Announcement PDF JOIN AUSQUEST’S INTERACTIVE INVESTOR HUB. Visit AUSQUEST.COM.AU for AusQuest’s interactive Investor Hub AusQuest Limited ABN 35 091 542 451 | 8 Kearns Crescent Ardross WA 6153 Visit Investor Hub for a video update November 17th, 2025 FURTHER HIGH-GRADE MAGNETITE CONFIRMED AT THE MORRISEY PROJECT IN WA • Premium iron product (>70% Fe) produced from additional prospects. • Magnetite liberated by a relatively coarse (75um) grind size. • Davis Tube Recoveries of magnetite often exceeding 30% achieved. • Next steps being evaluated under the Strategic Alliance Agreement (SAA). Further to its ASX announcement on 29th July, AusQuest Limited (ASX: AQD) is pleased to advise that Davis Tube Recovery (DTR) test results have identified three additional prospects at the Morrisey Magnetite Project, located in the Midwest mining district of Western Australia, that can produce a premium iron product (>70% Fe). Beneficiation test work using the DTR method has confirmed excellent recoveries of magnetite from its host rock (averaging ~30%) using coarse grind sizes (106um and 75um) at the three new prospects that were drilled recently, enhancing the future commercial potential of the Project. The Morrisey Project is well located, being ~120km by road north of the town of Mullewa, and a further 80km by rail to the Port of Geraldton (Figure 1). Figure 1: Morrisey Project – Location Plan showing road and rail access to the Port of Geraldton. 2 A total of six prospects with magnetic and gravity responses similar to those found over the Waterfall Prospect were drill tested recently to determine their potential to produce a high Fe product (from DTR test work), increasing the commercial potential of the Morrisey Project (ASX 29 July 2025). Four of the prospects (Murchison, Murchison South, Sandfly and Waterfall North) were caused by coarse-grained magnetite within high metamorphic grade banded iron formation (BIF) similar to that found at the Waterfall Prospect, whereas the remaining two (Deep Bore and Bilga Rocks) were found to be caused by magnetite within mafic host rocks. DTR test work confirmed that the magnetite within the BIF could be upgraded to >70% Fe using a coarse grind size of 75um, whereas the magnetite within the mafic host rocks could only be upgraded ~65% Fe for the same grind size. Average recoveries of magnetite varied from 10-15% for the mafic hosted magnetite, and up to 27-31% for magnetite within the BIFs, reflecting the higher Fe grades reported for the BIF host rocks. DTR test results for drill-holes at Waterfall North, which is located ~2km north of the Waterfall Prospect, provided the most encouragement, with all three drill-holes intersecting relatively thick BIF (12m to ~100m) at shallow depths (~40m down-hole), containing magnetite that can be upgraded to a premium product (>70% Fe) using a coarse grind size (75um). Magnetite recoveries for Waterfall North varied from 20 to 45%. Significant DTR test results for each prospect using a 75um grind size are provided in Table 1 below, with cross-sections for the BIF-related prospects provided in Figures 2 to 5. Next steps in the evaluation of the Morrisey Project are currently being considered under the Strategic Alliance Agreement (SAA) with a wholly owned subsidiary of South32 Ltd (South32). Commenting on the latest Morrisey results, AusQuest’s Managing Director Graeme Drew said: “We are pleased with the latest DTR test results, which have highlighted additional prospects close to Waterfall that can also produce a premium-grade magnetite product (>70% Fe) from a relatively coarse grind size. “Further drilling will be required to determine the combined resource potential of these prospects, but an ‘early-stage’ economic potential of the Project will be considered under the SAA as part of the ‘next steps’ process. “We look forward to keeping the market informed of progress at this Project over the coming months,” he said. Graeme Drew Visit Investor Hub for further updates Managing Director 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. 3 FORWARD LOOKING STATEMENT This report 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. Figure 2: Waterfall Prospect showing drill hole locations and a drill cross section highlighting DTR test results for the intervals sampled. Figure 3: Sandfly Prospect showing drill hole locations and a drill cross section highlighting DTR test results for the intervals sampled. 4 Figure 4: Murchison South Prospect showing drill hole locations and a drill cross section highlighting DTR test results for the intervals sampled. Figure 5: Murchison Prospect showing drill hole locations and a drill cross section highlighting DTR test results for the intervals sampled. Table 1: Significant DTR test results for each prospect using a 75um grind size: Intersection Assay 75um DTR Concentrate Grades Prospect Drill-Hole From (m) To (m) Int (m) Fe % Recov % Fe % SiO2 % Al2O3 % S % P % Murch Sth 25MYRC022 84 96 12 22.99 20.31 67.02 5.59 0.61 0.038 0.005 Murch Sth 25MYRC022 106 110 4 11.59 9.16 70.25 2.1 0.47 0.012 0.004 Murch Sth 25MYRC022 118 130 12 23.03 23 69.05 2.11 0.76 0.017 0.008 Murch Sth 25MYRC022 132 140 8 8.42 6.16 41.61 18.2 3.37 0.105 0.005 Murch Sth 25MYRC022 146 150 4 23.7 19.38 65.44 6.61 0.77 0.22 0.006 Murch Sth 25MYRC022 158 170 12 29.3 32.33 68.14 4.05 0.57 0.033 0.006 Murch Sth 25MYRC022 176 188 12 18.24 20.07 68.06 4.59 0.61 0.027 0.006 5 Murch Sth 25MYRC022 202 210 8 24.64 23.36 68.42 3.7 0.59 0.018 0.005 Murch Sth 25MYRC022 216 222 6 25.68 23.82 69.02 3.14 0.41 0.007 0.005 Murch Sth 25MYRC022 230 238 8 20.61 20.04 68.63 3.57 0.48 0.01 0.003 Murch Sth 25MYRC023 210 214 4 32.67 29.03 67.23 5.31 0.63 0.013 0.003 Murch Sth 25MYRC024 52 60 8 19.93 17.95 66.61 5.73 0.65 0.011 0.009 Murch Sth 25MYRC024 64 70 6 25.88 28.5 67.84 4.3 0.55 0.028 0.007 Murch Sth 25MYRC024 86 92 6 28.06 31.98 67.78 4.65 0.59 0.012 0.004 Murch Sth 25MYRC024 94 100 6 17.68 15.05 68.13 3.98 0.5 0.129 0.004 Deep Bore 25MYRC025 36 110 74 12.37 10.44 66.29 2.88 0.89 0.132 0.005 Deep Bore 25MYRC025 114 124 10 12.36 9.35 67.19 2.2 0.71 0.146 0.006 Deep Bore 25MYRC025 130 168 38 13.82 12.16 63.25 5.2 1.62 0.088 0.008 Deep Bore 25MYRC026 32 38 6 13.17 9.41 66.7 2.46 0.71 0.083 0.004 Deep Bore 25MYRC026 40 62 22 12.74 10.91 66.57 2.49 0.78 0.09 0.003 Deep Bore 25MYRC026 64 80 16 12.74 10.31 67.24 2.27 0.85 0.111 0.003 Deep Bore 25MYRC026 82 102 20 12.15 9.66 65.55 3 0.99 0.078 0.004 Deep Bore 25MYRC026 106 130 24 12.39 9.76 66.25 2.7 0.88 0.137 0.004 Deep Bore 25MYRC026 132 146 14 12.23 8.82 66.42 2.66 0.94 0.141 0.004 Deep Bore 25MYRC026 148 168 20 12.31 7.99 64.43 3.57 1.18 0.071 0.005 Deep Bore 25MYRC026 172 228 56 11.92 9.17 66.99 2.83 0.97 0.157 0.006 Deep Bore 25MYRC027 40 48 8 15.82 12.57 65.59 2.5 0.82 0.154 0.004 Deep Bore 25MYRC027 50 58 8 12.44 7.88 66.64 3.04 1.13 0.069 0.004 Deep Bore 25MYRC027 62 76 14 12.68 10.62 66.45 2.74 0.81 0.072 0.003 Deep Bore 25MYRC027 78 96 18 12.45 11.29 63.44 4.16 0.99 0.069 0.004 Deep Bore 25MYRC027 100 136 36 12.01 9.21 61.85 6.03 1.76 0.076 0.006 Deep Bore 25MYRC027 162 166 4 7.76 2.51 37.08 16.11 3.56 0.053 0.007 Deep Bore 25MYRC027 168 180 12 15.37 14.25 62.8 5.08 1.76 0.095 0.004 Deep Bore 25MYRC027 182 200 18 13.48 10.88 67.42 2.68 0.79 0.102 0.003 Deep Bore 25MYRC028 46 52 6 11.52 9.18 68.23 2.1 0.75 0.218 0.024 Deep Bore 25MYRC028 54 66 12 10.5 8.13 68.14 2.61 0.88 0.095 0.024 Deep Bore 25MYRC028 68 82 14 11.29 7.82 68.79 2.1 0.76 0.077 0.025 Deep Bore 25MYRC028 88 100 12 11.72 9.48 67.2 3.03 1.01 0.191 0.02 Deep Bore 25MYRC028 102 116 14 11.7 10.09 67.93 2.68 0.94 0.16 0.013 Deep Bore 25MYRC028 142 154 12 11.65 9.16 67.64 2.6 0.84 0.123 0.014 Deep Bore 25MYRC028 164 172 8 10.81 9.04 68.07 2.44 0.74 0.092 0.011 Deep Bore 25MYRC029 148 154 6 8.59 6.87 66.87 2.65 0.88 0.068 0.017 Deep Bore 25MYRC029 156 160 4 10.34 8.18 68.13 2.25 0.81 0.125 0.024 Deep Bore 25MYRC029 198 202 4 13.94 16.57 70.18 1.28 0.73 0.004 0.003 Murchison 25MYRC030 72 78 6 26.75 23.86 70.96 0.94 0.31 0.006 0.001 Murchison 25MYRC030 84 92 8 21.71 17.39 70.03 2.37 0.25 0.048 0.002 Murchison 25MYRC030 94 108 14 28.64 25.08 70.57 1.53 0.28 0.022 0.002 Murchison 25MYRC031 84 108 24 25.59 26.84 70.69 1.53 0.2 0.003 0.004 Murchison 25MYRC031 118 126 8 23.65 19.11 70.66 1.85 0.18 0.007 0.004 Murchison 25MYRC031 128 132 4 24.4 26.38 70.72 2.08 0.17 0.047 0.004 Murchison 25MYRC031 134 140 6 18.48 12.02 69.29 2.86 0.27 0.014 0.005 Murchison 25MYRC031 150 158 8 33.51 35.87 70.85 1.49 0.15 0.001 0.003 6 Murchison 25MYRC032 80 84 4 32.45 35.55 69.75 2.69 0.25 0.025 0.002 Murchison 25MYRC032 124 128 4 23.79 26.27 70.58 2.21 0.19 0.007 0.001 Murchison 25MYRC032 132 160 28 28.77 33.71 69.64 2.72 0.25 0.027 0.002 Sandfly 25MYRC033 30 42 12 30.05 14.24 68.85 2.97 0.76 0.005 0.003 Sandfly 25MYRC033 44 68 24 30.7 38.23 70.69 1.5 0.29 0.008 0.003 Sandfly 25MYRC033 84 90 6 26.03 15.85 64.53 1.93 0.47 0.534 0.003 Sandfly 25MYRC033 96 104 8 16.94 14.31 68.02 4.84 0.56 0.132 0.003 Sandfly 25MYRC033 144 172 28 25.31 29.7 70.77 1.53 0.35 0.017 0.003 Sandfly 25MYRC034 92 96 4 27.88 34.64 71.21 0.84 0.32 0.01 0.001 Sandfly 25MYRC034 106 166 60 31.33 35.91 70.17 2.14 0.41 0.062 0.004 Sandfly 25MYRC034 196 206 10 29.04 34.77 70.66 1.5 0.44 0.064 0.002 Sandfly 25MYRC035 28 36 8 34.15 41.48 70.32 2.08 0.27 0.006 0.003 Sandfly 25MYRC035 178 240 62 31.59 35.42 69.55 2.71 0.47 0.031 0.004 Waterfall 25MYRC036 54 64 10 26.4 22.76 70.02 2.15 0.41 0.006 0.003 Waterfall 25MYRC036 70 86 16 29.73 28.91 70.84 1.24 0.34 0.018 0.003 Waterfall 25MYRC036 88 92 4 24.43 20.18 69.06 2.64 0.59 0.011 0.004 Waterfall 25MYRC037 150 154 4 17.33 20.32 70.66 1.48 0.18 0.012 0.001 Waterfall 25MYRC037 186 194 8 34.13 45.1 71.48 1.1 0.15 0.004 0.001 Waterfall 25MYRC038 72 76 4 30.66 25.84 70.57 1.62 0.4 0.004 0.001 Waterfall 25MYRC038 138 144 6 34.84 37.85 70.67 1.9 0.27 0.01 0.001 Waterfall 25MYRC038 146 184 38 32.5 40.4 69.23 3.48 0.08 0.005 0.001 Waterfall 25MYRC039 40 130 90 32.72 43.52 70.34 2.16 0.1 0.006 0.001 Waterfall 25MYRC039 140 150 10 23.56 26.04 70.18 2.66 0.07 0.006 0.003 Waterfall 25MYRC040 130 134 4 32.41 43.27 71.35 0.64 0.26 0.003 0.001 Waterfall 25MYRC040 142 150 8 31.65 40.87 71.55 0.84 0.14 0.005 0.001 Waterfall 25MYRC040 156 164 8 34.05 44.88 71.01 1.56 0.04 0.007 0.001 Waterfall 25MYRC040 166 180 14 28.7 34.08 70.00 2.7 0.05 0.003 0.002 Waterfall 25MYRC040 184 192 8 16.35 20.5 70.06 2.26 0.11 0.007 0.001 Waterfall 25MYRC041 40 58 18 33.36 40.64 70.28 1.87 0.08 0.008 0.002 Waterfall 25MYRC041 62 68 6 27.41 32.28 70.25 1.54 0.15 0.012 0.002 Waterfall 25MYRC042 38 46 8 30.77 24.6 70.29 0.95 0.6 0.005 0.001 Waterfall 25MYRC042 60 64 4 28.86 31.79 71.54 0.54 0.29 0.007 0.001 Waterfall 25MYRC043 60 68 8 28.5 31.87 71.31 0.74 0.3 0.008 0.001 Waterfall 25MYRC043 74 80 6 24.91 19.06 70.73 0.94 0.42 0.015 0.001 Waterfall 25MYRC043 114 140 26 26.88 21.4 70.73 1.04 0.36 0.025 0.001 Waterfall 25MYRC043 148 156 8 20.46 14.72 70.38 1.54 0.37 0.014 0.001 Waterfall 25MYRC044 80 90 10 30.1 29.19 70.78 1.5 0.22 0.022 0.001 Waterfall 25MYRC044 98 120 22 26.45 28.23 70.52 1.07 0.43 0.003 0.001 Bilga Sth 25MYRC045 34 134 100 16.64 17.54 65.23 3.26 0.9 0.136 0.018 Bilga Sth 25MYRC045 144 158 14 17.58 17.96 65.86 3.4 1.18 0.048 0.007 Bilga Sth 25MYRC046 72 82 10 13.27 12.83 63.03 4.18 0.99 0.172 0.004 Bilga Sth 25MYRC046 98 108 10 11.1 10.39 60.65 6.58 1.18 0.173 0.004 Bilga Sth 25MYRC046 134 144 10 13.71 12.04 64.82 2.2 0.73 0.137 0.024 Bilga Sth 25MYRC046 148 154 6 14.25 11.11 57.26 8.89 2.21 0.129 0.03 1 JORC Code, 2012 Edition – Table 1 Report: Davis Tube Recovery test for Magnetite intersected in RC drilling at the Morrisey Project Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • RC drilling was used to obtain 1m split samples which were composited over 2m using an onboard static cone splitter into a calico bag (~3-4kg of sample). • 2m samples where iron was observed or the magnetic susceptibility was >0.05SI including a ~4m buffer either side of the interval were submitted for fused disc XRF analysis for the extended iron ore suite. • Intervals which did not contain iron were composited using a scoop over 4m intervals into a calico bag (~3kg per sample). These were submitted for analysis using a four- acid digest for multielement analysis which included iron. • Intervals where the magnetic susceptibility was high (>0.1SI units) over 4m or more were sampled for Davis Tube Recovery (DTR) analysis. For the first eight holes the DTR samples were composited in the field from the 2m sample bags using a riffle splitter. The laboratory method used for the remaining holes is reported below. • Sample depths were determined by the length of the rod string and confirmed by counting the number of samples and rows as per standard industry practice. • The remainder of each 1m sample was collected in buckets and placed in rows on the ground at the drill site with each sample representing a 1m interval. • The 2m samples that were aggregated into composite samples at Intertek Laboratories by means of the following procedure: ▪ Prepare constant mass composites of 2 kg as described below. ▪ Samples passed through a Boyd (or equivalent) crusher to reduce top size to 2-3mm. 2 Criteria JORC Code explanation Commentary ▪ Weigh out 2000/n grams of each sample where n is the number of samples in the composite - for example, if there are 10 samples in the composite, each sample will be 2000/10 = 200grams. ▪ Mix the composites thoroughly by milling for 5 (five) seconds in an LM5 mill. ▪ Prepare a duplicate of two of the composites - to confirm sample accuracy. ▪ Once composites are prepared, weigh out 150g for 106um and 75um DTR tests. Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Reverse circulation (RC) drilling with 4.5 inch face sampling bit. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Experienced RC drillers and an appropriate rig size were used to ensure maximum sample recovery. • Sample quality and recovery was noted for each metre. • At this early stage of exploration it is not possible to identify any direct relationship between sample recovery and assay grade however, it was noted in one hole (25MYRD031) where the sample was wet at the end of the hole, the loss of fines is likely to have upgraded the iron grade. This only occurred in one hole and a DTR sample was not collected for this interval. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • RC sample chips were logged by an experienced geologist to identify key rock types and mineralisation styles. • Sample logging was qualitative with visual estimates of mineral composition made for later comparison with assay results. • All samples were geologically logged. 3 Criteria JORC Code explanation Commentary Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • RC samples were collected every 1 metre and presented in rows corresponding to sample depth. • Assay samples were collected every 2m utilising a static cone splitter on the rig’s cyclone to produce a representative composite sample for assay. • Certified standards, blanks or field duplicates were inserted every forty samples for initial quality control purposes. • The additional analysis carried out for the DTR’s ensured the composited intervals were assayed as duplicates. • The sample sizes are considered appropriate for the geological materials sampled. • Samples for DTR tests were based on magnetic susceptibility readings (generally >0.1SI units) composited into 4m, 6m, 10m or 12m down hole intervals. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • The sample sizes are considered appropriate for the geological materials sampled. • Assaying of the drill samples is by standard industry practice. For DTR Test work, the following procedure applies: • Starting weight 150 g for each sample, preparation as described in Section 1; • Wet screen (75um), dry; • Record weight oversize; • Regrind oversize (4 sec for every 5g oversize) • Repeat dry screen until < 5g oversize; • Record weight; • Split 20g P80/75um sample for DTR, with rest for (head grade) assay; • Conduct DTR recovery; • Analyse separately DTR sample and P80/75 um (head grade) sample - 24 element Li borate fusion/ XRF Fe, Al2O3, As, BaO, CaO, Cl, Co, Cr2O3, Cu, K2O, MgO, MnO, Na2O, Ni, P, Pb, S, SiO2, Sn, Sr, TiO2, V2O5, Zn, Zr. DAVIS TUBE SPECIFICATIONS AS FOLLOWS: • Pulveriser Bowl 150ml • Sample mass 20g 4 Criteria JORC Code explanation Commentary • Stroke Frequency 60/min • Stroke Length 50mm • Magnetic field strength 3000Ga • Tube Angle 45° • Tube Diameter 40mm • Water flow rate 450 to 490 ml/ minute • Wash time 15 minutes CONCENTRATE REMOVAL PROCESS: • Stop the agitation • Shut off the water • Drain the water • Weigh the concentrate beaker and place at tend of tube • Switch off the magnet • Flush the tube with DI water • Dry beaker and weigh to get net concentrate weight • Submit feeds and cons for XRF analysis. • Data from the laboratory’s internal quality procedures (standards, repeats and blanks) are reviewed to check data quality. • Assays are provided by Intertek Genalysis, Maddington, WA which is a certified laboratory for mineral analyses. Analytical data is transferred to the company via email and by hard copy. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • No verification of intersections was undertaken. • Sample details were compiled into spreadsheets and loaded into a DataShed database • Digital data is regularly backed-up on the company’s server and the database is stored in he cloud. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Drill hole collar locations were established with a handheld GPS to +/- 5m accuracy. • Down hole surveys were carried out below the collar and at the bottom of each hole using a multi-shot gyro system to true north. • Grid system used is GDA94 Zone 50S. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the • Drill holes were spaced approximately 100m apart along grid sections and drilled to depths of ~200m (see table below). 5 Criteria JORC Code explanation Commentary degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Data spacing is considered sufficient to provide an indication of geological and possibly grade continuity within the area drilled. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Any bias due to the orientation of the drilling is unknown at this early stage of exploration. Sample security • The measures taken to ensure sample security. • Samples were collected in securely tied bags and placed into cable-tied polywoven or green plastic bags then into a bulka bag for transport to the assay laboratory, accompanied by a sample submission sheet listing sample numbers and required sample preparation and assay procedures. • Reputable companies are used to transport samples to the laboratory. • Sample pulps (after assay) are held by the laboratory and returned to the company if requested after 90 days. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No audits or reviews have been carried out on the sampling. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Morrisey Project is located approximately 150 km north- east of Geraldton in Western Australia. • Tenement holdings consist of three granted Exploration Licences E70/5383, E09/2397, and E59/2526 held 100% by AusQuest. • The Morrisey Project is subject to a Strategic Alliance Agreement whereby South32 have the right to earn a 70% interest by spending US$4.5M. • The tenements are located partly within (WC2004/010) Wajarri 6 Criteria JORC Code explanation Commentary Yamatji #1Native Title Claim (partially determined) and partially within (WC1996/093) Mullewa Wadjari Community Native Title Claim. • Aboriginal heritage surveys are routinely completed ahead of ground disturbing activities. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Previous exploration is very limited and was mainly focused on iron ore and gold targets together with some regional diamond exploration by Stockdale Prospecting and CRA Ltd. • Limited aircore drilling and surface lag sampling was reported by several companies that were targeting magnetic anomalies as possible iron ore or nickel prospects but no RC or diamond drilling has been reported. • Detailed aeromagnetic data was acquired over the northern half of EL 70/5383 and the southern part of EL 70/2397 as part of a search for iron ore. This data is being used by the current exploration in the area Geology • Deposit type, geological setting and style of mineralisation. • The Morrisey Project is targeting coarse-grained magnetite mineralization that can be beneficiated to produce a high grade product (>70% Fe). The Narryer terrane is a complex structural area containing high grade metamorphic rocks including banded iron formations which appear to be the protoliths to the mineralization being sought. • Nickel-copper-PGE mineralisation is also being targeted within mafic/ultramafic intrusions in the Narryer Terrane which forms the NW margin of the Yilgarn Craton. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • All relevant drill hole data are provided below. 7 Criteria JORC Code explanation Commentary • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • Composite intervals for DTR test work, are based on an Fe cut- off grade of 20%Fe, a minimum width of 4 metres and no internal waste is included. DTR analysis has only been completed over selected parts of the drill hole. Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • Down hole lengths are reported - the relationship between mineralization widths and intercept widths is not known at this stage, although drill directions appear to provide a reasonable estimate of mineralization thickness. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Drill hole locations are shown on an appropriate plan and in the ASX release and tabulated below. Balanced reporting • Where compr