ORE RESOURCES LIMITED — Interim / Quarterly Report 2021

Jan 27, 2021

For the period ending 31 December 2020

28 January 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.

• 255,685,133 fully paid ordinary shares (quoted)

A$74.1 million market capitalisation

DIRECTORS

Aidan Platel (Managing Director)

Ed Mason (Non-Executive Chairman)

Michael Edwards (Non-Executive Director)

COMPANY SECRETARY

James Bahen

CONTACT

Suite 1, 295 Rokeby Road 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 December 2020 quarter. The Company’s primary focus during the reporting period was the exploration drilling activities at its Saints Nickel Project ( Saints ) and Leinster Nickel Project ( Leinster ) and the acquisition of the Nepean Nickel Project ( Nepean ), three high-grade nickel sulphide projects in Western Australia.

2020 Q4 - HIGHLIGHTS

LEINSTER NICKEL PROJECT

1,500m Diamond drill ( DD ) programme to target the strong DHEM conductor on the basal contact across the Valdez and Horn nickel sulphide prospects

Diamond drilling at the Horn intersects massive sulphides:

• • 4.09m @ 2.40% Ni, 0.61% Cu, 0.55 g/t Pd & 0.22 g/t Pt from 119.91m , including

  • 5.09m @ 2.06% Ni, 0.60% Cu, 0.49 g/t Pd & 0.25 g/t Pt from 119.91m (HNDD001)

  • 7.3m @ 2.20% Ni, 0.53% Cu and 0.64 g/t Pd from 143m (HNDD002)

  • 1.5m @ 1.48% Ni, 0.39% Cu and 0.29 g/t Pd from 134.9m , including

• 0.8m @ 2.41% Ni, 0.47% Cu and 0.46g/t Pd from 134.9m (HNDD003)

• Air-core ( AC ) programme at Firefly and North Sinclair Prospects

NEPEAN NICKEL PROJECT

Acquisition of 80% of the shares in Eastern Coolgardie Goldfields Pty Ltd ( ECG ), the company which holds the high-grade Nepean Nickel Project ( Nepean )

Nepean comprises 13 tenements located 25km south of Coolgardie and contains the historic high-grade Nepean nickel sulphide mine, which was the second producing nickel mine in Australia, producing 1,108,457t of ore between 1970 and 1987 for 32,202t of nickel metal at an average recovered grade of 2.99% Ni

SAINTS NICKEL PROJECT

Air-core (AC) programme completed at Saints at the T4, T5 and T6 prospects

MARCH QUARTER 2021 - PLANNED ACTIVITY

• 3,500m RC drill programme underway at Nepean to test near near-mine extensions to the high-grade nickel sulphide mineralisation, as well as previously untested high-priority targets along the 10km of underexplored strike

Down-hole (DHEM) and surface moving-loop (MLEM) surveys at Nepean, as well as air-core and other geochemical surface sampling programmes, to define and refine drill targets for next round of RC drilling to start late in March

• 3,000m RC drill programme at Leinster to test exciting high-potential targets along strike from the Horn, as well as other greenfield prospects such as Firefly and North Sinclair

1,500m RC drill programme at Saints to test for “feeder channel” massive nickel sulphide mineralisation at the T4, T5 and T6 prospects

CORPORATE

Current cash position of ~$3.2M

Auroch Minerals Ltd ABN 91 148 966 545 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

• Completion of a $2.9M (before costs) oversubscribed Placement

• ~$1.59M in cash received via the conversion of 15,898,922 unlisted $0.10 options.

COMPANY PROJECTS – WESTERN AUSTRALIA

LEINSTER NICKEL PROJECT

During the quarter Auroch received assay results of massive nickel sulphide zones from the maiden diamond drill programme at the Horn Prospect of its Leinster Nickel Project ( Leinster ) in Western Australia.

The assays for the diamond drill holes include:

• HNDD001, where the logged massive sulphides interval reporting 4.09m @ 2.40% Ni, 0.61% Cu, 0.55 g/t Pd & 0.22 g/t Pt from 119.91m within the larger mineralised interval of 5.09m @ 2.06% Ni, 0.60% Cu, 0.49 g/t Pd & 0.25 g/t Pt from 119.91m .[1]

• HNDD002 confirmed thick shallow high-grade nickel-copper-PGE sulphide mineralisation, with the logged massive sulphides interval reporting 7.3m @ 2.20% Ni, 0.53% Cu and 0.64 g/t Pd from a downhole depth of 143m . HNDD002 intersected the massive nickel sulphide mineralisation 15m further north along strike from a historic intercept of 14.66m @ 2.19% Ni & 0.48% Cu (08BWDD0015)[2] (Figure 1), thus extending the mineralisation where previously it was thought to have pinched out.

• HNDD003 returned a significant intercept of 1.5m @ 1.48% Ni, 0.39% Cu and 0.29g/t Pd, from a downhole depth of 134.9m , which included a 0.8m zone of massive sulphides which reported 2.41% Ni, 0.47% Cu and 0.46g/t Pd from 134.9m . Hole HNDD003 was drilled to test a historic DHEM conductor outside of the known mineralisation, highlighting the effectiveness of DHEM in this system.

DHEM surveys have been completed for all holes at the Horn and the geophysical data is currently being processed and modelled. The results of the DHEM and the detailed geological logging will be used to plan the next stages of exploration at the Horn and surrounding prospects at Leinster.

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Photo 1 – HNDD002: Massive nickel sulphide (Po-Pn-Cpy) mineralisation: 7.3m @ 2.20% Ni, 0.53% Cu and 0.64 g/t Pd & from 143m

1 Refer to ASX Announcement – EXPLORATION UPDATE: HIGH-GRADE MASSIVE NICKEL SULPHIDES CONFIRMED AT THE HORN

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02316583-6A1010249?access_token=83ff96335c2d45a094df02a206a39ff4

2 Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE WA NICKEL PROJECTS https://www.asx.com.au/asxpdf/20190528/pdf/445dz31g15d0kx.pdf

Auroch Minerals Ltd ABN 91 148 966 545 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

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Figure 1 –Plan map of the Horn Prospect showing completed drill programme and Ni-S mineralised trend in relation to historic drilling, DHEM and aeromagnetics (1[st] vertical derivative, RTP, east shade linear) and highlighting the exploration potential along strike

NEPEAN NICKEL PROJECT

Auroch entered into a binding agreement to acquire 80% of the shares in Eastern Coolgardie Goldfields Pty Ltd (ECG), the company which will hold the Nepean Nickel Project, comprising a package of 13 tenements located 25km south of Coolgardie, in Western Australia (Figure 3). Goldfellas Pty Ltd (Goldfellas) will acquire the remaining 20%.

Following completion of the acquisition on 17 December 2020, Auroch and Goldfellas will operate the Nepean Nickel Project as a joint venture with Auroch holding an 80% participating interest and Goldfellas the remaining 20%. Goldfellas is a recently incorporated private company of gold prospectors, resource industry executives, stockbrokers, lawyers and investor relation consultants.

Auroch Minerals Ltd ABN 91 148 966 545 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

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Figure 2 – Location of the Nepean Nickel Project 25km south of Coolgardie, Western Australia

The Nepean Nickel Project contains the historic high-grade Nepean nickel sulphide mine, which was the second producing nickel mine in Australia, producing 1,108,457t of ore between 1970 and 1987 for 32,202t of nickel metal at an average recovered grade of 2.99% Ni[1] . The ore was treated by Western Mining Corporation (WMC, now BHP Group Ltd) at their Kambalda processing facilities.

The Nepean mine closed in 1987 due to low nickel prices, leaving significant nickel sulphide resources unmined.

The nickel sulphide mineralisation in the Nepean mine is typically massive to semi-massive sulphides with a very high nickel tenor, contained predominately in two main bodies (Sill 2 and Sill 3, see Figure 3) that are located on ultramafic-mafic contacts. The stratigraphy is intruded and cross-cut by pegmatite veins, with one large pegmatite cutting across the entire stratigraphy at depth below the existing underground mine.

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Figure 3 – 3D images of the Nepean nickel mine showing Sill 2 (red) and Sill 3 (green) massive nickel sulphide mineralisation in relation to the mine workings. The image on the right shows the known remnant nickel mineralisation. Note the lack of drilling (yellow areas) immediately along strike of the mine. View is looking towards 020°.

The Company has identified several near-mine drill targets to potentially extend the known high-grade massive nickel sulphide mineralisation, particularly along strike to the south where very few historic drill-holes have been completed below the weathering zone (Figure 4), as well as at depth below the pegmatite veining.

Auroch Minerals Ltd ABN 91 148 966 545 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

In 2008 Focus successfully intersected very high-grade nickel sulphide mineralisation with shallow reverse circulation ( RC ) drill-holes along strike to the south of the existing Nepean mine and resources, including[3] :

• 3m @ 11.78% Ni from 37m (NP084470-2)

• 3m @ 9.93% Ni from 49m (NP084480-1)

• 4m @ 6.63% Ni from 46m (NP084470-1)

• 6m @ 2.82% Ni from 53m (NP084490-1).

In addition to the near-mine prospectivity, the Company believes that Nepean has enormous potential to host further significant nickel sulphide mineralisation, with the 3,128ha tenement package hosting over 10km of underexplored strike of the Nepean mafic-ultramafic mine stratigraphy and/or aeromagnetic anomalies. The Company has identified several high-priority areas, and 3,500m reverse-circulation (RC) drill programme drilling has commenced.

The RC drill programme will comprise approximately 30 holes and is expected to take several weeks. Down-hole electromagnetic (DHEM) surveys will then be undertaken to assist in modelling and definition of any potential further mineralisation. The results from the drilling and DHEM surveys will be released to the market as they are received.

TENURE AND LOCATION

The Nepean Nickel Project is located 25km south of the township of Coolgardie in the Goldfields region of Western Australia (Figure 3). The tenement package consists of 13 active leases, including two mining leases and eleven prospecting leases. The total area of the project tenure is 3,128ha located in a highly fertile region for both nickel and gold mineralisation. The project is accessed by maintained bitumen roads, leading directly to the historic Nepean nickel mine, with numerous exploration tracks providing access to the remainder of the tenement package.

GEOLOGY

The tenement package incorporates over 10km of strike of Kambalda-style komatiites, flanked by granites, with significant nickel sulphide mineralisation potential. The mine sequence at Nepean is regarded as a near conformable mafic-ultramafic assemblage intercalated with minor metasedimentary units. The sequence has been subsequently intruded by pegmatite and minor aplite dykes, particularly at depth. Mineralisation at Nepean is interpreted to be similar to the Kambalda style, with nickel sulphides dominantly associated with the basal unit of komatiite flows in the stratigraphic package – also referred to as Sill 2 and Sill 3 (Figure 4).

The Nepean ore body consists of two lodes of nickel sulphides. Nickel mineralization is dominated by pentlandite – pyrrhotite – pyrite, with minor chalcopyrite, cubanite, mackinawite and valerite. Mineralogy in the oxidized zone is dominated by violarite, magnetite and pyrite.

HISTORIC PRODUCTION

Nickel mineralization at Nepean was discovered by Metals Exploration NL in 1968, and by February 1969 the decision to sink a shaft had been made. Over a seventeen-year period, between 1970 and 1987, the Nepean Mine produced 32,303t of nickel metal at a recovered grade of 2.99% nickel.[4 ] All ore was treated at Western Mining Corporation's Kambalda concentrator.

3 Refer to cautionary statement on page 1, Appendix B, Table 2 and to ASX Announcement by Focus Minerals Ltd – OUTSTANDING HIGH-GRADE NICKEL INTERCEPTS ENHANCE NEPEAN PROJECT DEVELOPMENT https://www.asx.com.au/asxpdf/20080402/pdf/318c2ckxsl90y7.pdf

4 Refer to cautionary statement on page 1, Appendices A and C and 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 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

EXPLORATION UPSIDE

In addition to the remnant high-grade nickel sulphide mineralisation, the project also hosts significant exploration upside. Much of the ultramafic strike to the north remains untested, and very little deep exploration beneath the existing mine has been conducted. Auroch believes there is great potential to both increase the resources at depth and to discover new mineralisation along strike of the historic mine.

KEY COMMERCIAL TERMS

The key commercial terms of the acquisition are summarised below:

• Auroch acquired 80% of the Nepean Nickel Project by acquiring 80% of the shares in Eastern Coolgardie Goldfields Pty Ltd, the company which will hold the project. The remaining 20% was acquired by Goldfellas.

• Completion of the acquisition was conditional on the upon the satisfaction or waiver of various conditions precedent which have all now been met.

• The total consideration for the acquisition is $4M, payable as follows:

• $2.5M in cash (Auroch paid 80% of the cash being $2M and Goldfellas paid 20% of the cash being $500,000); and

• $1.5M in scrip being 8,337,966 Auroch shares issued on completion at a deemed issued price of $0.1799 per share being the 5-day VWAP prior to 11 November 2020.

Auroch Minerals Ltd ABN 91 148 966 545 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

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Figure 4 – Plan map of the Nepean Nickel Project showing planned and existing drill-hole collars (RC & DD) relative to aeromagnetic highs (highresolution aeromagnetics (RTP) overlying GSWA 250k merged mosaic)

SAINTS NICKEL PROJECT

During the quarter Auroch completed an air-core drill programme at its Saint Nickel project. The programme was focussed on the T4, T5 and T6 prospect areas, which are some of the channels identified by the Company at Saints that have the potential to host significant “feeder channel” massive nickel sulphide mineralisation. The programme was completed to better define the geometry of the identified channels, as well as to assess the characteristics of the basal ultramafic unit. Results are still outstanding, and when received will be used to update the geological model at Saints and provide potential drill targets for follow-up RC drilling scheduled for later in the March quarter.

Auroch Minerals Ltd ABN 91 148 966 545 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

COMPANY PROJECTS – South Australia

ARDEN PROJECT

During the quarter, the Company commenced a surface sampling programme along the prospective copper trends of its Arden Project (Arden) in South Australia. The programme comprised of both surface rock chip sampling and soil sampling across a regional trend identified by aeromagnetics.

CORPORATE ACTIVITY

PLACEMENT

During the quarter, the Company completed a Placement to raise approximately $2.9 million (before costs) (Placement) through the issue of 42,647,058 fully paid ordinary shares at $0.068 per share (Placement Shares).

CASHFLOWS FOR THE QUARTER

Attached to this report is the Appendix 5B containing Company’s cash flow statement for the quarter. The significant cashflows relating to the quarter included $879k spent on exploration and evaluation expenditure, which was primarily associated with the costs relating to the drilling programmes at the Saints and Leinster, $2M as part consideration for the acquisition of the Nepean Nickel Project, $381K administration and corporate cost, of which $64k related to the payments made to related parties, which included incoming and outgoing Directors and their associates, and relate to existing remuneration agreements for the Executive and NonExecutive Directors for directors fees, paid during the quarter.

The Company received ~$1.59M in cash via the conversion of 15,898,922 unlisted $0.10 options and $2.9 million (before costs) from a Placement via the issue of 42,647,058 fully paid ordinary shares at $0.068 per share.

As of 31 December 2020, the Company had available cash of $3.2 million.

ANNUAL GENERAL MEETING

On 16 December 2020, the Company held its Annual General Meeting of shareholders. All Resolutions were passed by a poll.

DECEMBER 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:

DRILLING UNDERWAY AT THE HIGH-GRADE NEPEAN NICKEL PROJECT	19 January 2021
DRILLING TO COMMENCE AT HIGH-GRADE NEPEAN NICKEL PROJECT	6 January 2021
NEPEAN NICKEL PROJECT ACQUISITION COMPLETED	17 December 2020
RESULT OF MEETING	16 December 2020
FURTHER HIGH-GRADE MASSIVE NICKEL SULPHIDES AT THE HORN	14 December 2020
HIGH-GRADE MASSIVE NICKEL SULPHIDES CONFIRMED AT THE HORN	1 December 2020
FURTHER MASSIVE NICKEL SULPHIDES INTERSECTED AT THE HORN	18 November 2020
DIAMOND DRILLING INTERSECTS MASSIVE Ni SULPHIDES AT THE HORN	11 November 2020
AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT	11 November 2020
PRIORITY DIAMOND DRILLING TO COMMENCE AT LEINSTER Ni PROJECT	27 October 2020
DHEM IDENTIFIES DRILL TARGET AT THE VALDEZ NICKEL PROSPECT	13 October 2020

Auroch Minerals Ltd ABN 91 148 966 545 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

25 September 2020

$2.9M OVER-SUBSCRIBED PLACEMENT

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-

This announcement has been approved by the Board of Directors of Auroch.

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 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.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement.

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 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

APPENDIX 1 - INTEREST IN MINING TENEMENTS AND CAPITAL STRUCTURE

Interest in Mining Tenements

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%	-	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 (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	-	100%	100%
Nepean	M15/1809	Granted	-	100%	100%
Nepean	P15/5625	Granted	-	100%	100%
Nepean	P15/5629	Granted	-	100%	100%
Nepean	P15/5738	Granted	-	100%	100%
Nepean	P15/5740	Granted	-	100%	100%
Nepean	P15/5741	Granted	-	100%	100%
Nepean	P15/5742	Granted	-	100%	100%
Nepean	P15/5743	Granted	-	100%	100%
Nepean	P15/5749	Granted	-	100%	100%
Nepean	P15/5750	Granted	-	100%	100%
Nepean	P15/5963	Granted	-	100%	100%
Nepean	P15/5965	Granted	-	100%	100%
Nepean	M15/709	Granted	-	100%	100%

Capital Structure

Securities on Issue as at 28 January 2021:

• 255,685,133 fully paid ordinary shares (quoted)

• 50,859,166 options exercisable at $0.10 on or before 30/11/2021

• 4,000,000 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

• 6,400,000 Performance Rights

Auroch Minerals Ltd ABN 91 148 966 545

Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 Email: admin@aurochminerals.com

For the period ending 31 December 2020

• 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) 200,000 Performance Rights were converted to ordinary shares during the period.

• d) One milestone for 2,125,000 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 Suite 1, 295 Rokeby Road, Subiaco WA 6008 Phone: +61 8 6555 2950 4036 Fax: + 61 8 6166 0261 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 31 December 2020

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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	- - - - (8) (381) - 2 - - - 25	- - - - (12) (698) - - - - 69
	(362)	(634)
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) - (879) - -	- (2,000) (48) (1,842) - -

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 $A’000	Year to date (6 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) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(2,879)	(3,890)
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	2,682 - 1,587 (174) - - - - -	2,900 - 1,587 (183) - - - - -
	4,095	4,304
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)	2,370 (362) (2,879) 4,095	3,444 (634) (3,890) 4,304

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 (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	3,224	3,224
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 (December2020) $A’000	Previous quarter (September 2020) $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)	3,224 - -	870 1,500 - -
	3,224	2,370
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
		64
		-
		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)	(362) (879) (1,241) 3,225 - 3,225
		2.6
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: 28 January 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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