AUSQUEST LIMITED — AGM Information 2007

Nov 27, 2007

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AGM - November 2007 Managing Director’s Report

AusQuest Structure

$4.7m cash (Oct 07) to fund ongoing exploration

Capital Structure

• Listed Shares (AQD)

• • Listed Options

• • Unlisted Options

• • Market Capitalisation

126.2m

94.9m (exp 30/11/2009) 20.0m (exp Aug-08 to Jun-11) $34m ($0.27)

AusQuest Projects

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Rocklea Fe
Beasley Ni-Cu-PGEBeasley Ni-Cu-PGE Rocklea Fe Drummond GoldDrummond Gold
Plenty River
Plenty River
Table Hill Mn, Ni-Cu-PGE
Table Hill Mn, Ni-Cu-PGE
Bellary Ni-Cu-PGE
Bellary Ni-Cu-PGE Diamantina Cu-Au-U
Diamantina Cu-Au-U
Sylvania U3O8 & Ni
Sylvania U3O8 & Ni
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Project Status - November 2007

• Ore grade Mn intersected and large size potential inferred at Table Hill with more conductors to test

• Large (25km²) gravity/magnetic targets with obvious IOCG potential identified at Diamantina - south of Mt Isa

• Channel iron from Rocklea (near Tom Price) being laboratory tested

• Disseminated Ni-Cu-PGE sulphides intersected at Beasley-Bellary

• Awaiting assay results from drilling at Drummond (gold) and Sylvania (uranium,nickel)

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Table Hill Project - Regional Geology
Anomaly 1
New EL applications
Geotem Survey
0 50km
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Table Hill Anomaly 1 – Manganese target

3.9 metres @ 47.5%Mn

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Geotem Image - Channel 15
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•Ore grade Manganese intersected at 290 metres •DHEM confirms massive Mn is cause of Geotem response •Large size potential indicated by Geotem data •Sheet-like conductor (Mn) shallows to the north

Table Hill Anomaly 1 – Manganese target

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• Modelled Geotem data shows flat-lying zone of anomalous conductivity ~3km wide

• Massive Mn intersection coincides with centre of anomalous conductivity

• DHEM confirmed Mn intersected in THDDH01 is the conductor

Table Hill Anomaly 1 – Manganese Target

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FL separation 250 metres
0 5 km
3.9m @ 47.5%Mn
FL4082
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• High grade Manganese intersected on FL4082

• Conductivity-depth sections show flat-lying conductor is continuous from line to line

• Target shallows north (120m) and deepens south (300m)

Table Hill - Manganese Core

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Table Hill – Prospect Summary

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Magnetic Image
Manganese Targets
Priority 1
THD02
Priority 2
THD03
Savory Nickel
Target Area
THD01
Mn in surface lag
0 50km
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Diamantina Iron-oxide Cu-Au-U Project

Gravity Image

• New gravity/magnetic data (Govt) highlights potential for IOCG

• Project on southern margin of Mt Isa Block at junction of crustal scale NE and NW structures

• Base metal provinces known to the north (Mt Isa) and south (Olympic Dam)

• Coincident gravity (up to 32milligal) and magnetic anomalies are ready made drill targets

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0 300km
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Diamantina Magnetics

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Diamantina Gravity

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0 20 40
kilometres
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Diamantina Models infer IOCG Target

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• Best-fit model shows blanket of high density (4.0g/cc) material overlying strongly magnetic (35,000x10[-5] SI) source rocks

• Results infer Fe rich target below basin sediments (800 -1000m depth)

• Targets are in excess of 20km² in size and probably 100s metres thick

• Infill gravity underway; Drilling planned for 1[st] half 2008

Rocklea Channel Iron Project (75% AQD)

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Rocklea Channel Iron Project (75%AQD)

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Diamond Drill-hole - 2007
RKD43
RKD42
2005
2006
10800E
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Rocklea Iron Core

RKD 43

General continuity between drill holes

• Channel iron intersected from surface to depths of +40 metres

• Clay and silica alteration in upper part of drill hole • Clay zones irregular in shape

RKD 42

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Rocklea - RKD42 Test Program

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24m
Siliceous Pisolite
19m
Mixed clay and Fe Pisolite
14m
10m
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33m
Fe Pisolite
29m
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• Testwork on core has commenced

• Main target is mixed clay and Fe

• pisolite zones (0 to 20 m depth)

• 1[st] Stage - crushing and screening

• 2[nd] Stage - agitated wash and wet

• screening

• Results expected in early 2008

Nickel Exploration Progress – 2007

Beasley – 8holes/2305m - further disseminated Ni-CuPGE sulphides intersected, target channel extended Sylvania – 1 hole/250m – 3m of semi massive sulphide intersected – likely sediment - results awaited

Bellary – 8holes/1340m – Highly anomalous PGES (2m@1g/t) at Hardey – target definition required Table Hill – 3holes/1200m – Results awaited - No 0 100km significant sulphides intersected – Mn in hole 1

Beasley Nickel – 2007 Drilling

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2005-06 drill hole
Drill target
Ni-Cu-PGE in soils 2008
2007 drill hole
16
Ni-Cu-PGE Sulphides
D16 - 8.4m @ 0.29%Ni,
764ppmCu, 0.20g/t PGE
D7 - 4.3m @ 0.26%Ni,
569ppmCu, 0.11g/t PGE
D19 - 10.0m @ 0.27%Ni,
697ppmCu, 0.19g/t PGE
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Bellary Nickel (75% AQD) – Summary

Hardey Prospect 2007 Drill-holes

•Ni prospectivity of ultramafic flow rocks downgraded by 2007 drilling

•More drilling needed at Hardey - (2008)

•Initial drilling ultramafic sills rocks – (2008)

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Anomalous Pt in soils
Target lithologies Gossan
0 10km
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Bellary Nickel – Hardey Prospect

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Gossan – 140ppm Ni,
1800ppm Cu, 0.23g/t PGE
Target Area
BD07
BD08
2.0m @ 0.35%Ni, 660ppmCu, 1.0g/t PGE
•Limited exploration (2 drill holes)
•Highly anomalous PGEs (+Ni & Cu) in BD07
•Grid based surface sampling +/- geophysics to define
targets for drilling in 2008
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Drummond Gold Project - Deep Drilling

• Targeting sediment hosted gold similar to that found at Carlin in Nevada (USA)

• Deep drilling tests thick sedimentary sequence above an interpreted intrusion within Drummond Basin sediments

• 50% of direct drilling costs (up to $150,000) funded by Qld Government under their CDI

Drummond Gold Project - Location

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Drummond Gold - Pocket Dam Prospect

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Magnetic model
Gravity contours
PDD07
PDD07
•
PDD07 completed at 820 metres in magnetic
granodiorite (?)
•
Favourable sediments included calcareous
mudstones, limestones and volcanoclastics
•
Bleaching & veining (+/- sulphides) in
proximity to intrusion
0 5 km •
Results expected by end 2007
Magnetic Image
Model section
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Sylvania Uranium Project

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• Widespread airborne uranium anomalies in bedrock and drainage

• Anomalous assays from surface ironstones - up to 348ppm U3O8 1640ppm Pb, 0.99% Ce

• Secondary uranium potential evident within calcretes in palaeodrainages– surface assays up to 130ppm U3O8

• Wide spaced RC drilling completed– assays awaited

Sylvania Uranium Drilling

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RC drill hole
Rock chip sample
0 3km
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AusQuest in 2008

• Table Hill manganese – drilling in 2Q 2008; scoping study in 2H 2008?

• Diamantina IOCG – drilling in 2Q 2008

• Rocklea iron – Test results in 1Q 2008; scoping study incl. access to infrastructure in 2008?

• Nickel in 2008 – Drilling at Beasley; upgrade targets to drill status at Bellary 1H; assess Table Hill ‘07 results – VTEM survey at Savory

• Drummond gold, Sylvania uranium - dependant on results ’07

• New drilling opportunities continue to be sought