ORE RESOURCES LIMITED — Interim / Quarterly Report 2015

Jan 27, 2016

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ASX Code: AOU

Securities on Issue as at 28 January 2016:

Quarterly Activities Report as at 31 December 2015

63,894,684 fully paid ordinary shares (quoted)

21,800,000 partly paid shares (unquoted)

889,956 convertible note securities maturing 30 June 2016[1 ]

135,000 convertible note securities maturing 30 June 2016[2]

4,000,000 options exercisable at $0.15 expiring 18/7/2016

1,000,000 options exercisable at $0.10 expiring 23/10/2018

1,675,361 options exercisable at $0.08 expiring 31/12/2018

Auroch Minerals NL (ASX:AOU) ( Auroch or the Company ) is pleased to provide shareholders with the following summary of its activities during the December quarter.

OPERATIONS

During the quarter, Xtract Resources plc ( Xtract ) commenced a 6 hole diamond drilling program, which is directed towards the acquisition of new geotechnical data and ground water testing. Importantly, several of the geotechnical holes are designed to intersect the central parts of the Fair Bride orebody where there is only sparse drilling. Xtract have also designed a shallow sterilisation drilling program over the site of the proposed tailings dam to sterilise this area.

Directors

Glenn Whiddon (Executive Chairman) Nicholas Ong (Non-executive Director) Matthew Foy (Non-executive Director)

Company Secretary

Matthew Foy

Contact

Office J, Level 2 1139 Hay Street West Perth WA 6005

1 Convertible Notes have a face value of $1, convertible into shares at a 20% discount to the 5-day VWAP prior to receipt of a conversion notice together with a 1-for-2 attaching option exercisable at $0.08 on or before 31 December 2018 per share issued on conversion.

2 Convertible Notes have a face value of $1, convertible into shares at a 20% discount to the 10-day VWAP prior to receipt of a conversion notice.

Xtract has also re-engaged with SLR Consulting, the original manager of the Environmental Impact Assessment ( EIA ), in regards to finalising the EIA on the updated project scope. Under Auroch’s management the scope of the project changed considerably to focus on 40Kt per month operation at the Fair Bride prospect. SLR are mobilising to site over the coming weeks and will be looking at aspects of Village relocation for the affected local population, infrastructure positioning and the engineering of the Tailings Storage Facility.

Dr Andrew Tunks, CEO of Auroch commented “this is a positive sign of Xtract’s commitment to the project and the continuing progression of the Manica Project toward the publication of a Definitive Feasibility Study (DFS). The drilling in particular is required to provide important data for both geotechnical data and ground water distribution and chemistry which is crucial to the development of the planned open pit. Importantly it further underlines Xtract’s commitment to the acquisition of the Manica asset.”

Update on the Sale of the Manica Gold Project

On 24 of November 2015, the Company lodged an application with the Ministry of Mineral Resources and Energy ( MIREME ) in Mozambique requesting the Minister approve the transfer of shares in Explorator Limitada, the Mozambican registered entity which

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holds the rights to the Manica Gold Project, to Xtract. These shares are currently held by the Company’s wholly owned subsidiaries Auroch Minerals Mozambique Pty Ltd (2%) and Mistral Resource Development Corporation Limited (98%).

Approval by MIREME is required as a condition precedent to the completion of the transaction with Xtract. The Company has also lodged relevant documentation with the Mozambican Ministry of Finance, as part of the transaction process.

Subsequent to the quarter on 20 January 2016 the Company advised that, in relation to the disposal of 100% of the Company’s interest in the Manica Gold Project, the Honorable President of the Mozambique Tax Authority has determined that a total of US$698,968.78 in capital gains tax is due and payable at completion of the sale of the Manica Gold Project ( Sale Related Tax ).

Xtract will be paying the Sale Related Tax pursuant to the agreements.

The Company is working with Xtract, the relevant Mozambican Regulatory bodies and advisers to complete the sale of the Manica Gold Project in the immediate future, following finalisation of the mines department approval for the sale which is expected imminently following receipt of the tax calculation.

About Xtract

Xtract Resources plc (LON:XTR) is a gold and copper exploration development company with projects in Chile and South Africa with a current market capitalisation of approximately A$36.2 million (£17.6 million) and is well funded. Xtract aims to become a mid-tier gold and copper producer with a focus on low cost, high margin shallow/surface deposits. Xtract’s Chairman Mr Colin Bird and CEO Mr Jan Nelson have a long history of involvement in the Manica Mining Concession having initially acquired the Manica Gold Project whilst at Pan African Resources plc in 2006. Mr Nelson is also a former Director of the Company.

CORPORATE

During the quarter, the Company announced that all resolutions put to shareholders at the extraordinary general meeting held on 15 October 2015, including a resolution relating to the sale of the Manica Gold Project, had been approved by shareholders. Shareholder approval for the sale of the Manica Gold Project amounted to a key condition precedent to completion of the transaction with Xtract.

In addition the Company sought and obtained shareholder approval for, the issue of up to 1,139,956 convertible note securities ( Convertible Notes ). On 23 October 2015, Convertible Notes representing a face value of $250,000 were converted into 3,350,723 ordinary shares and 1,675,361 attaching options exercisable at $0.08 on or before 31 December 2018. The Company also issued 1,850,000 ordinary shares and 1,000,000 options exercisable at $0.10 on or before 23 October 2018 in settlement of outstanding creditors and deferred payments.

Agreement to Acquire Mozambican Licences

The Company announced on 7 October 2015 that it had terminated the sale agreement with Big Un Limited (previously Republic Gold Limited) ( Big ) ( Big Agreement ). The Big Agreement was subject to completion of certain conditions precedent, including Ministerial consent and regulatory approval as required by Big and the Company. The Big Agreement originally had an End Date of 1 October 2014 which was extended to 30 June 2015. The End Date was subsequently extended to 30 September 2015.

Given the significant amount of time that transpired from the execution of the Big Agreement, and noting that the conditions to completion were not satisfied by 30 September 2015, the Company provided notice of termination to Big. Big has made a claim against the Company relating to the Big Agreement and shares that were proposed to be issued to Big on completion, with a maximum liability of the value of the consideration (being 6,538,462 Auroch shares with a value of approximately $614,615 based on the market price of Auroch shares). The Company has engaged counsel to assist with the claim, and will update shareholders when possible.

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

Auroch Minerals NL Glenn Whiddon Chairman T: +61 8 9486 4036

Interest in Mining Tenements

Mozambique Mining Concession

Tenement	Tenement ID	Status	Interest at beginning of quarter	Interest acquired or disposed	Interest at end of quarter
Manica Gold Project	3990C	Granted	100%	-	100%

Western Australia

Tenement	Tenement ID	Status	Interest at beginning of quarter	Interest acquired or disposed	Interest at end of quarter
Beete	P63/1646	Granted	100%	-	100%
Peninsula	P63/1694	Granted	100%	-	100%