ORE RESOURCES LIMITED — Investor Presentation 2014

Mar 26, 2014

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Company Update

Dean Cunningham Managing Director

This presentation has been prepared by Auroch Minerals NL (Auroch or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation.

This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified financial advisors having regarding to their objectives, financial situation and needs. Auroch and/or Terranova nor any of their related bodies corporate is licensed to provide financial product advice. This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Auroch and of a general nature which may affect the future operating and financial performance of Auroch and the value of an investment in Auroch including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, gold demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, foreign currency fluctuations, and mining development, construction and commissioning risk.

You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the prospects of Auroch. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and should obtain independent professional advice before may any decision based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the Company or any of its officers, employees, agents or consultant or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative.

The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. In relation to any statements pertaining to future exploration targets or conceptual exploration targets, the nature of the exploration target means that the potential quantity and grade is conceptual in nature. This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Auroch’s other periodic and continuous disclosure announcements lodged with the ASX, which will be available on the Auroch.

Some statements in this presentation regarding future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions.

The information in this report that relates to Mineral Resources is based on information reviewed by Dr W.D. Northrop who is a consultant to ExplorMine and is appointed as Independent Geologist to Auroch Minerals NL project team. He is registered by the South African Council for Natural Scientific Professions as a Professional Natural Scientist in the field of practice of Geological Science, Registration Number 400164/87. He is a Fellow of both the SAIMM and the Geological Society of South Africa, which are recognised professional organisations by the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code). Dr Northrop has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity 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". Dr Northrop consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

The information in this Report that relates to in-situ Mineral Resources at Dot’s Luck and at Guy Fawkes is based on information compiled by David Williams of CSA Global Pty Ltd. David Williams takes responsibility for those parts of the report. He is a Member of the Australasian Institute of Mining and Metallurgy, and a Member of the Australian Institute of Geoscientists and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012 Edition). David Williams consents to the inclusion of such information in this Report in the form and context in which it appears.

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Gordon Koll who is a registered professional natural scientist (Pr.Sci.Nat.) under the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa, which is a recognised professional organisation by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr Koll is a full‐time employee of the Company. Mr Koll 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 JORC Code. Mr Koll consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

The information in this report that relates to the Scoping Study is based on information reviewed by Professor Jim Porter who is a Fellow of the Southern African Institute of Mining and Metallurgy, visiting Professor to the Faculty of Engineering at the University of the Witwatersrand and has wide experience in gold deposits and mining methods as envisaged in the Scoping Study; accordingly he is a Competent Person in terms of the JORC code. In terms of the Scoping Study he is responsible for the Mineral Reserve Estimate and has reviewed and approved the Scoping Study section of this press release.

The information in this report that relates to the Metallurgical Test Work Program being conducted by SGS (Johannesburg)and is based on information received to date. It was compiled by Mr Graeme Farr, who is a Fellow of the South African Institute of Mining and Metallurgy. Mr Farr is contracted by the Company to oversee all issues relating to the design of the beneficiation process. Mr Farr has sufficient experience which is relevant to the type of beneficiation plant under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of The JORC Code. Mr Farr consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

March 2014 ASX Code AOU Share price $0.105 Shares on issue 34m1 Partly paid shares 21.8m2 Market capitalisation A$6.2m 52 week share price range $0.06- $0.24 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14

1Exclusive of 25 million ordinary shares to be cancelled following completion of the Pan African variation agreement, AOU to pay $1.75m by 30 Sept. 2014. 2 6.27m partly paid shares escrowed until January 2015, Partly Paid Shares are paid to 1 cent with 19 cents to be paid by 25 March 2016.

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Board with African Expertise

Glenn Whiddon

Non-Executive Chairman

• Extensive background in equity capital markets banking and corporate advisory with a specific focus on natural resources

• Previously worked for the Bank of New York in Sydney, Melbourne, Geneva and Moscow

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Dean Cunningham

Managing Director

• African based mining engineer and corporate financier with 26 years’ experience

• Executive Director of Corporate Finance at Basil Read where he was responsible for acquisition activity, capital raisings and investor relations

• Director of various listed companies including TSX-listed Statesman Resources Limited (TSX:SRR)

• CEO at TWP Investments - the investment arm of TWP Holdings - a mining, processing and energy consultancy company with operations in South Africa, Peru and Australia

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Jan Nelson

Non-Executive Director

• A geologist with over 16 years’ experience and an in-depth knowledge of the project

• Current CEO of Xtract Resources plc and previously held positions in mine management and operations with Harmony Gold Mining Company Limited, Hunter Dickenson and Gold Fields Limited

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Matthew Foy

Company Secretary

• A Chartered Secretary and previous Senior Advisor at the ASX.

• Currently Company Secretary of Stonehenge Metals Limited (ASX:SHE), Segue Resources Limited (ASX:SEG) & SWW Energy Limited (ASX:SWW)

• Most recently CEO of PAR¹ – was responsible for transforming PAR from an exploration vehicle to a producing mining company

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¹PAR=Pan African Resources plc.

Management Team with Strong African Development Skills

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Prof. Jim Porter

Chief Operating Officer

• Engineer with 37 years’ operational, project and consulting experience

• Worked for AngloGold Ashanti (1977 to 1997), holding positions including Prod Manager, Senior Project Manager and Mine Manager

• Chairman and CEO of a Zimbabwe based gold exploration company.

• President Elect and Honorary Treasurer of the Southern African Institute of Mining and Metallurgy

Graeme Farr

Processing Executive

• 39 years’ experience in the mining industry, over 25 years in design.

• Senior Process Consultant and Managing Director of Outsourced Plant Solutions (Pty) Ltd - the planned plant operating component of TWP/Basil Read

• Background covers studies and design of Refractory and Non-refractory Gold plants globally. Flotation, solid liquid separation and Sulphide Oxidation forming part of this experience.

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Gordon Koll

Geological Executive

• Experienced geologist with 34 years’ experience in the mining industry

• Previously Senior Geologist at Central African Exploration and Mining Company where he oversaw copper and cobalt exploration and evaluation

• Extensive operational and consulting experience in multiple commodity mineral exploration

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Francisco Matos

Exploration Executive

• Geologist with 17 years’ experience working with different base metals throughout the central and northern regions of Mozambique, 9 years spent on gold exploration.

• Previously Exploration Manager at the Manica Project – increased resource from 400,000oz to ~3Moz

• Extensive experience with government authorities and mining stakeholders in Mozambique 5

Company Strategy

Targeting production of +100,000oz pa via a three stage process that:

• Minimises early capital requirements

• Generates cash flow

• Consolidates the Odzi-Mutare-Manica (OMM) greenstone belt

• Builds the resource inventory

• Provides first mover advantage opportunities

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• Central Mozambique

• 270km from the port of Beria along paved roads and rail

• Power, water, tele-communications and local airport nearby

• Favourable political and legal structure

• Currently no local ownership requirement on existing projects

• Multi-Party Democracy since 1994

• Full Ministerial support

• Royalty rate 6%

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• Approval of DTI non-dilutionary grant funding of approximately A$870 000

• EIA and DUAT completed and submitted

• Stage 1 design and capital requirements estimated at Pre-feasibility levels completed

• Preliminary design:

• gold plant;

• tailing disposal; and

• open pit.

 Initial infrastructure capital estimate

• In-fill drilling at Dot’s Luck and Guy Fawkes (~1,982m)

• Mineral Resource Estimate verified

• Metallurgical test work – 88% transitional and +96% oxide ore recoveries

• 10 Priority Exploration Targets within Mining Concession (Total 36)

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• Average head grade of 2.20 g/t Au producing +24,000 oz pa

• Produce 172,752 oz Au over 8 years LOM

• A long term gold price of US$1,336/oz[1 ]

• Centrally located plant treating 360Kt/pa

• Average total opex of US$51.8/t milled or US$777/oz (excludes capex and is before tax, depreciation)

• The tailings disposal has expansion capacity to 60Ktpm to accommodate Stage

3 expansion

• Capital expenditure has been scoped at US$39m and includes:

• US$10m of expenditure attributable to Stages 2 and 3; and

• Removes US$15m worth of overburden for Stage 2

1Source: Bloomberg

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----- Start of picture text -----

Stage 3
Stage 2
Exploration on
Stage 1 DFS current Mining
Fair Bride Refractory
Fair Bride, Dot’s Luck, Guy Fawkes Concession and
2.5 Mozs containing
and Boa Esperanca potential
1,461,390 ozs at
non-refractory 258 Kozs consolidated
3.40g/t Au
areas (non-
(cut off 2g/t)
refractory and
refractory)
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Stage 1 non-refractory 30 Ktpm + UFG+ Pilot Plant – 8 years LOM 30Ktpm with non-refractory priority targets Stage 3 non-refractory 60Ktpm – non-refractory priority targets and consolidated upside Stage 2 refractory Test work/DFS 120 Ktpm stand alone Refractory

24 Kozs pa 44 Kozs pa 100 Kozs pa

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2014 test work confirms transitional recoveries of 88% using UltraFine Grind at Fair Bride.

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• Targeting production of +100,000oz pa via a three stage process

• Mozambique a premium investment destination with growth rates forecast +8%

• Confirmed gold camp within the OMM Greenstone Belt (2.5Moz produced)

• 25 year mining concession awarded

• 2.82 Mozs of JORC compliant resources

• Complete the DFS by Q4 2014

• Stage 1 standalone robust project that unlocks Stages 2 and 3

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Thank you

Head Office, Perth Australia

• T +61 (0) 8 9486 4036

• E admin@aurochminerals.com

• W www.aurochminerals.com

Dean Cunningham , Managing Director

• M1 +27 (0) 82 490 6429 (Africa)

• M2 +61 (0) 42 796 6068 (Australia)

• E dcunningham@aurochminerals.com

Matthew Foy , Company Secretary

• M +61 (0) 411 244 017

• E mfoy@aurochminerals.com

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Annexures

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