Quarterly Activities and Cashflow Report
Released
Released
Announcement PDF
September 2026 Quarterly Activities Report
HIGHLIGHTS
Peru – Cangallo Copper-Gold Project
Footprint of copper mineralisation significantly expanded following receipt of strong assay
results from the first two diamond drill-holes, which also provided important evidence of
higher-grade feeder zones within the broader porphyry system.
Significant intersections from deep diamond drilling included:
355.8 metres @ 0.31% Cu, 0.05g/t Au from 34.2m (CANDD004), including:
40 metres @ 0.48% Cu and 0.06 g/t Au
10 metres @ 0.73% Cu and 0.08g/t Au
20 metres @ 0.53% Cu and 0.07g/t Au
10 metres @ 0.54% Cu and 0.09g/t Au
348 metres @ 0.23% Cu, 0.06g/t Au from 178m (CANDD003), including:
10 metres @ 0.46% Cu and 0.07 g/t Au
10 metres @ 0.56% Cu and 0.14g/t Au
10 metres @ 0.40% Cu and 0.07g/t Au
Large-scale nature of the porphyry copper system confirmed by CSAMT geophysical
surveys – at least 2.5km x 1km in size – with additional targets also identified with the
potential to significantly add to the copper inventory of the project.
CSAMT results also highlighted large portions of the porphyry system that remain to be
drill tested, suggesting that the potential scale of the copper mineralisation is likely to
grow.
Stage 4 drill permits were approved late in the quarter to enable Reverse Circulation (RC)
and diamond drilling of the southern and eastern extensions to commence.
Diamond drilling continues to intersect hypogene copper sulphides below the current depth
limit (~350m) of RC drilling. Assay results are pending.
The potential of this exciting new copper discovery continues to grow with every new
drilling program, increasing the copper footprint as well as highlighting the potential for
higher-grade hypogene mineralisation.
Peru – Copper-Gold Projects
Anomalous copper and high-temperature pathfinder elements were intersected in
reconnaissance RC drilling at Lantana, indicative of a basal lithocap environment that
suggests a buried porphyry system may be located nearby.
Australia – Copper, Zinc, Nickel, Gold, Iron
At Coober Pedy (SA), diamond drilling (~2,350m) provided an initial test of four
geophysical targets considered to reflect iron-oxide copper-gold (IOCG) mineralisation.
Assays are pending.
At Balladonia (WA), permitting for a planned RC drill program (~8,000m) is progressing
through the Government process, with final approvals likely in late Q4 CY2026 – enabling
drilling to start shortly thereafter.
At Mt Davis (WA), heritage surveys were successfully completed over four geophysical
targets identified by the helicopter VTEM survey. Ground electromagnetic (EM) surveys
are planned to commence in Q4 CY2026.
A Heritage Agreement was signed over new Exploration Licence applications (ELAs) at
Morrisey. The Dann Bore ELA is scheduled to be granted in early Q1 CY2027. Detailed
gravity over priority magnetite occurrences is planned to commence in Q4 CY2026.
Corporate
Quarter-end cash position of ~$2.1 million.
Additional funds ($900k) expected in Q4 CY2026 under the Strategic Alliance Agreement
(SAA) with a wholly-owned subsidiary of South32 Limited (South32)
Figure 1: Project Locations – Australia and Peru.
OVERVIEW
During the September Quarter, the Company
continued its drilling campaign at the exciting
Cangallo porphyry copper-gold discovery in
Peru with a focus on deeper diamond drilling
to test for hypogene sulphides below the
depth of RC drilling, and to provide
geological information to help vector towards
stronger mineralisation associated with higher
vein densities and/or feeder structures within
the porphyry system.
In Australia, the focus was on drilling
geophysical targets at the Coober Pedy
Project and completing Heritage Agreements
and clearance surveys to enable ground
geophysical surveys to be undertaken over the
Morrisey and Mt Davis Projects. This work is
scheduled to commence in Q4 CY2026.
Drilling at Balladonia is still awaiting final
approval from the Government.
All current projects in Australia are funded
under the Strategic Alliance Agreement
(SAA) with a wholly-owned subsidiary of
South32 Limited (South32).
PERU COPPER-GOLD PROJECTS
AusQuest has assembled a strong portfolio of
copper-gold prospects along the southern
coastal belt of Peru in South America, with
numerous targets identified for drilling as
possible porphyry copper and/or replacement
style (manto) IOCG targets with size potential
being of significance to AusQuest (Figure 2).
Peru is one of the world’s most prominent
destinations for copper exploration and is
considered a prime location for world-class
exploration opportunities.
Figure 2: Project Locations – Southern Peru.
Cangallo Copper-Gold Project (100%
AQD)
The Cangallo porphyry copper-gold
discovery is located approximately 30km west
of the town of Chala in southern Peru, along
the same E-W structures that appear to
control the emplacement of potential
porphyry copper systems in the region. The
tenements, which cover an area of ~ 60km²,
are very well located, being ~8km from the
coast, close to infrastructure, and at an
elevation between 500 and 1,200 metres.
Geological mapping and rock-chip sampling
originally identified a partially exposed
copper (+/- gold) porphyry system within a
large-scale (minimum 3km x 2km) caldera-
like structure containing extensive colluvial
and younger sediments.
During the Quarter1
, assay results were
received from the first two diamond drill-
holes (CANDD003 and CANDD004),
extending the mineralised porphyry system in
1
ASX Announcement 3 September 2026 “Significant
Copper intersected at Cangallo”
the south to at least 800 metres vertical depth
and confirming the lateral continuity of
higher-grade copper mineralisation within the
northern area. Significant intersections are
provided in Table 1 below.
The diamond drilling program was designed
to test for hypogene mineralisation and,
importantly, provide critical geological
information to help vector towards higher
copper grades that are interpreted to occur at
depth.
The first drill-hole in the current program
(CANDD003), which was drilled to a depth
of 880 metres, was located within the
southern mineralised corridor and is the first
diamond hole to be completed in this area
(Figure 3).
Assay results confirmed broad continuous
mineralisation from 178 metres down-hole
(348m @ 0.23% Cu and 0.06g/t Au)
containing multiple higher-grade intercepts
(10m @ 0.46% Cu and 0.07g/t Au; 10m @
0.56% Cu and 0.14g/t Au and 10m @ 0.40%
Cu and 0.07g/t Au) associated with more
intense veining within the volcanics or within
porphyritic dykes and/or hydrothermal
breccias thought to reflect fluid conduits from
the source porphyry.
Figure 3: Cangallo South Prospect showing increased grade and thickness towards the south-east and the
location of diamond drill-hole CANDD003 (assays first released 4th
March and 29th
May 2026).
Further diamond drilling is recommended in
the southern area to understand and define
copper distribution and controls on
mineralisation within this area.
Diamond drill-hole CANDD004, which is
located in the north of the prospect, was
drilled to a depth of 550m, intersecting strong
copper mineralisation from immediately
below the surface (~34m) to in excess of 380
metres down-hole (Figure 4). Copper
mineralisation is continuous down-hole,
averaging 0.31% Cu over 356 metres, with
multiple higher-grade zones containing +0.5%
Cu reported within the intersection.
Figure 4: Cangallo North showing the location of CANDD004 in relation to other RC and diamond drill-holes
within the area and down-hole copper grades (assays first released 4th
March and 29th
May 2026).
The higher-grade zones above ~250 metres
depth, are largely due to supergene
enrichment, whereas the deeper higher-grade
intersections are associated with hydrothermal
breccias and/or porphyritic dykes, suggesting
the potential for a nearby porphyry source.
Diamond drilling continued in the northern
area to test possible depth extensions of the
higher-grade copper mineralisation. Results
from this drilling are pending.
During the Quarter, a Controlled Source
Audio-frequency Magnetotelluric (CSAMT)
survey was also completed to provide insights
into the size and scale of the porphyry copper
system, as well as explore for new potential
targets that could significantly add to the
Project’s copper inventory.
A total of 15 lines for 59.6 km of CSAMT
was completed by Quantec Geoscience, along
lines 200m to 400m apart, using E-W
electrical dipoles (100m), and N-S magnetic
field measurements recorded at 600m
intervals. Data acquisition included 12
frequencies ranging from 2 to 4096 Hz and an
E-W transmitter bipole installed ~6km south
of the survey area.
Low resistivity zones outlined by the survey
appear to closely define a contact zone
thought to be caused by alteration (sericite,
white mica, plus sulphides) marginal to the
copper mineralisation associated with the
porphyry system (Figure 5) (refer ASX
announcement 6 October 2026).
Figure 5: Cangallo CSAMT Resistivity Image (plan view) at ~100m depth showing the interpreted outline of
the mineralised porphyry and additional high-priority target areas for testing (surface rock-chip assays first
reported in ASX releases – 30 March and 09 November 2023).
Figure 6: Cangallo CSAMT Resistivity Image (plan view) at ~500m depth showing the interpreted outline of
the mineralised porphyry and additional target areas for testing.
Figure 7: Cangallo Prospect showing the location of Stage 4 drill pads and the priority target area to be
tested by drilling in relation to surface copper results and previous RC and diamond drilling (surface rock-
chip assays first reported in ASX releases – 30 March and 09 November 2023).
The inferred porphyry system covers an area
of ~2.5km x 1km, highlighting the large scale
of the mineralised system and large areas
within it that remain to be tested by drilling.
Surface mapping and rock-chip sampling
supports this interpretation, with anomalous
copper values dominantly confined to the area
outlined by lower resistivities.
Similar resistivity patterns were found to
occur to the east and west of the mineralised
porphyry, both at shallow depth (~100m) and
in the deeper sections (~500m), with low
resistivity zones due to potential alteration
persisting to depth, providing strong evidence
for additional mineralised systems in the area
(Figures 5 and 6). Both Target Areas 1 and 2
will be the subject of future exploration
programs, as the Company continues to
evaluate the ultimate potential of the Cangallo
copper discovery.
Permits for an additional 20 drill pads (Stage
4) in the south of the prospect were received
late in the Quarter (Figure 7). Surface rock-
chip sampling and CSAMT results suggest
that copper mineralisation (+/-gold) could
extend much further south than the current
drill coverage. If confirmed, this southern
extension has the potential to significantly
increase the size of the copper footprint to
more than ~1.5km strike length, as defined by
RC and diamond drilling to date (see ASX
releases 11/02/2026 and 04/03/2026).
Access preparations for the planned Stage 4
drilling program will commence as soon as
practicable to allow drilling to start later in
the year, subject to drill-rig and crew
availability.
Playa Kali IOCG Project (100% AQD)
The Playa Kali Project is located ~10km east
of the coastal town of Chala and ~120km
south-east of the Mina Justa copper deposit
(~475Mt @ 0.68% Cu). It consists of six
mineral claims covering an area of ~33km²
and was acquired after manto-style
mineralisation (including massive magnetite
layers with up to 1m thick bands of sulphides
containing anomalous copper and gold values
up to 1.9% Cu and 1g/t Au), was located
within a sequence of sediments similar to
those found in the vicinity of the Marcona and
Mina Justa deposits to the north. Geological
mapping, rock-chip sampling and ground
magnetic surveys have been completed over
the tenements, defining target areas for
drilling, targeting manto-style copper-gold
deposits.
During the Quarter2
, a review of the multi-
element geochemical data from both the
drilling and surface sampling programs – as
well as further magnetic modelling – was
initiated to help define and prioritise target
areas for future drill testing and/or target
definition geophysical surveys. Earlier
2
ASX Announcement 8 July 2026 “Copper confirmed
at Playa Kali”
reconnaissance RC drilling had highlighted
the potential for manto-style (iron-oxide
related) copper (+/-gold) mineralisation
buried beneath the extensive cover in the area.
Compilation and integration of the available
data sets is ongoing, with interpreted target
areas up for internal review ahead of further
drilling and/or targeted geophysical surveys.
Lantana Porphyry Copper Prospect (100%
AQD)
The Lantana Prospect is located ~30km east
of the Company’s Cangallo Prospect in an
area where surface indicators of porphyry
copper mineralisation have been identified.
The prospect occurs at the eastern end of the
Cerro de Fierro/Pirata Project, and occurs
within a major E-W structural corridor that is
considered to be a priority target zone for
porphyry copper deposits within the coastal
belt of southern Peru.
During the Quarter3
, results from the RC
drilling program (9 holes for 2,794m) were
received, identifying porphyry-related
lithocaps (Advanced Argillic Alteration –
AAA) north-east of the major north-west
trending fault, highlighting potential for one
or more buried porphyry copper systems
beneath the cover (Figure 8).
Multiple vectors within the lithocap –
including high-temperature pathfinder
elements such as Mo, Sn, Te, Bi and As,
coupled with the presence of pyrophyllite and
high crystallinity white mica – suggest that
the area north and east of drill-holes
LANRC004 and LANRC007 is a priority
target area for a buried mineralised porphyry
system.
Multiple narrow (<8m) structures (dykes)
containing anomalous copper (up to 0.4%
Cu); silver (up to 2g/t Ag); bismuth (up to
5ppm Bi); +/- gold (up to 0.07g/t Au), +/- lead
(up to 400ppm Pb) were also intersected, both
in the host volcanics and in a monzodiorite
intrusion, supporting the inference of a
strongly mineralised system in the area.
3
ASX Announcement 20 August 2026 “Drilling
Confirms Copper Prospectivity at Lantana”
Geophysical surveys are currently being
considered to identify potential targets ahead
of further exploration drilling in this area.
Figure 8: Lantana Prospect geology plan showing drill-hole locations and surface copper anomalies – the
black trace shows down-hole copper values (max 0.4% Cu in LANRC002); the blue zones reflect Advanced
Argillic Alteration, which infers the presence of a hydrothermal (porphyry) system.
Parcoy IOCG Project (100% AQD)
The Parcoy Project is located near the
southern end of a recognised IOCG
metallogenic belt in southern Peru. It lies
within ~100km of the Mina Justa deposit
(~475Mt @ 0.68% Cu), and ~50km north-
west of the Company’s Cerro de Fierro
Project. Geological mapping and rock-chip
sampling has identified significant
concentrations of copper (+/- gold) at
surface, reflecting potential manto-style
mineralisation within the volcanic
stratigraphy.
No work was completed during the Quarter
while efforts were focused on the nearby
Cangallo Project. The Company believes that
there are copper targets at Parcoy that were
not tested by the initial wide-spaced drilling
programs and continues to consider its
options for the project.
AUSTRALIA – BASE METAL
PROJECTS (Copper, Zinc, Nickel & REE)
Balladonia Zinc-Copper (+/- Nickel and
REE) Project (100% AQD, subject to SAA)
The Balladonia Project is located ~50km
south of the Nova–Bollinger nickel-copper
deposit in Western Australia. It consists of 11
Exploration Licences (six granted and five
applications) covering an area of ~1,350km²
and is located within a structurally complex
region of the Fraser Range Terrane.
Exploration at Balladonia has indicated
potential for multiple mineralisation styles
with many priority targets identified. This
includes the potential for nickel and copper
mineralisation similar to the Nova deposit, as
well as iron-oxide copper-gold (IOCG) and
Broken Hill Type (BHT) deposits similar to
those found in the Eastern Succession (NW
Queensland) and in NSW. More recently, the
potential for rare earth elements (REE)
associated with carbonatite intrusions has
also been recognised. Many of the tenements
lie within the Dundas Reserve. Exploration
work at Balladonia is funded under the SAA.
During the Quarter, the Company was advised
that its Reserve Activity Management Plan
(RAMP) for the proposed RC drilling
program inside the Dundas Nature Reserve
(DNR) had progressed within DBCA with
Ministerial review now likely to occur in late
November.
Assuming a positive outcome, the Company
will be able to commence access preparations
and drilling operations either later in the year
or in early 2027. Approximately 50% of the
planned drilling program lies within the DNR.
The planned drilling program (~65 RC drill-
holes for a total of ~8,000m) will test a range
of targets for lead-zinc and copper-gold
mineralisation under the SAA.
The drilling program will initially focus on
targets inside the DNR, with priority given to
structural sites within and adjacent to the
main Tea Tree sequence as well as distinct
magnetic/gravity targets offset from the Tea
Tree Trend.
Coober Pedy Copper-Gold Project (100%
AQD, subject to SAA)
The Coober Pedy Project is located ~15km
SW of the town of Coober Pedy, South
Australia, on the north-eastern margin of the
Gawler Craton, approximately 100km NW of
the Prominent Hill Copper-Gold Deposit. The
Project, which consists of one Exploration
Licence covering an area of ~170km², was
acquired to explore for iron-oxide copper-
gold (IOCG) deposits. Regional magnetic and
gravity data, together with analytical results
from historical drilling (five holes),
highlighted the prospectivity of the area.
Exploration work at Coober Pedy is funded
under the SAA.
Figure 9: Coober Pedy Project showing RC and diamond drill-holes that reached basement in relation to
magnetic image, residual gravity contours, and IP anomalies (refer ASX release 17 July 2025)
During the Quarter, a reconnaissance diamond
drilling program (8 holes for 2,349m) was
completed to test four geophysical targets that
were thought to reflect possible iron-oxide
copper-gold (IOCG) systems in an area where
historical drilling had intersected strong
potassic alteration (drill-hole GAW_RC001).
The diamond drilling program, together with
earlier RC drilling that managed to drill
through the cover and reach basement rocks
(Figure 9), will provide a substantial
geological dataset which will be used to help
vector towards potential IOCG mineralisation
once assay results are received.
Assay results are expected during Q4
CY2026, at which time an assessment of the
drilling program will be provided.
Morrisey Magnetite, Nickel-Copper-PGE
Project (100% AQD, subject to SAA)
The Morrisey Project is located ~500km north
of Perth in Western Australia within the
Midwest mining district. The project occurs
within the high-grade metamorphic Narryer
Terrane, which forms the north-western
margin of the Yilgarn Craton. It consists of
four granted Exploration Licences and one
application covering an area of ~1,300km²
and is located ~120km north of the town of
Mullewa, where there is rail access to the
Port of Geraldton 80km away.
Reconnaissance drilling to test magnetic
targets intersected coarse grained magnetite
which could be upgraded via magnetic
separation methods to a premium iron
product (>70% Fe) potentially suitable for
green iron smelting. Exploration work at
Morrisey is funded under the SAA.
During the Quarter, a Heritage Agreement
with the Wajarri Yamaji Aboriginal
Corporation was signed to enable the grant of
ELA 09/3071, covering an additional coarse-
grained magnetite banded iron target (Dann
Bore), to occur early in 2027 (Figure 10).
This followed a review of existing
geophysical and drilling data which resulted
in the identification of new targets close to the
Waterfall Prospect with the potential to add
significantly to the Project’s magnetite
inventory.
In-fill gravity surveys have been planned over
the Waterfall, Sandfly and Dann Bore
prospects to provide data for detailed
modelling over the magnetite occurrences, in
order to better understand the
configuration/structure of the magnetite iron
formations, ahead of further drilling.
Coarse grained magnetite at the Waterfall and
Sandfly prospects can be upgraded to +70%
Fe, using a coarse grind size (75um) and
magnetic separation techniques, to produce a
desirable product with very low impurity
levels.
Mt Davis Lead-Zinc-Copper Project (100%
AQD, subject to SAA)
The Mt Davis Project is located ~180km NNE
of Wiluna, Western Australia, along the
northern margin of the Earaheedy Basin. It
consists of three Exploration Licences (two
granted and one application) covering an
area of ~1,275km². The project was acquired
following the discovery of extensive zinc and
copper mineralisation by Rumble Resources
at its Chinook Prospect, located on the
southern side of the Basin, where
mineralisation is stratigraphically controlled
and located below the Frere Iron Formation.
The Mt Davis tenements are believed to
contain similar stratigraphy but in an area of
greater structural complexity which has been
reported as an important factor in the
localisation of higher grades at Chinook.
Exploration work at Mt Davis is funded under
the SAA.
During the Quarter, Heritage Clearance
surveys at Mt Davis were successfully
completed over a number of priority areas to
allow ground electromagnetic (EM) surveys
to commence. These surveys are designed to
test target areas where a combination of
VTEM and magnetic data highlighted the
potential for sediment-hosted base metal
mineralisation, occurring stratigraphically
below the Frere Iron Formation and close to
major structures along the northern margin of
the Earaheedy Basin.
The survey is scheduled to commence during
Q4 CY2026 and will take 2-3 weeks to be
completed.
Figure 10: Morrisey Magnetite Project showing the location of the new Dann Bore prospect in relation to the
location of the Waterfall Prospect and magnetics.
Hamilton Copper-Gold Project (100%
AQD)
The Hamilton Project is located in north-west
Queensland, ~120km south of the world-class
Cannington mine and ~70km south of the
Osborne copper mine. It consists of two
Exploration Licences covering an area of
~260km². Exploration is targeting iron oxide,
copper, gold (IOCG) and Broken Hill Type
(BHT) mineralisation beneath the extensive
cover in the region. Limited drilling
completed to date to test magnetic and gravity
targets provided evidence for “near-miss”
situations which are the focus of the
Company’s ongoing exploration.
Further work at this prospect is under
consideration in light of other higher
Company priorities.
New Opportunities (Australia):
New opportunities within Australia continue
to be assessed by the Company’s consultants.
CORPORATE
At the end of the September Quarter, the
Company had approximately $2.1 million in
cash after investing ~$4.3 million in
exploration. These funds include
contributions from South32 to cover work
programs in Australia that have been agreed
under the SAA.4
Additional ASX Disclosure
ASX Listing Rule 5.3.2: There were no
substantive mining and development
activities during the quarter.
ASX Listing Rule 5.3.3: The Tenement
Schedule as at 30 September 2026,
including any changes during the quarter,
is shown at the end of this report
ASX Listing Rule 5.3.4: Reporting under a
use of funds statement in a Prospectus does
not apply to the Company this quarter.
ASX Listing Rule 5.3.5: Payments to
related parties as shown in Section 6 of this
report include director salary and
superannuation payments of $106,000.
The Company’s Cashflow Report (Appendix
5B) for the quarter ended 30 June 2026 is
appended to this report.
4
See ASX Announcement 15 December 2025
“AusQuest and South32 Extend Strategic Alliance”
KEY ACTIVITIES – DECEMBER 2026
QUARTER
Peru (Cu-Au) – Complete Access
preparations for Stage 4 drilling at
Cangallo
Peru (Cu-Au) – Commence Stage 4
RC and diamond drilling at Cangallo.
Peru (Cu-Au) – Apply for extra 20
pads under the current Stage 4 DIA
permit
Peru (Cu-Au) – Continue
geological/resource assessments at
Cangallo.
Peru (Cu-Au) – Initiate further
metallurgical test-work at Cangallo.
Peru (Cu-Au) – Plan additional
geophysical (AMT) surveys at
Cangallo.
Balladonia (Cu-Zn-Au) – Obtain
Government approvals for RC drilling
and complete access preparation.
Morrisey (Magnetite) – Complete
gravity surveys over key prospects.
Coober Pedy (Cu-Au) – Assess
diamond drilling results and plan next
steps.
Mt Davis (Cu-Pb-Zn) – Complete
ground EM surveys.
Authorised for release on behalf of the Company by:
Graeme Drew
Managing Directo
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.
NO NEW INFORMATION
To the extent that this announcement contains references to prior exploration results which have been cross referenced to previous
market announcements made by the Company, unless explicitly stated, the Company confirms that it is not aware of any new
information or data that materially affects the information included in the relevant market announcements.
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.
Cangallo Project Added Information:
Announcements to ASX for the Cangallo Project
06/10/2026 Cangallo Geophysics defines large porphyry footprint and significant new targets
03/09/2026 First 2 diamond drill holes extend Cangallo copper system +800m & confirm higher grade zones
22/07/2026 First Deep Diamond Drill-Hole confirms Depth Extensions at Cangallo
29/05/2026 Cangallo diamond drilling to commence
05/05/2026 Cangallo Porphyry Copper Continues Growing
25/03/2026 Major new drilling program commences at the Cangallo Copper-Gold Discovery, Peru
04/03/2026 Highly encouraging drill results continue to grow the Porphyry Cangallo Copper-Gold Project
11/02/2026 Cangallo delivers significant Cu extensions extending the porphyry discovery to over 1500m
06/01/2026 Diamond and RC drilling substantially expands scale of copper mineralization at Cangallo
02/12/2025 Stage 3 Drilling commences at the Cangallo Copper-Gold Discovery in Peru
13/11/2025 RC Drilling set to commence at Cangallo
12/11/2025 Diamond Drilling more than doubles depth extent of copper mineralisation at Cangallo
30/09/2025 Diamond Drilling Commences at Cangallo
28/08/2025 Cangallo Porphyry Copper Discovery continues to grow
21/07/2025 Cangallo Drilling Progress Report
12/06/2025 Drilling Commences at Cangallo
24/04/2025 Drilling set to commence at Cangallo
05/03/2025 Drilling to extend Cangallo Cu-Au discovery
06/02/2025 Cangallo Discovery Confirmed
23/01/2025 Significant Porphyry Copper Discovery at Cangallo
17/12/2024 Drilling commences at Cangallo in Peru
Table 1: Significant assays from Diamond drill-holes CANDD003 and CANDD0041
Hole ID From (m) To (m) Int (m) Cu % Au ppm Mo ppm Ag ppm
CANDD003 56 94 38 0.17 0.04 5 0.05
122 150 28 0.21 0.03 24 0.46
178 526 348 0.23 0.06 17 0.46
including 188 200 12 0.32 0.08 16 0.63
including 336 346 10 0.46 0.07 18 0.78
including 376 386 10 0.56 0.14 30 0.74
including 450 460 10 0.40 0.07 13 0.78
556 574 18 0.12 0.02 23 0.28
736 766 30 0.11 0.01 21 0.22
776 796 20 0.12 0.02 25 0.23
814 828 14 0.12 0.02 10 0.27
836 880 EOH 44 0.13 0.02 15 0.32
CANDD004 34.2 390 355.8 0.31 0.05 35 0.24
including 42 70 28 0.38 0.05 22 0.06
including 92 132 40 0.48 0.06 10 0.49
including 118 128 10 0.73 0.08 10 1.60
including 156 170 14 0.40 0.07 8 0.11
including 174 184 10 0.54 0.09 10 0.21
including 198 218 20 0.40 0.06 52 0.25
including 246 258 12 0.41 0.06 54 0.18
including 264 272 8 0.42 0.04 32 0.31
including 282 302 20 0.53 0.07 58 0.53
including 306 314 8 0.36 0.04 51 0.28
410 428 18 0.14 0.03 38 0.20
434 478 44 0.20 0.04 19 0.20
494 510 16 0.23 0.04 20 0.36
516 544 28 0.14 0.05 16 0.20
NB: Broad copper intervals determined using a 0.1% Cu cut-off and an internal waste of 6 metres.
Gold, molybdenum and silver values were averaged for same intervals as the copper intersections
Higher grade intervals (including) were determined using 0.3% Cu cut-off and 6 metre waste intervals and a
minimum 10m interval
1 - ASX Announcement 3 September 2026 “Significant Copper intersected at Cangallo”
AusQuest Limited: Tenement Schedule as at 30 September 202
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