ORE RESOURCES LIMITED — Interim / Quarterly Report 2018

Oct 29, 2017

==> picture [162 x 44] intentionally omitted <==

ASX Code: AOU

Securities on Issue as at 30 October 2017:

87,096,057 fully paid ordinary shares (quoted) 300,000 options exercisable at $0.10 expiring 17/03/2018 1,000,000 options exercisable at $0.10 expiring 23/10/2018

24,144,650 options exercisable at $0.20 on or before 23/10/2018

3,542,843 options exercisable at $0.08 expiring 31/12/2018 300,000 options exercisable at $0.20 expiring 24/03/2019

Directors

Glenn Whiddon (Executive Chairman) Ryan Gaffney (Non-executive Director)

David Lenigas (Non-executive Director)

CEO

Dr Andrew Tunks

Company Secretary

James Bahen

Contact

Unit 5, 1 Centro Avenue, Subiaco WA 6008 Australia

Quarterly Activities Report as at 30 September 2017

Auroch Minerals Limited (ASX:AOU) ( Auroch or the Company ) is pleased to provide the following summary of its activities during the September quarter.

At the end of the quarter, the Company had the following cash, receivables, loans and payables.

Description	$A'000
Cash Balance asper Appendix 5B	$4,184
Receivables - Convertible Loan Note with Xtract Resources Plc for Manica Goldproject sale	$1,268
Loan to Bolt Resources (holder of the Alcoutim CU-ZN license) for Portugal operation – currently funding workprogram.	$1,547
Commitments Payable	-$86
Total	$6,913

OPERATIONS

Auroch has expanded its footprint in the European renewable space through the Alcoutim Cu-Zn-Pb-Au-Ag Project opportunity in south-eastern Portugal and the Tisova Co-Cu Project in the Czech Republic.

Tisová Project

The Company advised that drilling of the historic Tisová copper mine a substantial cobalt/gold/copper project in the Czech Republic commenced in mid-September.

Highlights

• Four-hole, 1,500m Phase 1 diamond drilling commenced on Friday 15th of September at Tisová

• First hole (TIDD002) targeted a thick sulphide-rich portion of the orebody with mineralisation anticipated between 250m to 460m: final planned depth of ~500m

• Each hole designed using recently completed 3D model to intersect thickest parts of sulphide-rich orebody

• 3D modelling of the Tisova orebody confirms potential for hosting a significant cobalt/copper/gold project in the heart of the EU. o Sulphide zones more than 100m true thickness.

• Multiple lenses of massive sulphide within a disseminated blanket.

• More than 30 Km of underground development.

• Modelled sulphide zones open north, south and at depth.

• High-grade copper horizons form narrow lenses less than 5m wide within thick sulphide blanket.

• 0.69% Cobalt, 17.1% Copper, 3.7 ppm Gold and 178 ppm Silver (refer to 12 September 2017 ASX announcement).

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

==> picture [162 x 44] intentionally omitted <==

Drilling Details

The 4 holes in Phase 1 are based on previous work at Tisová, which clearly defines the position, size and scale of this orebody. The Phase 1 program will comprise of four diamond drill holes for approximately 1,500m in total. Drilling is anticipated to take approximately 6-7 weeks; on a double shift basis.

Core will be cut and sampled onsite and then sent to ALS in Romania where they will be assayed for a multi-element suite by ICP-MS and precious metals by fire assay. Assay turnaround time is approximately 4-6 weeks.

==> picture [353 x 499] intentionally omitted <==

FIGURE 1– TISOVÁ LICENCE SHOWING HISTORICAL COLLARS IN WHITE AND NEW PLANNED DRILLING IN RED. THE FIRST FOUR HOLES OF PHASE 1 DRILLING ARE SHOWN AS BLUE STARS THE STRIKE AND DIP OF THE STRATABOUND OREBODY IS ALSO SHOWN.

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

==> picture [162 x 44] intentionally omitted <==

==> picture [441 x 275] intentionally omitted <==

----- Start of picture text -----

Massive sulphide lenses
----- End of picture text -----

FIGURE 2: CROSS SECTION SHOWING PLANNED TRACE OF FIRST HOLE TIS002. GREEN BODIES ARE MODELLED MASSIVE SULPHIDE LENSES WITHIN THE BROADER DISSEMINATED SULPHIDE BLANKET.

3D Model

Based on historic data of Tisová, which includes 72 surface diamond holes (25,985m) and 142 holes of underground drilling (14,299m), the Auroch technical team has built a 3D Model of the underground development, drilling and the known sulphide mineralisation (figure2)

The sulphide zones within the orebody have been 3D modelled in Leapfrog using classifications of trace, disseminated and massive for the ore within the model.

Highlights of the 3D models are as follows:

• More than 30 Km of underground development including the 400m Helena Shaft down to 9 level (400m below surface)

• Access includes a 1,000m adit that joins to the Helena Shaft at the 2 level from road north of Kraslice – the mine is flooded below this level.

• Modelled sulphide zones are open north, south and at depth

• Sulphide zones more than 100m true thickness

• Multiple lenses of massive sulphide within a disseminated blanket

• Modelling indicates best continuity of massive sulphide zones is down dip

• High-grade copper horizons form narrow lenses less than 5m wide within thick sulphide blanket

Alcoutim Project

During the quarter, the Company continued its Phase 1 drill program on Alcoutim Project , the significant Cu-Zn-Pb-Au-Ag opportunity in south-eastern Portugal located immediately along strike from the supergiant Neves Corvo Mine in the western half of the world famous Iberian Pyrite Belt ( IPB ).

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

==> picture [162 x 44] intentionally omitted <==

Highlights

• Hole 3 intersected sulphide rich sedimentary horizons with strong deformation, similar to the documented geological characteristics of Neves Corvo

• Increasing electrical conductivity at the base of Hole ALFP003 (“Hole 3”) indicated by preliminary interpretation of the Down Hole Electro Magnetic (“DHEM”) survey

• Disseminated and vein mineralisation has been logged in volcanic sediments interpreted to be similar rocks to the host sequence at the Super Giant Neves Corvo Cu-Zn Deposit

• Hole 3 deepened to follow up bottom of hole Electro Magnetic (‘EM’) conductivity anomaly

Hole ALFP003

Hole 3 is collared close to the historic Billiton (1986) AC-1 hole, which was abandoned at 1,063m in sulphide rich black shales, due to rig limitations. The intersected geology was interpreted to be the strike extension of the host rock to mineralisation at Neves Corvo, which Auroch is targeting.

Hole 3 intersected several intervals of blebby and disseminated chalcopyrite and pyrite that are associated with intense shearing and deformation. These zones are interpreted to be examples of widespread but small secondary sulphide mineralisation in the Iberian Pyrite Belt, similar to the historical Covos do Mouros Mine located in the south of the license.

==> picture [295 x 184] intentionally omitted <==

----- Start of picture text -----

Photos of core with orogenic copper mineralisation in the upper part of borehole ALFP 003
----- End of picture text -----

==> picture [131 x 174] intentionally omitted <==

A) Blebs of chalcopyrite associated with quartz veining in black shale 745.0m

B) Blebby and disseminated chalcopyrite associated with narrow quartz chlorite deformation zone – 727.6m

• C) Blebby and disseminated chalcopyrite in brecciated fault zone -745.9m

Hole 3 was initially halted in an intense fault zone at 1206.55m to complete the DHEM survey. Core from the fault zone (1203.0m) showed further signs of disseminated chalcopyrite, pyrite and galena mineralisation.

Initial interpretation of the DHEM data showed a marked increase in conductivity at the bottom of the hole indicates the potential for an EM conductor below the hole.

Consequently, Auroch made the decision to continue drilling Hole 3 beyond its present depth to continue to test the potential for Cu-Zn s mineralisation. Hole 3 will reach its new end of hole depth of approximately 1400m (the limit of the drill rig).

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

==> picture [162 x 44] intentionally omitted <==

With the completion of Hole 3, Auroch has completed its Phase 1 Exploration plans and completed the required licence condition of 3000m of drilling. A license renewal application for the Alcoutim Exploration Licence has been submitted to the DGEG (Portuguese Directorate of Energy and Geology) and whilst Auroch awaits the license renewal, we will continue to study results from its Phase 1 exploration and plan further geophysics and drilling in the area of ALFP003 as well as plan for other targets across the licence.

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

Auroch Minerals Limited

Dr Andrew Tunks CEO T: +61 8 9486 4036

Glenn Whiddon Executive Chairman T: +61 8 9486 4036

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Dr. Andrew Tunks and represents an accurate representation of the available data. Dr. Tunks (Member Australian Institute Geoscientists) is the Company’s Chief Executive 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’. Dr Tunks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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

==> picture [162 x 44] intentionally omitted <==

Appendix 1 - Interest in Mining Tenements 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%	0%
Peninsula	P63/1694	Granted	100%	100%	0%

Namibia

Tenement	Tenement ID	Status	Interest at beginning of quarter	Interest acquired or disposed	Interest at end of quarter
Garums	EPL6840	Application	0%	-	-
Okattjiho	EPL6484	Application	0%	-	-
Orutjiva	EPL6482	Application	0%	-	-
Moria	EPL6841	Application	0%	-	-
Narubis	EPL6483	Application	0%	-	-
Karibib	EPL 5751	Option	0%	-	-

Portugal

Tenement	Tenement ID	Status	Interest at beginning of quarter	Interest acquired or disposed	Interest at end of quarter
Alcoutim(1)	MN/PP/008/14	Granted	0%	65%	65%

(1) The Company has the right to earn a 75% interest in the Alcoutim Project (refer to ASX announcement 27 March 2017)

Czech Republic

Tenement	Tenement ID	Status	Interest at beginning of quarter	Interest acquired or disposed	Interest at end of year
Tisova(1)	Č.j. 77533/ENV/14, 2091/530/14	Granted	0%	100%	100%

(1) The Company has the option to earn a 100% interest in the Tisova Project (Refer to ASX announcement 3 July 2017)

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