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1 Quarterly Activities Report as at 31 December 2012 ASX Code: AOU Securities on Issue: 33,092,515 fully paid ordinary shares (quoted) 20,900,000 fully paid ordinary shares (restricted) 21,800,000 partly paid shares (restricted) Directors Glenn Whiddon (Non-Executive Chairman) Dean Cunningham (Managing Director) Jan Nelson (Non-Executive Director) Company Secretary Matthew Foy Eugene Lambert Contact Level St Georges Tce Perth WA 6000 Tel: Fax: Cash at Bank $5.34 million OVERVIEW $3.0 Million Raised in IPO Manica Gold Project Acquisition Completed New Board & Management Appointed Diamond Drilling Ongoing Auroch Minerals NL (ASX:AOU) (Auroch or the Company) is pleased to provide shareholders with the following quarterly activities report on the Company s recent activities. Transaction Update Acquisition Complete Subsequent to the quarter, the Company completed the acquisition of 100% of the Manica Gold Project (Manica Project) from Pan African Resources plc (Pan African) and met the final reinstatement conditions required for quotation on ASX. Part of the re-compliance process necessitated a capital raising in December 2012 where the Company secured over $3 million at 30 cents per share. Board Changes On completion of the acquisition from Pan African, Messrs Dean Cunningham, Jan Nelson and Glenn Whiddon were appointed to the Board and Messrs Benjamin Bussell, Robert Jewson and Matthew Foy have stepped down from the Board. Mr Matthew Foy remains as Company Secretary to the Company.

2 Exploration Update Overview The Company is now well poised and funded to explore and develop what is a substantial gold asset in a stable mining jurisdiction within a proven geological address (the Odzi-Mutare-Manica Classical Greenstone Belt (OMM)). The Mining Concession (3990 C) (Concession) has been issued and a JORC code compliant resource been delineated (Refer announcement 1 November 2012). Only 8% of the potential 27km of shear zones within the Concession has been drilled to date leaving significant upside potential on the Northern Shear to establish a meaningful low cost resource recoverable by direct cyanidation. A summary of the oxide exploration program on the Manica Northern Shear, released during the quarter, is set out below: - detailed surface mapping commencing in November 2012 focusing on generating accurate mapping of the surface outcrops of the greenstone lithologies and associated structural elements; - infill geochemical soil sampling commencing in November 2012; - Diamond drilling on drill ready targets; and - airborne Electro-Magnetic (EM) survey to take place in November Figure 1: Drill Ready Target on the Northern Shear Zone

3 Q Drilling Drill ready targets along the Northern Shear Zone (Figure 1), within the Guy Fawkes and Boa Esperança prospects, were identified and Explorator Limitada, the Company s now wholly owned subsidiary, commenced the exploration drilling in November A total of 2,135 metres of diamond drilling (9 holes) was completed in December All export and legal requirements have been completed with the Mozambique authorities in Manica so that samples can be sent to an accredited laboratory in Johannesburg. Samples are currently being exported and the first results are expected within 6 weeks of arriving in Johannesburg, South Africa. Mapping Geological mapping of the Northern Shear in the area between Guy Fawkes and Boa Esperança (Targets 2 and 3 as per Figure 2) is currently in progress. Initial observations from this mapping indicate that potentially mineralised talc-chlorite schists, quartz veins and breccia zones exist along strike to the east of the Duque deposit (Figure 2). Geophysical A geophysical contractor has been commissioned, and the planned airborne Time Domain Electro Magnetic (TDEM) survey over Targets 2 and 3 shown in Figure 2 commenced during January All relevant permits have been issued in particular those required from the Department of Defense in Mozambique. Helicopter landing pads have been constructed and a refueling facility provided. The TDEM survey will elucidate the structure and will assist in target identification. Geochemical The existing geochemical mapping will be augmented with new data between Target 1 and 3 in Figure 2. Current Drilling Site preparation is ongoing to support the exploration of the Northern Shear throughout The current drilling campaign is a continuation of the Q4 Drilling activities and recommenced on the 7 January The drill program will focus on low cost resources recoverable by direct cyanidation at Targets 1, 2 and 3 in Figure 2 and will consist of both reverse circulation and diamond drilling techniques. Review of Historical Database A review by the new management team of the historical information on the Northern Shear Zone has highlighted the prospective nature of the Northern Shear Zone for Oxide material.

4 Figure 2: Manica Gold Project Exploration Targets The Northern Shear Zone, which consists of steeply north dipping quartz veins hosted within talccarbonate schist and brecciated & sheared BIF and a mafic schist hangingwall, is interpreted to extend for 40km (Figure 2) and is associated with regional, broadly east west structures. Current gold mining operations at Penhalonga and Munhena on the western extension of the Mutare-Masvingo-Sandawana Shear Zone are located approximately 10km from the Manica Gold Projects Mining Concession (Figure 3). The Mutare-Masvingo-Sandawana Shear Zone extends from Mozambique, within the classical greenstone belt, into Zimbabwe where there are also several operating entities. This greenstone belt has yielded approximately 2.5 million ounces of gold. The Manica Gold Project falls within the local Mutare-Masvingo-Sandawana Shear Zone which lies within the broader Odzi-Mutare-Manica greenstone belt (OMM). Extensive ground magnetic surveys over the total strike length of the Northern Shear Zone (Guy Fawkes to Boa Esperança) took place in third quarter of 2004 (Figure 4). The results support the interpretation that the mineralised structure is continuous between Guy Fawkes in the west and Boa Esperança to the east.

5 Figure 3: Manica Gold Project within the Mutare-Masvingo-Sandawana Shear Zone Data for the magnetic survey was acquired using a GEM Overhauser Walking Mag with a reading interval of 20m along lines 100m apart; the data was diurnally corrected using the reference field from a Geotron G5 magnetometer. A hand held Garmin XL12 GPS unit was used to position the survey lines and readings along those lines; the unit has a positional accuracy of 3-5m. The magnetic survey completed over the Northern Shear zone (Guy Fawkes Boa Esperança) covered an area of approximately 1km by 8km. During Explorator Limitada completed a BLEG (bulk leach extractable gold) in soil geochemical survey over two areas of 7 km by 2.5 km to 1.5 km in the immediate vicinities of the Northern Shear Zone s Boa Esperança and Guy Fawkes respectively. The survey was completed using a 50m by 100m soil-sampling grid. The 500g samples were analysed by a bottle-roll in cyanide solution with an atomic absorption spectrometer (AAS) finish with a 3 ppb detection limit. Figure 5 shows the results of the BLEG in soil geochemical survey.

6 Figure 4: Magnetic Field Strength across the Northern Shear Zone Figure 5: Manica Gold Project Gold in Soil Figures 6 and 7 demonstrate that the existing gold geochemical anomalies coincide with the structures mapped by IP chargeability.

7 Figure 6: Gradient Array Chargeability on the Northern Shear Zone Figure 7: Dipole-Dipole Chargeability on the Northern Shear Zone Previous exploration holes (MACD015 and MAC046) drilled into the Northern Shear Zone returned gold up to 19.2g/t and 15.52g/t Au over 1 metre intersections. Drilling at opposite ends of the shear (based on similar geological structural signatures) returned similar results, suggesting sound continuity along the shear.

8 Metallurgical tests carried out on a core sample from Guy Fawkes show: - various forms of iron-oxide/hydroxide minerals were concentrated into the sink fraction. Intricate textures were observed, the shape of some of the hematite particles resemble pseudomorphs after pyrite. - trace amounts of pyrite was observed, either as liberated particles or totally occluded in quartz hematite. - ilmenite and altered ilmenite particles, intergrown with iron-oxide minerals are less common. - most particles are composed of an intergrowth of quartz, clay minerals and iron-oxidehydroxide; the clay minerals were identified by XRD to be kaolinite and talc. - graphitic schist particles were noted composed of quartz, micaceous material and graphite. - two particles of gold were observed; 10 X 2 and 10 X 9 µm, both occluded in massive hematite. Further evidence supporting the prospectivity of the Northern Shear Zone includes: - Carbon in Leach (CIL) technology is recovering or has recovered gold at the Munhena and Monarch Mines, implying the occurrence of free milling gold in these ores in Mozambique. - historical production at Guy Fawkes by artisanal miners indicates free milling gold - Rezende and Red Wing mines in Mutare, located within the same shear zone structures, processed non-refractory ore. - there is a strong correlation between shear hosted banded ironstone formations and gold occurrences, as indicated by the red lines seen in Figure 8. Figure 8: Surface Expression of Major Shears Zones and Banded Iron Stone Formation within the Manica Gold Project

9 High Grade Zone at Fair Bride Prospect The Company is continually reviewing the wealth of data that exists for the Manica Gold Project and is identifying areas for follow up work and priority targets. A recent review has led to the identification of a high grade zone within the Fair Bride Prospect. Fair Bride, which hosts 2.6moz of the Manica Gold Project s ~3moz, contains 1,025,904 ounces of gold at an average grade of 4.13g/t using a 3.0g/t cut-off (Appendix 1). This high grade zone at the Fair Bide prospect is inclusive of the total resource inventory at the Manica Gold Project (Appendix 2). Corporate The Company completed its capital raising on 11 January 2013 and allotted and issued 10,092,514 Shares each at an issue price of $0.30 to raise $3,027,754 and 2,000,000 Partly Paid Shares each paid to $0.01 to raise $20,000. Completion of the acquisition of the Manica Gold Project occurred on or around 11 January The capital structure of the Company following completion of the offer is set out below. Securities Shares on issue at date of Prospectus 23,000,001 Shares to be issued pursuant to the Offer Consideration Shares issued to Pan African Resources plc 10,092,514 20,900,000 Total Fully Paid Ordinary Shares 53,992,515 Partly Paid Shares on issue at date of Prospectus Partly Paid shares issued pursuant to the Offer 19,800,000 2,000,000 Total Partly Paid Shares 21,800,000 For further information please visit or contact: Auroch Minerals NL Media enquiries Dean Cunningham - Managing Director Jeremy McManus T: M: +61 (0) E: dcunningham@aurochminerals.com E : Jeremy@jdmcorporate.com.au

10 Appendix 1 Fair Bride Deposit High Grade Zone Resource Category Cut Off (g/t) Tonnes Kilograms Average grade (g/t) Ounces (oz) Fair Bride MEASURED ,420,969 6, ,739 Fair Bride INDICATED ,245,492 4, ,486 Fair Bride INFERRED ,058,070 21, ,679 Fair Bride MEAS+IND CALCULATED ,666,461 10, ,225 Fair Bride TOTAL CALCULATED ,724,531 31, ,025,904 Appendix 2 Manica Gold Project Resource Table The complete 2011 Mineral Resource statement prepared by ExplorMine Consultants and audited SRK Consulting is as follows. Manica Gold Project total JORC compliant resources Category Prospect Cut-off Au (g/t) Tons (000 ) Grade (g/t) Gold (koz) Measured Fair Bride , Indicated Fair Bride 0.5<300m 1.0>300m 10, Guy Fawkes , Total Indicated Resources 12, ,449 Inferred Fair Bride , ,449 Dot s Luck Guy Fawkes Boa Esperanza Total Inferred Resources 26, ,589 Total Manica Gold Project Resources 50, ,971

11 Appendix 3 - Material Intersections above 2.0 g/t Au from Northern Shear Zone to date ID Depth From (m) Depth To (m) Au Grade (g/t) Hole Type Depth Northing Easting RL Azimuth Dip BED RC BED RC BED RC BED RC BED RC BED RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC MAC RC

12 MAC RC MAC RC MACD DD MACD DD MACD DD MACD DD MACD DD MACD DD MACD DD MACD DD Competent Person Statements The information in this presentation that relates to Exploration Results is based on information compiled by Mr Gordon Koll who is a registered professional natural scientist (Pr.Sci.Nat.) under the South African Council for Natural Scientific Professions (SACNASP) and a Fellow of the Geological Society of South Africa, which is recognised as a ROPO by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr Koll is a full time employee of the Company. Mr Koll has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of The JORC Code. Mr Koll consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears. The information in this report that relates to Mineral Resources and exploration results is based on information reviewed by Dr W.D. Northrop who is a consultant to ExplorMine and is appointed as Independent Geologist to Auroch Minerals NL project team. He is registered by the South African Council for Natural Scientific Professions as a Professional Natural Scientist in the field of practice of Geological Science, Registration Number /87, and as such is considered to be a Competent Person. Dr Northrop has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Northrop consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.