AusQuest (AQD) Q2 2025 TU earnings summary

Executive summary

• Major porphyry copper-gold discovery at Cangallo, Peru, with broad mineralized intercepts in maiden drilling; further assays pending early 2025.

• Significant progress on permitting for Lantana and Playa Kali copper prospects in Peru, with drilling approvals expected in Q2 2025.

• Australian projects advanced, including premium iron product confirmation at Morrisey and large-scale drill programs planned at Balladonia and Coober Pedy.

• Raised ~$2.4 million via rights offer and placement to fund exploration in Peru and Australia.

Financial highlights

• Quarter-end cash position of ~$2.1 million, with additional SAA funding expected in Q1 2025.

• Net cash outflow from operating activities was $266,000 for the quarter.

• Net cash outflow from investing activities was $788,000, mainly for exploration and evaluation.

• $2.4 million raised from equity issues; $586,000 received from South32 under SAA.

• Estimated 1.32 quarters of funding available at current expenditure rates.

Outlook and guidance

• Outstanding Cangallo drill assays expected by February 2025; further access preparations underway.

• Drill permitting for Lantana and Playa Kali to be completed in early Q2 2025; drilling to follow.

• Major RC drilling at Balladonia and Morrisey to commence in Q1/Q2 2025, subject to rig availability.

• Coober Pedy IP survey planned for Q2 2025; further exploration at Moora and Mt Davis pending assay results.