Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

A few highlights from the quarterly.

The dimensions are 1,350m long, 1,100m wide and 510m deep. The tonnes below the surface (ie below 275m) would be about 950mt is a square and 750mt if a cylinder. For the part the tonnes maybe about 400mt but it depends on the angle of the sides so this a very rough (it may be more or less). If the whole volume was mineralised we would be looking at between say 1,100mt and 1,350mt. As it will not all be mineralised the size may be between say 600mt to 900mt (this is a very rough estimate). Add to the what lies below 510m as most holes finished with mineralisation plus it may be wider if the south-east holes return with mineralisation.

This is the quote:

"The 650-meter south-west extension of mineralisation confirms that the Kameelburg discovery footprint has doubled to see it extend 1.35km long by 1,100m wide and 510m deep noting mineralisation remains open at depth and assays for south-east step out holes remain pending."

[as a side note I must admit I am puzzled by other quotes of dimensions in this quarterly and the previous assay announcement - while they are smaller they do not make sense as the hill has a diameter of about 1.3km so the dimensions in the summary of the announcement make sense when you look at the visuals where the holes have been drilled].

The way I interpret the quarterly is that ARN aim to declare a Tier 1 deposit when they announce the maiden MRE at the end of this quarter. That would be huge given they have only drilled less than 10,000m. This is the quote:

" Aldoro is working closely with an independent consultant to deliver a Mineral Resource Estimate (MRE) by the end of this quarter, aiming to define the project as a Tier 1 critical mineral resource discovery)."

I assume this quote means the assays have been received from the lab are being processed by ARN and we should see an announcement next week.

Additional assays have arrived in country and are expected to be processed by the end of July.

They note the Nb grade is increasing with depth and seems to be quite a lot higher the deeper the hole goes.

"In the lower Niobium-Rare Earth deposit the Niobium grade clearly appears to be increasing at depth."

This may be exciting if they have discovered another carbonatite nearby - how big will that be and will it be higher grade? If its big then this could be a truly massive polymetallic discovery. This is the quote:

"The acquisition of these two rigs will see the Company in a strong position to expand on the depth that it is currently able to drill which is circa 500 meters in depth. The new rigs will allow the Company to drill to a depth of 700+ meters whilst also having an additional rig to focus on the adjacent carbonatite that has been discovered."

And this quote from the quarterly is worth noting:

Given the Kameelburg projects scale and grade, Aldoro is of the understanding that Kameelburg has the potential to become a significant source in the global supply of REE and Niobium. Significant continuous mineralisation to depth coupled with assay grade, strike, proximity to commercialisation
infrastructure (power, transport route direct to Walvis Bay port) and coupled with the location in Namibia the Kameelburg project is shaping up to be considered a Tier 1 polymetallic discovery.

They provide a comparison of the recent sale where Rare Peak Earths was purchased recently for $150m with 214mt @2.15% TREO - if ARN confirms maybe 600-900mt (and maybe more and even more when they drill deeper) and a higher grade (which its looking like on an Eq basis) what will ARN's MC be as its only $60m now. ARN looks really cheap in comparison and looks to be under the radar.