ORE RESOURCES LIMITED — Capital/Financing Update 2020

Sep 21, 2020

ASX ANNOUNCEMENT

22 September 2020

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DRILLING COMMENCES AT THE FIREFLY & SINCLAIR NORTH NICKEL PROSPECTS

Highlights

• 1,000m Reverse Circulation ( RC ) drill programme is underway at the recently-acquired Firefly and Sinclair North prospects of the Leinster Nickel Project to target anomalous nickel identified in historic RAB drill-holes

• 1,478m maiden RC drill programme has been completed at the Valdez Prospect with thick fertile ultramafic flows intersected in all holes – very encouraging signs with assay results pending and DHEM surveys to commence next week to further vector in on potential massive nickel sulphide mineralisation

• Aggressive exploration programme continues:

• Saints Nickel Project – RC drilling at T1 – commencing next week

• Valdez Prospect – DHEM to identify conductors – commencing next week

• Horn Prospect – RC and diamond drill programme to upgrade historic resource to JORC (2012) – commencing early October

• Saints Nickel Project – T4 & T6 air-core drill programme – commencing late October

• Saints Nickel Project – infill resource drilling to upgrade existing high-grade Mineral Resource estimate of 1.05Mt @ 2.0% Ni & 0.2% Cu[1]

Auroch Minerals Limited ( ASX:AOU ) ( Auroch or the Company ) is pleased to announce RC drilling has commenced at the recently acquired Firefly and Sinclair North prospects, part of the Leinster Nickel Project ( Leinster ) in Western Australia.

The 1,000m drill programme will be Auroch’s first phase of exploration on these prospects after entering into a binding agreement with Jindalee Resources (ASX:JRL) to earn up to 70% of a four tenement package.[2] The two prospects are situated on the tenement E36/895, which is contiguous to the Company’s 100%-owned E36/899 tenement that hosts the Horn nickel sulphide prospect (Figure 1).

Historic RAB drilling on both prospects identified fertile nickeliferous ultramafic units in the weathered and transition zones, with the best intercepts including:

• 23m @ 0.53% Ni from 13m, including 1m @ 0.86% Ni from 22m (LWDR2399)

• 5m @ 0.74% Ni from 44m (07BWDR0011)

• 4m @ 0.53% Ni from 16m (06BWDR0158).[2]

Auroch has utilised this wide-spaced drill-hole data to map out a footwall ultramafic – basalt footwall contact over 1.3km long which will now be tested for nickel sulphide mineralisation. The drilling will aim to test the modelled contact within fresh rock at a down-hole depth of approximately 100m. Three holes have been planned at the Firefly Prospect and two at the Sinclair North Prospect. All holes will be cased to allow for follow-up DHEM surveys to identify any strong conductors in the areas such as

1 JORC (2012) Inferred Resources, above a 1.0% Ni cut-off grade. Refer to ASX Announcement - AUROCH TO ACQUIRE HIGH-GRADE WESTERN AUSTRALIAN NICKEL PROJECTS https://www.asx.com.au/asxpdf/20190528/pdf/445dz31g15d0kx.pdf 2 Refer to ASX Announcement – AUROCH INCREASES TENEMENT PACKAGE IN HIGHLY PROSPECTIVE NICKEL BELT https://www.asx.com.au/asxpdf/20200727/pdf/44kvrhw39vfp0x.pdf

ASX ANNOUNCEMENT 22 September 2020

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potential massive nickel sulphide mineralisation. Drilling is expected to be completed within two weeks.

The second phase of exploration at the Valdez Nickel Prospect has now been completed. Four RC holes for 1,478m were completed and all four intersected thick fertile ultramafic units up to 180m thick (down-hole width). The drill-holes are currently being logged and sampled, and will be surveyed with DHEM next week, with all results to be used for targeting for the next phase of exploration.

Auroch Managing Director Aidan Platel commented :

“ We are excited to commence our first phase of exploration at the Firefly and Sinclair North Prospects, where excellent nickel results in the weathered profile from historic RAB drilling have never been followed up with deeper drilling. These targets are shaping up to have all of the necessary characteristics to potentially host significant nickel sulphide mineralisation, and sit directly along the magnetic trend from BHP Group Ltd’s (ASX:BHP) group of high-grade massive nickel sulphide mines to the north and Saracen Mineral Holding Ltd’s (ASX:SAR) Sinclair nickel sulphide mine to the south.

We are also very encouraged by the potential at the Valdez Prospect following completion of our maiden RC programme. Each drill-hole has intersected thick packages of fertile ultramafic rocks within the modelled channel/embayment. This is a great initial result and we eagerly await the geochemical assays and DHEM results from this programme which will help us vector in on possible massive nickel sulphide mineralisation.

Our aggressive yet systematic exploration programme continues to gain momentum, with an RC programme to test channel targets at the Saints Nickel Project to commence later next week, followed by a significant drilling programme at the Horn Prospect of the Leinster Nickel Project to begin in early October, aimed at converting the historic nickel sulphide resource estimate to be JORC (2012)compliant. We look forward to keeping the market updated with results as they come to hand.”

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Photo 1 – RC Drill Rig at the Valdez Prospect of the Leinster Nickel Project

ASX ANNOUNCEMENT

22 September 2020

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Figure 1 – Proposed RC drill-hole locations overlying aeromagnetic highs (RTP east shade non-linear)

ASX ANNOUNCEMENT 22 September 2020

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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

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.

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