AUSQUEST LIMITED — Capital/Financing Update 2014

Sep 4, 2014

September 5[th] , 2014 ASX Release

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PROSPECTIVE FRASER RANGE TENEMENT GRANTED

AusQuest Limited (ASX: AQD) is pleased to advise that its prospective Gibson Soak Exploration Licence, located in the southern Fraser Range Belt ~30km north of the port of Esperance, was granted on the 3[rd] September 2014, clearing the way for access negotiations to commence to allow detailed ground-based exploration to commence.

The Gibson Soak title covers the southern half (~20 strike kilometres) of a regional gravity anomaly that is caused by similar mafic rocks to those found within the Fraser Range terrain which hosts the Nova-Bollinger nickel-copper deposit ( Figure 1 ).

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Figure 1: Fraser Range Tenement Locations

Gibson Soak (100% AusQuest)

The Gibson Soak Project is located ~30km north of the port of Esperance, within the broader Fraser Range terrain.

Field reconnaissance along public roads identified the presence of mafic meta-gabbro outcrop within the regional gravity high (15–25 milligals), suggesting similarities to the Fraser Complex which hosts the Nova-Bollinger nickel-copper discoveries.

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

The regional gravity anomaly is approximately 20km x 7km in size within the Company’s tenement, and represents a priority target now that title has been granted ( Figure 2 ).

Much of the area is covered by farm-land with very little outcrop to be found. The road network throughout the area is excellent, providing easy access to areas of potential interest.

An initial reconnaissance sampling programme over the gravity anomaly is planned along public roads to define areas for more detailed sampling and subsequent ground and/or helicopter EM surveys to identify targets for drilling.

The Company has commenced negotiations with selected land owners to gain access to priority areas of farm-land which will enable detailed ground-based surveys to be completed.

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Figure 2: Gibson Soak priority target area

In Australia the Company continues to focus its exploration efforts within the Fraser Range province of WA, which is regarded as a high priority exploration target area for sulphide nickel and copper.

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 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.

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