ORE RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 29, 2021

For the period ending 30 June 2021

30 July 2021

ABOUT AUROCH MINERALS LIMITED

ASX CODE: AOU

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

281,587,871 fully paid ordinary shares (quoted)

A$50.7M market capitalisation

DIRECTORS

Aidan Platel (Managing Director)

Ed Mason (Non-Executive Chairman)

Michael Edwards (Non-Executive Director)

Trevor Eton (Non-Executive Director)

COMPANY SECRETARY Rebecca Moylan

CONTACT

Suite 10, 38 Colin Street West Perth WA 6005 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 June 2021 quarter. The Company’s primary focus during the reporting period was the exploration drilling activities at its Nepean Nickel Project ( Nepean ), Leinster Nickel Project ( Leinster ) and South Australian Arden Copper-Zinc Project ( Arden ).

HIGHLIGHTS

NEPEAN NICKEL PROJECT

• Regional reverse circulation ( RC ) (seven holes for 1,150 metres) drill programme was completed over 10km of prospective strike. Disseminated nickel sulphides in fertile ultramafic units were intersected up to 5km along strike from the historic Nepean nickel mine, with better results including:

• 4m @ 0.49% Ni from 25m (NPRC057)

• 7m @ 0.33% Ni from 86m (NPRC048)

• 39m @ 0.44% Ni from 19m (NPRC040)

• Three-hole diamond drill ( DD ) programme was completed for 730m targeting a strong moving loop electromagnetic (MLEM) conductor, a regional anomaly, and shallow high-grade mineralisation - assays are pending

• Extensive high-powered ground MLEM survey covering priority areas of the 10km long Nepean strike commenced and is nearing completion

• Planning commenced for maiden 3,000m drill programme to explore for economic nickel sulphide mineralisation below historic high-grade Nepean nickel mine workings

LEINSTER NICKEL PROJECTS

• The final three DD holes (1,020 metres) of a five-hole programme were completed at the Woodwind and Percussion Prospects, with assays received for the first four holes. Disseminated “cloud” and stringer nickel sulphides were intersected in fertile ultramafic units, with significant results including:

• 72m @ 0.46% Ni from 212m (HNDD008),

including 4m @ 0.61% Ni from 233m and 14m @ 0.57% Ni from 258m

• 8m @ 0.30% Ni from 296m to EOH (HNDD008)

• Nine RC drill holes (1,775 metres) were also completed at the Woodwind Prospect – assays are pending

ARDEN COPPER-ZINC PROJECT

• Access established to recommence soil and surface rock-chip sampling programme

• Work permit ( PEPR ) application was submitted for RC drill programme to test a 2km gravity anomaly at the Ragless Range zinc target

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

CORPORATE

• 30 June 2021 cash balance of $3 million

• $571k in cash received during the quarter via the exercise of 5,715,261 unlisted $0.10 options

• 28,663,928 unlisted $0.10 options outstanding at 30 June 2021 (expiry 30 November 2021)

• Experienced geologist, Mathew McCarthy, was appointed as Exploration Manager of the Company

• Mr James Bahen resigned as Joint Company Secretary

SEPTEMBER 2021 QUARTER - PLANNED ACTIVITY

The upcoming results and work programmes for Auroch include the following:

• Assay results from RC drilling at the Leinster Nickel Project

• DHEM on all completed diamond and RC drill-holes at the Leinster Nickel Project

• Next phase of RC drilling at high-priority target areas of the 10km of strike at the Nepean Nickel Project – currently underway

• Major ground Moving-Loop EM ( MLEM ) survey at the Nepean Nickel Project – to be concluded, modelled, and any priority drill targets generated to be drill tested

• 3 – 5 hole RC drill programme at the Ragless Range Zinc Target of the Arden Project, South Australia – to commence this quarter

• Maiden 3,000m drill programme to explore for economic nickel sulphide mineralisation below the historic high-grade Nepean nickel mine workings – scheduled to commence late July – early August

• 2,000m RC drill programme at the Leinster Nickel Project – next phase of drilling to follow up targets at the Woodwind and Percussion Prospects

COMPANY PROJECTS – WESTERN AUSTRALIA

NEPEAN NICKEL PROJECT

During the quarter, Auroch completed regional drilling programmes, which were designed as a first-pass “reconnaissance” test of several magnetic high anomalies that extend along 10km of strike from the historic highgrade Nepean nickel mine (Figure 1). Seventeen (2,324m) of the completed 32-hole (3,397m) RC programme were drilled to test the 10km of strike.[1]

Thirty-one AC drill-holes (1,110m) were completed to test a number of more subtle magnetic features and to provide early-stage stratigraphic information.

Significant results included the following intersections:

• 4m @ 0.49% Ni from 25m, cut off at depth by a pegmatite vein (NPRC057)

• 7m @ 0.33% Ni from 86m, sitting on the basalt footwall contact and with a coincident localised DHEM conductor (NPRC048)

• 39m @ 0.44% Ni from 19m, with a coincident localised DHEM conductor (NPRC040)

• 1m @ 0.60% Ni from 67m, the last 1m sample at the end of an AC hole which represents the top of competent fresh rock (NPAC004)

1 ASX Announcement – 28 April - NICKEL SULPHIDE MINERALISATION INTERSECTED ALONG STRIKE AT NEPEAN. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asxresearch/1.0/file/2924-02367809-6A1030104?access_token=83ff96335c2d45a094df02a206a39ff4

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

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Figure 1 - Plan map of the Nepean Nickel Project showing completed drill-holes and recent significant intersections

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

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Figure 2 – Cross-section A – Showing completed RC drill-hole NPRC048 and modelled ultramafic unit with nickel sulphide intersection on the footwall contact

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Figure 3 – Cross-section B – Showing completed AC drill-hole NPAC004 and modelled ultramafic unit with mineralised end-of-hole sample on the upper mafic-ultramafic contact

Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

Auroch Minerals Ltd ABN 91 148 966 545

For the period ending 30 June 2021

During the quarter, the Company initiated an extensive high-powered ground MLEM survey, which successfully identified a significant conductor (and subsequently further conductors early in July). The conductor was modelled at 250m below the surface and 1km to the south of the historic high-grade Nepean nickel mine. The strength of the modelled conductor was in the range of 4,000 – 8,000S, which is typical of conductive bodies such as semi-massive and massive sulphide mineralisation (Figure 4).[2] The survey comprised 516 stations on 100m spacing and 200m line spacing.

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Figure 4 - Plan map of aeromagnetics over the Nepean Nickel Project showing new diamond drill collars in relation to RC drill collars and the MLEM conductor to the south of the historic Nepean nickel mine

2 ASX Announcement – 6 May - DIAMOND DRILLING OF HIGH-PRIORITY EM TARGET COMMENCES AT NEPEAN. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asxresearch/1.0/file/2924-02371945-6A1031968?access_token=83ff96335c2d45a094df02a206a39ff4

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

The Company completed a three-hole DD programme totalling 730m with assays pending. The first drill-hole (NPDD005) was designed to test the strong 4,000-8,000S MLEM conductor (Figure 5). The hole was successfully drilled to a depth of 398m and intercepted a thick package of ultramafic units from 92m to 253m down-hole, crosscut in places by intrusive pegmatite veins.[3]

Down-hole electromagnetics ( DHEM ) has been conducted on the completed drill-hole, which confirmed that the intercepted sulphides are probably the cause of the MLEM conductor. A refined DHEM model has produced a 4,5006,000S conductive plate dimensions of 100x150m steeply dipping WNW and striking NNW-SSE, which is coincident with the lithological strike.

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Figure 5 - showing completed diamond drill-hole NPDD005 and the modelled DHEM conductor in relation to the modelled ultramafic unit, sulphidic sediments and interpreted footwall contact

The second diamond drillhole (NPDD006) targeted a geochemical anomaly identified in the Company’s AC drilling earlier this year, where drillhole NPAC004 intercepted 1m @ 0.60% Ni from 67m in an end of hole sample in fresh rock.

The third diamond hole (NPDD007) was drilled as a metallurgical hole in order to better understand the shallow highgrade nickel sulphide mineralisation intersected in recent RC drilling. The drillhole intercepted a wide (~10m) sulphide zone from 66m and within that intersected 3.40m of the “triangular ore zone” mineralisation from 72.4m down-hole.

3 ASX Announcement – 25 May - EXPLORATION UPDATE – NEPEAN NICKEL PROJECT. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-023777636A1034165?access_token=83ff96335c2d45a094df02a206a39ff4

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

DEEP DRILLING PROGRAMME

During the quarter, Auroch commenced planning for a maiden drill programme under the historic high-grade Nepean nickel mine workings. The high-priority 3,000m programme will comprise up to five drill-holes targeting economic nickel sulphide mineralisation.[4]

The historic high-grade Nepean nickel sulphide mine, which was the second producing nickel mine in Australia, produced 1,108,457t of ore between 1970 and 1987 for over 32,000t of nickel metal at an average recovered grade of 2.99% Ni. Production ceased in 1987 due to very low nickel prices, leaving in-situ a significant historic remnant nickel sulphide resource.[5]

DHEM surveys will be undertaken after each hole is completed to potentially identify possible conductive bodies such as massive nickel sulphide mineralisation and will be used to guide the ongoing drilling.

Progress of the regional RC drilling programme and high-powered ground MLEM survey at the Nepean Nickel Project was hampered by heavy rains in the area during the quarter.

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Figure 6 – Long-section comparison of the Nepean and Flying Fox nickel sulphide mines showing the flat-lying pegmatites/granites in relation to known nickel sulphide mineralisation

4 ASX Announcement – 23 June - MAIDEN NEPEAN DEEPS DRILLING PROGRAMME. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-023870076A1037806?access_token=83ff96335c2d45a094df02a206a39ff4

5Refer to appendices A and C and to ASX Announcement by Focus Minerals Ltd – FOCUS MINERALS COMMENCES FEASIBILITY STUDY ON NEPEAN NICKEL PROJECT https://www.asx.com.au/asxpdf/20070612/pdf/312wphbtmcqtz6.pdf

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

LEINSTER NICKEL PROJECT

The Company received assay results for four diamond drill-holes, part of a five-hole (1,660m) regional drill programme, during the quarter. The programme was designed to test the high-potential Woodwind and Percussion Prospects. These two prospects are located directly along the strike from the Horn Prospect, where drilling has delineated shallow high-grade nickel sulphide mineralisation.[6]

The first pass drill programme successfully intersected thick cumulate phases of ultramafic rocks with zones of “cloud” (disseminated) nickel sulphides up to 5km further along strike from the Horn nickel sulphide mineralisation. Significant results include:

• 72m @ 0.46% Ni from 212m, including 4m @ 0.61% Ni from 233m and 14m @ 0.57% Ni from 258m (HNDD008)

• 8m @ 0.30% Ni from 296m to EOH within elevated nickel values (>0.25% Ni) and observed disseminated nickel sulphides over 88m from 216m (HNDD007)

• 2m @ 0.45% Ni from 388m, including 1m @ 0.61% Ni from 389m (HNDD010).

Results are pending for the fifth diamond hole (HNDD0011).

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Figure 7 – The Leinster Nickel Project showing the high-priority target areas and completed diamond and RC drill-hole collars in relation to the aeromagnetic anomalies along trend from the Horn Prospect

6 ASX Announcement – 10 June - NICKEL SULPHIDES INTERSECTED AT NEW LEINSTER PROSPECTS. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asxresearch/1.0/file/2924-02383441-6A1036291?access_token=83ff96335c2d45a094df02a206a39ff4

Auroch Minerals Ltd ABN 91 148 966 545

Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

COMPANY PROJECTS – SOUTH AUSTRALIA

ARDEN PROJECT

The Company is in the final stages of preparation to recommence a soil and surface rock-chip sampling programme initiated in October last year, which covers prospective copper trends across the two tenements comprising the Arden Project. Access with the relevant landowners has been established, with sampling to commence in the coming weeks.[7]

The systematic programme will include covering regional copper trends identified by Taruga Minerals Ltd (ASX:TAR), which lie both to the northwest and east of the Arden tenements. Initial rock-chip sampling by Auroch near the historic artisanal Mt Arden copper mine, south of the north-western copper trend, produced high-grade copper results, including 20.4% Cu , 15.25% Cu , 8.55% Cu and 5.52% Cu.

In addition to the surface sampling, Auroch is preparing for an RC drill programme at the Ragless Range Zinc Prospect. A work permit ( PEPR ) application has been lodged with the South Australian Mines Department for the programme, which will test a strong gravity anomaly that extends for over 2km. The anomaly is coincident with a surface zinc anomaly and adjacent to the high-grade zinc intersection in drillhole RRDD-007 from the Company’s maiden drill programme at Ragless Range, which intersected a very high-grade 3.65m @ 15.47% Zn from 62.15m from within a broader interval of 12.80m @ 4.96% Zn from 53.00m.

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Figure 8 - The Arden Project in relation to Taruga Minerals (ASX:TAR) and Independence Group (ASX:IGO)

7 ASX Announcement – 13 May - SOUTH AUSTRALIAN UPDATE: ARDEN COPPER – ZINC PROJECT. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/292402374272-6A1032823?access_token=83ff96335c2d45a094df02a206a39ff4

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

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Figure 9 - Residual Bouguer gravity linear image. Strong gravity anomaly (red and white) extending over 2km in the interpreted hinge zone of the Ragless Range syncline

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

CORPORATE ACTIVITY

CASHFLOWS FOR THE QUARTER

Attached to this report is the Appendix 5B containing Company’s cash flow statement for the quarter. The cashflows relating to the quarter included $1.5M spent on exploration and evaluation expenditure, which was primarily associated with the costs relating to the geology and drilling programmes at Leinster and Nepean. There were $337k of administration and corporate costs paid during the quarter, of which $70k were payments made to related parties, including the Directors and their associates pursuant to existing director fee agreements for Executive and NonExecutive Directors.

The Company received a further ~$571k in cash via the conversion of 5,715,261 unlisted $0.10 options.

At 30 June 2021, the Company had available cash of $3 million.

APPOINTMENT OF EXPLORATION MANAGER

Post-quarter end (1 July 2021), the Company appointed a new Exploration Manager, Mr Mathew McCarthy, strengthening the exploration team leading into what will be an exciting period for the Company over the coming months.

Matthew is an accomplished geologist with over 20 years’ experience in minerals exploration and business development. He has been involved in significant greenfields and brownfields discoveries and provided leadership and management of successful exploration teams and large resource definition programmes.

Matthew has significant knowledge and experience in all phases of exploration and across a diverse range of commodities including gold, base-metals and, of particular note, nickel sulphides. He was previously the Principal Geologist at BHP – Nickel West (ASX:BHP) and Exploration Manager at St George Mining Ltd (ASC:SGQ).

RESIGNATION OF COMPANY SECRETARY

Mr James Bahen resigned as Joint Company Secretary, effective 30 June 2021. Ms Rebecca Moylan continues as sole Company Secretary in addition to her role as Chief Financial Officer.

JUNE 2021 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:

lodged on the ASX:
28-Apr-21	Nickel Sulphide Intersected Along Strike at Nepean
06-May-21	Drilling of High-Priority EM Target Commences at Nepean
13-May-21	South Australian Update Arden Copper Zinc Project
25-May-21	Exploration Update Nepean Nickel Project
10-Jun-21	Nickel Sulphides Intersected at New Leinster Prospects
23-Jun-21	Maiden Nepean Deeps Drilling Programme
01-Jul-21	Executive Management Changes

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.

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

-END-

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

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

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 release that relates to Geophysical Results and Interpretations is based on information compiled by Russell Mortimer, Consultant Geophysicist at Southern Geoscience Consultants. Russell Mortimer is a Member of the Australasian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’. Russell Mortimer consents to the inclusion in the release of the matters based on this 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 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

APPENDIX 1 - INTEREST IN MINING TENEMENTS AND CAPITAL STRUCTURE

INTEREST IN MINING TENEMENTS

Tenement	Tenement ID	Status	Interest at beginning ofquarter	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%	-	100%
Saints	M29/245	Granted	100%	-	100%
Saints	M29/246	Granted	100%	-	100%
Leinster (the Horn)	E36/899	Granted	100%	-	100%
Leinster (Valdez)	E36/936	Granted	100%	-	100%
Leinster (Valdez)	P36/1911	Granted	-	100%	100%
Leinster (Sinclair North)	E 36/895	JV	-	-	-
Camel Bore	E 36/910	JV	-	-	-
Wildara	E 36/953	JV	-	-	-
Schmidt Pools	E 37/1370	JV	-	-	-
Nepean	M15/709	Granted	80%	-	80%
Nepean	M15/1809	Granted	80%	-	80%
Nepean	P15/5625	Granted	80%	-	80%
Nepean	P15/5629	Granted	80%	-	80%
Nepean	P15/5738	Granted	80%	-	80%
Nepean	P15/5740	Granted	80%	-	80%
Nepean	P15/5741	Granted	80%	-	80%
Nepean	P15/5742	Granted	80%	-	80%
Nepean	P15/5743	Granted	80%	-	80%
Nepean	P15/5749	Granted	80%	-	80%
Nepean	P15/5750	Granted	80%	-	80%
Nepean	P15/5963	Granted	80%	-	80%
Nepean	P15/5965	Granted	80%	-	80%
Nepean	M15/709	Granted	80%	-	80%

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

For the period ending 30 June 2021

CAPITAL STRUCTURE

Company securities on Issue at 30 June 2021 were:

• 281,587,871 fully paid ordinary shares (quoted)

• 28,663,928 options exercisable at $0.10 on or before 30/11/2021

• 2,000,000 options exercisable at $0.12 on or before 15/10/2023

• 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

• 5,680,000 2020 Performance Rights

• 12,000,000 2018 Performance Shares

In relation to the 2020 Performance Rights:

• a) No Performance Rights were issued during the period

• b) The terms and conditions of the 2020 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 2020 Performance Rights were met during the period

In relation to the 2018 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 achieved during the period

Auroch Minerals Ltd ABN 91 148 966 545 Suite 10, 38-40 Colin St West Perth WA 6005 Phone: +61 8 6383 7817 Fax: + 61 8 6245 9853 Email: admin@aurochminerals.com

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Auroch Minerals Limited ABN Quarter ended (“current quarter”) 91 148 966 545 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - - - - - (117) (136) (221) (1,272) - - 1 7 - - - - - - 9 78
	(328)	(1,323)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - (2,000) (60) (108) (1,529) (4,233) - - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows Current quarter Year to date (12 $A’000 months) $A’000 2.2 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - 483 2.6 Net cash from / (used in) investing (1,589) (5,858) activities

3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- 2,900 - - 571 4,069 - (183) - - - - - - - - 24 24	- 2,900 - - 571 4,069 - (183) - - - - - - - - 24 24
	595	6,810
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	4,395 (328) (1,589) 595	3,444 (1,323) (5,858) 6,810

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	3,073	3,073
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter (June 2021) $A’000	Previous quarter (March 2021) $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,073 - - -	4,395 - - -
	3,073	4,395
6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must and an explanation for, such payments
		Current quarter $A'000
		70
		-
		include a description of,

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-
	-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7	Net cash from / (used in) operating activities (Item 1.9) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) Total relevant outgoings (Item 8.1 + Item 8.2) Cash and cash equivalents at quarter end (Item 4.6) Unused finance facilities available at quarter end (Item 7.5) Total available funding (Item 8.4 + Item 8.5) Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(328) (1,170) (1,498) 3,073 - 3,073
		2
8.8	If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: N/A
	2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 30 July 2021............................................................................

Authorised by: By the Board................................................................................ (Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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