AusQuest Limited 8 Kearns Crescent Ardross WA 6153 (T): 08 9364 3866 (F): 08 9364 4892 www.ausquest.com.au 22 October 2025 AusQuest IMARC Conference Presentation Attached please find a copy of AusQuest’s Managing Director, Mr Graeme Drew’s, presentation at the IMARC Conference in Sydney today. Authorised for release by the Managing Director. Visit Investor Hub for further updates. A U S Q U E S T L I M I T E D M D P R E S E N T A T I O N O C T O B E R 2 0 2 5 CANGALLO - PORPHYRY COPPER GOLD DISCOVERY (JAN 2025) PERU DISCLAIMERS 2 Forward-Looking Statements This presentation contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of AusQuest Limited’s ongoing development and feasibility studies. Accordingly, AusQuest Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the feasibility studies are completed. Competent Person’s Statement The details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears. JORC – Exploration Targets It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource. Currency All dollar amounts shown in this presentation are in Australian dollars unless otherwise stated. WHY INVESTORS SHOULD PAY ATTENTION TO CANGALLO DISCOVERY! • Scale Potential: The growing Cu and Au footprint suggests potential for large-scale deposit • Grade Profile: Presence of oxide Copper at shallow depth enhances economic potential • Location: Cangallo occurs at low altitude, close to power, water and infra-structure • Ownership: AusQuest has 100% ownership, maximising potential upside for shareholders • Multiple Catalysts: Diamond drilling and Stage 3 RC drilling planned in coming months – provides steady news flow as Company continues to define the discovery 3 4 • Low altitude ~1,200m asl means lower cost structures than at high altitude • ~8km from the coast – lower cost structures for process water • Transmission lines cross the prospect – potential cost savings • 30km from Chala - ~10K people with strong ties to fishing & mining – potential work force • Potential port site close to the prospect CANGALLO LOCATION – LOCATION - LOCATION PERU – ELEPHANT COPPER COUNTRY 5 • Large landholding along Peruvian coastal porphyry copper belt • Projects 100%-owned by AusQuest • Established mining jurisdiction with multiple new mine developments approved &/or in progress • Access to significant infrastructure along coastal belt • Multiple porphyry Cu & IOCG targets identified within AQD projects • Significant new porphyry copper discovery at Cangallo • Drill permits expected shortly for maiden drilling at Lantana & Playa Kali CANGALLO – WHAT OUR DRILLING HAS FOUND 6 • Multiple broad intercepts of Copper & Gold with significant intercepts, including: • 324m @ 0.30% Cu, 0.07 ppm Au (CANRC012), including: 160m @ 0.45% Cu & 0.09ppm Au • 330m @ 0.30% Cu, 0.06 ppm Au (CANRC014), including: 178m @ 0.40% Cu &0.08ppm Au • 234m @ 0.30% Cu, 0.06ppm Au (CANRC013), including: 142m @0.39% Cu & 0.06ppm Au • 154m @ 0.37% Cu, 0.06ppm Au (CANRC003), including: 44m @ 0.47% Cu & 0.08ppm Au • 304m @ 0.30% Cu, 0.06ppm Au (CANRC008), including: 56m @ 0.40% Cu & 0.06ppm Au • 188m @ 0.28% Cu, 0.07ppm Au (CANRC002), including 38m @0.40% Cu & 0.09ppm Au • 348m @ 0.26% Cu, 0,06ppm Au (CANRC001), including: 34m @ 0.39% Cu & 0.08ppm Au • Diamond drilling underway to extend Cu at depth below current level of drilling * Drilling results released to ASX on 23rd January, 6th February, 5th March, 21st July, 28th August and 30th September 2025 CANGALLO X-SECTIONS – COPPER OPEN IN MULTIPLE DIRECTIONS 7 • Broad intersections of Cu (0.1% to 1.0% Cu) persist down-hole; mineralisation open in multiple directions; Cu occurs dominantly in veined and fractured volcanics • Higher Cu grades occur in the oxide zone (potential for heap leaching) & in thin porphyry intrusions suggesting higher Cu grades may occur within source porphyry • Preliminary metallurgical test-work reported generally good oxide leach performance but tests ongoing * Drilling results released to ASX on 23rd January, 6th February, 5th March, 21st July, 28th August and 30th September 2025. Some drill hole traces are projected onto the sections 8 * Drilling and sampling results released to ASX on 23rd January, 6th February, 5th March, 21st July, 28th August, 30th September 2025 CANGALLO – THE BIG PICTURE - PLANNED DRILLING (2025) • Stages 1 & 2 RC drilling (~8,000m) only tested a small fraction of the target area • Mapping & sampling - high Cu, Mo (+ Au) values - extends porphyry target >1200m to the south • Stage 3 RC drilling (~8,000m) to confirm southerly extension & locate centre of system • Deep diamond drilling (2 x ~800m) underway to test depth extent of Cu sulphides & provide first look at geological controls SIGNIFICANT SIZE POTENTIAL – UNDER COVER! 9 CANRC010 Small rounded hills Anomalous Cu & Mo RC Drill Rig Pacific Ocean ~3km CANRC001 & 5 RC Drill Rig 10 • Large tenement holding - 60km strike along prospective E-W structures • Porphyry Cu and IOCG targets located close to the coast & infrastructure • Cangallo success upgrades prospect of further Cu deposits in AQD tenements • Lantana & Playa Kali both priority targets - permits to drill expected shortly Lithocaps Porphyry Cu Prospect IOCG Prospect AUSQUEST DISTRICT SCALE COPPER POTENTIAL Cerro de Fierro Cangallo Playa Kali Parcoy Lantana AusQuest Ltd Antofogasta Rio Tinto Grupo Mexico 60km PERU – FORWARD PROGRAM TIMELINES 11 Work Plan Aug Sept Oct Nov Dec Jan Feb 6 MONTH PROGRAM Cangallo Porphyry Cu-Au Stage 2 Assays Diamond Drilling (~1600m) Assays Stage 3 RC Drill Permits Stage 3 RC Drilling (~5000m) Assays Early Stage Leach Tests Lantana & Playa Kali Cu-Au Drill permitting & Planning Possible RC Drilling • Stage 1 & 2 drill programs at Cangallo tested small fraction of target area – Cu still open in many directions • Stage 3 RC drilling to extend Cu-Au mineralisation to the south & test for source porphyry where higher grades expected. • Deep diamond drilling to test depth extent of Cu sulphides & provide geological controls for location of porphyry • Early stage tests for leachability of Cu to continue AUSQUEST CORPORATE OVERVIEW 12 Capital Structure ASX Code AQD Shares on Issue 1,392.4 million Options on Issue (listed) Nil Options on Issue (unlisted)1 153.2 million Market Cap. (at 3.7 cents) $51.5 million Cash (as at 30 June 2025) ~$7.2M Enterprise Value ~$44.3 million Significant Shareholders Directors 21.7% Ita Vero Pty Ltd 5.41% Top 20 (approx) 49.5% Share Price Board of Directors Greg Hancock Non-Executive Chairman Graeme Drew Managing Director Christopher Ellis Non-Executive Director Note: (1) Includes 114.2 million options expiring at 11-NOV-27 ex $0.012 & 39.0 million options expiring at 30-NOV-26 ex $0.03 Mick Sherington Peru – Country Manager 0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 $0.000 $0.010 $0.020 $0.030 $0.040 $0.050 $0.060 $0.070 AQD Share Price Volume (shares traded per day) Graeme Drew Managing Director 8 Kearns Cres, Ardross, WA, 6153 Tel: +61 (8) 9364 3866 Email: graeme@ausquest.com.au A U S Q U E S T L I M I T E D C O N TA C T 13 www.ausquest.com.au AUSQUEST_LTD AUSQUEST_LIMITED Register here for AusQuest’s InvestorHub