ORE RESOURCES LIMITED — Investor Presentation 2021

Feb 17, 2021

ASX:AOU | Corporate Presentation | Feb 2021

“NEPEAN” NEW HIGH-GRADE NICKEL ASSET

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DISCLAIMER

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This presentation has been prepared by Auroch Minerals Ltd (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 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 thispresentation.

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 undertake their own due diligence and obtain their own independent advice from qualified professional advisors having regarding to their objectives, financial situation and needs. Neither Auroch nor any of its 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, projections and opinions which constitute forward looking statements. Forward looking statements include, but are not limited to, statements concerning the Company’s exploration programme, outlook and target sizes. They include statements qualified by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions. Such forward looking statements are not a guarantee of future performance, and are subject to numerous risks, uncertainties and other factors, including unknown ones. 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 but not limited to title risk, renewal risk, economic and general market conditions, stock market fluctuations, price movements, regulatory risks, operational risks, reliance on key personnel, uncertainties relating to interpretation of exploration results, geology and resource estimations, native title risks, foreign currency fluctuations, uncertainties relating to the availability of/access to additional capital, infrastructure or environmental approvals, and mining development, construction and commissioning risk. Auroch expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, orotherwise.

To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted, by the Company or any of its officers, employees, agents or consultants or any other person, as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. An investment in the shares of the Company is to be considered highlyspeculative.

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 Aurochwebsite.

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 information in this report that relates to Mineral Resources for the Leinster Project was reported by Breakaway Resources Ltd to the ASX on 14th April 2008 under JORC Code 2004 (refer https://www.asx.com.au/asxpdf/20081024/pdf/31d3x55rpn6dxy.pdf). A Competent Person (as defined in the JORC Code 2012) has not done sufficient work to classify this Mineral Resource in accordance with JORC Code 2012. The information in this report in relation to Mineral Resources for the Leinster Project is an accurate representation of 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.

ASX Listing Rule Information

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

This presentation contains information extracted from the following ASX market announcements which are available on the Company’s website at www.aurochminerals.com:

• 15 February 2021 06 January 2021 17 December 2020 14 December 2020 01 December 2020 18 November 2020

• INTERSECTIONS OF OVER 5% Ni EXTEND MINERALISATION AT NEPEAN

• DRILLING TO COMMENCE AT HIGH-GRADE NEPEAN NICKEL PROJECT 06 January 2021 • EXPLORATION UPDATE - SAINTS AND LEINSTER NICKEL PROJECTS 23 June 2020

• • NEPEAN NICKEL PROJECT ACQUISITION COMPLETED 17 December 2020 • DRILLING PROGRAMME UNDERWAY AT SAINTS NICKEL PROJECT 9 June 2020 • FURTHER HIGH-GRADE MASSIVE NICKEL SULPHIDES AT THE HORN 14 December 2020 • $2M OVER-SUBSCRIBED PLACEMENT 4 June 2020 • HIGH-GRADE MASSIVE NICKEL SULPHIDES CONFIRMED AT THE HORN 01 December 2020 • RESULTS CONFIRM STRONG POTENTIAL OF CHANNEL TARGETS AT SAINTS 2 June 2020 • FURTHER MASSIVE NICKEL SULPHIDES INTERSECTED AT THE HORN 18 November 2020 • DHEM DELINEATES STRONG NICKEL SULPHIDE TARGET AT SAINTS 19 May 2020 • DIAMOND DRILLING INTERSECTS MASSIVE Ni SULPHIDES AT THE HORN 11 November 2020 • SAINTS AND LEINSTER NICKEL PROJECTS - EXPLORATION UPDATE 6 May 2020 • AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT 11 November 2020 • DRILLING TO COMMENCE AT SAINTS NICKEL PROJECT 24 April 2020 • PRIORITY DIAMOND DRILLING TO COMMENCE AT LEINSTER Ni PROJECT 27 October 2020 • AC RESULTS PROVIDE DRILL-READY NICKEL TARGETS AT SAINTS 1 April 2020 • SURFACE COPPER SAMPLING PROGRAMME COMMENCES AT ARDEN PROJECT 16 October 2020 • PLACEMENT $1M - HIGH-PRIORITY NICKEL SULPHIDE EXPLORATION 28 February 2020 • DHEM IDENTIFIES DRILL TARGET AT THE VALDEZ NICKEL PROSPECT 13 October 2020 • 2020 EXPLORATION PROGRAMME COMMENCES AT SAINTS 8 January 2020 • DRILLING COMMENCES AT FIREFLY & SINCLAIR NORTH Ni PROSPECTS 22 September 2020 • HISTORICAL REVIEW HIGHLIGHTS NICKEL POTENTIAL AT LEINSTER 5 December 2019 • DRILLING COMMENCES AT THE VALDEZ NICKEL PROSPECT 7 September 2020 • MORE HIGH-GRADE NICKEL INTERSECTED AT SAINTS 14 November 2019 • HIGH GRADE NICKEL SULPHIDES INTERSECTED AT SAINTS 27 August 2020 • HIGH GRADE NICKEL CONFIRMED AT SAINTS 28 October 2019 • AC RESULTS DEFINE NICKEL SULPHIDE DRILL TARGETS AT VALDEZ 13 August 2020 • AMENDMENT - SAINTS NICKEL PROJECT DRILLING UPDATE 17 October 2019 • NICKELIFEROUS MASSIVE SULPHIDES INTERSECTED AT SAINTS 6 August 2020 • DRILLING PROGRAMME UNDERWAY AT SAINTS NICKEL PROJECT 16 September 2019 • AUROCH INCREASES TENEMENT PACKAGE IN PROSPECTIVE NICKEL BELT 27 July 2020 • AUROCH TO KICK OFF DRILLING AT SAINTS NICKEL PROJECT 3 September 2019 • DIAMOND DRILLING UNDERWAY AT SAINTS 20 July 2020 • SAINTS AND LEINSTER NICKEL ACQUISITION COMPLETED 29 August 2019 • NEW NICKEL SULPHIDE TARGETS DELINEATED AT SAINTS 8 July 2020 • AUROCH TO ACQUIRE HIGH-GRADE WA NICKEL PROJECTS 28 May 2019

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.

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CORPORATE SUMMARY

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Auroch is a nickel sulphide focussed base-metal resource company building value through targeted high-impact exploration in Western Australia

Share Price Chart (ASX: AOU)

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Saints Inferred Mineral Resource (1.0% Ni Cut-Off) (JORC 2012)

Type	Tonnage (kt)	Ni(%)	Cu (%)	Ni (t)	Cu (t)
Oxide 2 1.00% 0.02%
Transitional 22 1.70% 0.10% 400
Fresh 1,020 2.00% 0.20% 21,000 1,600
Total 1,050 2.00% 0.20% 21,400 1,600

**Capital Structure ***

	ASX SHARE PRICE	A$0.28
	1 YEAR CHANGE	424%
	12MTH RANGE	A$0.024 – 0.32
	SHARES ON ISSUE	269 Million
	MARKET CAP	A$75.3 Million
	OPTIONS	48.5 Million
	AVERAGE VOLUME	3.6 Million
	CASH (FEB 1, 2020)	A$3.9 Million
	DEBT	Zero

Rounding errors may occur

*As at 15 February 2021

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DIRECTORS & MANAGEMENT

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STRATEGY

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Committed to delivering 100kt contained nickel in-resource

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ACQUIRE

AN ENVIABLE LAND POSITION IN THE WA NICKEL BELT

• WA is one of the world’s largest and richest regions for nickel sulphides

• Three carefully selected assets in the Norseman-Wiluna Greenstone Belt have been acquired, all highly prospective for near surface high-grade nickel sulphide mineralisation

DEVELOP

PRODUCTION ASSETS CLOSE TO INFRASTRUCTURE

• Nepean is 70km & Saints is 140km from BHP’s Kambalda Nickel Concentrator and Smelter

• The Horn is 50km from BHP’s Nickel West Operations at Leinster

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GROW

HIGH-GRADE NICKEL SULPHIDE MINERAL RESOURCES[*]

• Existing mineral resource of 1.05 Mt @ 2% Ni for over 21kt of contained Ni

• Progressing towards a maiden resource at Leinster following high-grade drill results, including 7.3m @ 2.20% Ni, 0.53% Cu and 0.64 g/t Pd from 143m

• Drill, define and fast track the remnant resource at the historic high-grade Nepean mine

CREAT VALUE

FOR SHAREHOLDERS

• Create shareholder value with the discovery of high quality nickel sulphide resources

• Sign offtake agreements with strong partners such as BHP

* JORC(2012)-compliant Mineral Resources estimates

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PORTFOLIO SNAPSHOT

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NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER	NEPEAN SAINTS LEINSTER OTHER
COMMODITY NICKEL NICKEL NICKEL COPPER & ZINC
LOCATION Coolgardie, WA Leinster, WA North Kalgoorlie, WA Lake Torrens, SA
OWNERSHIP 80% (JV with Goldfellas) 100%; 70% (JV with Jindalee Resources) 100% 100%; 90% (JV with Resource Holdings)
SIZE 31km 2 331km 2 20km 2 3,654km 2
GEOLOGY AND MINERALISATION Kambalda-style komatiitic nickel sulphides Kambalda-style komatiitic nickel sulphides Kambalda-style komatiitic nickel sulphides IOCG and SEDEX base- metals (Cu, Zn, Pb)
CONTAINED Ni IN-RESOURCE 13,250t @ 2.2% Ni* Historic resources only 21,400t @ 2.0% Ni –
SIGNIFICANT DRILL INTERCEPTS 3m @ 11.78% Ni from 37m 3m @ 9.93% Ni from 49m 7.0m @ 2.58% Ni from 158.6m 7.3m @ 2.20% Ni from 143.0m 3.2m @ 5.17% Ni from 190.9m 4.8m @ 2.81% Ni from 114.7m 12.8m @ 4.96% Zn from 53.0m Incl. 3.65m @ 15.47% Zn from 62.15m
POTENTIAL PROCESSING BHP KNO BHP NWO BHP KNO Port Pirie
EXPLORATION TARGETS Northern & southern mag anomalies along 10km strike Northwest untested mag anomalies; greenfields targets High-potential drill targets for “feeder channel” Mt Arden surface Cu trends; Ragless Range Zn target

• Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02307223-6A1006606?access_token=83ff96335c2d45a094df02a206a39ff4

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STRATEGICALLY LOCATED NICKEL SULPHIDE PORTFOLIO

IN A GLOBALLY SIGNIFICANT LOCATION

Located in the Norseman-Wiluna Greenstone Belt

• ✓ Home to some of the best nickel sulphide deposits globally (Leinster, Mt Keith, Kambalda, Widgiemooltha)

Excellent infrastructure

• ✓ Easy access

• ✓ 5 processing plants within trucking distance

• ✓ Core yard and mining/exploration support close by in Kalgoorlie

Enormous exploration potential

• ✓ Kilometres of untested ultramafic strike and geophysical anomalies

• ✓ Lack of modern-day exploration

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NEPEAN – NEW HIGH-GRADE ASSET

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HIGH-GRADE NICKEL SULPHIDE MINE WITH REMNANT RESOURCE AND ALONG STRIKE POTENTIAL

• The Nepean nickel mine has a remnant high-grade JORC (2004)-compliant resource: 13,250t contained nickel @ 2.20% Ni[*]

• High potential to build on the existing remnant resources with drill targets along strike and at depth

Nepean Inferred Mineral Resources Estimate (JORC 2004)[*]

Type	Tonnage (t)	Grade (% Ni)	Contained Ni (t)
Underground Remnant Mineralisation below 90m 361,800 2.3% 8,320
Fresh Mineralisation above 90m 113,200 2.4% 2,720
Transitional Mineralisation above 90m 116,300 1.9% 2,210
Total Inferred Resource 591,300 2.2% 13,250
Rounding errors may occur

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• Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02307223-6A1006606?access_token=83ff96335c2d45a094df02a206a39ff4

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NEPEAN NICKEL PROJECT

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NEPEAN… ANOTHER FLYING FOX?

• Nepean is a historic nickel sulphide mine constrained at depth by a pegmatite which immediately draws an analogy to Western Area’s (ASX:WSA) Flying Fox nickel mine and the subsequent discovery of Spotted Quoll along strike

• Nepean is <500m deep and has produced over 32kt Ni thus far; Flying Fox is >1,200m and has produced over 100kt Ni so far!*

• Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02307223-6A1006606?access_token=83ff96335c2d45a094df02a206a39ff4

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NEPEAN NICKEL PROJECT

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HIGH-GRADE NICKEL SULPHIDE MINE WITH REMNANT RESOURCE AND ALONG STRIKE POTENTIAL

ACTIVITY

3,500m RC drill programme underway:

• Results received for first 6 holes extend strike of shallow high-grade Ni sulphides:

• 3m @ 3.70% Ni & 0.33% Cu from 91m, including 2m @ 5.09% Ni & 0.47% Cu from 91m

• 1m @ 5.57% Ni & 0.25% Cu from 60m

• 2m @ 3.02% Ni & 0.30% Cu from 55m

• 2 lenses of HG massive Ni sulphides each up to 6m thick <100m deep now defined for >500m strike

• Assay results for next 4 holes expected within next 2 weeks

• Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-023072236A1006606?access_token=83ff96335c2d45a094df02a206a39ff4

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NEPEAN NICKEL PROJECT

HIGH-GRADE NICKEL SULPHIDE MINE WITH REMNANT RESOURCE AND ALONG STRIKE POTENTIAL

Currently drilling new aeromagnetic targets along the >10km of prospective strike to the north and south:

• All have high potential to host significant Ni sulphide mineralisation

• Never been previously explored with modern techniques

JORC(2012)-compliant resource estimate to be completed this year – ability to fast-track project to production

Excellent Au and Li potential in addition to the Ni-Cu prospectivity

• LCT pegmatites observed throughout the tenure

• Surface Au anomalies identified by Focus Minerals (ASX:FML) to be followed up

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LEINSTER NICKEL PROJECT

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KNOWN HIGH-GRADE NICKEL SULPHIDE MINERALISATION WITH HUGE EXPLORATION POTENTIAL

• The Horn : Thick high-grade massive Ni-Cu sulphides at shallow depths for over 500m of strike:

• 14.66m @ 2.19% Ni & 0.48% Cu from 132.6m

• 7.30m @ 2.20% Ni & 0.53% Cu from 143.0m

• Huge exploration potential along strike with several repeating aeromagnetic anomalies that have never been tested

ACTIVITY

• 3,000m RC drill programme to commence soon:

• To target a series of untested and highly prospective aeromagnetic targets to the northwest and southeast

• To test high-priority “greenfields” targets (e.g. Firefly, North Sinclair, Valdez, Au along the Agnew-Lawlers trend)

• JORC(2012)-compliant resource estimate to be completed this year – ability to fast-track project to production

Aeromagnetics: 1[st] vert derivative RTP E shade linear

Massive Ni-Cu sulphides from the Horn

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SAINTS NICKEL PROJECT

HIGH-GRADE NICKEL SULPHIDE RESOURCE WITH MAIN FEEDER CHANNEL STILL TO BE DISCOVERED

• High-grade JORC (2012) -compliant resource provides clear pathway to development and mining as Ni price increases:

1.05Mt @ 2.0% Ni & 0.2% Cu for 21.4kt Ni & 1.6kt Cu

• Main lava channel position(s) still to be discovered – huge potential to significantly increase current resource

ACTIVITY

• 2,000m RC drilling planned to commence soon:

• Infill resource drilling to upgrade resource to Indicated ready for scoping study

• Continued systematic exploration for possible feeder channel(s) across identified T1 – T6 target areas

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*Basal channel massive sulphides are thickest and highest-grade sulphides in Kambalda-style system: main targets to significantly increase existing resource

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LOOKING AHEAD: KEY MILESTONES

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1. Drilling at Nepean: targeting several shallow high-grade targets to the south of the historic mine in addition to new high impact mafic-ultramafic targets along strike to the north of the mine

2. Drilling at Leinster along the untested northwest trend, targeting series of aeromagnetic anomalies. Potential for additional drilling at Valdez, Sinclair North & Firefly

3. Targeting maiden JORC(2012) -compliant resource estimates for Nepean & Leinster and a potential upgrade to the Saints resource to an Indicated Resource confidence

4. Negotiate Toll Treating and Offtake agreements with BHP

5. Expanding the core team with employment of a CFO and three more geologists to support drilling

6. Appointment of another NED to the Board of Directors with expertise in Ni sulphide production

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January February March April
3,500m 3,000m
RC & DD Drilling maiden program exploration prog.
Geophysics DHEM Ground MLEM DHEM
3,000m
AC/Geochemistry Ni, Au, Li
1,500m 3,000m
RC & DD Drilling Resource
T4 program infill prog.
Geophysics Ground/DH IP DHEM
AC/Geochemistry
3,000m Horn
RC & DD Drilling Exploration program
Geophysics DHEM
3,000m
AC/Geochemistry
Greenfields program
NEPEAN
SAINTS
LEINSTER
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Saints Nickel Project
–diamond drilling at the T2 target
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WHY NICKEL, WHY AUROCH?

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AUROCH LEVERAGED TO CLASS 1 NICKEL DEMAND

• Nickel price is at 15month high and climbing

Refined Nickel Supply Capacity & Demand (By Class of Nickel, Kt Estimate, McKinsey, Sept 2020 )

• Primary nickel

consumption projected to increase by 6% YOY in 2021

With current trends, Class 1 nickel is expected to be undersupplied

• Within the broader nickel

market, the scarcity of nickel sulphide deposits is contributing to an even greater looming shortage of Class 1 nickel which can be used in batteries

• Electric vehicle disruption: increased uptake on EVs and improving battery technology requiring more and more Ni

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ASX:AOU | Corporate Presentation | Feb 2021

CONTACT

Mr Aidan Platel Managing Director E: aplatel@aurochminerals.com M: +61 400 190 005

Suite 1 295 Rokeby Road Subiaco WA 6008

T: +61 8 6555 2950 F: +61 8 6166 0261

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