AusQuest (AQD) AGM 2024 presentation summary

Key project developments

• Multiple drill targets defined at Balladonia, with major drilling planned for H1 2025 and funded by South32 under the Strategic Alliance Agreement (SAA).

• Morrisey project shows premium grade magnetite potential, with coarse-grained magnetite intersected and beneficiation tests yielding >70% Fe; further drilling planned for 2025.

• New exploration opportunity at Coober Pedy, with gravity and magnetic anomalies identified and IP survey planned ahead of drilling.

• Drilling at Cangallo porphyry copper prospect in Peru is imminent, with permits for Lantana and Playa Kali expected in Q1 2025.

• Moora and Mt Davis projects advancing, with drilling at Moora planned for Q4 2024 and sampling at Mt Davis completed.

Strategic partnerships and funding

• South32 has exclusive rights to selected projects under the SAA, providing funding plus a 15% fee; $4.5M spend earns 70% equity.

• AusQuest manages all programs during the earn-in period and retains 100% of projects if South32 withdraws.

• Five projects in Australia are currently under the SAA, with new opportunities being presented to South32.

Exploration results and resource potential

• Balladonia project shows potential for large-scale Pb-Zn-Ag and Cu-Au resources, with multiple EM and gravity-defined drill targets.

• Morrisey's Waterfall prospect returned thick magnetite intersections (up to 116m) with Fe grades ranging from ~24% to 32%.

• Davis Tube Recovery tests on select holes produced premium magnetite concentrate (>70% Fe) at coarse grind sizes.

• Moora project confirmed mafic intrusion with ultramafic potential; RC drilling for Ni-Cu-PGE planned.

• Coober Pedy project identified alteration proximal to IOCG systems; gravity and magnetic anomalies offset, suggesting magnetite and hematite.