AUSQUEST LIMITED — AGM Information 2009

Nov 17, 2009

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AusQuest Annual General Meeting November 2009

Managing Director Presentation

Disclaimers

Forward-Looking Statements

This presentation contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of AusQuest Limited’s ongoing development and feasibility studies. Accordingly, AusQuest Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the feasibility studies are completed.

Competent Person’s Statement

The information in this presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Graeme Drew who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Drew is employed by AusQuest Limited and is the Company’s Managing Director. Mr Drew has sufficient experience which is relevant to the style of mineralisation and the type of deposits under consideration and to the activity which 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. Mr Drew consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC – Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

Currency

All dollar amounts shown in this presentation are in Australian dollars unless otherwise stated.

Capital Structure

• Listed securities

• Listed Options

• Unlisted Options

• Major shareholders

• Cash Position

227m

104m (20c end November 2009)

56m (incl 48m options to Cliffs @ 40c in May 2011, & 8m staff options)

Cliffs 30%, Passport Capital 6.5%, Hamersley 4.6%, C Ellis 4.7% A$24M (Oct 2009)

Summary Exploration Progress

• Table Hill - Large areas prospective for shallow manganese outlined using 2009 drill results.

• Manganese potential within the upper portions of the Frere Iron Formation recognised at Stanley

• Manganese potential along structures at Wolfe?

• Drill results infer potential for sediment hosted base metal deposits in the Plenty River region.

• 68% increase in Inferred Resource at Rocklea Channel Iron Prospect.

• New opportunities on the radar – third party discussions underway

AusQuest Projects

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Wolfe Mn
Wolfe Mn
Rocklea Fe
Rocklea Fe
Plenty River Cu, Ni
Plenty River Cu, Ni
Table Hill Mn, Ni
Table Hill Mn, Ni
Stanley Mn Diamantina Cu-Au
Stanley Mn Diamantina Cu-Au
Dundas Au
Dundas Au
Large tenement holdings across Australia
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Table Hill – Stratigraphic Control on Mn

(Diagramatic) Target Stratigraphy Variable EM response		GEOTEM Conductivity Sections provide window into basin stratigraphy. TheBoondawarriandSpearhole sandstones are conductive and produce stratigraphic marker horizons in GEOTEM data. Manganese occurs ~300 metres above the Spearhole sandstone and variable distances below the Boondawarri. Control provided by 2009 drilling critical to outlining areas that contain target stratigraphy Clay alteration plusmanganese produces EM responses within the target horizon

Table Hill – Regional Summary

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GEOTEM Image Ch 20
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0

50km

Table Hill – MN1 Manganese Corridor

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Clay alteration
1.9m @ 7.8%Mn, 23.2%Fe
4m @ 47.5%Mn
New Targets
GEOTEM Channel 20
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Table Hill – Target Stratigraphy MN5-MN6

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Manganese target areas outlined
for bedrock sampling
MN5
MN6
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Table Hill – Stratigraphic Manganese Target

Section A-B

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Mn Target
0
200
400
0 2km
Section C-D
MN6 Drill-hole
Conductivity Depth Sections from GEOTEM data
Mundadjini
Spearhole
Mundadjini
Spearhole
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Table Hill Manganese – 2010 program

• Critical Year for the Table Hill Project

• Manganese exploration to focus within MN1 corridor and areas with favourable stratigraphy

• Complete stratigraphic interpretation of regional GEOTEM data to outline key target areas

• Bedrock geochemical sampling of key areas to confirm manganese (&/or base metal) prospectivity

Wolfe Manganese Project – Drill Summary

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Ruby Plains Prospect
Ruby Plains Prospect
Tenement
Granted
Application
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Wolfe Manganese - 2010 Program

• Compile and assess 2009 drill results from Ruby Plains prospect

• Early results suggest manganese potential associated with cross cutting structures

• Identify and sample prospective structural dislocations of ERD-MKS contact ahead of further drilling

Stanley Manganese Project

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Recce Soils confirm Mn anomaly
Mn Outcrop
55%Mn (Niton)
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Stanley Manganese outcrop

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55%Mn
(Niton)
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Stanley – GEOTEM Manganese Targets
Frere Iron Formation Windida Carbonate Member
WRC35
20m at 3.8% Mn
Flight Line 3 – EM Section
Windida Carbonate Member
Flight Line 4 – EM Section
Potential Mn
Target
Potential Mn
Target
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Stanley - 2010 Program

• Infill mapping and surface sampling in areas of anomalous Mn response.

• Regional mapping and prospecting of prospective Mn stratigraphy

• Reconnaissance drilling down dip from high grade surface manganese occurrence(s)

• Drill test conductive stratigraphy within the Windida Carbonate Member for Mn mineralisation

Plenty River – Cu, Ni, Zn Prospects

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Plenty River – Caroline Prospect Area

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Sulphide bearing
sediments inferred
from magnetics
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Caroline Prospect - Core photos

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Sphalerite (ZnS) disseminated through core

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Chalcopyrite in Veins

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Laminated sulphide bearing sediments

Plenty River – White Gums Prospect Area

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Sulphide bearing
sediments inferred
from magnetics
?
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White Gums Prospect - Core photos

Sulphide veinlets & disseminations

Galena in Veins

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Galena in Veins
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Plenty River – 2010 Program

• Early drill results suggest potential for new base metal province at Plenty River

• Magnetic data implies sulphide rich (FeS) sediments could be wide spread throughout the region

• Exploration for sediment hosted Zn & Cu to target sulphidic sediments adjacent to major structures/growth faults

• Sampling, geophysics and drilling in 2010

Diamantina - Potential IOCG Target

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Toomba Fault
Machattie
Mulligan Machattie
Drill-hole IP Target
•IP data infers large sulphide target
below Cretaceous sediments at
contact of Machattie IOCG system
•Competitor results report Cu along
the Toomba Fault
Diamantina Hinge Zone
•2010 – Confirm size of IP target
and test by drilling
Major Structure
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Dundas Gold Project - 2010

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Proterozoic - Archaean
boundary – Gold target
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•
Complete calcrete
sampling - 2009
•
Bedrock drill gold
targets - 2010
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Rocklea CID Resource (2009)

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•Inferred Resource includes higher grades - 28.2Mt @ 55.6%Fe, 6.0%SiO2, 2.3%Al2O3, 11.3%LOI

•Potential strike extensions should increase resource base

• •Realise value for shareholders

• Resources as reported to the ASX on August 13, 2008.

AusQuest in 2010

• Focus will be retained on Provincial scale opportunities

• Exploration to concentrate on Company’s Provincial scale manganese (3) and base metal (2) projects

• Critical year for both the Table Hill and Wolfe projects

• Looking at gold opportunities on and off-shore and considering energy related projects

• Annual budget expected to be about $8.0m for 2010