AUSQUEST LIMITED — Capital/Financing Update 2013

Oct 17, 2013

October 18[th] , 2013 ASX Release

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TIMETABLE TO FRASER RANGE DRILLING CONFIRMED

D D H1 Drilling to have drill rig on site by end of November

AusQuest Limited (ASX: AQD) is pleased to advise that the timetable for drilling at its 100%-owned Dundas Nickel Copper-Project , located 80km south of the Nova and Bollinger nickel-copper-cobalt discoveries in the Fraser Range belt of WA has been confirmed.

The Company has secured premium drilling contractor DDH1 Drilling (DDH1), which has a proven track record in the region and at other significant discoveries in WA, to undertake the program.

DDH1 expect to have a drill rig on site by the end of November 2013 with drilling scheduled to commence shortly thereafter.

A minimum diamond drill programme of 5 holes (~1,200 metres) is planned to test three high priority targets ( see figure 1 ) that have been defined by a combination of ground-based fixed loop EM (electro-magnetic) surveys and soil geochemistry. Ground-based geophysics, together with surface geochemistry, played an important role in the discovery of the Nova nickel-copper-cobalt deposit by Sirius Resources NL (ASX: SIR) in 2012.

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Figure 1: FLTEM Anomalies recommended for drilling

AusQuest’s Managing Director, Mr Graeme Drew commented: “ The Company remains very excited about the commencement of drilling at our three high priority Fraser Range targets – Alpha, Beta and Omega. We have undertaken extensive systematic exploration programmes that have resulted in these high priority drill targets in a part of the world that may prove to be amongst the most prospective in the world for the next big nickel-copper discovery.”

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

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Graeme Drew Managing Director

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 2004 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.

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