ORE RESOURCES LIMITED — Capital/Financing Update 2020

Oct 26, 2020

ASX ANNOUNCEMENT

27 October 2020

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PRIORITY DIAMOND DRILLING TO COMMENCE AT THE LEINSTER NICKEL PROJECT

Highlights

• 1,500m diamond drill programme commencing at the Leinster Nickel Project across the Valdez and Horn nickel sulphide prospects

• Initial drill-hole at the exciting Valdez Prospect to test a strong 7,000-14,000S down-hole electromagnetic ( DHEM ) conductor which is coincident with fertile ultramafic flows in a modelled basal channel position

• Remainder of programme at the Horn Prospect to test possible extensions as well as validate historic high-grade nickel sulphide drilling intercepts, which include:

• 14.66m @ 2.19% Ni & 0.48% Cu from 132.6m

• 10.80m @ 2.21% Ni & 0.53% Cu from 144.0m

• 7.00m @ 2.58% Ni & 0.63% Cu from 158.6m[1]

Auroch Minerals Limited ( ASX:AOU ) ( Auroch or the Company ) is pleased to announce it is commencing a 1,500m diamond drill programme at its 100%-owned Leinster Nickel Project ( Leinster ) in WA. The programme will test high-priority targets at the exciting Valdez and Horn nickel prospects.

The diamond drill programme will commence at the Valdez Prospect where deep reverse circulation ( RC ) drill-holes and subsequent DHEM surveys completed earlier this month identified a strong offhole conductor of 7,000-14,000S (Figure 1). Importantly, the conductor is coincident with the modelled ultramafic-mafic lithological contact in an embayment or channel position as defined by first-pass air-core ( AC ) drilling completed in July. The AC drilling also identified the ultramafic as a fertile, nickel-bearing high-MgO unit, all characteristics necessary for significant nickel sulphide mineralisation. The Company will test this high-priority drill target with a single hole to a depth of approximately 400m, and will follow this up with further DHEM surveys to test and model continuity of the conductor.

At the Horn Prospect , the diamond drilling will infill existing drill lines to validate historic high-grade nickel sulphide intercepts, which include:

• 14.66m @ 2.19% Ni & 0.48% Cu from 132.6m

• 10.80m @ 2.21% Ni & 0.53% Cu from 144.0m

• 7.00m @ 2.58% Ni & 0.63% Cu from 158.6m[1]

In addition, the programme will test potential extensions to the known sulphide mineralisation by drilling structural positions and existing DHEM plates identified as high priority by the Company via a geophysical review completed earlier this year.

A review of the historic drill-hole database by the geological team has identified a structural control on the known nickel sulphide mineralisation at the Horn. In addition to defining new drill targets to extend the known mineralisation, the identification of this structural control has increased the

1 Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE WA NICKEL PROJECTS https://www.asx.com.au/asxpdf/20190528/pdf/445dz31g15d0kx.pdf

ASX ANNOUNCEMENT 27 October 2020

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potential for further nickel sulphide mineralisation over kilometres of strike to the northwest of the Horn (Figure 2). Auroch is planning further drilling to test the strike extents with a RC drill programme scheduled for early next year.

Auroch Managing Director Aidan Platel commented :

“ We are very excited to be kicking off diamond drilling at our Leinster Nickel Project. The step-by-step exploration strategy at the Valdez Prospect has consistently ticked the boxes in terms of the right characteristics for Kambalda-style nickel sulphide mineralisation, and hence the strong DHEM conductor we have identified there is a number one drill priority.

A review of the historic data at the Horn has revealed some exceptional high-grade nickel sulphide intercepts at shallow depths that we will look to validate and build upon with this drill programme. The review has also highlighted a structural control on the mineralisation that opens up kilometres of previously untested strike to the Horn, as well as identifying some strong historic DHEM conductors that are priority targets for drill testing.

Both prospects have great potential to host significant nickel sulphide mineralisation and we are eager to see what results this programme will deliver!”

West Core Drilling Pty Ltd have significant experience in the Goldfields region and have been awarded the contract to complete the diamond drill programme. The diamond core will be logged in the field and results will be reported as they are received.

ASX ANNOUNCEMENT

27 October 2020

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Figure 1 – Strong DHEM conductive plate overlying surface MLTEM plate and aeromagnetic highs at the Valdez Prospect, all coincident with fertile ultramafics in a modelled basal channel

ASX ANNOUNCEMENT

27 October 2020

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Figure 2 – Zoomed plan map of the Horn Prospect showing historic and planned drill-hole collars in relation to DHEM and aeromagnetics (1[st] vertical derivative, RTP, east shade linear) Inset map is aeromagnetics: RTP, east shade non-linear

This announcement has been authorised by the Board of Directors of the Company.

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

Aidan Platel Managing Director E: aplatel@aurochminerals.com

ASX ANNOUNCEMENT 27 October 2020

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Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Aidan Platel and represents an accurate representation of the available data. Mr Platel (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’ ("JORC Code 2012"). Mr Platel consents to the disclosure of this information in this report in the form and context in which it appears.

The information in this release that relates to Geophysical Results and Interpretations is based on information compiled by Russell Mortimer, Consultant Geophysicist at Southern Geoscience Consultants. Russell Mortimer is a Member of the Australasian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which 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’. Russell Mortimer consents to the inclusion in the release of the matters based on this information in the form and context in which it appears.

ASX Listing Rule Information

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement.

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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Location of the Leinster and the Saints Nickel Projects, Western Australia