AUSQUEST LIMITED — AGM Information 2012

Nov 26, 2012

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AusQuest Annual General Meeting

27[th] November 2012

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 to 160m ( pending shareholder & FIRB approval re Cliffs buy-back )

• 6.5M staff Options

Cliffs 30%, Hamersley 4.6%, C Ellis 4.7% ( pre AGM ), changing to - C Ellis 6.7%, Hamersley 6.6% ( pending shareholder & FIRB approval )

• $3.5M (Oct 2012) + $750K due Jan 2013 from sale of Rocklea

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Where are we now?

• Board re-affirms company’s direction to make discoveries with provincial implications

• Sound financial position for programme ahead

• Gold in West Africa remains a major asset – looking at ways to maximise this opportunity for shareholders

• In Peru exploration activity significantly increased (JV with Cliffs) with prospects reaching target definition stage

• New nickel prospect(s) in Australia ready for drilling - Mn potential enhanced at Stanley

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West Africa Exploration Update

• Increased ownership (100%) and land position

• Encouraging intersections from early stage recce drilling over structural gold targets – five priority areas identified

• New potential gold lodes (+/- base metals) at Phaco Hill identified by shallow drilling

• New prospects outlined along strike from Phaco by mapping and soil sampling

• Evaluating best option to maximise value for shareholders

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Comoe Project – Bukina Faso

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• Equity – AusQuest 100% : Endeavour 1.5%NSR

• Land Holding – 1150km² within Banfora Greenstone Belt

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

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Comoe Project - Overview

• Increased ownership to 100%-owned or option-to-own 100% (1.5% NSR)

• Permits cover volcanic sequences as well as metasedimentary schists

• Both sequences prospective for structure-hosted gold. The volcanics -

• prospective for Au rich VMS

• Exploration drilling (2012) focussed on structural gold targets

• Recce RAB produced significant intersections in at least 5 areas

• Further drilling required to determine full potential or prospects

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Noumousso
Finkere
BANFORA
Tiefora
Kapogouan
Kaouradeni
Kangounadeni
Tondoura
Phaco Hill
Au(Ag)-rich
VMS discovery
Komoe
Logoniegue
10km
Structural Au targets Major structures Pelitic schists
Au/Ag VMS targets Permit (100% AQ) Felsics Granodiorite
/ Au deposits/workings Permit (AQ opt. 100%) Mafics Granite & Gneiss
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Comoe - Northern Prospects

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Lagnin Nandrefa
1m @ 4.63 g/t (EOH) & 4m @ 4.69 g/t
numerous results >0.5g/t 8m @ 0.68 g/t
Shears /altered granodiorite Altered granodiorite
2012 RAB Program
Diarabakoko East Taurus Gold Nandrefa Noumousso
Daramandougou
•
RAB drilling (27,000m) 4m @ 1.9 g/t (50m
Lagnin
along strike from
Finkere
• earlier 12m @ 1.5 g/t)
Broad-spaced holes and
BANFORA
sections Tiefora
Kapogouan
•
Most holes <35m deep
• Mamba
Reconnaissance in nature
4m @ 1.1 g/t Kaouradeni
QV’s, graphitic shears Kangounadeni Diarabakoko
•
First-pass testing of 25
prospects
Vipere
•
Encouraging results from 8m @ 2.0 g/t EOH Mamba Structural gold target
many prospects artisinal workings Vipere
Artisanal working
• Arbore Tondoura
Follow-up work required
Arbore
15m @ 0.53 g/t
Many anom. results
? stockwork 10km
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Comoe – Southern Permits

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Baboro
2km x 1km gold soil anomaly
9 RC holes – 4m @ 1.5g/t,
16m @ 0.5g/t
Sommet
New Prospect
Similar Nogbele setting
Cisaillee
4m @ 8.7 g/t, 24m @ 0.6g/t
Adjacent Siniko Shear
Intense alteration >500m
Phaco Hill
Phaco Hill
Several gold-silver lodes
High grades (>5g/tAu)
Komoe Large alteration footprint
Potential VMS camp?
Logoniegue
Logoniegue
Prospective stratigraphy
along strike from Phaco
Strong gold soil anomalies
4km
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Phaco Hill Gold-Silver Prospect

Ph North East 11m @ 0.5 g/t Au Base metals in soils

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Ph North

Broader Au (±Ag) lodes Medium grade (~2-4 g/t Au) Open along strike & at depth Ph East

Minimal drilling 8m @ 1.5 g/t Au Open all directions

Ph South East 12m@3.8 g/t Au (EOH) RAB from surface New gold lode

• RC drill hole collar

• Diamond drill hole collar

 RAB drill hole collar

Ph South

Drill Section

High grade Au (±Ag) lode Surface projection of (>5g/t Au Variable width) interpreted Au lodes Open at depth/down plunge Siliceous Alteration Ph South Ext. Advanced Argillic Alteration Minimal drilling 6m @ 4.6 g/t Au

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Phaco Hill Potential

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Phaco Hill – Sulphide Mineralisation

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Peru Initiative

• Elephant country for IOCG and Porphyry Cu deposits

• Joint exploration funding (50:50 Cliffs) extends coverage of AQD expenditure

• Field activity increased in 2[nd] half 2012 following grant of tenements (81 of 154 Mineral Claims)

• Recce mapping/sampling and geophysical surveys underway to prioritise target areas for drilling

• Early encouragement from the Pampa Colorado prospect with widespread epithermal Cu +/- Au mineralisation

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Peru JV - Tenements

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Pampa Colorado Prospect

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Pampa Colorado Prospect

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Australia Exploration Update

• Target definition and RC drilling planned for the Stanley Manganese Project in 2013 following agreement with Cliffs

• Nickel –copper targets identified from geochemical data at Dundas ~80km SE of the Nova Ni-Cu discovery

• VTEM survey scheduled for December 2012

• Strong EM conductor(s) located at Earoo with potential for nickel sulphide discovery(s) with provincial implications

• Target drilling scheduled for January 2013 pending access and drill rig availability

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AusQuest Australian Projects

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Stanley Mn
Teriwa Cu-Au
Earoo Ni
Dundas Ni, Au
Active projects
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Stanley Manganese Project – Cliffs JV?

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• Agreement with Cliffs will maintain exposure to the Stanley project (AQD 30%) and deliver longer term exploration - pending results

• • 2300km² of title in the Earaheedy Basin

• Mn is widespread & found at different stratigraphic levels

• Recent Mn exposures found at upper contact of Windidda Carbonate

• Structural controls believed important to locate higher grades

• EM, gravity and drilling planned for 2013

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Stanley Manganese Project

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Dundas Nickel Project

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•Project located ~80km SW of new Nova Ni-Cu Discovery

•Review of company geochemical data base identified several low order but semi-coincident Ni-Cu anomalies

• •Mafic and ultramafic rocks confirmed in the area by previous RAB drilling results

• •VTEM surveys over Ni-Cu anomalies scheduled for December 2012

• •Ground EM and target drilling in 2013 pending results

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Dundas Nickel – VTEM Survey

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Earoo Nickel Prospect – Regional Setting

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Earoo Nickel VTEM Survey

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• Large mafic sill (26km x 5km) & internal structures clearly outlined by magnetics

• VTEM Survey (2011) originally identified one sulphide target – EVA3

• Recent FLTEM located second stronger response 400m from original target

• VTEM review found subtle late-time response & many more that could reflect similar targets

• Potential for numerous sulphide bodies within the Earoo sill to be tested by ground EM and drilling

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EVA3 – FLTEM Results

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Strong Response
Priority Drill Target
Original VTEM target
Early Time (6 msec) Late Time (53 msec)
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EVA3 – Models and Drill Targets

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North
East
Plan View
•
High Conductance target
•
Model geometry suggests
Model Section
source within flat-lying sill Looking East
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Planned Activities – First Half 2013

Project Activity Jan Feb Mar April May Jun Earoo Ni Drilling ? ? EM Surveys ? ? Dundas Ni VTEM Survey EM & sampling ? Drilling ? ? Stanley Mn EM, gravity, map RC Drilling Peru JV Cu-Au Target Definition Drilling (CNR) ? ? Banfora Au Corporate Map, sample Drilling ? ? ? Pending results

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