Auroch Minerals : Saints Nickel Project Update

FOLLOW US

For personal use only

ASX ANNOUNCEMENT

7th July 2022

SAINTS NICKEL PROJECT UPDATE

Highlights

• All assay results from the Saints infill drill programme have now been received, confirming high-grade massive and semi-massivenickel-copper sulphides
• Results will be used in an upgrade of the Saints Mineral Resource Estimate (MRE), which is underway and expected to be completed in approximately 4 to 6 weeks
• The update in the Saints MRE is focussed on using the information from the infill drilling to upgrade a large portion of the current Saints Mineral Resources of 1.02Mt @ 2.0% Ni for 21,400t of contained nickel 1 from an Inferred Resource to an Indicated Resource category
• Excellent interim results received from the metallurgical testwork on the Saints nickel sulphide mineralisation, producing nickel concentrate grades of up to 24% Ni

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to provide an update on the work programmes at its 100%-owned Saints Nickel Project (Saints) in Western Australia.

All outstanding assay results have been received from the infill diamond drill programme completed earlier this year. All drill-holes intersected nickeliferous massive or semi-massive sulphides (refer to Figures 1 & 2), with significant intersections including (see Table 1 for full table of results):

1. SNDD021: 3.01m @ 5.23% Ni, 0.69% Cu, 0.77g/t PGE from 177.08m;

1. SNDD023: 2.40m @ 2.10% Ni, 0.14% Cu, 0.09% Co, 0.36g/t PGE from 263.78m and 2.21m @ 4.30% Ni, 0.37% Cu, 0.13% Co, 0.58g/t PGE from 268.18m;

1. SNDD016: 1.00m @ 5.16% Ni, 0.06% Cu, 0.09% Co, 0.56g/t PGE from 73.10m; and o SNDD020: 1.62m @ 3.92% Ni, 0.42% Cu, 0.11% Co, 0.70g/t PGE from 217.35m. 2

Following the receipt of the final outstanding assays, the Company has initiated an update of the Mineral Resource Estimate (MRE) on the Saints Nickel Project, contracting experienced resource geologist Shaun Searle from Ashmore Advisory Pty Ltd to complete the work.

The update of the Saints MRE is focussed on using the assay results and geological information from the infill drilling to upgrade a large portion of the current Saints Mineral Resource of 1.02Mt @ 2.0% Ni for 21,400t of contained nickel 1 from an Inferred Resource to an Indicated Resource category.

The expected upgrade in resource classification is a critical step in the Saints Scoping Study and will result in a higher level of confidence in the financial modelling of the potential underground mining scenario. The MRE upgrade is expected to be completed within the next four to six weeks.

The Company is also pleased to announce that it has received excellent interim results from the ongoing metallurgical testwork on the nickel sulphide mineralisation at Saints. Strategic Metallurgy Pty Ltd has completed a first-passtest of two bulk composite samples from the recent drilling, one from the Saint Patricks mineralisation and the other from Saint Andrews, following the traditional flow sheet of "Kambalda-style"nickel sulphide deposits.

Both metallurgical samples produced very good concentrate grades over 14%, with initial concentrate grades up to 24% Ni and 5% Cu. Importantly, the iron to magnesium ratio is also very good (Fe:MgO

1. JORC (2012) Inferred Resources, above a 1.0% Ni cut-off grade. Refer to 28 May 2019 ASX Announcement - AUROCH TO ACQUIRE HIGH-
   GRADE WESTERN AUSTRALIAN NICKEL PROJECTS.
2. Significant intersections are reported at a 1.0% Ni cut-off on a density-weighted basis; all intersections are down-hole widths unless otherwise stated. Results include previously reported results, refer to 5 May 2022 ASX Announcement - FURTHERHIGH-GRADENICKEL SULPHIDES AT SAINTS.

Auroch Minerals Ltd ABN 91 148 966 545

Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]

Email: [e-mail] www.aurochminerals.com

For personal use only

ASX ANNOUNCEMENT

7th July 2022

>10 and >22, respectively), the cobalt grade and recoveries are good (>0.5% Co) and there is no arsenic (As) in the material.

The testwork will now focus on improving the recoveries, as there were still nickel sulphides observed in the tailings of both initial tests. The final results for the Saints metallurgical testwork are expected in the next four to six weeks and will provide further critical inputs into the Saints Scoping Study.

Auroch Managing Director Aidan Platel commented:

"We are extremely encouraged with the initial results from the metallurgical testwork at Saints. The tests have shown that the sulphide mineralisation at both Saint Patricks and Saint Andrews can produce a very clean, high-grade nickel-copper-cobaltconcentrate with excellent Fe:MgO ratios, which would make it a desirable ore source for any nickel sulphide beneficiation facility in the region.

We are also pleased to have commenced work on upgrading the MRE at Saints. These two work streams will provide critical inputs into the Saints Scoping Study and, importantly, will result in a higher level of confidence in our financial modelling of the potential underground mining scenario at Saints. We look forward to the results of this work and to finalising the Scoping Study later this quarter."

Figure 1 - Long-section (looking east) of the current modelled resource at the Saints Nickel Project showing

intersected pierce points and significant intersections from recent diamond drill programme

Auroch Minerals Ltd ABN 91 148 966 545

Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]

Email: [e-mail] www.aurochminerals.com

FOLLOW US

ASX ANNOUNCEMENT

7th July 2022

For personal use only

Figure 1 - Map of the Saints Nickel Project showing results from the recent diamond drill programme against

interpreted geology, historic drill-holes and resource outline

This announcement has been authorised by the Board of Directors of the Company.

-END-
For further information visit www.aurochminerals.comor contact:
Aidan Platel
Managing Director
E: [e-mail]
Auroch Minerals Ltd ABN 91 148 966 545	FOLLOW US
Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]
Email: [e-mail] www.aurochminerals.com

For personal use only

ASX ANNOUNCEMENT

7th July 2022

Competent Persons Statement

The information in this report that relates to Exploration Results is based on and fairly represents information compiled by Mr Robin Cox BSc (E.Geol), a Competent Person, who is a Member of the Australian Institute of Mining and Metallurgy. Mr Cox is the Company's Senior 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. Mr McCarthy consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Metallurgical Results and Interpretations is based on information compiled by Nick Vines, Executive Director at Strategic Metallurgy Pty Ltd. Mr Vines is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the metallurgical test work on 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 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Vines consents to the inclusion in the release of the matters based on this information in the form and context in which it appears.

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 programmes 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.

Table 1 - Significant intersections from the recent diamond drill programme at Saints. Intersections shown

are length and density weighted

	HOLE ID				Comments				From				To (m)			Interval			Ni %				Cu %			Co %				PGE
							(m)						(m)											(Pt+Pd) g/t
								73.10			74.10		1.00			5.16			0.06			0.09			0.56
SNDD016
					150.00			151.00		1.00			1.23			0.06			0.04			0.33
								187.86			189.40		1.54			1.35			0.10			0.04			0.36
								61.50			61.80		0.30			6.49			0.17			0.16			2.58
SNDD017						83.95			85.00		1.05			1.34			0.06			0.02			0.65
								202.01			203.00		0.99			2.22			0.11			0.08			0.36
								165.00			170.12		5.12			2.33			0.14			0.06			0.82
					Including		169.81			170.12		0.31			8.83			0.44			0.24			2.91
SNDD018						304.00			305.00		1.00			1.03			0.03			0.02			0.31
								311.98			316.77		4.79			2.05			0.16			0.08			0.36
					Including		316.00			316.77		0.77			5.09			0.47			0.22			0.50
							150.00			152.00		2		0.72			0.04		0.02
SNDD019					163.00			166.00		3		0.81			0.02		0.02
				175.00			177.00		2		0.67			0.05		0.02
							182.00			184.00		2		0.51			0.02		0.02
SNDD020			Met hole		217.35			218.97		1.62		3.92			0.42		0.11			0.70
SNDD021						177.08			180.09		3.01		5.23			0.69		0.17			0.80
SNDD022						177.73			178.57		0.84		2.98			0.36		0.10			0.67

Auroch Minerals Ltd ABN 91 148 966 545	FOLLOW US
Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]
Email: [e-mail] www.aurochminerals.com

For personal use only

ASX ANNOUNCEMENT

7th July 2022

	Met hole	107.00	108.20	1.20	1.13	0.08	0.03	0.28
SNDD023		263.78	266.18	2.40	2.10	0.14	0.09	0.36
Including	264.97	266.18	1.21	2.93	0.20	0.13	0.54
		268.18	270.39	2.21	4.30	0.37	0.13	0.58
SNDD025		185.00	188.9	3.9	0.62	0.01	0.01	0.04
Including	188.00	188.90	0.9	1.08	0.05	0.02	0.07
SNDD026		245.25	248.81	3.56	0.55	0.03	0.01	0.13
Including	247.00	248.81	1.81	0.70	0.03	0.02	0.13

Table 2 - Details of completed diamond drill-holes in the recent drill programme at the Saints Nickel Project

	HOLE ID				EASTING			NORTHING				ELEVATION			AZIMUTH				DIP			FINAL
																DEPTH
				(m)			(m)				(m)
																			(m)
	SNDD016		329,818.3		6,672,490.6			365		090			-70		220
	SNDD017		329,816.0		6,672,444.1			366		090			-70		240
	SNDD018		329,682.7		6,672,440.4			365		090			-72		378
	SNDD019		329,851.4		6,672,453.3			362		090			-75		240
	SNDD020		329,303.2		6,673,250.9			366		090			-65		200
	SNDD021		329,324.0		6,673,289.8			366		090			-60		240
	SNDD022		329,334.4		6,673,242.7			363		090			-65		295
	SNDD023		329,758.2		6,672,403.3			364		090			-72		285
	SNDD025		329,879.4		6,672,312.3			366		088			-70		248
	SNDD026		329,877.5		6,672,312.3			364		092			-70		321.9

JORC Code, 2012 Edition, Table 1

Section 1: Sampling Techniques and Data

CRITERIA		EXPLANATION		COMMENTARY
Sampling		● Nature and quality of sampling (eg cut		Drilling
	channels, random chips, or specific		Auroch Minerals Limited:
techniques
	specialised industry standard		● Nickel mineralisation at Saints has been
		measurement tools appropriate to the		sampled from the following drilling
		minerals under investigation, such as down		techniques:
		hole gamma sondes, or handheld XRF		● Diamond Core - half core samples with a
		instruments, etc). These examples should		maximum of 1.2m and minimum 0.2m
		not be taken as limiting the broad meaning		length.
		of sampling.		● RC drilling - 1m samples of pulverised
		● Include reference to measures taken to		chips, approximately 3kg's is collected in
		ensure sample representivity and the		individual calico bags
		appropriate calibration of any		● Air Core drilling creates single metre
		measurement tools or systems used.		sample of drill chips; however samples are
		● Aspects of the determination of		composited every 3 metres, with the end
		mineralisation that are Material to the		of hole sample consisting of a 1m sample.
		Public Report. In cases where 'industry
		standard' work has been done this would
		be relatively simple (eg 'reverse circulation		DHEM Parameters:
		drilling was used to obtain 1m samples		Contractor:	SGC Niche Acquisition
		from which 3kg was pulverised to produce		Configuration:	Down-hole EM (DHEM)
Auroch Minerals Ltd ABN 91 148 966 545			FOLLOW US

Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]

Email: [e-mail] www.aurochminerals.com