Alderan Resources : Investor Presentation

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Focused on Gold and Copper in The Great Basin, USA

July 2022

Drum Gold Mine - East Pit

www.alderanresources.com.au	ASX: AL8

Disclaimer

The information contained in this presentation or subsequently provided to any recipient of this presentation whether orally or in writing by or on behalf of Alderan Resources Limited (Alderan) or its respective employees, agents or consultants (Information) is provided to the recipients on the terms and conditions set out in this notice. The purpose of this presentation is to provide recipients with information relating to Alderan projects, including the binding Option Agreements previously announced to the ASX on 25 March 2020, 16 April 2020, 11 February 2021, 30 September 2021, 3 June 2022 and 27 June 2022.

onlyThis presentation does not constitute investment advice and has been prepared by Alderan without taking into account the recipient's investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Alderan and its business and assets when deciding if an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information. This presentation is in summary form and does not purpose to be exhaustive. This presentation should be read in conjunction with Alderan's periodic and continuous disclosure announcements lodged with the ASX, which are available to download at www.asx.com.au.

Alderan makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the Information. Alderan and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that can not be

usexcluded.

This presentation may contain forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alderan. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements.

This presentation does not constitute in any way an offer or invitation to subscribe for securities in Alderan pursuant to the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investment Commission.

In relation to previous announcements containing historical exploration results in this presentation which were reported by the Company in accordance with listing rule 5.7 on ersonal15 December 2017, 29 March 2018, 14 November 2018, 22 September 2020, 11 March 2021, 11 June 2021, 24 August 2021, 1 September 2021, 30 September 2020, 15 October 2021, 12 November 2021, 18 November 2021, 19 November 2021, 8 December 2021, 16 December 2021, 30 December 2021, 20 January 2022, 21 January 2022, 22

February 2022, 25 February 2022, 22 March 2022, 5 April 2022, 11 May 2022 and 25 May 2022 the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. The Company confirms the form and context in which the Competent Person's findings are presented have ot been materially modified from the original announcements.

The information contained in this presentation that relates to the exploration potential for the Mizpah Prospect and the Drum gold mine peripheral to the historical pits is based n, and fairly reflects, information compiled by Dr Marat Abzalov, who is a Fellow of the Australian Institute of Mining and Metallurgy. Dr Abzalov is a consultant to Alderan and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Abzalov consents to

the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Dr Abzalov holds securities in the Company. This presentation has been approved for release by the Board of Alderan Resources Limited.

Drum Gold Mine - East Pit

Alderan: Investment highlights

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▪ Projects located in Great Basin geology, Utah - a global leading mining jurisdiction
▪ Detroit - district scale gold potential with multiple targets
	• Drum - historical oxide gold mine with no exploration since 1989, remnant oxide gold confirmed, gold grades to
	39g/t in historical drill holes, open, primary mineralisation untested
use	• Mizpah - undeveloped oxide gold deposit from surface, last assay gold grades to 9.1g/t Au in historical drill holes,
open, primary mineralisation untested
	• Next steps drilling for resource, metallurgy, modelling, infill soil sampling to define new targets
▪ Frisco - porphyry & breccia hosted copper-gold potential
ersonal	• Breccia drill intersections grading >1.5% Cu, 0.5g/t Au; classic porphyry geophysical signature & alteration; Rio

Tinto drilling Copper Gulch porphyry copper-gold target

▪ USA operational team consists of +30 year experienced Rio Tinto and Newmont veterans ▪ Alderan market cap: A$6.8 million

Great Basin, Utah - a Tier 1 mining location

▪ Great Basin hosts Carlin (5 Mozpa Au) and Battle

onlyMountain trends

▪ Utah is a globally ranked Tier 1 mining jurisdiction

• High cost infrastructure tax credit scheme (HCITC)

use▪ World ranked Bingham Canyon (Cu-Au-Mo) and high grade Tintic (Au) deposits in Utah

ersonal▪ All Alderan projects sit in the Great Basin geology

▪ Detroit potential for Carlin-like mineralisation, Frisco porphyry Cu-Au and White Mountain pithermal Au

Heap leach oxide deposits a major source of gold in USA

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ersonalSourc : MiningIntelligence.com;Costmine| June 29, 2020;How do you evaluate gold heap leach projects? - MINING.COM

• USA heap leach gold resource inventory is +190 Moz from more than 160 heap leach gold deposits
• Resource grades typically 0.4-0.6g/t Au
• Cut-offgrades 0.15- 0.2g/t Au
• Gold recoveries 60- 80%
• Low capital cost and low operating costs
• Major source of gold in neighbouring Nevada