Quarterly Activities Report

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to provide the following report on its activities during the December 2021 quarter. The Company’s primary focus during the reporting period was the exploration drilling activities at its Nepean Nickel Project (Nepean) and Arden Copper-Zinc Project (Arden).

HIGHLIGHTS

NEPEAN NICKEL PROJECT, WA

• First diamond drill-hole (NPDD008) testing the Nepean Deeps exploration target completed to a final down-hole depth of 1,291.94m
• Down-hole electromagnetics (DHEM) survey on drill-hole NPDD008 identified three off-hole conductors centred at 540m, 1,025m and 1,230m down-hole
• Second diamond drill-hole (NPDD013) targeting DHEM Conductor 1A/1B (540m) completed to a final downhole depth of 754.45m and intersected a 76m thick ultramafic unit with 12.5m of disseminated and matrix to semimassive nickel sulphide mineralisation
• Regional sampling of pegmatite veins confirmed lithium mineralisation with up to 1.05% Li (2.26%Li2O)
• Ground dipole-dipole induced polarisation (IP) survey commenced, with 12 of 19 lines completed and preliminary results identifying strong bedrock chargeability anomalies on every line surveyed

SAINTS NICKEL PROJECT, WA

• Post quarter end, a major diamond drill programme commenced to upgrade and potentially extend the current high-grade Mineral Resource of 1.02Mt @ 2.0% Ni for 21,400kt of contained nickel

ARDEN COPPER-ZINC PROJECT, SA

• Diamond drill programme commenced at the Ragless Range Zinc Target with one hole (RRDD010) completed at 267.5m and the second hole (RRDD011) in progress at 338m of a planned 500m depth

CORPORATE

• 31 December 2021 cash balance of $9 million
• $8 million (before costs) raised via an oversubscribed Placement, with 50 million shares issued at $0.16 per share
• $673k in cash received during the quarter via the exercise of 6,729,296 unlisted $0.10 options
• $727k (before costs) in cash received during the quarter via the Options Underwriting Agreement executed in August to fully underwrite the outstanding unexercised unlisted $0.10 options at the time of the agreement

MARCH QUARTER PLANNED ACTIVITY

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

• Infill and extensional diamond drill programme at the Saints Nickel Project – to commence in early January 2022
• Metallurgical test work on the shallow high-grade nickel sulphide mineralisation proximal to the historic Nepean nickel mine workings – results expected in February 2022
• Diamond drill programme and down-hole IP (DHIP) surveys at the Ragless Range Zinc Prospect of the Arden Project – to be completed in January 2022
• Completion of ground IP survey at Nepean North and subsequent modelling and target generation – to be completed early February 2022 • Saints Nickel Project Scoping Study – to be completed at end of March 2022

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