AUSQUEST LIMITED — Capital/Financing Update 2019

Nov 12, 2019

13 November 2019

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Australian Securities Exchange Level 40, Central Park 152 – 158 St George’s Terrace Perth WA 6000

By electronic lodgement

Dear Sir/ Madam

RIGHTS ISSUE CLOSURE

AusQuest Limited (ASX code: AQD) is pleased to advise that its non-renounceable 1 for 4 rights issue offer of new fully paid shares in the Company ( New Shares ), with each New Share having attached a free option ( New Option ), on the terms of the prospectus dated 16 October 2019 (“ Rights Offer ”), closed at 5pm AWST on 8 November 2019.

Eligible shareholders who applied for their full entitlement under the Rights Offer were also able to apply for New Shares in excess of their entitlement through a shortfall offer under the prospectus (“ Shortfall Offer” ).

The Offers were well subscribed with eligible shareholders applying for 91,313,334 New Shares and 91,313,334 attaching New Options (raising $1,278,387), including 21,888,263 New Shares and 21,888,263 attaching New Options of the shortfall available, resulting in a remaining shortfall of 46,012,931 New Shares and attaching 46,012,931 New Options on close of the Rights Offer.

New Shares and attaching New Options to be issued under the Rights Offer, are expected to be allotted and issued by 15 November 2019 with normal trading expected to commence on 18 November 2019.

The Shortfall Offer under the prospectus remains open for acceptances by the public. Under the terms of the Shortfall Offer, the Directors reserve the right to allocate the remaining shortfall at their discretion, in consultation with Hartleys Limited as the Lead Manager, within 3 months of the closing date of the Rights Offer.

The Board of AusQuest would like to thank shareholders for the uptake of their entitlements under the Rights Offer and for their continued support as the Company moves into its next drilling phase at its projects in Australia and Peru.

Yours sincerely

Henko Vos Company Secretary

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