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AUSQUEST LIMITED Capital/Financing Update 2011

May 23, 2011

64406_rns_2011-05-23_7f3afdbe-c157-4494-8901-5e5808f4c5fd.pdf

Capital/Financing Update

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23 May 2011

ABN 35 091 542 451 8 Kearns Crescent, Ardross WA 6153 Telephone: 08 9364 3866 Facsimile: 08 9364 4892 Email: [email protected] Web: www.ausquest.com.au

The Manager Company Announcements Office Australian Securities Exchange

By Electronic Lodgement

Dear Sir/Madam

EXPIRY OF UNLISTED OPTIONS

The Company wishes to advise that 48,060,857 unlisted options exercisable at 40 cents each expired unexercised on 21 May 2011.

Yours faithfully AusQuest Limited

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AUSQUEST LIMITED — Capital/Financing Update 2011

64406_rns_2011-05-23_7f3afdbe-c157-4494-8901-5e5808f4c5fd.pdf

EXPIRY OF UNLISTED OPTIONS

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AUSQUEST LIMITED Capital/Financing Update 2011