ORE RESOURCES LIMITED — Interim / Quarterly Report 2018

Apr 17, 2018

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ASX Code: AOU

Securities on Issue as at 18 April 2018:

91,413,725 fully paid ordinary shares (quoted)

2,766,666 Fully paid ordinary shares escrowed to 6/10/2018

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

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 8,000,000 Performance Rights 12,000,000 Performance Shares

Quarterly Activities Report as at 31 March 2018

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

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

Description	$A'000
Cash Balance asper Appendix 5B	$4,891
Loan to Bolt Resources (holder of the Alcoutim CU-ZN license) for Portugal operation – currently funding workprogram.1	$1,554
Commitments Payable	-$111
Total	$6,334

OPERATIONS

Auroch expanded its footprint in the renewable space through the acquisition of 90% of the tenement known as the Arden Base-metals Project ( Arden Project ) and 100% of the tenement known as the Bonaventura Basemetals Project ( Bonaventura Project ) located in the world-class base-metal mining region of South Australia.

The acquisition was completed post the end of the quarter on 6 April 2018 following shareholder approval.

Directors

Glenn Whiddon (Executive Chairman)

Ryan Gaffney (Non-executive Director)

David Lenigas (Non-executive Director)

Company Secretary

James Bahen

Arden Project

Tenure & Location

The Arden Project is located 35 kilometres to the nor-northeast of Quorn, approximately 3.5 hours’ drive north from Adelaide along highways and sealed roads. The project comprises a large exploration licence (EL) of 710km[2] and has predominantly been cleared for farming comprising light grazing and some crops. The railway passes just to the south of the tenement, and there are several port options relatively close-by, as well as Nyrstar’s large base-metals smelter and refinery in Port Pirie. Grid power is available, and telecommunications are good.

Contact

Unit 5, 1 Centro Avenue, Subiaco WA 6008 Australia

Geological Field Visits & Sampling

During site visits to the Arden Project, Auroch geologists observed, photographed and sampled existing trenches and old workings within the previously-identified target areas of Ragless Range, Radford Creek and Kanyaka – with high-grade zinc, copper and cobalt mineralisation confirmed by laboratory analyses of rock-chip samples. Extensive sedexstyle mineralisation was observed in all three areas, often associated with

1 Cash balance of the JVL account ~$250,000

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

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the presence of dark, manganiferous gossans. In-situ rock-chip samples were collected from trenches, creek beds and other outcrops, whilst additional samples were taken from float rocks on dumps surrounding the old workings. All samples were prepared and assayed by ALS Global laboratories. Table 1 shows the significant results by target area (refer to ASX announcement 11 April 2018 for full results).

Target	Sample ID	Results	Comment
Kanyaka	AR0006	11.15% Cu	Weathered CuCo3 rocks in shear zone
Kanyaka	AR0009	11.30% Cu	Float rock - weathered, CuCo3 staining
Kanyaka	AR0010	12.65% Cu	Float rock - weathered, CuCo3 staining
Kanyaka	ARD-S-004	10.05% Cu	Float rock - weathered, CuCo3 staining
Kanyaka	AR0011	8.06%Cu, 1.50% Zn &0.44% Co	Mn +/- CuCo3 + Co in shear
Kanyaka	AR0012	12.40%Cu, 2.42% Zn &0.47% Co	Mn +/- CuCo3 + Co in shear
Kanyaka	ARD-S-005	9.87%Cu,4.00% Zn, 0.19% Co & 0.2g/t Au	Mn +/- CuCo3 + Co in shear
Radford Creek	AR0013	1.71% Zn & 1.55% Pb	Mn gossan in Trench 4
Radford Creek	AR0014	1.67% Zn,3.85% Pb& 13g/t Ag	Mn gossan in Trench 4
Radford Creek	AR0015	1.68% Zn & 1.23% Pb	Goethitic saprolite in Trench 4
Radford Creek	AR0016	1.63% Zn,2.89% Pb, & 5g/t Ag	Mn gossan - T4 Radford Creek
Ragless Range	AR0022	6.53% Zn& 0.02% Co	Fe/Mn gossan within Trench 7
Ragless Range	AR0023	5.55% Zn& 0.02% Co	Fe/Mn gossan within Trench 7
Ragless Range	AR0024	4.51% Zn & 0.05% Co	Fe/Mn gossan within Trench 7
Ragless Range	AR0025	6.97% Zn& 0.02% Co	Fe/Mn gossan within Trench 7
Ragless Range	AR0030	3.85% Zn & 0.11% Co	Fe/Mn gossan within Trench 7

Table 1 – Significant results by target area within the Arden Base-Metals Project.

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, 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

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Figure 1 – Significant results by target area from the Arden Project in the world-class base-metals region of South Australia. The Cambrian lithologies (purple) are the host of all known SEDEX base-metal mineralisation in the region.

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, 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

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Historical Workings and Planned Exploration Programme

The Arden Project contains several historic artisanal mines for zinc, lead, copper, iron and manganese that were worked at various times between 1850 and 1920. Between 1966 and 1972, Kennecott (Rio Tinto Group) identified Sedex-style zinc and copper mineralisation potential over 10km of strike and up to 40m wide . However, since 1980 the Arden Project area has been the focus of diamond exploration, and as such no systematic modern base-metal exploration has ever been undertaken . As such, Auroch has planned an aggressive, yet systematic, exploration programme for the Arden Base-metals Project in South Australia:

• Southern Geoscience Consultants (SGC) have commenced re-processing and interpretation of the existing geophysical data for the project;

• A high-resolution (100m line-spacing) aeromagnetic survey has been planned for the Arden Project for this quarter, along with a surface geochemistry sampling programme;

• Target areas identified from the geochemical, geophysical and geological data will be ranked in order of priority; and

• A drilling campaign over the highest-priority targets will take place in Q3 this year.

Bonaventura Project

Tenure & Location

The Bonaventura Project comprises a large exploration licence (EL) of 234km[2] in the northern part of Kangaroo Island. The project area has been previously cleared for grazing, and the infrastructure and access is good.

Historical Workings

The Bonaventura Project contains several small historic zinc, copper and gold mines, and was mostrecently explored by Monax Mining Limited. Several targets have been drill-tested, with the best intersections coming from the Bonaventura target from drill-hole BVRC03 ( 16m @ 3.4% Zn and 0.7% Pb from 52m (including 6m @ 6.3% Zn) ) and drill-hole BVDD004 ( 11m @ 3.1% Zn and 1.5% Pb from 26m (including 1m @ 8.0% Zn) ). The Vinco target, which is situated 1,500m along strike from the Bonaventura target, has had high-resolution helimag, induced polarisation (IP) and gravity surveys completed, resulting in coincident gravity and chargeability anomalies that present a drill-ready target. Soil-sampling over the Bonaventura Project has also been completed and shows strong zinc anomalism following the strike of the regional Cygnet-Snelling Fault, although in places there is transported cover that masks the anomaly. Lead anomalism up to 2,700ppm has also been delineated by the surface geochemistry results. In addition to the base metal targets, the Kohinoor target remains highly prospective for gold mineralisation, with historic composite samples taken from the first level of the main historic workings including results of 28 g/t Au , 9.5 g/t Au , 5.2 g/t Au , and 3.2 g/t Au (ASX Announcement 6 March 2018)

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, 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

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Figure 1 - Location of the Arden and Bonaventura Projects in the world-class zinc and copper region of South Australia

Key Commercial Terms

As approved by shareholders at the Company’s General Meeting held on April 6 2018, Auroch has issued the following securities as consideration for the acquisitions of the Arden Project and Bonventura Project:

• a. 8,300,000 shares;

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, 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

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• b. 6,400,000 class A performance shares which vest on publication of a JORC (2012) Indicated Resource for the Arden Zinc Project of at least 3Mt @ greater than 10% ZnEq with a cut-off grade of at least 3% ZnEq;

• c. 2,300,000 class B performance shares which vest on publication of a JORC (2012) Indicated Resource for the Bonaventura Zinc Project of at least 2Mt @ greater than 10% ZnEq, with a cutoff grade of at least 5% ZnEq; and

• d. 2,300,000 class C performance shares which vest on publication of a JORC (2012) Indicated Resource for the Bonaventura Zinc Project of at least 5Mt @ greater than 10% ZnEq, with a cutoff grade of at least 5% ZnEq.

The above consideration securities are subject to voluntary escrow restrictions such that 1/3 will be freely tradable on issue, 1/3 will be escrowed for 6 months following completion and 1/3 will be escrowed for 12 months following completion.

Auroch has also reimbursed vendor costs of approximately $150,000 as part of the acquisitions.

Contemporaneous with completion of the acquisitions, Auroch has also issued:

• e. 1,500,000 shares to the party that introduced the acquisitions as well as 1,000,000 class D performance shares which vest if any of the above performance milestones applicable to the class A, class B and class C performance shares are achieved; and

• f. a total of 8,000,000 performance rights to Auroch directors, employees or contractors which vest over 2 years subject to continuous service with the Company.

Tisová Project

During the quarter, the Company advised that assay results for the fianl two holes (TIDD001 and TIDD004) were received. While the gold results were encouraging, the cobalt and copper results were both: lower grade, and across narrower intervals than expected from the visual logging of the core (ASX announcement 8 January 2018).

The company also advised that the option period over the Tisová Project was extended for a further 30 days until 30 April 2018. The extension of the period flows from delays encountered resulting from poor weather conditions that hindered drilling activity. The extension allows the company to continue the evaluation of the results received from the drilling programme completed in late 2017.

The Company has been exploring at Tisová under the terms of an Option Agreement. The Company has now fulfilled its obligations under the Agreement (4 drill holes for 1200m to test the spatial distributions of Cobalt and Copper). Should the company elect to proceed with the acquisition there is a further cash payment of A$75,000 and 4,375,000 fully paid ordinary shares plus deferred consideration of 5,000,000 additional fully paid ordinary shares should certain conditions/performance targets be met (see ASX announcement 03 July 2017).

CORPORATE

Change of Share Registry Details

The Company advised that as of Monday 15 January 2018, it had changed its provider for share registry services to Automic Registry Services (Automic).

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, 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

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

Auroch Minerals Limited

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 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.

Auroch Minerals Ltd ABN 91 148 966 545 1A/1 Alvan Street, 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

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Appendix 1 - Interest in Mining Tenements

Australia

Tenement	Tenement ID	Status	Interest at beginning of quarter	Interest acquired or disposed	Interest at end of quarter
Arden (1)	EL 639	Granted	-	90%	90 %
Bonventura(1)	EL 5821	Granted	-	100%	100%

(1) Both the Arden and Bonventura tenements were transferred post the end quarter end on April 6 subsequent to shareholder approval (Refer to ASX announcement 6 April 2018)

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)

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	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 quarter
Tisova(1)	Č.j. 77533/ENV/14, 2091/530/14	Granted	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 1A/1 Alvan Street, 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