AUSQUEST LIMITED — Capital/Financing Update 2009

Aug 16, 2009

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Investor Update

August 2009

Capital Structure

• Listed securities

• Listed Options

• Unlisted Options

• Major shareholders

• Cash Position

227m

104m (20c in November 2009)

55m (incl 48m options to Cliffs @ 40c in May 2011, & 7m staff options)

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

A$26M (June 2009)

Summary Exploration Progress

• Table Hill Mn & Base metals - “a work in progress”

• High grade Mn exposed at Wolfe – Drilling September.

• Base metal targets (Cu-Au, Ni) at Plenty River – Drilling early Sept.

• Infill drilling extends channel Iron at Rocklea – Revised resource estimates due August.

• 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 Ni
Plenty River Ni
Table Hill Mn, Ni
Table Hill Mn, Ni
Diamantina Cu-Au
Diamantina Cu-Au
Dundas Au
Dundas Au
Large tenement holdings across Australia
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Table Hill – Regional GEOTEM Survey
New targets Identified by
2009 GEOTEM survey
Clay alteration
4m@47.5%Mn
Fe +/- Mn
+ 200m Ba
Prospects drilled
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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
Mn corridor inferred from
2009 drilling and GEOTEM
GEOTEM Channel 20 Geology
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Table Hill – MN5 Prospect – Ground EM

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Drilling provides evidence for widespread hydrothermal activity – influx of Fe+/- Mn

Table Hill – MN5 Core

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Mn
Hematite (Fe)
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Table Hill – MN6 Prospect - Ground EM

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Drilling intersects >200 metres of
anomalous Ba (av 2% - up to max
14%) – hydrothermal alteration?
THD 31
THD 32
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Table Hill – Future 2009 program

• Focus manganese exploration within MN1 corridor

• Geochemical sampling to prioritise EM targets for drilling

• Review base metal potential of the basin in light of results from MN5 and MN6 drilling

• Geochemical sampling along selected structures to assess base metal potential

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Wolfe Manganese Project – Drill target
Ruby Plains Prospect
Ruby Plains Prospect
A B
Ruby Plains Prospect
New Tenement applications
A B
Mn Drill Target
0
200
1km
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Wolfe – Potential base metal targets

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VTEM Survey
Channel 25 Image
EM Targets
Priority Mn Target area
EM Target
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Wolfe - Future 2009 Program

• Site clearance and access preparation for drilling

• RC drilling (2000m) down dip from surface manganese occurrences planned for September

• RC drilling of selected EM targets to test for base metal mineralisation

Plenty River – Prospect Locations

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Caroline Prospect – Drill Target
Section A-B
A
Proposed drill holes
•Discrete (offset) gravity / magnetic
anomalies beneath sediment cover
B
•Several km² in size
•Potential base metal target – (Cu-Au)
•Funding assistance from NT Govt
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White Gums Prospect – Drill target

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Magnetic Contours
EM Image
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Strong EM response and coincident magnetic anomaly – Ni sulphide target

Plenty River – Future 2009 Program

• Site Clearance and access preparations

• Diamond drilling Gravity/magnetic target at Caroline (potential base metal target (Cu-Au)) scheduled for September

• Diamond drilling EM targets at White Gums (potential Ni-S targets) scheduled for early September

Rocklea CID Resource (2008)

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

Rocklea CID – Infill Drilling (2009)

Infill drilling in 2009 intersects thick channel iron mineralisation Revised resource estimate due August 2009 (2008)

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

Future 2009 Programme Summary

Project	Activity	Timing
TABLE HILL (Mn) MN1 Corridor Other Targets	Geochem sampling Geochem sampling	Sept-Oct Sept-Oct
WOLFE (Mn)	RC Drilling (~2000m)	Sept-Oct*
PLENTY RIVER (Cu- Au, Ni)	Diamond Drilling (~2000m)	Sept-Oct*
ROCKLEA (iron)	Revised Resource Estimate	August
DUNDAS (gold)	Geochem sampling	August-Oct
NEW OPPORTUNITIES	Asset acquisition	August-Dec

• Subject to clearances and rig availability