Auroch Minerals Ltd

Auroch Minerals Ltd ASX:AOU

Company

Current Price

Initial Coverage

Date

Price

Initial Entry Price

Returns from Initial Entry

ASX:AOU

$ 0.060

24-Mar-21

$ 0.215

$ 0.250

-76%

Report		Date	Price	Current Return
	WA Nickel Developer in Close Proximity to BHP’s Smelter	24-Mar-21	$0.215	-72%
	This ASX Stock to Help BHP Help Tesla?	24-Mar-21	$0.215	-72%
	AOU Delivers Us An Early Result	31-Mar-21	$0.250	-76%
	How Our Investments Performed in Q1 of 2021	21-Apr-21	$0.205	-71%
	Promising Signs for a Potential New Nickel Sulphide Discovery	28-Apr-21	$0.185	-68%
	AOU is Drilling a High Priority Nickel Target Now	06-May-21	$0.230	-74%
	AOU to Drill for Nickel Underneath Historic Nickel Mine	23-Jun-21	$0.15	-60%
	AOU finds new drill target – so good they decide to drill it immediately	07-Jul-21	$0.180	-67%
	Tesla inks Nickel deal with BHP – AOU Drilling for Nickel near BHP smelter	23-Jul-21	$0.197	-70%
	The Great WA Nickel Race has Begun	29-Jul-21	$0.205	-71%
	AOU starts Scoping Study as 6 hole Nickel drilling campaign commences	01-Sep-21	$0.165	-64%
	What have our portfolio companies been doing? (Part 1)	10-Nov-21	$0.155	-61%

ASX:AOU

Returns from Initial Entry

-76%

Current Price	$ 0.060
First Coverage	24-Mar-21 $ 0.215
Initial Entry Price	$ 0.250
Returns from Initial Entry	-76%

Past Coverage

	WA Nickel Developer in Close Proximity to BHP’s Smelter
	This ASX Stock to Help BHP Help Tesla?
	AOU Delivers Us An Early Result
	How Our Investments Performed in Q1 of 2021
	Promising Signs for a Potential New Nickel Sulphide Discovery
	AOU is Drilling a High Priority Nickel Target Now
	AOU to Drill for Nickel Underneath Historic Nickel Mine
	AOU finds new drill target – so good they decide to drill it immediately
	Tesla inks Nickel deal with BHP – AOU Drilling for Nickel near BHP smelter
	The Great WA Nickel Race has Begun
	AOU starts Scoping Study as 6 hole Nickel drilling campaign commences
	What have our portfolio companies been doing? (Part 1)

Overview

📋 What does Auroch do?

AOU is a nickel sulphide focused base-metal resource company building value through targeted high-impact exploration in Western Australia. AOU has three nickel projects in WA.

🌏 Macro Theme

Tesla chief executive Elon Musk commented that nickel was the company’s “biggest concern” in scaling lithium-ion cell production. Nickel is one of the priority metals in the manufacture of Tesla’s batteries and the car giant is looking to increase its nickel supply. There may also be some direct investment from other auto manufacturers who have expressed a desire to move to a vertically integrated model whereby they have better control over the supply chain in relation to commodity inputs. From a longer term perspective, analysts are generally expecting tailwinds for the nickel price due to increasing demand from the electric vehicle industry. The World Bank predicts that Nickel demand is guaranteed to increase by some of the most dramatic figures by tonnes.

Auroch Company Milestones

✅ Portfolio Launch
🌎 Tesla Deal with BHP
🔄 10c options conversion (November 30th 2021)
🔲 Project Funding 1
🔲 Project Funding 2
🔲 Unexpected Positive Announcement 1
🔲 Unexpected Positive Announcement 2
🔲 Unexpected Positive Announcement 3

Nepean

Main ‘Nepean Deeps’ Drilling Event

🔄 Drilling 3,000m (Nepean Deeps) – 6 diamond drill holes beneath historic nickel mine
🔲 Downhole EM Surveys at Nepean Deeps drill holes
🔲 Assays Results 1
🔲 Assays Results 2

Additional Project Milestones

✅ RC Drilling Programme 1 (shallow)
🟩 Assay Results
✅ Nickel Sulphide Mineralisation identified along strike
✅ RC Drilling Programme 2 (shallow)
🟨 Assays Results 1
🟨 Assays Results 2
✅ Diamond Drilling (shallow target around Nepean )
🟩 Assays Results
✅ Moving Loop Electromagnetic Surveys
✅ Drill Targets Identified
🔲 Results from Drill Testing
✅ Scoping Study Begins
🔲 JORC Resource Estimate

Leinster

✅ 1,200m Diamond Drilling (Horn)
✅ Assays Results
✅ 1,800m RC Drilling Programme (Horn)
✅ Assay Results
✅ Down Hole EM Survey
🔲 New Milestones Added

Saints

✅ Scoping Study Begins
🔲 New Milestones Added

AOU Investment Milestones

✅ Initial Investment: @ 25c
🔲 Increase Investment
🔲 Increase Investment
🔲 Price increases 250% from initial entry
🔲 Price increases 500% from initial entry
🔲 Price increases 1000% from initial entry
🔲 12 Month Capital Gain Discount
🔲 Free Carry
🔲 Take Profit
🔲 Hold remaining Position for next 2+ years

”Expected Company Milestones” are based on the company’s publicly available execution plan and some assumptions made by our team on potential announcements that should de-risk the investment. “Our investment milestones” show our current long-term investment plan. Early stage investments are risky and there is no guarantee that the expected events will occur. The lists are not in sequential order.

Key

🔲 Expected Milestone
✅ Achieved Milestone
🟩 Above Average Result
🟨 Average (Expected) Result
🟧 Below Average Result
🟥 Negative Result
🌎 Macro Event
⚔️ Results from Other Company / Project
🔄 In Progress
[UPA] Unexpected Positive Announcement
[NEW] New Milestone Added

Why We Invested

Tight capital structure

Potential quick translation from exploration to production

Proximity to processing facilities

Previous management believed the resource extended beneath the historic mine