PAINCHEK LTD — Capital/Financing Update 2015

May 12, 2015

Drill Equipment set to Mobilise to the Cyclops Prospect on the Coober Pedy Project in South Australia

Highlights

13 May 2015

DIRECTORS

• MinQuest to complete the first drill holes into the Cyclops Prospect on the Coober Pedy Project, in central South Australia;

• The Cyclops Prospect contains an Iron Oxide Copper Gold (IOCG) target, which exhibits geophysical characteristics similar to the worldclass Prominent Hill copper-gold mine;

• The drilling equipment is set to mobilise on the 18[th] May 2015 to the Coober Pedy area with drilling to commence by 21[st] May.

• Geophysical modelling suggests the target at Cyclops occurs under 100m of cover, is at least 250m in vertical depth extent and potentially over 1500m along strike;

• The program will include at least 1200m of drilling to test the depth and lateral extent of the Cyclops Prospect;

• All required approvals have been obtained to allow the commencement of drill testing at the Cyclops Prospect.

David Deloub Chairman

Jeremy Read Managing Director

Paul Niardone Non-Executive Director

Adam Davey Non-Executive Director

Kim Clark Company Secretary

SHARE INFORMATION

ASX Code: MNQ Issued Capital: 130,125,008 Fully Paid Shares 61,589,766 Unlisted Options

CONTACT INFORMATION

Registered Office: 96 Stephens Road South Brisbane, QLD 4101 T: +61 7 3844 0372 F: +61 7 3844 0154 www.minquest.com.au

MinQuest Limited ACN: 146 035 127

CYCLOPS PROSPECT

MinQuest Limited (“MinQuest” or “The Company” ) (ASX:MNQ) is pleased to announce that Mt Magnet Drilling is set to mobilise a drill rig and drilling equipment to the Coober Pedy Project on 14[th] May, 2015, in order to drill test an Iron Oxide Copper Gold ( IOCG ) target at the Cyclops Prospect. The drill rig is planned to be on site and drilling by the 21[st] of May. 1,200m of drilling will be completed to test the geophysical and geochemical anomalies that comprise the IOCG target at the Cyclops Prospect. The Cyclops Prospect is located south-west of Coober Pedy, South Australia ( Figure 1 ).

MinQuest’s Managing Director Mr Jeremy Read said, “The target at Cyclops is a high quality target with characteristics similar to the geophysical anomalies associated with the world-class Prominent Hill copper-gold mine.”

“Being able to drill test the target at Cyclops is a very positive development for MinQuest and we are looking forward to completing the first hole at Cyclops”, said Mr Read.

MinQuest will update the market with regular announcements to the ASX during the course of the drill program.

Competent Person Statement - Mineral Resource

The information in this report that relates to exploration results is based upon information reviewed by Mr Jeremy Read BSc (Hons) who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Read is a full time employee of MinQuest Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Read consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Read is the Managing Director of MinQuest and currently owns 2,525,253 Fully Paid Ordinary Shares and has the entitlement to a further 2,525,253 deferred consideration shares subject to relevant milestone events being achieved.

Forward Looking Statements

This announcement contains “forward-looking statements”. Such forward-looking statements include, without limitation: estimates of future earnings, the sensitivity of earnings to commodity prices and foreign exchange rate movements; estimates of future production and sales; estimates of future cash flows, the sensitivity of cash flows to commodity prices and foreign exchange rate movements; statements regarding future debt repayments; estimates of future capital expenditures; estimates of resources and statements regarding future exploration results; and where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to commodity price volatility, currency fluctuations, increased production costs and variances in resource or reserve rates from those assumed in the

company’s plans, as well as political and operational risks in the countries and states in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other filings. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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350000 400000 450000 500000 550000
6850000 SOUTH 6850000
AUSTRALIA Oodnadatta
Coober Pedy
30°S Cyclops
Prospect
Cedun a Port Augusta
EL 4542 Port Lincoln ADELAIDE
"Mount Clarence"
500 km
LOCALITY MAP
130°E 140°E
6800000 6800000
"Mabel Creek"
COOBER PEDYCOOBER PEDY
CYCLOPS PROSPECT
EL 4892 Cairn Hill
6750000 6750000
EL 4891
Lake Phillipson
"Ingomar"
Manxman Prominent Hill
6700000 6700000
"Commonwealth Hill"
350000 400000 450000 500000 550000
Exploration Licence (Teck Australia) Railway CYCLOPS PROSPECT - COOBER PEDY PROJECT
IOCG deposit Highway
Town Secondary road 0 10 20 30 40 50 km LOCATION MAP
Homestead Minor road
Track UTM Projection. MGA Zone 53. GDA94 Datum. Checked: C. DoornbosDrawn: RRM Drawing No.: FL-001.mxdDate: 09.10.2014 Revision: Figure 1
DARWINDARWIN
STUARTSTUART
ADELAIDEADELAIDE
HIGHWAYHIGHWAY
Dog Fence
R
LIA
W
A
Y
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