AUSQUEST LIMITED — AGM Information 2021

Nov 23, 2021

A U S Q U E S T L I M I T E D A S X : A Q D ( )

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SAA EXTENDED FOR TWO YEARS
- - –
Drill Targets Morrisey (Ni Cu PGE) Dec 2021
- –
Drilling Fraser Range (Cu Ni) Q1 2022
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Drilling at Hamilton (Cu) Q2 2022
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Drilling Los Otros (Cu Au) Dec 2021
- –
Drilling Peru CDF & PCY (Cu Au) H1 2022
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AGM November 2021 MD Presentation
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D I S C L A I M E R S

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 details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon 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.

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C A P I TA L S T R U C T U R E

AusQuest Limited				Significant Shareholder
ASX Code		AQD		Chris Ellis (NED)			21.24%
				Directors (Incl C.E.)			24.15%
Shares on Issue		823.1 million
				Altor Capital Management Pty Ltd			3.61%
Options on Issue (listed)		127.0 million		Asuper Pty Ltd			1.72%
				Top 20 (approx)			44.05%
Market Cap. (at 1.8cents)		$ 14.8 million
				Directors
Cash (as at 30 Sep)		~$4.7M
				Greg Hancock		Non Exec. Chairman
Enterprise Value		~$10.1 million		Graeme Drew		Managing Director
				Chris Ellis		Non Exec. Director
0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000
				$0.000 $0.005 $0.010 $0.015 $0.020 $0.025 $0.030 End of drilling campaign
					End of drilling campaign

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H A M I L T O N – C o p p e r G o l d P r o j e c t ( S A A )

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Osborne Mine Cannington Mine
~70km north ~100km north
166Mt @ 1.1%Cu
0.54gptAu
79Mt @ 260gptAg
7.9%Pb, 5.4%Zn
36Mt @ 2.0%Cu
1.0gptAu
•
Under cover but close to Cannington – strong incentive for discovery under SAA
• Eromanga Basin Cover
Mineralised BIF intersected by 2021 drilling – similar setting to Osborne Cu Mine
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H A M I L T O N N O R T H – P r i o r i t y D r i l l T a r g e t

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BIF
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• DHEM & Structure infer nearby Target - Further drilling planned Q2 2022

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H A M I L T O N S O U T H – M i n e r a l i s e d B I F

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BIF BIF BIF
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• Mineralised BIF intersected in DD012

• Strong pathfinder signature (Cu, Au, Bi, Mo, Se, Sn, W, Te, Pb, LREEs)

• Structural targets nearby (?) – Gravity to optimise drill target(s) – Drilling 2022?

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P R O J E C T S ( W A ) – P r o s p e c t S u m m a r y 2 0 2 1

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• New Cu-Au-Ni targets –

• identified at Balladonia Potential for NiS, IOCG and BHT deposits to be tested by drilling in 2022

• HEM and soil surveys at Morrisey highlight targets for Ni-Cu-PGE mineralisation within mafic/ultramafic rocks similar to Julimar(?)

• Targets at Moora similar to Julimar(?) to be tested in 2022

• New opportunities identified at Jubilee (Ni-Cu) and Mt Davis (Pb-Zn) to be advanced in 2022

• Paterson projects remain of interest – but difficult access

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B A L L A D O N I A – I O C G / B H T & N i S T a r g e t s ( S A A )

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Harms Lake Harms Lake
Tea Tree Tea Tree
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Strong magnetic anomalies
targets for IOCG / BHT deposits
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Similarities emerging with East Succession (Mt Isa)
which contains many Cu, Au, Ag, Pb & Zn deposits
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B A L L A D O N I A – T e a T r e e D r i l l T a r g e t

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• Potential IOCG and/or BHT targets with similar magnetic, gravity, geochem signatures to deposits found in NW Qld (Mt Isa) – Drilling planned for Q1 2022

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B A L L A D O N I A – H a r m s L a k e D r i l l T a r g e t

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Aircore Drilling

• Anomalous Ni, Cu and Cr values imply mafic/ultramafic intrusive with potential for Ni-Cu-PGE mineralisation – Ground EM survey Dec 2021 - Drilling 2022?

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M O R R I S E Y - N i - C u - P G E P r o j e c t ( S A A )

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• Julimar Ni-Cu-PGE discovery focused attention on western margin of Yilgarn

• New title secured at Morrisey and Moora north of Perth

• Target - magnetic signatures similar to those at Julimar

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M O R R I S E Y - N i - C u - P G E P r o j e c t

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HEM Survey
HEM Survey
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M O R R I S E Y - N i - C u - P G E P r o s p e c t s

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Bilga Rocks
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Sandfly

Waterfall

• HEM survey locates 3 likely sulphide targets (no spurious conductors)

• • Anomalous soil Ni, Cu, Cr reflect prospective host rocks (U/M) &/or possible mineralisation

• Magnetics outlines potential mafic/U/M bodies & infers large scale

• Ground EM surveys to optimise drill sites – Drilling 2022?

P E R U P R O J E C T S – C o p p e r C o u n t r y

• Significant drilling planned (estimate - 3 projects ~10,000m RC)

• Los Otros mid-December; CDF East (Pirata) & Parcoy mid-2022

• Numerous porphyry copper targets identified at Pirata and Los Otros

• • Stage 2 drilling at Parcoy following “Proof of Concept” drilling in 2021

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C E R R O D E F I E R R O – D r i l l R e s u l t s ( S A A )

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• Widespread Cu in the volcanics – Focus in south shifting to porphyry Cu potential

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C D F - E A S T - ( P i r a t a ) – P o r p h y r y C u P o t e n t i a l

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Cerro de Fierro
Pirata
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• Potential for porphyry Cu recognised in 2021 drilling at CDF – Numerous porphyry Cu targets now evident within structural corridor up to 20km east of CDF

• Anomalous pathfinders (Mo) & pyrophyllite infer proximity to porphyry systems

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P I R A T A – P o r p h y r y C u T a r g e t s T 1 , T 2 , T 4

T2

T1

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Porphyry Cu Target
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T4
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• Lithocaps (AAA) are the surface expression of hidden porphyries – ‘ a geological anomaly ”

• T1 and T2 have extensive AAA with anomalous pathfinders (eg Mo) and significant pyrophyllite

• T1 has associated mag response – potassic zone? T4 has widespread pyrophyllite & associated mag responses – a large porphyry complex?

• All three targets to be drilled in 2022

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P A R C O Y – C o p p e r i n K n o w n I O C G B e l t ( S A A )

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• Highly prospective region for IOCG deposits – close to Mina Justa (475Mt @0.68%Cu), & along strike from Los Chapitos (Camino Minerals) – 50km from Cerro de Fierro

• Initial drilling provided ‘Proof of Concept’ for Cu (Au) manto style deposits within the volcanics at least 500m from the feeder structure – Further drilling planned for 2022

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P A R C O Y – “ P r o o f o f C o n c e p t ” D r i l l i n g

Drill Target Area 2022

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L O S O T R O S – E l e p h a n t C o u n t r y f o r C u ( S A A )

Drill Targets

• Prospect located close to major Cu producers – AAA (lithocap) at Los Otros has similar age to nearby porphyry deposits – Initial drill test to start Dec 2021

L O S O T R O S – ‘ P r o o f o f C o n c e p t ’ D r i l l i n g

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A U S Q U E S T - N e x t S i x M o n t h s D r i l l i n g

Projects Hamilton (SAA) – Cu Au QLD Balladonia (SAA) – Cu Pb Zn Ag WA Morrisey (SAA) – Ni Cu PGE WA Cerro de Fierro (SAA) – Cu Au Peru Parcoy (SAA) Cu Au Peru Los Otros (SAA) – Cu Mo Peru Paterson, Moora, Jubilee, Mt Davis Cu Au, Ni PGE, Pb Zn

Nov Dec Jan Feb Mar April May Diamond Drill ✓ Drill Prep ✓ Gravity ✓ DHEM Target Definition ✓ Access - Diamond Drill ✓ Assess results ✓ Gravity / EM ✓ Optimise Targets for drilling ✓ Access - Drill ? Targets Permit & Access for Drilling ✓ Drill ✓ for drilling Access ✓ Optimise Targets Permit & Access for Drilling ✓ Drill for drilling ✓ Access ✓ Drill Access ✓ RC Drilling ✓ Assess results – Planning ✓ Project Generation Studies – Target definition – New Opportunities ( = AQD cost ) (NB: ✓ = agreed under SAA, ? = to be agreed by/under SAA) 22

C O N TA C T

A U S Q U E S T L I M I T E D Graeme Drew Managing Director 8 Kearns Cres, Ardross, WA, 6153 Tel: +61 (8) 9364 3866 Email: graeme@ausquest.com.au www.ausquest.com.au

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