ORE RESOURCES LIMITED — Capital/Financing Update 2017

Mar 1, 2017

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2 March 2017

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

Auroch’s Balance Sheet Strengthened:

Settlement Payments from Xtract Resources Plc

Highlights:

• Upon receipt of payments below, Auroch well‐funded with cash, shares and receivables totalling $6,953,070

• ~US$494,000[1] worth of shares in Xtract Resources Plc received (1,589,623,629 shares @0.25 pence)

• US$120,000 cash payment to be received on 2 March 2017 from Xtract

• US$229,000 cash payment to be received from Xtract from Tranche 2 approval

Auroch Minerals Limited ( Auroch or the Company ) is pleased to advise that 1,589,623,629 new ordinary shares in Xtract Resources Plc ( Xtract ) have been issued to Auroch following conversion of US$200,000 of the Convertible Note, establishment fee of US$50,000 and interest payable in advance of US$13,722 with a current market value of approximately US$494,000.

In addition, a cash payment of approximately US$120,000[2] will be received on or around 2 March 2017 following completion Xtract’s Tranche 1 placement.

Xtract has also announced a second tranche placement to raise gross proceeds of £1,232,000, subject to shareholder approval ( Tranche 2 ). Following shareholder approval, the Company will receive a second tranche payment representing 15% of the Tranche 2 placement gross proceeds of approximately US$229,000 (£184,800[3] ).

Upon receipt of the payments above, a principal amount of approximately US$1,213,136 will remain outstanding pursuant to the Convertible Note and Loan Agreements ( refer ASX announcement 13 February 2017 ) and will be repaid via a combination of share and cash payments in accordance with the Settlement Agreement. Xtract have announced that they will be seeking shareholder approval in respect of the Tranche 2 placement and the modification of the Loan Agreement by including a conversion option into shares on March 13, 2017.

1 Based on a GBP/USD exchange rate of 1GBP = 1.24USD and an XTR share price of 0.25 pence.

2 Based on a GBP/USD exchange rate of 1GBP = 1.24USD

3 Based on a GBP/USD exchange rate of 1GBP = 1.24USD

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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Auroch Executive Chairman commented:

“We are pleased Xtract have raised further capital and put itself on a sound footing going forward. We understand that the Manica feasibility study is progressing well and we believe that under Colin Birds’ new executive leadership the company will continue to do well.”

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

Glenn Whiddon Executive Chairman Auroch Minerals Limited

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