ORE RESOURCES LIMITED — Capital/Financing Update 2016

Dec 1, 2016

2 December 2016 Market Announcements Platform ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

London listed, Rare Earth Minerals plc, becomes significant shareholder of Auroch.

Highlights

• Rare Earth Minerals plc, the London and New York listed lithium focused investment company, has agreed to acquire 7.7% of in Auroch through a AS$650,000 share subscription

• Auroch has a strong financial position: A$6.4 million in a cash and A$2 million in receivables

• Balance sheet will be used to support an aggressive exploration programme targeting high-grade lithium deposits in Namibia

Auroch Minerals Limited ( Auroch or the Company ), is pleased to announce that Rare Earth Minerals Plc (AIM: REM, OTC: REMMY) ("Rare Earth Minerals") has agreed to subscribe for 6.5 million shares in Auroch for a total consideration of AUD$650,000, which will represent approximately 7.7% of Auroch’s enlarged share capital upon completion. Rare Earth Minerals has agreed to voluntarily escrow these shares for 6 months.

These funds, along with Auroch’s existing cash (combined $6.4 million) will be used in part to fund an aggressive exploration and development programme, targeting high-grade lithium in pegmatites, similar to those that have been succesfully commercialised in western Australia over the last three years.

Auroch is currently focusing its activites over five Exclusive Prospective Licenses (“EPL”) in the Karibib area of Namibia, which have been applied for (and as announced on 14 November, 2016). The licence applications focus on a region that has strong geological evidence of a significant number of late tectonic granites and associated Lithium Caesium Tantalum pegmatite swarms. Ninety percent of Namibia’s historic lithium production comes from this terrain and geological mapping by the Namibian government has

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identified over 100 pegmatite occurrences in the area. Auroch believes this project represents an exciting early stage lithium exploration opportunity, in one of Africa’s most stable and mining investment friendly countries.

ABOUT Rare Earth Minerals

Rare Earth Minerals invests in lithium projects and companies across the globe, and are major shareholders of the Sonora Lithium Project in northern Mexico and the Cinovec Lithium and Tin Project in the Czech Republic. Rare Earth Minerals portfolio also includes significant lithium-based investments the USA and Australia. The Mexican and Czech deposits have published Indicated and Inferred Mineral Resources of 11.3 million tonnes of Lithium Carbonate Equivalent.

The board of Rare Earth Minerals has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in REM’s investment decision but also in continuing support of their investments. REM’s stated goal is to assist management to rapidly develop the project up the value curve. Namibia – Overview

Namibia is often described as Africa’s optimist –and with good reason. Not only does it enjoy one of the continent’s most pleasant, peaceful and politically stable environments, but also an infrastructure to rival many developed countries.

• Capital Windhoek

• Population 2.5 million

• Namibia recorded 5.2% GDP growth in 2014

• Free and open Democracy

• Presidential style of Government

• Corporate tax rate for Mining Companies - 37.5%

• Royalties for Precious, Base and Rare metals - 3%

• Royalties for Industrial Minerals (Lithium) - 2%

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Namibia Mining Projects

Namibia has an abundance of natural resources, among them, a wide range of mineral deposits including world class diamonds and uranium, as well as gold, copper, lead, zinc, semi-precious stones, industrial minerals, salt and fluorspar.

Significant Namibian mining projects and the mine operator include;

• Rossing Uranium – Rio Tinto

• Langer Heinrich Uranium – Paladin Energy

• Otjikoto Gold – B2Gold Corporation

• Hussab Uranium – Taurus Minerals acquired in 2012 from ASX listed Extract Resources

• Navachab Gold – QKR Corporation acquired from AngloGold Ashanti

• Rosh Pinar Zinc – Glencore

• Off shore diamond mining – De Beers Marine

Issue of Stock, Fees and Placement

In addition to the placement, Auroch will issue 675,000 fully paid ordinary shares to employees and consultants in respect of work undertaken over the past 12 months. For the sake of clarity, no director is included in this allocation.

The placement will be for a total of $750,000. The placement will be at 10 cents per share together with a 1:2 option at an exercise price of AS$0.20 valid until 28 October 2018. The placement is expected to close in early December 2016. A fee of 5% will be paid in respect of the placement on all funds raised.

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

Dr. Andrew Tunks Chief Executive officer Auroch Minerals Limited T: +61 8 9486 4036

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