ORE RESOURCES LIMITED — Capital/Financing Update 2020

Sep 6, 2020

ASX ANNOUNCEMENT

7 September 2020

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DRILLING COMMENCES AT THE VALDEZ NICKEL PROSPECT

Highlights

• 1,000m Reverse Circulation ( RC ) drill programme is underway at the Valdez Prospect targeting a recently-defined nickeliferous basal channel coincident with both magnetic and surface electromagnetic ( EM ) anomalies

• All drill-holes will be surveyed with downhole electromagnetics ( DHEM ) to better define the surface EM conductor and provide targeting for potential massive nickel sulphides for the next round of exploration

Auroch Minerals Limited ( ASX:AOU ) ( Auroch or the Company ) is pleased to announce RC drilling has commenced at its 100%-owned Valdez Prospect , part of the Leinster Nickel Project ( Leinster ) in Western Australia.

The 1,000m drill programme is the second phase of exploration at Valdez, targeting a 150m wide fertile ultramafic channel. Drill-holes will be testing specifically for nickel sulphide mineralisation, while following DHEM surveys will aim to identify any conductive units in the area that potentially represent massive nickel sulphide mineralisation. Drilling is expected to be completed in under two weeks.

The fertile ultramafic channel was identified during the Company’s recent air-core ( AC ) programme completed in July, where significant intersections of anomalous nickel (>0.3% Ni) were present within a high MgO ultramafic unit. The channel itself overlies a magnetic high and is also coincident with a strong EM conductor defined by a historic surface moving-loop electromagnetic ( MLEM ) survey (see Figure 1). All of these characteristics are favourable for hosting significant massive nickel sulphide mineralisation.[1]

Auroch Managing Director Aidan Platel commented :

“ We are pleased to commence the second phase of exploration at the exciting Valdez Prospect. The initial phase of AC drilling successfully defined a fertile nickeliferous channel, coincident with the existing mag and EM anomalies – in other words, all of the right characteristics for significant nickel sulphide mineralisation.

This programme will test the channel target to depths up to 250m downhole and will provide a solid platform for DHEM surveys to define possible conductive units such as massive sulphides along the basal channel at greater depths. The programme is expected to take approximately two weeks and we look forward to updating the market with results when they’re received. ”

The programme will consist of three to four holes drilled across the 150m strike length of the channel. Drill-holes will range between 150m and 300m depth, with all holes projected to intersect the allimportant basal ultramafic – mafic contact. DHEM will then be used to survey for any conductors in the area which will provide well defined targets for follow-up drilling campaigns. Orlando Drilling Pty Ltd ( Orlando ) were awarded the drilling contract and have significant experience drilling in the Leinster region.

Upon completion of the Valdez RC programme, the drill rig will commence an RC drill programme at the Firefly and Sinclair North Prospects on the recently-acquired tenement E36/895. The Company

1 Refer to ASX Announcement - AC RESULTS DEFINE NICKEL SULPHIDE DRILL TARGETS VALDEZ https://www.asx.com.au/asxpdf/20200813/pdf/44lg9gq0f0gzl9.pdf.

ASX ANNOUNCEMENT 7 September 2020

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aims to advance each of its targets at the Leinster Nickel Project and continue to develop its pipeline of exciting nickel sulphide opportunities in Western Australia.

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Figure 1 – Propose RC drill-hole locations (red dots) in relation to the fertile basal channel defined by AC drilling (purple dots) overlying aeromagnetic highs (RTP east shade non-linear) and the strong MLEM conductor (plate)

ASX ANNOUNCEMENT

7 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.

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