AusQuest (AQD) investor relations material

Project overview and discovery

• Cangallo is the first major greenfields porphyry copper discovery in Peru in two decades, located just 8 km from the coast, offering significant logistical and cost advantages and no competing land uses or communities.

• Early sampling and drilling revealed copper-rich outcrops and promising near-surface mineralization, with the prospect expanding with each drilling program.

• The project benefits from low altitude (~1,200m), proximity to a potential port, multiple power options, and a local workforce.

• Peru is a top global copper producer, and Cangallo enhances the prospectivity of the coastal belt, attracting competition from major mining companies.

Geological and operational highlights

• Drilling has defined continuous copper mineralisation over 1,500m length, 250–500m width, and depths up to 800m, with mineralisation open in all directions.

• Broad, low-grade intersections include 330m @ 0.30% Cu, 555m @ 0.26% Cu, and 176m @ 0.38% Cu, with high-grade zones exceeding 0.5% Cu and some intercepts up to 1% Cu over short intervals.

• Near-surface supergene copper is partly acid soluble, supporting potential low-cost heap leach processing.

• Most drill holes end in mineralization, and deeper drilling is underway to target higher grades, with high copper grades below 250m linked to chalcopyrite and bornite.

• Gold is also present, contributing to copper equivalent grades approaching 1% in some zones, and the mineralization is primarily within veins with potential for multiple porphyry centers.

Infrastructure, permitting, and development plans

• The site is close to the Pan-American Highway, power lines, and a potential port, supporting efficient supply and operations.

• Permitting constraints have limited drilling, but new drill pad access and Stage 4 permits are expected soon, enabling resource expansion into southern extensions.

• Metallurgical test work is ongoing to assess recovery profiles, with no significant issues identified so far.

• Heap leaching is being considered for oxidized upper zones to lower processing costs.

• Additional drilling and assay results are anticipated by year-end, with a focus on expanding the resource and confirming metallurgical viability.