AUSQUEST LIMITED — AGM Information 2011

Nov 21, 2011

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AusQuest Annual General Meeting

22[nd] November 2011 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

• Unlisted Options

• Major shareholders

• Cash Position

228m

7M staff Options

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

$8.5M (Oct 2011) $1.125M due Jan 2012 from Rocklea sale

Where are we now?

• Strong balance sheet but recognise need for capital retention in current economic climate

• Continuing support from strategic alliance with Cliffs with new joint initiative in Peru

• Gold in West Africa remains a major focus for the company

• Definitive tests underway at several projects in Australia

• Recognition that project generation is lifeblood of the company

West Africa Exploration Update

• High grade gold-silver VMS system discovered at Phaco Hill with potential along strike, at depth & at Sangigee (3km north)

• Gold bearing structures identified at Siniko West and Siniko Central

• Numerous gold soil anomalies with potential for open-cut gold within 5km radius of Phaco Hill to test

• Next drilling phase planned for early 2012 – ~20,000m of aircore/RAB to identify potential shallow gold resources

• Focus on prospects close to Phaco Hill and along major shear zones within the western tenements

• Joint venture equities currently being finalised

Comoe Joint Venture – Bukina Faso

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• Equity – AusQuest 80% : Endeavour 20%

• Land Holding – 920km² within Banfora Greenstone Belt

• • Under-explored region of gold-rich West African Shield

Comoe Joint Venture - Prospectivity

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• Banfora Greenstone Belt under explored

• • Numerous artisinal workings

• Major gold deposits in nearby G/S Belts

• Prospective major shear zones identified

• • Extensive surface sampling prior to the Comoe JV

• • No drilling prior to 2005

• • AusQuest commenced exploration in May 2010

• • Gold+Silver VMS system discovered at Phaco Hill

• • Many structural gold targets identified but not tested

Phaco Hill Gold-Silver Discovery

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• At least 3 gold bodies identified by drilling – all are steeply plunging.

• Strong gold – silver association with potential for zinc & lead.

• Numerous high gold grades intersected.

• Gold is open along strike and at depth.

• Large mineralised System extends beyond drilled limits.

• Strong alteration of volcanic rocks.

• Similarities with large Canadian VMS gold deposits (LarondePenna)

Phaco Hill Long Section

1km

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NB: Phaco East not on this section
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• Steeply plunging gold (silver) shoots

• Mineralisation intersected at depths below 200 metres and still open.

• High gold grades but limited strike length near surface – underground potential

• • Targeted systematic drilling required

Phaco Hill Cross sections

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Phaco South Phaco North
Section 1102550N
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• Section 1102100N

• • Gold is continuous with depth.

• High gold grades support U/G option.

• Gold grade improving with depth?

• • High silver grades add potential value.

• • Thicker mineralisation at Phaco North but lower grades near surface.

VMS Gold Deposits in Canada

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200m
1000m
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LaRonde – Doyon Camp contains +23 Mozs Au. LaRonde is a depth extensive, subvertical VMS system with alteration assemblages similar to those at Phaco Hill.

Komoe Gold Targets

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• Numerous gold prospects within 5km radius of Phaco to be tested

• Strike Extensions of Phaco & gold bearing sulphides at Sangigee

• Gold soil anomalies (+100ppbAu) along mylonite zone bounding volcanics

• Thick zones of gold (0.2 to 0.5g/tAu) intersected at Siniko Central

• Scattered gold intersected by recce drilling at Siniko West

• Large gold soil anomaly at Grano no drilling to date

• Multiple gold soil anomalies at Karite - prospective structural settings

• Large gold soil target at Baboro

Australia Exploration Update

• Structural and stratigraphic targets identified at the Stanley Manganese Project

• RC drilling (~3000m) scheduled to start in late November

• Three coherent gold prospects (+/- anomalous Cu, Ag & Zn) identified by shallow RAB drilling at Dundas

• RC drilling (~2200m) to test targets is scheduled to start in mid November

• Drilling at the Caroline prospect (NT) intersected sulphidic sediments with minor visible metals – assays pending

• Project generation looking at new opportunities

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AusQuest Australian Projects
Mt Ramsay
Plenty River Cu
Stanley Mn
Teriwa Cu-Au
Earoo Ni
Finke Cu-Au
Dundas Au
Active Projects
Active projects New Projects
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Stanley Manganese Project

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• Large scale project

• • 3500km² of title in the Earaheedy Basin

• • Mn widespread & found at various stratigraphic levels

• • Thick low grade Mn intercepts from broad spaced drilling

• • Structural controls believed important to locate higher grades

• • VTEM and gravity used to identify targets for drilling

• RC drilling (30 holes/~3000m) scheduled to commence in late November

Stanley Manganese Prospects

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• Previous drilling offset from gravity highs

• Higher density due to carbonate +/- Mn?

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• VTEM located possible structures with clay alteration (+/-Mn?) adjacent to areas of initial drilling

Dundas Gold Project

•Project located 200km SW of Tropicana (+5Moz Au) in similar terrain

Proterozoic - Archaean boundary – Gold target

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Kalgoorlie
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Norseman
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•Numerous gold & copper anomalies outlined by recce surface sampling of tenements

•RAB drilling (22,000m) confirmed gold in weathered bedrock beneath 3 gold surface anomalies

•All 3 targets are located close to the interpreted Proterozoic-Archaean boundary

•RC drilling (~21 holes/2,200m) of targets scheduled to commence in mid November

Dundas Gold Prospects

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Teriwa Cu-Au Prospect (Qld)

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• Tenements granted Sept’11- SW of Mt Isa - north of Diamantina

• Potential large IOCG target. Detailed gravity in 2012 – potential JV?

Peru Initiative

• Highly prospective country for IOCG and Porphyry Cu deposits

• Under-explored compared to Chile which is world’s largest copper producer

• Joint venture with Cliffs extends strategic alliance and helps fund early stage exploration

• Both parties commit US$1.0M towards initial exploration

• Joint Venture focus on coastal belt in southern Peru where potential discoveries concealed by cover

• Regional aeromagnetic survey (52,600km) completed to identify targets for evaluation.

Peru Joint Venture

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• JV area covers ~ 45,000km² of southern Peru coastal belt

• Proprietary survey flown to identify potential IOCG targets

• At least 13 areas of interest located

• 1000km² of title applications submitted - in progress

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Peru IOCG Targets

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• Examples of potential IOCG targets under title application

• • Field work to start early 2012

New Opportunities

• Project generation is the company’s lifeblood

• New opportunities continue to be sought to add value to the company

• Gold and base metal opportunities continue to be evaluated in West Africa

• Opportunities in Peru expected to increase with our presence in the country

• Strategy is to seek advanced exploration projects with targets ready for drilling