AusQuest (AQD) Q1 2027 earnings summary

Executive summary

• Cangallo drilling expanded the copper-gold footprint and identified higher-grade zones; geophysics outlined a porphyry system at least 2.5km x 1km, with substantial areas still untested.

• Australian exploration advanced at Coober Pedy, Morrisey and Mt Davis; Balladonia drilling remained subject to government approvals.

Financial highlights

• Quarter-end cash was $2.093m after $4.3m invested in exploration; an additional $900k under the South32 Strategic Alliance Agreement was expected in Q4 CY2026.

• Cash flow showed $4.518m in exploration and evaluation payments, $3.662m net investing outflow and $557k net operating outflow.

Outlook and guidance

• Stage 4 RC and diamond drilling at Cangallo was planned after access preparations, subject to rig and crew availability; further geophysics, metallurgical work and geological assessments were also planned.

• Coober Pedy assay results were expected in Q4 CY2026; Balladonia approvals and access preparations, Morrisey gravity surveys and Mt Davis ground EM surveys were targeted for the next quarter.