AUSQUEST LIMITED — Capital/Financing Update 2013

Nov 19, 2013

20 November 2013

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Australian Securities Exchange Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

SHARE PURCHASE PLAN CLOSES HEAVILY OVERSUBSCRIBED

The Board of AusQuest Limited (ASX: AQD) is pleased to advise that the Securities Purchase Plan (“SPP”) which closed at 5.00pm on Monday 18[th] November was heavily oversubscribed. The Board will now undertake a process to scale-back applications to ensure that the terms of the SPP are met.

The expected date for allotment of SPP securities and issue of refund cheques is the 22[nd] November 2013. The SPP was designed to allow shareholders to participate in the current round of fundraising on the same terms as the earlier placement to sophisticated investors.

In total, the Company will complete a capital raising of $2.75 million (subject to shareholder approval at the Company’s AGM to be held on the 26[th] November) to fund ongoing exploration and drilling programs at the Company’s Fraser Range nickel-copper and Peru copper-gold projects and to provide additional working capital.

Preparations for drilling are currently underway at the Fraser Range nickel-copper project, which is designed to test four high priority EM targets. Drilling is expected to commence in early December.

The Board would like to take this opportunity to thank existing shareholders for their support during this fundraising period, and welcome new shareholders to the register.

The Company looks forward to reporting results from the upcoming drill programmes as they become available.

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Graeme Drew Managing Director

AusQuest Limited 8 Kearns Crescent Ardross WA 6153 (T): 08 9364 3866 (F): 08 9364 4892 www.ausquest.com.au