ORE RESOURCES LIMITED — Interim / Quarterly Report 2019

Oct 25, 2018

For the period ending 30 September 2018

26 October 2018

ABOUT AUROCH MINERALS LIMITED

ASX CODE: AOU

Auroch Minerals Limited is an Australian base metals exploration Company focused on exploring its 2000km[2] of prospective landholdings across its Arden and Bonaventura projects in the worldclass South Australian base-metal region.

95,986,874 fully paid ordinary shares (quoted)

2,766,666 Fully paid ordinary shares escrowed to 6/04/2019 A$8.3 million market capitalisation

Auroch Minerals Limited (ASX:AOU) ( Auroch or the Company ) is pleased to provide the following report on its activities during the September 2018 Quarter. The Company’s primary focus during the reporting period was the identification of drill targets, environmental permitting and commencement of its maiden drill campaign at its Arden Project (Arden) and Bonaventura Project (Bonaventura) located in South Australia. During the Quarter, the Company also increased its total landholding across South Australia, with the application and approval of two new exploration licences.

Q3 HIGHLIGHTS

ARDEN PROJECT

• Maiden drill contract awarded

• Environmental approval (EPEPR) granted for planned drilling programme

• • Maiden drilling programme commenced at the Ragless Range target testing highly-prospective zinc, lead, copper and cobalt mineralisation

• New exploration licence adjoining Arden was granted, increasing the total project area by 954km[2 ]

BONAVENTURA PROJECT

DIRECTORS

Glenn Whiddon (Executive Chairman)

Ryan Gaffney (Non-executive Director)

Adam Santa Maria (Non-executive Director)

COMPANY SECRETARY James Bahen

CONTACT

1A/1 Alvan Street, Subiaco WA 6008 Australia

• Interpretation of IP survey identified a high chargeability anomaly over the Dewrang Target

• Maiden drill contract awarded

• Environmental approval (EPEPR) granted for planned drilling programme at the Bonaventura Project

• Drilling programme commenced at the Dewrang prospect with further drilling undertaken at Grainger and Kohinoor targets targeting high-grade zinc, lead and gold mineralisation

• New exploration licence was granted to the east and to the west of the project, contiguous with the existing tenement and increasing the total project area by 181km[2]

• Post reporting period, the first drill hole at Bonaventura confirmed basemetal mineralisation, intersecting 8.90m at 2.12% zinc and 0.51% lead from 180.6m including 1.00m at 4.53% zinc and 0.97% lead from 186.7m

FOLLOW US

==> picture [32 x 32] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

CORPORATE

• Issue of 11,646,717 New Options under the Non-Renounceable Pro Rata Offer exercisable at $0.10 on or before 30 November 2021

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

Aidan Platel

Chief Executive Officer T: +61 8 9486 4036 E: aplatel@aurochminerals.com

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555 2950 Fax: + 61 8 6166 0261 PO Box 510 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

==> picture [297 x 479] intentionally omitted <==

Figure 1 - South Australian Projects Arden and Bonaventura

The Arden and Bonaventura Projects now encompass a total of 2,079km[2] within the worldclass Adelaide Geosyncline, underpinning the Company’s strategy to consolidate land in the region and to systematically and aggressively explore for high-grade base-metal deposits.

ARDEN PROJECT

TENURE & LOCATION

The Arden Project is located 35km to the nornortheast of Quorn, approximately 3.5 hours’ drive north from Adelaide along highways and sealed roads. The project comprises two exploration licences (EL 5821 and EL 6217) of 1,664km[2] and has predominantly been cleared for farming and light grazing.

A railway to local ports passes just to the south of the tenement with access to Nyrstar’s Port Pirie base-metals refinery and smelter. Strong infrastructure is available with good telecommunications and grid power.

Results from exploration at Ragless Range, Kanyaka and Radford Creek targets have unearthed promising prospects for large-scale copper and zinc deposits.

HISTORICAL ACTIVITY

The Sedex horizon was initially discovered by Kennecott (Rio Tinto Group) between 1966 and 1972, identifying anomalous Sedex-style zinc mineralisation up to 40m wide and with a potential for over 10km of strike. However, since 1980 the area has been the focus of regional diamond exploration, and as such the Sedex horizon at the Ragless Range Target has never been explored further.

GEOLOGICAL FIELD VISITS

Auroch geologists spent much of the Quarter reinterpreting results and preparing the project area for a planned drill programme. The company completed access negotiations with the relevant landholders to the Radford Creek, Kanyaka and Ragless Range targets.

ENVIRONMENTAL APPROVAL (EPEPR)

During the Quarter, the Company received official environmental approval[1] from the Department of Energy and Mining (DEM) in South Australia, for its Exploration Program for Environment Protection and Rehabilitation (EPEPR) for Arden exploration lease EL 5821. The approval allows the Company to undertake drilling at the Arden Project.

1 ASX Announcement - PERMITTING APPROVAL GIVES ARDEN THE GREEN LIGHT FOR MAIDEN DRILLING PROGRAMME https://www.investi.com.au/api/announcements/aou/ba08cdaa-27e.pdf

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

MAIDEN DRILLING PROGRAMME

Following the awarding of the drill contract to DDH1 drilling[2] (FIGURE 2), on the 2[nd] August 2018 the Company announced that drilling had commenced[3] , targeting high-grade zinc, copper, and cobalt mineralisation. The programme was initiated at the first planned drill-hole location at the Ragless Range Target (FIGURE 3), where the drill-hole targeted the depth extensions of a high-grade zinc sedimentary-exhalative (SEDEX) horizon.

==> picture [521 x 381] intentionally omitted <==

Figure 2 - DDH1 Drilling’s Sandvik DE840 drill rig in operation at Arden’s Ragless Range Target

In addition to the Ragless Range Target, the maiden drilling programme at the Arden Project also tested the basemetals potential at the Kanyaka prospects, where rock-chip samples assaying as high as 12.4% copper, 2.4% zinc and 0.5% cobalt presented exciting drill targets. Assay results will be announced to market as they become available.

2 ASX ANNOUNCEMENT - AUROCH AWARDS DRILL CONTRACT FOR MAIDEN DRILLING PROGRAMMES https://www.investi.com.au/api/announcements/aou/83100bdc-52e.pdf

3 ASX ANNOUNCEMENT - DRILLING COMMENCES AT ARDEN BASE-METALS PROJECT https://www.investi.com.au/api/announcements/aou/de57d9d5-ba9.pdf

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

==> picture [526 x 317] intentionally omitted <==

Figure 3 - Priority target areas at the Arden Project, showing the prospective Sedex zinc horizon, historic and planned drill-holes, and trenches at the Ragless Range Target

NEW TENEMENT ACQUISITION (EL6217)

Exploration licence EL 6217 (FIGURE 4) was granted during the Quarter[4] , It comprises 954km[2] and is dominated by Cambrian-aged lithological units considered highly-prospective for SEDEX (Sedimentary Exhalative) base-metals mineralisation. The area is contiguous with the existing Arden tenement EL 5821 and brings the total area of the Arden Project to 1,664km[2] .

Q4 PLANNED ACTIVITY

The Arden drilling programme was testing extensions and horizons of potential SEDEX mineralisation. The Company will use the information gained from the maiden drilling programme, along with new geological information such as structural studies, field mapping and further geophysical surveys, to identify potential higher-grade zones within prospective areas that will be targeted by the next phase of planned drilling.

The Company is currently in the process of wrapping up its maiden drill programme, with results and updates to be released as they become available. The Company was encouraged by the drilling as it provided a platform to further explore the region with a renewed understanding of the underlying stratigraphy and base-metal mineralisation.

The Company aims to build a portfolio of multi-commodity projects through a rigorous process of identification, exploration and subsequent development of assets located in under-explored provinces that contain historic production and prospective geology.

4 ASX ANNOUNCEMENT - AUROCH INCREASES PRESENCE IN SOUTH AUSTRALIAN BASE-METALS REGION https://www.investi.com.au/api/announcements/aou/7e8da42f-956.pdf

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

==> picture [304 x 378] intentionally omitted <==

Figure 4 - The Arden Project comprising EL 5821 and EL 6217

BONAVENTURA PROJECT

TENURE & LOCATION

The Bonaventura Project comprises two exploration licences (EL 5973 and EL 6252) of 415km[2] which lie across the north-eastern quadrant of Kangaroo Island. The project area has been previously cleared for grazing, with good access to infrastructure. The licences cover highly prospective geology and historic mines along more than 50km of strike of the regional-scale Cygnet-Snelling Fault and include several high-grade zinc and gold targets that are drill– ready.

Encouragingly, previous drilling at Bonaventura hit several high-grade zinc intersections. The areas consist of Cambrian-aged lithologies favourable for Sedex base-metals mineralisation, and also cover the extensions of the Cygnet-Snelling Fault, a regional-scale fault that is the focus of many historic artisanal base-metals and gold mines.

HISTORICAL ACTIVITY

Bonaventura contains several small historic zinc, copper and gold mines with several drill-tested targets; the best intersections include:

BVRC03 - 16m @ 3.4% Zn and 0.7% Pb from 52m including 6m @ 6.3% Zn

BVDD004 - 11m @ 3.1% Zn and 1.5% Pb from 26m including 1m @ 8.0% Zn

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

Soil-sampling over Bonaventura has also been completed and shows strong zinc anomalism following the strike of the regional Cygnet-Snelling Fault. Lead anomalism up to 2,700ppm has also been delineated by the surface geochemistry results.

An Induced Polarisation (IP) survey was completed in Q2 2018 over Grainger, Vinco and Dewrang Targets (FIGURE 5) with re-interpreted results released in Q3 2018.

==> picture [359 x 334] intentionally omitted <==

Figure 5 - High- priority targets shown over Aeromagnetics - historical IP survey shown in yellow

GEOLOGICAL FIELD VISITS & ACTIVITY

Auroch geologists spend much of the Quarter interpreting the results from the Q2 2018 IP survey and preparing the project area for a planned drill programme. The Company completed access negotiations with the relevant landholders to the Dewrang, Vinco, Grainger and Kohinoor Targets.

IP SURVEY RESULTS (INTERPRETATION)

The recently completed IP survey identified a highly-chargeable anomaly at the Dewrang Target at approximately 200m depth over a strike length of over 400m; the anomaly indicates potential for the presence of high-grade basemetal sulphides, making the Dewrang Target a high-priority area for exploration. There were also significant chargeability anomalies identified at the Vinco and Grainger prospects.

The single IP line at the Grainger Target resulted in a significant chargeability anomaly that coincides with the highgrade zinc intersections in historic drill-holes (FIGURE 6), confirming Induced Polarisation as a valid exploration technique for base-metals mineralisation at the Bonaventura Project.

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

==> picture [508 x 211] intentionally omitted <==

Figure 6 - IP survey line at the Grainger Target showing a significant chargeability anomaly coincident with the with the high-grade zinc intersections in historic drill-holes

At the Dewrang Target, both IP lines showed strong chargeability anomalies at approximately 200m depth which in absolute values were over twice as strong as the chargeability anomaly at the Grainger Target which was coincident with the high-grade zinc mineralisation. The two lines were 400m apart along strike, but an historic IP line that ran

==> picture [496 x 249] intentionally omitted <==

Figure 7 - 3D image of the two new IP survey lines and the historic IP line at the Dewrang Target, showing the high chargeability anomaly continues for over 1.5km of strike

parallel to the strike suggests the high chargeability anomaly continues for over 1.5km (see FIGURE 7). The strength of the IP anomaly relative to the others and the potential for size given the large strike distance, combined with the base-metal anomaly in soil samples and the major faulting and alteration shown by the aeromagnetics, made the Dewrang Target the highest priority target for the maiden drilling programme.

At the Vinco Target, 1.5km along strike from the Grainger Target, the two new IP lines added to the existing three lines of an historical IP survey also both showed significant chargeability anomalies. The five IP lines combined show a shallow (~100m deep) anomaly over 600m of strike that remains untested by historic drilling.

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

ENVIRONMENTAL APPROVAL (EPEPR)

During the Quarter, the Company received official environmental approval[5] from the Department of Energy and Mining (DEM) in South Australia for its Exploration Program for Environment Protection and Rehabilitation (EPEPR) for Bonaventura exploration lease EL 5973. The approval allowed the Company to undertake exploration drilling at its Bonaventura Project.

DRILLING PROGRAMME

Drilling at Bonaventura Project commenced with the first hole at the Dewrang Target[6] where the Company’s recent IP survey identified a robust chargeability anomaly (over 5 times background) that sits between 150 – 200m depth and continues over a strike of at least 1.5km. The drilling targeted high-grade zinc, lead and gold mineralisation at Dewrang, Grainger and Kohinoor targets (FIGURE 8), with the initial programme comprising a drilling campaign of close to 1,000 metres. DDH1 Drilling Pty Ltd (DDH1 Drilling) was on-site at the Bonaventura Project with a Sandvik DE710 drill rig, a smaller track-mounted diamond drill rig (FIGURE 9).

==> picture [445 x 323] intentionally omitted <==

Figure 8 - The Bonaventura Project showing locations of the four high priority drill targets

5 ASX Announcement - AUROCH ACCELERATES EXPLORATION WITH COMMENCEMENT OF DRILLING AT BONAVENTURA https://www.investi.com.au/api/announcements/aou/f94411df-147.pdf 6 ASX ANNOUNCEMENT - AUROCH ACCELERATES EXPLORATION WITH COMMENCEMENT OF DRILLING AT BONAVENTURA https://www.investi.com.au/api/announcements/aou/f94411df-147.pdf

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

==> picture [521 x 297] intentionally omitted <==

Figure 9 - Drilling underway on the first planned hole at the Dewrang Target of the Bonaventura Project

Q4 PLANNED ACTIVITY

Post-reporting period, the Company announced results from the first drill-hole at the Dewrang Target[7] . The Company had identified significant zinc-lead mineralisation at the Bonaventura Project: the drill-hole intersected 8.90m at 2.12% zinc and 0.51% lead from 180.6m , including 1.00m at 4.53% zinc and 0.97% lead from 186.7m1 (DWDD-001). The mineralised interval correlates very well with a geophysical IP anomaly which had never previously been drilltested.

Assays are pending from additional drilling completed at Dewrang, Kohinoor and Grainger targets. The Company will use all of the new information gained from the maiden drilling programme, along with new geological information such as structural studies, field mapping and further geophysical surveys, to identify potential higher-grade zones within target areas that will be targeted by the next phase of planned drilling.

The Company was encouraged by its maiden drill programme as it provides a platform to further explore the region with a renewed understanding of the underlying geology and base-metal mineralisation. The Company aims to build a portfolio of multi-commodity projects through a rigorous process of identification, exploration and subsequent development of assets located in under-explored provinces that contain historic production and prospective geology.

7 ASX – ANNOUNCEMENT DRILLING CONFIRMS BASE-METALS MINERALISATION AT BONAVENTURA https://www.investi.com.au/api/announcements/aou/c162c901-e59.pdf

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

CORPORATE ACTIVITY

NON-RENOUNCEABLE PRO RATA OFFER – NOTIFICATION OF SHORTFALL

The Company received acceptances from eligible shareholders for 11,646,717 New Options, each exercisable at $0.10 on or before 30 November 2021, under the Entitlement Offer raising total funds of $232,934 before costs. These were issued on 17 July 2018 in accordance with the Entitlement Offer timetable.

The Entitlement Offer was fully underwritten by Clarion Finance Pte Ltd (Underwriter) leaving a shortfall of 21,270,881 New Options to be subscribed for or placed by the Underwriter. Of the total shortfall amount and subsequent to the end of the Quarter, 14,320,881 New Options have been placed and issued under ASX Listing Rule 7.1 raising funds of $286,417. The remaining balance of 6,950,000 New Options are subject to shareholder approval at the Company’s Annual General Meeting in November.

The funds raised under the Offer will be used to supplement the Company's existing cash reserves and will be primarily used to fund further work on the Arden and Bonaventura projects, including completion of further drilling, and will otherwise be used for general working capital purposes.

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

ABOUT AUROCH MINERALS

Auroch Minerals Limited is an Australian base metals exploration Company listed on the Australian Securities Exchange (ASX : AOU), with over 2000km[2] of prospective landholdings across its Arden and Bonaventura projects in the world-class South Australian base-metal region.

Located some 3.5 hours’ drive north from Adelaide, the Arden Project hosts 1,664km[2] of unexplored Sedimentary exhalative (SEDEX) mineralisation. Results from initial exploration at Ragless Range, Kanyaka and Radford Creek targets have unearthed promising prospects for large scale copper and zinc deposits.

The Bonaventura Project sits in the northern part of Kangaroo Island and covers highly prospective geology and historic mines along 30km’s of strike of the regional-scale CygnetSnelling Fault.

Supported by access to first-class infrastructure including road, rails and ports the projects are poised to capitalise on the growing demand for base-metals including the state government’s significant investment in local renewable energy projects.

The Company aims to build a portfolio of multicommodity projects through a rigorous process of identification, exploration and subsequent development of assets located in underexplored provinces that contain historic production and prospective geology.

==> picture [309 x 497] intentionally omitted <==

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au

For the period ending 30 September 2018

APPENDIX 1 - INTEREST IN MINING TENEMENTS AND CAPITAL STRUCTURE

Interest in Mining Tenements

Australia

Tenement	Tenement ID		Status	Interest at beginning of quarter	Interest acquired or disposed	Interest at end of quarter
Arden	EL 5821		Granted	90%	-	90%
Arden North	EL 6217		Granted	-	100%	100%
Bonaventura	EL 5973		Granted	100%	-	100%
Bonaventura Extension	EL 6252		Granted	-	100%	100%
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(1)	EPL 5751		Option	0%	-	-

(1) Dynamic Geo-Consulting Services CC (“DGS”) holds a 90% ownership interest in EPL 5751 as a bare trustee for the benefit of Auroch (or its nominee entity)

Capital Structure

Securities on Issue as at 26 October 2018:

• 95,986,874 fully paid ordinary shares (quoted)

• 2,766,666 Fully paid ordinary shares escrowed to 6/04/2019

• 3,542,843 options exercisable at $0.08 expiring 31/12/2018

• 300,000 options exercisable at $0.20 expiring 24/03/2019

• 25,967,598 options exercisable at $0.10 on or before 30/11/2021

• 6,250,000 Performance Rights

• 12,000,000 Performance Shares

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Peter Sheehan and represents an accurate representation of the available data. Mr Sheehan (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’. Mr Sheehan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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.

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, Subiaco WA 6008 Phone: +61 8 6555,2950 4036 Fax: + 61 8 6166 0261 PO Box 866 Subiaco WA 6904 Email: admin@aurochminerals.com.au