AUSQUEST LIMITED — AGM Information 2010

Nov 25, 2010

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AUSQUEST ANNUAL GENERAL MEETING

26[th] November 2010

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

228m

• Unlisted Options

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

• Major shareholders

Cliffs 30%, Passport Capital 6.5%, Hamersley 4.6%, C Ellis 4.7%

• Cash Position A$16.5M (Oct 2010)

West Africa Exploration Update

• RC drilling in the Komoe area restarted in November

• 15,000m of RC drilling & 3000m diamond drilling planned

• High grade gold (8m @ 7.7g/tAu) found with massive sulphides at Phaco Hill

• VTEM suggests several targets over the 1000m strike length of altered volcanic rocks

• Diamond drilling at Phaco Hill to start in December pending rig availability

• Drilling to test a further 5 VTEM targets at Phaco Hill

• RC drilling of extensive gold soil anomalies planned at Siniko West, Siniko Central and Baboro prospects

West Africa Project – Burkina Faso

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Banfora Gold Prospects – Initial Results

• •Eight prospects tested by initial RC drilling (47holes/ 5800m)

• •Many kms of gold anomalies still to be tested

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Kangounadeni
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• •Bedrock gold (>1g/tAu) confirmed at each site drilled

• •Results highlight the Phaco Hill prospect and Komoe area

• •Large aluminous alteration

• •Gold and base metals

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Komoe
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• •High silver contents

• •Strong EM targets (VTEM)

• •Magnetics outlines key structures to guide future drilling

Komoe Gold Prospects – Priority Targets

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Baboro Baboro
VTEM targets closely Key Structures associated
associated with gold soil with gold soil anomalies
anomalies evident in magnetic data
Siniko West Siniko West
Phaco Hill Phaco Hill
Siniko
Siniko
East
East
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Phaco Hill - Drill Results – VMS System?

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Komoe – Cluster EM Targets – VMS Camp?

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• At least 6 EM targets located by VTEM survey

• High grade gold (8m @ 7.7g/tAu) associated with Phaco Hill EM anomaly

• Further sulphide bodies implied by VTEM results

• Anomalous gold associated with several EM targets

• Strong EM anomalies south of Phaco reflect possible graphitic shears(?) +/- gold

• Drilling of EM targets to take place December-January

Siniko Gold Prospects

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• Extensive surface gold anomalies >5km strike

• Limited initial drilling reported several gold intersections

• Magnetics defines NNE trending structures associated with gold prospects

• Second round drilling to be guided by gold and structure

• Cross cutting faults of particular interest

• RC drilling planned to start in December

Baboro Gold Prospect

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• Extensive surface gold anomaly 2km x 1km in size

• Limited drilling completed to date

• Many narrow gold intercepts within broad (30m) low grade zones

• Gold occurs within mafic host rock

• Magnetics implies major intersection of NE and NW structures

• Follow-up RC drilling included within current program

West Africa – Estimated Drill Schedule

Exploration Program	Nov	Dec	Jan	Feb	Mar	April
RC Drilling:
Phaco Hill (2000m)
EM Targets (1000m)
Siniko West (3600m)
Siniko Central (750m)
Baboro (3200m)
Diamond Drilling:
Phaco Hill (2500m)					?	?
EM Targets?

Australia – Exploration Update

• Thick (up to100m) stratiform manganese (2 to 5%Mn) intersected in wide spaced drilling at Stanley (WA) highlights prospectivity of the region

• Mn target defined by sampling at Table Hill (WA).

• 25km long zone with numerous Au and Cu anomalies defined at Dundas (WA). RAB drilling (15000m) to commence in December.

• Drill targets defined at Plenty River (base metals) and Savory (Ni) to be drilled in first half 2011.

• Rocklea and Nameless iron prospects sold to Dragon Energy for $7.5M cash

AusQuest Australian Projects

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Rocklea Fe
Rocklea Fe
Plenty River Cu, Ni
Plenty River Cu, Ni
Table Hill Mn
Table Hill Mn
Stanley Ni Diamantina Cu-Au
Stanley Ni Diamantina Cu-Au
Dundas Au
Dundas Au
Large tenement holdings across Australia
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Stanley Manganese Project

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Windida - Niminga Drilling Results

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•Thick intersections (up to 100m) of stratiform Mn (2 to 5%Mn)

• •Elevated Mn appears to be very extensive

• •Best grade – 13%Mn

• •Thickest – 99m @ 3%Mn

• •Mn hosted in fine calcareous sediments and carbonates

• •Mn Enrichment prevalent at surface

• •Further follow-up in 2011 including drilling

Table Hill Manganese Target

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1100 - 2800ppm Mn
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Dundas Gold Project

•Similar terrain to Tropicana gold deposit

Proterozoic - Archaean boundary – Gold target

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Kalgoorlie
Norseman
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•Calcrete sampling outlined numerous gold & copper anomalies along a 25km long zone

•Magnetics implies structural zones associated with gold anomalies

•RAB drilling (15000m) planned to located bedrock gold targets for RC drilling

• •RAB program to commence in December

Dundas Drill Program

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Plenty River Base Metals – Drilling

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• Caroline Prospect: Deep EM target not tested by previous drilling. EM target coincides with gravity response and is offset from magnetic anomaly. High Cu and Au occurs with increased sulphide content over narrow zones within hole PD3A. Drilling scheduled for 1H 2011.

Savory Nickel - Drilling

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• Drill Target - Deep EM anomaly located near the base of a thick mafic sill within interpreted feeder system to Table Hill Volcanics

• •Diamond Drilling planned for 1H 2011

Australia – Est. Drill Schedule 1H 2011

Exploration Program	Jan	Feb	Mar	April	May	Jun
RAB/AC Drilling:
Dundas (15000m)
Table Hill (2000m)
RC Drilling:
Stanley (3000m)
Diamond Drilling:
Plenty River (1300m)
Savory (700m)

Business Development

• Business Development Team is still active

• Further gold opportunities being assessed in West Africa

• Several opportunities under consideration in South America

• Strategy remains to find Tier 1 resources in major commodities