AUSQUEST LIMITED — Investor Presentation 2012

Feb 12, 2012

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Managing Director Presentation

February 2012

DISCLAIMERS

Forward-Looking Statements

This presentation contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of AusQuest Limited’s ongoing development and feasibility studies. Accordingly, AusQuest Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the feasibility studies are completed.

Competent Person’s Statement

The information in this presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Graeme Drew who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Drew is employed by AusQuest Limited and is the Company’s Managing Director. Mr Drew has sufficient experience which is relevant to the style of mineralisation and the type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Drew consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC – Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

Currency

All dollar amounts shown in this presentation are in Australian dollars unless otherwise stated.

Page 1

Capital Structure

• Listed securities

• Unlisted Options

• Major shareholders

• Cash Position

• 2012 Budget

228m

7M staff Options

Cliffs 30%, Passport Capital 6.5%, Hamersley 4.6%, C Ellis 4.7%

$8.1M (Jan 2012)

$5.0M

Company Position

Page 2

• Strong cash position - $8M

• Gold in Burkina Faso – 100% - Drilling February

• Dundas and Stanley – promising signs

• Key strategic alliance with Cliffs - Peru Initiative

• Project generation - lifeblood of company

West Africa Update

Page 3

• Additional percentage - 100% of Comoe Project

• Additional Title - 920km² in the Banfora Greenstone Belt

• Additional Targets – untested gold-soil anomalies

• RAB drilling (15,000m) planned to start - February 2012

• Focus on structural gold targets with open-cut potential

Page 4 • 920km² of Title in Banfora Greenstone Belt • Major gold deposits in nearby G/S Belts • Numerous artisanal workings • Extensive gold-soil anomalies • Prospective shear zones identified • Gold-Silver VMS system discovered at Phaco Hill • RAB drilling (15,000m) new targets starting February 2012

Comoe Project – Excellent Gold Potential

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Phaco Hill Opportunity
Section 1
Section 1
Section 2
Section 2
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Komoe Gold Targets (2012)

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Page 6

• Numerous gold prospects within Komoe tenement include:

• Strike Extensions of Phaco

• Gold bearing sulphides at Sangigee

• 100ppb Au anomaly (>1km) at Cisaillee along structure

• Large gold soil anomaly at Grano

• Gold soil anomalies in prospective structural setting at Karite Nez

• • Large gold soil target at Baboro

• New gold target at Siniko Central - splay off major shear

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Comoe – New Gold Targets (2012)
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Extensive gold-soil prospects within northern tenements to be tested by RAB &/or Auger in first half 2012

New gold-soil targets (>100ppb Au) identified at Tondoura - sub-parallel to regional structures

Australian Update

Page 8

• More focus on fewer projects.

• Drilling highlights base metal and gold potential at Dundas

• EM identifies priority drill target - 2[nd] Quarter 2012.

• Widespread Mn within Stanley Project (~4700km²).

• Geophysical surveys locate targets for drilling - 2[nd] Quarter 2012.

• Project generation to continue

AusQuest Australian Projects

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Stanley Mn
Teriwa Cu-Au
Earoo Ni
Finke Cu-Au
Dundas Au
Active Projects
Active projects
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Dundas Gold & Base Metal Project

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• Dundas located 200km SW Tropicana (+5Moz Au)

• Numerous Au & Cu anomalies outlined at surface

• Au & Cu, Zn, Ag targets defined by RAB drilling

• Anomalous Cu, Pb, Zn, Ag & Au located over ~30m by RC drilling

• • Sulphide target identified by EM

• Target drilling planned for 2[nd] Quarter 2012

Page 11 Dundas Gold & Base Metal Drill Target

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Stanley Manganese Project

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• Large scale project • 4700km² of title in the Earaheedy Basin • Mn widespread & at various stratigraphic levels • Thick low grade Mn in wide spaced drilling • Structural controls believed important to locate high grades • VTEM and gravity to identify targets for drilling

Niminga and Dome Mn Prospects

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• Early drilling offset from geophysical target

• Gravity highs due to carbonate +/- Mn?

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• VTEM anomalies suggest possible clay alteration (+/-Mn?) along faults

• RC drilling scheduled for 2[nd] Quarter 2012

Peru Initiative

Page 14

• Highly prospective for IOCG and Porphyry Cu deposits

• Under-explored compared to Chile - world’s largest Cu producer

• JV with Cliffs helps fund early stage exploration

• Both parties commit US$1.0M (minimum)

• JV focus on coastal belt (south Peru) where potential discoveries under cover

• Regional aeromagnetic survey (52,600km) flown to identify targets for acquisition.

Peru Joint Venture

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Page 15

• JV area ~ 45,000km² along southern Peru coastal belt

• Proprietary Aeromagnetic survey identifies potential IOCG targets

• Tenement applications submitted over 13 areas (~1000km²)

• Initial field recce starts February to prioritise targets

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Peru IOCG Target Examples

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• Magnetics over potential IOCG targets selected for acquisition

• Minimum Target size – 1km²

New Opportunities

Page 17

• Continue with project generation work

• Focus on new drill-ready opportunities

• New gold and base metal properties being evaluated in West Africa & Australia

• Opportunities in Peru to increase with local presence

• Maximise value of Strategic Alliance with Cliffs

Activity Table – Drilling FH2012

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Jan Feb Mar April May June Comoe RAB Drilling Assays Auger Drilling Assays Dundas RC Drilling Assays