ORE RESOURCES LIMITED — Interim / Quarterly Report 2020

Apr 23, 2020

For the period ending 31 March 2020

24 April 2020

ABOUT AUROCH MINERALS LIMITED

ASX CODE: AOU

Auroch Minerals Limited is an Australian base-metals exploration company. The Company is focused on its two Nickel Projects: Saints and Leinster located in the prospective Norseman-Wiluna Greenstone Belt within the Eastern Goldfields of Western Australia.

151,147,550 fully paid ordinary shares (quoted)

A$9.0 million market capitalisation

DIRECTORS

Aidan Platel (Managing Director)

Ed Mason (Non-Executive Chairman)

Chris Hansen (Non-Executive Director)

COMPANY SECRETARY James Bahen

CONTACT

1A/1 Alvan Street, Subiaco WA 6008 Australia

FOLLOW US

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Auroch Minerals Limited (ASX:AOU) ( Auroch or the Company ) is pleased to provide the following report on its activities during the March 2020 quarter. The Company’s primary focus during the reporting period was the exploration activities at its Saints Nickel Project ( Saints ) and Leinster Nickel Project ( Leinster ), two high-grade nickel sulphide projects in Western Australia.

2020 Q1 - HIGHLIGHTS

SAINTS NICKEL PROJECT

Completion of a 60-hole air-core ( AC ) drilling programme for 1,960m at Saints

Results confirm 4 new basal channels along the main footwall contact at Saints

identification of fertile basal ultramafic lava flows in at least 3 of the new channels, providing 3 advanced target areas ready for drill-testing ; each channel target could potentially host significant massive nickel sulphide mineralisation.

LEINSTER NICKEL PROJECT

Continued review and remodelling of historic geological and geophysical data.

JUNE QUARTER 2020 - PLANNED ACTIVITY

Several drilling programmes planned for Saints to drill test the three most advanced channel targets

Downhole electromagnetic ( DHEM ) surveys planned for completed drill-holes to target strong conductors such as massive nickel sulphide mineralisation

CORPORATE

Completion of $1.06 million (before costs) placement

The Company has taken significant steps to reduce non-core expenditure and implement procedures to follow Government guidelines with regards to the current Covid-19 crisis

COMPANY PROJECTS – WESTERN AUSTRALIA

SAINTS NICKEL PROJECT

During the quarter Auroch completed and received assays results from a 60-hole air-core drilling programme at the Saints Nickel Project, located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway.

A litho-geochemical review undertaken by the Company, together with experienced nickel geologist Peter Muccilli, identified at least three more possible channels along the Eastern Footwall Contact that were not previously recognised or adequately drill-tested. The AC programme focussed on these high-priority channel target areas aiming to accurately define the position of the all-important footwall contact (Figure 1). The drilling also intended to test the thickness and characteristics of the basal ultramafic lava flows, which again is very important for targeting possible massive high-grade nickel sulphide mineralisation.

The assays confirmed four new channels in the all-important basal contacts, the Eastern Footwall Contact and the Southern Footwall Contact (see Figure 1). The four channels are in addition to the known channels at St Patricks and St Andrews and, importantly, have effectively never been drilled previously.

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 Email: admin@aurochminerals.com

For the period ending 31 MARCH 2020

Furthermore, the assays identified that the basal ultramafic units in at least three of these new channels were highly fertile, nickel-bearing lava flows. These characteristics are necessary for significant nickel sulphide mineralisation, and hence greatly increase the potential of these new exploration targets.

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Figure 1 – New geological interpretation of the Saints Nickel Project showing the locations of the four new channel target areas (T1 – T4) confirmed by the recent AC drill programme

LEINSTER NICKEL PROJECTS

During the quarter Auroch continued to review the significant database of historic drilling and geophysical data for the Leinster Nickel Project, in particular for the Horn and Valdez target areas. Following the same exploration strategy successfully employed at Saints to define new basal channels that may host significant massive nickel sulphide mineralisation, the Company is undertaking a full litho-geochemical review of the historic data in order to establish a new and more accurate model of the geology and importantly the stratigraphy of the key target areas at Leinster, which can then be followed up by future drilling programmes.

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 Email: admin@aurochminerals.com

For the period ending 31 MARCH 2020

CORPORATE ACTIVITY

PLACEMENT

During the quarter, the Company completed a placement of $1,062,454 (before costs) ( Placement ) through the issue of 19,317,344 fully paid ordinary shares at $0.055 per share ( Placement Shares ). The Placement Shares attracted a 1 for 2 free attaching option with an exercise price of $0.10 and expiry date of 30 November 2021 ( Options ), totalling 9,658,672 Options.

LISTING OF OPTIONS

The Company currently has unlisted options on issue with an exercise price of $0.10 and an expiry date of 30 November 2021 but otherwise with slightly differing terms. The Company is considering applying to the Australian Securities Exchange ( ASX ) for quotation of all of the options with an exercise price of $0.10. In order to become quoted options, these options ($0.10 Options ) must have the same terms and the ASX must be satisfied that such terms are appropriate for quotation. Accordingly, the Company is in the process of approaching the holders of the $0.10 Options to seek their approval to align the terms of the $0.10 Options in a form suitable for quotation. Any variation of the terms of the $0.10 Options will be subject to Shareholder approval. Should the Company be able to progress a variation with the $0.10 Option holders, then the variation of the terms of the $0.10 Options will be put to Shareholders to consider in the future.

COVID-19 UPDATE

Auroch has taken significant steps to implement procedures to follow Government guidelines with regards to the current Covid-19 crisis. In order to keep our people safe at this time, the Company has adopted a work from home practice for its staff and contractors and this has been in place for the past month.

MARCH 2020 QUARTER - ASX ANNOUNCEMENTS

This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ( 2012 JORC Code ). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:

AC RESULTS PROVIDE DRILL-READY NICKEL TARGETS AT SAINTS	1 April 2020
PLACEMENT $1M - HIGH-PRIORITY NICKEL SULPHIDE EXPLORATION	28 February 2020
RIU EXPLORERS CONFERENCE PRESENTTION - FEBRUARY 2020	19 February 2020
AC DRILLING COMMENCES AT SAINTS NICKEL PROJECT	30 January 2020
2020 EXPLORATION PROGRAMME COMMENCES AT SAINTS	8 January 2020

These announcements are available for viewing on the Company’s website aurochminerals.com under the Investors tab. Auroch confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement.

-END-

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

Aidan Platel

Managing Director E: aplatel@aurochminerals.com T: +61 8 6555 2950

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 Email: admin@aurochminerals.com

For the period ending 31 MARCH 2020

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Aidan Platel and represents an accurate representation of the available data. Mr Platel (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’ ("JORC Code 2012"). Mr Platel consents to the disclosure of this information in this report in the form and context in which it appears.

The information in this report that relates to Mineral Resources for the Saints Project was reported by Minotaur Exploration Ltd (ASX:MEP) to the ASX on 4th May 2017 under JORC Code 2012 (refer https://www.asx.com.au/asxpdf/20170504/pdf/43j0r0dt0ytq74.pdf). The information in this report in relation to Mineral Resources for the Saints Project is based on, and fairly represents, the available data and studies for the project which have been compiled by Mr Aidan Platel. Mr Platel (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 JORC Code 2012. Mr Platel consents to the disclosure of this information in this report 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 Email: admin@aurochminerals.com

For the period ending 31 MARCH 2020

ABOUT AUROCH MINERALS

Auroch Minerals Limited is an Australian basemetals exploration company listed on the Australian Securities Exchange ( ASX:AOU ). The Company is focused on its two Nickel Projects: Saints and Leinster located in the prospective Norseman-Wiluna Archaean greenstone belt within the Eastern Goldfields of Western Australia. The Company also has three South Australian Projects: Arden and Bonaventura in the Adelaide Geosyncline and the Torrens East Copper Project, located on the highly prospective Stuart Shelf.

Auroch’s acquisition of the Saints and Leinster nickel projects aims to unlock the latent value of high-grade nickel sulphide assets. Auroch provides a dedicated management team to aggressively explore the projects, which have historically seen limited nickel exploration. The combined portfolio of high-grade nickel sulphide assets provides a solid base for Auroch to systematically explore high-priority targets.

SAINTS PROJECT

The Saints Nickel Project comprises two mining leases for 20km, approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. The project contains an existing JORC (2012) compliant resource of 1.05Mt @ 2.0% Ni, 0.2% Cu and 0.06% Co for 21,400 tonnes of contained nickel, 1,600 tonnes of contained copper and 600 tonnes of contained cobalt.

LEINSTER PROJECT

Located approximately 40km southeast of the

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township of Leinster and approximately 60km north-northwest of Leonora in Western Australia, the Leinster Nickel Project covers approximately 112km[2] of the nickel-rich Norseman-Wiluna Greenstone Belt within the Eastern Goldfields of the Yilgarn Craton. The project contains a historic JORC (2004) compliant Mineral Resource[1] and significant exploration potential.

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 Email: admin@aurochminerals.com

For the period ending 31 MARCH 2020

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%
Torrens East Copper Project	ELA 00159	Pending	-	-	-
Torrens East Copper Project	EL 6331	Granted	-	-	100%
Saints	M29/245	Granted	-	-	100%
Saints	M29/246	Granted	-	-	100%
Leinster	E36/899	Granted	-	-	100%
Valdez	E36/936	Granted	-	-	100%

Capital Structure

Securities on Issue as at 24 April 2020:

• 151,147,550 fully paid ordinary shares (quoted)

• 35,917,598 options exercisable at $0.10 on or before 30/11/2021

• 3,250,000 options exercisable at $0.16 on or before 03/09/2023

• 3,500,000 options exercisable at $0.20 on or before 03/09/2023

• 5,550,000 Performance Rights

• 12,000,000 Performance Shares

In relation to the Performance Rights:

• a) No Performance Rights were issued during the period.

• b) The terms and conditions of the Performance Rights are set out in Schedule 1 of the Notice of Meeting dated 10 October 2020

• c) No Performance Rights were converted to ordinary shares during the period.

• d) No milestones for the Performance Rights were met during the period.

In relation to the Performance Shares:

• a) No Performance Shares were issued during the period.

• b) The terms and conditions of the Performance Shares are set out in Schedule 1 of the Notice of Meeting dated 8 March 2018

• c) No Performance Shares were converted to ordinary shares during the period.

• d) No milestones for the Performance Shares were met during the period.

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 Email: admin@aurochminerals.com