AusQuest (AQD) Q1 2025 TU earnings summary

Executive summary

• Premium iron product (>70% Fe) produced at Waterfall Prospect, Morrisey Project, with 40% magnetite recoveries; further DTR results pending.

• Drilling and geophysical surveys advanced across Australian projects (Balladonia, Mt Davis, Coober Pedy, Moora, Jubilee Lake, Hamilton) and Peru copper-gold projects.

• Drill permits received for Cangallo (Peru); Lantana and Playa Kali permits expected in early 2025.

• Non-renounceable rights offer launched to raise up to A$2.6 million for exploration and acquisitions.

Financial highlights

• Quarter-end cash position of ~$0.92 million; additional $465,000 received in October for SAA-funded work.

• Net cash outflow from operating activities was $5,000; investing activities outflow $125,000; financing outflow $23,000.

• Estimated quarters of funding available: 0.91, with further funding expected from rights issue and SAA.

Outlook and guidance

• Drilling at Cangallo (Peru) to commence December/January, subject to rig availability.

• Further drilling at Balladonia, Morrisey, and Moora planned for H1 2025.

• Lantana and Playa Kali drilling expected H1 2025, pending permit completion.

• Ongoing search for joint venture partners for Peru projects.