Aldoro Resources Delivers 804.5Mt Kameelburg Rare Earth Mineral Resource Update

Aldoro Resources Delivers 804.5Mt Kameelburg Resource with Contained NdPr Above Published Mt Weld and Mountain Pass Inventories

Aldoro Resources (ASX: ARN) has reported an updated independent JORC Mineral Resource Estimate for its 85%-owned Kameelburg Rare Earth Element-Strontium-Niobium Project in Namibia, lifting the total resource to 804.5 million tonnes at 2.90% TREO equivalent. The Aldoro Resources Kameelburg rare earth mineral resource update incorporates the full 39-hole, 16,904-metre Phase 1 and Phase 2 diamond drilling dataset and includes the project's maiden Indicated Resource.

The update is material for investors because it combines four elements that are often reported separately at earlier-stage projects: larger scale, improved resource confidence, early metallurgy, and nearby infrastructure. Aldoro also stated that Kameelburg now contains approximately 1.37 million tonnes of NdPr oxide on a contained-oxide basis.

Furthermore, the company says this exceeds the most recently published contained NdPr inventories of Lynas' Mt Weld deposit and MP Materials' Mountain Pass reserve on that basis, positioning Kameelburg as a significant name in the global rare earth conversation.

The Resource in Numbers

At a 0.5% TREO cut-off, the updated Mineral Resource Estimate comprises 804.5Mt at 2.90% TREO equivalent, including 1.17% TREO, 0.19% Nb₂O₅, 191 ppm molybdenum, and 0.17% NdPr.

A higher-grade subset was also reported at a 1.0% TREO cut-off, totalling 414.8Mt at 3.32% TREO equivalent with 0.21% NdPr. In the announcement, Aldoro said this higher-grade inventory may support the potential for open-pit mining of higher-grade material, subject to future mining studies.

Using the reported average 0.17% NdPr grade, the full resource equates to roughly 1.37 million tonnes of contained NdPr oxide. Around 290,000 tonnes of that sits within the Indicated category, based on the stated 162.1Mt at 0.18% NdPr.

How Kameelburg Compares with Global Rare Earth Peers

One of the most closely watched parts of the announcement is the peer comparison. On a contained-oxide basis, Aldoro reported that Kameelburg's NdPr inventory is larger than the published contained NdPr figures for Mt Weld and Mountain Pass.

This comparison needs context. Kameelburg is currently a Mineral Resource, not an Ore Reserve, and approximately 80% of the tonnage is classified as Inferred. That means the scale is clear from the current estimate, but further drilling and study work are still required before mining outcomes can be assessed with higher confidence.

For investors, the implication is straightforward: Kameelburg is entering the conversation as a very large undeveloped rare earth project by contained NdPr, but it remains in the resource definition and study stage.

Chairwoman Commentary

"This Mineral Resource update represents a defining milestone in Aldoro's evolution from a successful explorer into an emerging global critical minerals development company," said Quinn Li, Chairwoman of Aldoro Resources.

"The updated Mineral Resource Estimate confirms Kameelburg as one of the world's largest undeveloped rare earth projects, while the delivery of our maiden Indicated Mineral Resource marks the beginning of the next stage of value creation as we systematically advance the project towards development."

Why Does the Maiden Indicated Resource Matter?

The maiden Indicated Resource of 162.1Mt is an important change in the quality of the inventory, not just the size of it. In JORC reporting, Indicated means there is enough geological confidence to support mine planning and more advanced technical studies, whereas Inferred carries a lower level of certainty.

According to the announcement, the Indicated classification was applied in areas drilled at around 70m by 70m spacing or closer, supported by geostatistical analysis and block model validation. The company said this spacing corresponds to about 66% of the interpreted variogram sill in the main direction of continuity.

In practical terms, that improvement can help with:

• Future mine scheduling
• Ore Reserve conversion work
• Engineering and feasibility studies
• Financing and offtake discussions

This matters because large tonnage alone does not usually move a project through the development pathway. Investors typically look for confidence to improve step by step, and this resource update marks that shift at Kameelburg.

Understanding TREO Equivalent and Why Investors Use It

Kameelburg is not only a rare earth deposit. It also contains niobium, strontium, and molybdenum. To reflect the value contribution of multiple commodities in one grade figure, the resource is reported using TREO equivalent.

TREO equivalent is a normalised grade that combines the contribution from total rare earth oxides, niobium pentoxide, and molybdenum using pricing and recovery assumptions. This gives investors a quick way to compare the overall economic content of a multi-commodity resource.

The company used the following inputs:

For non-specialist readers, the key point is that TREO measures the full rare earth basket, while NdPr isolates the two magnet rare earths that often drive project value. TREO equivalent goes one step further by adding the estimated contribution from other payable commodities into one figure.

An Important Educational Note

A higher TREO equivalent does not guarantee a better project on its own. Investors still need to consider metallurgy, mining method, processing costs, infrastructure, and how much of the resource sits in higher-confidence categories.

A Multi-Commodity Carbonatite with Rare Earths, Strontium, and Niobium

According to the ASX update, Kameelburg hosts rare earths, strontium, and niobium within the same carbonatite system. That is relevant because multi-commodity systems can potentially support more than one product stream if testwork and development studies continue to advance positively.

The company highlighted the following preliminary metallurgical results from previous ASX releases:

The rare earth metallurgy is centred on direct hydrochloric acid leaching, which Aldoro said was achieved without conventional beneficiation steps such as flotation or roasting. Management linked that result to Kameelburg's ancylite-dominant mineralogy, which differs from deposits dominated by minerals such as monazite or bastnäsite.

That distinction matters because mineralogy often determines how difficult or expensive a rare earth ore is to process. Simpler flowsheets can be important if later studies confirm technical and economic performance, although the current metallurgical work remains preliminary.

The Strontium Resource Adds a Second Magnet Market Exposure

Aldoro also reported a strontium Mineral Resource of 802.1Mt at 2.11% Sr, equivalent to 3.54% SrCO₃, and stated that it remains the world's largest strontium resource based on its earlier ASX announcement from 11 May 2026. This strontium inventory is inclusive of, not additional to, the rare earth resource because both occur in the same ore system.

The company said Kameelburg may offer exposure to two different permanent magnet markets:

1. NdFeB magnets through its NdPr content
2. Strontium ferrite magnets through its strontium content

NdFeB magnets are used in electric vehicles, wind turbines, robotics, defence systems, drones, and data centre cooling systems. Strontium ferrite magnets are widely used in automotive motors, industrial equipment, appliances, electronics, and audio systems.

"Kameelburg also hosts the world's largest Strontium Mineral Resource," said Quinn Li. "This provides Aldoro with exposure to both the premium permanent magnet market and the high-volume industrial magnet market."

Resource Growth in Less Than 12 Months

The pace of resource growth has been a central part of the Kameelburg story. In the latest announcement, Aldoro outlined four successive Mineral Resource Estimates completed in under a year.

The deposit also remains open along strike, down-dip, and at depth, according to the company. That does not confirm further growth, however it does indicate the current resource boundary is not necessarily the geological limit.

Infrastructure and the H2 2026 Development Plan

Infrastructure is often a major issue for bulk-tonnage critical minerals projects. At Kameelburg, the announcement highlighted close access to key logistics and power corridors.

The company said work in the second half of 2026 will focus on four fronts:

• Upgraded hydrometallurgical testwork at CM Solutions in Johannesburg
• Scoping Study work leading into a potential Pre-Feasibility Study
• Phase III drilling aimed at converting more Inferred material to Indicated
• Progression of the proposed Hong Kong Stock Exchange listing

For investors, that roadmap matters because it shifts the project narrative from discovery and expansion toward technical definition. The next key data points are likely to be metallurgy, study outputs, and resource conversion drilling.

In addition, Kameelburg's updated resource places Aldoro among the larger rare earth development stories on the ASX by contained NdPr inventory. The central question now is less about whether the deposit is large and more about how much of that scale can be converted into higher-confidence tonnes, an optimised processing route, and a study-backed development case.

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