Quarterly Activities Report, For The Period Ending 31 December 2022

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to provide the following report on its activities during the December 2022 quarter. The Company’s primary focus during the reporting period was progressing exploration activities at the Nepean Nickel Project (Nepean), Arden REE-Copper-Zinc project (Arden), and advancing its Kangaroo Hills Lithium Project (KHLP) in WA, and Nevada Lithium Projects (NLP) in USA.

HIGHLIGHTS

NEPEAN NICKEL PROJECT, WA (80%)

• Assays received from reverse circulation (RC) drill programme comprising four holes for 695m.The RC drill programme was conducted over both the shallow Nepean nickel mineral resource estimate (MRE) and the Nepean North IP target. Programme comprised two infill holes at the shallow Nepean nickel sulphide resource and two exploration holes at the Nepean North IP target, significant results include:
  
  • 1m @ 2.08% Ni, 0.25% Cu & 0.83g/t PGE from 47m (NPRC083)

KANGAROO HILLS LITHIUM PROJECT (KHLP), WA (80%)

• Exploration drill-holes NPRC084 and NPRC085 at the Nepean North prospect were re-assayed for lithium, caesium and tantalum (LTC) mineralisation. Assays returned high-grade lithium within spodumene-bearing pegmatite.
  
  • 6m @ 1.38% Li₂O from 198m, including
    
    • 2m @ 3.26% Li₂O from 198m (NPRC084)
      
• Field mapping completed at KHLP, which identified numerous outcropping pegmatites which will be targeted in the upcoming phase 1 3,000m RC drilling programme.
• A highly prospective cluster or potential swarm has been identified close to mineralised drill hole intercepts previously reported (6m @ 1.38% Li₂O).

NEVADA LITHIUM PROJECT (NLP), USA (80%)

• Subsequent to the December 2022 quarter, the NLP increased its land holding in the Tonopah region by over 33km², which represents a 50% increase of the NLP footprint.
  
• Geological mapping identified new drill targets within the Nevada Lithium Project - targeting lithium claystone mineralisation.

ARDEN REE-COPPER-ZINC PROJECT, SA (90%)

• Field exploration commenced to evaluate the Rare Earth Elements (REE) potential at the Arden Project.
  
• Assays received for the nine rock-chip sample, confirming the REE prospectivity at the Hawker and Kanyaka prospect areas.

CORPORATE

• Mr Aidan Platel resigned from his position of Managing Director and Chief Executive Officer of the Company, effective from the 1st of January 2023.
  
• Mr Robin Cox was appointed to the Auroch Board as Technical Director, effective from 1 January 2023.
• Ms Silfia Morton was appointed as a Joint-Company Secretary, replacing Mr Cameron O’Brien, effective from 1 December 2022.
• Successfully completed a Placement of $2,650,000 (before costs) from the issues of 55,208,334 new shares at an issue price of $0.048 per share.
• Cash balance as at 31 December 2022 of $4.198 million.

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

• Finalise Scoping Study for the Saints Nickel Project
  
• Results from soil sampling at the Arden REE-Copper-Zinc Project
• Maiden drill programme at the Nevada Lithium Project (NLP)
• Maiden drilling programme at Kangaroo Hills Lithium Project (KHLP)

COMPANY PROJECTS – WESTERN AUSTRALIA

Nepean Nickel Project (80%)

A four-hole reverse-circulation (RC) drill programme totalling 695m was conducted over both the shallow Nepean nickel MRE and the Nepean North IP target. Two drill-holes targeted the northern portion of the shallow (top ~120m from surface) MRE, with the aim to potentially upgrade a significant portion of the current Nepean Resource from an Inferred category to an Indicated category. Significant results from these two holes are listed below (figure 2):¹

• 1m @ 2.08% Ni, 0.25% Cu & 0.83g/t PGE’s (Pt & Pd) from 47m down-hole (NPRC083), and
  
• 1m @ 1.18% Ni, 0.11% Cu & 0.49g/t PGE’s from 29m within a wider mineralised zone of
  4m @ 0.84% Ni, 0.05% Cu from 28m (NPRC083); and
• 1m @ 0.72% Ni, 0.07% Cu & 0.15g/t PGE’s from 52m (NPRC082).

Importantly, these results correlate closely with the results from nearby historic drill-holes used in the current MRE of 236kt @ 1.5% Ni and 0.11% Cu for 3,625t of contained nickel and 252t of contained copper.² The data from both the new drill-holes and the historical drill-holes will be used to update the shallow Nepean MRE, with the aim to materially increase the proportion of Indicated Resources, which is currently approximately Inferred (50%): Indicated (50%). If successful, as expected, the upgrade in resource category will provide a higher confidence in the ongoing internal scoping studies into the viability of a shallow mining operation at Nepean.

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