Announcement PDF AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 1 of 25 Introduction AusQuest Limited (AusQuest or Company) is committed to implementing sound standards of corporate governance. In determining what those standards are, the Company has had regard to the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations – Fourth Edition (Recommendations). The Company will be reporting against the Fourth Edition of these Principles and Recommendations for its current financial year, which commenced on 1 July 2025. The Company’s Board governs the business on behalf of shareholders as a whole with the prime objective of protecting and enhancing shareholder value. The Board is committed to, and ensures that the: (a) executive management runs the Company, and its subsidiaries (the Group), with a high level of ethics and integrity; (b) Board and management complies with all applicable laws and regulations; and (c) Company continually reviews the governance framework and practices to ensure it fulfils its corporate governance obligations. Further information about the Company’s corporate governance practices is set out on the Company’s website at www.ausquest.com.au. In accordance with the Recommendations, information published on the Company’s website includes charters (for the Board and its sub-committees), the Company’s Code of Conduct and other policies and procedures relating to the Board and its responsibilities. This Corporate Governance Statement was approved by the Board on 21 September 2026. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 2 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 1: LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT Recommendation 1.1: A listed entity should have and disclose a board charter setting out: (a) the respective roles and responsibilities of its board and management; and (b) those matters expressly reserved to the board and those delegated to management. Yes The roles and responsibilities of the Board compared with those delegated to management are reflective of the Recommendations. The role of the Board is to provide overall strategic guidance and effective oversight of management. As the Board acts on behalf of and is accountable to shareholders, the Board seeks to identify and meet the expectations of shareholders, as well as other regulatory and ethical expectations and obligations. In addition, the Board is responsible for identifying areas of significant business risk and ensuring arrangements are in place to adequately manage those risks. The Board seeks to discharge these responsibilities in a number of ways. The respective roles of the Board and senior management are summarised in the Company’s Board Charter which is available on the Company’s website. The Board charter also contains summaries of the responsibilities of the Board, Chair, Lead Independent Director, Managing Director, Non-Executive, Independent Directors as well as Senior Management. The Board has established functions that are reserved for the Board, as separate from those functions discharged by the Managing Director and are also summarised in the Company’s Board Charter which is available on the Company’s website at https://investorhub.ausquest.com.au/governance. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 3 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 1: LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT (continued) Recommendation 1.2: A listed entity should: (a) undertake appropriate checks before appointing a director or senior executive or putting someone forward for election as a director; and (b) provide security holders with all material information in its possession relevant to a decision on whether or not to elect or re-elect a director. Yes In determining candidates for the Board, consideration is given to the mix of skills, experience, and diversity of the existing Board in addition to the balance of independent Directors. The Company undertakes appropriate checks such as a character reference, police clearance certificate, bankruptcy search and any other check it deems appropriate before appointing or re-appointing a person and when putting forward a candidate for election as a Director. No board appointment was made during, or subsequent to, the financial year ended 30 June 2026. Directors are re-elected in accordance with the Company’s Constitution and the ASX Listing Rules. Shareholders will be provided with all material information for a Director’s election in the Notice of Meeting that would be relevant for shareholders to make a decision on whether or not to elect or re-elect a Director, such as the Director’s qualifications, experience and contribution to the Board. A copy of the Policy and Procedure for Selection and Re-appointment of Directors is available on the Company’s website at https://investorhub.ausquest.com.au/governance and is in line with the Recommendations. Recommendation 1.3: A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment. Yes The Company has entered into letters of appointment with directors and senior executives. These contracts ensure that directors and senior executives have a clear understanding of their roles and responsibilities and of the Company’s expectations of them. Recommendation 1.4: The company secretary of a listed entity should be accountable directly to the board, through the chair, on all matters to do with the functioning of the board. Yes The Company Secretary is appointed and removed by, and is accountable directly to, the Board. The Company Secretary has access to all Board members and the main functions of the role are to assist in advising the Board on governance matters and monitoring compliance with board and committee procedures. The role of the Company Secretary is further summarised in the Company’s Board Charter, which is available on the Company’s website at https://investorhub.ausquest.com.au/governance and are reflective of the Recommendations. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 4 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 1: LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT (continued) Recommendation 1.5: A listed entity should: (a) have and disclose a diversity policy; (b) through its board or a committee of the board set measurable objectives for achieving gender diversity in the composition of its board, senior executives and workforce generally; and (c) disclose in relation to each reporting period: (1) the measurable objectives set for that period to achieve gender diversity; (2) the entity’s progress towards achieving those objectives; and No The Company’s Diversity Policy does not include measurable objectives as the Board believes that the Company will not be able to successfully meet these given the current size and stage of development of the Company. If the Company’s activities increase in size, nature and scope in the future, then appropriate measurable objectives will be set and put into place. Notwithstanding the above, the Company strives to provide the best possible opportunities for current and prospective employees of all backgrounds in such a manner that best adds to overall shareholder value and which reflects the values, principles and spirit of the Company’s Diversity Policy. During the 2026 financial year, the Company had a total of 1 female employee out of a total of 9 employees and contractors (2025 financial year: 1 female employee out of a total of 9), however the Company had no women in senior executive positions or on the Board. A senior executive is defined by the Company as a member of the senior management team as distinct from the Board, being those who have the opportunity to materially influence the integrity, strategy and operation of the Company and its financial performance. The Company is a not a ‘relevant employer’ under the Workplace Gender Equality Act 2012. A copy of the Company’s Diversity Policy is available on the Company’s website at https://investorhub.ausquest.com.au/governance. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 5 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 1: LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT (continued) Recommendation 1.5 (continued): (3) either: (A) the respective proportions of men and women on the board, in senior executive positions and across the whole workforce (including how the entity has defined “senior executive” for these purposes); or (B) if the entity is a “relevant employer” under the Workplace Gender Equality Act, the entity’s most recent “Gender Equality Indicators”, as defined in and published under that Act. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 6 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 1: LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT (continued) Recommendation 1.6: A listed entity should: (a) have and disclose a process for periodically evaluating the performance of the board, its committees and individual directors; and (b) disclose for each reporting period whether a performance evaluation has been undertaken in accordance with that process during or in respect of that period. Yes The Company has adopted policies and procedures concerning the evaluation and development of the Board, Board Committees and individual directors. This responsibility is allocated to the Board (in its capacity as the Nomination Committee) and the Nomination Committee Charter is available on the Company’s website. Procedures include an internal Board performance assessment, an induction protocol and ongoing discussions with regard to the performance of the Board and its directors. The Company’s Performance Evaluation Policy is available on the Company’s website at https://investorhub.ausquest.com.au/governance. The process employed by the Chair for evaluating the performance may involve meeting with each Director privately, ongoing observation and discussion by the Board and the circulation of questionnaires. Measures against which the performance of the Board and individual Directors who will be evaluated include:  the skills, performance and contribution of individual members of the Board;  the performance and effectiveness of the Board as a whole;  awareness of Directors of their responsibilities and duties as Directors of the Company and of corporate governance and compliance requirements;  awareness of Directors of the Company’s strategic direction; and  opportunities for continuing improvement of Board functions. The Company undertakes a performance evaluation of the Board at least annually. The Company utilised a combination of both individual feedback and performance questionnaires. During the 2026 financial year, an internal Board performance assessment has been performed and assessed in accordance with the Company’s Process for Performance Evaluation. No material weaknesses were identified and no governance changes were deemed necessary. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 7 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 1: LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT (continued) Recommendation 1.7: A listed entity should: (a) have and disclose a process for evaluating the performance of its senior executives at least once every reporting period; and (b) disclose for each reporting period whether a performance evaluation has been undertaken in accordance with that process during or in respect of that period. Yes The Nomination Committee is charged with periodic review of the job description and performance of the Managing Director. The Company’s website contains a section formally setting out the Company’s Process for Performance Evaluation at https://investorhub.ausquest.com.au/governance. The Managing Director was the subject of informal evaluations against both individual performance and overall business measures. The Managing Director in turn is responsible for the performance review and the evaluation of other senior team members. These evaluations were undertaken progressively and periodically throughout the year. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 8 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 2: STRUCTURE THE BOARD TO BE EFFECTIVE AND ADD VALUE Recommendation 2.1: The board of a listed entity should: (a) have a nomination committee which: (1) has at least three members, a majority of whom are independent directors, and (2) is chaired by an independent director, and disclose: (3) the charter of the committee; (4) the members of the committee; and (5) as at the end of the reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or No The full Board currently performs the function of the Nomination Committee. The Board considers that at this stage, no efficiencies or other benefits would be gained by establishing a separate Nomination Committee. The Board, and therefore the Nomination Committee, comprises 3 members of which only 1 is independent. It is also chaired by the independent director, being Mr Hancock. The Board in its capacity as the Nomination Committee held one meeting during the year, which was attended by Messrs Hancock, Drew and Ellis (full Board). The Board has adopted a Nomination Committee charter to assist it to fulfil its function as the Nomination Committee and this is available on the Company’s website at https://investorhub.ausquest.com.au/governance. The Company’s objective is to have an appropriate mix of expertise and experience on the Board, and where appropriate its committees, so that the Board can effectively discharge its corporate governance and oversight responsibilities. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 9 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 2: STRUCTURE THE BOARD TO BE EFFECTIVE AND ADD VALUE (continued) Recommendation 2.1 (continued): (b) if it does not have a nomination committee, disclose that fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively. Recommendation 2.2: A listed entity should have and disclose a board skills matrix setting out the mix of skills that the board currently has or is looking to achieve in its membership. Yes The Company recognises the importance of having an appropriate mix of expertise and experience on its Board and Committees to enable it to effectively discharge its corporate governance and oversight responsibilities. The Board accordingly seeks to achieve a balance in its structure that best reflects the needs of the Company at any particular time. Appointment to the Board will be dependent on candidates demonstrating an appropriate breadth of experience in a field of expertise that is relevant to the ongoing supervision of the Company’s affairs. This diversity of experience may include a commercial, technical, legal, corporate finance, business development or other background as the Board and management determine as part of its selection processes. Geographically, the mix of skills extends to the international market, with a higher focus placed on operational and technical experience throughout Peruvian and Australian markets. The current Board composition addresses these desired skills, with further and full details of each director’s skills and experience noted in the Directors’ Report of the Company’s 2026 Annual Report. The Board continues to assess and monitor this evaluation. The policy and process for the nomination, selection and appointment of new directors is available on the Company’s website at https://investorhub.ausquest.com.au/governance. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 10 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 2: STRUCTURE THE BOARD TO BE EFFECTIVE AND ADD VALUE (continued) Recommendation 2.3: A listed entity should disclose: (a) the names of the directors considered by the board to be independent directors; (b) if a director has an interest, position, affiliation or relationship of the type described in Box 2.3 but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position or relationship in question and an explanation of why the board is of that opinion; and (c) the length of service of each director. Yes The names and terms of office of each director, and their status as executive/non-executive and independent/non- independent directors, during the year ended 30 June 2026 and up to the date of this statement, were as follows: Director Status Date of appointment Date of resignation Length of service at September 2026 Greg Hancock Non-Executive/independent September 2003 N/A 23 years Graeme Drew Executive/non-independent February 2000 N/A 26 years Chris Ellis Non-Executive Director/ non- independent November 2006 N/A 19 years The Company has accepted the definition of “independence” in the Recommendations in making the above assessments of independence. In making the independence assessment, Mr Graeme Drew and Mr Chris Ellis are deemed as being non- independent as they are substantial security holders of the Company and/or act in an executive capacity with the Company. Notwithstanding his length of service, Mr Greg Hancock is considered independent. The Company entered into a 12-month corporate consulting agreement with Mr Hancock covering the period commencing from 1 July 2023 (subsequently renewed for a further 12 months to 30 June 2026). Under the terms of the agreement Mr Hancock can receive up to $48,000 payable over 12 equal monthly payments for these services. Both the Board and Mr Hancock consider this agreement not to be material to them based on its nature and monetary value. No other current director has an interest, position, association or relationship of the type described in Box 2.3 of the Recommendations that is considered to compromise independence. Each director’s independence status is regularly assessed against Box 2.3. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 11 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 2: STRUCTURE THE BOARD TO BE EFFECTIVE AND ADD VALUE (continued) Recommendation 2.4: A majority of the board of a listed entity should be independent directors. No The Company did not have a majority of independent directors during the year. As at 30 June 2026, and the date of this statement, one out of the three directors, Mr Hancock, is independent. The remaining directors have been deemed non- independent on the following basis – Mr Drew is involved in the day to day running of the Company and Mr Ellis is a substantial shareholder of the Company. Whilst this is not in accordance with the Recommendation, the Board considers that its current composition is the most appropriate blend of skills and expertise relevant to the Company’s business, size and operations. The Board is aware of the importance of independent judgement and considers independence, amongst other things, when new appointments to the Board are made. Recommendation 2.5: The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO of the entity. Yes The Chair of the Board, Mr Greg Hancock is an independent, non-executive director. The role of the Managing Director and CEO is filled by Mr Drew, hence the Company complies with this Recommendation. Recommendation 2.6: A listed entity should have a program for inducting new directors and for periodically reviewing whether there is a need for existing directors to undertake professional development to maintain the skills and knowledge needed to perform their role as directors effectively. Yes The Board is responsible for Board member induction, and ongoing education and development. The Company’s Policy on Independent Professional Advice available at https://investorhub.ausquest.com.au/governance empowers a director to undertake training or take independent professional advice at the expense of the Company. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 12 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 3: INSTIL A CULTURE OF ACTING LAWFULLY, ETHICALLY AND RESPONSIBLY Recommendation 3.1: A listed entity should articulate and disclose its values Yes The main objective of the Company is to maintain and build the Company’s capacity to generate value for shareholders. In addition to overseeing the performance and operations of the Company, the Board is responsible for setting the core values of the Company. These values underpin the Company’s culture and ethical standards and inform the behaviours and decision making of all Company employees. The Directors acknowledge the need for, and continued maintenance of, the highest standards of ethical conduct by all Directors and employees of the Company. All Directors, executives and employees are required to abide by laws and regulations, to respect confidentiality and the proper handling of information and act with the highest standards of honesty, integrity, objectivity and ethics in all dealings with each other, the Company, customers, suppliers and the community. The Company has a Corporate Values Statement which is available in the Corporate Governance section of the Company’s website at https://investorhub.ausquest.com.au/governance. Recommendation 3.2: A listed entity should: (a) have and disclose a code of conduct for its directors, senior executives and employees; and (b) ensure that the board or a committee of the board is informed of any material breaches of that code. Yes The Board has adopted a Code of Code which requires Directors, management and employees to deal with the Company’s customers, suppliers, competitors and each other with honesty, fairness and integrity and to observe the rule and spirit of the legal and regulatory environment in which the Company operates. The Code prohibits Directors, management and employees from involving themselves in situations where there is a real or apparent conflict of interest between them as individuals and the interest of the Company. Directors, management and employees are required to respect the confidentiality of all information of a confidential nature acquired in the course of the Company’s business. Directors, management and employees must protect the assets of the Company to ensure availability for legitimate business purposes. The Company acknowledges its responsibility to shareholders, the community, and the individual. No breaches of the code were reported during the year under review. A copy of the Code of Conduct is available in the Corporate Governance section of the Company’s website at https://investorhub.ausquest.com.au/governance. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 13 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 3: INSTIL A CULTURE OF ACTING LAWFULLY, ETHICALLY AND RESPONSIBLY (continued) Recommendation 3.3: A listed entity should: (a) have and disclose a whistleblower policy; and (b) ensure that the board or a committee of the board is informed of any material incidents reported under that policy. Yes The Company has adopted a Whistleblower Policy outlining the Company’s commitment to maintaining an open working environment in which employees and contractors and others concerned are informed and feel safe to raise concerns of unethical, unlawful or unacceptable conduct without fear of any retaliatory action. The Company confirms that any material incidents under this Policy will be notified to the Board or a committee of the Board, as the case might be. A copy of the Whistleblower Policy is available in the Corporate Governance section of the Company’s website at https://investorhub.ausquest.com.au/governance. Recommendation 3.4: A listed entity should: (a) have and disclose and anti- bribery and corruption policy; and (b) ensure that the board or committee of the board is informed of any material breaches of that policy. Yes The Company expects that its directors, officers, employees, agents, contractors and any other party representing the Company, will act fairly, honestly, with integrity and in compliance with the law. The Company has zero tolerance for corruption or bribery in its business operations wherever in the world. The Company has adopted an Anti-bribery and Corruption Policy which set out the Company’s responsibilities, and those working for it, in observing and upholding its policy on bribery and corruption. The policy provides guidance to those working for the Company on how to recognise and deal with bribery and corruption issues. A copy of the Anti-bribery and Corruption Policy is available in the Corporate Governance section of the Company’s website at https://investorhub.ausquest.com.au/governance. The Company confirms that any material incidents under this Policy will be notified to the Board or a committee of the Board, as the case might be. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 14 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 4: SAFEGUARD THE INTEGRITY OF CORPORATE REPORTS Recommendation 4.1: The board of a listed entity should: (a) have an audit committee which: (1) has at least three members, all of whom are non- executive directors and a majority of whom are independent directors; and (2) is chaired by an independent director, who is not the chair of the board, and disclose: (3) the charter of the committee; (4) the relevant qualifications and experience of the members of the committee; and (5) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or No The Board has established a separate Audit Committee comprising two non-executive directors, being Mr Hancock and Mr Ellis, and one executive director, Mr Drew (the Managing Director). Only Mr Hancock is considered as independent. It is noted that all Audit Committee members have industry experience. The Chair of the Audit Committee is Mr Chris Ellis, who is not independent but is not the Chair of the Board. The Company does not meet the recommendation of the Audit Committee having a majority of independent directors, nor is the Chair of the Committee an independent director. However, whilst this is not in accordance with the Recommendation, the Board considers that its current composition is the most appropriate blend of skills and expertise relevant to the Company’s business, size and operations. The Board is aware of the importance of independent judgement and considers independence, amongst other things, when new appointments to the Board are made. Details regarding the Directors’ qualifications and experience are contained in the Directors’ Report of the Company’s 2026 Annual Report, with the Committee deemed to be structured so that it has the relevant accounting and financial expertise required to discharge its responsibilities. The Committee met once during the year and on both occasions was attended by Messrs Hancock, Drew and Ellis (full Board). A copy of the Company’s Audit Committee Charter is available on the Company’s website at https://investorhub.ausquest.com.au/governance. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 15 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 4: SAFEGUARD THE INTEGRITY OF CORPORATE REPORTS (continued) Recommendation 4.1 (continued): (b) if it does not have an audit committee, disclose that fact and the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner. AusQuest Limited Corporate Governance Statement AQD - Corporate Governance Statement - 2026 page 16 of 25 ASX Recommendation Comply (Yes/No) Explanation PRINCIPLE 4: SAFEGUARD THE INTEGRITY OF CORPORATE REPORTS (continued) Recommendation 4.2: The board of a listed entity should, before it approves the entity’s financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. Yes In respect of each statutory financial reporting period, the Board was provided with a declaration in accordance with S.295A of the Corporations Act which is consistent with Recommendation 4.2. The Company complied with this recommendation for the financial year ending 30 June 2026. Recommendation 4.3: A listed entity should disclose its process to verify the integrity of any periodic corporate report it releases to the marke