ORE RESOURCES LIMITED — Capital/Financing Update 2017

Apr 30, 2017

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01 May 2017

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

Drilling to commence at Alcoutim Cu-Zn Project - Portugal

Highlights

• Drilling to commence of priority Cu-Zn targets in the week beginning 15th May

• Targets display coincident magnetic, EM and gravity anomalies along strike from the Super-Giant Neves Corvo Cu-Zn deposit.

• Drilling contract awarded to Drillcon Iberia

• All permissions and permits granted

• Down hole geophysics contract awarded to Terratec Geophysical Services

• Auroch in a STRONG FINANCIAL POSITION: A$8.1 million in cash and receivables[1]

Commencement of Drilling

The Company is pleased to announce a commencement date for its initial exploration program at the Alcoutim Project in Portugal. AOU has right to acquire up to 75% of the Project.

The drilling contract has been awarded to Drillcon Iberia, the Portuguese subsidiary of the international drilling company Drillcon Group. Drillcon Iberia operates 13 diamond drill rigs across the Portugal and Spain.

Auroch CEO Dr. Andrew Tunks said.

“This is the most exciting time of any exploration program and the only real test of a project. We were pleased with the quality and experience of the groups that tendered for the drilling opportunity and are delighted to work with Drillcon who have extensive experience drilling across the Iberian Pyrite Belt and in particular in southern Portugal where the project lies”.

1 Refer ASX announcement 12th April 2017

Auroch Minerals Ltd ABN 91 148 966 545 Unit 5, Ground Floor, 1 Centro Ave, Subiaco WA 6008 Phone: +61 8 9486 4036 Fax: + 61 8 9486 4799 PO Box 510 Subiaco WA 6904 Email: admin@aurochminerals.com.au www.aurochminerals.com.au

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Phase 1 Exploration

Phase 1 drilling will comprise five diamond holes that will target priority geophysical targets with coincident magnetic, gravity and EM anomalies. Down-hole geophysical surveys will be conducted after completion of each borehole which substantially increases the effective search area of each hole. Terratec Geophysical Services has been selected to run the down-hole geophysical testwork program.

Initially the Phase 1 program earning 65% for ~A$1.4 million (€1.1 million) will target:

• The source of the EM anomalies – likely sulphide rich volcanic or sedimentary rocks.

• The nature of the massive magnetic anomalies – likely mafic magmatic rocks which could have triggered VMS mineralisation.

• Gravity anomalies which are not directly associated with peak magnetic anomalies.

• Alteration haloes that surround VMS mineralisation – by comparing alteration indices from different holes it is possible to generate vectors towards ore.

An early success supporting the potential of the project would be if the drilling intersected sulphide mineralisation. In VMS districts this can be a stockwork of sulphide veins (like at Rio Tinto), disseminated sulphides in black shales (Neves) or the ultimate prize of massive sulphide mineralisation such as at Zambujal (Neves Corvo).

Joint Venture Funding

The first funding tranche of ~A$1.4 million (€1.1 million) towards earning Auroch’s initial 65% interest has today been advanced (as a secured loan) to Bolt Resources Pty Ltd, the joint venture company through which Auroch and the other joint venture participants will hold their interest in the Alcoutim Project. On successful renewal of the prospecting licence which comprises the Project by the Portuguese government, €1.01 million of this loan will be converted into an initial 65% equity interest in Bolt (with €90,000 to be repayable to Auroch on repayment of performance).

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

Auroch Minerals Limited

Dr Andrew Tunks Glenn Whiddon CEO Chairman T: +61 8 9486 4036 T: +61 8 9486 4036

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Dr. Andrew Tunks and represents an accurate representation of the available data. Dr. Tunks (Member Australian Institute Geoscientists) is the Company’s Chief Executive 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’. Dr Tunks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Auroch Minerals Ltd ABN 91 148 966 545 Unit 5, Ground Floor, 1 Centro Ave, Subiaco WA 6008 Phone: +61 8 9486 4036 Fax: + 61 8 9486 4799 PO Box 510 Subiaco WA 6904 Email: admin@aurochminerals.com.au www.aurochminerals.com.au

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Background - Alcoutim Project

The Company recently announced a new Joint Venture to earn up to 75% of the “ Alcoutim Project ", a significant Cu-Zn-Pb-Au-Ag opportunity in south-eastern Portugal located immediately along strike from the supergiant Neves Corvo Mine in the western half of the world famous Iberian Pyrite Belt ( IPB ).

Auroch is to spend ~A$1.4 million to earn a 65% interest in the Alcoutim Project. The Company has the right, but not the obligation, to earn a further 10% by spending a further ~A$1.25 million. Further details of the commercial terms in the announcement issued on 27 March 2017.

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Figure 1. The geology of the Iberian Pyrite Belt highlighting the major mines and the location of the Alcoutim Project on the PortugalSpain border. Note the continuation of the Neves Corvo Volcanics dashed line) into the Alcoutim Licence covered by the younger rocks of the Baixo Alento Group.

Multiple Exploration Targets

The Alcoutim Project covers 576 square kilometres and lies immediately east and down plunge of the Super Giant Neves Corvo deposit in Eastern Portugal (Figure 1). The licence covers the interpreted down plunge extensions of the highly prospective Neves Corvo trend. Previous geophysical exploration has highlighted twenty-two targets that are characterised by coincident gravity and magnetic anomalies, modelling of the data suggests target depths of 700 to 1000m.

Major gravity highs are shown within the Alcoutim licence in Figure 5, similar anomalies focussed the initial Neves Corvo exploration. A series of small deposits of remobilised copper are present in the south of Neves Corvo which are spatially related to a series of NE-SW trending faults that post-date the VMS mineralisation. Similarly, deposits of remobilised copper are found in the south of the

Auroch Minerals Ltd ABN 91 148 966 545 Unit 5, Ground Floor, 1 Centro Ave, Subiaco WA 6008 Phone: +61 8 9486 4036 Fax: + 61 8 9486 4799 PO Box 510 Subiaco WA 6904 Email: admin@aurochminerals.com.au www.aurochminerals.com.au

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Alcoutim license which were mined in several places such as Cova dos Mouros. It is possible that these small deposits represent remobilised copper from mineralisation at depth and give further evidence to the prospectivity of the main gravity and magnetic anomalies.

Within the licence area there are multiple coincident gravity-magnetic and EM targets that are the focus for the first round of drilling due to commence almost immediately. Importantly the most intense gravity anomalies lie along the Neves Corvo structural trend Figure 2.

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Figure 2. Location diagram for Land of Giants Project highlighting major magnetic anomalies and the vital Neves Corvo Trend – Also highlighted are the major gravity anomalies that will be the focus of the initial drill testing. Note the presence of several small oxide copper deposits to the south west of the main gravity targets and the similarity to the situation at Neves Corvo.

Auroch Minerals Ltd ABN 91 148 966 545 Unit 5, Ground Floor, 1 Centro Ave, Subiaco WA 6008 Phone: +61 8 9486 4036 Fax: + 61 8 9486 4799 PO Box 510 Subiaco WA 6904 Email: admin@aurochminerals.com.au www.aurochminerals.com.au