AUSQUEST LTD | AUSQUEST. COM. AU Cangallo Exploration Update – Peru & Australia ASX:AQD MD PRESENTATION – EGM FEBRUARY 2026 1 AusQuest Corporate / Management Overview 2 BOARD OF DIRECTORS SHARE PRICE 1) Includes 110.3 million options expiring at 11-NOV-27 ex $0.012 & 35.7 million options expiring at 30-NOV-26 ex $0.03 ASX: AQD | AUSQUEST. COM. AU SIGNIFICANT SHAREHOLDERS Directors 18.8% Ita Vero Pty Ltd 4.71% Top 20 (approx) 49.3% Christopher Ellis Non-Executive Director Graeme Drew Managing Director Greg Hancock Non-Executive Chairman CAPITAL STRUCTURE ASX Code AQD Shares on Issue 1,603.6 million Options on Issue (listed) Nil Options on Issue (unlisted)1 145.8 million Market Cap. (at 6.0 cents) $96.2 million Cash (as at 31 December 2025) ~$10.0 million Enterprise Value ~$86.2 million 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 $0.080 $0.090 AQD Share Price Volume (shares traded per day) ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU • Large tenement holding - 60km strike along prospective E-W structures • Numerous Porphyry Cu & IOCG targets located close to the coast & infrastructure • Cangallo success upgrades potential for further Cu discoveries in AQD tenements • Lantana & Playa Kali both priority targets - permits to drill imminent CANGALLO - Location In a Regional Context PERU 3 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU • Low altitude ~1,200m asl means lower cost structures than at high altitude • ~8km from the coast – lower cost structures for process water • Power 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 Location – Location – Location CANGALLO DISCOVERY 4 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU • Stage 1 & 2 drilling intersected significant copper from surface to +800m depth — indicates large porphyry system • Grades up to 1.1% Cu in tonalite dykes suggest potential for increased Cu grades near centre of the system • Potential for supergene enrichment suggests higher Cu oxide grades are likely • Stage 3 RC drilling aims to expand Cu resource southward and vector towards the porphyry centre • Stage 4 RC drilling to further expand resource and define outer limits of resource – Permits for Stage 4 expected Q3 CY 2026 Stages 3 & 4 RC Drilling Focus on Scale CANGALLO DISCOVERY * Drilling and sampling results released to ASX on 23rd January, 6th February, 5th March, 21st July, 28th August and 30th September 2025, 6th January 2026 5 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU Multiple broad intercepts of copper & gold mineralisation 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 • 348m @ 0.26% Cu, 0,06ppm Au (CANRC001), including: 34m @ 0.39% Cu & 0.08ppm Au Diamond drilling extends Cu mineralisation below current drill depths • 555m @ 0.26% Cu, 0.06ppm Au (CANDD002), including 36m @0.38% Cu & 0.11ppm Au What We Have Found - Only The Beginning CANGALLO DISCOVERY * Drilling results released to ASX on 23rd January, 6th February, 5th March, 21st July, 28th August and 30th September 2025, 6th January 2026 6 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU • Initial diamond drilling (2 holes) extends copper to depths of +800m and extends higher Cu grades from earlier RC drilling. • Copper mineralisation remains open in all directions except to the west and occurs in stockwork veins within the host volcanics Cross-Sections (DDH) – Copper Open at Depth CANGALLO DISCOVERY * 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 7 Section 1 Section 2 ASX: AQD | AUSQUEST. COM. AU CANDD01 – 729 M Strong evidence for a nearby mineralized porphyry centre extending to depths +800m. Primary hypogene copper mineralization (chalcopyrite - cpy) within quartz vein cutting volcanics CANDD02 – 581 M Mineralised vein within host volcanics showing cpy + pyrite associated with chlorite / sericite within central vein and potassic selvedge CANDD02 – 379 M Multiple vein sets within the host volcanics showing quartz-sericite veins containing Cu (cpy) • Hypogene grade will be dependent on vein density Core Photos – Hypogene mineralisation in Porphyry System CANGALLO DISCOVERY “Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.” CANDD 01 – 729 M cpy CANDD 02 – 581 M 8 CANDD 02 – 379 M Reported to ASX on 12th November 2025, and 6th January, 2026s ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU . . • Located ~30km east of Cangallo • Large scale Porphyry Cu target (~2km x 1km) • Strongly mineralised porphyry(s) inferred by high grade surface Cu samples (>1.0% Cu) • Outcropping Lithocap (AAA) implies preserved porphyry close by • Anomalous Mo, Bi support proximity to porphyry system • Drilling planned with final permits expected shortly Porphyry Copper Target – Ready To Drill LANTANA * Drilling and sampling results released to ASX on 23rd January, 6th February, 5th March, 21st July, 28th August and 30th September 2025 9 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU . . • Located ~15km west of Cangallo • Copper bearing manto (Fe) outcrops (0.14% to 1.96% Cu) located SE of Mina Justa copper deposit • Multiple Cu targets defined by magnetics within E-W structural corridor • Magnetic (manto) targets occur within andesitic volcanics - (same as at Mina Justa) • Good infra-structure & access (close to coast) • Drilling planned with final permits expected shortly Copper / Gold Targets – Ready To Drill PLAYA KALI * Drilling and sampling results released to ASX on 23rd January, 6th February, 5th March, 21st July, 28th August and 30th September 2025 10 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU Forward Program Timelines – (next 6 months) PERU . . . . . . • Stage 1 & 2 drilling at Cangallo tested small fraction of target area – Cu still open in many directions • Stage 3 RC drilling will expand Cu-Au mineralisation to the south & test for source porphyry where higher grades may occur. • Deep diamond drilling will test depth extent of Cu sulphides in areas outlined by RC drilling • Stage 4 permits required to define full extent of Cu mineralisation • Drill testing Lantana & Playa Kali to be decided Stage 3 RC Drill (+12000m) Assays Stage 3 Diamond Drill (+5000m) Assays Stage 4 RC Drill Permits Early-Stage Leach Tests Drill permitting & Planning Possible RC Drilling Mar Apr Jan 6 Month Work Program May Feb Jun Lantana & Playa Kali Cu-Au Cangallo Porphyry Cu-Au 11 ASX: AQD | AUSQUEST. COM. AU 12 South32 Agreement AUSTRALIA • Strategic Alliance Agreement (SAA) with South32 extended to December 2027 (+10 years) • South32 have exclusive rights to AQD Projects • South32 provide funding for selected Projects + 15% Fee • US$4.5M spend on each project earns 70% equity • AQD manages all programs (drilling) during earn-in • AQD retains 100% of Projects if South32 withdraws • Four projects in Australia currently under the SAA * Reported ASX on 14th December 2025 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU . . • New drill targets identified from results of 2025 RC drilling program • Multi-element anomalies in western-most drill-holes to be tested for Cu-Au potential close to major Fault(s) • Pb-Zn targets defined by magnetics & gravity within the DNR, to be tested by further drilling - Pb appears stratigraphically controlled & adjacent to BIFs • Structural targets prioritised for drilling for both IOCG &/or BHT mineralisation • RC Drilling (~8000m) to commence in Q2/3 CY2026 Balladonia – Multiple Targets Planned For Drilling AUSTRALIA * Exploration work at Balladonia is funded under the SAA with South32 13 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU . . • Great Location - Historic drilling (GAWRC001) infers proximity to IOCG system(s) • Gravity & magnetics identify targets close to Elizabeth Creek Fault (inferred) • IP indicates sulphides semi-coincident with magnetic &/or gravity targets in 2 areas Coober Pedy (SA) – IOCG Targets Ready To Drill AUSTRALIA 14 • RC Drilling (~4500m) to test four targets to commence in Q2 CY2026 * Exploration work at Coober Pedy is funded under the SAA with South32 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU . . • Modelling of magnetic and gravity data in progress to estimate cumulative tonnage from the four prospects to determine the commercial potential of the Project • Next steps to be determined under the SAA Morrisey – Potential New Magnetite District AUSTRALIA 15 * Exploration work at Morrisey is funded under the SAA with South32 • Midwest Mining District (WA) close to infrastructure • DTR tests on RC drill samples from 4 mag/gravity targets produced >70% Fe with low impurities from 75um grind * Reported ASX on 17th November 2025 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU . . Mt Davis (WA) – Sediment-Hosted Base metal Potential AUSTRALIA 16 * Exploration work at Mt Davis is funded under the SAA with South32 • Initial drill results highlight possibility of sediment-hosted base metals on north side of the Earaheedy Basin • Anomalous metals (Pb) occur below the Frere Iron Formation, in weathered rocks at contact of calcareous sediments & black mud-rocks • Similar stratigraphy inferred at 3 sites by VTEM survey highlighting extra prospects to test - target areas are generally constrained by major faulting * Reported ASX on 22nd December 2025 ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU Forward Program Timelines - (6 Months) AUSTRALIA . . . . . . • Next 6 months should see completion of major drilling program at Coober Pedy and start of target drilling at Balladonia • Further work at Mt Davis is still to be determined with likely start in early H2 CY2026 • Commercial options being assessed at Morrisey to determine future work plans under SAA. NT Clearance and access approval Mar Apr Jan 6 Month Work Program May Feb Jun Morrisey WA (SAA) Magnetite Balladonia WA (SAA) Pb-Zn, Cu-Au 17 Mt Davis WA (SAA) Cu-Pb-Zn Coober Pedy SA (SAA) Cu-Au Project Generation Access preparation Assess DTR results – Plan Next Steps Data interpretation & Plan Next Steps Access Clearance Access preparation / clearances RC Target Drilling (~4500m) Identify new projects with potential for inclusion under the SAA Assays RC Target Drilling (~8,000m) ASX: AQD | AUSQUEST. COM. AU ASX: AQD | AUSQUEST. COM. AU . . DISCLAIMERS 18 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. ASX: AQD | AUSQUEST. COM. AU ASX:AQD 19 CONTACT AUSQUEST LIMITED Graeme Drew Managing Director 8 Kearns Cres, Ardross, WA, 6153 Tel: +61 (8) 9364 3866 Email: graeme@ausquest.com.au www.ausquest.com.au Register here for AusQuest’s InvestorHub AUSQUEST_LTD AUSQUEST_LIMITED