ORE RESOURCES LIMITED — Interim / Quarterly Report 2018

Jan 31, 2018

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ASX Code: AOU

Securities on Issue as at 31 January 2018:

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

Quarterly Activities Report as at 31 December 2017

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

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

Description	$A'000
Cash Balance asper Appendix 5B	$5,014
Loan to Bolt Resources (holder of the Alcoutim CU-ZN license) for Portugal operation – currently funding workprogram.1	$1,596
Commitments Payable	-$65
Total	$6,545

Directors

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

David Lenigas (Non-executive Director)

Company Secretary

James Bahen

Contact

Unit 5, 1 Centro Avenue, Subiaco WA 6008 Australia

OPERATIONS

Auroch 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 it completed its initial four (4) hole drilling program at the historic Tisová copper mine, a substantial cobalt/gold/copper project in the Czech Republic.

Assay results for the first two holes (TIDD002 and TIDD003) did not replicate the Copper and Cobalt the results obtained from grab samples reported from historic waste dumps on site. Gold results (including 8m@0.97g/t Au) were closer to expectations, however the cobalt and copper results were both: lower grade, and across narrower intervals than expected from the visual logging of the core (ASX announcement 4 December 2017).

Subsequent then end of the quarter, assay results from the final two holes (TIDD001 & TIDD004) were received. While gold results were encouraging (up to 2.73/t Au) the cobalt and copper results are both: lower grade, and across narrower intervals than expected from the visual logging of the core (ASX announcement 8 January 2018).

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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Figure 1: Tisová licence outline with drill hole location plan on Google Earth imagery (collars from current drilling program highlighted)

The Company has been exploring at Tisova under the terms of an Option Agreement that expires in March 2018. 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).

Alcoutim Project

During the quarter, the Company completed its 3,000m 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

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A license renewal application for the Alcoutim Exploration Licence has been submitted to the Portuguese Directorate of Energy and Geology (DGEG). Whilst the Company awaits the license renewal, Auroch has continued to study the results from its Phase 1 Drill Program to identify further geophysical targets across the licence.

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Figure 2: Current and historical drill collar locations from the Alcoutim Licence

Namibia – EPL 5751

During the quarter, an application to transfer EPL 5751 to a joint venture company effectively owned 90% by Auroch (or its nominee entity) 10% by Dynamic Geo-Consulting Services CC (“DGS”) was lodged with the Namibian Ministry of Mines and Energy (“MME”) and is still awaiting approval. Until the transfer is complete and registered, DGS will hold a 90% ownership interest in EPL 5751 as a bare trustee for the benefit of Auroch (or its nominee entity).

CORPORATE

Settlement Proceeds Realised from Xtract Resources Plc

The Company advised it was repaid the final balance ~A$480,000 including interest from Xtract Resources Plc ( Xtract ). The Convertible loan with Xtract with a face value of US$1,000,000 has now been fully repaid. All settlement proceeds from the sale of the Manica Project have now been received.

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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Change of Management

The Company advised that Dr Andrew Tunks stepped down as CEO of the Company effective from 15 December 2017. Dr Tunks left Auroch to pursue new opportunities in the gold exploration and mining sector where the bulk of his technical experience lies.

Executive Chairman Mr Glenn Whiddon is now responsible for the day to day running of the Company and Mr Peter Sheehan (Auroch Chief Geologist) will manage the Company’s exploration activities.

Controlled Placement Agreement

The Company has also entered into a Controlled Placement Agreement ( CPA ) with Acuity Capital. The CPA provides Auroch with up to $3 million of standby equity capital over the coming 23-month period. Importantly, Auroch remains in full control of all aspects of the placement process: having sole discretion as to whether or not to utilise the CPA, the quantum of issued shares, the minimum issue price of the shares and the timing of each placement tranche (if any). There are no requirements on Auroch to utilise the CPA and Auroch can terminate the CPA at any time, without cost or penalty. Acuity Capital and the CPA do not place any restrictions at any time on Auroch raising capital through other methods. Under the CPA Auroch will issue 4,000,000 shares to Acuity Capital as collateral for Acuity Capital’s obligations under the CPA. If Auroch does decide to utilise the CPA (which it can do at any time during the term of the CPA), Auroch must give an exercise notice to Acuity Capital advising: the amount of the placement facility it wishes to use; the floor price (at Auroch’s sole discretion) for the placement; and setting an exercise period (at its election) up to 20 business days after which Acuity Capital can elect to participate in the placement. During the notice exercise period Acuity Capital may use the collateral shares to hedge its obligations to subscribe for shares under the exercise notice (should it elect to do so) including selling the collateral shares (under the terms of the CPA Acuity Capital is not permitted to use or trade the collateral shares for any other purpose). If Acuity Capital elects (at its discretion) to participate in the placement proposed in the exercise notice by Auroch the final issue price for the placement will be calculated as the greater of that floor price set by Auroch and a 10% discount to the Value Weighted Average Price (VWAP) of shares traded by Acuity Capital during the notice exercise period. The CPA contains provisions that on termination of the CPA the full number of the collateral shares must be returned to Auroch for no consideration by Acuity Capital or otherwise sold by Acuity Capital and the proceeds paid at the direction of Auroch.

An appendix 3B and further details in relation to the CPA will follow shortly.

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 Reserves͛. 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 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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Appendix 1 - Interest in Mining Tenements

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 year
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 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