Figures 2 & 3 show lepidolite rich pegmatite intersections from RC chips for Holes WYC0009 & WYC0022.

The drill chip samples are currently at Intertek Genalysis awaiting analysis for the lithium suite of elements with a focus on the one metre pegmatitic intersections.

Figure 1: Aerial shot of the drilling at the Northern Ring structure

Figure 2: Hole WYC0009 chip tray with a purple lepidolite rich pegmatite intersection

For personal use only

Figure 3: Hole WYC0022 (101 to 132m) note the pegmatite zone with metagabbro layers, between 107 and 125m depth

characterised by lepidolite and an unidentified hydrothermal aluminosilicate.

DOME 1

Figure 4 Dome 1 drill locations at the Northern and Southern Loops

For personal use only

Figure 5 Dome 2 drill locations at the Central and Southwest targets

Figure 6 Spatial relationship between Domes and drill sites

For personal use only

Hole_ID Easting	Northing	Elevation (m)	EOH (m) Dip	Azm Anomaly
WYC0001 655676	6848289	495	201		-90	0 Dome 1 Northern Loop
WYC0002 655706	6848316	493	200		-90	0 Dome 1 Northern Loop
WYC0003 652709	6843925	TBC	84		-60	145	Dome 2 Central
WYC0004 655602	6848255	496	150				145	Dome 1 Northern Loop
	-60
WYC0005 652470	6843814	TBC	84		-60	145	Dome 2 Central
WYC0006 655636	6848282	495	150				145	Dome 1 Northern Loop
	-60
WYC0007 652510	6843895	TBC	84		-60	360	Dome 2 Central
WYC0008 655664	6848306	495	150				325	Dome 1 Northern Loop
		-60
WYC0009 652395	6843989	TBC	84		-60	145	Dome 2 Central
WYC0010 652440	6843985	TBC	84		-60	145	Dome 2 Central
WYC0011 651645	6843655	TBC	84			-60	145	Dome 2 Southwest
WYC0012 655688	6848272	495	150				145	Dome 1 Northern Loop
		-60
WYC0013 655718	6848298	494	150				145	Dome 1 Northern Loop
		-60
WYC0014 655748	6848325	492	152				145	Dome 1 Northern Loop
		-60
WYC0015 655763	6848339	491	150				145	Dome 1 Northern Loop
		-60
WYC0016 651448	6843583	TBC	96		-60	145	Dome 2 Southwest
WYC0017 651472	6843570	481	120		-55	145	Dome 2 Southwest
WYC0018 655683	6848139	499	150				145	Dome 1 Southern Loop
		-60
WYC0019 655698	6848153	497	150				145	Dome 1 Southern Loop
		-60
WYC0020 655712	6848168	496	150				145	Dome 1 Southern Loop
		-60
WYC0021 655726	6848183	495	150				145	Dome 1 Southern Loop
		-60
WYC0022 651463	6843584	480	186		-60	145	Dome 2 Southwest
WYC0023 652534	6843861	420	150		-60	325	Dome 2 Southwest
WYC0024 651455	6843544	TBC	144		-55	300	Dome 2 Southwest
WYC0025 651507	6843543	TBC	90			-55	200	Dome 2 Southwest
WYC0026 655640	6848132	500	150				145	Dome 1 Southern Loop
		-60
WYC0027 655462	6848160	TBC	101		-60	145	Dome 1 West of Southern Loop

Table 1: List of drill holes, note some elevations are to be checked. Coordinates are in UTM GDA94 zone 50

Metallurgy - Appointment of Professor Zhiguo He

Aldoro entered into an engagement with Dr. Zhiguo He of the Central South University of China ("Professor He") to undertake a commercialisation review of the Rb/Li mineralisation contained within Aldoro's Wyemandoo and Niobe projects ("Project mineralisation"). The review will encompass processing and beneficiation of both Projects mineralised pegmatites and provide Aldoro two processes being:

1. The beneficiation process that delivers the most economically efficient process relative to the prevailing Rb & Li prices.
2. The beneficiation process that produces the highest concentrate grade at the most efficient recovery of Rb and Li within contained mineralised pegmatite.

The commercialisation review is expected to take 8 months and an initial shipment of ~300kg of sample ore has been consigned to Professor He.

Professor He is highly regarded in the processing methodology field having successfully completed