Quarterly Activities Report For the Period Ending 31 March 2022

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to provide the following report on its activities during the March 2022 quarter. The Company’s primary focus during the reporting period was infill and extensional drilling at the Saints Nickel Project (Saints), advancing metallurgical test work at the Nepean Nickel Project (Nepean) and exploration drilling at the Arden Copper-Zinc Project (Arden).

• Ten drill-holes for 2,667m of infill and extensional diamond drilling (DD) completed across the Saint Patricks and Saint Andrews prospects with significant high-grade nickel sulphide results, including:
  • 3.01m @ 5.23% Ni, 0.69% Cu & 0.77g/t PGE from 177.08m
  • 2.13m @ 3.26% Ni, 0.19% Cu & 1.24g/t PGE from 167.99m, incl. 0.31m @ 8.83% Ni, 0.44% Cu & 2.91g/t PGE from 169.81m
  • 4.79m @ 2.05% Ni, 0.16% Cu & 0.36g/t PGE from 311.98m, incl. 0.77m @ 5.09% Ni, 0.47% Cu & 0.50g/t PGE from 316m.

NEPEAN NICKEL PROJECT, WA

• Ground Induced Polarisation (IP) survey over the Nepean North Prospect was completed, which identified strong bedrock chargeability anomalies that represent priority targets for follow-up drilling
• Reverse circulation (RC) drill programme planned to follow up IP targets and test for both gold and nickel sulphide mineralisation
• Metallurgical test work continued, with all three bulk samples tested successfully producing a saleable nickel concentrate grade

ARDEN COPPER-ZINC PROJECT, SA

• Diamond drilling and down-hole radial IP surveys completed and modelled at the Ragless Range Zinc Target, with assays pending
• Radial IP surveys identified shallow chargeability features south of drill-hole RRDD007, which intersected 12.8m @ 4.96% Zn from 53m including 3.65m @ 15.47% Zn from 62.15m 1

CORPORATE

• Cash balance as at 31 March 2022 of $6.76 million
• Edward Mason resigned as Chairman and Non-Executive Director, with Michael Edwards being appointed at Executive Chairman
• Matthew Worner and Cameron O’Brien appointed as Joint Company Secretary, replacing Rebecca Moylan who continues on as Chief Financial Officer

JUNE QUARTER PLANNED ACTIVITY

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

• Updated Mineral Resources Estimate (MRE) and metallurgical testwork as part of the ongoing Scoping Study for the Saints Nickel Project;
• Metallurgical testwork and updated MRE on the shallow high-grade nickel sulphide mineralisation proximal to the historic Nepean nickel mine workings at the Nepean Nickel Project;
• Exploration diamond drill programme at the Woodwind and Brass Prospects to the north of the Horn Prospect, at the Leinster Nickel Project;
• Follow-up exploration drilling and surface sampling programme at the Ragless Range Zinc Prospect of the Arden Zinc-Copper Project;
• Exploration RC drill programme at Nepean North focusing on high-priority targets delineated from ground IP survey at the Nepean Nickel Project; and
• Plan exploration work programmes and conduct site visit for the Nevada Lithium Project.1

COMPANY PROJECTS – WESTERN AUSTRALIA

Saints Nickel Project

Diamond Drilling

During the quarter, the Company successfully completed ten drill-holes for 2,667m of diamond infill and extensional drilling across the Saint Patricks and Saint Andrews prospects (Figure 1). The focus of the drilling was to update the current JORC (2012) Saints MRE of 1.02Mt @ 2.0% Ni for 21,400kt of contained nickel2 and increase the confidence level from the Inferred category to predominantly Indicated Mineral Resources. Also included in this programme were two drill-holes specifically designed to collect large bulk composite samples for metallurgical testwork.3

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