Mr. Han Ilhan reports

ALDRIDGE REPORTS Q1 2018 FINANCIAL RESULTS AND PROVIDES A CORPORATE UPDATE

Aldridge Minerals Inc. has provided a corporate update and filed its unaudited interim condensed consolidated financial statements as at and for the three months ended March 31, 2018, and the management discussion and analysis related thereto, which are available on SEDAR and the company's website. All dollar amounts, unless otherwise indicated, are reported in U.S. dollars.

Highlights:

• Capital markets: Capital markets for the junior mining sector continue to be challenging in 2018 as the company pursues financing alternatives to address its liquidity needs, including refinancing or extending its $40-million debt facility that matures in September, 2018. The company has initiated discussions with Banka Kombetare Tregtare sha (BKT) with an objective of extending the maturity date.
• Metal prices: Improved metal prices have reflected positively on the financial metrics of the project.
• Land access: In January, 2018, the company successfully completed the private land acquisition process, resulting in ownership and/or treasury land access of 99.5 per cent of the 9,495,649-square-metre project area.
• Pasture land approval outstanding: The application to convert the remaining 48,338 square metres of pasture land (0.5 per cent of the project area) to treasury land awaits government approval. The company continues to work with the applicable government departments to advance the application approval process.
• Working capital deficit: At March 31, 2018, the company's working capital deficit (a non-GAAP (generally accepted accounting principles) measure equal to current assets less current liabilities) was approximately $48,042,323 primarily due to the Sept. 16, 2018, maturity date of the debt facility ($38,049,985) from BKT and the due dates of deferred land payments ($11,081,095).
• Cash resources: At March 31, 2018, available cash totalled $1,947,985. Cash resources include cash and cash equivalents, plus restricted cash of $200,000, which related to an unused foreign exchange credit facility that was cancelled on May 1, 2018, thereby releasing the cash security to the company.

Strategy and outlook

The company's short-term focus continues to be on obtaining additional financing to finance the company's working capital requirements, extending the maturity date of, or refinancing, the BKT credit facility, and/or completing a strategic transaction to address its near-term liquidity challenge and to maximize value for Aldridge shareholders.

The board's independent committee, which was formed in Q1 2018 to facilitate and lead the liquidity and strategic alternative review, is exploring financing and other alternatives to address the company's liquidity challenges. The independent committee's independent and disinterested directors will evaluate all potential transactions that may develop or are received by the company. The company does not intend to periodically or otherwise disclose developments with respect to the strategic alternative review process unless the board has approved a specific transaction or action plan, except as required by applicable law.

The measures taken by the board to reduce the company's operating expenses have been implemented and will continue to be closely managed by the executive team.

The board cautions the company's shareholders and others considering trading in the company's securities that there can be no assurance that the strategic alternative review will result in a transaction or, if a transaction is undertaken, as to its terms or timing or that it will be consummated. In particular, the company estimates, that, without additional financing, its present cash resources will be depleted by the maturity date of the BKT credit facility in September, 2018. The company does not currently have any source of capital other than additional debt or potential equity financings, and there can be no assurance that any such financing will be available or that the company will be successful in refinancing the indebtedness owing under, or extending the maturity date of, the BKT credit facility on acceptable terms or at all. The company's obligations under the BKT credit facility are secured by conventional security, including a pledge of all of the shares of the company's subsidiary in Turkey that owns or has the right to use the land on which the company's Yenipazar project is located and a mortgage of the subsidiary's mining licence for the Yenipazar project.

Selected financial information

The attached table provides selected consolidated financial information that should be read in conjunction with the Q1 2018 financial statements of the company.

                                    Three months      Three months    Year ended   
                                 ended and as at   ended and as at     and as at    
                                        March 31,         March 31,      Dec. 31, 
                                            2018              2017          2017         
(Loss) before income tax and                                                     
discontinued operations            $    (669,030)      $  (622,024) $ (2,308,415)
Net (loss)                              (669,030)         (622,024)   (2,308,415)
Net (loss) per share                       (0.01)            (0.01)        (0.02)
Cash and cash equivalents              1,747,985         1,581,296     2,551,079
Working capital (i)                  (48,042,323)        1,111,168   (45,107,450)
Total assets                          59,764,693        52,582,304    59,235,081
Total non-current 
liabilities (ii)                         175,200        44,377,823     1,112,873

(i) Working capital equals current assets less current liabilities 
and is a non-GAAP measure used by management.
(ii) Total non-current liabilities exclude deferred revenue and 
environmental rehabilitation provision.

About Aldridge Minerals Inc.

Aldridge is a development-stage mining company focused on its wholly owned and permitted Yenipazar polymetallic VMS (volcanogenic massive sulphide) project (gold, silver, copper, lead and zinc) in Turkey. Aldridge completed the Yenipazar optimization study and filed the related National Instrument 43-101-compliant technical report in May, 2014, which updated the original May, 2013, feasibility study. The optimization study demonstrated that the Yenipazar project is highly robust with an after-tax net present value of $330-million (U.S.) at a 7-per-cent discount rate and an after-tax internal rate of return of approximately 32 per cent. The company is currently advancing the Yenipazar project on key aspects, including land acquisition and financing.

We seek Safe Harbor.