AusQuest (AQD) Q4 2025 TU earnings summary

Executive summary

• Stage 2 RC drilling at Cangallo in Peru expanded the porphyry copper system laterally and at depth, with high copper values intersected and most holes ending in mineralisation.

• Preliminary metallurgical tests suggest copper oxides at Cangallo may be suitable for heap leaching, with recoveries between 60–80% for most samples.

• In Australia, significant drilling programs were completed at Balladonia (base metals) and Morrisey (magnetite), with promising host rocks and magnetite intersections identified.

• Cash position at quarter-end was approximately $7.2 million, with further funding expected from South32 under the Strategic Alliance Agreement.

Financial highlights

• Cash and cash equivalents at 30 June 2025 were $7.2 million, down from $8.5 million at the start of the quarter.

• Net cash used in operating activities for the quarter was $73,000; net cash used in investing activities was $2.42 million.

• Net cash from financing activities was $1.16 million, including proceeds from equity issues and convertible debt.

• Estimated quarters of funding available: 1.95, with options to raise further capital if needed.

Outlook and guidance

• Stage 2 RC and initial diamond drilling at Cangallo to be completed, with Stage 3 RC drilling permits expected soon.

• DTR test work at Morrisey and further assessment of Balladonia RC drill data planned.

• Drilling at Mt Davis and Hamilton projects in Australia scheduled for the next quarter.

• Additional funds from South32 expected in Q3 CY2025 to support Australian exploration programs.