AusQuest (AQD) Q3 2025 TU earnings summary

Executive summary

• Maiden drilling at the Cangallo Project in Peru confirmed a large-scale porphyry copper-gold system, with significant near-surface and deeper mineralisation open in all directions.

• Stage 2 RC drilling (~5,000m) at Cangallo is set to begin in late May 2025, with further diamond drilling planned for H2 CY2025.

• Drill permitting advanced for Lantana and Playa Kali copper projects in Peru, with surface access approvals pending.

• In Australia, major RC drilling commenced at Balladonia (copper, lead, zinc) and is planned for Morrisey (magnetite), with geophysical surveys at Coober Pedy and drilling at Mt Davis scheduled for later in 2025.

• A $7.5 million placement was completed to accelerate drilling at Cangallo, with quarter-end cash of ~$8.5 million and further SAA funding expected.

Financial highlights

• Raised $7.5 million via placement to institutional, sophisticated, and professional investors.

• Quarter-end cash position of ~$8.5 million after $1.35 million invested in exploration.

• Net cash from operating activities for the quarter was $(402)k; net cash from investing activities was $381k; net cash from financing activities was $6.4 million.

• Estimated quarters of funding available: 4.87.

Outlook and guidance

• Stage 2 RC drilling at Cangallo to commence late May 2025, with deep diamond drilling and further RC drilling planned for H2 CY2025.

• Balladonia RC drilling (~7,000m) to be completed, with initial assays expected by June 2025.

• Morrisey RC drilling (~5,000m) to start after Balladonia, targeting magnetite resource potential.

• Coober Pedy IP survey to be completed by mid-2025; Mt Davis drilling planned for H2 CY2025.

• Additional SAA funding expected in Q2 CY2025 for Australian work programs.