AERIS RESOURCES LIMITED — Capital/Financing Update 2019

May 7, 2019

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8[th] May 2019 Market Announcements Platform ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

GROUND GRAVITY SURVEY COMMENCES AT ARDEN

Highlights

• A detailed ground-gravity survey has begun at the Arden Zinc Project in South Australia

• The high-resolution survey will cover three highly-prospective target areas at the Ragless Range and Radford Creek prospects, including a possible extension to the mineralisation encountered in drill-hole RRDD007 last year:

o 12.80m @ 4.96% Zn from 53.00m including 3.65m @ 15.47% Zn from 62.15m[1]

• The survey will potentially delineate mineralised horizons of the high-density, high-grade zinc mineral smithsonite that was identified in drill-hole RRDD007 , which would then be tested by drilling

• The Company also continues to advance the Torrens East Project and will provide updates in the coming months

Auroch Minerals Limited (ASX:AOU) ( Auroch or Company ) is pleased to announce that it has initiated a ground-gravity survey at its Arden Project ( Arden ) near Port Augusta, South Australia. The detailed survey will cover two highly-prospective target areas of the Ragless Range prospect as well as a third target area at the Radford Creek prospect.

“ The Company has worked very hard in the field over the last six months to build a large and detailed database of the surface geology and geochemistry of the Arden Project. After studying the exploration history of known zinc deposits in the region, in particularly Perilya Limited’s Flinders Project, our exploration team has defined several key target areas at Arden that require further investigation, and as such we have commenced a very detailed ground-gravity survey over three of the higher-priority areas. Ground-gravity has proven to be a direct targeting tool for the high-grade zinc deposits in the region in the past, and we are confident that our survey will provide us with compelling targets for our next phase of drilling .” - said Aidan Platel, Auroch CEO

Atlas Geophysics Pty Ltd ( Atlas ) have initiated the gravity survey at the Arden Project and estimated it will take approximately a week to complete. The survey will be completed on a very close spacing of 15m between stations in order to be able to define dense mineralised horizons as little as 3m thick. The initial line-spacing has been planned at 125m – 200m, which may be infilled to closer spacing as needed as the survey progresses.

Target Area Definition

Scanning electron microscope ( SEM ) work on samples from the very high-grade interval from drill-hole RRDD007 ( 3.65m @ 15.47% Zn from 62.15m ) identified the zinc mineral smithsonite (ZnCO3). This zinc ore mineral has a very high specific gravity (S.G. > 4.0), which contrasts greatly to the less-dense sedimentary host rocks and hence can be identified by gravity surveys if present in sufficient quantities.

1 ASX Announcement - INFILL SAMPLING EXTENDS MINERALISATION AT RAGLESS RANGE - ARDEN ZN PROJECT - https://www.investi.com.au/api/announcements/aou/408f546e 9fa.pdf

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FOLLOW US

Auroch Minerals Ltd ABN 91 148 966 545 1A/1Alvan St, Subiaco WA 6008 Phone: +61 8 6555 2950 Fax: +61 8 6166 0261 Email: admin@aurochminerals.com.au www.aurochminerals.com.au

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Perilya Limited’s Flinders Project, which includes the high-grade Beltana Zinc Mine ( 972,000 tonnes at 29.8% zinc[2] ), contains both smithsonite and willemite (Zn2SiO4) zinc mineralisation and is hosted in the same geological units that are present at the Arden Project, thus drawing immediate comparisons. At the Flinders Project, Perilya successfully defined high-grade zinc horizons using high-resolution ground gravity surveys over target areas delineated by surface zinc anomalies defined by portable XRF (pXRF) readings.

Over the last six months Auroch’s exploration team have built up a large geological database at the Arden Project by systematically mapping and collecting closely-spaced pXRF surface geochemistry data at each of the key prospect areas of the project. At the Ragless Range prospect, the data has delineated two highly-anomalous areas over 1,000ppm Zn[3] that follow the prospective geological formation over several kilometres of strike (see Figure 1). Importantly the two anomalous areas are on both limbs of the mapped syncline in close proximity to RRDD007 and may represent possible extensions to the high-grade zinc mineralisation intersected in that drill-hole. Due to the strong geological similarities with the Flinders Project, the highly-anomalous surface geochemistry and the proximity to the high-grade zinc mineralisation encountered in drill-hole RRDD007, these areas are considered priority for the groundgravity survey currently underway.

A third target area for the ground-gravity survey was defined at the Radford Creek prospect, where again pXRF values over 1,000ppm zinc delineated a target area that followed the prospective geological formation in a similar geological setting to that at Ragless Range (see Figure 2).

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Figure 1 – Planned gravity survey lines over the surface zinc anomalies at the Ragless Range prospect at Arden.

2 Department of State Development’s “ South Australia’s Major Operating/Approved Mines – Resource Estimates and Production Statistics ” 19/02/2018

3 Zinc values were taken with a pXRF machine and hence are semi-quantitative, intended to be used as an exploration tool only

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FOLLOW US

Auroch Minerals Ltd ABN 91 148 966 545 1A/1Alvan St, Subiaco WA 6008 Phone: +61 8 6555 2950 Fax: +61 8 6166 0261 Email: admin@aurochminerals.com.au www.aurochminerals.com.au

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Figure 2 – Planned gravity survey lines over the surface zinc anomalies at the Radford Creek prospect at Arden.

In addition to the work at the Arden Project, the Company continues to advance its 100%-owned Torrens East Copper Project ( Torrens East ), a large exploration tenure in the highly-prospective Olympic Dam copper-gold province that covers a likely extension to the gravity anomaly that is currently being drilltested by the Torrens JV (70% Aeris Resources Ltd ( ASX:AIS ); 30% Argonaut Resources NL ( ASX:ARE )) – see Figure 3.

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FOLLOW US

Auroch Minerals Ltd ABN 91 148 966 545 1A/1Alvan St, Subiaco WA 6008 Phone: +61 8 6555 2950 Fax: +61 8 6166 0261 Email: admin@aurochminerals.com.au www.aurochminerals.com.au

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Figure 3 – Torrens East Copper Project showing recently-granted Exploration Licence EL 6331.

-END-

For further information contact: Aidan Platel Chief Executive Officer E: aplatel@aurochminerals.com

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FOLLOW US

Auroch Minerals Ltd ABN 91 148 966 545 1A/1Alvan St, Subiaco WA 6008 Phone: +61 8 6555 2950 Fax: +61 8 6166 0261 Email: admin@aurochminerals.com.au www.aurochminerals.com.au

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ABOUT AUROCH MINERALS

Auroch Minerals Limited is an Australian gold and base-metals exploration company listed on the Australian Securities Exchange (ASX:AOU). The Company is focused on its three South Australian Projects: Arden and Bonaventura in the Adelaide Geosyncline and the Torrens East Copper Project, located on the highly-prospective Stuart Shelf.

Arden

Located some 335km north of Adelaide, the Arden Project boasts a large relatively-unexplored exploration area of 1,664km[2] and is highlyprospective for sedimentary-exhalative (SEDEX) mineralisation. Within the Arden Project up to three horizons of SEDEX zinc mineralisation were identified from the recent drilling programme at the Ragless Range Prospect extending over 3km of strike and open in every direction.

Bonaventura

The Bonaventura Project sits in the northern part of Kangaroo Island, with highly prospective geology along 55km of strike on the regional-scale CygnetSnelling Fault. Recent diamond drilling at the Dewrang Prospect intercepted zinc-lead mineralisation which correlated with a previously untested 1.5km geophysical IP anomaly.

Torrens East Copper Project

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1,622km[2] of ground considered highly-prospective for Iron Oxide Copper–Gold (IOCG) mineralisation in the Lake Torrens region of South Australia. The large exploration tenure is situated adjacent to the Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL) approximately 50km from BHP’s recentlyannounced drilling in the Olympic Dam copper-gold province, host to the world-class Olympic Dam (BHP Group Ltd) and Carrapateena (Oz Minerals Ltd) IOCG deposits.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Peter Sheehan and represents an accurate representation of the available data. Mr Sheehan (Member of the Australian Institute of Mining and Metallurgy) is the Company’s Chief Geological Officer and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’. Mr Sheehan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Auroch Minerals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential", "should," and similar expressions are forward-looking statements. Although Auroch Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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FOLLOW US

Auroch Minerals Ltd ABN 91 148 966 545 1A/1Alvan St, Subiaco WA 6008 Phone: +61 8 6555 2950 Fax: +61 8 6166 0261 Email: admin@aurochminerals.com.au www.aurochminerals.com.au