ORE RESOURCES LIMITED — Capital/Financing Update 2014

May 26, 2014

27 May 2014

Market Announcements Platform ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

Variation to Manica Acquisition Agreement

Highlights

• Extension of payment date to September 30, 2015 in respect of the buyback or cancellation of existing Consideration Shares (25 million ordinary shares) and Deferred Consideration of Cash and shares held by Pan African Resources.

Mozambique-focused emerging gold producer, Auroch Minerals NL (ASX: AOU) ( Auroch or the Company ), is pleased to advise it has reached agreement with Pan African Resources plc ( Pan African ) to extend the date to September 30, 2015 by which the Company must pay the remaining A$1.65 million cash consideration for the buyback or cancellation of Pan African’s existing Consideration Shares (25 million ordinary shares) and Deferred Consideration of Cash and shares, including its right to Deferred Cash Consideration.

Auroch will make the following payments which will be offset against the balance owing to Pan African upon completion of the acquisition:

• A$150,000 prior to 30 June 2014; and

• A$50,000 prior to 30 September 2014.

To date, Auroch has paid A$350,000 against the initial $2 million sum owing to Pan African. Following payment of the above extension payments prior to 30 September 2014, the balance of A$1,450,000 will be payable to Pan African no later than 30 September 2015. In consideration for the extension of the payment date, Auroch has agreed to pay Pan African a fee of A$200,000 at the time of final payment, being 30 September 2015 ( Additional Fee ). If the outstanding balance is made prior to 30 September 2014 the Additional Fee is not payable and only the balance of A$1,450,000 is payable. In addition, the Company has agreed that 15% of funds raised under any equity raising will be allocated to reducing the balance owing to Pan African.

“We’re very pleased with Pan African’s continued support of the Company. This agreement with Pan African to extend the final payment date to September 2015 will afford Auroch flexibility with its capital management requirements as we move to complete Stage 1 of the DFS[1] at the Manica Gold Project.” Chairman, Glenn Whiddon stated.

For further information please visit www.aurochminerals.com or contact:

Glenn Whiddon Chairman

Auroch Minerals NL

T: +61 8 9486 4036

E: glenn@lagral.com

1 Stage 1 consists of a standalone 30Ktpm non-refractory gold plant producing +24Koz of Au at an average head grade of 2.22g/t Au.

Stage 2 consists of 120Ktpm open pit and underground mining operation producing +100Kozs of Au per annum at an average head grade of 2.46g/t Au.

Stage 3 consists of expanding the 30Ktpm non-refractory gold plant to 60Ktpm producing +45Koz of Au at an average head grade of 2.37g/t Au

About Auroch Minerals NL

Auroch Minerals NL (ASX:AOU) is developing the multi-million ounce Manica Gold Project, Mozambique. Auroch owns 100% of the Mining Concession which has a granted 25 year Mining Right and is the largest JORC Code compliant gold resource in Mozambique.

Manica Gold Project Sectors

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	Manica Gold Project Global Resource	Manica Gold Project Global Resource	Manica Gold Project Global Resource	Manica Gold Project Global Resource
Category	Project Sector	Cut-off Au (g/t)	Tons (000’)	Grade Au (g/t)	Total Au (oz)
Measured	Fair Bride*	0.50	11,561	1.73	642,000
Total Measured Resources			11,561	1.73	642,000
Indicated	Fair Bride*	0.50 < 300 m	10,795	1.64	570,000
		1.00 > 300 m
	GuyFawkes	1.25	420	1.92	25,600
	Dot’s Luck	0.50	425	1.87	25,500
Total Indicated Resources			11,640	1.66	621,100
Inferred	Fair Bride*	0.50	24,598	1.83	1,449,000
	GuyFawkes	1.25	380	3.90	48,000
	Dot’s Luck	0.50	455	2.06	30,000
	Boa Esperança*	1.25	330	2.94	30,000
Total Inferred Resources			25,763	1.88	1,557,000
Total Manica Gold Project Resource			48,964	1.79	2,820,1001

1 This includes 14,084,486 tons at 3.43 g/t or 1,551,811oz (based on a 2.0g/t cut-off) *This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Competent Person Statements

The information in this report that relates to Mineral Resources at Fair Bride and Boa Esperança is based on information reviewed by Dr W.D. Northrop who is a consultant to ExplorMine and is appointed as Independent Geologist to Auroch Minerals NL project team. He is registered by the South African Council for Natural Scientific Professions as a Professional Natural Scientist in the field of practice of Geological Science, Registration Number 400164/87, and as such is considered to be a Competent Person. Dr Northrop has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity 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 Northrop consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this Report that relates to in-situ Mineral Resources at Dot’s Luck and at Guy Fawkes is based on information compiled by David Williams of CSA Global Pty Ltd. David Williams takes responsibility for those parts of the report. He is a Member of the Australasian Institute of Mining and Metallurgy, and a Member of the Australian Institute of Geoscientists and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012 Edition). David Williams consents to the inclusion of such information in this Report in the form and context in which it appears.